Adaptive Biotechnologies Corporation
ADPTHealthcare|Biotechnology|US
$27.98
+1.15 (+4.29%)
Tangible Book / Share
$0.40
Cash / Share
$1.86
Financials
Financial Snapshot
Market Cap
$4.47B
Enterprise Value
$4.80B
Revenue (TTM)
$298.0M
Net Income (TTM)
-$70.5M
Cash & Investments
$299.0M
Net Cash
-$110.0M
Free Cash Flow (TTM)
-$8.8M
Operating CF (TTM)
-$4.3M
Debt/Equity
2.32
Cash Runway & Burn Rate
Cash on Hand
$299.0M
Quarterly Burn
$1.1M
Monthly Burn
$356.4K
Est. Runway
~279.6 quarters
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $192.2M | $165.0M | $576.9M | $688.3M | $353.1M | $498.2M | $346.4M | $222.3M | $227.0M | $299.0M | |
| Operating Cash Flow | -$34.9M | -$32.3M | $205.4M | -$149.7M | -$192.7M | -$183.9M | -$156.3M | -$95.2M | -$46.0M | -$4.3M | |
| Free Cash Flow | -$37.4M | -$38.6M | $194.2M | -$168.5M | -$254.5M | -$200.3M | -$167.0M | -$98.9M | -$48.9M | -$8.8M | |
| Capital Expenditure | -$2.5M | -$6.3M | -$11.2M | -$18.8M | -$61.7M | -$16.3M | -$10.7M | -$3.7M | -$3.0M | -$4.5M | |
| Financing Cash Flow | $50.0M | $1.2M | $319.9M | $293.6M | $27.1M | $132.3M | $2.2M | $241.0K | $30.4M | $192.5M |
R&D Spending
R&D (TTM)
$83.2M
R&D Intensity
27.9%
R&D Growth vs Prior
-11.3%
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $38.4M | $55.7M | $85.1M | $98.4M | $154.3M | $185.3M | $170.3M | $179.0M | $277.0M | $298.0M | |
| R&D Expense | $32.0M | $39.2M | $70.7M | $116.1M | $142.3M | $141.8M | $122.1M | $103.0M | $93.8M | $83.2M | |
| R&D % of Revenue | 83.2% | 70.3% | 83.1% | 118.0% | 92.2% | 76.5% | 71.7% | 57.5% | 33.9% | 27.9% | |
| SG&A | $32.7M | $44.9M | $68.8M | $110.9M | $170.0M | $184.1M | $172.5M | $157.6M | $167.3M | $184.3M |
Income Statement
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $38.4M | $55.7M | $85.1M | $98.4M | $154.3M | $185.3M | $170.3M | $179.0M | $277.0M | $298.0M | |
| Cost of Revenue | $15.7M | $19.7M | $22.3M | $22.5M | $49.3M | $57.9M | $75.6M | $72.1M | $71.4M | $77.5M | |
| Gross Profit | $22.8M | $36.0M | $62.8M | $75.9M | $105.0M | $127.4M | $94.7M | $106.9M | $205.6M | $220.6M | |
| R&D | $32.0M | $39.2M | $70.7M | $116.1M | $142.3M | $141.8M | $122.1M | $103.0M | $93.8M | $83.2M | |
| SG&A | $32.7M | $44.9M | $68.8M | $110.9M | $170.0M | $184.1M | $172.5M | $157.6M | $167.3M | $184.3M | |
| Operating Income | -$44.5M | -$49.8M | -$78.4M | -$152.8M | -$209.0M | -$200.2M | -$227.0M | -$162.5M | -$57.1M | -$48.2M | |
| Interest Expense | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $4.2M | $13.8M | $11.6M | $11.8M | $9.0M | |
| Pretax Income | -$42.8M | -$46.4M | -$68.6M | -$146.2M | -$207.3M | -$200.4M | -$225.3M | -$159.6M | -$59.5M | -$70.7M | |
| Net Income | -$42.8M | -$46.4M | -$68.6M | -$146.2M | -$207.3M | -$200.2M | -$225.3M | -$159.5M | -$59.5M | -$70.5M | |
| EPS (Diluted) | -0.41 | -0.44 | -0.47 | -1.06 | -1.46 | -1.40 | -1.56 | -1.08 | -0.39 | -0.45 | |
| EBITDA | -$37.8M | -$43.8M | -$70.6M | -$144.3M | -$193.3M | -$175.2M | -$189.3M | -$128.8M | -$29.8M | -$26.0M | |
| Shares Out. (M) | 105.43 | 105.43 | 124.34 | 131.22 | 140.35 | 142.52 | 144.38 | 147.10 | 151.72 | 186.88 |
Balance Sheet
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $85.3M | $55.0M | $96.6M | $123.4M | $139.1M | $90.0M | $65.1M | $47.9M | $70.5M | $75.6M | |
