Adaptive Biotechnologies Corp
For the period ended Sep 30, 2025. Filed Nov 5, 2025.
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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.
Sep 30, 2025 · Filed Nov 5, 2025
Extracted filing text, with the paragraph anchors used by the comparison.
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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 and nine months ended September 30, 2025 and 2024, respectively (in thousands):
| Three Months Ended September 30, 2025 · Three Months Ended September 30, 2024 | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| MRD · Immune Medicine · Total · MRD · Immune Medicine · Total | ||||||||||||
| Revenue | $56,788 | $37,185 | $93,973 | $37,470 | $8,965 | $46,435 | ||||||
| Less: | ||||||||||||
| Cost of revenue | 17,303 | * | 17,303 | 14,956 | * | 14,956 | ||||||
| Research and development | 8,956 | 14,713 | 23,669 | 9,199 | 14,964 | 24,163 | ||||||
| Sales and marketing | 21,832 | * | 21,832 | 18,761 | * | 18,761 | ||||||
| General and administrative | 10,739 | * | 10,739 | 9,622 | * | 9,622 | ||||||
| Other segment items(1) | — | 4,935 | 4,935 | — | 5,725 | 5,725 | ||||||
| Add back: | ||||||||||||
| Items to reconcile net loss or net income to Adjusted EBITDA(2) | 9,007 | 6,169 | 15,176 | 8,948 | 6,512 | 15,460 | ||||||
| Adjusted EBITDA(2) | 6,965 | 23,706 | 30,671 | (6,120) | (5,212) | (11,332) | ||||||
| Items to reconcile to consolidated net income (loss): | ||||||||||||
| Share-based compensation expense(3) | (11,204) | (11,111) | ||||||||||
| Restructuring expense(4) | — | (193) | ||||||||||
| Depreciation and amortization expense | (3,972) | (4,156) | ||||||||||
| Other unallocated items(5) | (5,950) | (5,305) | ||||||||||
| Net income (loss) | $9,545 | $(32,097) | ||||||||||
| *Non-significant segment expenses for Immune Medicine. | ||||||||||||
| Nine Months Ended September 30, 2025 · Nine Months Ended September 30, 2024 | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| MRD · Immune Medicine · Total · MRD · Immune Medicine · Total | ||||||||||||
| Revenue | $150,447 | $54,848 | $205,295 | $105,380 | $26,118 | $131,498 | ||||||
| Less: | ||||||||||||
| Cost of revenue | 49,723 | * | 49,723 | 47,740 | * | 47,740 | ||||||
| Research and development | 26,613 | 45,393 | 72,006 | 32,168 | 47,593 | 79,761 | ||||||
| Sales and marketing | 65,199 | * | 65,199 | 57,804 | * | 57,804 | ||||||
| General and administrative | 30,372 | * | 30,372 | 30,254 | * | 30,254 | ||||||
| Other segment items(1) | — | 15,754 | 15,754 | 2,819 | 23,070 | 25,889 | ||||||
| Add back: | ||||||||||||
| Items to reconcile net loss to Adjusted EBITDA(2) | 26,226 | 18,490 | 44,716 | 30,737 | 25,373 | 56,110 | ||||||
| Adjusted EBITDA(2) | 4,766 | 12,191 | 16,957 | (34,668) | (19,172) | (53,840) | ||||||
| Items to reconcile to consolidated net loss: | ||||||||||||
| Share-based compensation expense(3) | (32,368) | (33,478) | ||||||||||
| Restructuring expense(4) | — | (1,917) | ||||||||||
| Impairment of long-lived assets(4) | — | (7,205) | ||||||||||
| Depreciation and amortization expense | (12,348) | (13,510) | ||||||||||
| Other unallocated items(5) | (18,119) | (15,928) | ||||||||||
| Net loss | $(45,878) | $(125,878) | ||||||||||
| *Non-significant segment expenses for Immune Medicine. | ||||||||||||
(1)For the MRD segment, includes MRD expenses related to the impairment of long-lived assets. For the Immune Medicine segment, includes all Immune Medicine operating expenses, other than research and development expenses.
(2)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.
(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 expenses recognized in conjunction with restructuring activities. See Note 12, Restructurings for details on our restructuring expense.
(5) Represents unallocated expenses and income not included in the measurements reviewed by the CODM to assess each segment's performance.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.