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Side-by-side financial comparison of Foghorn Therapeutics Inc. (FHTX) and Velo3D, Inc. (VELO). Click either name above to swap in a different company.
Velo3D, Inc. is the larger business by last-quarter revenue ($9.4M vs $9.2M, roughly 1.0× Foghorn Therapeutics Inc.). Velo3D, Inc. runs the higher net margin — -231.9% vs -234.3%, a 2.3% gap on every dollar of revenue. On growth, Foghorn Therapeutics Inc. posted the faster year-over-year revenue change (223.8% vs -25.2%). Over the past eight quarters, Foghorn Therapeutics Inc.'s revenue compounded faster (35.3% CAGR vs -1.8%).
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.
Velo3D, Inc. develops and sells advanced end-to-end metal additive manufacturing (3D printing) solutions, comprising industrial-grade printers, specialized processing software, and high-performance metal materials. It primarily serves global aerospace, defense, energy, semiconductor and industrial manufacturing markets, enabling customers to produce complex, high-precision metal parts that are difficult to manufacture with traditional methods.
FHTX vs VELO — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $9.2M | $9.4M |
| Net Profit | $-21.7M | $-21.9M |
| Gross Margin | — | -73.6% |
| Operating Margin | -258.2% | -231.0% |
| Net Margin | -234.3% | -231.9% |
| Revenue YoY | 223.8% | -25.2% |
| Net Profit YoY | -11.1% | -2.9% |
| EPS (diluted) | $-0.35 | $-0.87 |
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 | $9.4M | ||
| Q3 25 | $8.2M | $13.6M | ||
| Q2 25 | $7.6M | $13.6M | ||
| Q1 25 | $6.0M | $9.3M | ||
| Q4 24 | $2.9M | $12.6M | ||
| Q3 24 | $7.8M | $8.2M | ||
| Q2 24 | $6.9M | $10.3M | ||
| Q1 24 | $5.0M | $9.8M |
| Q4 25 | $-21.7M | $-21.9M | ||
| Q3 25 | $-15.8M | $-11.2M | ||
| Q2 25 | $-17.9M | $-13.3M | ||
| Q1 25 | $-18.8M | $-25.0M | ||
| Q4 24 | $-19.5M | $-21.3M | ||
| Q3 24 | $-19.1M | $-21.9M | ||
| Q2 24 | $-23.0M | $935.0K | ||
| Q1 24 | $-25.0M | $-27.5M |
| Q4 25 | — | -73.6% | ||
| Q3 25 | — | 3.2% | ||
| Q2 25 | — | -11.7% | ||
| Q1 25 | — | 7.5% | ||
| Q4 24 | — | -3.5% | ||
| Q3 24 | — | 49.4% | ||
| Q2 24 | — | -28.0% | ||
| Q1 24 | — | -28.8% |
| Q4 25 | -258.2% | -231.0% | ||
| Q3 25 | -226.9% | -73.3% | ||
| Q2 25 | -279.2% | -85.4% | ||
| Q1 25 | -385.0% | -123.6% | ||
| Q4 24 | -840.5% | -167.0% | ||
| Q3 24 | -305.5% | -213.8% | ||
| Q2 24 | -386.6% | -187.7% | ||
| Q1 24 | -558.3% | -211.1% |
| Q4 25 | -234.3% | -231.9% | ||
| Q3 25 | -194.4% | -82.0% | ||
| Q2 25 | -237.3% | -97.7% | ||
| Q1 25 | -316.4% | -268.4% | ||
| Q4 24 | -682.9% | -168.5% | ||
| Q3 24 | -244.9% | -265.3% | ||
| Q2 24 | -333.6% | 9.0% | ||
| Q1 24 | -495.4% | -281.2% |
| Q4 25 | $-0.35 | $-0.87 | ||
| Q3 25 | $-0.25 | $-0.65 | ||
| Q2 25 | $-0.28 | $-0.94 | ||
| Q1 25 | $-0.30 | $-1.87 | ||
