XML 30 R23.htm IDEA: XBRL DOCUMENT v3.25.1
Segment Information
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Segment Information

14. Segment Information

There are no inter-segment revenues. See Note 3, Revenue for 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

)

 

 

 

Three Months Ended March 31, 2025

 

 

 

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

)

 

 

 

Three Months Ended March 31, 2024

 

 

 

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 Agreement for details on the Purchase Agreement.

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