Adaptive Biotechnologies Corporation
- Open
- 24.91
- Day high
- 24.93
- Day low
- 24.50
- Prev close
- 24.92
- Volume
- 145K
- Mkt cap
- $4.0B
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 27.8
- P/S
- 12.9
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$50.6M over the last 3 months (0 open-market buys, 31 sales)
- 🏛Institutions accumulating (13F)
Adaptive Biotechnologies Corporation (ADPT) is a Healthcare company listed on NASDAQ. The stock is down 52% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 31 sales (SEC Form 4).
Adaptive Biotechnologies Corporation (ADPT) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 6 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
ADPT earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 29, 2026 | $-0.13 | $-0.25 | -87.1% | $72M | +9.3% |
| May 5, 2026 | $-0.16 | $-0.13 | +18.8% | $71M | +16.2% |
| Feb 5, 2026 | $-0.19 | $-0.09 | +52.6% | $72M | +22.6% |
| Nov 5, 2025 | $-0.16 | $-0.15 | +6.3% | $94M | +58.2% |
| May 1, 2025 | $-0.28 | $-0.20 | +28.6% | $52M | +24.5% |
| Nov 7, 2024 | $-0.30 | $-0.22 | +26.7% | $46M | +15.5% |
| Aug 1, 2024 | $-0.32 | $-0.26 | +18.8% | $43M | +6.5% |
| Feb 14, 2024 | $-0.32 | $-0.30 | +6.3% | $46M | -6.5% |
| Nov 9, 2023 | $-0.32 | $-0.35 | -9.4% | $38M | -13.1% |
| Aug 2, 2023 | $-0.33 | $-0.33 | +0.0% | $49M | +8.1% |
| May 3, 2023 | $-0.34 | $-0.40 | -17.6% | $38M | +1.0% |
| Feb 14, 2023 | $-0.37 | $-0.28 | +24.3% | $55M | +1.9% |
ADPT insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 28, 2026 | OWEN KATEY EINTERZdirector | Sell | 9,615 | $26.00 |
| Aug 20, 2026 | HERSHBERG ROBERTdirector | Option | 15,000 | $6.32 |
| Aug 20, 2026 | HERSHBERG ROBERTdirector | Sell | 15,664 | $24.41 |
| Aug 20, 2026 | HERSHBERG ROBERTdirector | Sell | 15,000 | $24.39 |
| Aug 19, 2026 | ROBINS CHAD Mdirector, officer: CEO and Chairman | Option | 321,324 | $6.55 |
| Aug 19, 2026 | ROBINS CHAD Mdirector, officer: CEO and Chairman | Sell | 318,799 | $25.08 |
| Aug 19, 2026 | ROBINS CHAD Mdirector, officer: CEO and Chairman | Sell | 2,525 | $25.57 |
| Aug 19, 2026 | ROBINS CHAD Mdirector, officer: CEO and Chairman | Option | 278,676 | $6.55 |
| Aug 19, 2026 | NEUPERT PETER Mdirector | Option | 15,000 | $6.32 |
| Aug 19, 2026 | NEUPERT PETER Mdirector | Sell | 15,000 | $25.23 |
| Aug 19, 2026 | NEUPERT PETER Mdirector | Sell | 40,000 | $25.10 |
| Aug 19, 2026 | NEUPERT PETER Mdirector | Sell | 69,690 | $25.16 |
| Aug 19, 2026 | ROBINS CHAD Mdirector, officer: CEO and Chairman | Sell | 204 | $25.14 |
| Aug 19, 2026 | ROBINS CHAD Mdirector, officer: CEO and Chairman | Sell | 278,472 | $24.48 |
| Aug 12, 2026 | BOBULSKY SUSANofficer: Chief Commercial Officer, MRD | Sell | 3,000 | $25.00 |
Source: ADPT SEC Form 4 filings, latest Aug 28, 2026. For informational purposes only — not investment advice.
See the full ADPT insider & 13F page →Adaptive Biotechnologies Corporation company profile
Overview
Adaptive Biotechnologies Corporation (NASDAQ:ADPT) is a commercial-stage biotechnology company founded in 2009 and headquartered in Seattle, Washington. The company was originally incorporated as Adaptive TCR Corporation before changing its name in December 2011. Adaptive went public in June 2019 and has since established itself as a leader in immune medicine platform development. The company focuses on leveraging the adaptive immune system to develop diagnostic tests and therapeutic treatments for various diseases including cancer, autoimmune conditions, and infectious diseases.
