Adaptive Biotechnologies Corp (ADPT)

The company applies an immune medicine platform to decode the adaptive immune system, using proprietary sequencing chemistry, computational biology and machine learning to read the genetic code of a patient's T cell and B cell receptors (TCRs and BCRs). It captures what it learns in a clinical immunomics database and related antigen annotations, and uses them to develop and commercialize diagnostic products and services tailored to individual patients. In 2024 it reorganized around two businesses: the MRD business and the Immune Medicine (IM) business.

The MRD business uses a next-generation sequencing assay to measure minimal residual disease in patients with hematologic malignancies. It has two parts: the clonoSEQ clinical diagnostic test offered to clinicians, and the clonoSEQ assay offered to biopharmaceutical partners for drug development (MRD Pharma). clonoSEQ is the first FDA-authorized MRD test for multiple myeloma, B cell acute lymphoblastic leukemia and chronic lymphocytic leukemia. It is also available as a CLIA-validated laboratory developed test for other lymphoid cancers, including diffuse large B cell lymphoma and mantle cell lymphoma. The company cites sensitivity of 1 in 1,000,000 cells, given sufficient sample input. The IM business sequences, maps, pairs and characterizes TCRs and BCRs at scale. Its datasets include more than 100,000 signatures of cancer and autoimmune disease and more than 5,000,000 TCR-antigen matches spanning over 20,000 antigens and nearly 50 HLA types. Its offerings include immune receptor sequencing, data licensing, TCR-antigen prediction models and target discovery. Its platform methods include MIRA for antigen-TCR mapping, pairSEQ for pairing receptor chains, and antigen "de-orphanization." The company has generated data in multiple sclerosis and type 1 diabetes. It completed a preclinical package for a TCR-depleting antibody program in ankylosing spondylitis but has discontinued investment in that program to prioritize data development and diagnostics.

The MRD business serves hematologists and oncologists treating lymphoid cancers, as well as biopharmaceutical companies running clinical trials. The company estimates its total addressable market at about $6.2 billion, of which about $5.3 billion is derived from clinical testing. In 2025, clonoSEQ delivered 105,587 tests, up 39%. Payor coverage extends to over 300 million lives in ALL and MM, over 270 million in CLL and over 90 million in DLBCL, and Medicare covers recurrence monitoring in MCL. The test is enabled at 173 sites on Epic and through Flatiron's OncoEMR, and the assay was used in more than 180 active trials run by over 40 biopharmaceutical partners. For IM, the company entered two non-exclusive agreements with Pfizer in December 2025 to apply its TCR discovery platform and mapping datasets to rheumatoid arthritis and broader immunology research. 2025 revenue was $277.0 million versus $179.0 million in 2024, with MRD revenue of $212.3 million, up 46%. Net cash used in operations fell to $46.0 million from $95.2 million, and cash, cash equivalents and marketable securities were $227.2 million at year-end, excluding $13.1 million held by Digital Biotechnologies, Inc.

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