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Side-by-side financial comparison of Adaptive Biotechnologies Corp (ADPT) and AGENUS INC (AGEN). Click either name above to swap in a different company.
Adaptive Biotechnologies Corp is the larger business by last-quarter revenue ($71.7M vs $34.2M, roughly 2.1× AGENUS INC). Adaptive Biotechnologies Corp runs the higher net margin — -18.9% vs -31.0%, a 12.1% gap on every dollar of revenue. On growth, Adaptive Biotechnologies Corp posted the faster year-over-year revenue change (51.0% vs 27.5%). Over the past eight quarters, Adaptive Biotechnologies Corp's revenue compounded faster (30.8% CAGR vs 10.5%).
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.
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.
ADPT vs AGEN — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $71.7M | $34.2M |
| Net Profit | $-13.6M | $-10.6M |
| Gross Margin | 74.6% | — |
| Operating Margin | -17.8% | 42.1% |
| Net Margin | -18.9% | -31.0% |
| Revenue YoY | 51.0% | 27.5% |
| Net Profit YoY | 59.7% | 77.3% |
| EPS (diluted) | $-0.08 | $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 | $71.7M | $34.2M | ||
| Q3 25 | $94.0M | $30.2M | ||
| Q2 25 | $58.9M | $25.7M | ||
| Q1 25 | $52.4M | $24.1M | ||
| Q4 24 | $47.5M | $26.8M | ||
| Q3 24 | $46.4M | $25.1M | ||
| Q2 24 | $43.2M | $23.5M | ||
| Q1 24 | $41.9M | $28.0M |
| Q4 25 | $-13.6M | $-10.6M | ||
| Q3 25 | $9.5M | $63.9M | ||
| Q2 25 | $-25.6M | $-30.0M | ||
| Q1 25 | $-29.9M | $-26.4M | ||
| Q4 24 | $-33.7M | $-46.8M | ||
| Q3 24 | $-32.1M | $-67.2M | ||
| Q2 24 | $-46.2M | $-54.8M | ||
| Q1 24 | $-47.5M | $-63.5M |
| Q4 25 | 74.6% | — | ||
| Q3 25 | 80.7% | 97.9% | ||
| Q2 25 | 69.4% | 99.1% | ||
| Q1 25 | 67.6% | 99.4% | ||
| Q4 24 | 62.0% | 99.6% | ||
| Q3 24 | 64.1% | 99.4% | ||
| Q2 24 | 55.3% | 99.5% | ||
| Q1 24 | 56.9% | 99.6% |
| Q4 25 | -17.8% | 42.1% | ||
| Q3 25 | 10.9% | -15.0% | ||
| Q2 25 | -42.5% | -65.0% | ||
| Q1 25 | -56.4% | -55.3% | ||
| Q4 24 | -71.3% | -96.5% | ||
| Q3 24 | -70.3% | -125.5% | ||
| Q2 24 | -109.6% | -128.4% | ||
| Q1 24 | -116.5% | -117.4% |
| Q4 25 | -18.9% | -31.0% | ||
| Q3 25 | 10.2% | 211.4% | ||
| Q2 25 | -43.5% | -116.8% | ||
| Q1 25 | -56.9% | -109.6% | ||
| Q4 24 | -71.0% | -174.4% | ||
| Q3 24 | -69.1% | -267.7% | ||
| Q2 24 | -107.0% | -233.1% | ||
| Q1 24 | -113.5% | -226.6% |
| Q4 25 | $-0.08 | $0.09 | ||
| Q3 25 | $0.06 | $1.94 | ||
| Q2 25 | $-0.17 | $-1.00 | ||
| Q1 25 | $-0.20 | $-1.03 | ||
| Q4 24 | $-0.22 | $-1.95 | ||
| Q3 24 | $-0.22 | $-3.08 | ||
| Q2 24 | $-0.31 | $-2.52 | ||
| Q1 24 | $-0.33 | $-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 | $70.5M | $3.0M |
