ADPT

MKT CAP:$2B

Adaptive Biotechnologies Corporation

Market Cap

$2B

Healthcare·Biotechnology·🇺🇸 United States·NASDAQ

Healthcare·Biotechnology·🇺🇸·NASDAQ

Stock Price

$13.82-$2.09 (-13.10%)

Apr 23, 2026

Company Details

Adaptive Biotechnologies Corporation, a commercial-stage company, develops an immune medicine platform for the diagnosis and treatment of various diseases. The company offers immunoSEQ, a platform and core immunosequencing product that is u...

CEO

Chad Robins

IPO Date

Jun 27, 2019

Website

www.adaptivebiotech.com

Key Metrics TTM

Revenue

$277M

+54.8% YoY

Net Income

-$59M

EPS (Diluted)

-$0.40

Free Cash Flow

-$49M

Revenue / Share

$1.81

Gross Margin

74.2%

Operating Margin

-20.6%

Net Margin

-21.5%

FCF Margin

-17.7%

P/S

7.8x

P/E

—

Earnings Reports

Q1 2026

May 7, 2026

PENDING

FY 2025

Feb 26, 2026

$277M+54.8%EPS -$0.39

Q4 2025

Feb 26, 2026

$72M+51.0%EPS -$0.09

Q3 2025

Nov 5, 2025

$94M+102.4%EPS $0.06

Q2 2025

Aug 5, 2025

$59M+36.3%EPS -$0.17

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$39M	$25M	-$63M
Q2 22	$44M	$30M	-$53M
Q3 22	$48M	$33M	-$45M
Q4 22	$55M	$39M	-$39M
Q1 23	$38M	$19M	-$57M
Q2 23	$49M	$31M	-$48M
Q3 23	$38M	$19M	-$51M
Q4 23	$46M	$26M	-$71M
Q1 24	$42M	$24M	-$49M
Q2 24	$43M	$24M	-$47M
Q3 24	$46M	$30M	-$33M
Q4 24	$47M	$29M	-$34M
Q1 25	$52M	$35M	-$30M
Q2 25	$59M	$41M	-$25M
Q3 25	$94M	$76M	$10M
Q4 25	$72M	$53M	-$13M

Valuation

Quarter	P/S	P/E
Q1 22	14.1x	—
Q2 22	13.6x	—
Q3 22	12.9x	—
Q4 22	11.7x	—
Q1 23	11.8x	—
Q2 23	11.5x	—
Q3 23	12.1x	—
Q4 23	12.8x	—
Q1 24	12.4x	—
Q2 24	12.9x	—
Q3 24	12.3x	—
Q4 24	12.1x	—
Q1 25	11.5x	—
Q2 25	10.6x	—
Q3 25	8.6x	—
Q4 25	7.8x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$64M	-$68M
Q2 22	-$47M	-$52M
Q3 22	-$42M	-$48M
Q4 22	-$30M	-$33M
Q1 23	-$59M	-$62M
Q2 23	-$24M	-$27M
Q3 23	-$47M	-$49M
Q4 23	-$27M	-$28M
Q1 24	-$38M	-$40M
Q2 24	-$17M	-$19M
Q3 24	-$27M	-$27M
Q4 24	-$12M	-$13M
Q1 25	-$28M	-$30M
Q2 25	-$12M	-$13M
Q3 25	-$7M	-$8M
Q4 25	$2M	$1M

