Adaptive Biotechnologies Corp Earnings Per Share Disclosure
The following table sets forth the computation of basic and diluted net loss per share attributable to our common shareholders for the years ended December 31, 2025, 2024 and 2023 (in thousands, except share and per share amounts):
|
|
Year Ended December 31, |
|
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|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Net loss attributable to Adaptive Biotechnologies Corporation |
|
$ |
(59,499 |
) |
|
$ |
(159,492 |
) |
|
$ |
(225,250 |
) |
Weighted-average shares used in computing net loss per share attributable to Adaptive Biotechnologies Corporation common shareholders, basic and diluted |
|
|
151,721,939 |
|
|
|
147,101,648 |
|
|
|
144,383,294 |
|
Net loss per share attributable to Adaptive Biotechnologies Corporation common shareholders, basic and diluted |
|
$ |
(0.39 |
) |
|
$ |
(1.08 |
) |
|
$ |
(1.56 |
) |
Given the loss position for all periods presented, basic net loss per share attributable to our common shareholders is the same as diluted net loss per share attributable to our common shareholders, as the inclusion of all potential shares of common stock outstanding would have been anti-dilutive.
The number of weighted-average common stock equivalents excluded from the calculation of diluted net loss per share attributable to our common shareholders because of their anti-dilutive effect were 27.8 million, 26.8 million and 25.1 million for the year ended December 31, 2025, 2024 and 2023, respectively. These common stock equivalents are comprised of shares that may be issued under our stock option, restricted stock, performance-based restricted stock and market-based restricted stock programs.
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.