Key Highlights

  • Adaptive Biotechnologies (NASDAQ:ADPT) reported third-quarter Revenue of USD 83.9 million, down 10.7% (calculated) from USD 94.0 million, as the end of a Genentech agreement removed USD 33.7 million of collaboration revenue.
  • clonoSEQ tests delivered rose 46% to 39,587 from 27,111, and MRD revenue increased 28% to USD 72.6 million, while MRD adjusted EBITDA more than doubled to USD 15.1 million.
  • Net income attributable to the company was USD 2.9 million, or USD 0.02 per share, compared with USD 9.5 million, or USD 0.06, and adjusted EBITDA fell to USD 14.3 million from USD 28.0 million.
  • Cash, cash equivalents and marketable securities were USD 386.4 million, excluding USD 13.8 million held by Digital Biotechnologies, after a June 2026 issue of USD 345.0 million of 0% convertible notes.

clonoSEQ Volume Surges as Genentech Revenue Disappears

Adaptive Biotechnologies (NASDAQ:ADPT) filed its Quarterly Report on November 4, 2026. The company reads the genetic code of immune cells, and it sells clonoSEQ, an FDA-authorized test for detecting minimal residual disease, or MRD, in blood cancers. MRD revenue grew USD 15.8 million, helped by USD 17.8 million more from clinical clonoSEQ testing, partly offset by the absence of a USD 6.5 million regulatory milestone recorded a year earlier. Immune Medicine revenue dropped to USD 11.3 million from USD 37.2 million because the Genentech agreement ended in August 2025, partly offset by USD 9.0 million from a target discovery agreement. Nine-month revenue was USD 226.3 million, up 10%.

Profit Narrows as Spending Rises and Segments Diverge

Operating results moved from a USD 10.3 million profit to a USD 0.5 million loss. Cost of revenue rose to USD 19.9 million, sales and Marketing expenses climbed 15% to USD 26.9 million, and Research and Development fell 21% to USD 18.6 million after restructuring. MRD adjusted EBITDA, a non-GAAP measure, improved to USD 15.1 million from USD 7.0 million, while Immune Medicine adjusted EBITDA slid to USD 3.2 million from USD 24.1 million. Interest expense fell to USD 0.5 million after the company settled its revenue interest Liability early. For nine months, the net loss was USD 56.9 million, or USD 0.36 per share, which includes a USD 23.7 million loss on that settlement.

Planned Separation, Wind-Down and Convertible Notes

In June 2026 the company announced plans to pursue a separation of its MRD and Immune Medicine businesses, and the process is ongoing. In July it decided to wind down its research-use TCR sequencing service so Immune Medicine can concentrate on its antigen dataset, Machine Learning models and autoimmune target discovery. The 0% convertible notes due 2031 raised net proceeds of USD 127.3 million after the extinguishment of the revenue interest liability, capped call costs and the repurchase of 1,451,800 shares. Management believes its cash covers at least 12 months of spending. The accumulated Deficit is USD 1.4 billion, and further financing could dilute shareholders. The filing gives no formal guidance.

Where Things Stand

Not yet, on total revenue, but the core test Business is growing quickly. Adaptive Biotechnologies (NASDAQ:ADPT) saw revenue fall 10.7% because Genentech income vanished, yet clonoSEQ volume jumped 46% and MRD Earnings doubled, keeping the quarter marginally profitable at USD 0.02 a share. The separation plan, the wind-down of sequencing services and the convertible notes add complexity. Watch MRD growth, sales and marketing spending, Immune Medicine's target discovery revenue and any update on the planned split.