Adaptive Biotechnologies Reports Second Quarter 2025 Financial Results

Rhea-AI Summary

Adaptive Biotechnologies (Nasdaq: ADPT) reported strong Q2 2025 financial results, with total revenue reaching $58.9 million, a 36% year-over-year increase. The company's MRD business, contributing 85% of revenue, achieved profitability with $1.9 million in Adjusted EBITDA and 42% growth to $49.9 million.

Key highlights include 37% growth in clonoSEQ test volume to 25,321 tests, integration with Flatiron's OncoEMR platform, and implementation of NovaSeq X Plus for clinical sequencing. The company raised its 2025 MRD revenue guidance to $190-200 million and reduced cash burn guidance to $45-55 million.

Despite progress, the company reported a net loss of $25.6 million, though improved from $46.2 million in Q2 2024. Cash position remains strong at $222.0 million as of June 30, 2025.

Positive

• MRD business achieved profitability with $1.9M Adjusted EBITDA
• Total revenue increased 36% YoY to $58.9M
• MRD revenue grew 42% YoY to $49.9M
• clonoSEQ test volume grew 37% to 25,321 tests
• Operating expenses decreased 7% YoY
• Net loss improved significantly from $46.2M to $25.6M YoY
• Raised MRD revenue guidance to $190-200M
• Reduced cash burn guidance to $45-55M

Negative

• Company still reporting overall net loss of $25.6M
• Immune Medicine revenue showed modest 13% growth to $8.9M
• Interest income decreased from $3.8M to $2.4M YoY
• Interest expense increased to $2.9M from $2.7M YoY

Insights

Biotechnology Financial Analyst

Adaptive Biotechnologies shows strong MRD business growth with 42% revenue increase, achieving profitability while reducing company-wide cash burn.

Adaptive Biotechnologies' Q2 2025 results demonstrate impressive momentum in their Minimal Residual Disease (MRD) business, which now represents 85% of their total revenue. The company reported $58.9 million in total revenue, a 36% year-over-year increase, with MRD revenue specifically growing 42% to $49.9 million.

The milestone achievement of MRD business profitability (with $1.9 million Adjusted EBITDA) marks a significant inflection point in the company's financial trajectory. This profitability, coupled with 37% growth in clonoSEQ test volume to 25,321 tests, indicates strong market adoption of their diagnostic technologies.

Despite overall company net losses of $25.6 million (improved from $46.2 million in Q2 2024), management's confidence is evident in their raised guidance for MRD revenue to $190-200 million for 2025 and reduced cash burn expectations to $45-55 million. The company's $222 million cash position provides substantial runway as they work toward broader profitability.

Operational enhancements, including integration with Flatiron's OncoEMR and implementation of NovaSeq X Plus for clinical sequencing, position the company to further scale their diagnostic capabilities. The $5.5 million in pharma regulatory milestone revenue also demonstrates the value pharmaceutical partners place on Adaptive's MRD technologies.

While Immune Medicine represents a smaller revenue segment at $8.9 million (up 13% YoY), the company's strategic focus on MRD appears to be delivering the strongest returns. The disciplined approach to expenses, which remained essentially flat year-over-year when excluding previous impairment charges, shows management's commitment to improving operating leverage while driving growth.

SEATTLE, Aug. 05, 2025 (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 quarter ended June 30, 2025.

“We delivered an outstanding second quarter, achieving profitability in our MRD business with accelerating top- and bottom-line growth,” said Chad Robins, chief executive officer and co-founder of Adaptive Biotechnologies. “With 42% MRD revenue growth, 37% clonoSEQ volume growth and positive MRD adjusted EBITDA, we’re raising our MRD revenue guidance and lowering total company cash burn targets. We’re executing with discipline, urgency and precision to drive impact in MRD, advance Immune Medicine and create lasting value for patients, partners and shareholders.”

Recent Highlights

• Revenue for the second quarter of 2025 was $58.9 million. The MRD business, which contributed 85% of revenue, grew 42% versus the second quarter of 2024.
• The MRD business achieved profitability in the second quarter of 2025 with Adjusted EBITDA of $1.9 million.
• clonoSEQ test volume in the second quarter of 2025 grew 37% to 25,321 tests delivered versus the second quarter of 2024.
• Launched integration of clonoSEQ into Flatiron’s OncoEMR, an industry-leading electronic medical record platform for community oncology.
• Implemented NovaSeq X Plus for clonoSEQ clinical sequencing.
• Recognized $5.5 million in MRD pharma regulatory milestone revenue.
• Raising full year 2025 MRD revenue guidance to a new range of $190 million to $200 million, implying annual growth of 31% to 37%.
• Reducing total company full year 2025 cash burn guidance to a new range of $45 million to $55 million.