Business
Adaptive Biotechnologies operates in the biotechnology sector, specifically focusing on immune medicine platforms that analyze and interpret the adaptive immune system. The adaptive immune system consists of T-cells and B-cells that create unique receptors to fight specific threats, essentially creating a biological "memory" of every pathogen, cancer cell, or foreign substance the body has encountered. The company's core technology platform sequences and analyzes these immune receptors to extract meaningful clinical information. This approach is fundamentally different from traditional diagnostics that look at single biomarkers - instead, Adaptive reads the immune system's comprehensive "memory" to detect and monitor diseases. **Primary Business Segments:** 1. **Minimal Residual Disease (MRD) Business (~81% of revenue):** This segment centers around clonoSEQ, a clinical diagnostic test that detects minimal residual disease in blood cancer patients. MRD refers to small numbers of cancer cells that remain in a patient's body after treatment, which traditional methods cannot detect. clonoSEQ can identify one cancer cell among a million normal cells, helping doctors determine if treatment is working and whether cancer might return. The test is FDA-approved for multiple myeloma, B-cell acute lymphoblastic leukemia, and chronic lymphocytic leukemia, with expanding coverage for other lymphoid cancers. 2. **Immune Medicine Business (~19% of revenue):** This segment includes immunoSEQ, a research platform used by pharmaceutical companies and researchers to understand immune responses. The platform helps vaccine developers measure T-cell responses, supports drug discovery efforts, and enables translational research. This segment also encompasses the company's drug discovery programs, including partnerships with Genentech for cancer cell therapies and internal development of treatments for autoimmune diseases. The company also offers specialized services like T-Detect COVID for confirming past COVID-19 infections and T-MAP COVID for measuring vaccine responses, though these represent smaller revenue contributions.
Risks & safety
**Overall Assessment:** Moderate margin of safety with manageable near-term risks but elevated long-term execution risk due to cash burn and competitive dynamics. **Liquidity and Solvency:** - Cash and short-term investments: $50.6 million (Q1 2025) - Current ratio: 2.92x indicating adequate short-term liquidity - Total debt-to-equity: 0.46x showing reasonable leverage - Quarterly cash burn: ~$28-30 million with management targeting $25-30 million going forward - Estimated runway: Approximately 5-6 quarters at current burn rate **Valuation Metrics:** - Trading at 5.8x book value, suggesting premium valuation - EV/EBITDA: Not meaningful due to negative EBITDA - Price-to-sales: Approximately 2.9x based on recent revenue run rate - Company targeting EBITDA positive in second half of 2025 **Other Considerations:** - Strong revenue growth trajectory (25% growth in Q1 2025) - Improving gross margins (62% sequencing gross margin, up 17 percentage points YoY) - Expanding market opportunity in MRD testing with increasing clinical adoption - Regulatory risk from potential changes in Medicare reimbursement rates - Execution risk in achieving profitability targets and managing cash burn effectively
Recent development
Over the past few years, Adaptive Biotechnologies has undergone significant strategic evolution, transforming from a broad immune diagnostics company into a focused player in minimal residual disease testing and immune medicine drug discovery. **Strategic Business Restructuring:** The company conducted a comprehensive strategic review in 2023-2024, ultimately deciding to focus on two core areas while discontinuing certain programs. The company paused commercialization of T-Detect COVID diagnostics and significantly reduced investment in broad immune monitoring applications to concentrate resources on higher-value opportunities. **MRD Business Expansion:** The company has aggressively expanded its clonoSEQ franchise, securing Medicare coverage for additional indications including mantle cell lymphoma and achieving a significant Medicare gap-fill rate increase to $2,007 per test. The business has evolved from primarily tissue-based testing to incorporating blood-based testing, which now represents 44% of tests and offers operational advantages. Strategic partnerships, including the recent collaboration with NeoGenomics, are expected to accelerate market penetration. **Technology Platform Advancement:** Adaptive has invested heavily in upgrading its sequencing infrastructure, with the NovaSeq X platform rollout planned for 2025 expected to deliver 5-8 percentage points of margin improvement. The company has also expanded EMR integrations to 27 live systems, streamlining physician workflows and driving test volume growth. **Drug Discovery Pivot:** In the immune medicine segment, the company has shifted from broad research services toward focused drug discovery programs. Key developments include identifying auto-reactive T-cell receptors for multiple sclerosis and type 1 diabetes, nominating lead clinical indications for antibody therapeutic development, and maintaining its strategic partnership with Genentech for cancer cell therapies. **Operational Efficiency Initiatives:** Management has implemented significant cost reduction measures, lowering annual operating expenses from over $370 million to a targeted $335-345 million range while maintaining growth investments in key areas. The company has also improved revenue cycle management and payer contracting to drive higher average selling prices.
ADPT company profile · for informational purposes only — not investment advice.
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