We present a low-bandwidth analog circuit for implementing an adaptive biphasic leaky integrate-and-fire neuron. This neuron circuit is targeted for signal compression in neural recording applications. Unlike other adaptive neuron circuits, this adaptive integrate-and-fire neuron supports signal reconstruction with known threshold voltages. Matlab simulations show promising bandwidth reduction comparing to an integrate-and-fire neuron without the adaptive feature. We quantify the circuit performance in terms of the tradeoff between signal reconstruction accuracy and bandwidth.