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Side-by-side financial comparison of ADAMAS TRUST, INC. (ADAM) 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 $43.2M, roughly 1.7× ADAMAS TRUST, INC.). ADAMAS TRUST, INC. runs the higher net margin — 124.0% vs -18.9%, a 142.9% gap on every dollar of revenue. On growth, ADAMAS TRUST, INC. posted the faster year-over-year revenue change (61.6% vs 51.0%). ADAMAS TRUST, INC. produced more free cash flow last quarter ($125.9M vs $1.4M). Over the past eight quarters, ADAMAS TRUST, INC.'s revenue compounded faster (55.5% CAGR vs 30.8%).
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.
ADAM vs ADPT — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $43.2M | $71.7M |
| Net Profit | $53.5M | $-13.6M |
| Gross Margin | — | 74.6% |
| Operating Margin | — | -17.8% |
| Net Margin | 124.0% | -18.9% |
| Revenue YoY | 61.6% | 51.0% |
| Net Profit YoY | 270.5% | 59.7% |
| EPS (diluted) | $0.45 | $-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 | $43.2M | $71.7M | ||
| Q3 25 | $36.6M | $94.0M | ||
| Q2 25 | $36.4M | $58.9M | ||
| Q1 25 | $33.1M | $52.4M | ||
| Q4 24 | $26.7M | $47.5M | ||
| Q3 24 | $20.2M | $46.4M | ||
| Q2 24 | $19.0M | $43.2M | ||
| Q1 24 | $17.9M | $41.9M |
| Q4 25 | $53.5M | $-13.6M | ||
| Q3 25 | $44.8M | $9.5M | ||
| Q2 25 | $8.5M | $-25.6M | ||
| Q1 25 | $42.2M | $-29.9M | ||
| Q4 24 | $-31.4M | $-33.7M | ||
| Q3 24 | $42.8M | $-32.1M | ||
| Q2 24 | $-15.6M | $-46.2M | ||
| Q1 24 | $-57.9M | $-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 | — | -17.8% | ||
| Q3 25 | — | 10.9% | ||
| Q2 25 | 11.7% | -42.5% | ||
| Q1 25 | — | -56.4% | ||
| Q4 24 | -119.0% | -71.3% | ||
| Q3 24 | — | -70.3% | ||
| Q2 24 | -124.7% | -109.6% | ||
| Q1 24 | -448.8% | -116.5% |
| Q4 25 | 124.0% | -18.9% | ||
| Q3 25 | 122.5% | 10.2% | ||
| Q2 25 | 23.4% | -43.5% | ||
| Q1 25 | 127.4% | -56.9% | ||
| Q4 24 | -117.5% | -71.0% | ||
| Q3 24 | 211.7% | -69.1% | ||
| Q2 24 | -81.9% | -107.0% | ||
| Q1 24 | -324.1% | -113.5% |
| Q4 25 | $0.45 | $-0.08 | ||
| Q3 25 | $0.36 | $0.06 | ||
| Q2 25 | $-0.04 | $-0.17 | ||
| Q1 25 | $0.33 | $-0.20 | ||
| Q4 24 | $-0.46 | $-0.22 | ||
| Q3 24 | $0.36 | $-0.22 | ||
| Q2 24 | $-0.29 | $-0.31 | ||
| Q1 24 | $-0.75 | $-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 | $210.3M | $70.5M |
| Total DebtLower is stronger | $735.8M | — |
| Stockholders' EquityBook value | $1.4B | $218.8M |
| Total Assets | $12.6B | $512.7M |
| Debt / EquityLower = less leverage | 0.52× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $210.3M | $70.5M | ||
| Q3 25 | $185.3M | $55.0M | ||
| Q2 25 | $160.4M | $43.2M | ||
| Q1 25 | $177.1M | $50.6M | ||
| Q4 24 | $167.4M | $47.9M | ||
