Business Description
Adaptive Biotechnologies Corporation is a commercial-stage company that develops an immune medicine platform to read and translate the genetic code of the adaptive immune system. Headquartered in Seattle, Washington, the company provides clinical diagnostics and life sciences research tools. Its proprietary technology combines chemistry, computational biology, and machine learning to decode immune system data for the diagnosis and treatment of diseases.
Financial Statements
In thousands, USD
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Total Revenues | 276,976 | 178,957 | 170,276 | 185,308 |
| Cost of Sales | 71,359 | 72,080 | 75,553 | 57,909 |
| Gross Profit | 205,617 | 106,877 | 94,723 | 127,399 |
| Selling, General & Administrative Expenses | 167,272 | 157,565 | 172,513 | 184,130 |
| Depreciation & Amortization Expenses | 1,699 | 1,703 | 1,699 | 1,699 |
| Research & Development Expenses | 93,769 | 102,953 | 122,117 | 141,756 |
| Other Operating Expenses | — | 7,205 | 25,429 | — |
| Operating Profit | (57,123) | (162,549) | (227,035) | (200,186) |
| Interest Expense | (11,778) | (11,580) | (13,800) | (4,238) |
| Non-Operating Income | 9,444 | 14,534 | 15,531 | 4,056 |
| Total Non-Operating Income | (2,334) | 2,954 | 1,731 | (182) |
| Income Before Provision for Income Taxes | (59,457) | (159,595) | (225,304) | (200,368) |
| Consolidated Net Income | (59,457) | (159,595) | (225,304) | (200,368) |
| Net Income Attributable to Minority Interests and Other | 42 | (103) | (54) | (177) |
| Net Income Attributable to Common Shareholders | (59,499) | (159,492) | (225,250) | (200,191) |
| Basic EPS | -0.39 | -1.08 | -1.56 | -1.40 |
| Diluted EPS | -0.39 | -1.08 | -1.56 | -1.40 |
| Basic Weighted Average Shares Outstanding | 151,722 | 147,102 | 144,383 | 142,516 |
| Diluted Weighted Average Shares Outstanding | 151,722 | 147,102 | 144,383 | 142,516 |
| Shares Outstanding | 153,779 | 147,774 | 145,082 | 143,105 |
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Cash and Cash Equivalents | 70,495 | 47,920 | 65,064 | 90,030 |
| Short-Term Investments | 156,485 | 174,374 | 281,337 | 408,166 |
| Total Cash and Cash Equivalents | 226,980 | 222,294 | 346,401 | 498,196 |
| Accounts Receivable | 50,365 | 41,731 | 37,969 | 40,057 |
| Total Trade Receivables | 50,365 | 41,731 | 37,969 | 40,057 |
| Inventories | 9,820 | 8,440 | 14,448 | 14,453 |
| Other Current Assets | 13,020 | 11,287 | 11,370 | 9,440 |
| Total Current Assets | 300,185 | 283,752 | 410,188 | 562,146 |
| Net Property, Plant & Equipment | 74,723 | 94,383 | 120,323 | 164,210 |
| Net Intangible Assets | 1,726 | 3,425 | 5,128 | 6,827 |
| Goodwill | 118,972 | 118,972 | 118,972 | 118,972 |
| Long-Term Investments | 13,234 | 33,660 | — | — |
| Other Long-Term Assets | 3,896 | 5,184 | 6,523 | 4,462 |
| Total Assets | 512,736 | 539,376 | 661,134 | 856,617 |
| Accounts Payable | 6,467 | 7,265 | 7,719 | 8,084 |
| Accrued Expenses | 24,692 | 23,995 | 22,282 | 28,359 |
| Current Portion of Leases | 8,920 | 10,239 | 9,384 | 9,230 |
| Unearned Revenue | 45,194 | 55,689 | 48,630 | 64,115 |
| Other Current Liabilities | 4,642 | 865 | — | — |
