Clinical-stage Biotechnology / Immune Medicine / Molecular Diagnostics
Strategic Profile
Adaptive leverages proprietary immune receptor sequencing technology to decode the genetic information of T-cell and B-cell receptors. The company operates two business segments: clonoSEQ MRD (Minimal Residual Disease) diagnostics for blood cancers and immune medicine development, with a path to companywide profitability in 2026.
Cyborg Score Rationale
MRD revenue reached $212.3M in 2025 and turned profitable with Adjusted EBITDA of $12.2M, with guidance for 2026 MRD sales of $255-265M. The company expects to achieve positive adjusted EBITDA and positive free cash flow for the entire company in 2026. However, DLBCL market share defense and workflow integration are critical as competition intensifies, making 2026 a pivotal "prove it" year.
Top Insights
Q4 clonoSEQ volumes reached record 30,000 tests with 18% quarter-over-quarter growth in community settings and blood-based testing contributing 47% of tests.
Average selling price reached approximately $1,310 in 2025, a 17% year-over-year increase, with long-term targets of $1,700-1,800 by 2029.
EMR-integrated accounts grew roughly twice as fast as non-integrated accounts, with EMR-integrated sites expected to contribute more than 50% of 2026 volume.
Immune medicine segment expected 2026 cash burn of only $15-20 million compared to approximately $30 million in 2025, reflecting capital discipline.
Named Competitors
LiquidBiopsy — Blood-based cancer diagnostics and MRD detection
Other MRD Testing — Competitor immune profiling and diagnostics platforms
Large Pharma TCR Programs — TCR therapy development in autoimmune disorders
Recent Developments
(February 2026) Full-year 2025 revenue of $277.0M with 55% YoY growth; MRD profitability achieved with $12.2M Adjusted EBITDA
(January 2026) Targeting 30%+ clonoSEQ test volume growth and company-wide profitability in 2026 with disciplined immune medicine spending