Earnings

Adaptive Biotechnologies Says CEO's Brother May Take A Role In Immune Medicine After Separation

Co-founder Harlan Robins could hold a meaningful role in the unit, which posted $11.3 million of third-quarter revenue.

Matteo Parrino Jonathan Ponciano

Matteo Parrino, Jonathan Ponciano

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Adaptive Biotechnologies Says CEO's Brother May Take A Role In Immune Medicine After Separation

Adaptive Biotechnologies, which reads the genetic code of immune cells to build cancer diagnostics and research products, said in its quarterly report that Harlan Robins, who is CEO Chad Robins' brother, "may hold a meaningful role in the Immune Medicine business" if the company separates it from its MRD cancer-testing business.

A family tie in the spinoff plan

Harlan Robins co-founded the company and once served as its chief scientific officer. The sentence is new wording compared with the prior quarterly report.

The company said in June that it planned to pursue a separation of MRD and Immune Medicine, and the new filing says that effort "remains ongoing." Its risk-factor section now points readers back to the annual report and the second-quarter 10-Q rather than restating the separation risks.

In July, Adaptive decided to wind down its research-use sequencing service for pharma customers, so Immune Medicine can focus on its TCR-antigen dataset, its AI models and its autoimmune target discovery platform.

The unit's revenue has shrunk

Immune Medicine revenue was $11.3 million in the third quarter, against $37.2 million a year earlier. The Genentech collaboration, which was terminated in August 2025, supplied $33.7 million of the year-earlier figure. A $9.0 million increase from the target discovery agreement partly offset the loss.

The unit's adjusted EBITDA, a profit measure that excludes items such as interest, taxes and stock pay, was $3.2 million, down from $24.1 million. For the first nine months, Immune Medicine posted a $13.4 million adjusted EBITDA loss against a $13.3 million gain a year earlier.

The target discovery agreement could bring up to $877.5 million in development, commercial and sales milestones. All of that is fully constrained, meaning it is not counted until triggering events occur. The company expects Immune Medicine revenue to fall in the short term.

MRD carries the company

MRD, built around the clonoSEQ test that tracks leftover cancer cells, generated $72.6 million of third-quarter revenue, and its test volume rose 46% to 39,587 tests. Its nine-month adjusted EBITDA rose to $36.4 million from $4.8 million.

Total company revenue was $83.9 million, down from $94.0 million, and net income attributable to the company was $2.9 million versus $9.5 million. Cash and marketable securities stood at $400.2 million at September 30, according to the company's earnings release. The stock's market value was $4.1 billion in Wednesday trading.

The company raised its full-year MRD revenue guidance to between $276 million and $286 million, from $268 million to $278 million.

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