Adaptive's clonoSEQ MRD business is finally showing scale, but the proof gate is whether test volume, reimbursement, pharma milestones, and operating leverage can absorb cash burn and the OrbiMed revenue-interest obligation.
References
Sources used in this report
SEC APISEC submissions JSON2026-05-14 · Issuer identity, filing recency, CIK, ticker, exchange, filer status, SIC, fiscal year end, and headquarters.SEC APISEC companyfacts JSON2026-05-14 · XBRL cross-check for revenue, loss, assets, cash, R&D, operating loss, and operating cash flow.SEC filingFY2025 Form 10-K2026-02-26 · Business model, MRD and Immune Medicine segments, clonoSEQ, reimbursement, test volume, trials, revenue mix, Genentech termination, OrbiMed agreement, risks, and FY2025 financials.SEC filingQ1 2026 Form 10-Q2026-05-05 · Quarterly financial statements, revenue disaggregation, cash, deferred revenue, segment adjusted EBITDA, operating cash flow, and revenue-interest liability.Company release furnished to SECQ1 2026 earnings release exhibit2026-05-05 · Q1 headline results, MRD growth, clonoSEQ volume, regulatory milestone revenue, adjusted EBITDA, cash, and updated 2026 MRD guidance.SEC governance filing2026 definitive proxy statement2026-04-24 · Board structure, risk oversight, compensation design, MRD goals, test-volume incentive metrics, and governance context.