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Adaptive Biotechnologies
Adaptive Biotechnologies (ADPT) investor relations material
Adaptive Biotechnologies Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary5 Feb, 2026
Executive summary
FY 2025 revenue reached $277 million, up 55% year-over-year, with MRD contributing $212 million and Immune Medicine $65 million.
Achieved positive adjusted EBITDA and significant reduction in cash burn, ending 2025 with $227–$240.2 million in cash and marketable securities.
MRD business delivered 46% revenue growth and reached profitability ahead of expectations.
Immune Medicine business scaled TCR antigen data, secured two Pfizer data partnerships, and shifted focus to data and AI modeling.
Expanded Medicare coverage for clonoSEQ and integrated with Flatiron Health's OncoEMR.
Financial highlights
Q4 2025 revenue was $71.7 million, up 63% year-over-year; full-year revenue was $277 million, up 55%.
Adjusted EBITDA for 2025 was $12.2 million (vs. -$80.4M in 2024); MRD segment adjusted EBITDA was $15.2 million.
Net loss for 2025 was $59.5 million, improved from $159.5 million in 2024.
Operating expenses for 2025 were $334 million, down 2% year-over-year.
Ended 2025 with $227–$240.2 million in cash, cash equivalents, and marketable securities.
Outlook and guidance
2026 MRD revenue expected between $255 million and $265 million, implying 22% year-over-year growth (30% excluding milestones).
clonoSEQ test volumes projected to grow over 30% year-over-year, with blood-based testing to exceed 50% of MRD volume.
ASP targeted at ~$1,400 per test in 2026, with further payer contract renegotiations anticipated.
Full-year operating expenses expected at $350–$360 million, up 6% at midpoint.
Positive adjusted EBITDA and free cash flow for the company expected by end of 2026.
Why no 2026 revenue guidance for Immune Medicine?
Reconcile 2026 OpEx increase with profitability goal
Impact of NovaSeq X Plus on clonoSEQ margins
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Next Adaptive Biotechnologies earnings date
TD Cowen 46th Annual Health Care Conference2 Mar, 2026
Adaptive Biotechnologies
Next Adaptive Biotechnologies earnings date
TD Cowen 46th Annual Health Care Conference2 Mar, 2026
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Frequently asked questions
Adaptive Biotechnologies Corporation operates as a commercial-stage biotechnology company. It provides immunosequencing and immunodiagnostic solutions. Furthermore the company offers research and development, and customer-focused services primarily to academic, government, pharmaceutical, biotechnology, hospital/clinical laboratories, and other companies in the United States and internationally. It operates in two segments, Adaptive Diagnostics and Adaptive Therapeutics. The company's immune system platform analyzes and interprets T cell and B cell receptor sequencing data.
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