ADAPTIVE BIOTECHNOLOGIES CORP (ADPT)
Sector: Health Care
2026 Annual Meeting Analysis
ADAPTIVE BIOTECHNOLOGIES CORP · Meeting: June 5, 2026
Directors FOR
2
Directors AGAINST
0
Say on Pay
FOR
Auditor
FOR
Director Elections
Election of Two Class I Directors
Dr. Hershberg has served since February 2013 and brings deep biotechnology executive experience; ADPT's 3-year stock return of +69.7% outperforms the peer group median by +112.9 percentage points — well above the 65-point threshold required to trigger a concern — so no TSR flag applies, and no overboarding, attendance, or independence issues were identified. Note: Dr. Hershberg is also CEO of Hillevax and chairman of Recursion Pharmaceuticals, giving him three public company board seats including ADPT, which is within the policy's four-seat limit for non-executive directors (he is a non-executive director at ADPT).
Dr. Owen has served since March 2021 and brings relevant scientific and commercialization expertise from the Gates Foundation and Merck; ADPT's 3-year stock return of +69.7% far outperforms the peer group median by +112.9 percentage points, no TSR trigger applies, and no overboarding, attendance, or independence issues were identified.
Both Class I director nominees pass all policy screens. ADPT's 3-year price return of +69.7% outperforms the compensation peer group median of -43.2% by +112.9 percentage points, which is well above the 65-point threshold for a strong positive TSR year that would be required to trigger a concern. All current directors met the 75% attendance threshold and no independence, overboarding, or familial-relationship issues were identified for the nominees.
Say on Pay
✓ FORCEO
Chad Robins
Total Comp
$9,081,690
Prior Support
98.8%%
The prior Say on Pay vote received overwhelming support of 98.8%, well above the 70% threshold that would require a response. The company's pay mix is strongly performance-oriented — 92% of CEO target compensation is at risk and tied to short- and long-term results, with at least 50% of equity in performance stock awards measured against peers over three years, satisfying the policy requirement for variable pay to dominate. ADPT's 3-year stock return of +69.7% outperforms the peer group median by +112.9 percentage points, meaning above-benchmark incentive pay is well-supported by actual shareholder experience, and no aggregate or individual pay-level red flags were identified that would override the default FOR vote.
Auditor Ratification
✓ FORAuditor
Ernst & Young LLP
Tenure
N/A
Audit Fees
N/A
Non-Audit Fees
N/A
The proxy filing does not include an auditor fee table with specific dollar amounts in the text provided, so the non-audit fee ratio trigger cannot be evaluated; per policy, the tenure trigger also requires confirmed data to fire and auditor tenure is not explicitly stated in the excerpted filing text. Ernst & Young is a Big 4 firm appropriate for a $2.2B market cap company, no material restatements were disclosed, and no other negative factors were identified, so the default FOR vote applies.
Overall Assessment
The 2026 Adaptive Biotechnologies annual meeting presents three standard proposals — director elections, Say on Pay, and auditor ratification — all of which pass policy screens and receive a FOR determination. The company's strong 3-year stock performance, which dramatically outpaced its biotechnology peer group, robust shareholder support for executive compensation in the prior year, and a pay structure that places the vast majority of executive pay at risk in performance-linked equity all support affirmative votes across the ballot.
Compensation Peer Group
20 companies disclosed in 2026 proxy filing