Adaptive Biotechnologies Corp
ADPTQ4 2025(ADPT Q3 FY2025)Derived12% AI
AI Revenue %
12%
AI Fair Value
$211.8M
AI Revenue (Q)
$15.8M
Total Revenue (Q)
$131.5M
Source: SEC EDGAR 10-Q Filing
View 10-Q on SEC.govAnalysis
Total revenue $93.97M (record quarter). MRD: $56.8M. Immune Medicine: $37.2M. The massive IM jump from ~$9M to $37.2M indicates a ~$28M Genentech milestone recognition (likely a regulatory milestone for TCR-based cell therapy). The company became profitable for the first time: net income $9.5M. Math: Base IM ~$9M at 50% AI = $4.5M. Milestone portion ~$28M at 25% AI attribution (regulatory milestones for drug program that uses AI in discovery phase, but milestone payment is for clinical/regulatory achievement) = $7.0M. Total AI = $11.5M. AI% = $11.5M / $94.0M = 12.2%, rounded to 12%. Note: The Q3 2025 Adjusted EBITDA for IM was +$23.7M (vs -$5.2M in Q3 2024), showing the milestone flows to bottom line.
Analyzed by claude-opus-4-6
Quoted Figures
MRD Revenue $56,788K, Immune Medicine Revenue $37,185K, Total $93,973K for Q3 2025
10-Q filed 2025-11-05, Segment Information note
Immune Medicine Adjusted EBITDA $23,706K in Q3 2025 vs $(5,212)K in Q3 2024
10-Q filed 2025-11-05, Segment Information note
Net income $9,545K for Q3 2025 vs net loss $(32,097)K for Q3 2024
10-Q filed 2025-11-05, Income Statement
We are applying artificial intelligence and machine learning models to map at scale TCR sequences to the diseases they bind to enable our drug discovery efforts
10-Q filed 2025-11-05, MD&A Overview
AI Products Identified (Ring 1)
TCR-Antigen Map (AI/ML-driven immune receptor-disease mapping)Genentech TCR-based cell therapy collaboration (AI-enabled TCR/antigen discovery)Precision immunology drug discovery in autoimmune diseases (AI/ML-enabled)Adaptive Immunosequencing (AI/ML analysis)
AI-Enabled Items (Ring 2 — Not Counted)
These items use AI but are not counted in the AI revenue estimate because they primarily serve non-AI functions.
clonoSEQ diagnostic test ($56.8M MRD segment, NGS-based sequencing)MRD Pharma testing services (sequencing-based)Genentech regulatory milestone payments (regulatory achievement, not AI product)
Confidence Tier
DerivedCalculated from reported segments primarily serving AI