Adaptive Biotechnologies Q3 revenue falls 11%
MRD revenue guidance now stands at $276 million to $286 million, with expected annual growth of 30% to 35%.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Filing Summary
Adaptive Biotechnologies Corporation (ADPT) reported third-quarter 2026 revenue of $83.9 million, down 11% year over year, while MRD revenue rose 28% to $72.6 million. Excluding revenue recognized under the Genentech Agreement, total revenue increased 39% from the prior-year quarter; the agreement generated no revenue in Q3 2026. The company delivered 39,587 clonoSEQ tests, up 46%. Net income was $2.8 million versus $9.5 million a year earlier; adjusted EBITDA was $14.3 million versus $28.0 million, and free cash flow was $7.7 million.
Cash, cash equivalents and marketable securities totaled $400.2 million as of September 30, 2026, including $13.8 million held by Digital Biotechnologies, Inc. Adaptive raised full-year MRD revenue guidance to $276 million–$286 million, representing 30%–35% annual growth, from $268 million–$278 million. It expects full-year operating expenses, including cost of revenue, of approximately $350 million, versus its prior $350 million–$355 million range. Adaptive submitted a technical assessment to MolDX seeking an additional Medicare bundle for maintenance testing in multiple myeloma; NCCN Guidelines established a dedicated framework for MRD assessment in multiple myeloma, including annual testing during maintenance.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Major point. Forward-looking: it has not happened yet and may not happen.2026 MRD guidance rose to $276 million–$286 million.
- Moderate pointMRD revenue rose 28% to $72.6 million year over year.
- Moderate pointclonoSEQ tests increased 46% to 39,587 in Q3.
Negative
- Moderate pointTotal revenue fell 11% to $83.9 million year over year.
- Moderate pointNet income fell to $2.8 million from $9.5 million year over year.
- Moderate pointAdjusted EBITDA declined to $14.3 million from $28.0 million year over year.
Filing Explained
At September 30, 2026, Adaptive reported $335,379 thousand in convertible-note liabilities and more common shares outstanding than at December 31, 2025.
Adaptive’s third-quarter balance sheet records
Common shares issued and outstanding were 161,566,952 at
8-K Event Classification
Key Figures
Key Terms
Adjusted EBITDA financial
Minimal Residual Disease (MRD) medical
revenue interest liability extinguishment loss financial
deferred revenue financial
Earnings Snapshot
Full-year MRD revenue of $276 million to $286 million, representing annual growth of 30% to 35%; full-year operating expenses, including cost of revenue, of approximately $350 million.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How much revenue did ADPT report in Q3 2026?
What is ADPT's 2026 MRD revenue guidance?
How many clonoSEQ tests did ADPT deliver in Q3 2026?
What did ADPT submit to MolDX?
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
(Exact name of Registrant as Specified in Its Charter)
(State or Other Jurisdiction of Incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
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(Address of Principal Executive Offices) |
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(Zip Code) |
Registrant’s Telephone Number, Including Area Code:
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
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Trading Symbol(s) |
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Name of each exchange on which registered |
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 |
Results of Operations and Financial Condition. |
On November 4, 2026, Adaptive Biotechnologies Corporation (the “Company”) issued a press release regarding the Company’s financial results for the quarter ended September 30, 2026. A copy of the press release is attached as Exhibit 99.1 and incorporated herein by reference.
The information in this Item 2.02 and the press release attached as Exhibit 99.1 hereto shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01 |
Financial Statements and Exhibits. |
(d) Exhibits.
Exhibit Number |
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Description |
99.1 |
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Press Release dated November 4, 2026 |
104 |
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Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
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Adaptive Biotechnologies Corporation |
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Date: November 4, 2026 |
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By: |
/s/ Kyle Piskel |
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Kyle Piskel |
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Chief Financial Officer |
EXHIBIT 99.1
Adaptive Biotechnologies Reports Third Quarter 2026 Financial Results
SEATTLE, Nov. 04, 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 September 30, 2026.
“Adaptive achieved total company profitability ahead of expectations in Q3 and delivered 44% growth in core MRD revenue,” said Chad Robins, chief executive officer and co-founder of Adaptive Biotechnologies. “This momentum supports another increase in our full year outlook. Updated guidelines and a new definition of cure for multiple myeloma amplify the need for MRD testing and bolster clonoSEQ’s long-term potential.”
