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Side-by-side financial comparison of 4D Molecular Therapeutics, Inc. (FDMT) and IonQ, Inc. (IONQ). Click either name above to swap in a different company.
4D Molecular Therapeutics, Inc. is the larger business by last-quarter revenue ($85.1M vs $61.9M, roughly 1.4× IonQ, Inc.). IonQ, Inc. runs the higher net margin — 1217.8% vs 22.8%, a 1195.0% gap on every dollar of revenue. On growth, 4D Molecular Therapeutics, Inc. posted the faster year-over-year revenue change (8508900.0% vs 428.5%). 4D Molecular Therapeutics, Inc. produced more free cash flow last quarter ($28.5M vs $-83.3M).
4D Molecular Therapeutics is a clinical-stage biotechnology company specializing in the research and development of targeted adeno-associated virus (AAV) gene therapies. Its core product candidates address unmet medical needs in ophthalmology, cardiology, and pulmonary disease segments, serving global patient populations with rare and common hard-to-treat conditions.
IonQ, Inc. is an American quantum computing hardware and software company headquartered in College Park, Maryland. The company develops general-purpose trapped ion quantum computers and accompanying software to generate, optimize, and execute quantum circuits.
FDMT vs IONQ — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $85.1M | $61.9M |
| Net Profit | $19.4M | $753.7M |
| Gross Margin | — | — |
| Operating Margin | 17.3% | -369.4% |
| Net Margin | 22.8% | 1217.8% |
| Revenue YoY | 8508900.0% | 428.5% |
| Net Profit YoY | 139.1% | 473.1% |
| EPS (diluted) | $0.43 | $2.60 |
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 | $85.1M | $61.9M | ||
| Q3 25 | $90.0K | $39.9M | ||
| Q2 25 | $15.0K | $20.7M | ||
| Q1 25 | $14.0K | — | ||
| Q4 24 | $1.0K | $11.7M | ||
| Q3 24 | $3.0K | $12.4M | ||
| Q2 24 | $5.0K | $11.4M | ||
| Q1 24 | $28.0K | — |
| Q4 25 | $19.4M | $753.7M | ||
| Q3 25 | $-56.9M | $-1.1B | ||
| Q2 25 | $-54.7M | $-176.8M | ||
| Q1 25 | $-48.0M | — | ||
| Q4 24 | — | $-202.0M | ||
| Q3 24 | $-43.8M | $-52.5M | ||
| Q2 24 | $-35.0M | $-37.6M | ||
| Q1 24 | $-32.4M | — |
| Q4 25 | 17.3% | -369.4% | ||
| Q3 25 | -67983.3% | -423.5% | ||
| Q2 25 | -396373.3% | -776.0% | ||
| Q1 25 | -383007.1% | — | ||
| Q4 24 | — | -661.9% | ||
| Q3 24 | -1704400.0% | -428.5% | ||
| Q2 24 | -849120.0% | -430.0% | ||
| Q1 24 | -136200.0% | — |
| Q4 25 | 22.8% | 1217.8% | ||
| Q3 25 | -63195.6% | -2646.3% | ||
| Q2 25 | -364386.7% | -854.5% | ||
| Q1 25 | -342657.1% | — | ||
| Q4 24 | — | -1725.0% | ||
| Q3 24 | -1461433.3% | -423.4% | ||
| Q2 24 | -699060.0% | -330.0% | ||
| Q1 24 | -115717.9% | — |
| Q4 25 | $0.43 | $2.60 | ||
| Q3 25 | $-1.01 | $-3.58 | ||
