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Nasdaq · Healthcare

Adaptive Biotechnologies Corp (ADPT)

As-reported financials and SEC filings for Adaptive Biotechnologies Corp. The latest annual period is FY2025. The latest reported quarter is Q2 FY2026. Financial statements come straight from the company’s EDGAR filings; valuation figures such as P/E and market cap use market data.

About Adaptive Biotechnologies Corp

Adaptive Biotechnologies Corp develops immune medicine products by analyzing the adaptive immune system to improve disease diagnosis and treatment. Its main offerings include the clonoSEQ test for detecting minimal residual disease in lymphoid cancers and immune receptor sequencing services that support biopharmaceutical research and autoimmune disease studies. The company serves clinicians, biopharmaceutical partners, and researchers focused on cancer and immune-related diseases.

Snapshot

Revenue
$277.0M
Revenue growth (YoY)
54.8%
Net income
$-59.5M
Diluted EPS
$-0.39
Gross margin
74.2%
Operating margin
-20.6%
Net margin
-21.5%
FCF margin
-17.7%
ROE
-26.4%
net income / fiscal-year-end equity
P/E
trailing when available, otherwise FY EPS
Market cap
$3.98B
Long-term debt / equity
0.56×
non-current term debt only

Fundamentals are from SEC filings for FY2025, the latest annual period (ended December 31, 2025). P/E and market cap are derived from stored market prices, last retrieved on a rolling basis and typically within the past week.

What changed at Adaptive Biotechnologies

  • Revenue grew 54.8% to $277M in FY2025, faster than the 5.1% the year before.
  • Operating margin is -20.6% in FY2025, +114.8 pp against -135.4% in FY2021.
  • Most recent quarter Q2 FY2026: revenue $72M, up 21.5% from Q2 FY2025.
  • Free cash flow was negative $49M in FY2025.
  • Net loss narrowed to $59M in FY2025, from $159M in FY2024.

Computed from the as-reported figures in the statements below. A change we cannot state from filed figures is left out rather than estimated.

Peer comparison

Where Adaptive Biotechnologies’s fundamentals sit among the 71 biotech companies. Each figure is ranked only against peers that report it, from lowest (left) to highest (right).

Gross margin74.2%
62nd percentile of 14
Operating margin-20.6%
20th percentile of 31
Net margin-21.5%
19th percentile of 32
FCF margin-17.7%
33rd percentile of 28
Revenue growth (YoY)+54.8%
67th percentile of 64
ROE-26.4%
57th percentile of 61
Long-term debt / equity0.56×
74th percentile of 20
Short interest5.72d
37th percentile of 71

No reported insider purchases (code P) in the last 90 days; 31 insider sales totaling $50.6M. For context, about 15% of companies in the universe saw any reported insider purchase (code P) in the same window. Browse insider activity →

Percentiles describe where a figure sits among industry peers reporting it (100th = highest). They are position within a peer group, not a rating, and not investment advice. Short interest ranking uses days to cover from FINRA Consolidated Short Interest data; FINRA is the owner and source of that data, included at no additional charge.

Institutional ownership

Held by 5 of the superinvestors we track (plus 5 quant / multi-strat books), based on each investor’s most recent 13F; periods vary by investor (newest: Q2 2026).

Conviction investors
5
+5 quant / multi-strat
Initiated / added
2
0 new, 2 added
Reduced / exited
9
7 trimmed, 2 exited
Combined position
$821.1M
reported long value
InvestorAs ofPosition valueSharesChange
Viking Global InvestorsQ2 2026$643.4M30.0MHeld
D. E. ShawquantQ2 2026$99.2M4.6MAdded
ARK Investment ManagementQ2 2026$44.8M2.1MReduced
Millennium ManagementquantQ2 2026$10.8M504.9KReduced
AQR Capital ManagementquantQ2 2026$7.8M362.9KReduced
Renaissance TechnologiesquantQ2 2026$6.5M302.8KAdded
Citadel AdvisorsquantQ2 2026$3.9M181.4KReduced
Polen Capital ManagementQ2 2026$2.2M102.5KReduced
Gotham Asset ManagementQ2 2026$1.6M74.7KReduced
Bridgewater AssociatesQ2 2026$859,86640.1KReduced

No longer held by: Point72 Asset Management (as of Q2 2026), Two Sigma Investments (as of Q2 2026)

From quarterly Form 13F filings, which can be up to 45 days delayed. Long US-listed positions only: excludes short positions, options, cash, bonds, and non-US holdings, so this is not a manager’s complete portfolio. Counts are of the investors we track, not all institutions. Not investment advice.

Recent insider activity

Non-derivative buys and sells (codes P/S) reported by officers, directors and 10% owners on SEC Form 4.

