Adaptive Biotechnologies Corporation filed its quarterly report on Form 10-Q for the period ended September 30, 2026, with the SEC on November 4, 2026, disclosing balance sheet data, capital structure changes, and strategic review activity.

Key Highlights

  • Total assets of $683.120 million as of September 30, 2026, up from $512.736 million at December 31, 2025, according to the filing.
  • Convertible senior notes of $335.379 million appeared on the balance sheet as of September 30, 2026, compared to zero at year-end 2025, as reported in the filing.
  • Revenue interest liability fully retired: the filing shows zero balance for the revenue interest liability as of September 30, 2026, versus $131.208 million combined (current and long-term) at December 31, 2025.
  • Accumulated deficit of $1.420 billion as of September 30, 2026, widened from $1.363 billion at December 31, 2025, the company disclosed.
  • Cash, cash equivalents, and marketable securities totaled approximately $400.181 million (combining $75.615 million cash, $223.339 million short-term, and $101.227 million long-term marketable securities) as of September 30, 2026.
  • Shares outstanding of 161,566,952 as of September 30, 2026, up from 153,779,418 at December 31, 2025, per the filing.
  • Strategic review disclosed: the filing states the company is conducting "a review of strategic and structural alternatives" for its Immune Medicine business, including possible separation from its MRD business.

Adaptive Biotechnologies Reports Q3 2026 Balance Sheet and Capital Structure Shifts

Adaptive Biotechnologies Corporation (NASDAQ:ADPT), headquartered in Seattle, Washington, filed its Form 10-Q for the quarterly period ended September 30, 2026. The filing shows total assets grew to $683.120 million from $512.736 million at December 31, 2025, driven in part by an increase in short-term and long-term marketable securities. Short-term marketable securities rose to $223.339 million (amortized cost $223.807 million) from $156.485 million at year-end, while long-term marketable securities climbed to $101.227 million (amortized cost $102.044 million) from $13.234 million.

A notable capital structure change disclosed in the filing is the addition of convertible senior notes with a net carrying value of $335.379 million as of September 30, 2026, a line item that did not exist at December 31, 2025. Concurrently, the revenue interest liability, which stood at a combined $131.208 million at year-end 2025, was fully retired as of September 30, 2026, according to the balance sheet. Total liabilities rose to $499.229 million from $287.735 million over the same period.

On the equity side, the filing reports total shareholders' equity of $183.891 million as of September 30, 2026, down from $225.001 million at December 31, 2025, with the accumulated deficit widening to $1.420 billion from $1.363 billion. Common shares issued and outstanding increased to 161,566,952 from 153,779,418, and as of October 30, 2026, the registrant reported 161,876,694 shares outstanding. The company's forward-looking statements in the filing include references to its ongoing "review of strategic and structural alternatives" for the Immune Medicine business and "our ability to identify and pursue a preferred path to separation of the Immune Medicine business from our MRD business," which the filing identifies as subject to risks and uncertainties.

What Was Disclosed

Adaptive Biotechnologies filed a 10-Q for Q3 2026 reporting a larger asset base, the introduction of $335.379 million in convertible senior notes, retirement of the revenue interest liability, a widened accumulated deficit, and disclosure of an ongoing strategic review of its Immune Medicine segment.