Recent Highlights
Third Quarter 2026 Financial Results
Revenue was $83.9 million for the quarter ended September 30, 2026, representing an 11% decrease from the third quarter in the prior year. Excluding revenue recognized under the Genentech Agreement, which did not generate revenue in the quarter ended September 30, 2026, revenue for the current quarter increased 39% from the third quarter in the prior year. MRD revenue was $72.6 million for the quarter, representing a 28% increase from the third quarter in the prior year. Immune Medicine revenue was $11.3 million for the quarter, representing a 70% decrease from the third quarter in the prior year. Excluding revenue generated from the Genentech Agreement, Immune Medicine revenue for the quarter ended September 30, 2026 increased 229% from the third quarter in the prior year.
Operating expenses for the third quarter of 2026 were $84.4 million, compared to $83.7 million in the third quarter of the prior year, representing an increase of 1%.
Interest and other income, net was $3.8 million for the third quarter of 2026, compared to $2.2 million in the third quarter of the prior year. Interest expense was $0.5 million for the third quarter of 2026, compared to $3.0 million in the third quarter of the prior year.
Net income was $2.8 million for the third quarter of 2026, compared to $9.5 million for the same period in 2025. Excluding revenue generated from the Genentech Agreement, net loss was $24.2 million for the third quarter of 2025.
Adjusted EBITDA (non-GAAP) was $14.3 million for the third quarter of 2026, compared to $28.0 million for the third quarter of the prior year. Excluding revenue generated from the Genentech Agreement, Adjusted EBITDA was a loss of $5.8 million for the third quarter of 2025.
Cash, cash equivalents and marketable securities was $400.2 million as of September 30, 2026, inclusive of $13.8 million of cash and cash equivalents held by Digital Biotechnologies, Inc.
2026 Updated Financial Guidance
Adaptive Biotechnologies expects full year revenue for the MRD business to be between $276 million and $286 million, updated from the previous range between $268 million and $278 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 approximately $350 million, updated from the previous range between $350 million and $355 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 third quarter 2026 financial results after market close on Wednesday, November 4, 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 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, 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 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 they are frequently used by analysts, investors and other interested parties to evaluate companies in our industry and they facilitate 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:
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)
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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2026 |
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2025 |
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2026 |
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2025 |
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Revenue |
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$ |
83,902 |
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$ |
93,973 |
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$ |
226,329 |
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$ |
205,295 |
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Operating expenses |
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||||
Cost of revenue |
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19,933 |
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18,157 |
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58,806 |
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53,135 |
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Research and development |
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18,638 |
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23,669 |
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61,414 |
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72,006 |
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Sales and marketing |
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26,896 |
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23,470 |
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79,656 |
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70,090 |
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General and administrative |
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18,464 |
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17,959 |
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|
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60,616 |
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|
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53,144 |
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Amortization of intangible assets |
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428 |
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428 |
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1,270 |
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1,270 |
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Total operating expenses |
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84,359 |
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83,683 |
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261,762 |
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249,645 |
