Adaptive Biotechnologies(NASDAQ) ADPT

Adaptive Biotechnologies Corporation helps doctors see how the immune system fights disease. These blood tests find tiny traces of cancer and other illnesses. This helps medical teams choose the best treatments for their patients.

Precision Tools for Modern Medicine

• clonoSEQ: Clinical diagnostic test used to detect and monitor minimal residual disease in cancer patients; part of the MRD segment that generated $66.2 million in second-quarter 2026 revenue.
• immunoSEQ: Research platform used to sequence immune receptors for scientific studies and drug discovery.
• T-Detect: Testing service that identifies if a person has had a specific past infection by studying immune cell responses.
• Drug Discovery: Specialized data services for pharmaceutical partners; part of the Immune Medicine segment that generated $5.4 million in second-quarter 2026 revenue.

Planning a New Corporate Structure

• Announced plans in June 2026 to separate the Immune Medicine and MRD business units into two separate companies.
• Began winding down research-use-only T-cell receptor sequencing services in July 2026 to focus on drug discovery for autoimmune disease.
• Expanded Medicare coverage in April 2025 to include monitoring for recurrence in patients with a history of mantle cell lymphoma.
• Partnered with Microsoft to create blood tests capable of identifying multiple diseases early from a single sample.

Mapping the Immune System Code

Adaptive combines high-throughput genetic sequencing with artificial intelligence to map millions of immune system receptors to specific diseases. This digital database allows the company to turn complex biological data into useful information for diagnosing and treating patients.

A Look at the Numbers

• Revenue was $71.6 million in the three-month period ended June 30, 2026, up from $58.9 million in the second quarter of 2025.
• The company delivered 36,111 clonoSEQ tests in the second quarter of 2026, a 43% increase year over year.
• Adjusted EBITDA loss narrowed to $0.7 million in the three-month period ended June 30, 2026.
• Net cash used in operating activities was $15.9 million for the six-month period ended June 30, 2026.
• Medicare episode pricing for clonoSEQ was updated to $8,029, a 17% increase from the previous rate.

Bottom Line

Adaptive has moved from offering general research services to focusing on specialized clinical cancer monitoring and drug discovery. The planned separation of its business units reflects a strategy to specialize in two distinct areas of immune medicine.