Adaptive Biotechnologies Surges on Strong 2025 Growth and Profitability Path

SEATTLE, WA – January 12, 2026 – Adaptive Biotechnologies Corporation delivered a powerful signal to the market today, announcing preliminary unaudited financial results for 2025 that depict a company hitting a significant growth inflection point. Fueled by the robust and accelerating adoption of its flagship clonoSEQ® diagnostic test, the company reported an estimated 55% increase in full-year revenue, marking 2025 as a transformative period and setting a confident tone for achieving company-wide profitability in the year ahead.

In a press release that beat analyst expectations, the Seattle-based biotech firm (Nasdaq: ADPT) detailed impressive top-line growth. Preliminary full-year 2025 revenue is expected to be approximately $277 million, a substantial leap from the previous year. The fourth quarter alone generated roughly $72 million, representing a 51% increase over the same period in 2024. These figures underscore a consistent, high-growth trajectory that has captured investor attention.

“2025 was a pivotal year for Adaptive, marked by accelerating momentum across our MRD business driven by strong growth in clonoSEQ adoption,” said Chad Robins, chief executive officer and co-founder of Adaptive Biotechnologies, in the company's official statement. The results reflect a successful strategy centered on deeper market penetration and expanding the clinical utility of its core diagnostic offering.

The Engine of Growth: clonoSEQ's Dominance

The driving force behind Adaptive's financial success is its Minimal Residual Disease (MRD) business segment, powered by the clonoSEQ assay. MRD testing represents a paradigm shift in cancer care, allowing clinicians to detect and quantify the number of cancer cells remaining in a patient's body after treatment, often at levels far below what traditional methods can identify. This information is critical for assessing treatment response, guiding therapy decisions, and predicting the risk of relapse.

Adaptive’s MRD revenue for the full year 2025 was approximately $212 million, a 46% increase over 2024. The fourth quarter was particularly strong, with MRD revenue climbing 54% to approximately $62 million. This financial performance is directly tied to a surge in clinical use. The company delivered approximately 105,600 clonoSEQ tests in 2025, a 39% increase from the prior year. The fourth quarter saw test volumes jump 43% year-over-year to about 30,000 tests.

This adoption is bolstered by clonoSEQ’s significant competitive advantages. It is currently the only FDA-cleared in vitro diagnostic for MRD detection in multiple myeloma, B-cell acute lymphoblastic leukemia, and chronic lymphocytic leukemia. By sequencing the DNA of immune cells, the test identifies the unique “molecular barcode” of a patient’s cancer, enabling highly sensitive and specific monitoring over time. This biological precision helps minimize the risk of false positives, a key differentiator in a competitive landscape.

Furthermore, the company has executed a savvy market expansion strategy. Strategic partnerships, including one with laboratory testing giant NeoGenomics and the integration of clonoSEQ into Flatiron Health’s OncoEMR—a leading electronic medical record platform for community oncologists—are breaking down barriers to access and streamlining workflows. These efforts have been crucial in driving adoption beyond academic centers and into community oncology practices, a key growth area. The increasing use of less-invasive blood-based testing, which accounted for 47% of test volume in the fourth quarter, has also made frequent monitoring more accessible for patients and physicians.

Charting a Clear Course to Profitability

While impressive revenue growth captures headlines, Adaptive’s management has also demonstrated a sharp focus on fiscal discipline and building a sustainable business model. The preliminary results and recent financial trends indicate a clear path to profitability that extends beyond the thriving MRD segment.

The company announced it expects its net loss for both the fourth quarter and the full year 2025 to decrease compared to 2024. This follows a trend of significant bottom-line improvement, including a third-quarter 2025 net income of $9.5 million (aided by a one-time payment) compared to a $32.1 million loss in the same period of 2024. Critically, the MRD business segment itself achieved positive Adjusted EBITDA in 2025, proving the unit's standalone financial strength.

This progress is the result of deliberate cost management. Adaptive successfully reduced its full-year 2025 cash burn guidance multiple times throughout the year, from an initial projection of $60-$70 million down to a final estimate of $45-$50 million. The company ended the year with a solid balance sheet, holding approximately $227 million in cash, cash equivalents, and marketable securities, providing ample liquidity to execute its strategic plans.

Navigating a Dynamic and Expanding Market

Adaptive is capitalizing on powerful tailwinds in the broader diagnostics market. The global MRD testing market, valued at around $1.7 billion in 2025, is projected by industry analysts to expand rapidly, with some estimates predicting it will exceed $4.7 billion by 2034. This growth is fueled by the rising incidence of cancer, the broader shift towards personalized medicine, and growing recognition of MRD status as a crucial clinical endpoint.

Regulatory agencies are increasingly accepting MRD as a surrogate endpoint for accelerated drug approvals, particularly in hematologic cancers. This not only validates the clinical importance of tests like clonoSEQ but also incentivizes biopharmaceutical companies to incorporate them into clinical trials, creating another significant revenue stream.

While the space is competitive, with companies like Natera making inroads with its Signatera test, Adaptive's proprietary immune medicine platform, extensive patent portfolio, and first-mover advantage with multiple FDA clearances create a formidable moat. The company’s focus on leveraging the genetics of the adaptive immune system is a core technological differentiator that it continues to build upon.

The 2026 Horizon: A 'Prove It' Year

Looking ahead, Adaptive has set ambitious goals for 2026, aiming to translate its 2025 momentum into company-wide financial success. The chief objective is to achieve positive adjusted EBITDA and positive free cash flow for the entire company, a milestone that would cement its transition from a cash-burning biotech to a self-sustaining commercial enterprise.

To get there, the company projects continued strong performance from its MRD business, with clinical clonoSEQ test volumes expected to grow by more than 30%. It also anticipates maintaining a strong average selling price of around $1,400 per test and sequencing gross margins above 70%.

Meanwhile, the company is taking a disciplined, data-driven approach to its Immune Medicine segment. Rather than immediately pursuing costly clinical trials for its autoimmune disease programs, Adaptive is prioritizing data generation and monetization of its vast immune receptor dataset through partnerships, such as its existing deal with Pfizer. This capital-efficient strategy allows the company to advance its science and unlock the value of its platform without derailing its near-term profitability goals. This strategic pivot positions 2026 as a "prove it" year, where the company aims to demonstrate not only its scientific prowess but also the financial durability and long-term profitability of its entire enterprise.