Adaptive Biotechnologies Reports Fourth Quarter and Full Year 2025 Financial Results
Rhea-AI Summary
Adaptive Biotechnologies (Nasdaq: ADPT) reported fourth-quarter revenue of $71.7M and full-year 2025 revenue of $277.0M, a 55% increase year-over-year. The MRD business drove growth, contributing 86% of Q4 revenue and achieving positive Adjusted EBITDA and positive cash flow.
clonoSEQ test volume rose 39% for 2025 to 105,587 tests. Company recognized $19.5M in MRD pharma milestone revenue, signed two immune-receptor data licenses with Pfizer, and received expanded Medicare coverage for clonoSEQ recurrence monitoring in mantle cell lymphoma. 2026 MRD revenue guidance: $255M–$265M.
Positive
- Revenue +55% FY 2025 to $277.0M
- MRD Adjusted EBITDA positive and positive cash flow in MRD business
- clonoSEQ test volume +39% in 2025 to 105,587 tests
- $19.5M in MRD pharma regulatory milestone revenue recognized
- Signed two non-exclusive immune receptor data licensing agreements with Pfizer
- Expanded Medicare coverage for clonoSEQ in mantle cell lymphoma
Negative
- Net loss of $59.5M in 2025 despite improvements
- Full-year operating expenses remained high at $334.1M
- Company provided no 2026 Immune Medicine revenue guidance, creating uncertainty
Market Reaction
Following this news, ADPT has gained 4.95%, reflecting a moderate positive market reaction. Our momentum scanner has triggered 4 alerts so far, indicating moderate trading interest and price volatility. The stock is currently trading at $17.29. This price movement has added approximately $119M to the company's valuation.
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Key Figures
Market Reality Check
Peers on Argus
ADPT fell 6.49% with peers AGIO, GLPG, IDYA, TARS and TVTX also down between 0.06–4.95%, indicating a broader biotech downdraft alongside company-specific earnings news.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Jan 12 | Preliminary earnings | Positive | +15.9% | Preliminary 2025 results with strong revenue and MRD growth disclosed. |
| Nov 05 | Q3 2025 earnings | Positive | +4.0% | Q3 2025 beat ex-Genentech, MRD strength and guidance raise highlighted. |
| Aug 05 | Q2 2025 earnings | Positive | +5.8% | Q2 2025 showed MRD profitability, strong growth and higher guidance. |
| May 01 | Q1 2025 earnings | Positive | +33.7% | Q1 2025 featured solid MRD growth, lower opex and raised guidance. |
| Feb 11 | FY 2024 earnings | Neutral | -3.2% | Mixed 2024 results with MRD growth but ongoing losses and cautious view. |
Earnings updates with strong MRD growth and improving losses have typically seen positive next-day stock reactions.
Over the past year, Adaptive Biotechnologies has reported a series of earnings results showing accelerating MRD revenue growth, rising clonoSEQ volumes, and improving Adjusted EBITDA. Key reports on Feb 11, 2025, May 1, 2025, Aug 5, 2025, and Nov 5, 2025 highlighted narrowing net losses and raised MRD guidance. Preliminary 2025 results on Jan 12, 2026 previewed today’s audited figures, with similar revenue levels and strong growth. Historically, these earnings events have been followed by mostly positive price moves.
Historical Comparison
In the past year, 5 earnings releases led to an average move of 11.22%, underscoring how sensitive ADPT’s shares have been to financial updates.
Earnings releases show a progression of MRD growth, clonoSEQ volume expansion, improving Adjusted EBITDA and gradually narrowing net losses through 2024–2025.
Market Pulse Summary
This announcement details audited Q4 and 2025 results that closely match January’s preliminary figures, confirming revenue of $71.7M in Q4 and $277.0M for 2025, with the MRD business driving most growth and achieving positive Adjusted EBITDA. Net loss narrowed to $59.5M for 2025, and cash stood at $240.2M. Investors may focus on 2026 MRD revenue guidance of $255–265M and planned operating expenses of $350–360M as key metrics to track execution.
Key Terms
adjusted ebitda financial
medicare regulatory
mantle cell lymphoma medical
AI-generated analysis. Not financial advice.
