Adaptive Biotechnologies Corp
NASDAQ:ADPT
Adaptive Biotechnologies Corp
Adaptive Biotechnologies Corp. engages in the development of an immune medicine platform. The company is headquartered in Seattle, Washington and currently employs 858 full-time employees. The company went IPO on 2019-06-27. The firm is focused on using the biology of the adaptive immune system to develop the diagnosis and treatment of disease. Its immune medicine platform combines a suite of chemistry, biology and machine learning to generate clinical immunomics data to decode the adaptive immune system. Its commercial research products include immunoSEQ and immunoSEQ T-MAP. immunoSEQ utilizes bias-controlled polymerase chain reaction (PCR) to sequence immune receptors from deoxyribonucleic (DNA). Its clonoSEQ diagnostic test detects and monitors the number of cancer cells that are present in a patient’s body during and after treatment, known as minimal residual disease (MRD). The company uses its T cell receptor (TCR)-Antigen Map to develop research solutions and diagnostic products, such as immunoSEQ T-MAP and T-Detect. The company also focuses on developing immune-mediated therapies in oncology and other disease areas.
Adaptive Biotechnologies Corp. engages in the development of an immune medicine platform. The company is headquartered in Seattle, Washington and currently employs 858 full-time employees. The company went IPO on 2019-06-27. The firm is focused on using the biology of the adaptive immune system to develop the diagnosis and treatment of disease. Its immune medicine platform combines a suite of chemistry, biology and machine learning to generate clinical immunomics data to decode the adaptive immune system. Its commercial research products include immunoSEQ and immunoSEQ T-MAP. immunoSEQ utilizes bias-controlled polymerase chain reaction (PCR) to sequence immune receptors from deoxyribonucleic (DNA). Its clonoSEQ diagnostic test detects and monitors the number of cancer cells that are present in a patient’s body during and after treatment, known as minimal residual disease (MRD). The company uses its T cell receptor (TCR)-Antigen Map to develop research solutions and diagnostic products, such as immunoSEQ T-MAP and T-Detect. The company also focuses on developing immune-mediated therapies in oncology and other disease areas.
Strong Revenue Growth: Adaptive Biotechnologies delivered full year revenue growth of 55% and MRD revenue up 46%, outperforming expectations.
Profitability Achieved: The company reached profitability in its MRD business ahead of guidance, with positive adjusted EBITDA for both the MRD segment and the overall company in Q4.
ClonoSEQ Momentum: ClonoSEQ test volumes hit a record 30,038 in Q4, up 43% YoY and 11% sequentially, with blood-based testing and community presence driving growth.
ASP Expansion: Average selling price per test rose 17% YoY to $1,307, exiting Q4 at $1,350, and is expected to reach $1,400 in 2026.
Cash Burn Reduction: Cash burn dropped by 68% year-on-year, ending 2025 with $227 million in cash.
2026 Guidance: MRD revenue is guided to $255–265 million (up 22% YoY at midpoint), with over 30% test volume growth expected and continued margin expansion.
Immune Medicine Progress: Signed two Pfizer data licensing deals and refocused on data/AI, targeting a lower $15–20 million net cash burn in 2026.
Margin Outlook: Sequencing gross margin improved to 66% for 2025 and is expected to exceed 70% in 2026, with longer-term potential above 75%.
