Short answer
Adaptive Biotechnologies Corp (ADPT) filed its fiscal 2025 10-K annual report with the SEC on Feb 26, 2026. It reported revenue of $277M (+54.8% year over year) and net income of −$59M.
- Top risk flagged: Regulatory risk: Potential non-coverage or inadequate reimbursement for clonoSEQ diagnostic tests by private and government payors affecting revenue
FY2025 key financial metrics · XBRL
- Revenue
- $277M
- +54.8% YoY
- Net income
- −$59M
- +62.7% YoY
- Operating margin
- -20.6%
- +70.2 pp YoY
- EPS (diluted)
- −$0.39
- +63.9% YoY
- ROE
- -27.2%
- +51.5 pp YoY
- Operating cash flow
- −$46M
- +51.7% YoY
Source: XBRL data from the Adaptive Biotechnologies Corp (ADPT) FY2025 10-K on SEC EDGAR. USD.
Adaptive Biotechnologies Corp FY2025 10-K analysis
AI summary of each section, grounded in the filing text
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
Generated from the filing text; verify against the original. How to read a 10-K
Ask about this 10-K
Compare years, dig into a risk factor or check the numbers against insider trades and fund holders.