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Side-by-side financial comparison of Seer, Inc. (SEER) 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 $4.2M, roughly 1.4× Seer, Inc.). Seer, Inc. runs the higher net margin — -380.7% vs -3968.6%, a 3587.8% gap on every dollar of revenue. On growth, TON Strategy Co posted the faster year-over-year revenue change (694.2% vs 5.0%). TON Strategy Co produced more free cash flow last quarter ($-8.0M vs $-11.1M). Over the past eight quarters, TON Strategy Co's revenue compounded faster (46.1% CAGR vs 17.1%).
Seer, Inc. is an American biotechnology company headquartered in Redwood City, California. Established in 2017, the company develops technologies for proteomics research.
SEER vs TONX — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $4.2M | $5.7M |
| Net Profit | $-16.0M | $-227.9M |
| Gross Margin | 52.0% | 64.3% |
| Operating Margin | -413.8% | -159.2% |
| Net Margin | -380.7% | -3968.6% |
| Revenue YoY | 5.0% | 694.2% |
| Net Profit YoY | 26.4% | -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 | $4.2M | $5.7M | ||
| Q3 25 | $4.1M | $3.6M | ||
| Q2 25 | $4.1M | $2.1M | ||
| Q1 25 | $4.2M | $1.3M | ||
| Q4 24 | $4.0M | $723.0K | ||
| Q3 24 | $4.0M | — | ||
| Q2 24 | $3.1M | — | ||
| Q1 24 | $3.1M | — |
| Q4 25 | $-16.0M | $-227.9M | ||
| Q3 25 | $-18.2M | $84.3M | ||
| Q2 25 | $-19.4M | $-2.4M | ||
| Q1 25 | $-19.9M | $-2.6M | ||
| Q4 24 | $-21.7M | $-3.2M | ||
| Q3 24 | $-21.3M | — | ||
| Q2 24 | $-22.9M | — | ||
| Q1 24 | $-20.7M | — |
| Q4 25 | 52.0% | 64.3% | ||
| Q3 25 | 51.2% | 75.4% | ||
| Q2 25 | 52.1% | 71.2% | ||
| Q1 25 | 49.0% | 73.4% | ||
| Q4 24 | 50.6% | 81.5% | ||
| Q3 24 | 48.1% | — | ||
| Q2 24 | 56.3% | — | ||
| Q1 24 | 44.4% | — |
| Q4 25 | -413.8% | -159.2% | ||
| Q3 25 | -469.4% | -601.5% | ||
| Q2 25 | -506.8% | -138.2% | ||
| Q1 25 | -493.0% | -203.8% | ||
| Q4 24 | -587.2% | -513.1% | ||
| Q3 24 | -603.3% | — | ||
| Q2 24 | -882.0% | — | ||
| Q1 24 | -821.7% | — |
| Q4 25 | -380.7% | -3968.6% | ||
| Q3 25 | -442.5% | 2336.8% | ||
| Q2 25 | -479.5% | -111.9% | ||
| Q1 25 | -474.4% | -196.5% | ||
| Q4 24 | -543.6% | -440.9% | ||
| Q3 24 | -529.0% | — | ||
| Q2 24 | -743.8% | — | ||
| Q1 24 | -674.5% | — |
| Q4 25 | — | $-3.89 | ||
| Q3 25 | — | $2.23 | ||
| Q2 25 | — | $-1.79 | ||
| Q1 25 | — | $-2.51 | ||
| Q4 24 | — | $10.41 | ||
| Q3 24 | $-0.35 | — | ||
| Q2 24 | $-0.35 | — | ||
| Q1 24 | $-0.32 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $47.3M | $39.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $259.3M | $406.5M |
| Total Assets | $296.1M | $411.2M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $47.3M | $39.5M | ||
| Q3 25 | $45.0M | $53.9M | ||
| Q2 25 | $37.9M | $10.4M | ||
| Q1 25 | $52.4M | $12.2M | ||
| Q4 24 | $40.8M | $12.5M | ||
| Q3 24 | $37.6M | — | ||
| Q2 24 | $31.9M | — | ||
| Q1 24 | $54.4M | — |
| Q4 25 | $259.3M | $406.5M | ||
| Q3 25 | $271.8M | $639.1M | ||
| Q2 25 | $288.3M | $19.4M | ||
| Q1 25 | $311.0M | $14.6M | ||
| Q4 24 | $327.6M | $16.2M | ||
| Q3 24 | $344.7M | — | ||
| Q2 24 | $364.7M | — | ||
| Q1 24 | $383.6M | — |
| Q4 25 | $296.1M | $411.2M | ||
| Q3 25 | $308.6M | $661.9M | ||
| Q2 25 | $322.5M | $23.7M | ||
| Q1 25 | $347.3M | $18.4M | ||
| Q4 24 | $366.6M | $20.6M | ||
| Q3 24 | $383.4M | — | ||
| Q2 24 | $406.6M | — | ||
| Q1 24 | $422.0M | — |
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 | $-10.8M | $-8.0M |
| Free Cash FlowOCF − Capex | $-11.1M | $-8.0M |
| FCF MarginFCF / Revenue | -264.2% | -139.3% |
| Capex IntensityCapex / Revenue | 7.0% | 0.1% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-46.2M | $-20.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-10.8M | $-8.0M | ||
| Q3 25 | $-7.6M | $-9.4M | ||
| Q2 25 | $-14.7M | $-2.3M | ||
| Q1 25 | $-11.4M | $-1.1M | ||
| Q4 24 | $-11.5M | $-1.9M | ||
| Q3 24 | $-14.1M | — | ||
| Q2 24 | $-10.1M | — | ||
| Q1 24 | $-10.5M | — |
| Q4 25 | $-11.1M | $-8.0M | ||
| Q3 25 | $-7.8M | $-9.4M | ||
| Q2 25 | $-15.2M | $-2.3M | ||
| Q1 25 | $-12.1M | $-1.1M | ||
| Q4 24 | $-12.0M | $-2.0M | ||
| Q3 24 | $-16.3M | — | ||
| Q2 24 | $-11.2M | — | ||
| Q1 24 | $-11.2M | — |
| Q4 25 | -264.2% | -139.3% | ||
| Q3 25 | -190.5% | -261.4% | ||
| Q2 25 | -375.9% | -107.8% | ||
| Q1 25 | -287.1% | -87.0% | ||
| Q4 24 | -299.8% | -279.9% | ||
| Q3 24 | -404.7% | — | ||
| Q2 24 | -366.0% | — | ||
| Q1 24 | -365.6% | — |
| Q4 25 | 7.0% | 0.1% | ||
| Q3 25 | 6.9% | 0.4% | ||
| Q2 25 | 14.0% | 0.1% | ||
| Q1 25 | 15.6% | 5.1% | ||
| Q4 24 | 13.4% | 22.1% | ||
| Q3 24 | 54.4% | — | ||
| Q2 24 | 38.2% | — | ||
| Q1 24 | 24.6% | — |
| 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
SEER
Segment breakdown not available.
TONX
| Market Live | $4.8M | 83% |
| Other | $960.0K | 17% |
