Adaptive Biotechnologies Corp

Listed Company

ADPTCIK 0001478320NasdaqLarge AcceleratedBiological Products, (No Diagnostic Substances)WashingtonFY ends Dec 31

Period

FY 2025

Revenue

$276.98M

Net Income

$-59.50M

Total Assets

$512.74M

Equity

$218.79M

Shares Out

153.98M

Op. Cash Flow

$-45.99M

Business

Adaptive Biotechnologies Corp harnesses the adaptive immune system to read immune receptor genetics and translate those insights into diagnostic and therapeutic products and services. Its offerings include an immunosequencing platform and related tools (clonoSEQ, MIRA, pairSEQ and antibody discovery) for detection, antigen mapping and therapeutic candidate characterization, plus clinical diagnostic testing and assay services for biopharmaceutical partners. The company operates two businesses: an MRD business (clonoSEQ clinical diagnostic testing and MRD Pharma services) and an Immune Medicine business (drug discovery and IM Pharma partnerships). It distributes tests and services through U.S. clinical channels with payor coverage and EMR integrations, supports biopharmaceutical clinical trials worldwide, and licenses technology to international partner laboratories.

Summary from filing dated 2025-03-03

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenue	277	179	170	185	154
Cost of revenue	71	72	76	58	49
Research and development	94	103	122	142	142
Sales and marketing	95	85	89	96	95
General and administrative	73	73	84	89	75
Amortization of intangible assets	2	2	2	2	2
Impairment of long-lived assets	0	7	25	—	—
Total operating expenses	334	342	397	385	363
Loss from operations	−57	−163	−227	−200	−209
Interest and other income, net	9	15	16	4	2
Interest expense	−12	−12	−14	−4	—
Net loss	−59	−160	−225	−200	−207
Add: Net (income) loss attributable to noncontrolling interest	−42,000	103,000	54,000	177,000	19,000
Net loss attributable to Adaptive Biotechnologies Corporation	−59	−159	−225	−200	−207
Net loss per share attributable to Adaptive Biotechnologies Corporation common shareholders, basic	−0.39	−1.08	−1.56	−1.4	−1.48
Net loss per share attributable to Adaptive Biotechnologies Corporation common shareholders, diluted	−0.39	−1.08	−1.56	−1.4	−1.48
Weighted-average shares used in computing net loss per share attributable to Adaptive Biotechnologies Corporation common shareholders, basic	152	147	144	143	140
Weighted-average shares used in computing net loss per share attributable to Adaptive Biotechnologies Corporation common shareholders, diluted	152	147	144	143	140

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	70	48	65	90	139
Short-term marketable securities (amortized cost of $156,246 and $174,186, respectively)	156	174	281	408	214
Accounts receivable, net	50	42	38	40	17
Inventory	10	8	14	14	19
Prepaid expenses and other current assets	13	11	11	9	13
Total current assets	300	284	410	562	403
Property and equipment, net	34	49	68	83	85
Operating lease right-of-use assets	41	46	52	81	88
Long-term marketable securities (amortized cost of $13,220 and $33,682, respectively)	13	34	—	—	217
Restricted cash	3	3	3	2	2
Intangible assets, net	2	3	5	7	9
Goodwill	119	119	119	119	119
Other assets	1	2	4	2	875,000
Total assets	513	539	661	857	923
Accounts payable	6	7	8	8	3
Accrued liabilities	8	8	9	12	9
Accrued compensation and benefits	17	16	14	16	16
Current portion of operating lease liabilities	9	10	9	9	5
Current portion of deferred revenue	45	56	49	64	80
Current portion of revenue interest liability, net	5	865,000	—	—	—
Total current liabilities	90	98	88	110	114
Operating lease liabilities, less current portion	70	79	89	99	107
Deferred revenue, less current portion	1	27	45	59	99
Revenue interest liability, net, less current portion	127	132	131	125	—
Other long-term liabilities	20,000	20,000	—	—	—
Total liabilities	288	337	353	393	319
Commitments and contingencies (Note 12)	—	—	—	—	—
Preferred stock: $0.0001 par value, 10,000,000 shares authorized at December 31, 2025 and 2024; no shares issued and outstanding at December 31, 2025 and 2024	—	—	—	—	—
Common stock: $0.0001 par value, 340,000,000 shares authorized at December 31, 2025 and 2024; 153,779,418 and 147,773,744 shares issued and outstanding at December 31, 2025 and 2024, respectively	15,000	14,000	14,000	14,000	14,000
Additional paid-in capital	1,582	1,506	1,453	1,387	1,324
Accumulated other comprehensive gain	253,000	166,000	215,000	−4	−1
Accumulated deficit	−1,363	−1,304	−1,144	−919	−719
Total Adaptive Biotechnologies Corporation shareholders equity	219	203	308	464	604
Noncontrolling interest	6	−224,000	−121,000	−67,000	110,000
Total shareholders equity	225	202	308	464	604
Total liabilities and shareholders equity	513	539	661	857	923

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation expense	16	18	21	19	12
Noncash lease expense	5	5	7	7	7
Share-based compensation expense	51	54	63	55	43
Investment amortization	−3	−8	−9	741,000	7
Impairment of long-lived assets	0	7	25	—	—
Write-off of inventory	563,000	2	1	—	—
Revenue interest purchase agreement interest	−2	3	5	—	—
Other	578,000	141,000	172,000	−19,000	−78,000
Accounts receivable, net	−9	−4	2	−23	−7
Inventory	−998,000	5	−3	817,000	−5
Prepaid expenses and other current assets	−2	83,000	−2	4	1
Accounts payable and accrued liabilities	665,000	671,000	−5	7	4
Operating lease right-of-use assets and liabilities	−10	−9	−9	−4	9
Deferred revenue	−37	−10	−29	−56	−58
Other	142,000	27,000	−73,000	169,000	−275,000
Net cash used in operating activities	−46	−95	−156	−184	−193
Purchases of property and equipment	−3	−4	−11	−16	−62
Purchases of marketable securities	−182	−244	−430	−279	−317
Proceeds from maturities of marketable securities	223	326	570	298	560
Net cash provided by investing activities	38	78	130	3	181
Proceeds from exercise of stock options	18	241,000	2	8	27
Proceeds from capital contributions for Digital Biotechnologies, Inc.	13	0	0	—	429,000
Cash provided by financing activities	30	241,000	2	132	27
Net increase (decrease) in cash, cash equivalents and restricted cash	22	−17	−24	−49	16
Purchases of equipment included in accounts payable and accrued liabilities	509,000	1	687,000	2	682,000
Cash paid for interest	13	9	9	494,000	—

Filings

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