Adaptive Biotechnologies issued $345 million of zero-interest convertible senior notes due in 2031, with proceeds used in part to refinance and reduce earlier leverage. The financing included an upsized tranche, and the company said net proceeds were deployed to repay an OrbiMed financing deal and fund capped call transactions. Adaptive also repurchased roughly 1.5 million shares and earmarked remaining proceeds for general corporate use and opportunistic initiatives in its MRD business. The move indicates the company’s ongoing reliance on capital markets to sustain commercial and platform investment while it builds value around minimal residual disease strategies. For MRD players and investors, the issuance offers a signal on funding discipline and how companies balance balance-sheet management with continued pipeline and commercialization efforts.