| Total Current Liabilities | 89,915 | 98,053 | 88,015 | 109,788 |
| Leases | 70,228 | 79,148 | 89,388 | 98,772 |
| Other Long-Term Liabilities | 127,572 | 159,670 | 175,453 | 183,959 |
| Total Long-Term Liabilities | 197,800 | 238,818 | 264,841 | 282,731 |
| Total Liabilities | 287,735 | 336,891 | 352,856 | 392,519 |
| Common Stock | 15 | 14 | 14 | 14 |
| Additional Paid-in Capital | 1,581,848 | 1,506,353 | 1,452,502 | 1,387,349 |
| Accumulated Other Comprehensive Income | 253 | 166 | 215 | (4,116) |
| Retained Earnings | (1,363,323) | (1,303,824) | (1,144,332) | (919,082) |
| Total Common Shareholders' Equity | 218,793 | 202,709 | 308,399 | 464,165 |
| Minority Interests and Other | 6,208 | (224) | (121) | (67) |
| Total Shareholders' Equity | 225,001 | 202,485 | 308,278 | 464,098 |
| Total Liabilities and Shareholders' Equity | 512,736 | 539,376 | 661,134 | 856,617 |
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Net Income | (59,457) | (159,595) | (225,304) | (200,368) |
| Depreciation & Amortization | 17,833 | 19,256 | 22,231 | 20,920 |
| Share-Based Compensation Expense | 51,483 | 53,610 | 62,908 | 55,477 |
| Other Adjustments | 1,922 | 8,971 | 30,024 | 11,572 |
| Changes in Trade Receivables | (8,646) | (3,744) | 2,032 | (22,648) |
| Changes in Inventories | (998) | 5,372 | (2,838) | 817 |
| Changes in Accounts Payable | 665 | 671 | (5,407) | 7,111 |
| Changes in Unearned Revenue | (36,745) | (10,478) | (29,291) | (56,496) |
| Changes in Other Operating Activities | (12,043) | (9,275) | (10,679) | (330) |
| Cash from Operating Activities | (45,986) | (95,212) | (156,324) | (183,945) |
| Capital Expenditure | (2,959) | (3,664) | (10,697) | (16,349) |
| Purchases of Investments | (181,714) | (244,257) | (429,558) | (278,778) |
| Proceeds from Sale of Investments | 222,623 | 325,713 | 569,902 | 298,032 |
| Cash from Investing Activities | 37,950 | 77,792 | 129,647 | 2,905 |
| Issuance of Common Shares | 17,879 | 241 | 2,245 | 7,890 |
| Net Issuance / (Repurchases) of Common Shares | 17,879 | 241 | 2,245 | 7,890 |
| Other Financing Activities | 12,524 | — | — | 124,375 |
| Cash from Financing Activities | 30,403 | 241 | 2,245 | 132,265 |
| Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash | 22,367 | (17,179) | (24,432) | (48,775) |
Key Metrics & Ratios
| Metric | Value |
|---|---|
| Market Cap | $2.50B |
| P/E | -41.64x |
| P/S | 9.02x |
| EV/EBITDA | -59.96x |
| Return on Equity | -27.8% |
| Return on Invested Capital | -23.4% |
| Current Ratio | 3.34x |
| Free Cash Flow Margin | -17.7% |
Margins
Gross margin
74.2%
Operating margin
-20.6%
Net margin
-21.5%
Quarterly Trend
| Quarter | Revenue | YoY growth | Operating margin | Operating income |
|---|---|---|---|---|
| Q2 2026 | $72M | +21.5% | -22.0% | $-16M |
| Q1 2026 | $71M | +35.1% | -27.1% | $-19M |
| Q4 2025 | $72M | +51.0% | -17.8% | $-13M |
| Q3 2025 | $94M | +102.4% | 10.9% | $10M |
| Q2 2025 | $59M | — | -42.5% | $-25M |
| Q1 2025 | $52M | — | -56.4% | $-30M |
| Q4 2024 | $47M | — | -71.3% | $-34M |
| Q3 2024 | $46M | — | -70.3% | $-33M |
More on Adaptive Biotechnologies Corp.
Figures compiled from public company filings.
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