13. 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, 2026 and 2025 (in thousands):


	Three Months Ended March 31, 2026								Three Months Ended March 31, 2025
	MRD		Immune Medicine			Total			MRD			Immune Medicine(1)			Total
Revenue	$	67,093	$	3,781		$	70,874		$	43,721		$	8,722		$	52,443
Less:
Cost of revenue		17,244	*				17,244			15,885		*				15,885
Research and development		9,226		13,934			23,160			9,159			14,488			23,647
Sales and marketing		24,742	*				24,742			21,413		*				21,413
General and administrative		12,519	*				12,519			9,502		*				9,502
Other segment items(2)		—		5,776			5,776			—			5,153			5,153
Add back:
Items to reconcile net income or net loss to Adjusted EBITDA(3)		8,776		5,569			14,345			8,127			5,813			13,940
Adjusted EBITDA(3)		12,138		(10,360	)		1,778			(4,111	)		(5,106	)		(9,217	)
Items to reconcile to consolidated net loss:
Share-based compensation expense(4)							(9,969	)								(9,654	)
Restructuring expense(5)							(643	)								—
Impairment of long-lived assets(5)							(347	)								—
Depreciation and amortization expense							(3,386	)								(4,286	)
Other unallocated items(1)							(7,448	)								(6,673	)
Net loss						$	(20,015	)							$	(29,830	)
*Non-significant segment expenses for Immune Medicine.

(1) Costs related to Digital Biotechnologies, Inc. are no longer included as Immune Medicine costs and have been reclassified to the “other unallocated items” total.

(2) For the Immune Medicine segment, includes all Immune Medicine operating expenses, other than research and development expenses.

(3) 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.

(4) Represents share-based compensation expense related to various awards. See Note 11, Equity Incentive Plans for details on our share-based compensation expense.

(5) Represents expenses recognized in conjunction with a restructuring that primarily impacted research and development activities.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

Adaptive Biotechnologies Corp 10-Q