ADPT at a glance
Adaptive Biotechnologies Corp (ADPT, SEC CIK 1478320) filed its latest 10-K annual report on February 26, 2026, a 10-Q quarterly report on August 4, 2026, an 8-K current report on July 29, 2026 and Form 4 insider filings as recently as October 5, 2026. SignalX summarizes each filing with AI and tracks the company's insider trades and institutional holders.
- For the fiscal year ended December 31, 2025 (FY2025), Adaptive Biotechnologies Corp (ADPT) reported revenue of $277.0 million (up 54.8% from FY2024) and a net loss of $59.5 million. Diluted EPS was -$0.39.
- As of June 30, 2026, 35 institutional investment managers tracked by SignalX reported holding Adaptive Biotechnologies Corp (ADPT) shares worth $1.8 billion in 13F-HR filings.
- The most recent insider open-market sale reported on Form 4 was by RUBINSTEIN JULIE on October 5, 2026 of 6,699 shares at $28.82 per share.
- In the last 90 days, ADPT insiders reported 0 open-market purchases ($0) and 26 open-market sales ($37.4M) on Form 4, a net sale of $37.4M.
Source: SEC EDGAR (XBRL financial data, 13F-HR and Form 4 filings).
- Revenue · FY2025
- $277.0M
- +54.8% vs prior year
- Insiders · 90 days
- 0 buys · 26 sells
- Net −$37.4M
- 13F holders
- 35 funds
- $1.8B · −1 vs prior quarter
- Latest 8-K
- Jul 29, 2026
- Item 2.02 · Item 5.02
AI 10-K Annual Report Analysis
Latest 10-K, fiscal year ended Dec 31, 2025
Business Overview
- Core business model: Development and commercialization of immune medicine products using proprietary sequencing to decode adaptive immune system for diagnostics and therapeutics
- New focus in 2024: Reorganization into MRD business specializing in clonoSEQ testing and Immune Medicine (IM) business emphasizing immune receptor sequencing and TCR-antigen mapping
- Strategic shift: Expanded commercial promotion of blood-based clonoSEQ MRD tests in NHL subtypes (DLBCL, MCL) with increased payor coverage, including Medicare for MCL recurrence monitoring
- Quantitative highlight: Revenue $277M in 2025, up 55% YoY; clonoSEQ test volume 105,587, up 39% YoY; paired TCR-antigen mappings increased from 2M to over 5M
- Noteworthy fact: Entered two 2025 non-exclusive collaborations with Pfizer to apply TCR discovery and immune receptor-antigen mapping to rheumatoid arthritis and broader immunology
Risk Factors
- Regulatory risk: Potential non-coverage or inadequate reimbursement for clonoSEQ diagnostic tests by private and government payors affecting revenue
- Geopolitical/macroeconomic risk: Dependence on Illumina as sole supplier for sequencers and reagents, risking operational disruption if supply is interrupted
- Operational risk: Reliance on single-source suppliers (Illumina NextSeq and NovaSeq X Plus Systems) for lab equipment and reagents requiring costly and time-consuming revalidation if changed
- Competitive risk: Pressure from competitors may reduce coverage and reimbursement rates for clonoSEQ and other diagnostic products
- Financial risk: Significant net losses with $59.5M loss in 2025, $1.4B accumulated deficit, requiring substantial investment to reach profitability
Management Discussion & Analysis
- Revenue $277.0M in 2025, up 55% YoY from $179.0M in 2024; MRD revenue $212.3M (+46%) and Immune Medicine $64.6M (+93%)
- Operating margin negative: loss from operations $(57.1)M in 2025 vs $(162.5)M in 2024; Adjusted EBITDA positive $12.2M in 2025 vs loss $(80.4)M prior
- Best segment MRD: Adjusted EBITDA $15.2M vs $(41.2)M; worst segment Immune Medicine Adjusted EBITDA $10.3M vs $(24.4)M, driven by Genentech Agreement termination
- Cash $240.2M as of Dec 31, 2025, down from $256.0M in 2024; no mention of buybacks or dividends; capex embedded in R&D and cost of revenue (no explicit capex figure)
- Management expects MRD revenue growth short/long term; Immune Medicine revenue to decline short term due to Genentech termination; rising sales/marketing expenses in short term
AI summary of the ADPT 10-K filed . Generated from the filing text; verify against the original.View on SEC EDGARHow to read a 10-K
AI 10-Q Quarterly Report Analysis
Latest 10-Q, quarter ended Jun 30, 2026
Risk Factors
- $345.0 million Notes issued in June 2026, increasing leverage and cash-flow demands
