Adaptive Bio

Moat components and durability. Intangible assets: strong. clonoSEQ is the first and only FDA‑cleared NGS MRD test in MM and B‑ALL bone marrow and in blood/bone marrow for CLL, is in NCCN guidelines and has broad U.S. coverage (over 300 million covered lives), which reinforces brand, clinical trust and reimbursement positioning.

Score 78. Switching costs: medium. Integrations into EMRs (Epic and others) reduce friction for clinicians and embed workflows; as of December 2025 clonoSEQ was integrated into Epic instances at 54 customer sites and by mid‑2026 the company cites over 175 EMR‑integrated accounts.

Score 65. Network effects: moderate in Immune Medicine, limited in MRD. The immune receptor dataset and TCR‑antigen mapping may compound discovery value but is still early for monetization; management cites more than 6 million functional TCR‑antigen pairs and >10,000 patients profiled. Score 50. Cost advantages: moderate.

Centralized lab scale, rising volumes, and improving reimbursement lift gross margins into the 70%+ range; however, competitors can run LDTs and incumbents in flow cytometry remain. Score 55. Efficient scale: moderate.

Hematology MRD is a focused market with high fixed validation and clinical evidence requirements that deter fast me‑too entrants, but LDTs remain viable after the 2025 court outcome.

Score 55. Global view: weighted average about 62; moat is real in MRD but not yet indestructible, and durability hinges on maintaining clinical guideline leadership, real‑world evidence and payer support.