Buys (90d)
0
code P
Bought (90d)
code P value
Sells (90d)
31
$50.6M
Reported activity
Net selling
by $ value, 90d
Trade dateInsiderTypeSharesPriceValue
2026-08-26
filed 2026-08-28
OWEN KATEY EINTERZDirectorSell9.6K$26.00$250K
2026-08-18
filed 2026-08-19
ROBINS CHAD MCEO and ChairmanSell278.5K$24.48$6.8M
2026-08-18
filed 2026-08-20
HERSHBERG ROBERTDirectorSell15.7K$24.41$382K
2026-08-18
filed 2026-08-20
HERSHBERG ROBERTDirectorSell15.0K$24.39$366K
2026-08-18
filed 2026-08-19
ROBINS CHAD MCEO and ChairmanSell204$25.14$5K
2026-08-17
filed 2026-08-19
ROBINS CHAD MCEO and ChairmanSell318.8K$25.08$8.0M
2026-08-17
filed 2026-08-19
NEUPERT PETER MDirectorSell69.7K$25.16$1.8M
2026-08-17
filed 2026-08-19
NEUPERT PETER MDirectorSell40.0K$25.10$1.0M
2026-08-17
filed 2026-08-19
NEUPERT PETER MDirectorSell15.0K$25.23$378K
2026-08-17
filed 2026-08-19
ROBINS CHAD MCEO and ChairmanSell2.5K$25.57$65K
2026-08-10
filed 2026-08-12
BOBULSKY SUSANChief Commercial Officer, MRDSell3.0K$25.00$75K
2026-07-30
filed 2026-08-03
BOBULSKY SUSANChief Commercial Officer, MRDSell1.3K$24.00$31K

Reported non-derivative purchases and sales (codes P/S) — which may be open-market or private; excludes option exercises, grants, and shares withheld for taxes. Dates shown are the trade date; a Form 4 can be filed days to years later. A sale can be routine (e.g. a pre-set 10b5-1 plan), so read individual transactions in context. From SEC Form 4. Not investment advice.

Short interest

Total shares sold short as of each twice-monthly FINRA settlement. Rising short interest means more investors are positioned against the stock; days to cover estimates how many trading days of average volume that position represents.

Shares short
13.3M
settled 2026-08-14
Change vs prior
+6.7%
vs previous settlement
Days to cover
5.72
at avg daily volume
Avg daily volume
2.3M
FINRA reported
SettlementShares shortChangeDays to cover
2026-08-1413.3M+6.7%5.72
2026-07-3112.5M+9.6%4.39
2026-07-1511.4M+0.4%4.31
2026-06-3011.4M+48.5%2.23
2026-06-157.6M-7.2%2.82
2026-05-298.2M-7.4%5.13
2026-05-158.9M+5.4%4.55
2026-04-308.4M-1.3%6.94

Source: FINRA Consolidated Short Interest. FINRA is the owner and source of the FINRA-supplied data, which is included at no additional charge for your own personal or professional use; republishing or redistributing it is not permitted. Settlement dates are shown; FINRA publishes each settlement about nine business days later, so the latest figure can be two to four weeks old. Not presented as a percentage of float. No FINRA endorsement of this product is implied. Not investment advice.

Income statement (as reported)

 FY2025FY2024FY2023FY2022FY2021
Revenue$277.0M$179.0M$170.3M$185.3M$154.3M
Gross profit$205.6M$106.9M$94.7M$127.4M$105.0M
Operating income$-57.1M$-162.5M$-227.0M$-200.2M$-209.0M
Net income$-59.5M$-159.5M$-225.3M$-200.2M$-207.3M
Diluted EPS$-0.39$-1.08$-1.56$-1.40$-1.48

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.

Balance sheet (as reported)

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.

Cash flow (as reported)

 FY2025FY2024FY2023FY2022FY2021
Operating cash flow$-46.0M$-95.2M$-156.3M$-183.9M$-192.7M
Capital expenditure$3.0M$3.7M$10.7M$16.3M$61.7M
Free cash flow$-48.9M$-98.9M$-167.0M$-200.3M$-254.5M

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.

Quarterly trend (as reported)

QuarterRevenueRevenue YoYNet incomeDiluted EPS
Q2 FY2026$71.6M21.5%$-39.8M$-0.25
Q1 FY2026$70.9M35.1%$-20.0M$-0.13
Q4 FY2025$71.7M51.0%$-13.6M$-0.09
Q3 FY2025$94.0M102.4%$9.5M$0.06
Q2 FY2025$58.9M36.3%$-25.6M$-0.17
Q1 FY2025$52.4M25.2%$-29.9M$-0.20
Q4 FY2024$47.5M3.7%$-33.7M$-0.23
Q3 FY2024$46.4M22.5%$-32.1M$-0.22

Latest 8 reported quarters, from company XBRL filings on SEC EDGAR.

Company facts

ExchangeNasdaq
SectorHealthcare
SIC industryBiological Products, (No Diagnostic Substances)
Latest annual periodFY2025 (ended December 31, 2025)
Latest reported quarterQ2 FY2026 (ended June 30, 2026)
Oldest indexed filing2009
SEC CIK1478320

Selected SEC filings

10-Q2026-08-04
View on EDGAR →
10-Q2026-05-05
View on EDGAR →
8-K2026-07-29
View on EDGAR →
8-K2026-06-22
View on EDGAR →
8-K2026-06-15
View on EDGAR →
8-K2026-06-09
View on EDGAR →

Largest biotech peers

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Data sourced from SEC EDGAR. Figures are as-reported and may be unaudited or restated; verify against the source filing before relying on them. Informational only. Not investment advice.