SEATTLE, Feb. 05, 2026 (GLOBE NEWSWIRE) -- Adaptive Biotechnologies Corporation (“Adaptive Biotechnologies”) (Nasdaq: ADPT), a commercial stage biotechnology company that aims to translate the genetics of the adaptive immune system into clinical products to diagnose and treat disease, today reported financial results for the fourth quarter and full year ended December 31, 2025.
“2025 was an outstanding year for Adaptive, marked by strong execution and meaningful progress across the business,” said Chad Robins, chief executive officer and co-founder of Adaptive Biotechnologies. “We delivered
Fourth Quarter and Full Year 2025 Highlights
- Revenue for the fourth quarter and full year 2025 was
$71.7 million and$277.0 million , respectively. The MRD business, which contributed86% of revenue in the fourth quarter and77% of revenue in the full year, grew54% and46% over the corresponding periods a year ago. - clonoSEQ® test volume increased
43% to 30,038 tests delivered in the fourth quarter of 2025, compared to the fourth quarter 2024 and ended the year with 105,587 tests delivered, up39% versus 2024. - Received expanded Medicare coverage of clonoSEQ for recurrence monitoring in mantle cell lymphoma.
- Launched integration of clonoSEQ into Flatiron Health’s OncoEMR®, an industry-leading electronic medical record platform for community oncology.
- Implemented NovaSeq X Plus for clonoSEQ clinical sequencing.
- The MRD business achieved positive Adjusted EBITDA and positive cash flow.
- Recognized
$19.5 million in MRD pharma regulatory milestone revenue in 2025. - Signed two distinct, non-exclusive immune receptor data licensing agreements with Pfizer Inc.
Fourth Quarter 2025 Financial Results
Revenue was
Operating expenses for the fourth quarter of 2025 were
Interest and other income, net was
Net loss was
Adjusted EBITDA (non-GAAP) was
Full Year 2025 Financial Results
Revenue was
Operating expenses for 2025 were
Interest and other income, net was
Net loss was
Adjusted EBITDA (non-GAAP) was
Cash, cash equivalents and marketable securities was
2026 Financial Guidance
Adaptive Biotechnologies expects full year revenue for the MRD business to be between
We expect full year total company operating expenses, including cost of revenue, to be between
Management will provide further details on the outlook during the conference call.
Webcast and Conference Call Information
Adaptive Biotechnologies will host a conference call to discuss its fourth quarter and full year 2025 financial results after market close on Thursday, February 5, 2026 at 4:30 PM Eastern Time. The conference call can be accessed at http://investors.adaptivebiotech.com. The webcast will be archived and available for replay at least 90 days after the event.
About Adaptive Biotechnologies
Adaptive Biotechnologies (“we” or “our”) is a commercial-stage biotechnology company focused on harnessing the inherent biology of the adaptive immune system to transform the diagnosis and treatment of disease. We believe the adaptive immune system is nature’s most finely tuned diagnostic and therapeutic for most diseases, but the inability to decode it has prevented the medical community from fully leveraging its capabilities. Our proprietary immune medicine platform reveals and translates the massive genetics of the adaptive immune system with scale, precision and speed. We apply our platform to partner with biopharmaceutical companies, inform drug development, and develop clinical diagnostics across our two business segments: Minimal Residual Disease (MRD) and Immune Medicine. Our commercial products and clinical pipeline enable the diagnosis, monitoring, and treatment of diseases such as cancer and autoimmune disorders. Our goal is to develop and commercialize immune-driven clinical products tailored to each individual patient.
Forward-Looking Statements
This press release contains forward-looking statements that are based on management’s beliefs and assumptions and on information currently available to management. All statements contained in this release other than statements of historical fact are forward-looking statements, including statements regarding our ability to develop, commercialize and achieve market acceptance of our current and planned products and services, our research and development efforts and other matters regarding our business strategies, use of capital, results of operations and financial position and plans and objectives for future operations.
