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Side-by-side financial comparison of Bolt Biotherapeutics, Inc. (BOLT) and Token Cat Ltd (TC). Click either name above to swap in a different company.
Token Cat Ltd is the larger business by last-quarter revenue ($2.8M vs $2.5M, roughly 1.1× Bolt Biotherapeutics, Inc.). Token Cat Ltd runs the higher net margin — -3.4% vs -265.2%, a 261.9% gap on every dollar of revenue.
Bolt Biotherapeutics, Inc. is a clinical-stage biotechnology company specializing in immune-stimulating antibody conjugate (ISAC) therapies for cancer treatment. Its core pipeline targets hard-to-treat solid tumors, serving global oncology markets and advancing novel immunotherapies that trigger targeted anti-tumor immune responses to improve patient outcomes.
BOLT vs TC — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.5M | $2.8M |
| Net Profit | $-6.6M | $-93.0K |
| Gross Margin | — | 79.0% |
| Operating Margin | -283.4% | -206.9% |
| Net Margin | -265.2% | -3.4% |
| Revenue YoY | — | -37.9% |
| Net Profit YoY | 58.4% | 98.3% |
| EPS (diluted) | $-9.38 | — |
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 | $2.5M | — | ||
| Q3 25 | $2.2M | — | ||
| Q2 25 | $1.8M | $2.8M | ||
| Q1 25 | $1.2M | — | ||
| Q4 24 | $0 | — | ||
| Q3 24 | $1.1M | — | ||
| Q2 24 | $1.3M | $4.4M | ||
| Q1 24 | $5.3M | — |
| Q4 25 | $-6.6M | — | ||
| Q3 25 | $-7.1M | — | ||
| Q2 25 | $-8.6M | $-93.0K | ||
| Q1 25 | $-11.0M | — | ||
| Q4 24 | $-15.9M | — | ||
| Q3 24 | $-15.2M | — | ||
| Q2 24 | $-21.2M | $-5.6M | ||
| Q1 24 | $-10.8M | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 79.0% | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 69.2% | ||
| Q1 24 | — | — |
| Q4 25 | -283.4% | — | ||
| Q3 25 | -355.1% | — | ||
| Q2 25 | -510.5% | -206.9% | ||
| Q1 25 | -991.4% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | -1441.1% | — | ||
| Q2 24 | -1772.3% | -146.9% | ||
| Q1 24 | -324.1% | — |
| Q4 25 | -265.2% | — | ||
| Q3 25 | -329.4% | — | ||
| Q2 25 | -474.6% | -3.4% | ||
| Q1 25 | -903.4% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | -1330.1% | — | ||
| Q2 24 | -1662.4% | -125.9% | ||
| Q1 24 | -205.0% | — |
| Q4 25 | $-9.38 | — | ||
| Q3 25 | $-3.72 | — | ||
| Q2 25 | $-4.46 | — | ||
| Q1 25 | $-0.29 | — | ||
| Q4 24 | $-13.73 | — | ||
| Q3 24 | $-7.93 | — | ||
| Q2 24 | $-11.12 | — | ||
| Q1 24 | $-0.28 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $27.5M | $150.0K |
| Total DebtLower is stronger | — | $1.4M |
| Stockholders' EquityBook value | $26.5M | $4.6M |
| Total Assets | $56.7M | $28.4M |
| Debt / EquityLower = less leverage | — | 0.30× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $27.5M | — | ||
| Q3 25 | $31.9M | — | ||
| Q2 25 | $34.8M | $150.0K | ||
| Q1 25 | $38.8M | — | ||
| Q4 24 | $47.3M | — | ||
| Q3 24 | $53.8M | — | ||
| Q2 24 | $73.7M | $689.0K | ||
| Q1 24 | $91.3M | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | $1.4M | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | $1.8M | ||
| Q1 24 | — | — |
| Q4 25 | $26.5M | — | ||
| Q3 25 | $32.1M | — | ||
| Q2 25 | $38.8M | $4.6M | ||
| Q1 25 | $46.8M | — | ||
| Q4 24 | $57.2M | — | ||
| Q3 24 | $72.0M | — | ||
| Q2 24 | $85.9M | $-787.0K | ||
| Q1 24 | $104.2M | — |
| Q4 25 | $56.7M | — | ||
| Q3 25 | $65.1M | — | ||
| Q2 25 | $75.5M | $28.4M | ||
| Q1 25 | $85.9M | — | ||
| Q4 24 | $99.6M | — | ||
| Q3 24 | $109.3M | — | ||
| Q2 24 | $124.2M | $12.5M | ||
| Q1 24 | $142.9M | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 0.30× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $-7.2M | $-23.7M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-7.2M | — | ||
| Q3 25 | $-9.7M | — | ||
| Q2 25 | $-9.6M | $-23.7M | ||
| Q1 25 | $-13.4M | — | ||
| Q4 24 | $-14.4M | — | ||
| Q3 24 | $-14.0M | — | ||
| Q2 24 | $-16.1M | $-1.5M | ||
| Q1 24 | $-16.8M | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $-14.0M | — | ||
| Q2 24 | — | $-1.5M | ||
| Q1 24 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | -1227.6% | — | ||
| Q2 24 | — | -34.4% | ||
| Q1 24 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 3.6% | — | ||
| Q2 24 | 0.0% | 0.0% | ||
| Q1 24 | 0.0% | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
