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Side-by-side financial comparison of Adaptive Biotechnologies Corp (ADPT) and HALOZYME THERAPEUTICS, INC. (HALO). Click either name above to swap in a different company.
HALOZYME THERAPEUTICS, INC. is the larger business by last-quarter revenue ($451.8M vs $71.7M, roughly 6.3× Adaptive Biotechnologies Corp). Adaptive Biotechnologies Corp runs the higher net margin — -18.9% vs -31.3%, a 12.4% gap on every dollar of revenue. On growth, HALOZYME THERAPEUTICS, INC. posted the faster year-over-year revenue change (51.6% vs 51.0%). HALOZYME THERAPEUTICS, INC. produced more free cash flow last quarter ($217.6M vs $1.4M). Over the past eight quarters, HALOZYME THERAPEUTICS, INC.'s revenue compounded faster (51.9% 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.
Halozyme Therapeutics, Inc. is an American biotechnology company. It develops oncology therapies designed to target the tumor microenvironment.
ADPT vs HALO — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $71.7M | $451.8M |
| Net Profit | $-13.6M | $-141.6M |
| Gross Margin | 74.6% | 82.6% |
| Operating Margin | -17.8% | -20.6% |
| Net Margin | -18.9% | -31.3% |
| Revenue YoY | 51.0% | 51.6% |
| Net Profit YoY | 59.7% | -203.3% |
| EPS (diluted) | $-0.08 | $-1.13 |
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 | $451.8M | ||
| Q3 25 | $94.0M | $354.3M | ||
| Q2 25 | $58.9M | $325.7M | ||
| Q1 25 | $52.4M | $264.9M | ||
| Q4 24 | $47.5M | $298.0M | ||
| Q3 24 | $46.4M | $290.1M | ||
| Q2 24 | $43.2M | $231.4M | ||
| Q1 24 | $41.9M | $195.9M |
| Q4 25 | $-13.6M | $-141.6M | ||
| Q3 25 | $9.5M | $175.2M | ||
| Q2 25 | $-25.6M | $165.2M | ||
| Q1 25 | $-29.9M | $118.1M | ||
| Q4 24 | $-33.7M | $137.0M | ||
| Q3 24 | $-32.1M | $137.0M | ||
| Q2 24 | $-46.2M | $93.2M | ||
| Q1 24 | $-47.5M | $76.8M |
| Q4 25 | 74.6% | 82.6% | ||
| Q3 25 | 80.7% | 84.4% | ||
| Q2 25 | 69.4% | 85.8% | ||
| Q1 25 | 67.6% | 81.7% | ||
| Q4 24 | 62.0% | 85.9% | ||
| Q3 24 | 64.1% | 83.0% | ||
| Q2 24 | 55.3% | 82.9% | ||
| Q1 24 | 56.9% | 85.5% |
| Q4 25 | -17.8% | -20.6% | ||
| Q3 25 | 10.9% | 61.5% | ||
| Q2 25 | -42.5% | 62.2% | ||
| Q1 25 | -56.4% | 53.4% | ||
| Q4 24 | -71.3% | 58.9% | ||
| Q3 24 | -70.3% | 56.3% | ||
| Q2 24 | -109.6% | 50.7% | ||
| Q1 24 | -116.5% | 48.8% |
| Q4 25 | -18.9% | -31.3% | ||
| Q3 25 | 10.2% | 49.5% | ||
| Q2 25 | -43.5% | 50.7% | ||
| Q1 25 | -56.9% | 44.6% | ||
| Q4 24 | -71.0% | 46.0% | ||
| Q3 24 | -69.1% | 47.2% | ||
| Q2 24 | -107.0% | 40.3% | ||
| Q1 24 | -113.5% | 39.2% |
| Q4 25 | $-0.08 | $-1.13 | ||
| Q3 25 | $0.06 | $1.43 | ||
| Q2 25 | $-0.17 | $1.33 | ||
| Q1 25 | $-0.20 | $0.93 | ||
| Q4 24 | $-0.22 | $1.06 | ||
| Q3 24 | $-0.22 | $1.05 | ||
| Q2 24 | $-0.31 | $0.72 | ||
| Q1 24 | $-0.33 | $0.60 |
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 | $133.8M |
| Total DebtLower is stronger | — | $2.1B |
| Stockholders' EquityBook value | $218.8M | $48.8M |
