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Side-by-side financial comparison of Peraso Inc. (PRSO) and Instil Bio, Inc. (TIL). Click either name above to swap in a different company.
Peraso Inc. is the larger business by last-quarter revenue ($2.9M vs $2.2M, roughly 1.3× Instil Bio, Inc.). Peraso Inc. runs the higher net margin — -43.3% vs -365.3%, a 322.0% gap on every dollar of revenue. On growth, Instil Bio, Inc. posted the faster year-over-year revenue change (-19.2% vs -22.0%).
Peraso Inc. is a semiconductor technology firm specializing in the design and production of high-performance millimeter wave (mmWave) integrated circuits and modules. It delivers 5G and next-generation wireless connectivity solutions for telecom infrastructure, industrial IoT, fixed wireless access and consumer electronics segments, serving customers across North America, Asia Pacific and European markets.
Instil Bio Inc. is a clinical-stage biotechnology company focused on developing innovative tumor-infiltrating lymphocyte (TIL) therapies for patients with difficult-to-treat advanced solid tumors. It operates in the immuno-oncology segment, serving patient populations that show limited response to existing standard cancer treatment options.
PRSO vs TIL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.9M | $2.2M |
| Net Profit | $-1.2M | $-8.2M |
| Gross Margin | 52.2% | — |
| Operating Margin | -44.6% | -426.3% |
| Net Margin | -43.3% | -365.3% |
| Revenue YoY | -22.0% | -19.2% |
| Net Profit YoY | 20.3% | 31.1% |
| EPS (diluted) | $-0.09 | $-1.13 |
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 | $2.9M | $2.2M | ||
| Q3 25 | $3.2M | $2.2M | ||
| Q2 25 | $2.2M | $2.2M | ||
| Q1 25 | $3.9M | $2.2M | ||
| Q4 24 | $3.7M | $2.8M | ||
| Q3 24 | $3.8M | $1.5M | ||
| Q2 24 | $4.2M | $0 | ||
| Q1 24 | $2.8M | $0 |
| Q4 25 | $-1.2M | $-8.2M | ||
| Q3 25 | $-1.2M | $-13.6M | ||
| Q2 25 | $-1.8M | $-21.4M | ||
| Q1 25 | $-471.0K | $-28.2M | ||
| Q4 24 | $-1.6M | $-11.9M | ||
| Q3 24 | $-2.7M | $-23.0M | ||
| Q2 24 | $-4.4M | $-14.9M | ||
| Q1 24 | $-2.0M | $-24.3M |
| Q4 25 | 52.2% | — | ||
| Q3 25 | 56.2% | — | ||
| Q2 25 | 48.3% | — | ||
| Q1 25 | 69.3% | — | ||
| Q4 24 | 56.3% | — | ||
| Q3 24 | 47.0% | — | ||
| Q2 24 | 55.5% | — | ||
| Q1 24 | 46.4% | — |
| Q4 25 | -44.6% | -426.3% | ||
| Q3 25 | -36.8% | -670.0% | ||
| Q2 25 | -80.0% | -1045.5% | ||
| Q1 25 | -13.3% | -1363.2% | ||
| Q4 24 | -44.3% | -426.1% | ||
| Q3 24 | -70.3% | -1582.8% | ||
| Q2 24 | -105.6% | — | ||
| Q1 24 | -128.9% | — |
| Q4 25 | -43.3% | -365.3% | ||
| Q3 25 | -37.4% | -606.0% | ||
| Q2 25 | -82.4% | -954.2% | ||
| Q1 25 | -12.2% | -1257.8% | ||
| Q4 24 | -42.4% | -428.8% | ||
| Q3 24 | -70.6% | -1541.9% | ||
| Q2 24 | -104.4% | — | ||
| Q1 24 | -72.1% | — |
| Q4 25 | $-0.09 | $-1.13 | ||
| Q3 25 | $-0.17 | $-2.01 | ||
| Q2 25 | $-0.31 | $-3.24 | ||
| Q1 25 | $-0.10 | $-4.32 | ||
| Q4 24 | $0.36 | $-1.82 | ||
| Q3 24 | $-0.98 | $-3.54 | ||
| Q2 24 | $-1.88 | $-2.29 | ||
| Q1 24 | $-1.07 | $-3.74 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $2.9M | $6.6M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $4.6M | $113.9M |
| Total Assets | $6.1M | $203.5M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.9M | $6.6M | ||
| Q3 25 | — | $5.8M | ||
| Q2 25 | — | $7.7M | ||
| Q1 25 | — | $15.4M | ||
| Q4 24 | $3.3M | $8.8M | ||
| Q3 24 | $1.3M | $6.7M | ||
| Q2 24 | $1.9M | $6.8M | ||
| Q1 24 | $2.4M | $5.5M |
| Q4 25 | $4.6M | $113.9M | ||
| Q3 25 | $3.6M | $120.4M | ||
| Q2 25 | $3.0M | $131.7M | ||
| Q1 25 | $3.6M | $144.9M | ||
| Q4 24 | $3.5M | $169.4M | ||
| Q3 24 | $2.0M | $176.3M | ||
| Q2 24 | $3.6M | $195.0M | ||
| Q1 24 | $6.7M | $205.8M |
| Q4 25 | $6.1M | $203.5M | ||
| Q3 25 | $6.2M | $211.8M | ||
| Q2 25 | $5.5M | $231.0M | ||
| Q1 25 | $6.7M | $237.4M | ||
| Q4 24 | $7.2M | $263.6M | ||
| Q3 24 | $7.2M | $272.6M | ||
| Q2 24 | $9.8M | $294.3M | ||
| Q1 24 | $11.5M | $306.3M |
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 | $-1.1M | $-7.1M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-1.1M | $-7.1M | ||
| Q3 25 | $-1.5M | $-10.6M | ||
| Q2 25 | $-2.0M | $-14.8M | ||
| Q1 25 | $-966.0K | $-4.2M | ||
| Q4 24 | $-687.0K | $-10.6M | ||
| Q3 24 | $-683.0K | $-20.1M | ||
| Q2 24 | $-659.0K | $-10.6M | ||
| Q1 24 | $-2.5M | $-14.4M |
| Q4 25 | — | — | ||
| Q3 25 | $-1.6M | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | -48.9% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | 1.1% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.0% | ||
| Q3 24 | — | 0.0% | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
PRSO
| Products | $2.8M | 96% |
| Other | $105.0K | 4% |
TIL
Segment breakdown not available.
