Adaptive Biotechnologies Reports $52.4M Revenue in Q1 2025, Driven by MRD Growth

Adaptive Biotechnologies Corporation reported a revenue of $52.4 million for the first quarter of 2025, marking a 25% increase from $41.9 million in the same period of 2024. The growth was primarily driven by a significant rise in Minimal Residual Disease (MRD) revenue, which increased by 34% to $43.7 million, largely due to a 39% increase in service revenue from the clonoSEQ test. The company’s net loss for the quarter was $29.9 million, a notable improvement from a net loss of $47.5 million in the prior year, resulting in a reduced net loss per share of $0.20 compared to $0.33.

In terms of operational efficiency, Adaptive Biotechnologies reported a decrease in total operating expenses to $82.0 million from $90.6 million year-over-year. This reduction was attributed to lower research and development costs, which fell by 20% to $24.2 million, reflecting a strategic shift in resource allocation. The company also reported a decrease in cost of revenue, which declined by 6% to $17.0 million, indicating improved operational efficiencies. The total number of clonoSEQ tests delivered increased to 23,117, up from 17,040 in the previous year, showcasing enhanced product adoption.

Strategically, the company continues to focus on its collaboration with Genentech, which is expected to yield additional revenue through milestone payments and royalties. As of March 31, 2025, Adaptive Biotechnologies had cash, cash equivalents, and marketable securities totaling $232.8 million, down from $256.0 million at the end of 2024. The company anticipates that its existing cash reserves will be sufficient to fund operations for at least the next 12 months, while also considering potential capital raises to support growth initiatives.

The company’s workforce has seen changes, with a reduction in headcount contributing to lower operating expenses. As of the end of the first quarter, Adaptive Biotechnologies had 151.9 million shares outstanding, reflecting ongoing equity management strategies. The firm is also actively working to expand its market presence, particularly in the MRD space, by enhancing test ordering processes and integrating its services into electronic medical record systems.

Looking ahead, Adaptive Biotechnologies remains optimistic about its growth trajectory, particularly in the MRD and Immune Medicine sectors. The company expects continued revenue growth driven by increased testing volumes and successful collaborations, while also managing costs effectively to improve profitability. The outlook includes potential future milestone payments from its partnership with Genentech, which could significantly impact revenue in the coming quarters.