| Total Assets | $512.7M | $2.5B |
| Debt / EquityLower = less leverage | — | 43.89× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $70.5M | $133.8M | ||
| Q3 25 | $55.0M | $419.7M | ||
| Q2 25 | $43.2M | $61.9M | ||
| Q1 25 | $50.6M | $176.3M | ||
| Q4 24 | $47.9M | $115.8M | ||
| Q3 24 | $38.1M | $154.3M | ||
| Q2 24 | $59.8M | $187.9M | ||
| Q1 24 | $71.2M | $164.6M |
| Q4 25 | — | $2.1B | ||
| Q3 25 | — | $1.5B | ||
| Q2 25 | — | $1.5B | ||
| Q1 25 | — | $1.5B | ||
| Q4 24 | — | $1.5B | ||
| Q3 24 | — | $1.5B | ||
| Q2 24 | — | $1.5B | ||
| Q1 24 | — | $1.5B |
| Q4 25 | $218.8M | $48.8M | ||
| Q3 25 | $204.4M | $503.9M | ||
| Q2 25 | $179.7M | $332.7M | ||
| Q1 25 | $190.4M | $482.3M | ||
| Q4 24 | $202.7M | $363.8M | ||
| Q3 24 | $223.8M | $452.7M | ||
| Q2 24 | $241.6M | $289.4M | ||
| Q1 24 | $274.9M | $177.8M |
| Q4 25 | $512.7M | $2.5B | ||
| Q3 25 | $490.6M | $2.2B | ||
| Q2 25 | $496.6M | $2.1B | ||
| Q1 25 | $510.9M | $2.2B | ||
| Q4 24 | $539.4M | $2.1B | ||
| Q3 24 | $558.5M | $2.1B | ||
| Q2 24 | $584.9M | $2.0B | ||
| Q1 24 | $620.3M | $1.8B |
| Q4 25 | — | 43.89× | ||
| Q3 25 | — | 3.00× | ||
| Q2 25 | — | 4.54× | ||
| Q1 25 | — | 3.13× | ||
| Q4 24 | — | 4.14× | ||
| Q3 24 | — | 3.32× | ||
| Q2 24 | — | 5.19× | ||
| Q1 24 | — | 8.44× |
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 | $219.0M |
| Free Cash FlowOCF − Capex | $1.4M | $217.6M |
| FCF MarginFCF / Revenue | 2.0% | 48.2% |
| Capex IntensityCapex / Revenue | 0.9% | 0.3% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-48.9M | $644.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.1M | $219.0M | ||
| Q3 25 | $-7.1M | $178.6M | ||
| Q2 25 | $-12.4M | $99.7M | ||
| Q1 25 | $-28.5M | $154.2M | ||
| Q4 24 | $-12.5M | $178.5M | ||
| Q3 24 | $-27.1M | $115.4M | ||
| Q2 24 | $-17.3M | $55.8M | ||
| Q1 24 | $-38.4M | $129.4M |
| Q4 25 | $1.4M | $217.6M | ||
| Q3 25 | $-7.5M | $175.6M | ||
| Q2 25 | $-13.1M | $98.1M | ||
| Q1 25 | $-29.7M | $153.3M | ||
| Q4 24 | $-12.6M | $175.4M | ||
| Q3 24 | $-27.4M | $113.9M | ||
| Q2 24 | $-19.0M | $53.2M | ||
| Q1 24 | $-39.9M | $125.9M |
| Q4 25 | 2.0% | 48.2% | ||
| Q3 25 | -8.0% | 49.6% | ||
| Q2 25 | -22.2% | 30.1% | ||
| Q1 25 | -56.7% | 57.9% | ||
| Q4 24 | -26.5% | 58.9% | ||
| Q3 24 | -59.0% | 39.3% | ||
| Q2 24 | -44.1% | 23.0% | ||
| Q1 24 | -95.2% | 64.3% |
| Q4 25 | 0.9% | 0.3% | ||
| Q3 25 | 0.4% | 0.9% | ||
| Q2 25 | 1.1% | 0.5% | ||
| Q1 25 | 2.4% | 0.4% | ||
| Q4 24 | 0.2% | 1.0% | ||
| Q3 24 | 0.7% | 0.5% | ||
| Q2 24 | 4.0% | 1.1% | ||
| Q1 24 | 3.6% | 1.8% |
| Q4 25 | — | — | ||
| Q3 25 | -0.75× | 1.02× | ||
| Q2 25 | — | 0.60× | ||
| Q1 25 | — | 1.31× | ||
| Q4 24 | — | 1.30× | ||
| Q3 24 | — | 0.84× | ||
| Q2 24 | — | 0.60× | ||
| Q1 24 | — | 1.68× |
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% |
HALO
| Royalty | $258.0M | 57% |
| Products | $122.7M | 27% |
| Proprietary Products Sales | $59.6M | 13% |
| Device Partnered Products | $12.9M | 3% |
