Adaptive Biotechnologies Reports Second Quarter 2026 Financial Results
Rhea-AI Summary
Adaptive Biotechnologies (Nasdaq: ADPT) reported second quarter 2026 revenue of $71.6 million, up 22% year over year (30% excluding the Genentech Agreement). Minimal Residual Disease (MRD) revenue rose 33% to $66.2 million and represented 92% of total revenue, supported by a 43% increase in clonoSEQ test volume to 36,111 tests.
Immune Medicine revenue declined 40% to $5.4 million, but increased 8% excluding Genentech-related revenue. Net loss was $39.9 million, or $16.2 million excluding the loss on extinguishment of the OrbiMed revenue interest liability, while Adjusted EBITDA loss narrowed to $0.7 million from $7.2 million. The company completed a $345 million zero-coupon convertible senior notes offering, repaid the OrbiMed Purchase Agreement, ended the quarter with $371.7 million in cash, cash equivalents and marketable securities, and announced plans to separate its MRD and Immune Medicine businesses. Full-year 2026 MRD revenue guidance was raised to $268–$278 million, and total operating expense guidance was updated to $350–$355 million.
Positive
- Total revenue $71.6M, up 22% YoY; 30% excluding Genentech
- MRD revenue $66.2M, up 33% YoY; 92% of total revenue
- clonoSEQ test volume 36,111 in Q2 2026, up 43% YoY
- Adjusted EBITDA loss improved to $0.7M from $7.2M YoY
- MRD segment Adjusted EBITDA $9.1M vs. $1.9M prior year
- Cash, cash equivalents and marketable securities $371.7M at June 30, 2026
- $345M zero-coupon convertible senior notes issued, increasing financial flexibility
- Raised 2026 MRD revenue guidance to $268–$278M (26%–31% implied growth)
Negative
- Net loss $39.9M vs. $25.6M prior-year quarter
- Immune Medicine revenue down 40% YoY to $5.4M
- Immune Medicine Adjusted EBITDA loss widened to $6.3M from $5.7M
- Total operating expenses increased 4% YoY to $87.3M
- Loss on revenue interest liability extinguishment $23.7M recorded in Q2 2026
- Shareholders’ equity declined to $150.7M from $225.0M at year-end 2025
News Explained
The completed financing replaced the revenue interest liability shown at
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| May 05 | First-quarter earnings | Positive | +4.7% | MRD growth, raised guidance, and improving adjusted EBITDA accompanied quarterly results. |
| Feb 05 | Full-year earnings | Positive | -4.3% | MRD growth, positive segment profitability, and expanded coverage accompanied annual results. |
| Jan 12 | Preliminary earnings | Positive | +15.9% | Preliminary revenue growth and MRD performance preceded audited annual results. |
| Nov 05 | Third-quarter earnings | Positive | -11.5% | MRD growth, segment profitability, and raised guidance accompanied third-quarter results. |
| Aug 05 | Second-quarter earnings | Positive | +5.8% | Revenue growth, MRD profitability, and improved cash-burn guidance accompanied quarterly results. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Tag-specific earnings reactions were mixed, with three positive alignments and two divergences across the five prior events.
Key Terms
mrd medical
adjusted ebitda financial
zero-coupon convertible senior notes financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
SEATTLE, July 29, 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 quarter ended June 30, 2026.
“We delivered an exceptional second quarter, driven by expanding growth and profitability in MRD, including both our clinical and biopharma businesses,” said Chad Robins, chief executive officer and co-founder of Adaptive Biotechnologies. “The combination of our operating performance, fortified balance sheet and plan to separate the Immune Medicine business enhances our ability to create long-term value for our shareholders.”
Recent Highlights
- Revenue for the second quarter of 2026 was
$71.6 million . The MRD business, which contributed92% of revenue, grew33% versus the second quarter of 2025. - clonoSEQ® test volume in the second quarter of 2026 increased
43% to 36,111 tests delivered versus the second quarter of 2025.
- Completed a
$345 million zero-coupon convertible senior notes offering, repaid the OrbiMed Purchase Agreement, and increased financial flexibility to support strategic priorities. - The company announced plans to pursue a separation of its MRD and Immune Medicine businesses.
- Harlan Robins is transitioning roles at Adaptive from Chief Scientific Officer to a strategic consultant focused on key MRD R&D initiatives and the separation of the Immune Medicine business.
- Raising full year 2026 MRD revenue guidance to a new range of
$268 million to$278 million , implying annual growth of26% to31% .
