Adaptive Biotechnologies Turns Profitable and Lifts MRD Guidance

The Tip Desk · November 10, 2026 · 3 min read

Adjusted EBITDA reached $14.3 million in the third quarter as MRD revenue hit $72.6 million and full-year MRD guidance moved to $276 million–$286 million.

Adaptive Biotechnologies Corporation (ADPT), a commercial-stage biotechnology company that develops minimal residual disease testing and immune-medicine products, reported adjusted EBITDA of $14.3 million for the quarter ended September 30, 2026, after an adjusted EBITDA loss of $0.7 million in the second quarter and a loss of $2.5 million in the first quarter.

Net income was $2.8 million, or $0.02 a share, compared with a $39.9 million net loss in the second quarter and a $20.0 million net loss in the first quarter. Free cash flow was $7.7 million. Chief executive Chad Robins said the company achieved total-company profitability ahead of expectations.

MRD revenue was $72.6 million, up 28% from the third quarter of 2025, or 44% excluding milestones. That year-over-year growth rate slowed from 33% in the second quarter and 53% in the first quarter. clonoSEQ test volume was 39,587 tests, up 46% from a year earlier, after 43% growth in the second quarter and 41% in the first. MRD segment adjusted EBITDA was $15.1 million, versus $6.97 million a year earlier.

Total revenue was $83.9 million, down 11% from the third quarter of 2025. Excluding revenue under the Genentech Agreement, which did not generate revenue in the latest quarter, revenue increased 39%. Immune Medicine revenue was $11.3 million, down 70% from a year earlier; excluding Genentech Agreement revenue, Immune Medicine revenue increased 229%. Immune Medicine segment adjusted EBITDA was $3.2 million, versus $24.1 million a year earlier. The company said it recognized revenue from successful data delivery under a target discovery agreement and is progressing with the Immune Medicine separation process.

Operating expenses were $84.4 million, up 1% from the third quarter of 2025, after a 4% increase in the second quarter and a 10% increase in the first. Interest expense was $0.5 million, compared with $3.0 million a year earlier. Cash, cash equivalents and marketable securities were $400.2 million as of September 30, 2026, inclusive of $13.8 million held by Digital Biotechnologies, Inc. Convertible senior notes of $335.4 million net appeared on the balance sheet after a $345 million zero-coupon convertible offering completed in the second quarter.

Adaptive raised full-year 2026 MRD revenue guidance to a range of $276 million to $286 million, representing annual growth of 30% to 35%, from the previous range of $268 million to $278 million. Full-year total company operating expenses, including cost of revenue, are expected to be approximately $350 million, updated from the previous range of $350 million to $355 million. No revenue guidance is provided for Immune Medicine.

The company said it submitted a technical assessment to MolDX seeking an additional Medicare bundle for maintenance testing in multiple myeloma. NCCN Guidelines established a dedicated framework for MRD assessment in multiple myeloma, including annual testing during maintenance. The International Myeloma Working Group introduced a first definition of cure for multiple myeloma, requiring a five-year treatment-free period with sustained MRD negativity assessed at a sensitivity of one myeloma cell among one million cells. Robins said updated guidelines and the new cure definition amplify the need for MRD testing and bolster clonoSEQ’s long-term potential.