Benzinga·Jun 17, 2026
Adaptive Biotechnologies Business Separation May Unlock Greater ValueAdaptive Biotechnologies Corporation (NASDAQ:ADPT ) on Monday announced plans to separate its Minimal Residual Disease (MRD) and Immune Medicine businesses.
Adaptive Biotechnologies Corporation(ADPT)Earnings, Financials & Key Ratios
ADPT•NASDAQ
$20.96
Price updated Jun 27, 2026
AboutAdaptive Biotechnologies Corporation, a commercial-stage company, develops an immune medicine platform for the diagnosis and treatment of various diseases. The company offers immunoSEQ, a platform and core immunosequencing product that is used to answer translational research questions, as well as to discover new prognostic and diagnostic signals; and T-Detect COVID for the confirmation of past COVID-19 infection. It also provides clonoSEQ, a clinical diagnostic product for the detection and monitoring of minimal residual disease in patients with multiple myeloma, B cell acute lymphoblastic leukemia, and chronic lymphocytic leukemia, as well as available as a CLIA-validated laboratory developed test for patients with other lymphoid cancers; and immunoSEQ T-MAP COVID for vaccine developers and researchers to measure the T-cell immune response to vaccines. In addition, the company offers a pipeline of clinical products and services that are used for the diagnosing, monitoring, and treatment of diseases, such as cancer, autoimmune conditions, and infectious diseases. It serves the life sciences research, clinical diagnostics, and drug discovery applications. Adaptive Biotechnologies Corporation has strategic collaborations with Genentech, Inc. for the development, manufacture, and commercialization of neoantigen directed T cell therapies for the treatment of a range of cancers; and Microsoft Corporation to develop diagnostic tests for the early detection of various diseases from a single blood test. The company was formerly known as Adaptive TCR Corporation and changed its name to Adaptive Biotechnologies Corporation in December 2011. Adaptive Biotechnologies Corporation was incorporated in 2009 and is headquartered in Seattle, Washington.Show more
- Revenue$277M+54.8%
- EBITDA-$39M+72.6%
- Net Income-$59M+62.7%
- EPS (Diluted)-0.39+63.9%
- Gross Margin74.24%+24.3%
- EBITDA Margin-14.19%+82.3%
- Operating Margin-20.62%+77.3%
- Net Margin-21.48%+75.9%
- ROE-27.84%+55.4%
ADPT Price & Volume
Adaptive Biotechnologies Corporation (ADPT) stock price & volume — 10-year historical chart
Loading chart...
Persistent Operating Losses Challenge Future Liquidity Viability
Investment Thesis • Updated 2026Q1
VerdictNegative
Growth:Mixed
Profitability:Negative
Financial:Vulnerable
Cash Flow:Burning
Primary Risk:Limited liquidity and dilution
Key Thesis Takeaways
- Adaptive Biotechnologies faces a precarious path to profitability as it struggles to achieve consistent operating leverage, with SG&A expenses of $47.3M in 2026Q1 continuing to outpace gross profit.
- While the company has demonstrated revenue growth volatility, peaking at 102.4% in 2025Q3, the reliance on non-recurring milestone payments and high stock-based compensation of $11.9M in 2026Q1 obscures underlying cash generation.
- Investors should monitor the firm's limited cash runway of $77.6M against persistent quarterly operating losses, which may necessitate further dilutive financing to sustain clinical diagnostic operations.
Verdict Logic
the company's persistent operating losses and limited cash position of $77.6M against a $47.3M quarterly SG&A burden suggest significant risk of future shareholder dilution.
ADPT Growth Metrics
Adaptive Biotechnologies Corporation (ADPT) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years-
5 Years23%
3 Years14.34%
TTM55.87%
Profit CAGR
10 Years-
5 Years-
3 Years-
TTM64.97%
EPS CAGR
10 Years-
5 Years-
3 Years-
TTM65.47%
Return on Capital
10 Years-20.77%
5 Years-25.67%
3 Years-26.56%
Last Year-13.22%
ADPT Recent Earnings
Adaptive Biotechnologies Corporation (ADPT) EPS & revenue vs analyst estimates — last 4 quarters
●Beat EPS 10/12 qtrs (83%)●Beat Revenue 10/12 qtrs (83%)
Q2 2026Latest
May 5, 2026Metric
Actual
Est
EPS
$0.13+18.8%
$0.16
Rev
$71M+16.2%
$61M
Q1 2026
Feb 5, 2026Metric
Actual
Est
EPS
$0.09+52.6%
$0.19
Rev
$72M+17.7%
$61M
Q4 2025
Nov 5, 2025Metric
Actual
Est
EPS
$0.15+6.3%
$0.16
Rev
$94M+58.2%
$59M
Q3 2025
Aug 5, 2025Metric
Actual
Est
EPS
$0.17+29.2%
$0.24
Rev
$59M+6.3%
$55M
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q2 2026Latest | May 5, 2026 | $0.13vs $0.16+18.8% | $71Mvs $61M+16.2% |
| Q1 2026 | Feb 5, 2026 | $0.09vs $0.19+52.6% | $72Mvs $61M+17.7% |
| Q4 2025 | Nov 5, 2025 | $0.15vs $0.16+6.3% | $94Mvs $59M+58.2% |
| Q3 2025 | Aug 5, 2025 | $0.17vs $0.24+29.2% | $59Mvs $55M+6.3% |
Based on last 12 quarters of dataView full earnings history →
Latest ADPT News
Recent stock market news and headlines for Adaptive Biotechnologies Corporation (ADPT)
GlobeNewsWire·Jun 17, 2026
Adaptive Biotechnologies Corporation Prices Upsized $300 Million Convertible Senior Notes OfferingProceeds expected to be deployed to repay the OrbiMed Purchase Agreement to enhance financial flexibility Additional proceeds used to pay for the capped call with a premium of 100% and to repurchase $25 million of common stock to reduce potential dilution Remaining capital to be used for general corporate purposes and opportunistic initiatives in the MRD business SEATTLE, June 17, 2026 (GLOBE NEWSWIRE) -- Adaptive Biotechnologies Corporation (“Adaptive Biotechnologies”) (Nasdaq: ADPT) today announced the pricing of its offering of $300 million aggregate principal amount of 0% convertible senior notes due 2031 (the “notes”) in a private offering to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). The offering size was increased from the previously announced offering size of $250 million aggregate principal amount of notes.