| Total DebtLower is stronger | — | $44.7M |
| Stockholders' EquityBook value | $218.8M | $-271.1M |
| Total Assets | $512.7M | $226.8M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $70.5M | $3.0M | ||
| Q3 25 | $55.0M | $3.5M | ||
| Q2 25 | $43.2M | $9.5M | ||
| Q1 25 | $50.6M | $18.5M | ||
| Q4 24 | $47.9M | $40.4M | ||
| Q3 24 | $38.1M | $44.8M | ||
| Q2 24 | $59.8M | $93.7M | ||
| Q1 24 | $71.2M | $52.9M |
| Q4 25 | — | $44.7M | ||
| Q3 25 | — | $34.2M | ||
| Q2 25 | — | $33.9M | ||
| Q1 25 | — | $33.6M | ||
| Q4 24 | — | $33.2M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $218.8M | $-271.1M | ||
| Q3 25 | $204.4M | $-274.1M | ||
| Q2 25 | $179.7M | $-354.6M | ||
| Q1 25 | $190.4M | $-341.8M | ||
| Q4 24 | $202.7M | $-326.4M | ||
| Q3 24 | $223.8M | $-292.3M | ||
| Q2 24 | $241.6M | $-241.3M | ||
| Q1 24 | $274.9M | $-201.4M |
| Q4 25 | $512.7M | $226.8M | ||
| Q3 25 | $490.6M | $233.9M | ||
| Q2 25 | $496.6M | $185.2M | ||
| Q1 25 | $510.9M | $200.2M | ||
| Q4 24 | $539.4M | $226.3M | ||
| Q3 24 | $558.5M | $238.5M | ||
| Q2 24 | $584.9M | $292.4M | ||
| Q1 24 | $620.3M | $256.6M |
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 | $2.1M | $-16.6M |
| Free Cash FlowOCF − Capex | $1.4M | — |
| FCF MarginFCF / Revenue | 2.0% | — |
| Capex IntensityCapex / Revenue | 0.9% | 0.0% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-48.9M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.1M | $-16.6M | ||
| Q3 25 | $-7.1M | $-14.7M | ||
| Q2 25 | $-12.4M | $-20.2M | ||
| Q1 25 | $-28.5M | $-25.6M | ||
| Q4 24 | $-12.5M | $-28.7M | ||
| Q3 24 | $-27.1M | $-53.3M | ||
| Q2 24 | $-17.3M | $-38.2M | ||
| Q1 24 | $-38.4M | $-38.2M |
| Q4 25 | $1.4M | — | ||
| Q3 25 | $-7.5M | — | ||
| Q2 25 | $-13.1M | $-20.2M | ||
| Q1 25 | $-29.7M | $-25.6M | ||
| Q4 24 | $-12.6M | $-28.7M | ||
| Q3 24 | $-27.4M | $-53.3M | ||
| Q2 24 | $-19.0M | $-38.6M | ||
| Q1 24 | $-39.9M | $-38.2M |
| Q4 25 | 2.0% | — | ||
| Q3 25 | -8.0% | — | ||
| Q2 25 | -22.2% | -78.7% | ||
| Q1 25 | -56.7% | -106.5% | ||
| Q4 24 | -26.5% | -107.0% | ||
| Q3 24 | -59.0% | -212.2% | ||
| Q2 24 | -44.1% | -164.4% | ||
| Q1 24 | -95.2% | -136.5% |
| Q4 25 | 0.9% | 0.0% | ||
| Q3 25 | 0.4% | 0.0% | ||
| Q2 25 | 1.1% | 0.0% | ||
| Q1 25 | 2.4% | 0.0% | ||
| Q4 24 | 0.2% | 0.3% | ||
| Q3 24 | 0.7% | 0.0% | ||
| Q2 24 | 4.0% | 2.0% | ||
| Q1 24 | 3.6% | 0.1% |
| Q4 25 | — | — | ||
| Q3 25 | -0.75× | -0.23× | ||
| 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
ADPT
| Mrd Business Segment | $61.9M | 86% |
| Immune Medicine Business | $9.8M | 14% |
| Immune Medicine Service Revenue | $100.0K | 0% |
AGEN
Segment breakdown not available.
