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Side-by-side financial comparison of D-Wave Quantum Inc. (QBTS) and TScan Therapeutics, Inc. (TCRX). Click either name above to swap in a different company.
D-Wave Quantum Inc. is the larger business by last-quarter revenue ($2.8M vs $2.6M, roughly 1.1× TScan Therapeutics, Inc.). TScan Therapeutics, Inc. runs the higher net margin — -895.1% vs -1538.0%, a 642.9% gap on every dollar of revenue. On growth, TScan Therapeutics, Inc. posted the faster year-over-year revenue change (286.0% vs 19.2%). D-Wave Quantum Inc. produced more free cash flow last quarter ($-20.0M vs $-32.2M). Over the past eight quarters, D-Wave Quantum Inc.'s revenue compounded faster (-2.7% CAGR vs -9.7%).
D-Wave Quantum Inc. is a quantum computing company with locations in Palo Alto, California and Burnaby, British Columbia. D-Wave claims to be the world's first company to sell computers that exploit quantum effects in their operation. D-Wave's early customers include Lockheed Martin, the University of Southern California, Google/NASA, and Los Alamos National Laboratory.
TScan Therapeutics, Inc. is a clinical-stage biopharmaceutical company focused on developing novel T cell receptor (TCR) immunotherapies for hard-to-treat cancers. Its proprietary platform identifies high-affinity naturally occurring TCRs targeting tumor antigens, with pipeline candidates spanning hematological malignancies and solid tumors, operating in the global oncology therapeutics market.
QBTS vs TCRX — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.8M | $2.6M |
| Net Profit | $-42.3M | $-23.0M |
| Gross Margin | 64.8% | — |
| Operating Margin | -1266.0% | -929.4% |
| Net Margin | -1538.0% | -895.1% |
| Revenue YoY | 19.2% | 286.0% |
| Net Profit YoY | 50.8% | 35.8% |
| EPS (diluted) | $-0.13 | $-0.18 |
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 | $2.8M | $2.6M | ||
| Q3 25 | $3.7M | $2.5M | ||
| Q2 25 | $3.1M | $3.1M | ||
| Q1 25 | $15.0M | $2.2M | ||
| Q4 24 | $2.3M | — | ||
| Q3 24 | — | $1.0M | ||
| Q2 24 | $2.2M | — | ||
| Q1 24 | $2.5M | — |
| Q4 25 | $-42.3M | $-23.0M | ||
| Q3 25 | $-140.0M | $-35.7M | ||
| Q2 25 | $-167.3M | $-37.0M | ||
| Q1 25 | $-5.4M | $-34.1M | ||
| Q4 24 | $-86.1M | — | ||
| Q3 24 | — | $-29.9M | ||
| Q2 24 | $-17.8M | — | ||
| Q1 24 | $-17.3M | — |
| Q4 25 | 64.8% | — | ||
| Q3 25 | 71.4% | — | ||
| Q2 25 | 63.8% | — | ||
| Q1 25 | 92.5% | — | ||
| Q4 24 | 63.8% | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 63.6% | — | ||
| Q1 24 | 67.3% | — |
| Q4 25 | -1266.0% | -929.4% | ||
| Q3 25 | -741.8% | -1475.6% | ||
| Q2 25 | -856.3% | -1256.6% | ||
| Q1 25 | -75.3% | -1669.7% | ||
| Q4 24 | -876.2% | — | ||
| Q3 24 | — | -3109.8% | ||
| Q2 24 | -863.0% | — | ||
| Q1 24 | -710.6% | — |
| Q4 25 | -1538.0% | -895.1% | ||
| Q3 25 | -3743.9% | -1422.1% | ||
| Q2 25 | -5406.4% | -1201.3% | ||
| Q1 25 | -36.1% | -1571.9% | ||
| Q4 24 | -3727.9% | — | ||
| Q3 24 | — | -2849.1% | ||
| Q2 24 | -814.4% | — | ||
| Q1 24 | -702.3% | — |