| Q4 24 | $-0.23 | $7.06 | ||
| Q3 24 | $-0.31 | $-35.52 | ||
| Q2 24 | $-0.45 | $1.65 | ||
| Q1 24 | $-0.59 | $-55.51 |
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 | $39.0M |
| Total DebtLower is stronger | — | $31.0M |
| Stockholders' EquityBook value | $-108.5M | $38.2M |
| Total Assets | $198.1M | $105.3M |
| Debt / EquityLower = less leverage | — | 0.81× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $80.9M | $39.0M | ||
| Q3 25 | $89.3M | $11.8M | ||
| Q2 25 | $72.6M | $854.0K | ||
| Q1 25 | $61.0M | $3.9M | ||
| Q4 24 | $55.5M | $1.2M | ||
| Q3 24 | $57.7M | $1.6M | ||
| Q2 24 | $138.9M | $3.2M | ||
| Q1 24 | $79.3M | $10.9M |
| Q4 25 | — | $31.0M | ||
| Q3 25 | — | $23.0M | ||
| Q2 25 | — | $22.5M | ||
| Q1 25 | — | $21.7M | ||
| Q4 24 | — | $5.7M | ||
| Q3 24 | — | $32.3M | ||
| Q2 24 | — | $33.5M | ||
| Q1 24 | — | $44.0M |
| Q4 25 | $-108.5M | $38.2M | ||
| Q3 25 | $-89.7M | $29.9M | ||
| Q2 25 | $-76.7M | $21.4M | ||
| Q1 25 | $-61.7M | $32.8M | ||
| Q4 24 | $-45.5M | $39.7M | ||
| Q3 24 | $-28.3M | $34.4M | ||
| Q2 24 | $-14.3M | $52.1M | ||
| Q1 24 | $-97.5M | $45.5M |
| Q4 25 | $198.1M | $105.3M | ||
| Q3 25 | $205.0M | $93.7M | ||
| Q2 25 | $226.2M | $78.4M | ||
| Q1 25 | $258.7M | $91.3M | ||
| Q4 24 | $284.0M | $89.2M | ||
| Q3 24 | $308.4M | $110.8M | ||
| Q2 24 | $328.6M | $116.7M | ||
| Q1 24 | $255.0M | $136.1M |
| Q4 25 | — | 0.81× | ||
| Q3 25 | — | 0.77× | ||
| Q2 25 | — | 1.05× | ||
| Q1 25 | — | 0.66× | ||
| Q4 24 | — | 0.14× | ||
| Q3 24 | — | 0.94× | ||
| Q2 24 | — | 0.64× | ||
| Q1 24 | — | 0.97× |
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 | $-7.7M |
| Free Cash FlowOCF − Capex | — | $-8.3M |
| FCF MarginFCF / Revenue | — | -88.3% |
| Capex IntensityCapex / Revenue | 0.0% | 6.4% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-22.3M | $-7.7M | ||
| Q3 25 | $-18.9M | $-6.0M | ||
| Q2 25 | $-21.0M | $-1.2M | ||
| Q1 25 | $-24.0M | $-12.3M | ||
| Q4 24 | $-24.5M | $-2.2M | ||
| Q3 24 | $-21.0M | $-2.0M | ||
| Q2 24 | $-25.5M | $-8.0M | ||
| Q1 24 | $-29.3M | $-20.5M |
| Q4 25 | — | $-8.3M | ||
| Q3 25 | — | $-6.3M | ||
| Q2 25 | $-21.0M | $-3.0M | ||
| Q1 25 | $-24.0M | — | ||
| Q4 24 | $-25.0M | $-2.2M | ||
| Q3 24 | $-21.3M | $-2.0M | ||
| Q2 24 | $-25.6M | $-8.0M | ||
| Q1 24 | $-29.4M | $-20.5M |
| Q4 25 | — | -88.3% | ||
| Q3 25 | — | -46.5% | ||
| Q2 25 | -278.2% | -22.2% | ||
| Q1 25 | -403.2% | — | ||
| Q4 24 | -875.3% | -17.7% | ||
| Q3 24 | -273.0% | -24.2% | ||
| Q2 24 | -371.0% | -77.1% | ||
| Q1 24 | -583.1% | -209.8% |
| Q4 25 | 0.0% | 6.4% | ||
| Q3 25 | 0.0% | 2.3% | ||
| Q2 25 | 0.3% | 13.3% | ||
| Q1 25 | 0.5% | 0.0% | ||
| Q4 24 | 16.8% | 0.2% | ||
| Q3 24 | 4.0% | 0.2% | ||
| Q2 24 | 0.2% | 0.0% | ||
| Q1 24 | 2.0% | 0.1% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | -8.52× | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
