ADPT
Adaptive Biotechnologies Corporation15.93
+0.24+1.53%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Downplays flow competition; guide upside.
Q&A downplayed Quest's new flow assay as 5-7x less sensitive than clonoSEQ in blood—key for myeloma where over 60% of community tests occur—positioning it as market expander, not threat. Management confirmed strong Q1 volume start post-weather delays, no sales force adds beyond 65 reps, and conservative guide baking >30% clonoSEQ growth with >50% blood mix. Upside eyed in Flatiron serial testing (60% pull-through) and EMR optimizations. ASP to $1,400 needs two payer deals, but levers abound. Competition poses no sweat.
Key Stats
Market Cap
2.43BP/E (TTM)
-Basic EPS (TTM)
-0.52Dividend Yield
0%Recent Filings
10-K
FY2025 results
Adaptive Biotechnologies surged to $277M revenue in FY2025 ended December 31, 2025, up 55% y/y, with MRD driving 77% at $212M (46% y/y growth) via 105,587 clonoSEQ tests (39% y/y increase) amid expanded Medicare coverage for MCL recurrence monitoring. Q4 momentum accelerated clinical adoption, boosted by 17% higher Medicare pricing to $2,007/test, while Immune Medicine added $65M (93% y/y) from Genentech termination unlocking deferred revenue—yet no future milestones remain. Cash burn halved to $46M (derived), leaving $227M liquidity; free cash flow not disclosed. Debt stands at $131M via OrbiMed revenue share (5% of GAAP revenue). Payor denials threaten quarterly collections.
8-K
Q4 revenue up 51%, MRD profitable
Adaptive Biotechnologies crushed Q4 and full-year 2025 with revenue soaring 51% to $71.7M and 55% to $277.0M, driven by MRD's 54% quarterly surge to $61.9M—now profitable on Adjusted EBITDA. clonoSEQ tests jumped 43% to 30,038; Medicare expanded for mantle cell lymphoma. MRD guides $255M-$265M in 2026. Cash flow turned positive.
8-K
MRD revenue up 46%
Adaptive Biotechnologies reported preliminary Q4 and full-year 2025 results on January 12, 2026, with total revenue of ~$277M, up 55% YoY, fueled by MRD revenue of ~$212M (46% growth) and clonoSEQ test volume surging 39% to ~105,600 tests. MRD turned profitable with Q2 gross margins and Q3 positive cash flow. Momentum builds.
8-K
Digital Bio Series A initial close
10-Q
Q3 FY2025 results
Adaptive Biotechnologies posted Q3 revenue of $94M, doubling y/y from $46M on MRD strength—up 52% to $57M—while Immune Medicine jumped 315% to $37M from Genentech deal termination, accelerating deferred revenue recognition (effective Feb 2026). Gross margin improved to 81% from 64%, flipping operations to $10M profit versus $33M loss; diluted EPS hit $0.06 on 163M shares. Cash and equivalents stood at $55M, with $162M in short-term securities against $132M revenue interest liability at 8.8% effective rate. Genentech wind-down cuts milestone potential.
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