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Side-by-side financial comparison of ADAMAS TRUST, INC. (ADAM) and ImmunityBio, Inc. (IBRX). Click either name above to swap in a different company.
ADAMAS TRUST, INC. is the larger business by last-quarter revenue ($43.2M vs $38.3M, roughly 1.1× ImmunityBio, Inc.). ADAMAS TRUST, INC. runs the higher net margin — 124.0% vs -161.8%, a 285.8% gap on every dollar of revenue. On growth, ImmunityBio, Inc. posted the faster year-over-year revenue change (407.0% vs 61.6%). ADAMAS TRUST, INC. produced more free cash flow last quarter ($125.9M vs $-71.3M).
ImmunityBio, Inc. is a clinical-stage biotechnology company focused on developing next-generation immunotherapies and vaccine candidates targeting multiple cancer types and infectious diseases. It operates mainly in the U.S. market, with core R&D segments including cell therapy, antibody therapeutics, and targeted vaccine platforms designed to enhance patient treatment outcomes.
ADAM vs IBRX — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $43.2M | $38.3M |
| Net Profit | $53.5M | $-61.9M |
| Gross Margin | — | 99.0% |
| Operating Margin | — | -169.0% |
| Net Margin | 124.0% | -161.8% |
| Revenue YoY | 61.6% | 407.0% |
| Net Profit YoY | 270.5% | -4.7% |
| EPS (diluted) | $0.45 | $-0.06 |
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 | $38.3M | ||
| Q3 25 | $36.6M | $32.1M | ||
| Q2 25 | $36.4M | $26.4M | ||
| Q1 25 | $33.1M | $16.5M | ||
| Q4 24 | $26.7M | $7.6M | ||
| Q3 24 | $20.2M | $6.1M | ||
| Q2 24 | $19.0M | — | ||
| Q1 24 | $17.9M | — |
| Q4 25 | $53.5M | $-61.9M | ||
| Q3 25 | $44.8M | $-67.3M | ||
| Q2 25 | $8.5M | $-92.6M | ||
| Q1 25 | $42.2M | $-129.6M | ||
| Q4 24 | $-31.4M | $-59.2M | ||
| Q3 24 | $42.8M | $-85.7M | ||
| Q2 24 | $-15.6M | — | ||
| Q1 24 | $-57.9M | — |
| Q4 25 | — | 99.0% | ||
| Q3 25 | — | 99.4% | ||
| Q2 25 | — | 99.5% | ||
| Q1 25 | — | 99.6% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | -169.0% | ||
| Q3 25 | — | -173.5% | ||
| Q2 25 | 11.7% | -269.8% | ||
| Q1 25 | — | -390.1% | ||
| Q4 24 | -119.0% | -919.0% | ||
| Q3 24 | — | -1314.3% | ||
| Q2 24 | -124.7% | — | ||
| Q1 24 | -448.8% | — |
| Q4 25 | 124.0% | -161.8% | ||
| Q3 25 | 122.5% | -209.8% | ||
| Q2 25 | 23.4% | -350.3% | ||
| Q1 25 | 127.4% | -784.9% | ||
| Q4 24 | -117.5% | -783.4% | ||
| Q3 24 | 211.7% | -1404.0% | ||
| Q2 24 | -81.9% | — | ||
| Q1 24 | -324.1% | — |
| Q4 25 | $0.45 | $-0.06 | ||
| Q3 25 | $0.36 | $-0.07 | ||
| Q2 25 | $-0.04 | $-0.10 | ||
| Q1 25 | $0.33 | $-0.15 | ||
| Q4 24 | $-0.46 | $-0.08 | ||
| Q3 24 | $0.36 | $-0.14 | ||
| Q2 24 | $-0.29 | — | ||
| Q1 24 | $-0.75 | — |
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 | $242.8M |
| Total DebtLower is stronger | $735.8M | — |
| Stockholders' EquityBook value | $1.4B | $-500.5M |
| Total Assets | $12.6B | $501.9M |
| Debt / EquityLower = less leverage | 0.52× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $210.3M | $242.8M | ||
| Q3 25 | $185.3M | $257.8M | ||
| Q2 25 | $160.4M | $153.7M | ||
| Q1 25 | $177.1M | $61.6M | ||
| Q4 24 | $167.4M | $149.8M | ||
| Q3 24 | $195.1M | $130.4M | ||
| Q2 24 | $235.5M | — | ||
| Q1 24 | $226.9M | — |
| 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 | $-500.5M | ||
| Q3 25 | $1.4B | $-524.3M | ||
| Q2 25 | $1.4B | $-570.7M | ||
| Q1 25 | $1.4B | $-591.4M | ||
| Q4 24 | $1.4B | $-489.1M | ||
| Q3 24 | $1.4B | $-745.1M | ||
| Q2 24 | $1.4B | — | ||
| Q1 24 | $1.5B | — |
| Q4 25 | $12.6B | $501.9M | ||
| Q3 25 | $12.4B | $519.0M | ||
| Q2 25 | $10.6B | $402.1M | ||
| Q1 25 | $10.0B | $303.8M | ||
| Q4 24 | $9.2B | $382.9M | ||
| Q3 24 | $8.9B | $364.6M | ||
| Q2 24 | $8.2B | — | ||
| Q1 24 | $7.4B | — |
| 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 | $-70.4M |
| Free Cash FlowOCF − Capex | $125.9M | $-71.3M |
| FCF MarginFCF / Revenue | 291.6% | -186.2% |
| Capex IntensityCapex / Revenue | 18.9% | 2.4% |
| Cash ConversionOCF / Net Profit | 2.50× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-308.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $134.0M | $-70.4M | ||
| Q3 25 | $6.9M | $-68.9M | ||
| Q2 25 | $39.2M | $-79.7M | ||
| Q1 25 | $25.8M | $-85.9M | ||
| Q4 24 | $14.1M | $-85.1M | ||
| Q3 24 | $-922.0K | $-98.8M | ||
| Q2 24 | $-993.0K | — | ||
| Q1 24 | $-13.1M | — |
| Q4 25 | $125.9M | $-71.3M | ||
| Q3 25 | — | $-69.6M | ||
| Q2 25 | — | $-80.8M | ||
| Q1 25 | — | $-87.0M | ||
| Q4 24 | $-10.6M | $-87.3M | ||
| Q3 24 | $-8.6M | $-101.6M | ||
| Q2 24 | $-8.6M | — | ||
| Q1 24 | $-19.1M | — |
| Q4 25 | 291.6% | -186.2% | ||
| Q3 25 | — | -217.2% | ||
| Q2 25 | — | -305.9% | ||
| Q1 25 | — | -526.9% | ||
| Q4 24 | -39.6% | -1155.4% | ||
| Q3 24 | -42.3% | -1663.2% | ||
| Q2 24 | -44.9% | — | ||
| Q1 24 | -107.0% | — |
| Q4 25 | 18.9% | 2.4% | ||
| Q3 25 | — | 2.3% | ||
| Q2 25 | — | 4.1% | ||
| Q1 25 | — | 6.8% | ||
| Q4 24 | 92.3% | 28.0% | ||
| Q3 24 | 37.7% | 45.7% | ||
| Q2 24 | 39.7% | — | ||
| Q1 24 | 33.5% | — |
| Q4 25 | 2.50× | — | ||
| Q3 25 | 0.15× | — | ||
| 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% |
IBRX
Segment breakdown not available.