- Notes due 2031 may require cash repurchase upon fundamental change or cash payments at conversion
- Immune Medicine separation creates execution risk, including potential capital and personnel access constraints
- Notes conversion could dilute existing shareholders and reduce common-stock value
- Harell platform agreement restricts licensing datasets to platforms other than Harell’s usage-based model
AI summary of the ADPT 10-Q filed . Generated from the filing text; verify against the original.View on SEC EDGAR10-K vs 10-Q vs 8-K
AI 8-K Current Report Analysis
The most recent material events, by 8-K item
Item 2.02: Results of Operations and Financial Condition
- Item 2.02 text contains only an incorporation-by-reference disclaimer
- No fiscal-year 2026 financial results or operating metrics are included
Item 5.02: Departure/Appointment of Directors or Principal Officers
- Chief Scientific Officer and co-founder Dr. Harlan Robins transitioning to strategic consultant role
- Continued R&D support for minimal residual disease business under expected consulting agreement
Item EX-99.1: Item EX-99.1
- Q2 revenue $71.6M, up 22%; MRD drove 92% with revenue $66.2M, up 33%
- clonoSEQ volume up 43% to 36,111 tests, supporting continued MRD commercial momentum
Item 1.02: Termination of a Material Definitive Agreement
- Provided text identifies Item 2.03, not Item 1.02 termination
- Disclosure is incomplete and does not identify the obligation, amount, terms, or financial impact
Item 1.01: Entry into a Material Definitive Agreement
- Unregistered notes and potential conversion shares, limiting resale absent Securities Act registration or an exemption
- Registration-status restriction creates liquidity and transferability constraints for investors
Item 8.01: Other Events
- June 17, 2026 press release announced pricing of the Notes
- Notes represent a financing event with potential future common-stock dilution upon conversion
Item EX-99.1: Item EX-99.1
- $300M upsized 0% convertible notes due 2031, with $45M additional-purchase option
- Net proceeds approximately $290.8M, primarily targeting OrbiMed repayment and improved financial flexibility
Item EX-99.1: Item EX-99.1
- Proposed $250 million convertible senior notes due July 1, 2031, plus potential $37.5 million overallotment
- Proceeds targeted for OrbiMed Purchase Agreement repayment, improving financial flexibility
Item 8.01: Other Events
- Planned $250 million convertible senior notes due 2031, subject to market conditions and qualified institutional buyers
- Initial purchasers may buy up to an additional $37.5 million under a 13-day option
AI summaries of ADPT 8-K current reports filed with the SEC. What 8-K item codes mean
SignalX for ADPT
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Recent Insider Transactions (Form 4)
Latest reported trades by officers, directors and 10% owners
| Insider | Type | Date | Shares | Price |
|---|---|---|---|---|
| RUBINSTEIN JULIE | Sell | Oct 5, 2026 | 6,699 | $28.82 |
| RUBINSTEIN JULIE | M | Oct 5, 2026 | 11,881 | - |
| RUBINSTEIN JULIE | M | Oct 5, 2026 | 11,881 | $12.14 |
| RUBINSTEIN JULIE | Sell | Oct 5, 2026 | 5,182 | $29.67 |
| RUBINSTEIN JULIE | Sell | Oct 2, 2026 | 11,881 | $28.13 |
| RUBINSTEIN JULIE | M | Oct 2, 2026 | 11,881 | - |
| RUBINSTEIN JULIE | M | Oct 2, 2026 | 11,881 | $12.14 |
| RUBINSTEIN JULIE | M | Oct 1, 2026 | 11,881 | - |
Financial SummaryXBRL
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Profitability | |||
| Revenue | - | $179.0M | $277.0M |
| Operating Income | -$227.0M | -$162.5M | -$57.1M |
| Net Income | -$225.3M | -$159.5M | -$59.5M |
| Op. Margin | - | -90.8% | -20.6% |
| Net Margin | - | -89.1% | -21.5% |
| Balance Sheet | |||
| Total Assets | - | $539.4M | $512.7M |
| Equity | - | $202.7M | $218.8M |
| ROE | - | -78.7% | -27.2% |
| Per Share | |||
| EPS | $-1.56 | $-1.08 | $-0.39 |
| Cash Flow | |||
| Operating CF | - | -$95.2M | -$46.0M |
| CapEx | $10.7M | $3.7M | $3.0M |
Source: XBRL data in Adaptive Biotechnologies Corp (ADPT)'s 10-K filings on SEC EDGAR, in USD. Compare across companies →
13F Fund Holdings: Quarterly Trend
Latest: Q2 2026Aggregate ADPT share value held by 13F filers tracked by SignalX, by quarter.
