Adaptive Biotechnologies Corporation (ADPT) shares are catching investors' attention after the company dropped some encouraging preliminary numbers that suggest its cancer testing business is hitting its stride.

Revenue Growth Accelerates

Adaptive reported preliminary, unaudited revenue of approximately $72 million for the fourth quarter of 2025, marking a 51% jump compared to the same period in 2024. For the full year, revenue totaled approximately $277 million, up 55% year over year. Those are the kind of growth rates that get people excited.

The real driver here is minimal residual disease revenue, which reached approximately $62 million in Q4 and $212 million for the full year, reflecting growth of 54% and 46%, respectively, compared to 2024. Strip out MRD regulatory milestone revenue, and the core MRD business still grew 45% for the full year.

Testing volume tells a similar story. The company delivered approximately 30,000 clonoSEQ tests in the fourth quarter, up 43% from the prior-year quarter. For the full year, approximately 105,600 clonoSEQ tests were delivered, representing a 39% increase from 2024. More tests, more revenue, more momentum.

As of December 31, 2025, Adaptive reported cash, cash equivalents, and marketable securities of approximately $227 million, excluding cash held by Digital Biotechnologies, Inc. The company plans to release complete fourth-quarter and full-year 2025 financial results during its earnings call in February 2026.

ADPT Price Action: At the time of writing, Adaptive shares are down 0.11% at $18.24.