Adaptive Bio

Liquidity and structure improved in mid‑2026. As of March 31, 2026, cash, cash equivalents and marketable securities were 237.2 million dollars (including Digital Biotechnologies cash in the press release figure), and TTM operating cash burn had narrowed.

In June 2026 the company issued 0% convertible notes due 2031 and used proceeds to repay the OrbiMed revenue interest obligation for 156.9 million dollars, fund capped calls and repurchase shares, effectively removing a 5% of revenue royalty‑like drag and interest expense.

Pro forma, net cash is roughly neutral given cash on hand and the new convert. Offsets: TTM FCF is still about negative 30 million dollars (TTM CFO around negative 27 million dollars plus about 2.5 million dollars capex), and stock‑based compensation remains significant (51.5 million dollars in 2025).

Overall balance sheet risk is moderate with improved flexibility after the refinancing.