Adaptive Biotechnologies(ADPT) - 2025 Q3 - Quarterly Results

Revenue Performance - Revenue for Q3 2025 was $94.0 million, a 102% increase from Q3 2024, including $33.7 million from the terminated Genentech Agreement[3] - The MRD business contributed 60% of total revenue, growing 52% year-over-year, with MRD revenue at $56.8 million[4] - clonoSEQ test volume increased by 38% to 27,111 tests delivered compared to Q3 2024[3] - Immune Medicine revenue for Q3 2025 was $3.4 million, excluding revenue from the Genentech Agreement[4] - Revenue from the MRD segment increased to $56,788 million for the three months ended September 30, 2025, up 51.5% from $37,470 million in 2024[24] - Immune Medicine segment revenue rose to $37,185 million for the three months ended September 30, 2025, compared to $8,965 million in 2024, representing a growth of 314.5%[24] Profitability - Adjusted EBITDA for Q3 2025 was $28.0 million, compared to a loss of $14.3 million in Q3 2024[7] - Net income for Q3 2025 was $9.5 million, a significant improvement from a net loss of $32.1 million in the same period last year[6] - Adjusted EBITDA for the three months ended September 30, 2025, was $27,953 million, a significant improvement from a loss of $14,300 million in the same period of 2024[23] - Adjusted EBITDA for the Immune Medicine segment was $23,706 million for the three months ended September 30, 2025, compared to a loss of $5,212 million in 2024[24] - The company reported a net loss of $2,042 million in the MRD segment for the three months ended September 30, 2025, an improvement from a net loss of $15,068 million in the same period of 2024[24] Guidance and Forecast - Full year 2025 MRD revenue guidance raised to $202 million to $207 million, reflecting an annual growth of 39% to 42%[8] Expenses and Cash Flow - Total operating expenses for Q3 2025 were $83.7 million, a 6% increase from $79.1 million in Q3 2024[5] - Full year total company cash burn is expected to be between $45 million and $50 million, updated from the previous range[9] - Cash, cash equivalents, and marketable securities totaled $216.8 million as of September 30, 2025[7] - The company’s cash and cash equivalents increased from $47,920 million as of December 31, 2024, to $55,034 million as of September 30, 2025, an increase of approximately 14.0%[22] Balance Sheet - Total assets decreased from $539,376 million as of December 31, 2024, to $490,610 million as of September 30, 2025, a decline of approximately 9.0%[22] - Total current liabilities decreased from $98,053 million as of December 31, 2024, to $83,361 million as of September 30, 2025, a reduction of approximately 15.0%[22] - Shareholders' equity increased slightly from $202,485 million as of December 31, 2024, to $204,253 million as of September 30, 2025[22]