| Q3 24 | $195.1M | $38.1M | ||
| Q2 24 | $235.5M | $59.8M | ||
| Q1 24 | $226.9M | $71.2M |
| Q4 25 | $735.8M | — | ||
| Q3 25 | $766.6M | — | ||
| Q2 25 | $653.0M | — | ||
| Q1 25 | $654.4M | — | ||
| Q4 24 | $573.2M | — | ||
| Q3 24 | $699.4M | — | ||
| Q2 24 | $800.7M | — | ||
| Q1 24 | $1.0B | — |
| Q4 25 | $1.4B | $218.8M | ||
| Q3 25 | $1.4B | $204.4M | ||
| Q2 25 | $1.4B | $179.7M | ||
| Q1 25 | $1.4B | $190.4M | ||
| Q4 24 | $1.4B | $202.7M | ||
| Q3 24 | $1.4B | $223.8M | ||
| Q2 24 | $1.4B | $241.6M | ||
| Q1 24 | $1.5B | $274.9M |
| Q4 25 | $12.6B | $512.7M | ||
| Q3 25 | $12.4B | $490.6M | ||
| Q2 25 | $10.6B | $496.6M | ||
| Q1 25 | $10.0B | $510.9M | ||
| Q4 24 | $9.2B | $539.4M | ||
| Q3 24 | $8.9B | $558.5M | ||
| Q2 24 | $8.2B | $584.9M | ||
| Q1 24 | $7.4B | $620.3M |
| Q4 25 | 0.52× | — | ||
| Q3 25 | 0.55× | — | ||
| Q2 25 | 0.47× | — | ||
| Q1 25 | 0.47× | — | ||
| Q4 24 | 0.41× | — | ||
| Q3 24 | 0.48× | — | ||
| Q2 24 | 0.56× | — | ||
| Q1 24 | 0.67× | — |
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 | $134.0M | $2.1M |
| Free Cash FlowOCF − Capex | $125.9M | $1.4M |
| FCF MarginFCF / Revenue | 291.6% | 2.0% |
| Capex IntensityCapex / Revenue | 18.9% | 0.9% |
| Cash ConversionOCF / Net Profit | 2.50× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-48.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $134.0M | $2.1M | ||
| Q3 25 | $6.9M | $-7.1M | ||
| Q2 25 | $39.2M | $-12.4M | ||
| Q1 25 | $25.8M | $-28.5M | ||
| Q4 24 | $14.1M | $-12.5M | ||
| Q3 24 | $-922.0K | $-27.1M | ||
| Q2 24 | $-993.0K | $-17.3M | ||
| Q1 24 | $-13.1M | $-38.4M |
| Q4 25 | $125.9M | $1.4M | ||
| Q3 25 | — | $-7.5M | ||
| Q2 25 | — | $-13.1M | ||
| Q1 25 | — | $-29.7M | ||
| Q4 24 | $-10.6M | $-12.6M | ||
| Q3 24 | $-8.6M | $-27.4M | ||
| Q2 24 | $-8.6M | $-19.0M | ||
| Q1 24 | $-19.1M | $-39.9M |
| Q4 25 | 291.6% | 2.0% | ||
| Q3 25 | — | -8.0% | ||
| Q2 25 | — | -22.2% | ||
| Q1 25 | — | -56.7% | ||
| Q4 24 | -39.6% | -26.5% | ||
| Q3 24 | -42.3% | -59.0% | ||
| Q2 24 | -44.9% | -44.1% | ||
| Q1 24 | -107.0% | -95.2% |
| Q4 25 | 18.9% | 0.9% | ||
| Q3 25 | — | 0.4% | ||
| Q2 25 | — | 1.1% | ||
| Q1 25 | — | 2.4% | ||
| Q4 24 | 92.3% | 0.2% | ||
| Q3 24 | 37.7% | 0.7% | ||
| Q2 24 | 39.7% | 4.0% | ||
| Q1 24 | 33.5% | 3.6% |
| Q4 25 | 2.50× | — | ||
| Q3 25 | 0.15× | -0.75× | ||
| Q2 25 | 4.59× | — | ||
| Q1 25 | 0.61× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | -0.02× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ADAM
| Other | $19.6M | 45% |
| Constructive Loans LLC | $14.4M | 33% |
| Multifamily | $9.1M | 21% |
ADPT
| Mrd Business Segment | $61.9M | 86% |
| Immune Medicine Business | $9.8M | 14% |
| Immune Medicine Service Revenue | $100.0K | 0% |
