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Side-by-side financial comparison of Arcellx, Inc. (ACLX) and Adaptive Biotechnologies Corp (ADPT). Click either name above to swap in a different company.
Adaptive Biotechnologies Corp is the larger business by last-quarter revenue ($71.7M vs $1.7M, roughly 43.3× Arcellx, Inc.). Adaptive Biotechnologies Corp runs the higher net margin — -18.9% vs -3513.4%, a 3494.5% gap on every dollar of revenue. On growth, Adaptive Biotechnologies Corp posted the faster year-over-year revenue change (51.0% vs -89.2%). Adaptive Biotechnologies Corp produced more free cash flow last quarter ($1.4M vs $-58.9M). Over the past eight quarters, Adaptive Biotechnologies Corp's revenue compounded faster (30.8% CAGR vs -79.5%).
Arcellx, Inc. is a clinical-stage biotechnology company that develops innovative chimeric antigen receptor T (CAR-T) cell therapies for treating hard-to-treat cancers including hematologic malignancies and solid tumors. Its core pipeline targets unmet oncology medical needs, serving global patient populations and partnering with life sciences stakeholders.
ExpreS2ion Biotechnologies is a Danish biotechnology company specialised in the development of new vaccines and immunotherapy products based in Hørsholm, Denmark and listed on the Nasdaq First North Growth Market Sweden.
ACLX vs ADPT — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $1.7M | $71.7M |
| Net Profit | $-58.1M | $-13.6M |
| Gross Margin | — | 74.6% |
| Operating Margin | -3850.2% | -17.8% |
| Net Margin | -3513.4% | -18.9% |
| Revenue YoY | -89.2% | 51.0% |
| Net Profit YoY | -23.4% | 59.7% |
| EPS (diluted) | $-1.01 | $-0.08 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $1.7M | $71.7M | ||
| Q3 25 | $4.9M | $94.0M | ||
| Q2 25 | $7.6M | $58.9M | ||
| Q1 25 | $8.1M | $52.4M | ||
| Q4 24 | $15.3M | $47.5M | ||
| Q3 24 | $26.0M | $46.4M | ||
| Q2 24 | $27.4M | $43.2M | ||
| Q1 24 | $39.3M | $41.9M |
| Q4 25 | $-58.1M | $-13.6M | ||
| Q3 25 | $-55.8M | $9.5M | ||
| Q2 25 | $-52.8M | $-25.6M | ||
| Q1 25 | $-62.3M | $-29.9M | ||
| Q4 24 | $-47.1M | $-33.7M | ||
| Q3 24 | $-25.9M | $-32.1M | ||
| Q2 24 | $-27.2M | $-46.2M | ||
| Q1 24 | $-7.2M | $-47.5M |
| Q4 25 | — | 74.6% | ||
| Q3 25 | — | 80.7% | ||
| Q2 25 | — | 69.4% | ||
| Q1 25 | — | 67.6% | ||
| Q4 24 | — | 62.0% | ||
| Q3 24 | — | 64.1% | ||
| Q2 24 | — | 55.3% | ||
| Q1 24 | — | 56.9% |
| Q4 25 | -3850.2% | -17.8% | ||
| Q3 25 | -1248.3% | 10.9% | ||
| Q2 25 | -777.4% | -42.5% | ||
| Q1 25 | -847.6% | -56.4% | ||
| Q4 24 | -348.2% | -71.3% | ||
| Q3 24 | -129.1% | -70.3% | ||
| Q2 24 | -127.8% | -109.6% | ||
| Q1 24 | -40.3% | -116.5% |
| Q4 25 | -3513.4% | -18.9% | ||
| Q3 25 | -1127.1% | 10.2% | ||
| Q2 25 | -698.6% | -43.5% | ||
| Q1 25 | -766.0% | -56.9% | ||
| Q4 24 | -308.4% | -71.0% | ||
| Q3 24 | -99.4% | -69.1% | ||
