Adaptive Biotechnologies down 5% after Genentech pact terminated

Shares of Adaptive Biotechnologies (ADPT) are down 60c, or 5%, to $12.44 after the company disclosed in a regulatory filing this morning that on August 13, the strategic collaboration and license agreement between Adaptive and Genentech, (RHHBY), dated as of December 19, 2018, was terminated, with termination effective February 9, 2026. “Adaptive and Genentech entered into the Agreement in 2018 to collaborate on research and development of certain cancer cell therapy products. The parties will wind down activities under the Agreement. Upon termination, Adaptive will be released from exclusivity obligations with respect to cell therapies in oncology. As a result of the termination, Adaptive expects to recognize $33.7M during the second half of 2025 in non-cash revenue from the remaining amortization of the cash consideration received under the Agreement. Adaptive’s ongoing Immune Medicine programs and financial goals continue to focus on: (i) developing and deploying digital TCR-antigen prediction models that enable novel immunology applications and partnering opportunities; (ii) developing a pre-clinical data package for the lead T-cell depletion program in autoimmunity; and (iii) achieving the fiscal year 2025 Immune Medicine cash burn target of $25-$30M,” the company stated.