Skip to main content
ADPT logo

ADPT · Adaptive Biotechnologies Corp · Financials

Track ADPT — free
$25.67 +1.25 (+5.12%)
Market Cap
$4.06B
Shares
159.60M
Volume · Oct 21 1.15M Avg daily vol (3M) 2.3M

Income-statement, balance-sheet and cash-flow figures from SEC filings, plus a debt profile anchored in the latest 10-K and updated by each 10-Q and debt exhibit.

Revenue
$276.98M +54.8%
FY2025 Revenue FY2017–FY2025
Net Income
-$59.5M +62.7%
FY2025 Net Income FY2017–FY2025
Gross Margin
74.24% +14.5pp
FY2025 Gross Margin FY2017–FY2025
Operating Margin
-20.62% +70.2pp
FY2025 Operating Margin FY2017–FY2025
Diluted EPS
-$0.39 +63.9%
FY2025 Diluted EPS FY2020–FY2025
Operating Cash Flow
-$45.99M +51.7%
FY2025 Operating Cash Flow FY2017–FY2025

Chart any reported metric, KPI or segment over time — the full statement history lives here

Line Item TTM FY2025 FY2024 FY2023 FY2022 FY2021 FY2020 FY2019 FY2018 FY2017
$308.08M $276.98M $178.96M $170.28MG $185.31MG $154.34MG $98.38M $85.07M $55.66M $38.45M
$75.25M $71.36M $72.08M $75.55M $57.91M $49.3M $22.53M $22.27M $19.67M $15.68M
$232.83M $205.62M $106.88M $94.72M $127.4M $105.04M $75.85M $62.8M $36M $22.77M
— 74.24% 59.72% 55.63% 68.75% 68.06% 77.1% 73.82% 64.67% 59.22%
$88.21M $93.77M $102.95M $122.12M $141.76M $142.34M $116.07M $70.71M $39.16M $32M
$100.71M $94.57M $84.76M $88.58M $95.6M $95.47M $61.36M $38.45M $24.49M $16.77M
$79.67M $72.7M $72.81M $83.93M $88.53M $74.5M $49.54M $30.33M $20.41M $15.95M
$1.7M $1.7M $1.7M $1.7M $1.7M $1.7M $1.7M $1.7M $1.7M $1.69M
$15.1M $16M $17.44M $19.6M $20.92M — — — — —
— — $2M — $2.02M — — — — $840K
$345.54M $334.1M $341.51M $397.31M $385.49M $363.31M $251.2M $163.46M $105.42M $82.92M
-$37.46M -$57.12M -$162.55M -$227.04M -$200.19M -$208.97M -$152.82M -$78.39M -$49.76M -$44.48M
— -20.62% -90.83% -133.33% -108.03% -135.39% -155.33% -92.15% -89.39% -115.68%
-$31.63M -$41.12M -$145.11M -$207.44M -$179.27M — — — — —
$11.51M $11.78M $11.58M $13.8M $4.24M — — — — —
— -$59.46M -$159.6M -$225.3M -$200.37M -$207.3M -$146.23M -$68.61M — —
— $0 $0 $0 — — — $0 — —
-$63.85M -$59.5M -$159.49M -$225.25M -$200.19M -$207.28M -$146.23M -$68.61M -$46.45M -$42.83M
— -21.48% -89.12% -132.29% -108.03% -134.3% -148.63% -80.65% -83.44% -111.4%
-$136K $42K -$103K -$54K -$177K -$19K — — — —
— — — — — -$207.28M -$146.23M -$69.57M -$46.35M -$42.7M
-$64.14M -$59.41M -$159.54M -$220.92M -$203.17M -$209.31M -$146.01M -$67.83M -$46.39M -$42.92M
USD/shares -$0.40 -$0.39 -$1.08 -$1.56 -$1.40 -$1.48 -$1.11 — — —
USD/shares -$0.40 -$0.39 -$1.08 -$1.56 -$1.40 -$1.48 -$1.11 — — —
shares — 151.72M 147.1M 144.38M 142.52M 140.35M 131.22M 69.17M 12.63M 12.2M
shares — 151.72M 147.1M 144.38M 142.52M 140.35M 131.22M 69.17M 12.63M 12.2M
Italic rows are computed from reported lines — open a row's info icon for its formula. Values reflect the latest filing (restatements included); per-share figures on today's split basis. Click a value for its source filing. TTM: trailing twelve months through the latest reported quarter — flows sum the last four quarters, balances take the latest. 3Y/5Y/10Y columns are trailing CAGR from the newest fiscal year; blank where an endpoint is missing or negative. (G): the company's own guidance — a (G) column is a guided period not yet reported; a G marker shows how the reported figure landed against the guided range. Non-GAAP-basis guidance (*) is shown as stated and never judged against GAAP actuals.

