vs
Side-by-side financial comparison of Scilex Holding Co (SCLX) 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 $4.8M, roughly 1.2× Scilex Holding Co). Scilex Holding Co runs the higher net margin — -961.9% vs -3968.6%, a 3006.6% gap on every dollar of revenue. On growth, TON Strategy Co posted the faster year-over-year revenue change (694.2% vs -67.8%). Over the past eight quarters, TON Strategy Co's revenue compounded faster (46.1% CAGR vs -33.6%).
Scilex Holding Co is a commercial-stage biopharmaceutical firm focused on developing and commercializing innovative non-opioid pain management therapies for acute and chronic pain segments. It primarily serves the US market, offering prescription and over-the-counter pain relief solutions for patients and healthcare providers.
SCLX vs TONX — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $4.8M | $5.7M |
| Net Profit | $-46.1M | $-227.9M |
| Gross Margin | 45.5% | 64.3% |
| Operating Margin | -2317.8% | -159.2% |
| Net Margin | -961.9% | -3968.6% |
| Revenue YoY | -67.8% | 694.2% |
| Net Profit YoY | -613.7% | -7047.9% |
| EPS (diluted) | $-4.63 | $-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 | $4.8M | $5.7M | ||
| Q3 25 | $10.6M | $3.6M | ||
| Q2 25 | $9.9M | $2.1M | ||
| Q1 25 | $5.0M | $1.3M | ||
| Q4 24 | $14.9M | $723.0K | ||
| Q3 24 | $14.4M | — | ||
| Q2 24 | $16.4M | — | ||
| Q1 24 | $10.9M | — |
| Q4 25 | $-46.1M | $-227.9M | ||
| Q3 25 | $-257.8M | $84.3M | ||
| Q2 25 | $-44.0M | $-2.4M | ||
| Q1 25 | $-26.1M | $-2.6M | ||
| Q4 24 | $-6.5M | $-3.2M | ||
| Q3 24 | $-4.4M | — | ||
| Q2 24 | $-37.6M | — | ||
| Q1 24 | $-24.4M | — |
| Q4 25 | 45.5% | 64.3% | ||
| Q3 25 | 68.5% | 75.4% | ||
| Q2 25 | 66.9% | 71.2% | ||
| Q1 25 | 72.3% | 73.4% | ||
| Q4 24 | 68.5% | 81.5% | ||
| Q3 24 | 73.9% | — | ||
| Q2 24 | 73.2% | — | ||
| Q1 24 | 64.7% | — |
| Q4 25 | -2317.8% | -159.2% | ||
| Q3 25 | -1766.2% | -601.5% | ||
| Q2 25 | -207.2% | -138.2% | ||
| Q1 25 | -557.5% | -203.8% | ||
| Q4 24 | -190.5% | -513.1% | ||
| Q3 24 | -138.0% | — | ||
| Q2 24 | -95.4% | — | ||
| Q1 24 | -179.0% | — |
| Q4 25 | -961.9% | -3968.6% | ||
| Q3 25 | -2441.5% | 2336.8% | ||
| Q2 25 | -445.1% | -111.9% | ||
| Q1 25 | -521.2% | -196.5% | ||
| Q4 24 | -43.4% | -440.9% | ||
| Q3 24 | -30.4% | — | ||
| Q2 24 | -229.6% | — | ||
| Q1 24 | -224.0% | — |
| Q4 25 | $-4.63 | $-3.89 | ||
| Q3 25 | $-22.17 | $2.23 | ||
| Q2 25 | $-7.42 | $-1.79 | ||
| Q1 25 | $-2.26 | $-2.51 | ||
| Q4 24 | $8.53 | $10.41 | ||
| Q3 24 | $-0.58 | — | ||
| Q2 24 | $-7.67 | — | ||
| Q1 24 | $-8.33 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $5.0M | $39.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $-207.8M | $406.5M |
| Total Assets | $365.0M | $411.2M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $5.0M | $39.5M | ||
| Q3 25 | $878.0K | $53.9M | ||
| Q2 25 | $4.1M | $10.4M | ||
| Q1 25 | $5.8M | $12.2M | ||
| Q4 24 | $3.3M | $12.5M | ||
| Q3 24 | $77.0K | — | ||
| Q2 24 | $6.9M | — | ||
| Q1 24 | $1.8M | — |
| Q4 25 | $-207.8M | $406.5M | ||
| Q3 25 | $-176.9M | $639.1M | ||
| Q2 25 | $-249.0M | $19.4M | ||
| Q1 25 | $-211.5M | $14.6M | ||
| Q4 24 | $-192.6M | $16.2M | ||
| Q3 24 | $-211.3M | — | ||
| Q2 24 | $-214.7M | — | ||
| Q1 24 | $-189.8M | — |
| Q4 25 | $365.0M | $411.2M | ||
| Q3 25 | $275.9M | $661.9M | ||
| Q2 25 | $83.8M | $23.7M | ||
| Q1 25 | $79.0M | $18.4M | ||
| Q4 24 | $93.0M | $20.6M | ||
| Q3 24 | $100.4M | — | ||
| Q2 24 | $104.5M | — | ||
| Q1 24 | $91.2M | — |
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 | $-17.5M | $-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 | $-17.5M | $-8.0M | ||
| Q3 25 | $8.2M | $-9.4M | ||
| Q2 25 | $7.0M | $-2.3M | ||
| Q1 25 | $6.0M | $-1.1M | ||
| Q4 24 | $2.5M | $-1.9M | ||
| Q3 24 | $5.1M | — | ||
| Q2 24 | $2.3M | — | ||
| Q1 24 | $9.4M | — |
| 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 | 0.0% | — | ||
| 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
SCLX
Segment breakdown not available.
TONX
| Market Live | $4.8M | 83% |
| Other | $960.0K | 17% |
