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Side-by-side financial comparison of ADAMAS TRUST, INC. (ADAM) and AGENUS INC (AGEN). Click either name above to swap in a different company.
ADAMAS TRUST, INC. is the larger business by last-quarter revenue ($43.2M vs $34.2M, roughly 1.3× AGENUS INC). ADAMAS TRUST, INC. runs the higher net margin — 124.0% vs -31.0%, a 155.0% gap on every dollar of revenue. On growth, ADAMAS TRUST, INC. posted the faster year-over-year revenue change (61.6% vs 27.5%). Over the past eight quarters, ADAMAS TRUST, INC.'s revenue compounded faster (55.5% CAGR vs 10.5%).
Agenus Inc. is a Lexington, Massachusetts-based biotechnology company focused on immunotherapy including immuno-oncology, a field that uses the immune system to control or cure cancer. The company is developing checkpoint modulators (CPMs), patient-specific anti-cancer vaccines, and adjuvants designed for use with various vaccines. CPM development is a particularly fast-moving field, since early products have produced unprecedented clinical benefits for patients.
ADAM vs AGEN — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $43.2M | $34.2M |
| Net Profit | $53.5M | $-10.6M |
| Gross Margin | — | — |
| Operating Margin | — | 42.1% |
| Net Margin | 124.0% | -31.0% |
| Revenue YoY | 61.6% | 27.5% |
| Net Profit YoY | 270.5% | 77.3% |
| EPS (diluted) | $0.45 | $0.09 |
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 | $34.2M | ||
| Q3 25 | $36.6M | $30.2M | ||
| Q2 25 | $36.4M | $25.7M | ||
| Q1 25 | $33.1M | $24.1M | ||
| Q4 24 | $26.7M | $26.8M | ||
| Q3 24 | $20.2M | $25.1M | ||
| Q2 24 | $19.0M | $23.5M | ||
| Q1 24 | $17.9M | $28.0M |
| Q4 25 | $53.5M | $-10.6M | ||
| Q3 25 | $44.8M | $63.9M | ||
| Q2 25 | $8.5M | $-30.0M | ||
| Q1 25 | $42.2M | $-26.4M | ||
| Q4 24 | $-31.4M | $-46.8M | ||
| Q3 24 | $42.8M | $-67.2M | ||
| Q2 24 | $-15.6M | $-54.8M | ||
| Q1 24 | $-57.9M | $-63.5M |
| Q4 25 | — | — | ||
| Q3 25 | — | 97.9% | ||
| Q2 25 | — | 99.1% | ||
| Q1 25 | — | 99.4% | ||
| Q4 24 | — | 99.6% | ||
| Q3 24 | — | 99.4% | ||
| Q2 24 | — | 99.5% | ||
| Q1 24 | — | 99.6% |
| Q4 25 | — | 42.1% | ||
| Q3 25 | — | -15.0% | ||
| Q2 25 | 11.7% | -65.0% | ||
| Q1 25 | — | -55.3% | ||
| Q4 24 | -119.0% | -96.5% | ||
| Q3 24 | — | -125.5% | ||
| Q2 24 | -124.7% | -128.4% | ||
| Q1 24 | -448.8% | -117.4% |
| Q4 25 | 124.0% | -31.0% | ||
| Q3 25 | 122.5% | 211.4% | ||
| Q2 25 | 23.4% | -116.8% | ||
| Q1 25 | 127.4% | -109.6% | ||
| Q4 24 | -117.5% | -174.4% | ||
| Q3 24 | 211.7% | -267.7% | ||
| Q2 24 | -81.9% | -233.1% | ||
| Q1 24 | -324.1% | -226.6% |
| Q4 25 | $0.45 | $0.09 | ||
| Q3 25 | $0.36 | $1.94 | ||
| Q2 25 | $-0.04 | $-1.00 | ||
| Q1 25 | $0.33 | $-1.03 | ||
| Q4 24 | $-0.46 | $-1.95 | ||
| Q3 24 | $0.36 | $-3.08 | ||
