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ADPT

Adaptive Biotechnologies Corporation

ADPT

Adaptive Biotechnologies Corporation • NASDAQ
$19.66 ▼ -0.30% (-0.06)
Market Cap $3.00 B
52w High $20.76
52w Low $5.80
Dividend Yield 0%
P/E -37.81
Volume 926.84K
Outstanding Shares 152.63M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $93.973M ▲ $65.526M ▼ $9.546M ▲ 10.158% ▲ $0.06 ▲ $16.922M ▲
Q2-2025 $58.879M ▲ $65.916M ▲ $-25.614M ▲ -43.503% ▲ $-0.17 ▲ $-18.143M ▲
Q1-2025 $52.443M ▲ $65.068M ▲ $-29.852M ▲ -56.923% ▲ $-0.2 ▲ $-29.604M ▼
Q4-2024 $47.459M ▲ $63.251M ▲ $-33.692M ▼ -70.992% ▼ $-0.23 ▼ $-26.317M ▼
Q3-2024 $46.435M $62.4M $-32.071M -69.066% $-0.22 $-24.567M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $212.769M ▲ $490.61M ▼ $286.357M ▼ $204.435M ▲
Q2-2025 $197.873M ▲ $496.637M ▼ $317.101M ▼ $179.717M ▼
Q1-2025 $193.424M ▼ $510.852M ▼ $320.631M ▼ $190.423M ▼
Q4-2024 $222.294M ▼ $539.376M ▼ $336.891M ▲ $202.709M ▼
Q3-2024 $243.329M $558.506M $334.932M $223.773M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $9.546M ▲ $-7.127M ▲ $17.283M ▲ $1.684M ▲ $11.871M ▲ $-7.536M ▲
Q2-2025 $-25.593M ▲ $-12.43M ▲ $3.346M ▼ $1.61M ▼ $-7.474M ▼ $-13.085M ▲
Q1-2025 $-29.852M ▲ $-28.484M ▼ $25.573M ▲ $5.451M ▲ $2.726M ▼ $-29.743M ▼
Q4-2024 $-33.717M ▼ $-12.491M ▲ $22.119M ▲ $127K ▲ $9.755M ▲ $-12.571M ▲
Q3-2024 $-32.071M $-27.065M $5.287M $40K $-21.74M $-27.409M

Revenue by Products

Product Q1-2021Q2-2021Q3-2021Q4-2021
Medicare Revenue
Medicare Revenue
 $0 ▲$0 ▲$0 ▲$0 ▲
Development Revenue
Development Revenue
 $20.00M ▲$0 ▼$0 ▲$0 ▲
Sequencing Revenue
Sequencing Revenue
 $20.00M ▲$0 ▼$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown meaningfully compared with a few years ago, though it has moved in fits and starts rather than in a straight line. The core business is clearly scaling, but the company is still spending much more than it brings in. Operating losses and net losses remain sizeable, even if they have narrowed somewhat in the most recent year. In plain terms, Adaptive is still in the “build and invest” stage of its life, where commercial traction is improving but profitability is not yet in sight.

Balance Sheet

Balance Sheet The balance sheet has gradually slimmed down over the past few years. Total assets and shareholders’ equity have both declined, which reflects ongoing losses and the use of prior capital to fund operations. Cash reserves have trended lower, and while there is some debt, it does not appear extreme relative to the overall size of the company. Even so, the direction is clear: the financial cushion is thinner than it used to be, and future funding needs deserve close attention.

Cash Flow

Cash Flow Adaptive consistently spends more cash than it generates from its business. Operating cash flow has been negative for several years, though there are signs of gradual improvement. Capital spending has been relatively modest and has come down from earlier peaks, so most of the cash burn is from running and growing the business, not from heavy equipment or facilities. The company remains dependent on its existing cash and potential future financing to bridge the gap until it can reach a more self-sustaining cash position.

Competitive Edge

Competitive Edge Adaptive has carved out a distinct niche in immune‑driven diagnostics, especially in minimal residual disease testing for blood cancers. Its FDA‑cleared clonoSEQ test, established reimbursement, and inclusion in treatment guidelines provide a strong foothold. A large, proprietary immune‑sequencing database and extensive patents create meaningful barriers for competitors. Partnerships with major pharma companies and with Microsoft further reinforce its position and help validate its technology, though the company still competes in a crowded and fast‑evolving biotech and diagnostics landscape.

Innovation and R&D

Innovation and R&D Innovation is at the core of the company’s strategy. The immunoSEQ platform, clonoSEQ MRD test, and the AI‑driven T‑Detect program give Adaptive multiple shots on goal across diagnostics, monitoring, and potentially therapeutics. The focus on reading the immune system’s “language” is differentiated and could enable new tests for infectious disease, autoimmune conditions, and cancer over time. However, much of this pipeline is still in development or early commercialization, so there is meaningful scientific, regulatory, and commercial risk alongside the upside potential.

Summary

Adaptive Biotechnologies is a science‑driven company with a clearly differentiated technology platform and a growing presence in cancer diagnostics. Financially, it remains in investment mode, with persistent losses, negative cash flow, and a shrinking but still meaningful capital base. Its competitive strengths lie in its patented technology, deep immune‑sequencing data, first‑mover status in MRD testing, and blue‑chip partnerships. The main trade‑off is between this strong innovation and moat on one side, and ongoing cash burn plus execution risk on the other. Future results will hinge on sustained growth of clonoSEQ, successful expansion of the T‑Detect and immune‑medicine pipeline, and careful management of its financial resources.

NEWS

November 24, 2025 · 7:30 AM UTC

Adaptive Biotechnologies Announces Nearly 90 Abstracts Featuring clonoSEQ® MRD Testing Across a Range of Blood Cancers to be Presented at the 67th ASH Annual Meeting

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November 6, 2025 · 4:05 PM UTC

Adaptive Biotechnologies to Participate in Upcoming Investor Conferences

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November 5, 2025 · 4:05 PM UTC

Adaptive Biotechnologies Reports Third Quarter 2025 Financial Results

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October 15, 2025 · 4:05 PM UTC

Adaptive Biotechnologies to Report Third Quarter 2025 Financial Results on November 5, 2025

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