Adaptive Bio

Recent decisions align with quality discipline: focusing on MRD, segment reporting, and now pursuing a separation of Immune Medicine to unlock value clarity. The June 2026 refinancing retired the costly OrbiMed revenue interest, added capped calls to mitigate dilution, and included a small share repurchase.

On the negative side, stock‑based compensation remains elevated relative to revenue, and share count rose to about 160 million outstanding by March 31, 2026. We score management’s capital allocation above average given the removal of a structurally expensive liability and focus on the highest‑return MRD opportunities, while noting the need to curb dilution.