A maker of tools that read the immune system's genetic code. Its FDA-authorized clonoSEQ test hunts for the tiny traces of cancer cells that can linger after treatment for blood cancers like multiple myeloma, helping doctors spot a possible relapse early. The company was founded in 2009 by brothers Harlan and Chad Robins, after Harlan's lab work at a Seattle research center cracked how to sequence T-cell receptors; Chad, a business guy who joked he couldn't tell a T-cell receptor from a T-bone steak, handled the company side.
Q2 2026 revenue rose 21.5% to $71.6M as MRD grew on clonoSEQ volume; net loss widened to $39.8M on debt extinguishment.
The MRD business carried the quarter as the Genentech collaboration ended. rose 21.5% to $71.6M and was 71.8%, but a $23.7M loss on early debt extinguishment widened net loss to $39.8M from $25.6M a year earlier. Adaptive has $169.9M cash after a $345M note issuance but faces a planned Immune Medicine separation.
Key takeaways
A $23.7M non-cash loss on early extinguishment of a and a $25M were funded by a $345M issuance, leaving cash and equivalents at $169.9M, up 293.6% from a year earlier.
MRD rose 42% in H1 2026 to $133.3M on a 43% increase in clonoSEQ clinical test volume to 36,111 tests in Q2, with up 17% to $8,029 under expanded Medicare coverage for mantle cell lymphoma.
Immune Medicine declined 48% to $9.2M in H1 2026 after the Genentech collaboration terminated in August 2025, and the company is winding down its Adaptive Immunosequencing pharma services.
Section summaries
Management's Discussion and Analysis
MRD revenue surged 42% on 43% clonoSEQ volume growth, while Immune Medicine revenue fell 48% after Genentech collaboration ended.
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Total rose 28% to $142.4M for H1 2026, driven by a 42% increase in MRD revenue to $133.3M, primarily from higher clonoSEQ clinical testing volumes.
clonoSEQ test volume grew 43% to 36,111 tests in Q2 2026, supported by expanded Medicare coverage for mantle cell lymphoma and a 17% increase in episode pricing to $8,029.
loss narrowed to $3.2M from $19.9M in H1 2025 as the MRD swung to a $21.3M profit while the Immune Medicine segment loss widened to $16.6M.
Operating expenses increased 7% to $177.4M in H1 2026, with higher sales and marketing and G&A costs partly offset by a 12% decline in R&D spending.
New risk factors flag the $345M as adding debt service burden and the planned Immune Medicine separation as a potential operational distraction.
What changed
Q2 2026 clonoSEQ volume rose 43% to 36,111 tests after Q1's 41% increase to 32,595, confirming MRD-led growth holds without Genentech support.
Immune Medicine fell 48% to $9.2M H1 2026 as the Genentech wind-down completed in February 2026; no replacement deal beyond the December 2025 Pfizer pacts was reported this quarter.
Cash and equivalents rose to $169.9M from $77.6M at Q1 end after the $345M notes issuance, against the $124.7M OrbiMed liability eliminated this quarter.
loss narrowed to $3.2M H1 from $19.9M a year earlier, on track toward the stated cash flow breakeven by end of 2026.
Net loss widened to $39.8M in Q2 from $20.0M in Q1 and $25.6M a year earlier, reversing the narrowing trend due to the one-off debt extinguishment loss.
What to watch
Q3 2026 clonoSEQ test volume after the 43% Q2 increase to confirm MRD growth sustains.
Immune Medicine in H2 2026 to see if Pfizer or other deals replace terminated Genentech collaboration.
trajectory in Q3 2026 toward cash flow breakeven by end of 2026.
Progress and cost of the planned Immune Medicine separation from the MRD business.
Immune Medicine declined 48% to $9.2M in H1 2026, largely due to the termination of the Genentech collaboration in August 2025, and the company is winding down its Adaptive Immunosequencing pharma services.
Operating expenses increased 7% to $177.4M in H1 2026, with higher sales and marketing and general and administrative costs partially offset by a 12% decline in R&D spending.
A $23.7M loss on early extinguishment of a interest liability and a $25M were funded by a $345M convertible notes issuance, leaving $371.7M in cash and equivalents.
loss narrowed to $3.2M from $19.9M in H1 2025, as the MRD swung to a $21.3M profit while the Immune Medicine segment loss widened to $16.6M.
Quantitative and Qualitative Disclosures About Market Risk
Interest Rate Risk We are exposed to market risk for changes in interest rates related primarily to our cash and cash equivalents and marketable securities. As of June 30, 2026, there have been no material changes to our market risks as previously disclosed in our Annual Report…
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Interest Rate Risk
We are exposed to market risk for changes in interest rates related primarily to our cash and cash equivalents and marketable securities. As of June 30, 2026, there have been no material changes to our market risks as previously disclosed in our Annual Report filed with the SEC on February 26, 2026. We do not enter into investments for trading purposes and have not used any derivative financial instruments to manage our interest rate risk exposure.
From time to time, we may be subject to legal proceedings. We are not currently a party to or aware of any proceedings that we believe will have, individually or in the aggregate, a material adverse effect on our business, financial condition or results of operations. Regardless…
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From time to time, we may be subject to legal proceedings. We are not currently a party to or aware of any proceedings that we believe will have, individually or in the aggregate, a material adverse effect on our business, financial condition or results of operations. Regardless of outcome, litigation can have an adverse impact on us because of defense and settlement costs, diversion of management resources and other factors.
New $345M convertible notes and planned Immune Medicine separation create material financial and operational risks.
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A $345.0 million offering in June 2026 increases debt service burdens, limits financial flexibility, and may dilute shareholders upon conversion.
The company may lack sufficient cash flow or financing to notes or pay cash upon maturity or conversion, risking default and cross-defaults on other debt.
Note-related transactions, including redemption rights after July 2029 and capped call adjustments, could depress the stock price or discourage a takeover.
The planned separation of the Immune Medicine business from the MRD business may fail to achieve strategic benefits, distract management, and harm operations and retention.