Adaptive Biotechnologies Corp. reported its 2025 financial results, showcasing a significant increase in revenue to $277.0 million, compared to $179.0 million in 2024. This growth was primarily fueled by the company's Minimal Residual Disease (MRD) business, which saw revenue climb by $66.8 million year-over-year. The company's net cash used in operations also improved substantially, decreasing by 52% to $46.0 million in 2025 from $95.2 million in the previous year. As of December 31, 2025, Adaptive held $227.2 million in cash, cash equivalents, and marketable securities, excluding $13.1 million held by Digital Biotechnologies, Inc.
The MRD business segment experienced robust growth, with total revenue reaching $212.3 million in 2025, a 46% increase from 2024. This was supported by a 39% rise in clonoSEQ test volume, with 105,587 tests delivered during the year. Adaptive also expanded payor coverage for clonoSEQ, reaching over 300 million lives for Acute Lymphoblastic Leukemia (ALL) and Multiple Myeloma (MM), over 270 million lives for Chronic Lymphocytic Leukemia (CLL), and over 90 million lives for Diffuse Large B-cell Lymphoma (DLBCL). Additionally, Medicare coverage was secured for recurrence monitoring in Mantle Cell Lymphoma (MCL). The company also integrated clonoSEQ MRD testing into 173 sites on the Epic electronic medical record system, as well as Flatiron Health's OncoEMR, to streamline test workflow and patient access.
Strategic developments in the Immune Medicine (IM) business included entering into two non-exclusive agreements with Pfizer in December 2025. These agreements leverage Adaptive's proprietary T-cell receptor (TCR) discovery platform and immune receptor-antigen mapping datasets to accelerate therapeutic research in rheumatoid arthritis and broader immunology applications. The company also continued to expand its paired TCR-antigen database, increasing the number of paired TCRs to antigens from over two million to over five million, spanning over 20,000 antigens and nearly 50 HLA types. While a preclinical data package was completed for a TCR-depleting antibody program in ankylosing spondylitis, Adaptive discontinued investments in this program to prioritize data development and diagnostics.
Operationally, Adaptive highlighted the use of its clonoSEQ assay in over 180 active trials conducted by more than 40 biopharmaceutical partners, with over 100 trials using MRD as a clinical endpoint. The company also secured In Vitro Diagnostic Medical Device Regulation (IVDR) certification for the clonoSEQ assay to facilitate its use in Europe. Looking ahead, Adaptive anticipates obtaining necessary regulatory approval to enable clonoSEQ testing in Canada in 2026 and expanding clinical use with current lab partners in several countries. The company also expects to integrate more Epic sites and continue to improve usability by configuring within sites to reduce order to test result complexity through 2026.
About Adaptive Biotechnologies Corp
Adaptive Biotechnologies Corporation develops immune medicine products leveraging proprietary next-generation sequencing and machine learning to decode the adaptive immune system. Its core offerings include clonoSEQ, an FDA-authorized assay for detecting minimal residual disease (MRD) in lymphoid cancers, serving clinicians and biopharmaceutical partners. The company also advances immune-based therapies for cancer and autoimmune diseases through its extensive immunosequencing platform, large clinical database, and collaborations with pharmaceutical firms.
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