| Q2 24 | -99.3% | -107.0% | ||
| Q1 24 | -18.3% | -113.5% |
| Q4 25 | $-1.01 | $-0.08 | ||
| Q3 25 | $-0.99 | $0.06 | ||
| Q2 25 | $-0.94 | $-0.17 | ||
| Q1 25 | $-1.13 | $-0.20 | ||
| Q4 24 | $-0.87 | $-0.22 | ||
| Q3 24 | $-0.48 | $-0.22 | ||
| Q2 24 | $-0.51 | $-0.31 | ||
| Q1 24 | $-0.14 | $-0.33 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $450.3M | $70.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $402.4M | $218.8M |
| Total Assets | $604.0M | $512.7M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $450.3M | $70.5M | ||
| Q3 25 | $461.4M | $55.0M | ||
| Q2 25 | $453.1M | $43.2M | ||
| Q1 25 | $543.3M | $50.6M | ||
| Q4 24 | $587.4M | $47.9M | ||
| Q3 24 | $574.3M | $38.1M | ||
| Q2 24 | $516.7M | $59.8M | ||
| Q1 24 | $573.9M | $71.2M |
| Q4 25 | $402.4M | $218.8M | ||
| Q3 25 | $440.8M | $204.4M | ||
| Q2 25 | $392.2M | $179.7M | ||
| Q1 25 | $416.9M | $190.4M | ||
| Q4 24 | $454.8M | $202.7M | ||
| Q3 24 | $483.0M | $223.8M | ||
| Q2 24 | $487.2M | $241.6M | ||
| Q1 24 | $496.6M | $274.9M |
| Q4 25 | $604.0M | $512.7M | ||
| Q3 25 | $655.9M | $490.6M | ||
| Q2 25 | $619.1M | $496.6M | ||
| Q1 25 | $648.1M | $510.9M | ||
| Q4 24 | $711.3M | $539.4M | ||
| Q3 24 | $764.9M | $558.5M | ||
| Q2 24 | $734.3M | $584.9M | ||
| Q1 24 | $779.7M | $620.3M |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-58.2M | $2.1M |
| Free Cash FlowOCF − Capex | $-58.9M | $1.4M |
| FCF MarginFCF / Revenue | -3563.4% | 2.0% |
| Capex IntensityCapex / Revenue | 46.2% | 0.9% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-212.6M | $-48.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-58.2M | $2.1M | ||
| Q3 25 | $-49.2M | $-7.1M | ||
| Q2 25 | $-39.7M | $-12.4M | ||
| Q1 25 | $-63.1M | $-28.5M | ||
| Q4 24 | $-46.0M | $-12.5M | ||
| Q3 24 | $30.7M | $-27.1M | ||
| Q2 24 | $-36.2M | $-17.3M | ||
| Q1 24 | $-31.9M | $-38.4M |
| Q4 25 | $-58.9M | $1.4M | ||
| Q3 25 | $-49.5M | $-7.5M | ||
| Q2 25 | $-40.2M | $-13.1M | ||
| Q1 25 | $-63.9M | $-29.7M | ||
| Q4 24 | $-47.5M | $-12.6M | ||
| Q3 24 | $28.4M | $-27.4M | ||
| Q2 24 | $-39.5M | $-19.0M | ||
| Q1 24 | $-38.3M | $-39.9M |
| Q4 25 | -3563.4% | 2.0% | ||
| Q3 25 | -1000.3% | -8.0% | ||
| Q2 25 | -532.4% | -22.2% | ||
| Q1 25 | -786.4% | -56.7% | ||
| Q4 24 | -311.3% | -26.5% | ||
| Q3 24 | 109.2% | -59.0% | ||
| Q2 24 | -144.1% | -44.1% | ||
| Q1 24 | -97.7% | -95.2% |
| Q4 25 | 46.2% | 0.9% | ||
| Q3 25 | 6.0% | 0.4% | ||
| Q2 25 | 6.4% | 1.1% | ||
| Q1 25 | 9.6% | 2.4% | ||
| Q4 24 | 9.8% | 0.2% | ||
| Q3 24 | 8.8% | 0.7% | ||
| Q2 24 | 11.7% | 4.0% | ||
| Q1 24 | 16.4% | 3.6% |
| Q4 25 | — | — | ||
| Q3 25 | — | -0.75× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ACLX
Segment breakdown not available.
ADPT
| Mrd Business Segment | $61.9M | 86% |
| Immune Medicine Business | $9.8M | 14% |
| Immune Medicine Service Revenue | $100.0K | 0% |