Second Quarter 2025 Financial Results

Revenue was $58.9 million for the quarter ended June 30, 2025, representing a 36% increase from the second quarter in the prior year. MRD revenue was $49.9 million for the quarter, representing a 42% increase from the second quarter in the prior year. Immune Medicine revenue was $8.9 million for the quarter, representing a 13% increase from the second quarter in the prior year.

Operating expenses for the second quarter of 2025 were $83.9 million, compared to $90.5 million in the second quarter of the prior year, which included $7.2 million of long-lived assets impairment charges, representing a decrease of 7%. Excluding the prior period impact of the long-lived assets impairment charges, operating expenses for the second quarter of 2025 increased 1% compared to the second quarter of 2024.

Interest and other income, net was $2.4 million for the second quarter of 2025, compared to $3.8 million in the second quarter of the prior year. Interest expense from our revenue interest purchase agreement was $2.9 million in the second quarter of 2025, compared to $2.7 million in the second quarter of the prior year.

Net loss was $25.6 million for the second quarter of 2025, compared to $46.2 million for the same period in 2024.

Adjusted EBITDA (non-GAAP) was a loss of $7.2 million for the second quarter of 2025, compared to a loss of $21.4 million for the second quarter of the prior year.

Cash, cash equivalents and marketable securities was $222.0 million as of June 30, 2025.

2025 Updated Financial Guidance

Adaptive Biotechnologies expects full year revenue for the MRD business to be between $190 million and $200 million, updated from the previous range between $180 million and $190 million. No revenue guidance is provided for the Immune Medicine business.

We expect full year total company operating expenses, including cost of revenue, to be between $335 million and $345 million.

We expect full year total company cash burn to be between $45 million and $55 million, updated from the previous range between $50 million and $60 million.

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 second quarter 2025 financial results after market close on Tuesday, August 5, 2025 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 condensed consolidated statements of operations and unaudited condensed 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 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 loss attributable to Adaptive Biotechnologies Corporation and adjustments are allocable to each segment. We have provided reconciliations of net 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 Condensed Consolidated Statements of Operations (in thousands, except share and per share amounts) (unaudited)
	Three Months Ended June 30,								Six Months Ended June 30,
	2025				2024				2025				2024
Revenue	$	58,879			$	43,190			$	111,322			$	85,063
Operating expenses
Cost of revenue		17,999				19,317				34,978				37,368
Research and development		24,134				25,353				48,337				55,598
Sales and marketing		23,573				20,314				46,620				42,633
General and administrative		17,786				17,895				35,185				37,492
Amortization of intangible assets		423				424				842				847
Impairment of long-lived assets		—				7,205				—				7,205
Total operating expenses		83,915				90,508				165,962				181,143
Loss from operations		(25,036	)			(47,318	)			(54,640	)			(96,080	)
Interest and other income, net		2,391				3,766				5,070				7,988
Interest expense		(2,948	)			(2,696	)			(5,853	)			(5,689	)
Net loss		(25,593	)			(46,248	)			(55,423	)			(93,781	)
Add: Net (income) loss attributable to noncontrolling interest		(21	)			26				(43	)			52
Net loss attributable to Adaptive Biotechnologies Corporation	$	(25,614	)		$	(46,222	)		$	(55,466	)		$	(93,729	)
Net loss per share attributable to Adaptive Biotechnologies Corporation common shareholders, basic and diluted	$	(0.17	)		$	(0.31	)		$	(0.37	)		$	(0.64	)
Weighted-average shares used in computing net loss per share attributable to Adaptive Biotechnologies Corporation common shareholders, basic and diluted		152,082,284				147,414,095				150,646,632				146,600,811