Capital Expenditures

Quarter	CapEx
Q1 22	$3M
Q2 22	$5M
Q3 22	$5M
Q4 22	$3M
Q1 23	$3M
Q2 23	$4M
Q3 23	$3M
Q4 23	$1M
Q1 24	$2M
Q2 24	$2M
Q3 24	$344.0K
Q4 24	$80.0K
Q1 25	$1M
Q2 25	$655.0K
Q3 25	$409.0K
Q4 25	$636.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+0.5%	+27.6%
Q2 22	+13.4%	+8.9%
Q3 22	+21.2%	-2.6%
Q4 22	+45.5%	-5.2%
Q1 23	-2.5%	-6.7%
Q2 23	+12.1%	+0.6%
Q3 23	-20.7%	-4.7%
Q4 23	-17.1%	+23.8%
Q1 24	+11.2%	-4.4%
Q2 24	-11.7%	-6.4%
Q3 24	+22.5%	-11.0%
Q4 24	+3.7%	-30.4%
Q1 25	+25.2%	-9.5%
Q2 25	+36.3%	-7.3%
Q3 25	+102.4%	+5.8%
Q4 25	+51.0%	+3.9%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$0	0.0%
Q2 22	$0	0.0%
Q3 22	$0	0.0%
Q4 22	$0	0.0%
Q1 23	$15M	39.0%
Q2 23	$0	0.0%
Q3 23	$0	0.0%
Q4 23	$0	0.0%
Q1 24	$0	0.0%
Q2 24	$0	0.0%
Q3 24	$0	0.0%
Q4 24	$13M	27.0%
Q1 25	$0	0.0%
Q2 25	$13M	22.7%
Q3 25	$0	0.0%
Q4 25	$13M	17.7%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q1 22	$38M	$24M	$26M
Q2 22	$37M	$21M	$24M
Q3 22	$36M	$21M	$22M
Q4 22	$31M	$22M	$24M
Q1 23	$33M	$21M	$22M
Q2 23	$32M	$22M	$24M
Q3 23	$29M	$20M	$20M
Q4 23	$29M	$21M	$22M
Q1 24	$30M	$20M	$22M
Q2 24	$25M	$18M	$20M
Q3 24	$24M	$17M	$21M
Q4 24	$23M	$18M	$22M
Q1 25	$24M	$17M	$23M
Q2 25	$24M	$18M	$24M
Q3 25	$24M	$18M	$23M
Q4 25	$22M	$20M	$24M

Revenue Segments

Quarter

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$115M	$249M	$364M
Q2 22	$76M	$307M	$384M
Q3 22	$218M	$291M	$508M
Q4 22	$90M	$408M	$498M
Q1 23	$95M	$346M	$441M
Q2 23	$109M	$308M	$417M
Q3 23	$89M	$282M	$371M
Q4 23	$65M	$281M	$346M
Q1 24	$71M	$238M	$309M
Q2 24	$60M	$232M	$292M
Q3 24	$38M	$205M	$243M
Q4 24	$48M	$174M	$222M
Q1 25	$51M	$143M	$193M
Q2 25	$43M	$155M	$198M
Q3 25	$55M	$158M	$213M
Q4 25	$70M	$156M	$227M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	142M	+0.3%	+2.0%
Q2 22	142M	+0.5%	+1.4%
Q3 22	143M	+0.4%	+1.5%
Q4 22	143M	+0.1%	+1.3%
Q1 23	144M	+0.3%	+1.3%
Q2 23	144M	+0.6%	+1.4%
Q3 23	145M	+0.2%	+1.2%
Q4 23	145M	+0.1%	+1.3%
Q1 24	146M	+0.6%	+1.6%
Q2 24	147M	+1.1%	+2.1%
Q3 24	148M	+0.1%	+1.9%
Q4 24	147M	-0.3%	+1.5%
Q1 25	149M	+1.4%	+2.3%
Q2 25	152M	+1.9%	+3.2%
Q3 25	163M	+7.3%	+10.6%
Q4 25	153M	-6.2%	+4.1%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$45.0K	858
Q2 22	$50.9K	858
Q3 22	$55.7K	858
Q4 22	$69.9K	790
Q1 23	$47.7K	790
Q2 23	$61.9K	790
Q3 23	$48.0K	790
Q4 23	$64.6K	709
Q1 24	$59.1K	709
Q2 24	$60.9K	709
Q3 24	$65.5K	709
Q4 24	$76.7K	619
Q1 25	$84.7K	619
Q2 25	$95.1K	619
Q3 25	$151.8K	619
Q4 25	$114.9K	624

Revenue / Employee