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Side-by-side financial comparison of CG Oncology, Inc. (CGON) and D-Wave Quantum Inc. (QBTS). Click either name above to swap in a different company.
D-Wave Quantum Inc. is the larger business by last-quarter revenue ($2.8M vs $2.3M, roughly 1.2× CG Oncology, Inc.). D-Wave Quantum Inc. runs the higher net margin — -1538.0% vs -1779.0%, a 241.0% gap on every dollar of revenue. On growth, CG Oncology, Inc. posted the faster year-over-year revenue change (409.2% vs 19.2%). D-Wave Quantum Inc. produced more free cash flow last quarter ($-20.0M vs $-36.2M).
CG Oncology, Inc. is a clinical-stage biotechnology company focused on developing innovative targeted immunotherapies for urological cancers including non-muscle invasive bladder cancer. It primarily operates in the U.S. market, advancing pipeline candidates to address unmet medical needs for patients with limited treatment options.
D-Wave Quantum Inc. is a quantum computing company with locations in Palo Alto, California and Burnaby, British Columbia. D-Wave claims to be the world's first company to sell computers that exploit quantum effects in their operation. D-Wave's early customers include Lockheed Martin, the University of Southern California, Google/NASA, and Los Alamos National Laboratory.
CGON vs QBTS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.3M | $2.8M |
| Net Profit | $-41.3M | $-42.3M |
| Gross Margin | — | 64.8% |
| Operating Margin | -2097.3% | -1266.0% |
| Net Margin | -1779.0% | -1538.0% |
| Revenue YoY | 409.2% | 19.2% |
| Net Profit YoY | -29.9% | 50.8% |
| EPS (diluted) | $-0.52 | $-0.13 |
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 | $2.3M | $2.8M | ||
| Q3 25 | $1.7M | $3.7M | ||
| Q2 25 | $0 | $3.1M | ||
| Q1 25 | — | $15.0M | ||
| Q4 24 | $456.0K | $2.3M | ||
| Q2 24 | — | $2.2M | ||
| Q1 24 | $529.0K | $2.5M | ||
| Q4 23 | — | $2.9M |
| Q4 25 | $-41.3M | $-42.3M | ||
| Q3 25 | $-43.8M | $-140.0M | ||
| Q2 25 | $-41.4M | $-167.3M | ||
| Q1 25 | — | $-5.4M | ||
| Q4 24 | $-31.8M | $-86.1M | ||
| Q2 24 | — | $-17.8M | ||
| Q1 24 | $-16.9M | $-17.3M | ||
| Q4 23 | — | $-16.0M |
| Q4 25 | — | 64.8% | ||
| Q3 25 | — | 71.4% | ||
| Q2 25 | — | 63.8% | ||
| Q1 25 | — | 92.5% | ||
| Q4 24 | — | 63.8% | ||
| Q2 24 | — | 63.6% | ||
| Q1 24 | — | 67.3% | ||
| Q4 23 | — | 67.7% |
| Q4 25 | -2097.3% | -1266.0% | ||
| Q3 25 | -3069.0% | -741.8% | ||
| Q2 25 | — | -856.3% | ||
| Q1 25 | — | -75.3% | ||
| Q4 24 | -8344.1% | -876.2% | ||
| Q2 24 | — | -863.0% | ||
| Q1 24 | -4247.4% | -710.6% | ||
| Q4 23 | — | -569.2% |
| Q4 25 | -1779.0% | -1538.0% | ||
| Q3 25 | -2629.5% | -3743.9% | ||
| Q2 25 | — | -5406.4% | ||
| Q1 25 | — | -36.1% | ||