In some cases, you can identify forward-looking statements by the words “may,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “ongoing” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. These statements involve risks, uncertainties and other factors that may cause actual results, levels of activity, performance or achievements to be materially different from the information expressed or implied by these forward-looking statements. These risks, uncertainties and other factors are described under "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations" and elsewhere in the documents we file with the Securities and Exchange Commission from time to time. We caution you that forward-looking statements are based on a combination of facts and factors currently known by us and our projections of the future, about which we cannot be certain. As a result, the forward-looking statements may not prove to be accurate. The forward-looking statements in this press release represent our views as of the date hereof. We undertake no obligation to update any forward-looking statements for any reason, except as required by law.
Use of Non-GAAP Financial Measure
To supplement our unaudited consolidated statements of operations and unaudited consolidated balance sheets, which are prepared in conformity with generally accepted accounting principles in the United States of America (“GAAP”), this press release also includes references to Adjusted EBITDA, which is a non-GAAP financial measure that we define as net income (loss) attributable to Adaptive Biotechnologies Corporation adjusted for interest and other income, net, interest expense, income tax (expense) benefit, depreciation and amortization expense, impairment costs for long-lived assets, restructuring expense and share-based compensation expense. We define our segment Adjusted EBITDA in the same way to the extent the net income (loss) attributable to Adaptive Biotechnologies Corporation and adjustments are allocable to each segment. We have provided reconciliations of net income (loss) attributable to Adaptive Biotechnologies Corporation, the most directly comparable GAAP financial measure, to Adjusted EBITDA at the end of this press release.
Management uses Adjusted EBITDA, including segment Adjusted EBITDA, to evaluate the financial performance of our business and segments and to evaluate the effectiveness of our strategies. We present these figures because we believe it is frequently used by analysts, investors and other interested parties to evaluate companies in our industry and it facilitates comparisons on a consistent basis across reporting periods. Further, we believe it is helpful in highlighting trends in our operating results because it excludes items that are not indicative of our core operating performance.
Adjusted EBITDA, including segment Adjusted EBITDA, has limitations as an analytical tool and you should not consider it in isolation or as a substitute for analysis of our results as reported under GAAP. We may in the future incur expenses similar to the adjustments we make. In particular, we expect to incur meaningful share-based compensation expense in the future. Other limitations include that Adjusted EBITDA, including segment Adjusted EBITDA, does not reflect:
- all expenditures or future requirements for capital expenditures or contractual commitments;
- changes in our working capital needs;
- interest expense, which is an ongoing element of our costs to operate;
- income tax (expense) benefit, which may be a necessary element of our costs and ability to operate;
- the costs of replacing the assets being depreciated and amortized, which will often have to be replaced in the future;
- the noncash component of employee compensation expense;
- long-lived assets impairment costs; and
- the impact of earnings or charges resulting from matters we consider not to be reflective, on a recurring basis, of our ongoing operations, such as our restructuring activities and reductions in workforce.
