Adaptive Biotechnologies Reports First Quarter 2025 Financial Results

Adaptive Biotechnologies Corporation, a commercial-stage biotechnology company focused on translating the genetics of the adaptive immune system into clinical products, has released its financial results for the first quarter of 2025. The company reported a strong start to the year, driven by significant growth in its Minimal Residual Disease (MRD) business.

Financial Highlights

For the quarter ended March 31, 2025, Adaptive Biotechnologies reported:

• Revenue of $52.4 million, a 25% increase from the first quarter of 2024.
• MRD revenue of $43.7 million, representing a 34% increase from the same period last year.
• Immune Medicine revenue of $8.7 million, a 6% decrease from the first quarter of 2024.
• Operating expenses of $82.0 million, down 9% from $90.6 million in the first quarter of 2024.
• Net loss of $29.8 million, compared to a net loss of $47.5 million in the first quarter of 2024.
• Adjusted EBITDA (non-GAAP) loss of $12.7 million, compared to a loss of $28.2 million in the first quarter of 2024.
• Cash, cash equivalents, and marketable securities totaling $232.8 million as of March 31, 2025.

Business and Operational Highlights

Key operational achievements for the quarter include:

• 34% growth in MRD revenue, driven by a 36% increase in clonoSEQ test volume to 23,117 tests delivered.
• Expanded Medicare coverage for clonoSEQ® for recurrence monitoring in mantle cell lymphoma.
• Recognition of $4.5 million in MRD pharma regulatory milestone revenue.

Strategic Initiatives and Corporate Developments

Adaptive Biotechnologies has updated its financial guidance for the full year 2025:

• MRD revenue is now expected to be between $180 million and $190 million, up from the previous range of $175 million to $185 million.
• Total company operating expenses are projected to be between $335 million and $345 million, down from the previous range of $340 million to $350 million.
• Total company cash burn is expected to be between $50 million and $60 million, reduced from the previous range of $60 million to $70 million.

Management's Perspective

Chad Robins, CEO and co-founder of Adaptive Biotechnologies, commented on the results: "We had a strong start to 2025 with 34% MRD revenue growth, driven by continued acceleration in clonoSEQ test volume and disciplined execution. This performance highlights the scalability of our MRD business and the growing momentum behind it. As a result, we are raising our full year MRD revenue guidance while lowering our operating expenses and cash burn targets. As we move forward, we remain focused on driving our MRD business to profitability and advancing our Immune Medicine drug discovery programs to deliver long-term value for all our stakeholders."

Future Outlook

Adaptive Biotechnologies has provided updated financial guidance for the full year 2025, reflecting increased confidence in its MRD business and a focus on cost management. The company expects continued growth in MRD revenue and a reduction in operating expenses and cash burn.

SEC Filing: Adaptive Biotechnologies Corp [ ADPT ] - 8-K - May. 01, 2025