Seattle-based Adaptive Biotechnologies will lay off 100 members of its 850-worker staff as part of a restructuring effort, the company disclosed Wednesday.
Adaptive, a 12-year-old firm valued at $1.6 billion, announced plans to “streamline” its workforce while appointing a new chief financial officer. Having previously focused on developing cancer treatments, the company shifted last year to include COVID-19 therapies in its research.
“Personally, this is one of the hardest decisions I have had to make in my 12 years at Adaptive, especially since I have close, personal relationships with several impacted Adapters,” company co-founder and CEO Chad Robins said in a message to employees.
Robins nonetheless defended the cuts as “the right decision” for Adaptive, saying the “reorganization and the head count reduction are necessary for us to enable patients to benefit from our game changing technologies in as short a time as possible.”
Adaptive sells a blood test that analyzes immune responses to different diseases. The company has contended the technology can advance research, diagnosis and treatment of cancer, autoimmune disorders and infectious diseases.
Going forward, Adaptive will pursue two sections of its business — its cancer diagnostic test, clonoSEQ, and research into infectious disease-specific cell mapping. Microsoft has partnered with Adaptive in the latter effort.
Like many biotech companies, Adaptive (ADPT) saw its stock price skyrocket during the pandemic. Trading on the Nasdaq exchange, Adaptive’s share price hit a high of $67.74 in January 2021. On Wednesday, it was trading at about $12 a share, up slightly from a recent low of $11.20 hit Monday.
Tycho Peterson was appointed as the company’s chief financial officer. Peterson previously served as a managing director for JPMorgan Chase & Co., where he worked for 23 years.