Second Quarter 2026 Financial Results
Revenue was
Operating expenses for the second quarter of 2026 were
Interest and other income, net was
Net loss was
Adjusted EBITDA (non-GAAP) was a loss of
Cash, cash equivalents and marketable securities was
2026 Updated 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 second quarter 2026 financial results after market close on Wednesday, July 29, 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 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, share-based compensation expense and revenue interest liability extinguishment loss. 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 income and 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, reductions in workforce and our revenue interest liability extinguishment loss.
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 and FP&A
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, | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Revenue | $ | 71,553 | $ | 58,879 | $ | 142,427 | $ | 111,322 | ||||||||
| Operating expenses | ||||||||||||||||
| Cost of revenue | 20,165 | 17,999 | 38,873 | 34,978 | ||||||||||||
| Research and development | 19,153 | 24,134 | 42,776 | 48,337 | ||||||||||||
| Sales and marketing | 26,414 | 23,573 | 52,760 | 46,620 | ||||||||||||
| General and administrative | 21,168 | 17,786 | 42,152 | 35,185 | ||||||||||||
| Amortization of intangible assets | 423 | 423 | 842 | 842 | ||||||||||||
| Total operating expenses | 87,323 | 83,915 | 177,403 | 165,962 | ||||||||||||
| Loss from operations | (15,770 | ) | (25,036 | ) | (34,976 | ) | (54,640 | ) | ||||||||
| Interest and other income, net | 2,256 | 2,391 | 4,336 | 5,070 | ||||||||||||
| Interest expense | (2,694 | ) | (2,948 | ) | (5,583 | ) | (5,853 | ) | ||||||||
| Loss on revenue interest liability extinguishment | (23,733 | ) | — | (23,733 | ) | — | ||||||||||
| Net loss | (39,941 | ) | (25,593 | ) | (59,956 | ) | (55,423 | ) | ||||||||
| Add: Net loss (income) attributable to noncontrolling interest | 153 | (21 | ) | 135 | (43 | ) | ||||||||||
| Net loss attributable to Adaptive Biotechnologies Corporation | $ | (39,788 | ) | $ | (25,614 | ) | $ | (59,821 | ) | $ | (55,466 | ) | ||||
| Net loss per share attributable to Adaptive Biotechnologies Corporation common shareholders, basic and diluted | $ | (0.25 | ) | $ | (0.17 | ) | $ | (0.38 | ) | $ | (0.37 | ) | ||||
| Weighted-average shares used in computing net loss per share attributable to Adaptive Biotechnologies Corporation common shareholders, basic and diluted | 159,855,257 | 152,082,284 | 157,700,126 | 150,646,632 | ||||||||||||
| Adaptive Biotechnologies | ||||||||
| Condensed Consolidated Balance Sheets | ||||||||
| (in thousands, except share and per share amounts) | ||||||||
| June 30, 2026 | December 31, 2025 | |||||||
| (unaudited) | ||||||||
| Assets | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 169,873 | $ | 70,495 | ||||
| Short-term marketable securities (amortized cost of | 174,382 | 156,485 | ||||||
| Accounts receivable, net | 49,513 | 50,365 | ||||||
| Inventory | 10,497 | 9,820 | ||||||
| Prepaid expenses and other current assets | 16,298 | 13,020 | ||||||
| Total current assets | 420,563 | 300,185 | ||||||
| Long-term assets | ||||||||
| Property and equipment, net | 29,451 | 34,107 | ||||||
| Operating lease right-of-use assets | 39,122 | 40,616 | ||||||
| Long-term marketable securities (amortized cost of | 27,480 | 13,234 | ||||||
| Restricted cash | 2,728 | 2,689 | ||||||
| Intangible assets, net | 884 | 1,726 | ||||||
| Goodwill | 118,972 | 118,972 | ||||||
| Other assets | 1,478 | 1,207 | ||||||
| Total assets | $ | 640,678 | $ | 512,736 | ||||
| Liabilities and shareholders’ equity | ||||||||
| Current liabilities | ||||||||
| Accounts payable | $ | 5,241 | $ | 6,467 | ||||
| Accrued liabilities | 10,651 | 7,700 | ||||||
