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Adaptive Biotechnologies

Translate immune genetics into clinical products by making immune sequencing a new standard of care in medicine.

Adaptive Biotechnologies logo

Adaptive Biotechnologies SWOT Analysis

Updated: October 4, 2025 • 2025-Q4 Analysis

The Adaptive Biotechnologies SWOT analysis reveals a company at a critical inflection point. Its core strength lies in the powerful synthesis of its market-leading clonoSEQ product and a vast, proprietary immunomics database, creating a formidable data moat. However, this potential is counterbalanced by significant cash burn and the urgent need for a clear path to profitability. The primary opportunity is expanding into the vast solid tumor MRD market, a move essential for long-term growth. This must be executed while fending off intense competition from well-funded rivals like Natera. The strategic imperative is clear: leverage the existing leadership in hematology to fund and win the battle for solid tumors, while exercising extreme financial discipline to reassure investors and achieve sustainable operations. The next 24 months will determine if Adaptive can successfully transition from a visionary R&D engine to a profitable, market-dominating enterprise.

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Translate immune genetics into clinical products by making immune sequencing a new standard of care in medicine.

Strengths

  • MRD LEADERSHIP: clonoSEQ holds #1 market share in hematologic malignancies
  • PHARMA INTEGRATION: Genentech partnership validates immune medicine platform
  • DATA MOAT: Growing database of 25B+ immune receptors creates network effect
  • REIMBURSEMENT: Secured Medicare coverage for clonoSEQ in key indications
  • IP PORTFOLIO: Strong patents protect core sequencing & analysis methods

Weaknesses

  • CASH BURN: Significant net losses (~$250M/yr) require disciplined spend
  • SALES CYCLE: Complex sale requiring education for community oncologists
  • PRODUCT FOCUS: Heavy reliance on clonoSEQ revenue; T-Detect is nascent
  • PROFITABILITY: Lack of clear timeline to cash flow positive spooks investors
  • OPERATING EXPENSE: High R&D and SG&A costs relative to current revenue

Opportunities

  • SOLID TUMORS: Massive TAM expansion for clonoSEQ in solid tumor MRD testing
  • AUTOIMMUNE: Leverage platform for diagnostics in MS, Crohn's, etc.
  • DRUG DISCOVERY: Identify novel T-cell receptors for cell therapy partners
  • INTERNATIONAL: Untapped markets in Europe and Asia for MRD and research
  • DATA LICENSING: Monetize anonymized immunomics data for external research

Threats

  • COMPETITION: Natera's Signatera gaining traction in solid tumor MRD space
  • PAYER PRESSURE: Potential for reduced reimbursement rates from private payers
  • CAPITAL MARKETS: Difficult funding environment for non-profitable biotech
  • TECH SHIFT: New, cheaper sequencing or analysis tech could disrupt platform
  • REGULATORY: Increased FDA scrutiny on LDTs could impact future products

Key Priorities

  • SCALE: Aggressively drive clonoSEQ adoption in heme and solid tumors
  • PROFITABILITY: Execute a clear, disciplined path to cash flow breakeven
  • PLATFORM: Deepen pharma partnerships to validate and fund drug discovery
  • DATA: Leverage unique immunomics data to create an undeniable AI moat

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Adaptive Biotechnologies Market

  • Founded: 2009
  • Market Share: Leading share in hematologic MRD; emerging player in solid tumor MRD.
  • Customer Base: Oncologists, pharmaceutical companies, academic researchers.
  • Category:
    Biotechnology
  • SIC Code: 2835
  • NAICS Code: 541714 Research and Development in Biotechnology (except Nanobiotechnology)
  • Location: Seattle, Washington
  • Zip Code: 98102 Seattle, Washington
    Congressional District: WA-7 SEATTLE
  • Employees: 850
Competitors
Natera logo
Natera View Analysis
Guardant Health logo
Guardant Health View Analysis
Invitae logo
Invitae Request Analysis
Foundation Medicine logo
Foundation Medicine Request Analysis
Caris Life Sciences logo
Caris Life Sciences Request Analysis
Products & Services
No products or services data available
Distribution Channels

Adaptive Biotechnologies Product Market Fit Analysis

Updated: October 4, 2025

Adaptive Biotechnologies translates the immune system's genetic code into clinical intelligence. Its platform provides ultra-sensitive disease detection for oncologists to personalize treatment and empowers pharmaceutical partners to develop novel therapies faster. This is changing how we diagnose and treat complex diseases like cancer, making medicine more predictive and proactive, ultimately saving lives.

