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Side-by-side financial comparison of Blaize Holdings, Inc. (BZAI) and ENANTA PHARMACEUTICALS INC (ENTA). Click either name above to swap in a different company.
Blaize Holdings, Inc. is the larger business by last-quarter revenue ($23.8M vs $18.6M, roughly 1.3× ENANTA PHARMACEUTICALS INC). Blaize Holdings, Inc. runs the higher net margin — -13.9% vs -64.1%, a 50.3% gap on every dollar of revenue. On growth, Blaize Holdings, Inc. posted the faster year-over-year revenue change (2377500.0% vs 9.8%). ENANTA PHARMACEUTICALS INC produced more free cash flow last quarter ($-11.8M vs $-16.5M).
Blaize Holdings, Inc. is a technology company specializing in edge artificial intelligence computing solutions. It designs energy-efficient AI processors, low-latency inference software stacks, and end-to-end edge AI development tools, serving key segments including autonomous driving, industrial automation, smart cities, and edge healthcare monitoring.
Enanta Pharmaceuticals Inc is a clinical-stage biotechnology company that develops innovative antiviral therapies for infectious diseases including hepatitis B virus, respiratory syncytial virus (RSV), and SARS-CoV-2. It operates primarily in the U.S. and global markets, partnering with pharmaceutical firms to advance its small molecule drug candidate pipeline for patients with unmet medical needs.
BZAI vs ENTA — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $23.8M | $18.6M |
| Net Profit | $-3.3M | $-11.9M |
| Gross Margin | 10.8% | — |
| Operating Margin | -89.8% | -60.5% |
| Net Margin | -13.9% | -64.1% |
| Revenue YoY | 2377500.0% | 9.8% |
| Net Profit YoY | 50.7% | 46.4% |
| EPS (diluted) | $0.16 | $-0.42 |
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 | $23.8M | $18.6M | ||
| Q3 25 | $11.9M | $15.1M | ||
| Q2 25 | — | $18.3M | ||
| Q1 25 | — | $14.9M | ||
| Q4 24 | — | $17.0M | ||
| Q3 24 | — | $14.6M | ||
| Q2 24 | — | $18.0M | ||
| Q1 24 | — | $17.1M |
| Q4 25 | $-3.3M | $-11.9M | ||
| Q3 25 | $-26.3M | $-18.7M | ||
| Q2 25 | — | $-18.3M | ||
| Q1 25 | — | $-22.6M | ||
| Q4 24 | — | $-22.3M | ||
| Q3 24 | — | $-28.8M | ||
| Q2 24 | — | $-22.7M | ||
| Q1 24 | — | $-31.2M |
| Q4 25 | 10.8% | — | ||
| Q3 25 | 15.0% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | -89.8% | -60.5% | ||
| Q3 25 | -190.3% | -121.6% | ||
| Q2 25 | — | -103.2% | ||
| Q1 25 | — | -164.3% | ||
| Q4 24 | — | -138.8% | ||
| Q3 24 | — | -204.4% | ||
| Q2 24 | — | -134.6% | ||
| Q1 24 | — | -192.1% |
| Q4 25 | -13.9% | -64.1% | ||
| Q3 25 | -221.3% | -123.6% | ||
| Q2 25 | — | -99.7% | ||
| Q1 25 | — | -151.7% | ||
| Q4 24 | — | -131.4% | ||
| Q3 24 | — | -197.3% | ||
| Q2 24 | — | -126.1% | ||
| Q1 24 | — | -182.7% |
| Q4 25 | $0.16 | $-0.42 | ||
| Q3 25 | $-0.25 | $-0.88 | ||
| Q2 25 | — | $-0.85 | ||
| Q1 25 | — | $-1.06 | ||
| Q4 24 | — | $-1.05 | ||
| Q3 24 | — | $-1.36 | ||
| Q2 24 | — | $-1.07 | ||
| Q1 24 | — | $-1.47 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $45.8M | $37.4M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $39.0M | $126.6M |
| Total Assets | $102.2M | $329.5M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $45.8M | $37.4M | ||
| Q3 25 | $24.0M | $32.3M | ||
| Q2 25 | — | $44.8M | ||
| Q1 25 | — | $60.2M | ||
| Q4 24 | — | $84.3M | ||
| Q3 24 | — | $37.2M | ||
| Q2 24 | — | $35.8M | ||
| Q1 24 | — | $63.5M |
| Q4 25 | $39.0M | $126.6M | ||
| Q3 25 | $1.3M | $64.7M | ||
| Q2 25 | — | $79.3M | ||
| Q1 25 | — | $93.5M | ||
| Q4 24 | — | $111.8M | ||
| Q3 24 | — | $128.8M | ||
| Q2 24 | — | $148.9M | ||
| Q1 24 | — | $166.1M |
| Q4 25 | $102.2M | $329.5M | ||
| Q3 25 | $60.9M | $280.7M | ||
| Q2 25 | — | $301.0M | ||
| Q1 25 | — | $323.0M | ||
| Q4 24 | — | $348.6M | ||
| Q3 24 | — | $376.7M | ||
| Q2 24 | — | $398.8M | ||
| Q1 24 | — | $413.6M |
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 | $-16.5M | $-11.7M |
| Free Cash FlowOCF − Capex | $-16.5M | $-11.8M |
| FCF MarginFCF / Revenue | -69.6% | -63.6% |
| Capex IntensityCapex / Revenue | 0.3% | 0.8% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-18.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-16.5M | $-11.7M | ||
| Q3 25 | $-24.9M | $-6.5M | ||
| Q2 25 | — | $17.5M | ||
| Q1 25 | — | $-13.5M | ||
| Q4 24 | — | $-16.8M | ||
| Q3 24 | — | $-10.4M | ||
| Q2 24 | — | $-14.8M | ||
| Q1 24 | — | $-28.6M |
| Q4 25 | $-16.5M | $-11.8M | ||
| Q3 25 | $-24.9M | $-7.9M | ||
| Q2 25 | — | $17.4M | ||
| Q1 25 | — | $-16.0M | ||
| Q4 24 | — | $-25.5M | ||
| Q3 24 | — | $-19.4M | ||
| Q2 24 | — | $-21.3M | ||
| Q1 24 | — | $-30.3M |
| Q4 25 | -69.6% | -63.6% | ||
| Q3 25 | -210.2% | -52.5% | ||
| Q2 25 | — | 94.7% | ||
| Q1 25 | — | -107.4% | ||
| Q4 24 | — | -150.6% | ||
| Q3 24 | — | -132.5% | ||
| Q2 24 | — | -118.6% | ||
| Q1 24 | — | -177.5% |
| Q4 25 | 0.3% | 0.8% | ||
| Q3 25 | 0.2% | 9.6% | ||
| Q2 25 | — | 0.8% | ||
| Q1 25 | — | 17.0% | ||
| Q4 24 | — | 51.6% | ||
| Q3 24 | — | 61.3% | ||
| Q2 24 | — | 36.4% | ||
| Q1 24 | — | 9.8% |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
