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Side-by-side financial comparison of Foghorn Therapeutics Inc. (FHTX) and Soluna Holdings, Inc (SLNH). Click either name above to swap in a different company.
Foghorn Therapeutics Inc. is the larger business by last-quarter revenue ($9.2M vs $8.4M, roughly 1.1× Soluna Holdings, Inc). Foghorn Therapeutics Inc. runs the higher net margin — -234.3% vs -284.7%, a 50.4% gap on every dollar of revenue. On growth, Foghorn Therapeutics Inc. posted the faster year-over-year revenue change (223.8% vs 11.8%). Over the past eight quarters, Foghorn Therapeutics Inc.'s revenue compounded faster (35.3% CAGR vs -8.8%).
Foghorn Therapeutics Inc. is a clinical-stage biotechnology company dedicated to developing novel therapies targeting the chromatin regulatory system to treat various types of cancer and other severe diseases. It advances a diverse pipeline of targeted drug candidates, conducting internal R&D and strategic partnerships to serve global patient populations.
FHTX vs SLNH — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $9.2M | $8.4M |
| Net Profit | $-21.7M | $-24.0M |
| Gross Margin | — | 9.5% |
| Operating Margin | -258.2% | -92.5% |
| Net Margin | -234.3% | -284.7% |
| Revenue YoY | 223.8% | 11.8% |
| Net Profit YoY | -11.1% | -233.2% |
| EPS (diluted) | $-0.35 | $-1.14 |
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 | $9.2M | — | ||
| Q3 25 | $8.2M | $8.4M | ||
| Q2 25 | $7.6M | $6.2M | ||
| Q1 25 | $6.0M | $5.9M | ||
| Q4 24 | $2.9M | $8.3M | ||
| Q3 24 | $7.8M | $7.5M | ||
| Q2 24 | $6.9M | $9.7M | ||
| Q1 24 | $5.0M | $12.5M |
| Q4 25 | $-21.7M | — | ||
| Q3 25 | $-15.8M | $-24.0M | ||
| Q2 25 | $-17.9M | $-7.4M | ||
| Q1 25 | $-18.8M | $-7.6M | ||
| Q4 24 | $-19.5M | $-40.0M | ||
| Q3 24 | $-19.1M | $-7.2M | ||
| Q2 24 | $-23.0M | $-10.9M | ||
| Q1 24 | $-25.0M | $-5.3M |
| Q4 25 | — | — | ||
| Q3 25 | — | 9.5% | ||
| Q2 25 | — | 6.3% | ||
| Q1 25 | — | 5.7% | ||
| Q4 24 | — | -360.8% | ||
| Q3 24 | — | -39.1% | ||
| Q2 24 | — | 34.6% | ||
| Q1 24 | — | 45.4% |
| Q4 25 | -258.2% | — | ||
| Q3 25 | -226.9% | -92.5% | ||
| Q2 25 | -279.2% | -107.6% | ||
| Q1 25 | -385.0% | -120.9% | ||
| Q4 24 | -840.5% | -426.0% | ||
| Q3 24 | -305.5% | -119.8% | ||
| Q2 24 | -386.6% | -38.0% | ||
| Q1 24 | -558.3% | 3.2% |
| Q4 25 | -234.3% | — | ||
| Q3 25 | -194.4% | -284.7% | ||
| Q2 25 | -237.3% | -119.9% | ||
| Q1 25 | -316.4% | -127.3% | ||
| Q4 24 | -682.9% | -483.8% | ||
| Q3 24 | -244.9% | -95.5% | ||
| Q2 24 | -333.6% | -112.4% | ||
| Q1 24 | -495.4% | -41.9% |
| Q4 25 | $-0.35 | — | ||
| Q3 25 | $-0.25 | $-1.14 | ||
| Q2 25 | $-0.28 | $-0.93 | ||
| Q1 25 | $-0.30 | $-1.21 | ||
| Q4 24 | $-0.23 | $-7.14 | ||
| Q3 24 | $-0.31 | $-1.56 | ||
| Q2 24 | $-0.45 | $-3.62 | ||
