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Side-by-side financial comparison of Arbutus Biopharma Corp (ABUS) and TON Strategy Co (TONX). Click either name above to swap in a different company.
Arbutus Biopharma Corp is the larger business by last-quarter revenue ($10.7M vs $5.7M, roughly 1.9× TON Strategy Co). Arbutus Biopharma Corp runs the higher net margin — 23.5% vs -3968.6%, a 3992.1% gap on every dollar of revenue. On growth, TON Strategy Co posted the faster year-over-year revenue change (694.2% vs 522.2%). Over the past eight quarters, TON Strategy Co's revenue compounded faster (46.1% CAGR vs -13.2%).
Arbutus Biopharma Corporation is a publicly traded Canadian biopharmaceutical company with an expertise in liposomal drug delivery and RNA interference, and is developing drugs for hepatitis B infection.
ABUS vs TONX — Head-to-Head
Income Statement — Q2 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $10.7M | $5.7M |
| Net Profit | $2.5M | $-227.9M |
| Gross Margin | — | 64.3% |
| Operating Margin | 13.9% | -159.2% |
| Net Margin | 23.5% | -3968.6% |
| Revenue YoY | 522.2% | 694.2% |
| Net Profit YoY | 112.7% | -7047.9% |
| EPS (diluted) | $0.01 | $-3.89 |
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.
| Q4 25 | — | $5.7M | ||
| Q3 25 | — | $3.6M | ||
| Q2 25 | $10.7M | $2.1M | ||
| Q1 25 | — | $1.3M | ||
| Q4 24 | — | $723.0K | ||
| Q4 23 | $2.1M | — | ||
| Q3 23 | $4.7M | — | ||
| Q2 23 | $4.7M | — |
| Q4 25 | — | $-227.9M | ||
| Q3 25 | — | $84.3M | ||
| Q2 25 | $2.5M | $-2.4M | ||
| Q1 25 | — | $-2.6M | ||
| Q4 24 | — | $-3.2M | ||
| Q4 23 | — | — | ||
| Q3 23 | $-20.1M | — | ||
| Q2 23 | $-17.1M | — |
| Q4 25 | — | 64.3% | ||
| Q3 25 | — | 75.4% | ||
| Q2 25 | — | 71.2% | ||
| Q1 25 | — | 73.4% | ||
| Q4 24 | — | 81.5% | ||
| Q4 23 | — | — | ||
| Q3 23 | — | — | ||
| Q2 23 | — | — |
| Q4 25 | — | -159.2% | ||
| Q3 25 | — | -601.5% | ||
| Q2 25 | 13.9% | -138.2% | ||
| Q1 25 | — | -203.8% | ||
| Q4 24 | — | -513.1% | ||
| Q4 23 | -967.2% | — | ||
| Q3 23 | -462.8% | — | ||
| Q2 23 | -395.3% | — |
| Q4 25 | — | -3968.6% | ||
| Q3 25 | — | 2336.8% | ||
| Q2 25 | 23.5% | -111.9% | ||
| Q1 25 | — | -196.5% | ||
| Q4 24 | — | -440.9% | ||
| Q4 23 | — | — | ||
| Q3 23 | -431.6% | — | ||
| Q2 23 | -367.5% | — |
| Q4 25 | — | $-3.89 | ||
| Q3 25 | — | $2.23 | ||
| Q2 25 | $0.01 | $-1.79 | ||
| Q1 25 | — | $-2.51 | ||
| Q4 24 | — | $10.41 | ||
| Q4 23 | $-0.12 | — | ||
| Q3 23 | $-0.12 | — | ||
| Q2 23 | $-0.10 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $37.4M | $39.5M |
| Total DebtLower is stronger | $0 | — |
| Stockholders' EquityBook value | $83.0M | $406.5M |
| Total Assets | $103.3M | $411.2M |
| Debt / EquityLower = less leverage | 0.00× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $39.5M | ||
| Q3 25 | — | $53.9M | ||
| Q2 25 | $37.4M | $10.4M | ||
| Q1 25 | — | $12.2M | ||
| Q4 24 | — | $12.5M | ||
| Q4 23 | $126.0M | — | ||
| Q3 23 | $17.5M | — | ||
| Q2 23 | $27.2M | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | $0 | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q4 23 | $0 | — | ||
| Q3 23 | $0 | — | ||
| Q2 23 | $0 | — |
| Q4 25 | — | $406.5M | ||
| Q3 25 | — | $639.1M | ||
| Q2 25 | $83.0M | $19.4M | ||
| Q1 25 | — | $14.6M | ||
| Q4 24 | — | $16.2M | ||
| Q4 23 | $106.0M | — | ||
| Q3 23 | $119.3M | — | ||
| Q2 23 | $134.7M | — |
| Q4 25 | — | $411.2M | ||
| Q3 25 | — | $661.9M | ||
| Q2 25 | $103.3M | $23.7M | ||
| Q1 25 | — | $18.4M | ||
| Q4 24 | — | $20.6M | ||
| Q4 23 | $144.4M | — | ||
| Q3 23 | $158.6M | — | ||
| Q2 23 | $176.8M | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 0.00× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q4 23 | 0.00× | — | ||
| Q3 23 | 0.00× | — | ||
| Q2 23 | 0.00× | — |
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 | $-15.7M | $-8.0M |
| Free Cash FlowOCF − Capex | — | $-8.0M |
| FCF MarginFCF / Revenue | — | -139.3% |
| Capex IntensityCapex / Revenue | 0.0% | 0.1% |
| Cash ConversionOCF / Net Profit | -6.24× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-20.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $-8.0M | ||
| Q3 25 | — | $-9.4M | ||
| Q2 25 | $-15.7M | $-2.3M | ||
| Q1 25 | — | $-1.1M | ||
| Q4 24 | — | $-1.9M | ||
| Q4 23 | $-17.3M | — | ||
| Q3 23 | $-21.8M | — | ||
| Q2 23 | $-19.6M | — |
| Q4 25 | — | $-8.0M | ||
| Q3 25 | — | $-9.4M | ||
| Q2 25 | — | $-2.3M | ||
| Q1 25 | — | $-1.1M | ||
| Q4 24 | — | $-2.0M | ||
| Q4 23 | — | — | ||
| Q3 23 | $-21.8M | — | ||
| Q2 23 | $-20.4M | — |
| Q4 25 | — | -139.3% | ||
| Q3 25 | — | -261.4% | ||
| Q2 25 | — | -107.8% | ||
| Q1 25 | — | -87.0% | ||
| Q4 24 | — | -279.9% | ||
| Q4 23 | — | — | ||
| Q3 23 | -468.4% | — | ||
| Q2 23 | -439.0% | — |
| Q4 25 | — | 0.1% | ||
| Q3 25 | — | 0.4% | ||
| Q2 25 | 0.0% | 0.1% | ||
| Q1 25 | — | 5.1% | ||
| Q4 24 | — | 22.1% | ||
| Q4 23 | 0.0% | — | ||
| Q3 23 | 0.7% | — | ||
| Q2 23 | 18.5% | — |
| Q4 25 | — | — | ||
| Q3 25 | — | -0.11× | ||
| Q2 25 | -6.24× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q4 23 | — | — | ||
| Q3 23 | — | — | ||
| Q2 23 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ABUS
Segment breakdown not available.
TONX
| Market Live | $4.8M | 83% |
| Other | $960.0K | 17% |
