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Side-by-side financial comparison of Borealis Foods Inc. (BRLS) and FENNEC PHARMACEUTICALS INC. (FENC). Click either name above to swap in a different company.
FENNEC PHARMACEUTICALS INC. is the larger business by last-quarter revenue ($13.8M vs $7.1M, roughly 1.9× Borealis Foods Inc.). FENNEC PHARMACEUTICALS INC. runs the higher net margin — -34.7% vs -53.2%, a 18.5% gap on every dollar of revenue. On growth, FENNEC PHARMACEUTICALS INC. posted the faster year-over-year revenue change (73.8% vs -12.0%). Over the past eight quarters, Borealis Foods Inc.'s revenue compounded faster (-2.4% CAGR vs -26.3%).
Borealis Foods Inc is a food technology enterprise specializing in developing and producing high-quality plant-based protein products including plant-based meat alternatives. It mainly serves retail and food service customers across North America and Europe, focusing on delivering affordable, nutritious sustainable food options matching the taste of conventional animal-derived meat.
Fennec Pharmaceuticals Inc. is a biopharmaceutical firm focused on developing and commercializing therapies to reduce treatment-related side effects in pediatric cancer patients. Its lead product targets chemotherapy-induced ototoxicity, with core North American markets serving oncology providers and vulnerable pediatric patient groups.
BRLS vs FENC — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $7.1M | $13.8M |
| Net Profit | $-3.8M | $-4.8M |
| Gross Margin | 14.6% | — |
| Operating Margin | -27.1% | -18.5% |
| Net Margin | -53.2% | -34.7% |
| Revenue YoY | -12.0% | 73.8% |
| Net Profit YoY | 21.8% | -141.1% |
| EPS (diluted) | $-0.18 | $-0.17 |
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 | — | $13.8M | ||
| Q3 25 | $7.1M | $12.5M | ||
| Q2 25 | $7.2M | $9.7M | ||
| Q1 25 | $6.8M | $8.8M | ||
| Q4 24 | $6.8M | $7.9M | ||
| Q3 24 | $8.1M | $7.0M | ||
| Q2 24 | $5.5M | $7.3M | ||
| Q1 24 | $7.9M | $25.4M |
| Q4 25 | — | $-4.8M | ||
| Q3 25 | $-3.8M | $-638.0K | ||
| Q2 25 | $-4.6M | $-3.2M | ||
| Q1 25 | $-4.2M | $-1.2M | ||
| Q4 24 | $-5.8M | $-2.0M | ||
| Q3 24 | $-4.8M | $-5.7M | ||
| Q2 24 | $-6.3M | $-5.6M | ||
| Q1 24 | $-8.4M | $12.8M |
| Q4 25 | — | — | ||
| Q3 25 | 14.6% | — | ||
| Q2 25 | 7.2% | — | ||
| Q1 25 | 13.1% | — | ||
| Q4 24 | 3.7% | — | ||
| Q3 24 | 15.8% | — | ||
| Q2 24 | 7.7% | — | ||
| Q1 24 | 3.1% | — |
| Q4 25 | — | -18.5% | ||
| Q3 25 | -27.1% | -1.5% | ||
| Q2 25 | -46.7% | -28.3% | ||
| Q1 25 | -42.6% | -9.2% | ||
| Q4 24 | -68.4% | -11.8% | ||
| Q3 24 | -44.8% | -74.6% | ||
| Q2 24 | -94.8% | -69.4% | ||
| Q1 24 | -88.3% | 54.2% |
| Q4 25 | — | -34.7% | ||
| Q3 25 | -53.2% | -5.1% | ||
| Q2 25 | -64.0% | -32.7% | ||
| Q1 25 | -61.2% | -13.3% | ||
| Q4 24 | -85.3% | -25.0% | ||
| Q3 24 | -59.8% | -82.2% | ||
| Q2 24 | -115.0% | -76.5% | ||
| Q1 24 | -106.8% | 50.6% |
| Q4 25 | — | $-0.17 | ||
| Q3 25 | $-0.18 | $-0.02 | ||
| Q2 25 | $0.21 | $-0.11 | ||
| Q1 25 | $-0.20 | $-0.04 | ||
| Q4 24 | $-0.82 | $-0.02 | ||
| Q3 24 | $-0.23 | $-0.21 | ||
| Q2 24 | $0.29 | $-0.20 | ||
| Q1 24 | $-0.49 | $0.41 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $36.8M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $-12.9M | $35.5M |
| Total Assets | $56.3M | $70.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $36.8M | ||
| Q3 25 | — | $21.9M | ||
| Q2 25 | — | $18.7M | ||
| Q1 25 | — | $22.7M | ||
| Q4 24 | — | $26.6M | ||
| Q3 24 | — | $40.3M | ||
| Q2 24 | — | $43.1M | ||
| Q1 24 | — | $51.2M |
| Q4 25 | — | — | ||
| Q3 25 | — | $19.4M | ||
| Q2 25 | — | $19.4M | ||
| Q1 25 | — | $19.4M | ||
| Q4 24 | — | $19.3M | ||
| Q3 24 | — | $32.1M | ||
| Q2 24 | — | $31.8M | ||
| Q1 24 | — | $31.3M |
| Q4 25 | — | $35.5M | ||
| Q3 25 | $-12.9M | $-4.5M | ||
| Q2 25 | $-9.2M | $-7.5M | ||
| Q1 25 | $-4.8M | $-5.9M | ||
| Q4 24 | $-695.9K | $-5.9M | ||
| Q3 24 | $5.1M | $-5.2M | ||
| Q2 24 | $9.9M | $-1.4M | ||
| Q1 24 | $16.2M | $3.0M |
| Q4 25 | — | $70.6M | ||
| Q3 25 | $56.3M | $49.3M | ||
| Q2 25 | $57.3M | $44.9M | ||
| Q1 25 | $58.4M | $46.4M | ||
| Q4 24 | $60.0M | $44.9M | ||
| Q3 24 | $61.9M | $58.9M | ||
| Q2 24 | $63.6M | $63.2M | ||
| Q1 24 | $70.3M | $69.2M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 10.40× |
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 | $-190.6K | $-6.0M |
| 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 | — | $-6.0M | ||
| Q3 25 | $-190.6K | $1.5M | ||
| Q2 25 | $-2.2M | $-3.7M | ||
| Q1 25 | $-1.4M | $-4.3M | ||
| Q4 24 | $-819.4K | $-1.5M | ||
| Q3 24 | $-3.3M | $-2.2M | ||
| Q2 24 | $-4.2M | $-8.4M | ||
| Q1 24 | $-6.8M | $39.0M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | $-1.4M | — | ||
| Q4 24 | $-951.6K | — | ||
| Q3 24 | $-3.7M | — | ||
| Q2 24 | $-4.7M | — | ||
| Q1 24 | $-7.3M | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | -20.3% | — | ||
| Q4 24 | -14.1% | — | ||
| Q3 24 | -46.1% | — | ||
| Q2 24 | -86.7% | — | ||
| Q1 24 | -92.7% | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 0.2% | — | ||
| Q4 24 | 2.0% | — | ||
| Q3 24 | 5.6% | — | ||
| Q2 24 | 9.4% | — | ||
| Q1 24 | 7.0% | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 3.04× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