| Short-Term Investments | $106.8M | $110.0M | $480.3M | $564.8M | $214.0M | $408.2M | $281.3M | $174.4M | $156.5M | $223.3M | |
| Total Current Assets | $205.2M | $180.7M | $612.7M | $726.9M | $402.7M | $562.1M | $410.2M | $283.8M | $300.2M | $392.7M | |
| Total Assets | $362.5M | $332.7M | $912.3M | $1.12B | $923.3M | $856.6M | $661.1M | $539.4M | $512.7M | $683.1M | |
| Total Current Liabilities | $21.0M | $22.8M | $78.3M | $105.2M | $113.8M | $109.8M | $88.0M | $98.1M | $89.9M | $99.0M | |
| Long-Term Debt | $0.00 | $561.2M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $196.8M | $335.4M | |
| Total Liabilities | $587.1M | $590.8M | $341.3M | $373.1M | $319.2M | $392.5M | $352.9M | $336.9M | $287.7M | $499.2M | |
| Stockholders' Equity | -$224.6M | -$258.1M | $571.0M | $743.3M | $604.0M | $464.2M | $308.4M | $202.7M | $218.8M | $176.2M | |
| Retained Earnings | -$249.4M | -$295.9M | -$365.5M | -$511.6M | -$718.9M | -$919.1M | -$1.14B | -$1.30B | -$1.36B | -$1.42B |
Cash Flow Statement
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$34.9M | -$32.3M | $205.4M | -$149.7M | -$192.7M | -$183.9M | -$156.3M | -$95.2M | -$46.0M | -$4.3M | |
| Capital Expenditure | -$2.5M | -$6.3M | -$11.2M | -$18.8M | -$61.7M | -$16.3M | -$10.7M | -$3.7M | -$3.0M | -$4.5M | |
| Free Cash Flow | -$37.4M | -$38.6M | $194.2M | -$168.5M | -$254.5M | -$200.3M | -$167.0M | -$98.9M | -$48.9M | -$8.8M | |
| Investing Cash Flow | $36.4M | $736.0K | -$481.7M | -$117.0M | $181.2M | $2.9M | $129.6M | $77.8M | $38.0M | -$167.6M | |
| Financing Cash Flow | $50.0M | $1.2M | $319.9M | $293.6M | $27.1M | $132.3M | $2.2M | $241.0K | $30.4M | $192.5M | |
| Issuance of Stock | $50.0M | $1.3M | $320.9M | $272.2M | $26.7M | $7.9M | $2.2M | $241.0K | $30.4M | $43.9M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | -$25.0M | |
| Net Debt Issuance | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $124.4M | $0.00 | $0.00 | $0.00 | $160.2M | |
| Stock Based Comp. | $7.0M | $11.1M | $13.1M | $24.8M | $0.00 | $0.00 | $0.00 | $53.6M | $51.5M | $46.2M | |
| Net Change in Cash | $51.6M | -$30.3M | $43.6M | $26.9M | $15.6M | -$49.0M | -$25.0M | -$17.2M | $22.4M | $20.6M |
Dilution Tracker
Shares Outstanding
160M
5-Year Share Growth
+15.6%
Stock Issuance (TTM)
$43.9M
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 105.43 | 105.43 | 124.34 | 131.22 | 140.35 | 142.52 | 144.38 | 147.10 | 151.72 | 186.88 | |
| Change vs Prior % | — | 0.0% | 17.9% | 5.5% | 7.0% | 1.5% | 1.3% | 1.9% | 3.1% | 23.2% | |
| Stock Issuance | $50.0M | $1.3M | $320.9M | $272.2M | $26.7M | $7.9M | $2.2M | $241.0K | $30.4M | $43.9M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | -$25.0M | |
| Stock Based Comp. | $7.0M | $11.1M | $13.1M | $24.8M | $0.00 | $0.00 | $0.00 | $53.6M | $51.5M | $46.2M |
Margins & Profitability
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 59.2% | 64.7% | 73.8% | 77.1% | 68.1% | 68.7% | 55.6% | 59.7% | 74.2% | 74.0% | |
| Operating Margin % | -115.7% | -89.4% | -92.1% | -155.3% | -135.4% | -108.0% | -133.3% | -90.8% | -20.6% | -16.2% | |
| Net Margin % | -111.4% | -83.4% | -80.6% | -148.6% | -134.3% | -108.0% | -132.3% | -89.1% | -21.5% | -23.7% | |