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(Loss) income from operations |
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|
(457 |
) |
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10,290 |
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(35,433 |
) |
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(44,350 |
) |
Interest and other income, net |
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3,766 |
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2,226 |
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8,102 |
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7,296 |
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Interest expense |
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(503 |
) |
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(2,971 |
) |
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(6,086 |
) |
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(8,824 |
) |
Loss on revenue interest liability extinguishment |
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— |
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— |
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(23,733 |
) |
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— |
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Net income (loss) |
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2,806 |
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9,545 |
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(57,150 |
) |
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(45,878 |
) |
Add: Net loss (income) attributable to noncontrolling interests |
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70 |
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1 |
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205 |
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(42 |
) |
Net income (loss) attributable to Adaptive Biotechnologies Corporation |
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$ |
2,876 |
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$ |
9,546 |
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$ |
(56,945 |
) |
|
$ |
(45,920 |
) |
Net income (loss) per share attributable to Adaptive Biotechnologies Corporation common shareholders, basic and diluted |
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$ |
0.02 |
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$ |
0.06 |
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$ |
(0.36 |
) |
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$ |
(0.30 |
) |
Weighted-average shares used in computing net income (loss) per share attributable to Adaptive Biotechnologies Corporation common shareholders |
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Basic |
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160,400,525 |
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152,432,307 |
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158,610,150 |
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151,248,398 |
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Diluted |
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186,879,656 |
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163,162,107 |
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158,610,150 |
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|
|
151,248,398 |
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Adaptive Biotechnologies
Condensed Consolidated Balance Sheets
(in thousands, except share and per share amounts)
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September 30, 2026 |
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December 31, 2025 |
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(unaudited) |
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Assets |
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Current assets |
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Cash and cash equivalents |
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$ |
75,615 |
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$ |
70,495 |
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Short-term marketable securities (amortized cost of $223,807 and $156,246, respectively) |
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223,339 |
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156,485 |
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Accounts receivable, net |
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66,671 |
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|
|
50,365 |
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Inventory |
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10,055 |
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|
|
9,820 |
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Prepaid expenses and other current assets |
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17,008 |
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|
13,020 |
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Total current assets |
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392,688 |
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|
300,185 |
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Long-term assets |
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|
|
|
|
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Property and equipment, net |
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27,971 |
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|
|
34,107 |
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Operating lease right-of-use assets |
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|
37,990 |
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|
|
