Adaptive Biotechnologies Corp (ADPT) FY2025 10-K Annual Report
Adaptive Biotechnologies Corp (ADPT) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 26, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Adaptive Biotechnologies Corp FY2025 10-K Analysis
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
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
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
Adaptive Biotechnologies Corp FY2025 Key Financial MetricsXBRL
Revenue
$277M
▲ +54.8% YoY
Net Income
-$59M
▲ +62.7% YoY
Operating Margin
-20.6%
▲ +7021bp YoY
Net Margin
-21.5%
▲ +6764bp YoY
ROE
-27.2%
▲ +5149bp YoY
Total Assets
$513M
▼ -4.9% YoY
EPS (Diluted)
$-0.39
▲ +63.9% YoY
Operating Cash Flow
-$46M
▲ +51.7% YoY
Source: XBRL data from Adaptive Biotechnologies Corp FY2025 10-K filing on SEC EDGAR. All figures in USD.
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