ADPTAdaptive Biotechnologies Corp
Biological Products, (no Diagnostic Substances)
- Revenue
- $277M
- 55% YoY
- Operating margin
- -20.6%
- 77% YoY
- EBITDA
- −$41M
- 72% YoY
- Market cap
- —
- Employees
- —
- Net debt / EBITDA
- —
- −$170M net debt
- AI in 10-K
- —
Red flags 1 of 9
- TSR below peersClear—3+ of last 5 years
- High CEO pay despite TSRClear—Median CEO pay ≥ $15M and TSR flag
- Active 13DClear0 filingsActive-intent 13D in 18 months
- Net insider sellingClear$0 netNet sales over $10M in 12 months
- Earnings not backed by cashClear—Cash flow under 80% of net income
- Dilutive SBCFired19% of revenueOver 10% of revenue
- Payouts exceed cash flowClear0% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyClear19% of assetsOver 40% of assets
- Shareholder dissentClear—Any vote under 80% support
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $154M | $185M | $170M | $179M | $277M | 55% |
| Operating income | −$209M | −$200M | −$227M | −$163M | −$57M | 65% |
| Net income | −$207M | −$200M | −$225M | −$159M | −$59M | 63% |
| Operating cash flow | −$193M | −$184M | −$156M | −$95M | −$46M | 52% |
| Capex | $62M | $16M | $11M | $4M | $3M | 19% |
| Stock-based comp | $43M | $55M | $63M | $54M | $51M | 4.0% |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $17M · 45
- Net
- −$17M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $9M | $40M | 27 | 125 |
| FY2024 | $5M | $8M | 10 | 93 |
| FY2023 | $9M | $3M | 8 | 94 |
| FY2022 | $9M | −$1M | 13 | 90 |
| FY2021 | $9M | −$6M | 47 | 100 |