Quarterly totals table
| Quarter | Funds | Total value |
|---|---|---|
| Q2 2026 | 35 | $1.83B |
| Q1 2026 | 36 | $1.16B |
| Q4 2025 | 30 | $1.36B |
| Q3 2025 | 31 | $1.21B |
| Q2 2025 | 30 | $940.3M |
| Q1 2025 | 25 | $538.5M |
| Q4 2024 | 21 | $390.5M |
| Q3 2024 | 17 | $294.6M |
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- Invesco Ltd−1.36M (-30%)
- Millennium Management−576.5K (-53%)
- Goldman Sachs Group−257.9K (-8%)
- Two Sigma Investments−118.2K
Source: 13F-HR filings on SEC EDGAR (aggregated from 225 fund-quarter rows). Reflects only 13F filers tracked by SignalX, not the full institutional ownership universe. How 13F filings work
ADPT filing archive
AI analysis pages for each 10-K, 10-Q and 8-K
10-K annual reports
10-Q quarterly reports
Latest 2026 SEC Filings: 10-K, 10-Q, 8-K & Form 4
| Form | Filing date | Period | Analysis | SEC |
|---|---|---|---|---|
| 4 | Oct 5, 2026 | - | - | - |
| 4 | Oct 5, 2026 | - | - | - |
| 4 | Sep 18, 2026 | - | - | - |
| 4 | Sep 17, 2026 | - | - | - |
| 4 | Sep 2, 2026 | - | - | - |
| 4 | Aug 28, 2026 | - | - | - |
| 4 | Aug 20, 2026 | - | - | - |
| 4 | Aug 19, 2026 | - | - | - |
| 4 | Aug 19, 2026 | - | - | - |
| 4 | Aug 12, 2026 | - | - | - |
| 10-Q | Aug 4, 2026 | Jun 30, 2026 | Analysis | |
| 4 | Aug 3, 2026 | - | - | - |
| 8-K | Jul 29, 2026 | - | Analysis | - |
| 4 | Jul 23, 2026 | - | - | - |
| 4 | Jul 20, 2026 | - | - | - |
| 4 | Jul 17, 2026 | - | - | - |
| 4 | Jul 7, 2026 | - | - | - |
| 4 | Jul 6, 2026 | - | - | - |
| 4 | Jul 6, 2026 | - | - | - |
| 4 | Jun 30, 2026 | - | - | - |
| 4 | Jun 29, 2026 | - | - | - |
| 4 | Jun 29, 2026 | - | - | - |
| 8-K | Jun 22, 2026 | - | Analysis | - |
| 4 | Jun 17, 2026 | - | - | - |
| 8-K | Jun 15, 2026 | - | Analysis | - |
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ADPT SEC filings: frequently asked questions
Are ADPT insiders buying or selling?
In the last 90 days, Adaptive Biotechnologies Corp (ADPT) officers, directors and 10% owners reported no open-market purchases and 26 open-market sales worth $37.4 million by 8 insiders on Form 4. Many insider sales are pre-planned or for taxes, so purchases usually carry more information.
Which institutions hold ADPT stock?
As of June 30, 2026, the largest Adaptive Biotechnologies Corp (ADPT) holders among the 13F filers tracked by SignalX were Viking Global Investors ($643.4 million), BlackRock ($324.7 million), Vanguard Capital Management LLC ($137.4 million), Vanguard Portfolio Management LLC ($117.5 million), D.E. Shaw & Co ($99.2 million). 13F-HR reports are filed up to 45 days after each quarter ends.
What was ADPT's revenue in fiscal year 2025?
For the fiscal year ended December 31, 2025 (FY2025), Adaptive Biotechnologies Corp (ADPT) reported revenue of $277.0 million (up 54.8% from FY2024) and a net loss of $59.5 million. Diluted EPS was -$0.39. The figures come from the XBRL data in the 10-K.
What are the main risks in ADPT's latest 10-K?
In the 10-K filed February 26, 2026, Adaptive Biotechnologies Corp (ADPT) flagged: Regulatory risk: Potential non-coverage or inadequate reimbursement for clonoSEQ diagnostic tests by private and government payors affecting revenue. Geopolitical/macroeconomic risk: Dependence on Illumina as sole supplier for sequencers and reagents, risking operational disruption if supply is interrupted. (AI summary of the Risk Factors section.)
What did ADPT report in its latest 8-K?
Adaptive Biotechnologies Corp (ADPT) filed an 8-K on July 29, 2026 reporting Item 2.02 (Results of Operations and Financial Condition) and Item 5.02 (Departure/Appointment of Directors or Principal Officers). Item 2.02 text contains only an incorporation-by-reference disclaimer.
What are the latest ADPT SEC filings?
Adaptive Biotechnologies Corp (ADPT) filed its latest 10-K annual report on February 26, 2026, a 10-Q quarterly report on August 4, 2026, an 8-K current report on July 29, 2026 and a Form 4 insider filing on October 5, 2026.
What is ADPT's SEC CIK number?
Adaptive Biotechnologies Corp (ADPT)'s SEC Central Index Key (CIK) is 1478320. EDGAR lists every ADPT filing under that number.
Ask anything about ADPT
The research agent reads ADPT's filings, financials, insider trades and 13F holders, then answers with sources.