ADPT

Adaptive is finally showing operating leverage in its core MRD business. FY2025 revenue jumped to $277M (+54.8% YoY) while the net loss narrowed to -$59.5M from -$159.5M, the fourth straight year of falling losses and by far the sharpest improvement in the series. The driver is clonoSEQ, an FDA-authorized minimal-residual-disease test for MM, B-ALL and CLL: the MD&A cites a new Medicare CLFS rate of $2,007/test, a 17% bump in episode pricing to $8,029, plus expanded MCL coverage and EMR integration (Epic Aura, Flatiron OncoEMR). That is a genuine, reimbursed, FDA-cleared diagnostic — not a science project — and it is what separates ADPT from the typical pre-revenue biotech.

The balance sheet is adequate but not bulletproof. Equity is $219M against $288M liabilities (1.32x), current assets of $300M cover current liabilities of $89.9M by 3.3x, and the MD&A reports $240.2M of cash plus marketable securities. Against -$46M operating cash burn, that is roughly four-to-five years of runway, and long-term debt ($127M) is covered by liquidity. But the accumulated deficit is $1.36B, the company explicitly warns it 'expect[s] to incur losses in the future' and will 'need to generate significant additional revenue to achieve and sustain profitability,' and shares have crept up 3.6% — dilution remains the funding mechanism of record.