In addition, Adjusted EBITDA, including segment Adjusted EBITDA, may not be comparable to similarly titled measures used by other companies in our industry or across different industries.
ADAPTIVE INVESTORS
Karina Calzadilla, Vice President, Investor Relations
201-396-1687
investors@adaptivebiotech.com
ADAPTIVE MEDIA
Erica Jones, Associate Corporate Communications Director
206-279-2423
media@adaptivebiotech.com
Adaptive Biotechnologies
Consolidated Statements of Operations
(in thousands, except share and per share amounts)
(unaudited)
| Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Revenue | $ | 71,681 | $ | 47,459 | $ | 276,976 | $ | 178,957 | ||||||||
| Operating expenses | ||||||||||||||||
| Cost of revenue | 18,224 | 18,045 | 71,359 | 72,080 | ||||||||||||
| Research and development | 21,763 | 23,192 | 93,769 | 102,953 | ||||||||||||
| Sales and marketing | 24,481 | 21,575 | 94,571 | 84,759 | ||||||||||||
| General and administrative | 19,557 | 18,056 | 72,701 | 72,806 | ||||||||||||
| Amortization of intangible assets | 429 | 428 | 1,699 | 1,703 | ||||||||||||
| Impairment of long-lived assets | — | — | — | 7,205 | ||||||||||||
| Total operating expenses | 84,454 | 81,296 | 334,099 | 341,506 | ||||||||||||
| Loss from operations | (12,773 | ) | (33,837 | ) | (57,123 | ) | (162,549 | ) | ||||||||
| Interest and other income, net | 2,148 | 3,072 | 9,444 | 14,534 | ||||||||||||
| Interest expense | (2,954 | ) | (2,952 | ) | (11,778 | ) | (11,580 | ) | ||||||||
| Net loss | (13,579 | ) | (33,717 | ) | (59,457 | ) | (159,595 | ) | ||||||||
| Add: Net loss (income) attributable to noncontrolling interest | — | 25 | (42 | ) | 103 | |||||||||||
| Net loss attributable to Adaptive Biotechnologies Corporation | $ | (13,579 | ) | $ | (33,692 | ) | $ | (59,499 | ) | $ | (159,492 | ) | ||||
| Net loss per share attributable to Adaptive Biotechnologies Corporation common shareholders, basic and diluted | $ | (0.09 | ) | $ | (0.23 | ) | $ | (0.39 | ) | $ | (1.08 | ) | ||||
| Weighted-average shares used in computing net loss per share attributable to Adaptive Biotechnologies Corporation common shareholders, basic and diluted | 153,127,120 | 147,677,685 | 151,721,939 | 147,101,648 | ||||||||||||
Adaptive Biotechnologies
Consolidated Balance Sheets
(in thousands, except share and per share amounts)
(unaudited)
| December 31, | ||||||||
| 2025 | 2024 | |||||||
| Assets | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 70,495 | $ | 47,920 | ||||
| Short-term marketable securities (amortized cost of | 156,485 | 174,374 | ||||||
| Accounts receivable, net | 50,365 | 41,731 | ||||||
| Inventory | 9,820 | 8,440 | ||||||
| Prepaid expenses and other current assets | 13,020 | 11,287 | ||||||
| Total current assets | 300,185 | 283,752 | ||||||
| Long-term assets | ||||||||
| Property and equipment, net | 34,107 | 48,616 | ||||||
| Operating lease right-of-use assets | 40,616 | 45,767 | ||||||
| Long-term marketable securities (amortized cost of | 13,234 | 33,660 | ||||||
| Restricted cash | 2,689 | 2,897 | ||||||
| Intangible assets, net | 1,726 | 3,425 | ||||||
| Goodwill | 118,972 | 118,972 | ||||||
| Other assets | 1,207 | 2,287 | ||||||
| Total assets | $ | 512,736 | $ | 539,376 | ||||
| Liabilities and shareholders’ equity | ||||||||
| Current liabilities | ||||||||
| Accounts payable | $ | 6,467 | $ | 7,265 | ||||
| Accrued liabilities | 7,700 | 8,157 | ||||||
| Accrued compensation and benefits | 16,992 | 15,838 | ||||||
| Current portion of operating lease liabilities | 8,920 | 10,239 | ||||||
| Current portion of deferred revenue | 45,194 | 55,689 | ||||||
| Current portion of revenue interest liability, net | 4,642 | 865 | ||||||
| Total current liabilities | 89,915 | 98,053 | ||||||
| Long-term liabilities | ||||||||
| Operating lease liabilities, less current portion | 70,228 | 79,148 | ||||||
| Deferred revenue, less current portion | 1,006 | 27,256 | ||||||
| Revenue interest liability, net, less current portion | 126,566 | 132,414 | ||||||