Benzinga·Jun 16, 2026
Adaptive Biotechnologies Stock Rises On Plan To Split MRD, Immune Medicine BusinessesAdaptive Biotechnologies Corporation (NASDAQ:ADPT) shares are trading higher during Tuesday's session as the company has announced plans to separate its Minimal Residual Disease (MRD) and Immune Medicine businesses.
Reuters·Jun 15, 2026
Adaptive Biotechnologies plans separation of immune medicine platformAdaptive Biotechnologies said on Monday it planned to separate its immune medicine business from its residual cancer-testing unit, as it reviews options for the drug-discovery business and focuses on testing.
GlobeNewsWire·Jun 15, 2026
Adaptive Biotechnologies Announces Plan to Separate Its MRD and Immune Medicine BusinessesMRD has scaled into a profitable, category-leading MRD diagnostics business, while Immune Medicine has built a differentiated discovery platform powered by proprietary immune data and AI MRD has scaled into a profitable, category-leading MRD diagnostics business, while Immune Medicine has built a differentiated discovery platform powered by proprietary immune data and AI
Peers Comparison
Key metrics vs top competitors for Adaptive Biotechnologies Corporation (ADPT)
| Company | Price | Market Cap | P/E Ratio | Rev Growth (1Y) | Net Margin | ROE | Div Yield |
|---|---|---|---|---|---|---|---|
| $20.96 | $3.35B | -53.74 | 54.77% | -21.48% | -27.84% | — | |
| $261.91 | $37.51B | -172.31 | 35.9% | -9.05% | -15.13% | — | |
| $104.91 | $20.02B | -95.37 | 17.69% | -6.4% | -8.66% | — | |
| $1.65 | $512.49M | -0.91 | 3.89% | -80.34% | -488.45% | — | |
| $99.84 | $6.22B | -76.80 | 20.32% | -19.85% | -17.46% | — | |
| $176.55 | $26.82B | 32.39 | -0.78% | 19.43% | 32.84% | — |
Compare ADPT vs Peers
Adaptive Biotechnologies Corporation (ADPT) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
ADPT SEC Filings & Documents
Adaptive Biotechnologies Corporation (ADPT) SEC filings — annual & quarterly reports (10-K, 10-Q)
8-K Announcements
6Material company update
May 5, 2026·SEC
Material company update
Feb 5, 2026·SEC
Material company update
Jan 12, 2026·SEC
10-K Annual Reports
410-Q Quarterly Reports
6Get notified when ADPT posts new earnings or crosses analyst targets
Free. No account needed. Unsubscribe any time.
ADPT Frequently Asked Questions
Adaptive Biotechnologies Corporation (ADPT) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
What is Adaptive Biotechnologies Corporation's revenue?
Adaptive Biotechnologies Corporation (ADPT) reported $295.4M in revenue for fiscal year 2025. This represents a 668% increase from $38.4M in 2017.
How fast is Adaptive Biotechnologies Corporation growing?
Adaptive Biotechnologies Corporation (ADPT) grew revenue by 54.8% over the past year. This is strong growth.
Is ADPT profitable?
Adaptive Biotechnologies Corporation (ADPT) reported a net loss of $49.7M for fiscal year 2025.
Dividend & Returns
What is ADPT's return on equity?
Adaptive Biotechnologies Corporation (ADPT) has a return on equity (ROE) of -27.8%. Negative ROE indicates the company is unprofitable.
What is Adaptive Biotechnologies Corporation's free cash flow?
Adaptive Biotechnologies Corporation (ADPT) had negative free cash flow of $29.5M in fiscal year 2025, likely due to heavy capital investments.