Debt Profile

Reported borrowing balances, repayment dates and agreement terms, with links to the underlying filings.

Reported debt balances

Each amount keeps its reported scope. Related balance-sheet measures appear under the borrowing they describe.

Reported balanceAs ofAmountSource
Current portion of long-term debt 2026-06-30 USD 0 10-Q filed 2026-08-04
Noncurrent debt carrying amount 2026-06-30 USD 0 10-Q filed 2026-08-04
Operating lease liabilities 2026-06-30 USD 75,623,000 10-Q filed 2026-08-04
Related accounting measures — not additional borrowing

Carrying amounts can reflect issuance costs or discounts. Differences between these measures are not necessarily repayments due within a year.

Current operating lease liabilities
USD 8,823,000
Noncurrent operating lease liabilities
USD 66,800,000
Instrument and agreement coverage is incomplete. Additional filings are awaiting review.
1 filing has incomplete source or extraction coverage. Verified observations are shown; missing observations do not establish that debt was unchanged.

Covenants

Covenant terms have not yet been verified for this profile.

The balance figures do not establish whether covenants apply or whether the company complies with them.

Loans, facilities and notes

0.00% Convertible Senior Notes due 2031

Note · Adaptive Biotechnologies Corporation

Reference: 0.00% Convertible Senior Notes due 2031

Active
Original principal
USD 300,000,000
Outstanding
—
Commitment
—
Availability
—
Maturity
—

Last reported interest terms: 0% Reported 2026-06-22 Later filings may not restate these terms; this does not confirm they still apply.

Covenant terms for this agreement are not yet verified.

