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Side-by-side financial comparison of Adaptive Biotechnologies Corp (ADPT) and EXELIXIS, INC. (EXEL). Click either name above to swap in a different company.
EXELIXIS, INC. is the larger business by last-quarter revenue ($598.7M vs $71.7M, roughly 8.4× Adaptive Biotechnologies Corp). EXELIXIS, INC. runs the higher net margin — 40.8% vs -18.9%, a 59.8% gap on every dollar of revenue. On growth, Adaptive Biotechnologies Corp posted the faster year-over-year revenue change (51.0% vs 5.6%). EXELIXIS, INC. produced more free cash flow last quarter ($332.4M vs $1.4M). Over the past eight quarters, Adaptive Biotechnologies Corp's revenue compounded faster (30.8% CAGR vs 18.7%).
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.
Exelixis, Inc. is a genomics-based drug discovery company located in Alameda, California, and the producer of Cometriq, a treatment approved by the U.S. Food and Drug Administration (FDA) for medullary thyroid cancer with clinical activity in several other types of metastatic cancer.
ADPT vs EXEL — Head-to-Head
Income Statement — Q4 2025 vs Q4 2026
| Metric | | |
|---|---|---|
| Revenue | $71.7M | $598.7M |
| Net Profit | $-13.6M | $244.5M |
| Gross Margin | 74.6% | 95.6% |
| Operating Margin | -17.8% | 39.3% |
| Net Margin | -18.9% | 40.8% |
| Revenue YoY | 51.0% | 5.6% |
| Net Profit YoY | 59.7% | 74.8% |
| EPS (diluted) | $-0.08 | $0.89 |
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.
| Q1 26 | — | $598.7M | ||
| Q4 25 | $71.7M | $597.8M | ||
| Q3 25 | $94.0M | $568.3M | ||
| Q2 25 | $58.9M | $555.4M | ||
| Q1 25 | $52.4M | $566.8M | ||
| Q4 24 | $47.5M | — | ||
| Q3 24 | $46.4M | $539.5M | ||
| Q2 24 | $43.2M | $637.2M |
| Q1 26 | — | $244.5M | ||
| Q4 25 | $-13.6M | $193.6M | ||
| Q3 25 | $9.5M | $184.8M | ||
| Q2 25 | $-25.6M | $159.6M | ||
| Q1 25 | $-29.9M | $139.9M | ||
| Q4 24 | $-33.7M | — | ||
| Q3 24 | $-32.1M | $118.0M | ||
| Q2 24 | $-46.2M | $226.1M |
| Q1 26 | — | 95.6% | ||
| Q4 25 | 74.6% | 96.9% | ||
| Q3 25 | 80.7% | 96.6% | ||
| Q2 25 | 69.4% | 96.5% | ||
| Q1 25 | 67.6% | 96.5% | ||
| Q4 24 | 62.0% | — | ||
| Q3 24 | 64.1% | 96.8% | ||
| Q2 24 | 55.3% | 97.2% |
| Q1 26 | — | 39.3% | ||
| Q4 25 | -17.8% | 39.6% | ||
| Q3 25 | 10.9% | 37.6% | ||
| Q2 25 | -42.5% | 33.6% | ||
| Q1 25 | -56.4% | 28.8% | ||
| Q4 24 | -71.3% | — | ||
| Q3 24 | -70.3% | 25.2% | ||
| Q2 24 | -109.6% | 43.3% |
| Q1 26 | — | 40.8% | ||
| Q4 25 | -18.9% | 32.4% | ||
| Q3 25 | 10.2% | 32.5% | ||
| Q2 25 | -43.5% | 28.7% | ||
| Q1 25 | -56.9% | 24.7% | ||
| Q4 24 | -71.0% | — | ||
| Q3 24 | -69.1% | 21.9% | ||
| Q2 24 | -107.0% | 35.5% |
| Q1 26 | — | $0.89 | ||