| Q1 24 | $-0.59 | $-2.62 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $80.9M | — |
| Total DebtLower is stronger | — | $13.3M |
| Stockholders' EquityBook value | $-108.5M | $14.5M |
| Total Assets | $198.1M | $152.0M |
| Debt / EquityLower = less leverage | — | 0.92× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $80.9M | — | ||
| Q3 25 | $89.3M | — | ||
| Q2 25 | $72.6M | — | ||
| Q1 25 | $61.0M | — | ||
| Q4 24 | $55.5M | — | ||
| Q3 24 | $57.7M | — | ||
| Q2 24 | $138.9M | — | ||
| Q1 24 | $79.3M | — |
| Q4 25 | — | — | ||
| Q3 25 | — | $13.3M | ||
| Q2 25 | — | $10.0M | ||
| Q1 25 | — | $10.2M | ||
| Q4 24 | — | $7.1M | ||
| Q3 24 | — | $8.1M | ||
| Q2 24 | — | $9.0M | ||
| Q1 24 | — | — |
| Q4 25 | $-108.5M | — | ||
| Q3 25 | $-89.7M | $14.5M | ||
| Q2 25 | $-76.7M | $-19.5M | ||
| Q1 25 | $-61.7M | $-16.1M | ||
| Q4 24 | $-45.5M | $-12.5M | ||
| Q3 24 | $-28.3M | $20.9M | ||
| Q2 24 | $-14.3M | $24.4M | ||
| Q1 24 | $-97.5M | $21.5M |
| Q4 25 | $198.1M | — | ||
| Q3 25 | $205.0M | $152.0M | ||
| Q2 25 | $226.2M | $92.0M | ||
| Q1 25 | $258.7M | $90.0M | ||
| Q4 24 | $284.0M | $88.0M | ||
| Q3 24 | $308.4M | $97.3M | ||
| Q2 24 | $328.6M | $98.7M | ||
| Q1 24 | $255.0M | $90.6M |
| Q4 25 | — | — | ||
| Q3 25 | — | 0.92× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 0.39× | ||
| Q2 24 | — | 0.37× | ||
| 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 | $-22.3M | $-2.2M |
| Free Cash FlowOCF − Capex | — | $-6.8M |
| FCF MarginFCF / Revenue | — | -81.4% |
| Capex IntensityCapex / Revenue | 0.0% | 55.2% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-34.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-22.3M | — | ||
| Q3 25 | $-18.9M | $-2.2M | ||
| Q2 25 | $-21.0M | $-1.1M | ||
| Q1 25 | $-24.0M | $-177.0K | ||
| Q4 24 | $-24.5M | $-5.1M | ||
| Q3 24 | $-21.0M | $61.0K | ||
| Q2 24 | $-25.5M | $-7.3M | ||
| Q1 24 | $-29.3M | $3.9M |
| Q4 25 | — | — | ||
| Q3 25 | — | $-6.8M | ||
| Q2 25 | $-21.0M | $-9.7M | ||
| Q1 25 | $-24.0M | $-4.0M | ||
| Q4 24 | $-25.0M | $-13.9M | ||
| Q3 24 | $-21.3M | $-3.4M | ||
| Q2 24 | $-25.6M | $-7.6M | ||
| Q1 24 | $-29.4M | $3.3M |
| Q4 25 | — | — | ||
| Q3 25 | — | -81.4% | ||
| Q2 25 | -278.2% | -156.8% | ||
| Q1 25 | -403.2% | -67.1% | ||
| Q4 24 | -875.3% | -168.3% | ||
| Q3 24 | -273.0% | -44.8% | ||
| Q2 24 | -371.0% | -78.2% | ||
| Q1 24 | -583.1% | 26.5% |
| Q4 25 | 0.0% | — | ||
| Q3 25 | 0.0% | 55.2% | ||
| Q2 25 | 0.3% | 139.0% | ||
| Q1 25 | 0.5% | 64.2% | ||
| Q4 24 | 16.8% | 107.0% | ||
| Q3 24 | 4.0% | 45.6% | ||
| Q2 24 | 0.2% | 2.5% | ||
| Q1 24 | 2.0% | 4.2% |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FHTX
Segment breakdown not available.
SLNH
| Data Hosting Revenue | $5.3M | 62% |
| Cryptocurrency Mining Revenue | $2.8M | 33% |
| Other | $389.0K | 5% |
