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Side-by-side financial comparison of Opus Genetics, Inc. (IRD) and TON Strategy Co (TONX). Click either name above to swap in a different company.
TON Strategy Co is the larger business by last-quarter revenue ($5.7M vs $3.9M, roughly 1.5× Opus Genetics, Inc.). On growth, TON Strategy Co posted the faster year-over-year revenue change (694.2% vs -10.2%). Over the past eight quarters, Opus Genetics, Inc.'s revenue compounded faster (50.3% CAGR vs 46.1%).
Opus Genetics, Inc. is a clinical-stage biotechnology company specializing in the development of targeted gene therapies for inherited retinal diseases. It focuses on addressing unmet medical needs for patients living with rare, vision-threatening ocular conditions, with operations centered on advancing accessible therapeutic candidates for global rare disease patient populations.
IRD vs TONX — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $3.9M | $5.7M |
| Net Profit | — | $-227.9M |
| Gross Margin | — | 64.3% |
| Operating Margin | — | -159.2% |
| Net Margin | — | -3968.6% |
| Revenue YoY | -10.2% | 694.2% |
| Net Profit YoY | 53.0% | -7047.9% |
| EPS (diluted) | — | $-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 | $3.9M | $5.7M | ||
| Q3 25 | $3.1M | $3.6M | ||
| Q2 25 | $2.9M | $2.1M | ||
| Q1 25 | $4.4M | $1.3M | ||
| Q4 24 | $4.3M | $723.0K | ||
| Q3 24 | $3.9M | — | ||
| Q2 24 | $1.1M | — | ||
| Q1 24 | $1.7M | — |
| Q4 25 | — | $-227.9M | ||
| Q3 25 | $-17.5M | $84.3M | ||
| Q2 25 | $-7.4M | $-2.4M | ||
| Q1 25 | $-8.2M | $-2.6M | ||
| Q4 24 | — | $-3.2M | ||
| Q3 24 | $-7.5M | — | ||
| Q2 24 | $-7.8M | — | ||
| Q1 24 | $-7.1M | — |
| 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 | — | -159.2% | ||
| Q3 25 | -269.9% | -601.5% | ||
| Q2 25 | -309.0% | -138.2% | ||
| Q1 25 | -227.2% | -203.8% | ||
| Q4 24 | — | -513.1% | ||
| Q3 24 | -207.1% | — | ||
| Q2 24 | -748.9% | — | ||
| Q1 24 | -450.5% | — |
| Q4 25 | — | -3968.6% | ||
| Q3 25 | -566.9% | 2336.8% | ||
| Q2 25 | -257.5% | -111.9% | ||
| Q1 25 | -187.5% | -196.5% | ||
| Q4 24 | — | -440.9% | ||
| Q3 24 | -194.6% | — | ||
| Q2 24 | -698.3% | — | ||
| Q1 24 | -415.3% | — |
| Q4 25 | — | $-3.89 | ||
| Q3 25 | $-0.25 | $2.23 | ||
| Q2 25 | $-0.12 | $-1.79 | ||
| Q1 25 | $-0.24 | $-2.51 | ||
| Q4 24 | — | $10.41 | ||
| Q3 24 | $-0.29 | — | ||
| Q2 24 | $-0.30 | — | ||
| Q1 24 | $-0.29 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $45.1M | $39.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $15.3M | $406.5M |
| Total Assets | $50.2M | $411.2M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $45.1M | $39.5M | ||
| Q3 25 | $30.8M | $53.9M | ||
| Q2 25 | $32.4M | $10.4M | ||
| Q1 25 | $41.8M | $12.2M | ||
| Q4 24 | $30.3M | $12.5M | ||
| Q3 24 | $36.6M | — | ||
| Q2 24 | $41.4M | — | ||
| Q1 24 | $47.2M | — |
| Q4 25 | $15.3M | $406.5M | ||
| Q3 25 | $6.0M | $639.1M | ||
| Q2 25 | $17.5M | $19.4M | ||
| Q1 25 | $5.1M | $14.6M | ||
| Q4 24 | $6.7M | $16.2M | ||
| Q3 24 | $34.3M | — | ||
| Q2 24 | $40.6M | — | ||
| Q1 24 | $46.1M | — |
| Q4 25 | $50.2M | $411.2M | ||
| Q3 25 | $36.1M | $661.9M | ||
| Q2 25 | $38.7M | $23.7M | ||
| Q1 25 | $48.2M | $18.4M | ||
| Q4 24 | $36.9M | $20.6M | ||
| Q3 24 | $40.4M | — | ||
| Q2 24 | $44.8M | — | ||
| Q1 24 | $51.8M | — |
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 | $-35.3M | $-8.0M |
| Free Cash FlowOCF − Capex | — | $-8.0M |
| FCF MarginFCF / Revenue | — | -139.3% |
| Capex IntensityCapex / Revenue | — | 0.1% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-20.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-35.3M | $-8.0M | ||
| Q3 25 | $-6.2M | $-9.4M | ||
| Q2 25 | $-10.3M | $-2.3M | ||
| Q1 25 | $-9.0M | $-1.1M | ||
| Q4 24 | $-25.6M | $-1.9M | ||
| Q3 24 | $-5.1M | — | ||
| Q2 24 | $-7.3M | — | ||
| Q1 24 | $-5.7M | — |
| Q4 25 | — | $-8.0M | ||
| Q3 25 | — | $-9.4M | ||
| Q2 25 | — | $-2.3M | ||
| Q1 25 | — | $-1.1M | ||
| Q4 24 | — | $-2.0M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | -139.3% | ||
| Q3 25 | — | -261.4% | ||
| Q2 25 | — | -107.8% | ||
| Q1 25 | — | -87.0% | ||
| Q4 24 | — | -279.9% | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | 0.1% | ||
| Q3 25 | — | 0.4% | ||
| Q2 25 | — | 0.1% | ||
| Q1 25 | — | 5.1% | ||
| Q4 24 | — | 22.1% | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| 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
IRD
Segment breakdown not available.
TONX
| Market Live | $4.8M | 83% |
| Other | $960.0K | 17% |
