Adaptive Biotechnologies Corp — Form 8-K
Filed November 4, 2026 · analyzed by the 8-K Agent
8-K
▲ Likely positive
significance 62/100
What the filing says
Adaptive Biotechnologies reported Q3 2026 net income of $2.8M and adjusted EBITDA of $14.3M, with MRD revenue of $72.6M (up 28% YoY, 44% excluding milestones) on 39,587 clonoSEQ tests (up 46%). The company raised full-year 2026 MRD revenue guidance from $268-278M to $276-286M (30-35% growth) and total operating expense guidance from $350-355M to ~$350M. Cash position was $400.2M as of September 30, 2026. Nine-month results show YTD net loss of $57.2M (including $23.7M revenue interest liability extinguishment loss in Q1), though core MRD segment generated $36.4M adjusted EBITDA.
Why this rating
Material milestone: profitability + MRD growth momentum + raised guidance support near-term trajectory. At $1.4B market cap, ~$82M quarterly core revenue and path to sustained EBITDA is significant but not transformational. Offset by Immune Medicine weakness (70% revenue decline) and ongoing losses when excluding one-time items.
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