Adaptive Biotech FY 2025 clonoSEQ test volume hits 105,587 (+39%)

Adaptive Biotechnologies (Adaptive) reported FY 2025 revenue of USD 277.0 million (USD 276,976 thousand), up 55% YoY, driven by MRD revenue of USD 212.3 million and Immune Medicine revenue of USD 64.6 million. Net loss attributable to shareholders narrowed to USD 59.5 million, with a net loss per share of USD 0.39 (basic and diluted). Loss from operations was USD 57.1 million, while Adjusted EBITDA was USD 12.2 million. Cost of revenue was USD 71.4 million, R&D expense was USD 93.8 million, sales and marketing expense was USD 94.6 million, and G&A expense was USD 72.7 million. Cash, cash equivalents and marketable securities totaled USD 240.2 million as of December 31, 2025. Operationally, Adaptive said clonoSEQ test volume rose 39% to 105,587 tests delivered in FY 2025. The company highlighted Medicare updates for clonoSEQ, including a new Medicare CLFS rate of USD 2,007 per test and MolDX episode pricing of USD 8,029 for covered indications, plus expanded Palmetto GBA coverage in April 2025 for single time point testing to monitor recurrence in patients with a history of mantle cell lymphoma. Adaptive also reported that its collaboration and license agreement with Genentech was terminated on August 13, 2025, effective February 9, 2026; it recognized remaining related deferred revenue during the three months ended September 30, 2025 and said it is no longer eligible for additional milestone payments or tiered royalties.

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