| Q4 25 | $-0.08 | $0.69 | ||
| Q3 25 | $0.06 | $0.65 | ||
| Q2 25 | $-0.17 | $0.55 | ||
| Q1 25 | $-0.20 | $0.47 | ||
| Q4 24 | $-0.22 | — | ||
| Q3 24 | $-0.22 | $0.40 | ||
| Q2 24 | $-0.31 | $0.77 |
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 | $1.1B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $218.8M | $2.2B |
| Total Assets | $512.7M | $2.8B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $1.1B | ||
| Q4 25 | $70.5M | $988.5M | ||
| Q3 25 | $55.0M | $791.1M | ||
| Q2 25 | $43.2M | $1.0B | ||
| Q1 25 | $50.6M | $1.1B | ||
| Q4 24 | $47.9M | — | ||
| Q3 24 | $38.1M | $1.2B | ||
| Q2 24 | $59.8M | $1.0B |
| Q1 26 | — | $2.2B | ||
| Q4 25 | $218.8M | $2.2B | ||
| Q3 25 | $204.4M | $2.0B | ||
| Q2 25 | $179.7M | $2.1B | ||
| Q1 25 | $190.4M | $2.2B | ||
| Q4 24 | $202.7M | — | ||
| Q3 24 | $223.8M | $2.3B | ||
| Q2 24 | $241.6M | $2.1B |
| Q1 26 | — | $2.8B | ||
| Q4 25 | $512.7M | $2.8B | ||
| Q3 25 | $490.6M | $2.7B | ||
| Q2 25 | $496.6M | $2.8B | ||
| Q1 25 | $510.9M | $2.9B | ||
| Q4 24 | $539.4M | — | ||
| Q3 24 | $558.5M | $3.0B | ||
| Q2 24 | $584.9M | $2.8B |
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 | $333.5M |
| Free Cash FlowOCF − Capex | $1.4M | $332.4M |
| FCF MarginFCF / Revenue | 2.0% | 55.5% |
| Capex IntensityCapex / Revenue | 0.9% | 0.2% |
| Cash ConversionOCF / Net Profit | — | 1.36× |
| TTM Free Cash FlowTrailing 4 quarters | $-48.9M | $875.8M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $333.5M | ||
| Q4 25 | $2.1M | $290.3M | ||
| Q3 25 | $-7.1M | $49.0M | ||
| Q2 25 | $-12.4M | $211.4M | ||
| Q1 25 | $-28.5M | $240.3M | ||
| Q4 24 | $-12.5M | — | ||
| Q3 24 | $-27.1M | $271.3M | ||
| Q2 24 | $-17.3M | $119.5M |
| Q1 26 | — | $332.4M | ||
| Q4 25 | $1.4M | $288.8M | ||
| Q3 25 | $-7.5M | $46.2M | ||
| Q2 25 | $-13.1M | $208.5M | ||
| Q1 25 | $-29.7M | $236.3M | ||
| Q4 24 | $-12.6M | — | ||
| Q3 24 | $-27.4M | $263.1M | ||
| Q2 24 | $-19.0M | $113.0M |
| Q1 26 | — | 55.5% | ||
| Q4 25 | 2.0% | 48.3% | ||
| Q3 25 | -8.0% | 8.1% | ||
| Q2 25 | -22.2% | 37.5% | ||
| Q1 25 | -56.7% | 41.7% | ||
| Q4 24 | -26.5% | — | ||
| Q3 24 | -59.0% | 48.8% | ||
| Q2 24 | -44.1% | 17.7% |
| Q1 26 | — | 0.2% | ||
| Q4 25 | 0.9% | 0.2% | ||
| Q3 25 | 0.4% | 0.5% | ||
| Q2 25 | 1.1% | 0.5% | ||
| Q1 25 | 2.4% | 0.7% | ||
| Q4 24 | 0.2% | — | ||
| Q3 24 | 0.7% | 1.5% | ||
| Q2 24 | 4.0% | 1.0% |
| Q1 26 | — | 1.36× | ||
| Q4 25 | — | 1.50× | ||
| Q3 25 | -0.75× | 0.27× | ||
| Q2 25 | — | 1.32× | ||
| Q1 25 | — | 1.72× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 2.30× | ||
| Q2 24 | — | 0.53× |
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% |
EXEL
Segment breakdown not available.