40,616 |
|
Long-term marketable securities (amortized cost of $102,044 and $13,220, respectively) |
|
|
101,227 |
|
|
|
13,234 |
|
Restricted cash |
|
|
2,705 |
|
|
|
2,689 |
|
Intangible assets, net |
|
|
456 |
|
|
|
1,726 |
|
Goodwill |
|
|
118,972 |
|
|
|
118,972 |
|
Other assets |
|
|
1,111 |
|
|
|
1,207 |
|
Total assets |
|
$ |
683,120 |
|
|
$ |
512,736 |
|
Liabilities and shareholders’ equity |
|
|
|
|
|
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||
Current liabilities |
|
|
|
|
|
|
||
Accounts payable |
|
$ |
6,527 |
|
|
$ |
6,467 |
|
Accrued liabilities |
|
|
8,201 |
|
|
|
7,700 |
|
Accrued compensation and benefits |
|
|
15,107 |
|
|
|
16,992 |
|
Current portion of operating lease liabilities |
|
|
9,137 |
|
|
|
8,920 |
|
Current portion of deferred revenue |
|
|
59,995 |
|
|
|
45,194 |
|
Current portion of revenue interest liability, net |
|
|
— |
|
|
|
4,642 |
|
Total current liabilities |
|
|
98,967 |
|
|
|
89,915 |
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Long-term liabilities |
|
|
|
|
|
|
||
Operating lease liabilities, less current portion |
|
|
64,455 |
|
|
|
70,228 |
|
Deferred revenue, less current portion |
|
|
408 |
|
|
|
1,006 |
|
Revenue interest liability, net, less current portion |
|
|
— |
|
|
|
126,566 |
|
Convertible senior notes, net |
|
|
335,379 |
|
|
|
— |
|
Other long-term liabilities |
|
|
20 |
|
|
|
20 |
|
Total liabilities |
|
|
499,229 |
|
|
|
287,735 |
|
Commitments and contingencies |
|
|
|
|
|
|
||
Shareholders’ equity |
|
|
|
|
|
|
||
Preferred stock: $0.0001 par value, 10,000,000 shares authorized at September 30, 2026 and December 31, 2025; no shares issued and outstanding at September 30, 2026 and December 31, 2025 |
|
|
— |
|
|
|
— |
|
Common stock: $0.0001 par value, 340,000,000 shares authorized at September 30, 2026 and December 31, 2025; 161,566,952 and 153,779,418 shares issued and outstanding at September 30, 2026 and December 31, 2025, respectively |
|
|
16 |
|
|
|
15 |
|
Additional paid-in capital |
|
|
1,597,750 |
|
|
|
1,581,848 |
|
Accumulated other comprehensive (loss) gain |
|
|
(1,285 |
) |
|
|
253 |
|
Accumulated deficit |
|
|
(1,420,268 |
) |
|
|
(1,363,323 |
) |
Total Adaptive Biotechnologies Corporation shareholders’ equity |
|
|
176,213 |
|
|
|
218,793 |
|
Noncontrolling interests |
|
|
7,678 |
|
|
|
6,208 |
|
Total shareholders’ equity |
|
|
183,891 |
|
|
|
225,001 |
|
Total liabilities and shareholders’ equity |
|
$ |
683,120 |
|
|
$ |
512,736 |
|
Adjusted EBITDA
The following is a reconciliation of net income (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 September 30, |
|
|
Nine Months Ended September 30, |
|
||||||||||
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
||||
Net income (loss) attributable to Adaptive Biotechnologies Corporation |
|
$ |
2,876 |
|
|
$ |
9,546 |
|
|
$ |
(56,945 |
) |
|
$ |
(45,920 |
) |
Interest and other income, net |
|
|
(3,766 |
) |
|
|
(2,226 |
) |
|
|
(8,102 |
) |
|
|
(7,296 |
) |
Interest expense |
|
|
503 |
|
|
|
2,971 |
|
|
|
6,086 |
|
|
|
8,824 |
|
Depreciation and amortization expense |
|
|
3,606 |
|
|
|
4,405 |
|
|
|
11,138 |
|
|
|
13,638 |
|
Impairment of long-lived assets |
|
|
— |
|
|
|
— |
|
|
|
347 |
|
|
|
— |
|
Restructuring expense |
|
|
743 |
|
|
|
— |
|
|
|
1,463 |
|
|
|
— |
|
Share-based compensation expense |
|
|
10,386 |
|
|
|
13,257 |
|
|
|
33,433 |
|
|
|
38,763 |
|
Loss on revenue interest liability extinguishment |
|
|
— |
|
|
|
— |
|
|
|
23,733 |
|
|
|
— |
|
Adjusted EBITDA |
|
$ |
14,348 |
|
|
$ |
27,953 |
|
|
$ |
11,153 |
|
|
$ |
8,009 |
|
Segment Information (Including Segment Adjusted EBITDA)
The following sets forth segment information for the periods presented (in thousands, unaudited):
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
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|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
||||
MRD: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Revenue |
|
$ |
72,565 |
|
|
$ |
56,788 |
|
|
$ |
205,826 |
|
|
$ |
150,447 |
|
Adjusted EBITDA |
|
|
15,119 |
|
|
|
6,965 |
|
|
|
36,373 |
|
|
|
4,766 |
|
Reconciliation of Net Income (Loss) to Adjusted EBITDA: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income (loss) |
|
$ |
6,483 |
|
|
$ |
(2,042 |
) |
|
$ |
10,227 |
|
|
$ |
(21,460 |
) |
Depreciation and amortization expense |
|
|
2,475 |
|
|
|
2,470 |
|
|
|
7,265 |
|
|
|
7,588 |
|
Impairment of long-lived assets |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Restructuring expense |
|
|
— |
|
|
|
— |
|
|
|
325 |
|
|
|
— |
|
Share-based compensation expense |
|
|
6,161 |
|
|
|
6,537 |
|
|
|
18,556 |
|
|
|
18,638 |
|
Adjusted EBITDA |
|
$ |
15,119 |
|
|
$ |
6,965 |
|
|
$ |
36,373 |
|
|
$ |
4,766 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Immune Medicine(1): |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Revenue |
|
$ |
11,337 |
|
|
$ |
37,185 |
|
|
$ |
20,503 |
|
|
$ |
54,848 |
|
Adjusted EBITDA |
|
|
3,238 |
|
|
|
24,111 |
|
|
|
(13,391 |
) |
|
|
13,284 |
|
Reconciliation of Net (Loss) Income to Adjusted EBITDA: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net (loss) income |
|
$ |
(434 |
) |
|
$ |
18,182 |
|
|
$ |
(26,418 |
) |
|
$ |
(4,507 |
) |
Depreciation and amortization expense |
|
|
665 |
|
|
|
1,470 |
|
|
|
2,496 |
|
|
|
4,678 |
|
Impairment of long-lived assets |
|
|
— |
|
|
|
— |
|
|
|
347 |
|
|
|
— |
|
Restructuring expense |
|
|
712 |
|
|
|
— |
|
|
|
1,107 |
|
|
|
— |
|
Share-based compensation expense |
|
|
2,295 |
|
|
|
4,459 |
|
|
|
9,077 |
|
|
|
13,113 |
|
Adjusted EBITDA |
|
$ |
3,238 |
|
|
$ |
24,111 |
|
|
$ |
(13,391 |
) |
|
$ |
13,284 |
|
(1) Expenses related to Digital Biotechnologies, Inc. are no longer included in the Immune Medicine segment.