Adaptive Biotechnologies reported its preliminary, unaudited financial results for the fourth quarter and full year 2025, with a full earnings call scheduled for February 2026. The company’s revenue for the year reached $277 million, up 55% from $179 million in 2024, while fourth‑quarter revenue climbed to $72 million, a 51% increase over the $47.5 million reported in Q4 2024.
The growth is driven almost entirely by the company’s Minimal Residual Disease (MRD) business. MRD revenue for the year totaled $212 million, up 46% from $121 million in 2024, and Q4 MRD revenue rose to $62 million, a 54% jump from $38 million in Q4 2024. The clonoSEQ test volume, the flagship MRD assay, increased to 105,600 tests for the year—39% higher than the 77,000 tests in 2024—and 30,000 tests in Q4, up 43% from 20,000 in Q4 2024. These gains reflect expanded Medicare coverage and continued adoption by oncology practices.
Profitability metrics improved modestly. While the company did not disclose net loss or EPS figures in the preliminary release, management indicated that the net loss is expected to narrow compared with the $159.6 million loss reported for full‑year 2024. Cash, cash equivalents, and marketable securities stood at $227 million as of December 31 2025, providing a solid liquidity cushion. The company also noted that the termination of its collaboration with Genentech, effective February 9 2026, will generate $33.7 million in non‑cash revenue in the second half of 2025, a factor that will influence the year‑end financial picture.
In its commentary, CEO Chad Robins said the company was “well positioned to sustain volume and ASP growth in 2026.” He highlighted the MRD segment’s momentum and the company’s ability to scale the NovaSeq X sequencing platform, which underpins clonoSEQ’s high‑throughput testing. The guidance for 2026 remains to be disclosed, but the preliminary results suggest confidence in continued revenue expansion and a path toward profitability.
Investors reacted positively to the announcement, citing the revenue beat and the robust MRD performance as key drivers. The results reinforce Adaptive’s narrative of transitioning from a growth‑phase company to a profitable, self‑funding diagnostics leader, a shift that could materially affect its valuation and future capital needs.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.