Adaptive Biotechnologies Corp. (Nasdaq: ADPT) on Tuesday confirmed the company is laying off about 100 workers as part of an organizational shakeup.
The Seattle-based biotech had 858 total full-time employees at the end of 2021, according to regulatory documents. An Adaptive spokesperson told the Business Journal via email the company has created two new business areas: minimal residual disease and immune medicine.
"As part of this process, we are deprioritizing projects and programs that are no longer aligned with the goals of the two business areas," the spokesperson said. "Given current market conditions affecting Adaptive and the biotech industry more broadly, we needed to ensure we had enough flexibility to meet our medium- to long-terms goals. We are sad to being parting ways with our team members but believe these changes will set us up for success and growth. Our team is doing everything possible to support their transition."
In addition to its headquarters in Seattle, Adaptive has offices in South San Francisco and New York City. The spokesperson said the company couldn't give a breakdown of which offices would be affected by the layoffs but said they're not isolated to Seattle.
Harlan Robins, Adaptive's chief scientific officer, and his brother, CEO Chad Robins, co-founded the biotech in 2009. The company focuses on immune system technology, and it offers products in diagnostics and life sciences research. Adaptive also developed a T-cell-based test for Covid-19.
Adaptive went public in 2019. The company generated $154.3 million in revenue last year, up 57% from 2020. Its net losses, however, were $207.3 million in 2021, up from $146.2 million in 2020. The company's stock, meanwhile, has dropped from over $67 in January 2021 to $11.70 at closing Tuesday.
Adaptive opened a new headquarters in South Lake Union in September. In February 2021, Chad Robins told the Business Journal the company planned to open an international office.
“Adaptive plans to open an international office to enable global expansion,” Chad Robins said in an email to the Business Journal at the time. “There is a lot of interest in our immunosequencing products from major labs around the world, and we want to improve our ability to capture that business.”
