Adaptive Biotechnologies Corp
ADPT evidence brief
What we can confirm
What it means
What to watch
Prepared research question
What matters most for ADPT—catalysts, financial risk and supporting evidence?
Traceable citations · Unknowns marked
BioSniper AI · ADPT
Adaptive Biotechnologies Corp (ADPT) is a biotechnology company leveraging the adaptive immune system to develop diagnostics and therapies, with a focus on its clonoSEQ minimal residual disease (MRD) test and an Immune Medicine segment.
Key risk: History of losses
BioSniper Score
Based on 5 of 6 signals
Financial data as of Jun 30, 2026.
Tracking 1 pipeline candidate for Adaptive Biotechnologies Corp.
Adaptive Biotechnologies Corp (ADPT) is a biotechnology company leveraging the adaptive immune system to develop diagnostics and therapies, with a focus on its clonoSEQ minimal residual disease (MRD) test and an Immune Medicine segment.
- Revenue was $277.0 million in 2025, compared to $179.0 million in 2024 [sec · filed 2026-04-24].
- As of 2026-06-30, the company reported cash & equivalents of $169.9M, total revenue of $71.6M, net income of -$39.8M, and shareholders' equity of $179.7M [sec].
- clonoSEQ clinical tests delivered grew 39% in 2025, with 105,587 tests delivered [sec · filed 2026-04-24].
- The company has incurred losses since inception, with an accumulated deficit of $1.4 billion as of March 31, 2026 [sec_mda · as of 2026-05-05].
- The company operates in two segments: MRD (minimal residual disease) and Immune Medicine [sec · filed 2025-04-29].
What works
- clonoSEQ clinical test volume grew 39% year-over-year in 2025, exceeding the goal of 32% growth [sec · filed 2026-04-24].
- Revenue increased significantly from $179.0 million in 2024 to $277.0 million in 2025, driven by MRD regulatory milestone revenue [sec · filed 2026-04-24].
- The company has a partnership with Genentech for immune medicine drug discovery, including shared and personalized product candidates [sec · filed 2024-04-26].
What to weigh
- The company has an accumulated deficit of $1.4 billion as of March 31, 2026, reflecting a history of losses [sec_mda · as of 2026-05-05].
- The Immune Medicine cash burn target was not met in 2025 [sec · filed 2026-04-24].
- MRD Pharma revenue, excluding milestones, increased only 1% in 2023, impacted by macroeconomic factors in the biopharmaceutical industry [sec · filed 2024-04-26].
From the filings
Quoted directly from source documents.
Revenue growth in 2025
“In 2025, our revenue was $277.0 million, compared to $179.0 million in 2024.”
SEC filings · April 24, 2026
Accumulated deficit as of March 31, 2026
“As of March 31, 2026, we had an accumulated deficit of $1.4 billion.”
SEC MD&A · May 5, 2026
clonoSEQ test delivery growth in 2025
“We achieved 39% growth with 105,587 tests delivered in 2025.”
SEC filings · April 24, 2026
Risks & what to watch (3)›
Key risks
- History of losses — The company has incurred losses since inception, with an accumulated deficit of $1.4 billion as of March 31, 2026 [sec_mda · as of 2026-05-05].
- Dependence on clonoSEQ — Revenue growth is heavily reliant on clonoSEQ test volumes and MRD regulatory milestones, with pharma services revenue growth slowing [sec · filed 2024-04-26].
- Immune Medicine cash burn — The Immune Medicine segment's cash burn target was not met in 2025, indicating potential cost overruns [sec · filed 2026-04-24].
What to watch
- Continued growth in clonoSEQ clinical test volumes and any updates on reimbursement decisions [sec · filed 2026-04-24].
- Progress in the Immune Medicine pipeline, including the Genentech collaboration and any data licensing deals [sec · filed 2024-04-26].
- Cash burn rate and path to profitability, given the accumulated deficit and negative cash flows [sec_mda · as of 2026-05-05].
Sources: SEC filings · SEC MD&A · Generated August 24, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 5 of 6 signals · derived from public data
168.0 months
D/E 3.43 · 0% dilution
Lead: Approved
1 candidate
No upcoming catalysts tracked
0 buys · 96 sells (180d)
Runway
Pipeline
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
295
Total value held
$2.04B
| Holder | Shares | Value |
|---|---|---|
| viking global investors lp | 29,993,708 | $416.3M |
| blackrock, inc. | 13,303,025 | $184.6M |
| vanguard capital management llc | 12,188,288 | $169.2M |
| westfield capital management co lp | 5,436,718 | $75.5M |
| vanguard portfolio management llc | 4,491,474 | $62.3M |
| wellington management group llp | 3,857,422 | $53.5M |
| geode capital management, llc | 3,636,054 | $50.5M |
| goldman sachs group inc | 3,242,077 | $45.0M |
| state street corp | 3,227,245 | $44.8M |
| ameriprise financial inc | 3,017,341 | $41.9M |
Showing top 10 of 295 institutional holders of Adaptive Biotechnologies Corp. Open the full 13F history after sign-in.
Short Interest
as of Apr 30, 2026- % of float
- 7.1%
- Days to cover
- 4.2
- Shares short
- 8,551,420
- Daily short volume
- -
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
ADPT short interestGovernance
Frequently asked questions
What is the AI investment thesis for Adaptive Biotechnologies Corp?
Adaptive Biotechnologies Corp (ADPT) is a biotechnology company leveraging the adaptive immune system to develop diagnostics and therapies, with a focus on its clonoSEQ minimal residual disease (MRD) test and an Immune Medicine segment.
What is Adaptive Biotechnologies Corp's lead drug candidate?
Adaptive Biotechnologies Corp's most advanced tracked candidate is clonoSEQ (Approved) for Detection and monitoring of minimal residual disease (MRD) in lymphoid malignancies including multiple myeloma (MM), B cell acute lymphoblastic leukemia (ALL), chronic lymphocytic leukemia (CLL), and as a CLIA-validated LDT for DLBCL and MCL (blood-based MRD using ctDNA).
Who is the CEO of Adaptive Biotechnologies Corp?
Mr. Chad M. Robins M.B.A. is the chief executive officer of Adaptive Biotechnologies Corp (ADPT).
Where is Adaptive Biotechnologies Corp headquartered?
Adaptive Biotechnologies Corp (ADPT) is headquartered in Seattle, WA, United States.
What therapeutic areas does Adaptive Biotechnologies Corp focus on?
Adaptive Biotechnologies Corp develops therapies across Oncology.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.