Adaptive Biotechnologies (ADPT) Q4 2025 earnings summary

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.