Adaptive Biotechnologies, a high-flying startup that makes technology to read the human immune system, has officially filed to go public and seeks to raise $230 million from investors.
Founded in 2009 by brothers Chad and Harlan Robins, Adaptive Biotechnologies is a leader among a crop of Seattle-based biotech ventures. The 346-person company previously raised more than $400 million to develop its immunosequencing technology.
The company’s largest shareholders are Viking Global Entities with 36 percent, followed by Matrix Capital Management at 16.4 percent, according to the filing. Adaptive CEO Chad Robins owns 6.3 percent of the company. The company posted a net loss of $46.4 million last year on revenues of $55.6 million, according to the regulatory filing. Adaptive reported having $440 million in cash and cash equivalents as of March 31.
Adaptive is the first Seattle-area company to announce its IPO plans this year. The last Seattle-area company to go public was sales tax automation software maker Avalara in June 2018. Smartsheet, DocuSign, and nLight were the other Washington state companies that had an IPO last year.
The company said its total addressable market is $48.7 billion, with cell therapies for cancer treatment accounting for approximately two-thirds of that opportunity.
Adaptive’s immunosequencing platform has attracted a number of big-name partners. Its collaboration with Microsoft resulted in the launch of an AI engine that can detect several diseases from a single blood test.
The company has a $300 million collaborative licensing agreement with Genentech to develop personalized cancer therapies. In addition to the up-front payment, Adaptive could receive up to $1.8 billion if certain milestones are met, as well as royalties on potential sales.
Adaptive has also partnered with the University of Florida to profile thousands of patients at risk of or living with type I diabetes, in addition to work with the Fred Hutchinson Cancer Research Center, the University of Colorado and Virginia Mason.
“Since our inception in 2009, we have characterized over 20 billion immune receptors, established partnerships and commercial relationships with over 125 biopharmaceutical companies and launched two product lines,” the company said in the filing.
Adaptive is currently No. 29 on the GeekWire 200, our ranking of the top privately held technology companies in the Pacific Northwest, up from No. 70 four years ago. The company will graduate from the list when it makes its stock market debut.
The company also announced Thursday that it appointed Kevin Conroy, CEO of Exact Sciences, and Michelle Griffin, director Acer Therapeutics and HTG Molecular Diagnostics, to its board of directors.
Here are Adaptive’s financials: