vs
Side-by-side financial comparison of Alpha Cognition Inc. (ACOG) 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 $2.8M, roughly 25.7× Alpha Cognition Inc.). Adaptive Biotechnologies Corp runs the higher net margin — -18.9% vs -245.5%, a 226.5% gap on every dollar of revenue. Adaptive Biotechnologies Corp produced more free cash flow last quarter ($1.4M vs $-7.1M).
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.
ACOG vs ADPT — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $2.8M | $71.7M |
| Net Profit | $-6.9M | $-13.6M |
| Gross Margin | — | 74.6% |
| Operating Margin | -283.7% | -17.8% |
| Net Margin | -245.5% | -18.9% |
| Revenue YoY | — | 51.0% |
| Net Profit YoY | — | 59.7% |
| EPS (diluted) | $-0.10 | $-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 | $2.8M | $71.7M | ||
| Q3 25 | $2.8M | $94.0M | ||
| Q2 25 | $1.7M | $58.9M | ||
| Q1 25 | $2.9M | $52.4M | ||
| Q4 24 | — | $47.5M | ||
| Q3 24 | — | $46.4M | ||
| Q2 24 | — | $43.2M | ||
| Q1 24 | — | $41.9M |
| Q4 25 | $-6.9M | $-13.6M | ||
| Q3 25 | $-1.3M | $9.5M | ||
| Q2 25 | $-10.5M | $-25.6M | ||
| Q1 25 | $-2.0M | $-29.9M | ||
| Q4 24 | — | $-33.7M | ||
| Q3 24 | — | $-32.1M | ||
| Q2 24 | — | $-46.2M | ||
| Q1 24 | — | $-47.5M |
| Q4 25 | — | 74.6% | ||
| Q3 25 | — | 80.7% | ||
| Q2 25 | 96.7% | 69.4% | ||
| Q1 25 | 99.6% | 67.6% | ||
| Q4 24 | — | 62.0% | ||
| Q3 24 | — | 64.1% | ||
| Q2 24 | — | 55.3% | ||
| Q1 24 | — | 56.9% |
| Q4 25 | -283.7% | -17.8% | ||
| Q3 25 | -187.0% | 10.9% | ||
| Q2 25 | -346.1% | -42.5% | ||
| Q1 25 | -125.9% | -56.4% | ||
| Q4 24 | — | -71.3% | ||
| Q3 24 | — | -70.3% | ||
| Q2 24 | — | -109.6% | ||
| Q1 24 | — | -116.5% |
| Q4 25 | -245.5% | -18.9% | ||
| Q3 25 | -46.4% | 10.2% | ||
| Q2 25 | -632.7% | -43.5% | ||
| Q1 25 | -68.5% | -56.9% | ||
| Q4 24 | — | -71.0% | ||
| Q3 24 | — | -69.1% | ||
| Q2 24 | — | -107.0% | ||
| Q1 24 | — | -113.5% |
| Q4 25 | $-0.10 | $-0.08 | ||
| Q3 25 | $-0.30 | $0.06 | ||
| Q2 25 | $-0.65 | $-0.17 | ||
| Q1 25 | $-0.13 | $-0.20 | ||
| Q4 24 | — | $-0.22 | ||
| Q3 24 | — | $-0.22 | ||
| Q2 24 | — | $-0.31 | ||
| Q1 24 | — | $-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 | $66.0M | $70.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $62.5M | $218.8M |
| Total Assets | $79.7M | $512.7M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $66.0M | $70.5M | ||
| Q3 25 | $35.4M | $55.0M | ||
| Q2 25 | $39.4M | $43.2M | ||
| Q1 25 | $45.5M | $50.6M | ||
| Q4 24 | — | $47.9M | ||
| Q3 24 | — | $38.1M | ||
| Q2 24 | — | $59.8M | ||
| Q1 24 | — | $71.2M |
| Q4 25 | $62.5M | $218.8M | ||
| Q3 25 | $33.9M | $204.4M | ||
| Q2 25 | $31.9M | $179.7M | ||
| Q1 25 | $40.8M | $190.4M | ||
| Q4 24 | — | $202.7M | ||
| Q3 24 | — | $223.8M | ||
| Q2 24 | — | $241.6M | ||
| Q1 24 | — | $274.9M |
| Q4 25 | $79.7M | $512.7M | ||
| Q3 25 | $46.3M | $490.6M | ||
| Q2 25 | $45.1M | $496.6M | ||
| Q1 25 | $48.6M | $510.9M | ||
| Q4 24 | — | $539.4M | ||
| Q3 24 | — | $558.5M | ||
| Q2 24 | — | $584.9M | ||
| Q1 24 | — | $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 | $-6.9M | $2.1M |
| Free Cash FlowOCF − Capex | $-7.1M | $1.4M |
| FCF MarginFCF / Revenue | -252.6% | 2.0% |
| Capex IntensityCapex / Revenue | 5.3% | 0.9% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-20.7M | $-48.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-6.9M | $2.1M | ||
| Q3 25 | $-5.3M | $-7.1M | ||
| Q2 25 | $-6.1M | $-12.4M | ||
| Q1 25 | $-2.0M | $-28.5M | ||
| Q4 24 | — | $-12.5M | ||
| Q3 24 | — | $-27.1M | ||
| Q2 24 | — | $-17.3M | ||
| Q1 24 | — | $-38.4M |
| Q4 25 | $-7.1M | $1.4M | ||
| Q3 25 | $-5.4M | $-7.5M | ||
| Q2 25 | $-6.1M | $-13.1M | ||
| Q1 25 | $-2.1M | $-29.7M | ||
| Q4 24 | — | $-12.6M | ||
| Q3 24 | — | $-27.4M | ||
| Q2 24 | — | $-19.0M | ||
| Q1 24 | — | $-39.9M |
| Q4 25 | -252.6% | 2.0% | ||
| Q3 25 | -188.8% | -8.0% | ||
| Q2 25 | -370.9% | -22.2% | ||
| Q1 25 | -72.0% | -56.7% | ||
| Q4 24 | — | -26.5% | ||
| Q3 24 | — | -59.0% | ||
| Q2 24 | — | -44.1% | ||
| Q1 24 | — | -95.2% |
| Q4 25 | 5.3% | 0.9% | ||
| Q3 25 | 2.6% | 0.4% | ||
| Q2 25 | 0.5% | 1.1% | ||
| Q1 25 | 2.2% | 2.4% | ||
| Q4 24 | — | 0.2% | ||
| Q3 24 | — | 0.7% | ||
| Q2 24 | — | 4.0% | ||
| Q1 24 | — | 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
ACOG
Segment breakdown not available.
ADPT
| Mrd Business Segment | $61.9M | 86% |
| Immune Medicine Business | $9.8M | 14% |
| Immune Medicine Service Revenue | $100.0K | 0% |