| EBITDA Margin % | -98.4% | -78.6% | -83.0% | -146.7% | -125.3% | -94.6% | -111.2% | -71.9% | -10.8% | -8.7% | |
| FCF Margin % | -97.2% | -69.3% | 228.3% | -171.3% | -164.9% | -108.1% | -98.1% | -55.3% | -17.7% | -3.0% | |
| ROE % | 19.1% | 18.0% | -12.0% | -19.7% | -34.3% | -43.1% | -73.0% | -78.7% | -27.2% | -37.4% | |
| ROA % | -11.8% | -14.0% | -7.5% | -13.1% | -22.4% | -23.4% | -34.1% | -29.6% | -11.6% | -10.3% | |
| ROIC % | -13.0% | -16.1% | -9.4% | -15.1% | -25.7% | -26.5% | -39.0% | -36.0% | -13.1% | -8.1% | |
| R&D / Revenue % | 83.2% | 70.3% | 83.1% | 118.0% | 92.2% | 76.5% | 71.7% | 57.5% | 33.9% | 27.9% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0.0% | 44.8% | 52.8% | 15.6% | 56.9% | 20.1% | -8.1% | 5.1% | 54.8% | |
| Gross Profit | 0.0% | 58.1% | 74.5% | 20.8% | 38.5% | 21.3% | -25.6% | 12.8% | 92.4% | |
| Operating Income | 0.0% | -11.9% | -57.6% | -94.9% | -36.7% | 4.2% | -13.4% | 28.4% | 64.9% | |
| Net Income | 0.0% | -8.4% | -47.7% | -113.1% | -41.8% | 3.4% | -12.5% | 29.2% | 62.7% | |
| EPS (Diluted) | 0.0% | -7.3% | -6.8% | -125.5% | -37.7% | 4.1% | -11.4% | 30.8% | 63.9% | |
| Operating Cash Flow | 0.0% | 7.5% | 736.7% | -172.9% | -28.8% | 4.6% | 15.0% | 39.1% | 51.7% | |
| Free Cash Flow | 0.0% | -3.2% | 603.4% | -186.8% | -51.0% | 21.3% | 16.6% | 40.8% | 50.5% | |
| R&D Expense | 0.0% | 22.4% | 80.6% | 64.2% | 22.6% | -0.4% | -13.9% | -15.7% | -8.9% | |
| SG&A Expense | 0.0% | 37.2% | 53.2% | 61.2% | 53.3% | 8.3% | -6.3% | -8.7% | 6.2% | |
| Total Assets | 0.0% | -8.2% | 174.2% | 22.4% | -17.3% | -7.2% | -22.8% | -18.4% | -4.9% | |
| Book Value / Share | 0.0% | -14.9% | 287.6% | 23.3% | -24.0% | -24.3% | -34.4% | -35.5% | 7.7% | |
| Debt | 0.0% | -0.1% | -93.5% | 194.6% | 3.6% | -3.3% | -8.5% | -9.5% | 213.9% | |
| Diluted Shares | 0.0% | 0.0% | 17.9% | 5.5% | 7.0% | 1.5% | 1.3% | 1.9% | 3.1% |
Valuation
P/E (TTM)At Loss
P/S14.98
10Y Low / Med / High4.15 / 25.52 / 110.51
P/B25.47
10Y Low / Med / High2.29 / 6.51 / 11.26
EV/EBITDAAt Loss
EV/Revenue16.10
10Y Low / Med / High4.35 / 25.34 / 122.90
P/FCFAt Loss
Intrinsic Value Models (per share)
Tangible Book / Share
$0.40
Cash / Share
$1.86
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -98.29 | -91.59 | -63.66 | -55.78 | -19.22 | -5.46 | -3.14 | -5.56 | -41.64 | -62.18 | |
| P/S Ratio | 110.51 | 76.33 | 43.73 | 78.86 | 25.52 | 5.88 | 4.15 | 4.93 | 8.90 | 14.98 | |
| P/B Ratio | -18.92 | -16.46 | 6.51 | 10.44 | 6.52 | 2.35 | 2.29 | 4.35 | 11.26 | 25.47 | |
| EV/EBITDA | -124.88 | -108.67 | -51.85 | -53.64 | -20.23 | -6.32 | -3.92 | -7.18 | -89.60 | -184.79 | |
| EV/Revenue | 122.90 | 85.43 | 43.03 | 78.71 | 25.34 | 5.97 | 4.35 | 5.16 | 9.65 | 16.10 |
Analyst Estimates & Quality
Altman Z-Score
3.21
Safe
Piotroski F-Score
3
Weak
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $293.2M | $360.1M | $445.5M |
| Net Income | -$81.1M | -$28.4M | $217.5K |
| EPS | $-0.54 | $-0.17 | $0.01 |
| # Analysts (EPS) | 6 | 6 | 6 |
Revenue Segments
By Product
| Segment | 2019 | 2020 | 2021 |
|---|---|---|---|
| Sequencing Revenue | $43.5M | $41.4M | $78.9M |
| Development Revenue Regulatory Milestones | $2.0M | $2.5M | $10.0M |
| Development Revenue | $41.6M | $56.9M | — |
| Development Support Revenue | $39.6M | $54.4M | $65.4M |