On this page of StockholderLetter.com we present the latest annual shareholder letter from Adaptive Biotechnologies Corp — ticker symbol ADPT. Reading current and past ADPT letters to shareholders can bring important insights into the investment thesis.

 •  4/24/2026 Letter Continued (Full PDF)
 •  4/28/2023 ADPT Stockholder Letter
 •  4/26/2024 ADPT Stockholder Letter
 •  4/29/2025 ADPT Stockholder Letter
 •  More "Biotechnology" Category Stockholder Letters
 •  ADPT Benford's Law Stock Score = 97

ADPT Shareholder/Stockholder Letter Transcript:

2025
Annual
Report

SHAREHOLDER LETTER
Dear fellow shareholders,
Adaptive was founded with a clear purpose: to translate the genetic language of the adaptive immune
system into insights that can meaningfully improve patient care. As medicine continues to evolve
toward more personalized approaches, that mission is more relevant than ever. We apply it through
clonoSEQ  , which is transforming how blood cancers are monitored and managed through measurable
residual disease (MRD) testing, and through our Immune Medicine platform, which is building a
valuable immune receptor dataset to enable discovery across immunology and autoimmune disease.
Driving immune receptor-based products
Our source
Our platform
Our business units
MRD in heme: diagnostics
B cells
GENETICS
T cells
DATA
Immune Medicine: data
2025: A year of execution and inflection
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cash flow, and continuing to scale adoption across both community and academic settings. clonoSEQ
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among clinicians, payors, and biopharmaceutical partners in the role of MRD in guiding treatment
decisions. These results were driven by sustained investment in clinical evidence, access, workflow
integration, and operational excellence.

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data. We meaningfully expanded the scale and depth of our immune receptor   antigen mapping datasets
and modelling capabilities and validated the value of our data through new non-exclusive agreements
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At the same time, we made the deliberate decision to discontinue internal therapeutics development
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discovery and drug development support.
A culture grounded in purpose and accountability
Adaptive remains a highly purpose-driven organization. In 2025, employees reported high levels of
engagement and a strong sense of collaboration, reflecting a culture grounded in accountability,
curiosity and an unwavering focus on patients. We strive to maintain a work environment that prioritizes
excellence, empathy and belonging. We believe Adapters do their best work when they can be
themselves, and we celebrate what everyone brings to the table.
We also achieved an improved EcoVadis sustainability rating   placing Adaptive in the top 15 percent
of companies assessed   reflecting progress across environmental stewardship, responsible business
practices, and governance. This recognition reinforces our focus on operating responsibly as we scale   
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today and continue to shape the company we are building for the future.

2026 and beyond
As we look ahead to 2026 and beyond, we do so with clarity and momentum. In MRD, our focus is on
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ensuring more patients can access MRD testing as a routine part of care. In Immune Medicine, we
will continue to advance our immune-receptor data platform and execute on targeted monetization
opportunities that build long-term strategic value. Across the company, we are committed to achieving
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2026   a reflection of our operational discipline and the durability of our model.
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opportunities ahead and believe we are well-positioned to deliver meaningful impact for patients and
long-term value for shareholders.
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FY   25 revenue of $277.0 million, representing
a 55% increase from 2024

FY   25 MRD revenue of $212.3 million,
representing 46% growth from 2024

FY   25 operating expenses of $334.1 million,
representing a decrease of 2% from the prior year

$227.2 million in cash, cash equivalents and
marketable securities as of December 31, 2025*
* Excluding Digital Biotechnologies, Inc.   s cash
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MRD
The MRD business is centered on the use of our highly
sensitive, next-generation sequencing assay to detect
measurable residual disease in patients with lymphoid
malignancies, advancing how disease burden is assessed
across the care continuum. The business is comprised
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partners to support drug development and clinical trial
decision-making. Over the past decade, we have built
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exquisite sensitivity, broad payor coverage, extensive
clinical validation, inclusion in major clinical guidelines,
seamless integration into clinician workflows through
electronic medical records, and widespread adoption by
biopharmaceutical partners.
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Rob spent more than 35 years
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department battalion chief, a role
that shaped how he prepares for and
approaches challenges   with a calm
demeanor and steady leadership. In
2021, a routine blood test revealed
elevated white blood cell counts,
and Rob was diagnosed with chronic
lymphocytic leukemia (CLL), a type
of blood cancer that often requires
long-term monitoring.
After a period of watchful
waiting, Rob and his physician
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track his response to treatment
>100,000
unique patients tested
using clonoSEQ
across multiple time points. PostWUHDWPHQW 05' UHVXOWV FRQ  UPHG 
a deep response and follow-up
testing helped inform ongoing
monitoring discussions. For Rob
and his family, having access
to sensitive MRD information
provided clarity and reassurance,
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allowing him to look ahead with
100,000 patients with lymphoid cancers. This milestone
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reflects the trust of patients and clinicians   and Adaptive   s
into retirement and focused
commitment to delivering accurate, high-quality insights
on spending time with his wife,
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children, and grandchildren.

4/24/2026 Letter Continued (Full PDF)

 

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