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Side-by-side financial comparison of Adaptive Biotechnologies Corp (ADPT) and STEM, INC. (STEM). Click either name above to swap in a different company.
Adaptive Biotechnologies Corp is the larger business by last-quarter revenue ($71.7M vs $47.1M, roughly 1.5× STEM, INC.). Adaptive Biotechnologies Corp runs the higher net margin — -18.9% vs -33.9%, a 15.0% gap on every dollar of revenue. On growth, Adaptive Biotechnologies Corp posted the faster year-over-year revenue change (51.0% vs -15.6%). Over the past eight quarters, STEM, INC.'s revenue compounded faster (36.1% 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.
StemCells, Inc. is a public biopharmaceutical company headquartered in Newark, California, that is developing purified human neural stem cells (HuCNS-SCs) in the hopes of treating central nervous system disorders and paralysis. StemCells' HuCNS-SCs have the ability to differentiate into the three main types of cells found in the central nervous system: neurons, astrocytes and oligodendrocytes.
ADPT vs STEM — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $71.7M | $47.1M |
| Net Profit | $-13.6M | $-16.0M |
| Gross Margin | 74.6% | 48.9% |
| Operating Margin | -17.8% | -17.7% |
| Net Margin | -18.9% | -33.9% |
| Revenue YoY | 51.0% | -15.6% |
| Net Profit YoY | 59.7% | 68.8% |
| EPS (diluted) | $-0.08 | $-4.40 |
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 | $47.1M | ||
| Q3 25 | $94.0M | $38.2M | ||
| Q2 25 | $58.9M | $38.4M | ||
| Q1 25 | $52.4M | $32.5M | ||
| Q4 24 | $47.5M | $55.8M | ||
| Q3 24 | $46.4M | $29.3M | ||
| Q2 24 | $43.2M | $34.0M | ||
| Q1 24 | $41.9M | $25.5M |
| Q4 25 | $-13.6M | $-16.0M | ||
| Q3 25 | $9.5M | $-23.8M | ||
| Q2 25 | $-25.6M | $202.5M | ||
| Q1 25 | $-29.9M | $-25.0M | ||
| Q4 24 | $-33.7M | $-51.1M | ||
| Q3 24 | $-32.1M | $-148.3M | ||
| Q2 24 | $-46.2M | $-582.3M | ||
| Q1 24 | $-47.5M | $-72.3M |
| Q4 25 | 74.6% | 48.9% | ||
| Q3 25 | 80.7% | 35.5% | ||
| Q2 25 | 69.4% | 33.4% | ||
| Q1 25 | 67.6% | 32.4% | ||
| Q4 24 | 62.0% | -4.4% | ||
| Q3 24 | 64.1% | 21.2% | ||
| Q2 24 | 55.3% | 27.6% | ||
| Q1 24 | 56.9% | -95.0% |
| Q4 25 | -17.8% | -17.7% | ||
| Q3 25 | 10.9% | -33.6% | ||
| Q2 25 | -42.5% | -34.8% | ||
| Q1 25 | -56.4% | -65.0% | ||
| Q4 24 | -71.3% | -84.4% | ||
| Q3 24 | -70.3% | -493.2% | ||
| Q2 24 | -109.6% | -1705.5% | ||
| Q1 24 | -116.5% | -267.0% |
| Q4 25 | -18.9% | -33.9% | ||
| Q3 25 | 10.2% | -62.2% | ||
| Q2 25 | -43.5% | 527.8% | ||
| Q1 25 | -56.9% | -76.9% | ||
| Q4 24 | -71.0% | -91.6% | ||
| Q3 24 | -69.1% | -506.3% | ||
