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MARKETS / NASDAQ / ADPT
NASDAQ · BIOLOGICAL PRODUCTS, (NO DIAGNOSTIC SUBSTANCES) · LARGE CAP

Adaptive Biotechnologies Corp. ADPT

9 fiscal years on record · USD · FY2025 reported · SEC filings only
$277.0M
▲ 54.8% YoY
$-59.5M
$-48.9M
In brief

What this company does

Adaptive Biotechnologies Corporation applies proprietary technologies to read the genetic code of a patient's immune system, and uses those insights to develop and commercialize clinical products and services tailored to individual patients. As of December 31, 2025, the company had 624 full-time employees, of which 94 held medical or doctoral degrees. For its TCR-antigen binding and immunoSEQ testing services, the company operates laboratories in Seattle, Washington and South San Francisco, California. In 2024, the company reorganized around two main businesses: the MRD business, covering clinical assessment of minimal residual disease in lymphoid malignancies, and the Immune Medicine, or IM, business, focused on applications and products connecting the adaptive immune response to disease. The MRD business is built around the clonoSEQ clinical diagnostic test, offered to clinicians, and the clonoSEQ assay, offered to biopharmaceutical partners for drug development. The IM business sequences, maps, pairs, and characterizes T cell receptors and B cell receptors at scale using the company's proprietary capabilities. The company was incorporated in the State of Washington on September 8, 2009 under the name Adaptive TCR Corporation, changed its name to Adaptive Biotechnologies Corporation on December 21, 2011, and acquired Sequenta, a San Francisco, California-based company that was also developing an NGS test for MRD, in January 2015.

Written from the business description in Adaptive Biotechnologies Corporation's annual report to the U.S. Securities and Exchange Commission, filed 26 February 2026. Every sentence was checked against that document before publication.

Growth
USD 277.0M
Revenue, FY2025 · full 9-year series below
Revenue $M Net income $M
FY2025 · Revenue 277.0 · Net income -59.5
100M200M-80M-160M201720182019202020212022202320242025
Compound annual growth
+14.3%
+23.0%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at +23.0% a year over five years.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability
−21 cents
lost on every revenue dollar
Operating margin Net margin
FY2025 · Operating -20.6% · Net -21.5%
-50%-100%-150%201720182019202020212022202320242025
ROE
FY2025 · ROE -28.2%
-20%-40%-60%201720182019202020212022202320242025

Each USD of equity lost 28 cents this year.

Cash & shareholders
returned in FY2025 · dividends + net buybacks
Free cash flow $M
FY2025 · FCF -48.9
80M160M-100M-200M201720182019202020212022202320242025

Total assetsUSD 512.7M
EquityUSD 218.8M
CashUSD 70.5M
Gross debtUSD 131.2M
Net debtUSD 60.7M
Current ratio3.34×

Net debt stands at 28% of equity.

The 9-year record
9 fiscal years
Every figure from documents filed with the SEC · USD

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative
Metric 202520242023202220212020201920182017
Revenue $B0.30.20.20.20.20.10.10.10.0
Operating income $B−0.1−0.2−0.2−0.2−0.2−0.2−0.1−0.0−0.0
EBITDA $B−0.0−0.1−0.2−0.2−0.2−0.1−0.1−0.0−0.0
Income tax $B0.00.00.0······
Net income $B−0.1−0.2−0.2−0.2−0.2−0.1−0.1−0.0−0.0
Free cash flow $B−0.0−0.1−0.2−0.2−0.3−0.20.2−0.0−0.0
EPS, diluted $−0.39−1.08−1.56−1.40−1.48−1.11−1.01−3.67−3.50
Dividend / sh $·········
Payout %·········
ROE %−28.2−62.4−58.3−37.5−30.8−22.3−43.8··
Shares out B0.150.150.150.140.140.140.130.01·

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

Provenance
Company facts, as filed
How we verify · 0 failures in 34 reconciliationsAUDITED

Reconciled in 9 of 19 fiscal years. 52 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures
ActivityBiological Products, (No Diagnostic Substances)
Listed onNASDAQ
Incorporated inWashington
Fiscal year endsDecember 31
Data on record since2017

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