| Q4 25 | $-0.13 | $-0.18 | ||
| Q3 25 | $-0.41 | $-0.28 | ||
| Q2 25 | $-0.55 | $-0.28 | ||
| Q1 25 | $-0.02 | $-0.26 | ||
| Q4 24 | $-0.43 | — | ||
| Q3 24 | — | $-0.25 | ||
| Q2 24 | $-0.10 | — | ||
| Q1 24 | $-0.11 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $884.5M | $152.4M |
| Total DebtLower is stronger | — | $32.5M |
| Stockholders' EquityBook value | $852.2M | $123.1M |
| Total Assets | $915.8M | $228.8M |
| Debt / EquityLower = less leverage | — | 0.26× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $884.5M | $152.4M | ||
| Q3 25 | $836.2M | $184.5M | ||
| Q2 25 | $819.3M | $218.0M | ||
| Q1 25 | $304.3M | $251.7M | ||
| Q4 24 | $178.0M | — | ||
| Q3 24 | — | $271.1M | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | $32.5M | ||
| Q3 25 | — | $32.4M | ||
| Q2 25 | — | $32.3M | ||
| Q1 25 | — | $32.2M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $30.6M | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $852.2M | $123.1M | ||
| Q3 25 | $670.6M | $144.0M | ||
| Q2 25 | $694.3M | $176.7M | ||
| Q1 25 | $207.4M | $210.2M | ||
| Q4 24 | $62.6M | — | ||
| Q3 24 | — | $229.1M | ||
| Q2 24 | $-21.5M | — | ||
| Q1 24 | $-37.0M | — |
| Q4 25 | $915.8M | $228.8M | ||
| Q3 25 | $865.8M | $262.2M | ||
| Q2 25 | $843.6M | $298.6M | ||
| Q1 25 | $325.6M | $332.7M | ||
| Q4 24 | $199.9M | — | ||
| Q3 24 | — | $348.0M | ||
| Q2 24 | $61.8M | — | ||
| Q1 24 | $48.6M | — |
| Q4 25 | — | 0.26× | ||
| Q3 25 | — | 0.23× | ||
| Q2 25 | — | 0.18× | ||
| Q1 25 | — | 0.15× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 0.13× | ||
| Q2 24 | — | — | ||
| 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 | $-18.4M | $-32.0M |
| Free Cash FlowOCF − Capex | $-20.0M | $-32.2M |
| FCF MarginFCF / Revenue | -727.9% | -1253.3% |
| Capex IntensityCapex / Revenue | 60.3% | 6.7% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-75.8M | $-139.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-18.4M | $-32.0M | ||
| Q3 25 | $-19.0M | $-32.5M | ||
| Q2 25 | $-15.3M | $-33.3M | ||
| Q1 25 | $-19.3M | $-37.6M | ||
| Q4 24 | $2.0M | — | ||
| Q3 24 | — | $-27.9M | ||
| Q2 24 | $-14.5M | — | ||
| Q1 24 | $-12.1M | — |
| Q4 25 | $-20.0M | $-32.2M | ||
| Q3 25 | $-20.1M | $-33.9M | ||
| Q2 25 | $-16.0M | $-34.5M | ||
| Q1 25 | $-19.7M | $-39.1M | ||
| Q4 24 | $1.1M | — | ||
| Q3 24 | — | $-29.3M | ||
| Q2 24 | $-15.0M | — | ||
| Q1 24 | $-12.4M | — |
| Q4 25 | -727.9% | -1253.3% | ||
| Q3 25 | -536.5% | -1349.6% | ||
| Q2 25 | -518.1% | -1123.1% | ||
| Q1 25 | -131.4% | -1801.8% | ||
| Q4 24 | 46.2% | — | ||
| Q3 24 | — | -2792.0% | ||
| Q2 24 | -687.7% | — | ||
| Q1 24 | -504.0% | — |
| Q4 25 | 60.3% | 6.7% | ||
| Q3 25 | 27.2% | 56.8% | ||
| Q2 25 | 24.2% | 41.6% | ||
| Q1 25 | 2.9% | 70.6% | ||
| Q4 24 | 41.1% | — | ||
| Q3 24 | — | 130.6% | ||
| Q2 24 | 25.0% | — | ||
| Q1 24 | 12.4% | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
QBTS
| Transferred Over Time | $2.4M | 89% |
| Other | $306.0K | 11% |
TCRX
Segment breakdown not available.
