Adaptive Biotechnologies Corp

For the period ended Mar 31, 2025. Filed May 1, 2025.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Mar 31, 2025 · Filed May 1, 2025

ADPT$27.98+4.3%Stored close · as of Nov 6, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

See the whole filing, with its images and exhibits

Contents

14. Segment Information

There areno inter-segment revenues. See Note 3, Revenuefor more information about each segment's revenue. Our chief operating decision maker (“CODM”) is not regularly provided and does not review assets to assess each segment's performance, make strategic decisions or allocate resources. As such, assets for reportable segments are not disclosed.

The following tables set forth our segment information, including significant segment expenses that are (or are easily computable from) information regularly provided to our CODM, for the three months ended March 31, 2025 and 2024 (in thousands):

	Three Months Ended March 31,
	2025	2024
MRD:
Revenue	$43,721	$32,626
Less:
Cost of revenue	15,885	15,921
Research and development	9,159	12,924
Sales and marketing	21,413	20,385
General and administrative	9,502	10,656
Add back:
Items to reconcile net loss to Adjusted EBITDA(1)	8,127	10,001
Adjusted EBITDA(1)	$(4,111)	$(17,259)
Immune Medicine:
Revenue	$8,722	$9,247
Less:
Research and development	15,044	17,321
Other segment items(2)	5,159	6,519
Add back:
Items to reconcile net loss to Adjusted EBITDA(1)	6,035	7,666
Adjusted EBITDA(1)	$(5,446)	$(6,927)

MRD · Immune Medicine · Unallocated Corporate · Total
Reconciliation of Adjusted EBITDA(1) to Net Loss:
Adjusted EBITDA(1)	$(4,111)	$(5,446)	$(3,191)		$(12,748)
Share-based compensation expense(3)	(5,464)	(4,393)	(2,290)		(12,147)
Depreciation and amortization expense	(2,663)	(1,642)	(426)		(4,731)
Interest expense(4)	—	—	(2,905)		(2,905)
Interest and other income, net	—	—	2,679		2,679
Net loss attributable to Adaptive Biotechnologies Corporation				(29,852)
Net income attributable to noncontrolling interest				22
Net loss				$(29,830)

MRD · Immune Medicine · Unallocated Corporate · Total
Reconciliation of Adjusted EBITDA(1) to Net Loss:
Adjusted EBITDA(1)	$(17,259)	$(6,927)	$(3,994)		$(28,180)
Share-based compensation expense(3)	(6,833)	(5,007)	(2,458)		(14,298)
Restructuring expense(5)	(467)	(577)	—		(1,044)
Depreciation and amortization expense	(2,701)	(2,082)	(431)		(5,214)
Interest expense(4)	—	—	(2,993)		(2,993)
Interest and other income, net	—	—	4,222		4,222
Net loss attributable to Adaptive Biotechnologies Corporation				(47,507)
Net loss attributable to noncontrolling interest				(26)
Net loss				$(47,533)

(1)Adjusted EBITDA is a non-GAAP financial measure. See “Management's Discussion and Analysis of Financial Condition and Results of Operations—Adjusted EBITDA” for an explanation of how it is calculated and used by management.

(2) Includes all Immune Medicine operating expenses, other than research and development expenses.

(3)Represents share-based compensation expense related to stock option, restricted stock unit and market-based restricted stock unit awards. See Note 11, Equity Incentive Plans for details on our share-based compensation expense.

(4)Represents costs associated with our revenue interest liability and noncash interest costs associated with the amortization of the related deferred issuance costs. See Note 8, Revenue Interest Purchase Agreementfor details on the Purchase Agreement.

(5) Represents expenses recognized in conjunction with restructuring activities. See Note 12, Restructuring for details on our restructuring expense.

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.