1

Detecting disease earlier and more accurately than any other technology.

2

Enabling personalized treatment decisions that improve patient outcomes.

3

Accelerating the development of next-generation immunotherapies.



Before State

  • Imprecise, lagging indicators of disease
  • One-size-fits-all treatment decisions
  • Reactive responses to patient relapse
  • Blind spots in drug development research

After State

  • Ultra-sensitive, early disease detection
  • Personalized, data-driven therapy choices
  • Proactive intervention before relapse
  • Accelerated, targeted drug discovery

Negative Impacts

  • Delayed detection of recurring cancer
  • Unnecessary, toxic overtreatment
  • Poor clinical trial outcomes & costs
  • Missed opportunities for novel drugs

Positive Outcomes

  • Improved patient survival rates & QoL
  • Optimized healthcare system resources
  • Higher probability of drug approval
  • New era of immune-based medicines

Key Metrics

Customer Retention Rates
High (>90%) for clonoSEQ clinical users.
Net Promoter Score (NPS)
Estimated 60-70 among ordering oncologists.
User Growth Rate
clonoSEQ volume growth of 25-35% YoY.
Customer Feedback/Reviews
Limited public reviews; focus on clinical data.
Repeat Purchase Rates
High, as MRD testing is longitudinal.

Requirements

  • Broad physician adoption and education
  • Seamless integration into clinical workflows
  • Robust data infrastructure and security
  • Strong evidence generation for payers

Why Adaptive Biotechnologies

  • Map immune system to decode disease
  • Deliver actionable clinical insights
  • Partner with pharma to create new drugs
  • Make this a new standard of care

Adaptive Biotechnologies Competitive Advantage

  • Proprietary platform, largest database
  • Regulatory approvals and clearances
  • Deep integration with pharma partners
  • First-mover in clinical immunosequencing

Proof Points

  • FDA clearance for clonoSEQ in 3 cancers
  • 100+ peer-reviewed clinical publications
  • Partnerships with 90+ pharma companies
  • Medicare coverage for multiple indications
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Adaptive Biotechnologies Market Positioning

Strategic pillars derived from our vision-focused SWOT analysis

SCALE clonoSEQ to dominate the MRD testing standard of care

EXPAND immune medicine platform for novel drug discovery

DRIVE data network effects to build an immune mapping moat

ACHIEVE cash flow breakeven through disciplined execution

What You Do

  • Maps the adaptive immune system to diagnose and treat diseases.

Target Market

  • Clinicians and researchers in oncology and autoimmune disease.

Differentiation

  • Proprietary immune receptor sequencing and mapping platform.
  • Vast, clinically annotated immunomics database for insights.

Revenue Streams

  • MRD testing services (clonoSEQ)
  • Pharma R&D services (immunoSEQ)
Adaptive Biotechnologies logo

Adaptive Biotechnologies Operations and Technology

Company Operations
  • Organizational Structure: Functional structure with two commercial business units: MRD and Immune Medicine.
  • Supply Chain: Relies on Illumina for sequencing hardware and key reagents.
  • Tech Patents: Extensive patent portfolio covering immunosequencing methods and applications.
  • Website: https://www.adaptivebiotech.com/
Top Clients
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Adaptive Biotechnologies Competitive Forces

Threat of New Entry

Low: High barriers to entry due to required scale of data, complex proprietary technology, regulatory hurdles (FDA), and clinical adoption.

Supplier Power

Moderate: High dependence on Illumina for sequencing platforms and reagents gives them pricing power, but we are a key customer.

Buyer Power

Moderate: Large pharma partners have significant negotiating power. Hospital systems and payers (CMS) dictate reimbursement terms.

Threat of Substitution

Moderate: Alternative technologies like proteomics, transcriptomics, or improved imaging could emerge for disease monitoring.

Competitive Rivalry

High: Natera is a fierce, well-funded competitor in MRD. Guardant Health and Foundation Medicine also compete in broader oncology testing.

AI Disclosure

This report was created using the Alignment Method—our proprietary process for guiding AI to reveal how it interprets your business and industry. These insights are for informational purposes only and do not constitute financial, legal, tax, or investment advice.

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Alignment LLC specializes in AI-powered business analysis. Through the Alignment Method, we combine advanced prompting, structured frameworks, and expert oversight to deliver actionable insights that help companies understand how AI sees their data and market position.