Documents and filing history
  1. Issuance · 2026-06-22 Original principal USD 300,000,000 Exact source document Parent 8-K filing · 2026-06-22
    The definitions and provisions contained in the 2002 ISDA Equity Derivatives Definitions (the “**Equity Definitions**”), as published by the International Swaps and Derivatives Association, Inc. (“**ISDA**”), are incorporated into this Confirmation. In the event of any inconsistency between the Equity Definitions and this Confirmation, this Confirmation shall govern. Certain defined terms used herein are based on terms that are defined in the Offering Memorandum dated June 16, 2026 (the “**Offering Memorandum**”) relating to the 0.00% Convertible Senior Notes due 2031 (as originally issued by Counterparty, the “**Convertible Notes**” and each USD 1,000 principal amount of Convertible Notes, a “**Convertible Note**”) issued by Counterparty in an aggregate initial principal amount of USD 300,000,000 (as increased by [up to]^2^ an aggregate principal amount of USD 45,000,000 [if and to the extent that]^3^[pursuant to the exercise by]^4^ the Initial Purchasers (as defined herein) [exercise]^5^[of]^6^ their option to purchase additional Convertible Notes pursuant to the Purchase Agreement (as defined herein)) pursuant to an Indenture [to be]^7^ dated June 22, 2026 between Counterparty and U.S. Bank Trust Company, National Association, as trustee (the “**Indenture**”). In the event of any inconsistency between the terms defined in the Offering Memorandum, the Indenture and this Confirmation, this Confirmation shall govern. The parties acknowledge that this Confirmation is entered into on the date hereof with the understanding that (i) definitions set forth in the Indenture that are also defined herein by reference to the Indenture and (ii) sections of the Indenture that are referred to herein will conform to the descriptions thereof in the Offering Memorandum. If any such definitions in the Indenture or any such sections of the Indenture differ from the descriptions thereof in the Offering Memorandum, the descriptions thereof in the Offering Memorandum will govern for purposes of this Confirmation. The parties further acknowledge that the Indenture section numbers and cross-references used herein are based on the [draft of the Indenture last reviewed by Dealer and Counterparty as of the date of this Confirmation, and if any such section numbers or cross-references are changed in the Indenture as executed, the parties will amend this Confirmation in good faith to preserve the intent of the parties]^8^. Subject to the foregoing, references to the Indenture herein are references to the Indenture as in effect on the date of its execution, and if the Indenture is amended or supplemented following such date (other than any amendment or supplement (x) pursuant to Section 8.01(I) of the Indenture that, as determined by the Calculation Agent, conforms the Indenture to the “Description of Notes” section of the Offering Memorandum or (y) pursuant to Section 5.09 of the Indenture, subject, in the case of this clause (y), to the second paragraph under “Method of Adjustment” in Section 3 of this Confirmation), any such amendment or supplement will be disregarded for purposes of this Confirmation unless the parties agree otherwise in writing.
    Issuer evidence: The purpose of this letter agreement (this “**Confirmation**”) is to confirm the terms and conditions of the call option transaction entered into between [DEALER] (“**Dealer**”) and Adaptive Biotechnologies Corporation (“**Counterparty**”) as of the Trade Date specified below (the “**Transaction**”). This letter agreement constitutes a “Confirmation” as referred to in the ISDA Master Agreement specified below. Each party further agrees that this Confirmation together with the Agreement evidence a complete binding agreement between Counterparty and Dealer as to the subject matter and terms of the Transaction to which this Confirmation relates, and shall supersede all prior or contemporaneous written or oral communications with respect thereto.
    Supporting evidence: The definitions and provisions contained in the 2002 ISDA Equity Derivatives Definitions (the “**Equity Definitions**”), as published by the International Swaps and Derivatives Association, Inc. (“**ISDA**”), are incorporated into this Confirmation. In the event of any inconsistency between the Equity Definitions and this Confirmation, this Confirmation shall govern. Certain defined terms used herein are based on terms that are defined in the Offering Memorandum dated June 16, 2026 (the “**Offering Memorandum**”) relating to the 0.00% Convertible Senior Notes due 2031 (as originally issued by Counterparty, the “**Convertible Notes**” and each USD 1,000 principal amount of Convertible Notes, a “**Convertible Note**”) issued by Counterparty in an aggregate initial principal amount of USD 300,000,000 (as increased by [up to]^2^ an aggregate principal amount of USD 45,000,000 [if and to the extent that]^3^[pursuant to the exercise by]^4^ the Initial Purchasers (as defined herein) [exercise]^5^[of]^6^ their option to purchase additional Convertible Notes pursuant to the Purchase Agreement (as defined herein)) pursuant to an Indenture [to be]^7^ dated June 22, 2026 between Counterparty and U.S. Bank Trust Company, National Association, as trustee (the “**Indenture**”). In the event of any inconsistency between the terms defined in the Offering Memorandum, the Indenture and this Confirmation, this Confirmation shall govern. The parties acknowledge that this Confirmation is entered into on the date hereof with the understanding that (i) definitions set forth in the Indenture that are also defined herein by reference to the Indenture and (ii) sections of the Indenture that are referred to herein will conform to the descriptions thereof in the Offering Memorandum. If any such definitions in the Indenture or any such sections of the Indenture differ from the descriptions thereof in the Offering Memorandum, the descriptions thereof in the Offering Memorandum will govern for purposes of this Confirmation. The parties further acknowledge that the Indenture section numbers and cross-references used herein are based on the [draft of the Indenture last reviewed by Dealer and Counterparty as of the date of this Confirmation, and if any such section numbers or cross-references are changed in the Indenture as executed, the parties will amend this Confirmation in good faith to preserve the intent of the parties]^8^. Subject to the foregoing, references to the Indenture herein are references to the Indenture as in effect on the date of its execution, and if the Indenture is amended or supplemented following such date (other than any amendment or supplement (x) pursuant to Section 8.01(I) of the Indenture that, as determined by the Calculation Agent, conforms the Indenture to the “Description of Notes” section of the Offering Memorandum or (y) pursuant to Section 5.09 of the Indenture, subject, in the case of this clause (y), to the second paragraph under “Method of Adjustment” in Section 3 of this Confirmation), any such amendment or supplement will be disregarded for purposes of this Confirmation unless the parties agree otherwise in writing.
    Supporting evidence: The definitions and provisions contained in the 2002 ISDA Equity Derivatives Definitions (the “**Equity Definitions**”), as published by the International Swaps and Derivatives Association, Inc. (“**ISDA**”), are incorporated into this Confirmation. In the event of any inconsistency between the Equity Definitions and this Confirmation, this Confirmation shall govern. Certain defined terms used herein are based on terms that are defined in the Offering Memorandum dated June 16, 2026 (the “**Offering Memorandum**”) relating to the 0.00% Convertible Senior Notes due 2031 (as originally issued by Counterparty, the “**Convertible Notes**” and each USD 1,000 principal amount of Convertible Notes, a “**Convertible Note**”) issued by Counterparty in an aggregate initial principal amount of USD 300,000,000 (as increased by [up to]^2^ an aggregate principal amount of USD 45,000,000 [if and to the extent that]^3^[pursuant to the exercise by]^4^ the Initial Purchasers (as defined herein) [exercise]^5^[of]^6^ their option to purchase additional Convertible Notes pursuant to the Purchase Agreement (as defined herein)) pursuant to an Indenture [to be]^7^ dated June 22, 2026 between Counterparty and U.S. Bank Trust Company, National Association, as trustee (the “**Indenture**”). In the event of any inconsistency between the terms defined in the Offering Memorandum, the Indenture and this Confirmation, this Confirmation shall govern. The parties acknowledge that this Confirmation is entered into on the date hereof with the understanding that (i) definitions set forth in the Indenture that are also defined herein by reference to the Indenture and (ii) sections of the Indenture that are referred to herein will conform to the descriptions thereof in the Offering Memorandum. If any such definitions in the Indenture or any such sections of the Indenture differ from the descriptions thereof in the Offering Memorandum, the descriptions thereof in the Offering Memorandum will govern for purposes of this Confirmation. The parties further acknowledge that the Indenture section numbers and cross-references used herein are based on the [draft of the Indenture last reviewed by Dealer and Counterparty as of the date of this Confirmation, and if any such section numbers or cross-references are changed in the Indenture as executed, the parties will amend this Confirmation in good faith to preserve the intent of the parties]^8^. Subject to the foregoing, references to the Indenture herein are references to the Indenture as in effect on the date of its execution, and if the Indenture is amended or supplemented following such date (other than any amendment or supplement (x) pursuant to Section 8.01(I) of the Indenture that, as determined by the Calculation Agent, conforms the Indenture to the “Description of Notes” section of the Offering Memorandum or (y) pursuant to Section 5.09 of the Indenture, subject, in the case of this clause (y), to the second paragraph under “Method of Adjustment” in Section 3 of this Confirmation), any such amendment or supplement will be disregarded for purposes of this Confirmation unless the parties agree otherwise in writing.

