Key Highlights

  • Adaptive Biotechnologies (NASDAQ:ADPT) reported third-quarter Revenue of USD 83.9 million, down 10.7% (calculated) from USD 94.0 million, after the Genentech agreement ended and removed USD 33.7 million of collaboration revenue.
  • clonoSEQ tests rose 46% to 39,587 from 27,111, and MRD revenue grew 28% to USD 72.6 million, with MRD adjusted EBITDA more than doubling to USD 15.1 million.
  • Net income attributable to the company was USD 2.9 million, or USD 0.02 per diluted share, against USD 9.5 million, or USD 0.06, while adjusted EBITDA slid to USD 14.3 million from USD 28.0 million.
  • Cash, equivalents and marketable securities totaled USD 386.4 million, excluding USD 13.8 million held by Digital Biotechnologies, following a June 2026 issue of USD 345.0 million in 0% convertible notes.

Test Volumes Surge as Collaboration Income Disappears

Adaptive Biotechnologies (NASDAQ:ADPT) filed its Quarterly Report on November 4, 2026. The company decodes immune cell genetics and sells clonoSEQ, an FDA-authorized test that detects minimal residual disease, or MRD, in blood cancers. MRD revenue expanded by USD 15.8 million, with USD 17.8 million more from clinical clonoSEQ testing, partly offset by the absence of a USD 6.5 million regulatory milestone booked a year earlier. Immune Medicine revenue fell to USD 11.3 million from USD 37.2 million after the Genentech agreement ended in August 2025, although USD 9.0 million came from a target discovery deal. Nine-month revenue reached USD 226.3 million, up 10%. Immune Medicine's remaining USD 9.0 million of target discovery income now carries most of that segment's revenue.

Profit Narrows as Spending Rises and Segments Diverge

Operating results slipped from a USD 10.3 million profit to a USD 0.5 million loss. Cost of revenue reached USD 19.9 million, sales and Marketing climbed 15% to USD 26.9 million, and Research and Development declined 21% to USD 18.6 million after restructuring. MRD adjusted EBITDA, a non-GAAP measure, improved to USD 15.1 million from USD 7.0 million, while Immune Medicine adjusted EBITDA dropped to USD 3.2 million from USD 24.1 million. Interest expense shrank to USD 0.5 million after an early settlement of the revenue interest liability. For nine months the net loss totaled USD 56.9 million, or USD 0.36 per share, including a USD 23.7 million loss on that settlement.

Separation Plans, a Sequencing Wind-Down and Convertible Financing

In June 2026 the company said it would pursue separating its MRD and Immune Medicine businesses, a process still underway. In July it chose to wind down its research-use TCR sequencing service so Immune Medicine can focus on its antigen dataset, Machine Learning models and autoimmune target discovery. Net proceeds of USD 127.3 million from the 0% convertible notes due 2031 covered the extinguishment of the revenue interest liability, capped call costs and the repurchase of 1,451,800 shares. Management believes cash covers at least 12 months of spending, yet the accumulated Deficit of USD 1.4 billion means future financing could dilute shareholders. No formal guidance was given.

Where Things Stand

Not on total revenue, though the core test Business is accelerating. Adaptive Biotechnologies (NASDAQ:ADPT) saw revenue fall 10.7% as Genentech income vanished, yet clonoSEQ Volume jumped 46% and MRD Earnings doubled, keeping the quarter marginally profitable at USD 0.02 a share. The separation plan, the sequencing wind-down and the convertible notes add complexity. Investors should track MRD expansion, selling costs, target discovery income and progress on the planned split.