Adaptive Biotechnologies Corporation

Overview

• Focus: Immune medicine platform that reads the adaptive immune system to understand how it detects and treats disease in individual patients.
• Core platform components:
  • immunosequencing (TCR/BCR sequencing), antigen identification, TCR–antigen mapping, pairing, and characterization
  • large clinical immunomics database and machine learning to derive insights for diagnostics, drug discovery, and data products
• Two main businesses (since 2024 reorganization):
  • MRD business (Minimal Residual Disease): clinical assessment of MRD in lymphoid malignancies
  • Immune Medicine (IM) business: data-driven immune-repertoire insights, target discovery, and data licensing

MRD Business (clonoSEQ)

What it is

FDA-cleared MRD testing using a highly sensitive next-generation sequencing (NGS) assay; also offered as a CLIA‑validated LDT for additional indications and sample types.

Key offerings

• clonoSEQ clinical diagnostic test (MRD monitoring)
• MRD Pharma (MRD testing service for biopharmaceuticals)

Market and coverage

• Payor coverage: >300 million lives for ALL and MM; >270 million for CLL; >90 million for DLBCL
• Medicare coverage for recurrence monitoring in MCL; IVDR/CE status in EU; ongoing expansion into other regions

Growth and usage (2025)

• MRD revenue: $212.3 million (46% growth vs. 2024)
• Total 2025 revenue: $277.0 million (vs. $179.0 million in 2024)
• clonoSEQ test volume: 105,587 tests delivered (up 39% year over year)
• MRD testing accessibility via EMRs:
  • 173 sites enabled on Epic’s EMR system through OncoEMR and other EMRs
  • 54 Epic sites integrated; 113 Flatiron OncoEMR sites launched (as of 12/31/2025); total 173 Epic/EMR sites

Product and approval milestones

• FDA: clonoSEQ marketing authorization for MRD in MM and ALL (2018, de novo); expanded clearance in 2020 for CLL (bone marrow and blood); 2021 clearance for ALL from blood; DLBCL and MCL promoted as CLIA/LDTs
• Regulatory and reimbursement: Medicare coverage expanded for DLBCL (2022) and MCL (2024); PLA code for clonoSEQ (2023; price published 2025)
• Clinical use: clonoSEQ used in >180 active trials with >40 biopharmaceutical partners; MRD is a clinical endpoint in >100 trials

Adoption and integration

• clonoSEQ integrated into major EMRs to streamline ordering and results access
• Ongoing expansion in NHL indications (DLBCL, MCL) and other lymphoid malignancies

Clinical and economic characteristics

• Sensitivity: 1 in 1,000,000 cells (analytical sensitivity)
• Clinical utility: supports treatment decisions, relapse monitoring, and drug development
• Reimbursement: broad U.S. coverage in promoted indications; ongoing expansion of payer contracts

Immune Medicine (IM) Business

What it is

Platform that sequences, maps, pairs, and characterizes millions of TCRs and BCRs and maintains a large clinical immunomics database.

Data assets and capabilities

• Datasets: 100,000+ signatures of cancer and autoimmune disease
• Antigen mapping: >5,000,000 matches of TCRs to disease-related antigens
• Data breadth: >20,000 antigens; nearly 50 HLA types
• Core data engine supports immunosequencing services, data licensing, TCR–antigen prediction models, and target discovery

Services and offerings

• Immunosequencing services for drug development
• Data licensing: access to proprietary datasets linking paired TCRs to antigens
• TCR–antigen prediction models (AI/ML) for research applications
• Target discovery for disease-driving targets (e.g., in MS, T1D, ankylosing spondylitis)

Partnerships and collaboration

• December 2025: two non-exclusive data-discovery agreements with Pfizer to accelerate RA and broader immunology research
• Paired TCR-to-antigen matches increased from >2 million to >5 million across 20,000+ antigens and ~50 HLA types

Future product development

• Development toward potential clinical diagnostics in autoimmunity and other indications
• Monetization of datasets, prediction models, and target-discovery outputs through collaborations and data licensing

People, footprint, and IP

• Employees: 624 full-time as of December 31, 2025 (94 with medical or doctoral degrees)
• Intellectual property:
  • 416 issued and allowed patents; 64 pending patent applications
  • Patent families include non-target immunosequencing and tools (e.g., pairSEQ); diagnostics and monitoring (e.g., clonoSEQ, MIRA); therapeutic antibodies and peptides; disease-specific TCRs; sequencing technologies
• Headquarters and operations:
  • Corporate headquarters: 1165 Eastlake Avenue East, Seattle, WA 98109
  • Primary labs: Seattle, WA and South San Francisco, CA
  • Sequencing platforms: Illumina NextSeq and NovaSeq X Plus; transitioning to NovaSeq X Plus for MRD testing

Regulatory and quality

• CLIA-certified, CAP-accredited, and IVDR-certified (EU)
• Some platforms are RUO (research-use-only) with regulatory considerations for LDT and IVDR in various regions

Financial snapshot (selected 2025 results)

• Total revenue: $277.0 million (2024: $179.0 million)
• MRD revenue: $212.3 million (46% growth from 2024)
• Net loss: $59.5 million in 2025 (2024 loss: $159.6 million; 2023 loss: $225.3 million)
• Cash and liquidity:
  • Net cash used in operations: $46.0 million in 2025 (vs. $95.2 million in 2024)
  • Cash, cash equivalents, and marketable securities: $227.2 million as of 12/31/2025
  • Excludes $13.1 million of cash held by Digital Biotechnologies, Inc.
• Other corporate notes:
  • Revenue Interest Purchase Agreement with OrbiMed (Sept 2022): received $124.4 million; 5% revenue interest; return cap of 165% of the purchase amount by 9/12/2028 (potentially 175% if cap not reached by 2032)

Key growth drivers

• MRD test volume growth and expanded payor coverage
• Expanded EMR integrations (Epic, Flatiron) enabling routine access to testing
• Broad participation in clinical trials and regulatory milestones

What the company does

• Delivers highly sensitive MRD testing for lymphoid cancers via clonoSEQ to support treatment decisions, relapse monitoring, and drug development
• Builds and monetizes an immune-repertoire data platform that sequences TCRs/BCRs, identifies disease antigens, maps TCR–antigen interactions, and provides data licensing and prediction tools
• Partners with large biopharma (e.g., Pfizer) to accelerate immunology research and target discovery
• Sells tests and services to clinicians and biopharma sponsors; integrates test ordering and results with major EMR systems
• Maintains a broad patent portfolio and trade secrets to protect MRD and IM platforms

Notes

The figures above reflect information disclosed in the company’s 2025 annual materials (Form 10-K) and related disclosures, including revenue, test volumes, EMR integrations, partnerships, financial metrics, and IP counts as of December 31, 2025.