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
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
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
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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