| Q4 24 | -6973.7% | -3727.9% | ||
| Q2 24 | — | -814.4% | ||
| Q1 24 | -3200.8% | -702.3% | ||
| Q4 23 | — | -551.1% |
| Q4 25 | $-0.52 | $-0.13 | ||
| Q3 25 | $-0.57 | $-0.41 | ||
| Q2 25 | $-0.54 | $-0.55 | ||
| Q1 25 | — | $-0.02 | ||
| Q4 24 | $-0.47 | $-0.43 | ||
| Q2 24 | — | $-0.10 | ||
| Q1 24 | $-0.36 | $-0.11 | ||
| Q4 23 | — | $-0.07 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $742.2M | $884.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $752.6M | $852.2M |
| Total Assets | $791.6M | $915.8M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $742.2M | $884.5M | ||
| Q3 25 | $680.3M | $836.2M | ||
| Q2 25 | $661.1M | $819.3M | ||
| Q1 25 | — | $304.3M | ||
| Q4 24 | $742.0M | $178.0M | ||
| Q2 24 | — | — | ||
| Q1 24 | $566.5M | — | ||
| Q4 23 | — | $41.3M |
| Q4 25 | $752.6M | $852.2M | ||
| Q3 25 | $687.6M | $670.6M | ||
| Q2 25 | $670.4M | $694.3M | ||
| Q1 25 | — | $207.4M | ||
| Q4 24 | $733.4M | $62.6M | ||
| Q2 24 | — | $-21.5M | ||
| Q1 24 | $568.9M | $-37.0M | ||
| Q4 23 | — | $-24.5M |
| Q4 25 | $791.6M | $915.8M | ||
| Q3 25 | $729.9M | $865.8M | ||
| Q2 25 | $701.4M | $843.6M | ||
| Q1 25 | — | $325.6M | ||
| Q4 24 | $754.8M | $199.9M | ||
| Q2 24 | — | $61.8M | ||
| Q1 24 | $579.1M | $48.6M | ||
| Q4 23 | — | $59.4M |
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 | $-36.2M | $-18.4M |
| Free Cash FlowOCF − Capex | $-36.2M | $-20.0M |
| FCF MarginFCF / Revenue | -1560.0% | -727.9% |
| Capex IntensityCapex / Revenue | 0.3% | 60.3% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-124.1M | $-75.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-36.2M | $-18.4M | ||
| Q3 25 | $-38.9M | $-19.0M | ||
| Q2 25 | $-28.0M | $-15.3M | ||
| Q1 25 | — | $-19.3M | ||
| Q4 24 | $-20.7M | $2.0M | ||
| Q2 24 | — | $-14.5M | ||
| Q1 24 | $-26.0M | $-12.1M | ||
| Q4 23 | — | $-14.7M |
| Q4 25 | $-36.2M | $-20.0M | ||
| Q3 25 | $-39.0M | $-20.1M | ||
| Q2 25 | $-28.0M | $-16.0M | ||
| Q1 25 | — | $-19.7M | ||
| Q4 24 | $-20.9M | $1.1M | ||
| Q2 24 | — | $-15.0M | ||
| Q1 24 | $-26.0M | $-12.4M | ||
| Q4 23 | — | $-15.2M |
| Q4 25 | -1560.0% | -727.9% | ||
| Q3 25 | -2340.4% | -536.5% | ||
| Q2 25 | — | -518.1% | ||
| Q1 25 | — | -131.4% | ||
| Q4 24 | -4577.0% | 46.2% | ||
| Q2 24 | — | -687.7% | ||
| Q1 24 | -4919.5% | -504.0% | ||
| Q4 23 | — | -522.4% |
| Q4 25 | 0.3% | 60.3% | ||
| Q3 25 | 5.8% | 27.2% | ||
| Q2 25 | — | 24.2% | ||
| Q1 25 | — | 2.9% | ||
| Q4 24 | 45.8% | 41.1% | ||
| Q2 24 | — | 25.0% | ||
| Q1 24 | 2.3% | 12.4% | ||
| Q4 23 | — | 15.2% |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CGON
Segment breakdown not available.
QBTS
| Transferred Over Time | $2.4M | 89% |
| Other | $306.0K | 11% |