| Other long-term liabilities | 20 | 20 | ||||||
| Total liabilities | 287,735 | 336,891 | ||||||
| Commitments and contingencies | ||||||||
| Shareholders’ equity | ||||||||
| Preferred stock: | — | — | ||||||
| Common stock: | 15 | 14 | ||||||
| Additional paid-in capital | 1,581,848 | 1,506,353 | ||||||
| Accumulated other comprehensive gain | 253 | 166 | ||||||
| Accumulated deficit | (1,363,323 | ) | (1,303,824 | ) | ||||
| Total Adaptive Biotechnologies Corporation shareholders’ equity | 218,793 | 202,709 | ||||||
| Noncontrolling interest | 6,208 | (224 | ) | |||||
| Total shareholders’ equity | 225,001 | 202,485 | ||||||
| Total liabilities and shareholders’ equity | $ | 512,736 | $ | 539,376 | ||||
Adjusted EBITDA
The following is a reconciliation of net loss attributable to Adaptive Biotechnologies Corporation, the most directly comparable GAAP financial measure, to Adjusted EBITDA for the periods presented (in thousands, unaudited):
| Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Net loss attributable to Adaptive Biotechnologies Corporation | $ | (13,579 | ) | $ | (33,692 | ) | $ | (59,499 | ) | $ | (159,492 | ) | ||||
| Interest and other income, net | (2,148 | ) | (3,072 | ) | (9,444 | ) | (14,534 | ) | ||||||||
| Interest expense | 2,954 | 2,952 | 11,778 | 11,580 | ||||||||||||
| Depreciation and amortization expense | 4,195 | 4,448 | 17,833 | 19,256 | ||||||||||||
| Impairment of long-lived assets | — | — | — | 7,205 | ||||||||||||
| Restructuring expense | — | 87 | — | 2,004 | ||||||||||||
| Share-based compensation expense | 12,720 | 12,832 | 51,483 | 53,610 | ||||||||||||
| Adjusted EBITDA | $ | 4,142 | $ | (16,445 | ) | $ | 12,151 | $ | (80,371 | ) | ||||||
Segment Information (Including Segment Adjusted EBITDA)
The following sets forth segment information for the periods presented (in thousands, unaudited):
| Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| MRD: | ||||||||||||||||
| Revenue | $ | 61,887 | $ | 40,149 | $ | 212,334 | $ | 145,529 | ||||||||
| Adjusted EBITDA | 10,424 | (6,555 | ) | 15,190 | (41,223 | ) | ||||||||||
| Reconciliation of Net Income (Loss) to Adjusted EBITDA: | ||||||||||||||||
| Net income (loss) | $ | 1,729 | $ | (14,830 | ) | $ | (19,731 | ) | $ | (80,235 | ) | |||||
| Depreciation and amortization expense | 2,425 | 2,340 | 10,013 | 10,073 | ||||||||||||
| Impairment of long-lived assets | — | — | — | 2,819 | ||||||||||||
| Restructuring expense | — | 77 | — | 1,272 | ||||||||||||
| Share-based compensation expense | 6,270 | 5,858 | 24,908 | 24,848 | ||||||||||||
| Adjusted EBITDA | $ | 10,424 | $ | (6,555 | ) | $ | 15,190 | $ | (41,223 | ) | ||||||
| Immune Medicine(1): | ||||||||||||||||
| Revenue | $ | 9,794 | $ | 7,310 | $ | 64,642 | $ | 33,428 | ||||||||
| Adjusted EBITDA | (3,033 | ) | (6,390 | ) | 10,251 | (24,414 | ) | |||||||||
| Reconciliation of Net Loss to Adjusted EBITDA: | ||||||||||||||||
| Net loss | $ | (8,651 | ) | $ | (12,408 | ) | $ | (13,158 | ) | $ | (55,126 | ) | ||||
| Depreciation and amortization expense | 1,309 | 1,653 | 5,987 | 7,368 | ||||||||||||
| Impairment of long-lived assets | — | — | — | 4,386 | ||||||||||||
| Restructuring expense | — | 10 | — | 732 | ||||||||||||
| Share-based compensation expense | 4,309 | 4,355 | 17,422 | 18,226 | ||||||||||||
| Adjusted EBITDA | $ | (3,033 | ) | $ | (6,390 | ) | $ | 10,251 | $ | (24,414 | ) | |||||
(1) Expenses related to Digital Biotechnologies, Inc. are no longer included in the Immune Medicine segment.
FAQ
What were Adaptive Biotechnologies (ADPT) revenue and test volume results for 2025?
Did Adaptive Biotechnologies (ADPT) achieve profitability in any business segment in 2025?
What 2026 financial guidance did Adaptive Biotechnologies (ADPT) provide on February 5, 2026?
How did Adaptive Biotechnologies (ADPT) advance commercialization and partnerships in 2025?
What were Adaptive Biotechnologies (ADPT) key profitability and cash metrics for the fourth quarter of 2025?
