MRD Business Highlights - Adaptive Biotechnologies achieved approximately $212 million in MRD revenue for the full year 2025[20] - The company experienced a 53% Compound Annual Growth Rate (CAGR) in pharma revenue[20] - Sequencing gross margins are approximately 65% in 2025[21] - Clinical volume growth shows a 44% CAGR from 2021 to 2025[22] - Over 50% of US heme-oncologists ordered clonoSEQ in 2025[22] - The company anticipates an average selling price (ASP) of approximately $1,400 per US clinical test in FY 2026[47] Immune Medicine (IM) Highlights - Adaptive Biotechnologies has generated over 5 million paired TCRs to antigen, significantly exceeding the 40,000 publicly available[52] - The company's Immune Medicine division had an annual cash burn of approximately $30 million in FY 2025, with a target to reduce it to $15 million to $20 million[60] Overall Company Goals - Adaptive Biotechnologies aims to achieve positive adjusted EBITDA and positive Free Cash Flow (FCF) for the whole company by the end of 2026[61]

Financial Results - Adaptive Biotechnologies Corporation reported financial results for the quarter and year ended December 31, 2025[4]. - The press release detailing the financial results was issued on January 12, 2026[4]. - The financial results include key metrics that will be detailed in the attached press release and presentation[4][6]. - The report does not include specific performance metrics or guidance in the provided content[4][6]. Investor Relations - The company provided an Investor Presentation intended for meetings with investors and analysts[6]. - The company has not indicated any obligation to update the Investor Presentation in the future[6]. Company Information - The company is not classified as an emerging growth company under the relevant regulations[3]. - The company is based in Seattle, Washington, and trades on the NASDAQ under the symbol ADPT[2]. Report Details - The financial statements and exhibits related to the report are included as attachments[9]. - The report was signed by Kyle Piskel, Chief Financial Officer, on January 12, 2026[13].

Core Insights - Adaptive Biotechnologies reported a significant revenue growth of 55% for the full year 2025, reaching approximately $277 million, driven by strong adoption of clonoSEQ testing [6] - The company anticipates continued growth in 2026, focusing on maintaining leadership in MRD testing and expanding profitability [2] Financial Performance - Total revenue for Q4 2025 was approximately $72 million, marking a 51% increase compared to Q4 2024 [6] - MRD revenue for Q4 2025 was around $62 million, reflecting a 54% increase year-over-year [6] - For the full year 2025, MRD revenue reached approximately $212 million, a 46% increase compared to 2024 [6] - Excluding regulatory milestone revenue, MRD revenue for the full year 2025 grew by 45% [6] - ClonoSEQ test volume increased by 43% in Q4 2025, totaling approximately 30,000 tests, and ended the year with about 105,600 tests delivered, up 39% from 2024 [6] - As of December 31, 2025, the company had approximately $227 million in cash, cash equivalents, and marketable securities [6] Strategic Outlook - The CEO emphasized the pivotal nature of 2025 for Adaptive, highlighting the acceleration in MRD business and clonoSEQ adoption [2] - The company plans to release complete financial results for Q4 and full year 2025 in February 2026 [2]

Core Insights - Digital Biotechnologies Inc., a new subsidiary of Adaptive Biotechnologies, has successfully raised funds through an initial closing of a Series A investment round [1] Company Overview - Digital Biotechnologies Inc. is based in Seattle and operates under the umbrella of Adaptive Biotechnologies, which is publicly traded and focuses on immune medicine [1] Financial Activity - The company has completed an initial closing of a Series A investment round, indicating a positive reception from investors and potential for future growth [1]

Core Insights - Adaptive Biotechnologies Corporation is participating in the 44th Annual J.P. Morgan Healthcare Conference in San Francisco, CA on January 12, 2026 [1][2] Company Overview - Adaptive Biotechnologies is a commercial-stage biotechnology company focused on leveraging the adaptive immune system for disease diagnosis and treatment [3] - The company aims to decode the adaptive immune system's genetics to enhance its diagnostic and therapeutic capabilities [3] - Its proprietary immune medicine platform is designed to translate the genetics of the adaptive immune system with scale, precision, and speed [3] - The company operates in two business segments: Minimal Residual Disease (MRD) and Immune Medicine, developing clinical diagnostics and partnering with biopharmaceutical companies [3] - The goal is to create immune-driven clinical products tailored to individual patients for diseases such as cancer and autoimmune disorders [3]

Core Insights - Adaptive Biotechnologies has entered into two non-exclusive agreements with Pfizer to advance research in rheumatoid arthritis and other immune-related diseases [1] Company Summary - The collaboration with Pfizer aims to leverage Adaptive Biotechnologies' expertise in immune profiling to enhance the understanding and treatment of autoimmune conditions [1] - These deals signify a strategic partnership that may lead to innovative therapeutic solutions in the field of immunology [1] Industry Summary - The agreements highlight the growing interest and investment in research related to autoimmune diseases, particularly rheumatoid arthritis, which affects millions globally [1] - This collaboration reflects a broader trend in the pharmaceutical industry towards partnerships that combine advanced biotechnology with traditional drug development [1]