| Q2 24 | $-0.29 | $-2.52 | ||
| Q1 24 | $-0.75 | $-3.04 |
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 | $3.0M |
| Total DebtLower is stronger | $735.8M | $44.7M |
| Stockholders' EquityBook value | $1.4B | $-271.1M |
| Total Assets | $12.6B | $226.8M |
| Debt / EquityLower = less leverage | 0.52× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $210.3M | $3.0M | ||
| Q3 25 | $185.3M | $3.5M | ||
| Q2 25 | $160.4M | $9.5M | ||
| Q1 25 | $177.1M | $18.5M | ||
| Q4 24 | $167.4M | $40.4M | ||
| Q3 24 | $195.1M | $44.8M | ||
| Q2 24 | $235.5M | $93.7M | ||
| Q1 24 | $226.9M | $52.9M |
| Q4 25 | $735.8M | $44.7M | ||
| Q3 25 | $766.6M | $34.2M | ||
| Q2 25 | $653.0M | $33.9M | ||
| Q1 25 | $654.4M | $33.6M | ||
| Q4 24 | $573.2M | $33.2M | ||
| Q3 24 | $699.4M | — | ||
| Q2 24 | $800.7M | — | ||
| Q1 24 | $1.0B | — |
| Q4 25 | $1.4B | $-271.1M | ||
| Q3 25 | $1.4B | $-274.1M | ||
| Q2 25 | $1.4B | $-354.6M | ||
| Q1 25 | $1.4B | $-341.8M | ||
| Q4 24 | $1.4B | $-326.4M | ||
| Q3 24 | $1.4B | $-292.3M | ||
| Q2 24 | $1.4B | $-241.3M | ||
| Q1 24 | $1.5B | $-201.4M |
| Q4 25 | $12.6B | $226.8M | ||
| Q3 25 | $12.4B | $233.9M | ||
| Q2 25 | $10.6B | $185.2M | ||
| Q1 25 | $10.0B | $200.2M | ||
| Q4 24 | $9.2B | $226.3M | ||
| Q3 24 | $8.9B | $238.5M | ||
| Q2 24 | $8.2B | $292.4M | ||
| Q1 24 | $7.4B | $256.6M |
| 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 | $-16.6M |
| Free Cash FlowOCF − Capex | $125.9M | — |
| FCF MarginFCF / Revenue | 291.6% | — |
| Capex IntensityCapex / Revenue | 18.9% | 0.0% |
| Cash ConversionOCF / Net Profit | 2.50× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $134.0M | $-16.6M | ||
| Q3 25 | $6.9M | $-14.7M | ||
| Q2 25 | $39.2M | $-20.2M | ||
| Q1 25 | $25.8M | $-25.6M | ||
| Q4 24 | $14.1M | $-28.7M | ||
| Q3 24 | $-922.0K | $-53.3M | ||
| Q2 24 | $-993.0K | $-38.2M | ||
| Q1 24 | $-13.1M | $-38.2M |
| Q4 25 | $125.9M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | $-20.2M | ||
| Q1 25 | — | $-25.6M | ||
| Q4 24 | $-10.6M | $-28.7M | ||
| Q3 24 | $-8.6M | $-53.3M | ||
| Q2 24 | $-8.6M | $-38.6M | ||
| Q1 24 | $-19.1M | $-38.2M |
| Q4 25 | 291.6% | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | -78.7% | ||
| Q1 25 | — | -106.5% | ||
| Q4 24 | -39.6% | -107.0% | ||
| Q3 24 | -42.3% | -212.2% | ||
| Q2 24 | -44.9% | -164.4% | ||
| Q1 24 | -107.0% | -136.5% |
| Q4 25 | 18.9% | 0.0% | ||
| Q3 25 | — | 0.0% | ||
| Q2 25 | — | 0.0% | ||
| Q1 25 | — | 0.0% | ||
| Q4 24 | 92.3% | 0.3% | ||
| Q3 24 | 37.7% | 0.0% | ||
| Q2 24 | 39.7% | 2.0% | ||
| Q1 24 | 33.5% | 0.1% |
| Q4 25 | 2.50× | — | ||
| Q3 25 | 0.15× | -0.23× | ||
| 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% |
AGEN
| Non Cash Royalty Revenue | $31.1M | 91% |
| Other | $3.2M | 9% |