Adaptive Biotechnologies Condensed Consolidated Balance Sheets (in thousands, except share and per share amounts)
	June 30, 2025				December 31, 2024
	(unaudited)
Assets
Current assets
Cash and cash equivalents	$	43,163			$	47,920
Short-term marketable securities (amortized cost of $154,672 and $174,186, respectively)		154,710				174,374
Accounts receivable, net		44,285				41,731
Inventory, net		8,403				8,440
Prepaid expenses and other current assets		11,295				11,287
Total current assets		261,856				283,752
Long-term assets
Property and equipment, net		41,055				48,616
Operating lease right-of-use assets		43,338				45,767
Long-term marketable securities (amortized cost of $24,065 and $33,682, respectively)		24,100				33,660
Restricted cash		2,720				2,897
Intangible assets, net		2,583				3,425
Goodwill		118,972				118,972
Other assets		2,013				2,287
Total assets	$	496,637			$	539,376
Liabilities and shareholders’ equity
Current liabilities
Accounts payable	$	6,908			$	7,265
Accrued liabilities		7,205				8,157
Accrued compensation and benefits		9,700				15,838
Current portion of operating lease liabilities		9,957				10,239
Current portion of deferred revenue		55,301				55,689
Current portion of revenue interest liability, net		3,070				865
Total current liabilities		92,141				98,053
Long-term liabilities
Operating lease liabilities, less current portion		74,413				79,148
Deferred revenue, less current portion		20,032				27,256
Revenue interest liability, net, less current portion		130,495				132,414
Other long-term liabilities		20				20
Total liabilities		317,101				336,891
Commitments and contingencies
Shareholders’ equity
Preferred stock: $0.0001 par value, 10,000,000 shares authorized at June 30, 2025 and December 31, 2024; no shares issued and outstanding at June 30, 2025 and December 31, 2024		—				—
Common stock: $0.0001 par value, 340,000,000 shares authorized at June 30, 2025 and December 31, 2024; 152,234,772 and 147,773,744 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively		15				14
Additional paid-in capital		1,538,919				1,506,353
Accumulated other comprehensive gain		73				166
Accumulated deficit		(1,359,290	)			(1,303,824	)
Total Adaptive Biotechnologies Corporation shareholders’ equity		179,717				202,709
Noncontrolling interest		(181	)			(224	)
Total shareholders’ equity		179,536				202,485
Total liabilities and shareholders’ equity	$	496,637			$	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 June 30,								Six Months Ended June 30,
	2025				2024				2025				2024
Net loss attributable to Adaptive Biotechnologies Corporation	$	(25,614	)		$	(46,222	)		$	(55,466	)		$	(93,729	)
Interest and other income, net		(2,391	)			(3,766	)			(5,070	)			(7,988	)
Interest expense		2,948				2,696				5,853				5,689
Depreciation and amortization expense		4,502				5,003				9,233				10,217
Impairment of long-lived assets		—				7,205				—				7,205
Restructuring expense		—				680				—				1,724
Share-based compensation expense		13,359				12,958				25,506				27,256
Adjusted EBITDA	$	(7,196	)		$	(21,446	)		$	(19,944	)		$	(49,626	)

Segment Information (Including Segment Adjusted EBITDA)

The following sets forth segment information for the periods presented (in thousands, unaudited):

	Three Months Ended June 30,								Six Months Ended June 30,
	2025				2024				2025				2024
MRD:
Revenue	$	49,938			$	35,284			$	93,659			$	67,910
Adjusted EBITDA		1,912				(11,289	)			(2,199	)			(28,548	)
Reconciliation of Net Loss to Adjusted EBITDA:
Net loss	$	(7,180	)		$	(23,077	)		$	(19,418	)		$	(50,337	)
Depreciation and amortization expense		2,455				2,604				5,118				5,305
Impairment of long-lived assets		—				2,819				—				2,819
Restructuring expense		—				561				—				1,028
Share-based compensation expense		6,637				5,804				12,101				12,637
Adjusted EBITDA	$	1,912			$	(11,289	)		$	(2,199	)		$	(28,548	)
Immune Medicine:
Revenue	$	8,941			$	7,906			$	17,663			$	17,153
Adjusted EBITDA		(6,069	)			(7,033	)			(11,515	)			(13,960	)
Reconciliation of Net Loss to Adjusted EBITDA:
Net loss	$	(12,355	)		$	(18,228	)		$	(23,836	)		$	(32,821	)
Depreciation and amortization expense		1,616				1,967				3,258				4,049
Impairment of long-lived assets		—				4,386				—				4,386
Restructuring expense		—				119				—				696
Share-based compensation expense		4,670				4,723				9,063				9,730
Adjusted EBITDA	$	(6,069	)		$	(7,033	)		$	(11,515	)		$	(13,960	)

FAQ

What were Adaptive Biotechnologies (ADPT) Q2 2025 earnings results?

ADPT reported Q2 2025 revenue of $58.9 million, up 36% YoY, with a net loss of $25.6 million. The MRD business achieved profitability with $1.9 million in Adjusted EBITDA.

How much did ADPT's MRD business grow in Q2 2025?

ADPT's MRD business grew 42% year-over-year to $49.9 million, representing 85% of total revenue. The clonoSEQ test volume increased 37% to 25,321 tests.

What is ADPT's revenue guidance for 2025?

ADPT raised its MRD revenue guidance for 2025 to $190-200 million, implying 31-37% annual growth. The company also reduced its cash burn guidance to $45-55 million.

What is Adaptive Biotechnologies' cash position as of Q2 2025?

ADPT reported $222.0 million in cash, cash equivalents, and marketable securities as of June 30, 2025.

How did ADPT's operating expenses change in Q2 2025?

Operating expenses decreased 7% to $83.9 million compared to Q2 2024. Excluding prior period impairment charges, operating expenses increased by only 1%.