Convertible Note Issuance

Concurrently, Adaptive disclosed a private placement of $250 million in senior convertible notes due 2031. Net proceeds will be used to repay the outstanding OrbiMed Purchase Agreement, repurchase up to $25 million of common shares via capped call transactions, and fund general corporate purposes and opportunistic initiatives in the MRD business. The offering also grants initial purchasers an option to buy up to an additional $37.5 million in notes within 13 days of issue. Up to $10 million of net proceeds will support JWCA’s Purchase, a privately negotiated transaction with institutional investors. Notes accrue interest semi‑annually in arrears and are senior, unsecured obligations that may be converted under specified circumstances.