ADPT · Adaptive Biotechnologies Corporation

Adaptive Biotechnologies reported strong first quarter 2026 results, with total revenue of $70.9 million, a 35% increase year-over-year, driven by accelerating adoption of its MRD franchise. MRD revenue grew 53% to $67.1 million, representing 95% of total revenue, supported by a 41% increase in clonoSEQ test volume to 32,595 tests. The company also recognized $9.0 million in MRD pharma regulatory milestone revenue, the first U.S. primary endpoint milestone. Immune Medicine revenue declined 57% to $3.8 million, primarily due to the absence of Genentech agreement revenue. Operating expenses increased 10% to $90.1 million, reflecting continued investment in commercial and R&D activities. Net loss improved to $20.0 million from $29.8 million in the prior year, and Adjusted EBITDA loss narrowed to $2.5 million from $12.7 million. Management raised full-year 2026 MRD revenue guidance to $260-270 million, implying 22-27% annual growth, and reiterated total operating expense guidance of $350-360 million. The company ended the quarter with $237.2 million in cash, cash equivalents, and marketable securities. CEO Chad Robins highlighted strong execution and market leadership, positioning the company for sustained growth.