Adaptive Biotechnologies Corp SEC 10-Q Report

Adaptive Biotechnologies Corp, a company specializing in immune-driven medicine and molecular diagnostics, has released its Form 10-Q report for the second quarter of 2025. The report reveals significant improvements in both financial and operational metrics, underscoring the company's robust growth and strategic advancements in the biotechnology sector.

Financial Highlights

• Total Revenue: $58.9 million, increased by 36% compared to the same period last year, driven by higher MRD service revenue and regulatory milestone revenue.
• Cost of Revenue: $18.0 million, decreased by 7% from the prior year, reflecting reductions in inventory reserve expense and assay costs.
• Loss from Operations: $(25.0) million, improved from a loss of $(47.3) million in the prior year, indicating better operational efficiency.
• Net Loss: $(25.6) million, improved from a net loss of $(46.2) million in the prior year, reflecting increased revenue and cost management.
• Net Loss Per Share: $(0.17), improved from $(0.31) in the prior year, due to higher revenue and reduced operating expenses.

Business Highlights

• Revenue Segments: The MRD segment saw a significant increase in revenue, primarily driven by a 37% increase in clonoSEQ test volume, reaching 25,321 tests delivered in Q2 2025 compared to 18,520 in Q2 2024. Additionally, there was a $2.5 million increase in revenue from regulatory milestones achieved by biopharmaceutical customers.
• Immune Medicine Revenue: The Immune Medicine segment experienced a $1.0 million increase in revenue, largely due to a $2.1 million increase from the Genentech collaboration, despite a $1.1 million decrease in revenue from biopharmaceutical and academic customers.
• Sales Units: The clonoSEQ test volume increased by 37% year-over-year, indicating strong demand and adoption in the market.
• Future Outlook: The company expects MRD revenue to increase in the long term as it continues to expand its clinical testing volume and optimize payor coverage. Immune Medicine revenue is also expected to grow as therapies advance towards commercialization.
• Operational Efficiency: Cost of revenue decreased by 7% due to reductions in inventory reserve expense and assay costs, as well as decreased overhead costs from reduced laboratory relocation and consolidation activities.
• Research and Development: R&D expenses decreased by 5% due to lower personnel costs and reduced facility expenses, reflecting a more efficient allocation of resources.
• Sales and Marketing: Sales and marketing expenses increased, reflecting heightened marketing activities to drive awareness and adoption of products and services.
• General and Administrative: These expenses remained relatively stable, with a focus on supporting the company's growth and operational needs.

SEC Filing: Adaptive Biotechnologies Corp [ ADPT ] - 10-Q - Aug. 05, 2025