Price & Valuation

Multiples computed on the strict TTM/EV methodology — today's snapshot against peers, and each ratio recomputed as of past filing dates.

Valuation

EV/Revenue
12.62×
Peer median 4.54×
EV/EBIT
—
Peer median 42.45×
P/E (TTM)
—
Peer median 34.98×

Peer medians compare against the 23 similar-size Diagnostics & Research companies (of 50 listed).

Valuation over time computed as of each quarter's filing date

Revenue Breakdown

Annual revenue as the company disaggregates it in its own XBRL filings. Years a component wasn't reported show a dash.

Share mode is each component's slice of the reported components that year — issuers rarely tag every revenue dollar, so slices need not sum to total revenue.

By Segment (USD)

Component FY2025 FY2024 FY2023 FY2022
Mrd Business Segment $212,334,000 $145,529,000 $102,739,000 $87,144,000
Immune Medicine Business $64,642,000 $33,428,000 $67,537,000 $98,164,000

By Product & Service (USD)

Component FY2025 FY2024 FY2023 FY2022 FY2021 FY2020 FY2019 FY2018
Immune Medicine Service Revenue $41,300,000 $13,500,000 $42,600,000 $62,800,000 — — — —
Development Revenue Regulatory Milestones — — — — $10,000,000 $2,500,000 $2,000,000 $10,000,000
Development Support Revenue — — — — $65,448,000 $54,443,000 $39,552,000 $12,685,000
Sequencing Revenue From Coverage Policy — — — — — — $1,600,000 —
Sequencing Revenue From Test Deliver — — — — — — $400,000 —
Sequencing Revenue — — — — $78,896,000 $41,439,000 $43,519,000 $32,978,000
Key facts CIK 1478320 CUSIP 00650F109 13F (30d) 32 filings 32 filers Visit website Investor relations