| Q2 24 | -107.0% | -1712.6% | ||
| Q1 24 | -113.5% | -283.9% |
| Q4 25 | $-0.08 | $-4.40 | ||
| Q3 25 | $0.06 | $-2.84 | ||
| Q2 25 | $-0.17 | $-1.79 | ||
| Q1 25 | $-0.20 | $-0.15 | ||
| Q4 24 | $-0.22 | $-15.29 | ||
| Q3 24 | $-0.22 | $-18.24 | ||
| Q2 24 | $-0.31 | $-71.81 | ||
| Q1 24 | $-0.33 | $-0.46 |
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 | $48.9M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $218.8M | $-249.4M |
| Total Assets | $512.7M | $308.9M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $70.5M | $48.9M | ||
| Q3 25 | $55.0M | $43.1M | ||
| Q2 25 | $43.2M | $40.8M | ||
| Q1 25 | $50.6M | $58.6M | ||
| Q4 24 | $47.9M | $56.3M | ||
| Q3 24 | $38.1M | $75.4M | ||
| Q2 24 | $59.8M | $89.6M | ||
| Q1 24 | $71.2M | $112.8M |
| Q4 25 | $218.8M | $-249.4M | ||
| Q3 25 | $204.4M | $-235.7M | ||
| Q2 25 | $179.7M | $-214.1M | ||
| Q1 25 | $190.4M | $-417.5M | ||
| Q4 24 | $202.7M | $-398.4M | ||
| Q3 24 | $223.8M | $-344.1M | ||
| Q2 24 | $241.6M | $-203.2M | ||
| Q1 24 | $274.9M | $371.6M |
| Q4 25 | $512.7M | $308.9M | ||
| Q3 25 | $490.6M | $362.6M | ||
| Q2 25 | $496.6M | $379.2M | ||
| Q1 25 | $510.9M | $405.1M | ||
| Q4 24 | $539.4M | $437.4M | ||
| Q3 24 | $558.5M | $537.8M | ||
| Q2 24 | $584.9M | $691.5M | ||
| Q1 24 | $620.3M | $1.3B |
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 | $8.2M |
| Free Cash FlowOCF − Capex | $1.4M | — |
| FCF MarginFCF / Revenue | 2.0% | — |
| Capex IntensityCapex / Revenue | 0.9% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-48.9M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.1M | $8.2M | ||
| Q3 25 | $-7.1M | $11.4M | ||
| Q2 25 | $-12.4M | $-21.3M | ||
| Q1 25 | $-28.5M | $8.5M | ||
| Q4 24 | $-12.5M | $-14.7M | ||
| Q3 24 | $-27.1M | $-9.4M | ||
| Q2 24 | $-17.3M | $-11.9M | ||
| Q1 24 | $-38.4M | $-621.0K |
| Q4 25 | $1.4M | — | ||
| Q3 25 | $-7.5M | — | ||
| Q2 25 | $-13.1M | — | ||
| Q1 25 | $-29.7M | — | ||
| Q4 24 | $-12.6M | — | ||
| Q3 24 | $-27.4M | — | ||
| Q2 24 | $-19.0M | — | ||
| Q1 24 | $-39.9M | — |
| Q4 25 | 2.0% | — | ||
| Q3 25 | -8.0% | — | ||
| Q2 25 | -22.2% | — | ||
| Q1 25 | -56.7% | — | ||
| Q4 24 | -26.5% | — | ||
| Q3 24 | -59.0% | — | ||
| Q2 24 | -44.1% | — | ||
| Q1 24 | -95.2% | — |
| Q4 25 | 0.9% | — | ||
| Q3 25 | 0.4% | — | ||
| Q2 25 | 1.1% | — | ||
| Q1 25 | 2.4% | — | ||
| Q4 24 | 0.2% | — | ||
| Q3 24 | 0.7% | — | ||
| Q2 24 | 4.0% | — | ||
| Q1 24 | 3.6% | — |
| Q4 25 | — | — | ||
| Q3 25 | -0.75× | — | ||
| Q2 25 | — | -0.11× | ||
| 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% |
STEM
Segment breakdown not available.
