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Side-by-side financial comparison of Foghorn Therapeutics Inc. (FHTX) and TON Strategy Co (TONX). Click either name above to swap in a different company.
Foghorn Therapeutics Inc. is the larger business by last-quarter revenue ($9.2M vs $5.7M, roughly 1.6× TON Strategy Co). Foghorn Therapeutics Inc. runs the higher net margin — -234.3% vs -3968.6%, a 3734.3% gap on every dollar of revenue. On growth, TON Strategy Co posted the faster year-over-year revenue change (694.2% vs 223.8%). Over the past eight quarters, TON Strategy Co's revenue compounded faster (46.1% CAGR vs 35.3%).
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 TONX — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $9.2M | $5.7M |
| Net Profit | $-21.7M | $-227.9M |
| Gross Margin | — | 64.3% |
| Operating Margin | -258.2% | -159.2% |
| Net Margin | -234.3% | -3968.6% |
| Revenue YoY | 223.8% | 694.2% |
| Net Profit YoY | -11.1% | -7047.9% |
| EPS (diluted) | $-0.35 | $-3.89 |
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 | $5.7M | ||
| Q3 25 | $8.2M | $3.6M | ||
| Q2 25 | $7.6M | $2.1M | ||
| Q1 25 | $6.0M | $1.3M | ||
| Q4 24 | $2.9M | $723.0K | ||
| Q3 24 | $7.8M | — | ||
| Q2 24 | $6.9M | — | ||
| Q1 24 | $5.0M | — |
| Q4 25 | $-21.7M | $-227.9M | ||
| Q3 25 | $-15.8M | $84.3M | ||
| Q2 25 | $-17.9M | $-2.4M | ||
| Q1 25 | $-18.8M | $-2.6M | ||
| Q4 24 | $-19.5M | $-3.2M | ||
| Q3 24 | $-19.1M | — | ||
| Q2 24 | $-23.0M | — | ||
| Q1 24 | $-25.0M | — |
| Q4 25 | — | 64.3% | ||
| Q3 25 | — | 75.4% | ||
| Q2 25 | — | 71.2% | ||
| Q1 25 | — | 73.4% | ||
| Q4 24 | — | 81.5% | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | -258.2% | -159.2% | ||
| Q3 25 | -226.9% | -601.5% | ||
| Q2 25 | -279.2% | -138.2% | ||
| Q1 25 | -385.0% | -203.8% | ||
| Q4 24 | -840.5% | -513.1% | ||
| Q3 24 | -305.5% | — | ||
| Q2 24 | -386.6% | — | ||
| Q1 24 | -558.3% | — |
| Q4 25 | -234.3% | -3968.6% | ||
| Q3 25 | -194.4% | 2336.8% | ||
| Q2 25 | -237.3% | -111.9% | ||
| Q1 25 | -316.4% | -196.5% | ||
| Q4 24 | -682.9% | -440.9% | ||
| Q3 24 | -244.9% | — | ||
| Q2 24 | -333.6% | — | ||
| Q1 24 | -495.4% | — |
| Q4 25 | $-0.35 | $-3.89 | ||
| Q3 25 | $-0.25 | $2.23 | ||
| Q2 25 | $-0.28 | $-1.79 | ||
| Q1 25 | $-0.30 | $-2.51 | ||
| Q4 24 | $-0.23 | $10.41 | ||
| Q3 24 | $-0.31 | — | ||
| Q2 24 | $-0.45 | — | ||
| Q1 24 | $-0.59 | — |
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 | $39.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $-108.5M | $406.5M |
| Total Assets | $198.1M | $411.2M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $80.9M | $39.5M | ||
| Q3 25 | $89.3M | $53.9M | ||
| Q2 25 | $72.6M | $10.4M | ||
| Q1 25 | $61.0M | $12.2M | ||
| Q4 24 | $55.5M | $12.5M | ||
| Q3 24 | $57.7M | — | ||
| Q2 24 | $138.9M | — | ||
| Q1 24 | $79.3M | — |
| Q4 25 | $-108.5M | $406.5M | ||
| Q3 25 | $-89.7M | $639.1M | ||
| Q2 25 | $-76.7M | $19.4M | ||
| Q1 25 | $-61.7M | $14.6M | ||
| Q4 24 | $-45.5M | $16.2M | ||
| Q3 24 | $-28.3M | — | ||
| Q2 24 | $-14.3M | — | ||
| Q1 24 | $-97.5M | — |
| Q4 25 | $198.1M | $411.2M | ||
| Q3 25 | $205.0M | $661.9M | ||
| Q2 25 | $226.2M | $23.7M | ||
| Q1 25 | $258.7M | $18.4M | ||
| Q4 24 | $284.0M | $20.6M | ||
| Q3 24 | $308.4M | — | ||
| Q2 24 | $328.6M | — | ||
| Q1 24 | $255.0M | — |
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 | $-8.0M |
| Free Cash FlowOCF − Capex | — | $-8.0M |
| FCF MarginFCF / Revenue | — | -139.3% |
| Capex IntensityCapex / Revenue | 0.0% | 0.1% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-20.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-22.3M | $-8.0M | ||
| Q3 25 | $-18.9M | $-9.4M | ||
| Q2 25 | $-21.0M | $-2.3M | ||
| Q1 25 | $-24.0M | $-1.1M | ||
| Q4 24 | $-24.5M | $-1.9M | ||
| Q3 24 | $-21.0M | — | ||
| Q2 24 | $-25.5M | — | ||
| Q1 24 | $-29.3M | — |
| Q4 25 | — | $-8.0M | ||
| Q3 25 | — | $-9.4M | ||
| Q2 25 | $-21.0M | $-2.3M | ||
| Q1 25 | $-24.0M | $-1.1M | ||
| Q4 24 | $-25.0M | $-2.0M | ||
| Q3 24 | $-21.3M | — | ||
| Q2 24 | $-25.6M | — | ||
| Q1 24 | $-29.4M | — |
| Q4 25 | — | -139.3% | ||
| Q3 25 | — | -261.4% | ||
| Q2 25 | -278.2% | -107.8% | ||
| Q1 25 | -403.2% | -87.0% | ||
| Q4 24 | -875.3% | -279.9% | ||
| Q3 24 | -273.0% | — | ||
| Q2 24 | -371.0% | — | ||
| Q1 24 | -583.1% | — |
| Q4 25 | 0.0% | 0.1% | ||
| Q3 25 | 0.0% | 0.4% | ||
| Q2 25 | 0.3% | 0.1% | ||
| Q1 25 | 0.5% | 5.1% | ||
| Q4 24 | 16.8% | 22.1% | ||
| Q3 24 | 4.0% | — | ||
| Q2 24 | 0.2% | — | ||
| Q1 24 | 2.0% | — |
| Q4 25 | — | — | ||
| Q3 25 | — | -0.11× | ||
| 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
FHTX
Segment breakdown not available.
TONX
| Market Live | $4.8M | 83% |
| Other | $960.0K | 17% |