Core Insights - Adaptive Biotechnologies has entered into two non-exclusive agreements with Pfizer to utilize its T-cell receptor (TCR) discovery capabilities and immune receptor antigen mapping data for research in rheumatoid arthritis (RA) [1][3][5] Group 1: Agreements Overview - The first agreement focuses on identifying disease-causing TCRs in RA, where Adaptive will analyze Pfizer's clinical samples to find common TCRs enriched in RA patients [3] - The second agreement involves licensing Adaptive's TCR-antigen datasets, which are claimed to be the largest and highest quality available, for use in developing AI and machine learning models at Pfizer [4][6] Group 2: Financial Aspects - Adaptive will receive an upfront payment from Pfizer and may be eligible for additional payments that could total up to approximately $890 million, contingent on data delivery, development, and commercialization milestones [5] - Specific financial terms of the TCR-antigen data licensing agreement have not been disclosed, but it is a multi-year, non-exclusive agreement [6] Group 3: Company Background - Adaptive Biotechnologies is a commercial-stage biotechnology company focused on leveraging the adaptive immune system for disease diagnosis and treatment, with a goal to develop immune-driven clinical products tailored to individual patients [7]

Core Insights - Adaptive Biotechnologies Corporation is focused on translating the genetics of the adaptive immune system into clinical products for disease diagnosis and treatment [2] - The company will participate in a Jefferies fireside chat to discuss Minimal Residual Disease (MRD) in Hematology/Oncology, highlighting their clonoSEQ assay technology [1] Company Overview - Adaptive Biotechnologies is a commercial-stage biotechnology company that aims to leverage the adaptive immune system for disease diagnosis and treatment [2] - The company utilizes a proprietary immune medicine platform to decode the genetics of the adaptive immune system, enabling partnerships with biopharmaceutical companies and informing drug development [2] - The company operates in two business segments: Minimal Residual Disease (MRD) and Immune Medicine, focusing on the diagnosis, monitoring, and treatment of diseases such as cancer and autoimmune disorders [2]

Core Viewpoint - Adaptive Biotechnologies Corp. experienced a significant decline of 24.5% in its stock price due to the sale of substantial stakes by key executives, raising concerns among investors [1][2]. Executive Sales - Chairman and CEO Chad Robins sold $3.07 million worth of shares in two transactions on November 26 and December 1, with average prices between $18.94 and $19.68 [2]. - Chief Financial Officer Kyle Piskel sold $3.17 million worth of shares on November 28, covering 162,820 shares at a price of $19.5 each, while also acquiring $1.25 million in new shares at prices ranging from $6.55 to $12.14 [2]. - Harlan Robins, the Chief Scientific Officer, disposed of $672,515 worth of shares at prices between $16.61 and $18.61 [2]. Regulatory Compliance - The transactions by the executives were conducted in accordance with the Rule 10b5-1 trading plan adopted in August [2]. Market Perception - Insider selling is generally viewed negatively by ordinary investors due to potential business concerns, although such sales can also be attributed to profit-taking and personal reasons [2]. Investment Outlook - While Adaptive Biotechnologies has potential as an investment, there is a belief that certain AI stocks may offer better returns with limited downside risk [2].

Core Insights - Adaptive Biotechnologies Corporation is showcasing the increasing interventional use of its clonoSEQ® test at the 67th American Society of Hematology Annual Meeting, with 90 abstracts featuring clonoSEQ data [1] - The clonoSEQ test is being utilized to guide clinical decisions in blood cancer treatment, particularly in assessing measurable residual disease (MRD) status [3][8] Group 1: Clinical Studies and Findings - The phase II EndRAD study supports the use of next-generation sequencing (NGS) MRD status prior to allogeneic hematopoietic cell transplantation (HCT) to select non-total body irradiation (TBI) conditioning approaches, showing excellent event-free and overall survival in 51 NGS MRD negative patients [2] - In multiple myeloma (MM), a phase III AURIGA study demonstrated that deep MRD responses correlate with improved progression-free survival, with intensified maintenance post-transplant doubling MRD negativity rates [7] - A phase II study in chronic lymphocytic leukemia (CLL) showed that a combination therapy achieved deep and durable remissions based on MRD assessment, highlighting clonoSEQ's role in guiding treatment duration [7] Group 2: Impact on Treatment Approaches - clonoSEQ MRD status is being used by healthcare providers to tailor treatment intensity and duration, enhancing precision in clinical decision-making [3][8] - The data presented at ASH indicates a shift towards using clonoSEQ to de-escalate therapy in certain patient populations, such as frail older adults with diffuse large B-cell lymphoma (DLBCL) [7] - The unprecedented volume of data at ASH reinforces clonoSEQ's leadership in blood cancer MRD monitoring, reflecting its value in therapeutic progress and patient management [8] Group 3: Product Overview - clonoSEQ is the first FDA-cleared in vitro diagnostic test for detecting and tracking MRD in patients with multiple myeloma, B-cell acute lymphoblastic leukemia, and chronic lymphocytic leukemia [9] - The test identifies and quantifies DNA sequences in malignant cells, detecting one cancer cell in one million healthy cells, which aids clinicians in monitoring MRD with precision [10] - clonoSEQ is covered by Medicare for multiple myeloma, CLL, ALL, DLBCL, and mantle cell lymphoma, indicating its established role in clinical practice [9]