At the 44th Annual J.P. Morgan Healthcare Conference, CEO Chad Robins and the Adaptive Biotechnologies leadership team provided investors with a detailed overview of the company’s mission and operational scale. Founded 16 years ago at the Fred Hutchinson Cancer Research Institute by Robins and his brother Harlan, Adaptive has grown to a headcount of approximately 620 employees. Public since 2019, the company reported trailing twelve-month revenue of more than $275 million and held cash, cash equivalents and marketable securities of $227 million as of year-end 2025. Management reinforced its core premise that decoding the genetic source code of T cells and B cells can transform diagnostic and therapeutic approaches across oncology and immune-driven diseases.

Adaptive announced preliminary, unaudited total revenue of $72 million for Q4 2025 and $277 million for the full year, reflecting year-over-year growth of 51% and 55%, respectively. Minimal Residual Disease (MRD) revenue accounted for $62 million in Q4 and $212 million for the year, increases of 54% and 46% over the same periods in 2024. Excluding one-time MRD regulatory milestone revenue, full-year MRD grew 45%. This performance highlights accelerating commercialization of the company’s clonoSEQ assay and broader adoption of its immune-profiling solutions.

Demand for clonoSEQ, Adaptive’s flagship MRD assay, continued its rapid ascent with Q4 test volumes up 43% to approximately 30,000 tests and full-year volumes of roughly 105,600 tests, a 39% increase versus 2024. Robust test uptake, combined with sustained average selling price (ASP) growth, underpinned the MRD revenue expansion. Management emphasized that ongoing reimbursement progress and partnerships with leading oncology centers will drive both volume and pricing leverage in 2026.

With a cash position of $227 million entering 2026, Adaptive is well capitalized to support expansion of its clinical and commercial operations. Management forecasts additional margin improvement in the MRD segment as scale benefits accrue. Looking ahead, Adaptive plans to release audited financials in February and provided guidance for continued clonoSEQ volume growth, further ASP gains and an expectation of narrowing net losses relative to 2024. The company’s pipeline initiatives in immune medicine and planned collaborations with biopharma partners are poised to create new revenue streams over the next 12–18 months.