Adaptive Biotechnologies Corporation
adaptivebiotech.comWhat Do They Do?
Provides clonoSEQ testing and assay services for blood cancers to clinicians and biopharmaceutical companies, plus immune medicine research services to biopharmaceutical and academic customers.
10-K for FY2025, filed Feb 26, 2026The MRD business focuses on the use of our highly sensitive, next-generation sequencing (“NGS”) assay to measure MRD in patients with…View ↗
clonoSEQ is the first test authorized by the Food and Drug Administration (“FDA”) for the detection and monitoring of MRD in patients with…View ↗
The IM business leverages our proprietary ability to sequence, map, pair and characterize TCRs and B cell receptors (“BCRs”) at scale. We…View ↗
We offer our core clonoSEQ technology to two primary customer segments: we work with clinicians to provide clonoSEQ clinical diagnostic…View ↗
How Do They Make Money?
MRD brings in money from clinical clonoSEQ reports, Medicare treatment episodes and biopharma testing and development work: payors pay on report delivery, Medicare episodes begin with the first eligible report, and partner arrangements can include upfront fees and regulatory milestones. Immune Medicine revenue comes from research testing, data licensing and target-discovery services.
10-K for FY2025, filed Feb 26, 2026We derive revenue by providing diagnostic and research services in our MRD and Immune Medicine business areas. Our MRD revenue consists of…View ↗
For agreements where we provide our clonoSEQ report to ordering physicians, we have identified one performance obligation: the delivery of…View ↗
Regarding our clonoSEQ coverage under Medicare, we bill an episode of treatment when we deliver the first eligible test report. This…View ↗
The contract transaction price for agreements we enter into with biopharmaceutical customers to further develop and commercialize their…View ↗
-
10-K for FY2025, filed Feb 26, 2026
FY2025 revenue by reportable segment ↗
$277M
-
10-K for FY2025, filed Feb 26, 2026
$277M ↗
| Segment | Share | Revenue |
|---|---|---|
|
MRD
|
77%
FY2022: 47%
|
MRD, FY2025
$212.3M Sources
|
|
IM
|
23%
FY2022: 53%
|
IM, FY2025
$64.6M Sources
|
Who Are Their Customers?
Clinicians receive clonoSEQ reports for patients; biopharmaceutical companies and some academic institutions use MRD testing services for drug development, while international laboratories receive reports or results through technology transfers.
10-K for FY2025, filed Feb 26, 2026
Do Revenues Turn Into Profits?
No. It lost $59.5M in FY2025.
10-K for FY2025, filed Feb 26, 2026
−$57.1MView ↗
10-K for FY2025, filed Feb 26, 2026
−$59.5MView ↗
10-K for FY2025, filed Feb 26, 2026
−$48.9MView ↗
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Aug 4, 2026
−$39.8MView ↗
- ▲ +55% (Loss)
- vs −$25.6M in Q2 FY2025
10-Q for Q2 FY2026, filed Aug 4, 2026
Open tableView ↗
-
Jul 29, 2026
Raised MRD revenue guidance and announced plans to separate the businesses
The MRD revenue range rose to $268 million to $278 million; the plan separates MRD and Immune Medicine.
Sources
8-K, filed Jul 29, 2026
Raising full year 2026 MRD revenue guidance to a new range of $268 million to $278 million, implying annual growth of 26% to 31%.View ↗
Growing. Revenue grew 79% in 4 years, from $154.3M in FY2021 to $277M in FY2025, about 16% a year.
Loading...
