ADPT Adaptive Biotechnologies Corp

Overview and Growth

Adaptive Biotechnologies Corp generated $276.98M of revenue in fiscal 2025, with net loss of $59.50M and an operating cash outflow of $45.99M. The $276.98M revenue base provides substantial context for the company’s earnings, cash generation, and capital requirements. Revenue was 54.8% above fiscal 2024 revenue of $178.96M, marking a year-over-year increase. On a per-share basis, diluted EPS was -$0.39, which connects the reported earnings outcome with the company’s diluted share count. Total assets stood at $512.74M, showing the scale of resources supporting revenue, earnings, liquidity, and financing. Asset turnover was 0.54x, relating the company’s annual revenue directly to the total assets reported at the period end.

Profitability

The first profit layer was $205.62M of gross profit, the amount available after reported direct revenue costs to absorb operating expenses. Gross profit represented 74.2% of revenue, showing how much of the top line remained after direct costs. The reported operating result was an operating loss of $57.12M, reflecting costs that exceeded gross profit. The operating loss equaled 20.6% of revenue, showing the scale of the operating deficit relative to sales. The bottom-line result was a net loss of $59.50M after operating, financing, tax, and other recognized items. Measured against revenue, the bottom-line deficit represented 21.5% after all recognized items. The company reported a pretax loss of $59.46M, before the effect of income taxes. Measured against revenue, the pretax deficit represented 21.5%. The company recognized $0.00 of income tax for the period, completing the transition from pretax income to net income. The net loss equaled 26.4% of period-end equity, showing the deficit relative to book capital. The loss-to-assets relationship was 11.6%, placing the bottom-line deficit against the company’s resource base. The bottom-line deficit decreased from $159.49M in fiscal 2024 to $59.50M.

Liquidity and Capital Structure

Total assets were $512.74M, supported by $287.74M of liabilities and $225.00M of shareholder equity. The near-term balance sheet paired $300.19M of current assets with $89.92M of current liabilities at the reporting date. The current ratio was 3.34x, with current assets exceeding current liabilities and providing a short-term liquidity cushion. Reported cash and equivalents were $70.50M, separating immediately recognizable cash resources from the rest of the current-asset base. The cash balance equaled 78.4% of current liabilities, showing how much near-term coverage came from cash alone. Total debt was $131.21M, establishing the amount of borrowing carried within the company’s capital structure. Debt equaled 0.58x of book equity, describing the relative scale of borrowing and shareholder capital. Relative to total assets, debt measured 25.6%, showing how much of the asset base was matched by borrowing. Relative to total assets, liabilities measured 56.1%, complementing the separate equity-based view of the company’s capital structure. Measured against total assets, cash and equivalents represented 13.7%, a balance-sheet composition measure rather than a liquidity forecast. The asset base changed 4.9% from $539.38M in fiscal 2024, leaving current total assets lower year over year. Against $202.49M of equity in fiscal 2024, the current book-equity balance moved 11.1% and ended higher. Cash and equivalents were 47.1% higher than fiscal 2024 cash of $47.92M, showing the year-over-year change in liquid resources.

Cash Flow and Earnings Quality

Operating activities used $45.99M of cash, resulting in an operating cash outflow for the year. Capital spending of $2.96M added to the period’s operating cash use, reinforcing the overall cash deficit after investment for the year. The company recorded a $48.95M cash deficit after capital spending for the period. Free-cash-flow margin was -17.7%, reflecting a cash deficit equal to 17.7% of revenue after capital spending. Relative to total assets, the post-investment cash deficit measured 9.5%.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.