| Accrued compensation and benefits | 9,742 | 16,992 | ||||||
| Current portion of operating lease liabilities | 8,823 | 8,920 | ||||||
| Current portion of deferred revenue | 53,255 | 45,194 | ||||||
| Current portion of revenue interest liability, net | — | 4,642 | ||||||
| Total current liabilities | 87,712 | 89,915 | ||||||
| Long-term liabilities | ||||||||
| Operating lease liabilities, less current portion | 66,800 | 70,228 | ||||||
| Deferred revenue, less current portion | 608 | 1,006 | ||||||
| Revenue interest liability, net, less current portion | — | 126,566 | ||||||
| Convertible senior notes, net | 334,876 | — | ||||||
| Other long-term liabilities | 20 | 20 | ||||||
| Total liabilities | 490,016 | 287,735 | ||||||
| Commitments and contingencies | ||||||||
| Shareholders’ equity | ||||||||
| Preferred stock: | — | — | ||||||
| Common stock: | 16 | 15 | ||||||
| Additional paid-in capital | 1,566,254 | 1,581,848 | ||||||
| Accumulated other comprehensive (loss) gain | (212 | ) | 253 | |||||
| Accumulated deficit | (1,423,144 | ) | (1,363,323 | ) | ||||
| Total Adaptive Biotechnologies Corporation shareholders’ equity | 142,914 | 218,793 | ||||||
| Noncontrolling interest | 7,748 | 6,208 | ||||||
| Total shareholders’ equity | 150,662 | 225,001 | ||||||
| Total liabilities and shareholders’ equity | $ | 640,678 | $ | 512,736 | ||||
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, | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Net loss attributable to Adaptive Biotechnologies Corporation | $ | (39,788 | ) | $ | (25,614 | ) | $ | (59,821 | ) | $ | (55,466 | ) | ||||
| Interest and other income, net | (2,256 | ) | (2,391 | ) | (4,336 | ) | (5,070 | ) | ||||||||
| Interest expense | 2,694 | 2,948 | 5,583 | 5,853 | ||||||||||||
| Depreciation and amortization expense | 3,695 | 4,502 | 7,532 | 9,233 | ||||||||||||
| Impairment of long-lived assets | — | — | 347 | — | ||||||||||||
| Restructuring expense | 77 | — | 720 | — | ||||||||||||
| Share-based compensation expense | 11,119 | 13,359 | 23,047 | 25,506 | ||||||||||||
| Loss on revenue interest liability extinguishment | 23,733 | — | 23,733 | — | ||||||||||||
| Adjusted EBITDA | $ | (726 | ) | $ | (7,196 | ) | $ | (3,195 | ) | $ | (19,944 | ) | ||||
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, | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| MRD: | ||||||||||||||||
| Revenue | $ | 66,168 | $ | 49,938 | $ | 133,261 | $ | 93,659 | ||||||||
| Adjusted EBITDA | 9,116 | 1,912 | 21,254 | (2,199 | ) | |||||||||||
| Reconciliation of Net Income (Loss) to Adjusted EBITDA: | ||||||||||||||||
| Net income (loss) | $ | 382 | $ | (7,180 | ) | $ | 3,744 | $ | (19,418 | ) | ||||||
| Depreciation and amortization expense | 2,409 | 2,455 | 4,790 | 5,118 | ||||||||||||
| Impairment of long-lived assets | — | — | — | — | ||||||||||||
| Restructuring expense | 77 | — | 325 | — | ||||||||||||
| Share-based compensation expense | 6,248 | 6,637 | 12,395 | 12,101 | ||||||||||||
| Adjusted EBITDA | $ | 9,116 | $ | 1,912 | $ | 21,254 | $ | (2,199 | ) | |||||||
| Immune Medicine(1): | ||||||||||||||||
| Revenue | $ | 5,385 | $ | 8,941 | $ | 9,166 | $ | 17,663 | ||||||||
| Adjusted EBITDA | (6,269 | ) | (5,721 | ) | (16,629 | ) | (10,827 | ) | ||||||||
| Reconciliation of Net Loss to Adjusted EBITDA: | ||||||||||||||||
| Net loss | $ | (10,055 | ) | $ | (11,770 | ) | $ | (25,984 | ) | $ | (22,689 | ) | ||||
| Depreciation and amortization expense | 826 | 1,585 | 1,831 | 3,208 | ||||||||||||
| Impairment of long-lived assets | — | — | 347 | — | ||||||||||||
| Restructuring expense | — | — | 395 | — | ||||||||||||
| Share-based compensation expense | 2,960 | 4,464 | 6,782 | 8,654 | ||||||||||||
| Adjusted EBITDA | $ | (6,269 | ) | $ | (5,721 | ) | $ | (16,629 | ) | $ | (10,827 | ) | ||||
(1) Expenses related to Digital Biotechnologies, Inc. are no longer included in the Immune Medicine segment.
