Adaptive Biotechnologies Corp

Investing in our common stock involves a high degree of risk. We operate in a rapidly changing environment that involves a number of risks that could materially affect our business, financial condition or future results, some of which are beyond our control. In addition to the other information set forth in this report, the risks and uncertainties that we believe are most important for you to consider are discussed in Part I, Item 1A under the caption “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on March 3, 2025. The risk factors may be important to understanding other statements in this report and should be read in conjunction with the unaudited condensed consolidated financial statements and related notes in this report. The occurrence of any single risk or any combination of risks could materially and adversely affect our business, operations, product pipeline, operating results, financial condition or liquidity, and consequently, the value of our securities. Further, additional risks that we currently do not know about or that we currently believe to be immaterial may also impair our business, financial condition, operating results and prospects. Except as set forth below, there have been no material changes to the risk factors described in our Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on March 3, 2025.

The Genentech Agreement was terminated and is in the process of winding down, which may have a material impact on our business and financial condition.

In August 2025, the Genentech Agreement was terminated and it is in the process of being wound down, with termination effective in February 2026. Under the Genentech Agreement, among other things, we granted Genentech exclusive worldwide licenses to develop and commercialize TCR-based cellular therapies in the field of oncology. We may not enter into a similar collaboration agreement, whether in oncology or another field. Any other collaboration agreement may present risks that prevent us from realizing the intended benefits of the agreement, including risks related to our control and independence over the clinical development and commercialization of our products. In addition, a potential future collaborator may have inconsistent economic or business interests from ours, take actions contrary to our instructions or requests, fail to distinguish itself from biosimilar competition or take action that may harm our reputation or restrict our ability to run our business.

If we do not enter into other collaboration agreements, our Immune Medicine revenue may consist solely of revenue generated from providing services for our commercial research product, Adaptive Immunosequencing, to biopharmaceutical customers and academic institutions. This may cause our Immune Medicine revenue not to be comparable to prior periods. Although we will cease incurring Immune Medicine research and development expenses associated with the Genentech Agreement, this may result in less innovation and business growth, and any other research and development efforts we pursue may not be successful, which would negatively impact our business and financial condition.