| Q2 25 | $-0.98 | $-0.70 | ||
| Q1 25 | $-0.86 | — | ||
| Q4 24 | — | $-0.95 | ||
| Q3 24 | $-0.79 | $-0.24 | ||
| Q2 24 | $-0.63 | $-0.18 | ||
| Q1 24 | $-0.66 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $402.7M | $2.4B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $505.7M | $3.8B |
| Total Assets | $566.7M | $6.6B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $402.7M | $2.4B | ||
| Q3 25 | $305.1M | $1.1B | ||
| Q2 25 | $293.2M | $546.9M | ||
| Q1 25 | $321.4M | — | ||
| Q4 24 | $424.9M | $340.3M | ||
| Q3 24 | $501.9M | $365.7M | ||
| Q2 24 | $541.9M | $369.8M | ||
| Q1 24 | $525.9M | — |
| Q4 25 | $505.7M | $3.8B | ||
| Q3 25 | $369.0M | $2.3B | ||
| Q2 25 | $420.9M | $1.2B | ||
| Q1 25 | $469.7M | — | ||
| Q4 24 | $510.6M | $383.9M | ||
| Q3 24 | $552.9M | $435.7M | ||
| Q2 24 | $588.3M | $463.3M | ||
| Q1 24 | $600.6M | — |
| Q4 25 | $566.7M | $6.6B | ||
| Q3 25 | $424.0M | $4.3B | ||
| Q2 25 | $473.6M | $1.3B | ||
| Q1 25 | $515.7M | — | ||
| Q4 24 | $560.4M | $508.4M | ||
| Q3 24 | $604.0M | $497.9M | ||
| Q2 24 | $620.1M | $517.4M | ||
| Q1 24 | $629.9M | — |
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 | $28.6M | $-74.5M |
| Free Cash FlowOCF − Capex | $28.5M | $-83.3M |
| FCF MarginFCF / Revenue | 33.5% | -134.6% |
| Capex IntensityCapex / Revenue | 0.1% | 14.2% |
| Cash ConversionOCF / Net Profit | 1.47× | -0.10× |
| TTM Free Cash FlowTrailing 4 quarters | $-109.9M | $-307.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $28.6M | $-74.5M | ||
| Q3 25 | $-46.5M | $-123.1M | ||
| Q2 25 | $-43.4M | $-52.6M | ||
| Q1 25 | $-47.8M | — | ||
| Q4 24 | $-134.6M | $-39.4M | ||
| Q3 24 | $-29.4M | $-19.2M | ||
| Q2 24 | $-30.2M | $-26.6M | ||
| Q1 24 | $-29.1M | — |
| Q4 25 | $28.5M | $-83.3M | ||
| Q3 25 | $-46.6M | $-127.2M | ||
| Q2 25 | $-43.4M | $-53.8M | ||
| Q1 25 | $-48.4M | — | ||
| Q4 24 | $-138.4M | $-43.0M | ||
| Q3 24 | $-31.2M | $-23.0M | ||
| Q2 24 | $-30.6M | $-34.1M | ||
| Q1 24 | $-29.8M | — |
| Q4 25 | 33.5% | -134.6% | ||
| Q3 25 | -51765.6% | -319.1% | ||
| Q2 25 | -289620.0% | -259.8% | ||
| Q1 25 | -345635.7% | — | ||
| Q4 24 | -13837100.0% | -367.4% | ||
| Q3 24 | -1038966.7% | -185.3% | ||
| Q2 24 | -611840.0% | -299.3% | ||
| Q1 24 | -106421.4% | — |
| Q4 25 | 0.1% | 14.2% | ||
| Q3 25 | 101.1% | 10.4% | ||
| Q2 25 | 440.0% | 5.8% | ||
| Q1 25 | 4507.1% | — | ||
| Q4 24 | 378600.0% | 30.7% | ||
| Q3 24 | 59266.7% | 30.4% | ||
| Q2 24 | 6980.0% | 65.8% | ||
| Q1 24 | 2535.7% | — |
| Q4 25 | 1.47× | -0.10× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FDMT
Segment breakdown not available.
IONQ
| Other | $31.2M | 50% |
| Platform Consulting And Support Services | $30.7M | 50% |
