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Side-by-side financial comparison of Instil Bio, Inc. (TIL) and XCel Brands, Inc. (XELB). Click either name above to swap in a different company.
Instil Bio, Inc. is the larger business by last-quarter revenue ($2.2M vs $1.2M, roughly 1.9× XCel Brands, Inc.). XCel Brands, Inc. runs the higher net margin — -237.8% vs -365.3%, a 127.6% gap on every dollar of revenue. On growth, XCel Brands, Inc. posted the faster year-over-year revenue change (-3.4% vs -19.2%).
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.
XCel Brands, Inc. is a consumer goods and brand management firm that owns, licenses, and markets lifestyle brands spanning apparel, accessories, and home products. It operates mainly in North America, partnering with leading retail chains to distribute products to mass and mid-tier consumer segments.
TIL vs XELB — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.2M | $1.2M |
| Net Profit | $-8.2M | $-2.8M |
| Gross Margin | — | — |
| Operating Margin | -426.3% | -166.8% |
| Net Margin | -365.3% | -237.8% |
| Revenue YoY | -19.2% | -3.4% |
| Net Profit YoY | 31.1% | 60.8% |
| EPS (diluted) | $-1.13 | $-0.22 |
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 | $2.2M | $1.2M | ||
| Q3 25 | $2.2M | $1.1M | ||
| Q2 25 | $2.2M | $1.3M | ||
| Q1 25 | $2.2M | $1.3M | ||
| Q4 24 | $2.8M | $1.2M | ||
| Q3 24 | $1.5M | $1.9M | ||
| Q2 24 | $0 | $3.0M | ||
| Q1 24 | $0 | $2.2M |
| Q4 25 | $-8.2M | $-2.8M | ||
| Q3 25 | $-13.6M | $-7.9M | ||
| Q2 25 | $-21.4M | $-4.0M | ||
| Q1 25 | $-28.2M | $-2.8M | ||
| Q4 24 | $-11.9M | $-7.1M | ||
| Q3 24 | $-23.0M | $-9.2M | ||
| Q2 24 | $-14.9M | $195.0K | ||
| Q1 24 | $-24.3M | $-6.3M |
| Q4 25 | — | — | ||
| Q3 25 | — | 100.0% | ||
| Q2 25 | — | 100.0% | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 100.0% | ||
| Q3 24 | — | 78.7% | ||
| Q2 24 | — | 98.7% | ||
| Q1 24 | — | 100.0% |
| Q4 25 | -426.3% | -166.8% | ||
| Q3 25 | -670.0% | -665.7% | ||
| Q2 25 | -1045.5% | -125.2% | ||
| Q1 25 | -1363.2% | -164.2% | ||
| Q4 24 | -426.1% | -532.9% | ||
| Q3 24 | -1582.8% | -474.8% | ||
| Q2 24 | — | 10.4% | ||
| Q1 24 | — | -283.7% |
| Q4 25 | -365.3% | -237.8% | ||
| Q3 25 | -606.0% | -706.5% | ||
| Q2 25 | -954.2% | -301.9% | ||
| Q1 25 | -1257.8% | -210.0% | ||
| Q4 24 | -428.8% | -585.9% | ||
| Q3 24 | -1541.9% | -481.9% | ||
| Q2 24 | — | 6.6% | ||
| Q1 24 | — | -288.2% |
| Q4 25 | $-1.13 | $-0.22 | ||
| Q3 25 | $-2.01 | $-2.02 | ||
| Q2 25 | $-3.24 | $-1.66 | ||
| Q1 25 | $-4.32 | $-1.18 | ||
| Q4 24 | $-1.82 | $-2.91 | ||
| Q3 24 | $-3.54 | $-3.92 | ||
| Q2 24 | $-2.29 | $0.08 | ||
| Q1 24 | $-3.74 | $-3.09 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $6.6M | $1.1M |
| Total DebtLower is stronger | — | $12.7M |
| Stockholders' EquityBook value | $113.9M | $18.0M |
| Total Assets | $203.5M | $38.9M |
| Debt / EquityLower = less leverage | — | 0.71× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $6.6M | $1.1M | ||
| Q3 25 | $5.8M | $1.5M | ||
| Q2 25 | $7.7M | $970.0K | ||
| Q1 25 | $15.4M | $298.0K | ||
| Q4 24 | $8.8M | $1.3M | ||
| Q3 24 | $6.7M | $242.0K | ||
| Q2 24 | $6.8M | $924.0K | ||
| Q1 24 | $5.5M | $1.6M |
| Q4 25 | — | $12.7M | ||
| Q3 25 | — | $12.5M | ||
| Q2 25 | — | $12.3M | ||
| Q1 25 | — | $8.7M | ||
| Q4 24 | — | $6.6M | ||
| Q3 24 | — | $4.3M | ||
| Q2 24 | — | $4.5M | ||
| Q1 24 | — | $4.7M |
| Q4 25 | $113.9M | $18.0M | ||
| Q3 25 | $120.4M | $18.7M | ||
| Q2 25 | $131.7M | $24.5M | ||
| Q1 25 | $144.9M | $27.7M | ||
| Q4 24 | $169.4M | $30.4M | ||
| Q3 24 | $176.3M | $36.9M | ||
| Q2 24 | $195.0M | $46.0M | ||
| Q1 24 | $205.8M | $45.8M |
| Q4 25 | $203.5M | $38.9M | ||
| Q3 25 | $211.8M | $40.5M | ||
| Q2 25 | $231.0M | $47.2M | ||
| Q1 25 | $237.4M | $52.5M | ||
| Q4 24 | $263.6M | $53.8M | ||
| Q3 24 | $272.6M | $54.0M | ||
| Q2 24 | $294.3M | $63.2M | ||
| Q1 24 | $306.3M | $66.8M |
| Q4 25 | — | 0.71× | ||
| Q3 25 | — | 0.67× | ||
| Q2 25 | — | 0.50× | ||
| Q1 25 | — | 0.31× | ||
| Q4 24 | — | 0.22× | ||
| Q3 24 | — | 0.12× | ||
| Q2 24 | — | 0.10× | ||
| Q1 24 | — | 0.10× |
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 | $-7.1M | $-7.0M |
| Free Cash FlowOCF − Capex | — | $-7.0M |
| FCF MarginFCF / Revenue | — | -602.1% |
| Capex IntensityCapex / Revenue | — | 0.9% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-7.1M | $-7.0M | ||
| Q3 25 | $-10.6M | $-1.4M | ||
| Q2 25 | $-14.8M | $-2.4M | ||
| Q1 25 | $-4.2M | $-1.4M | ||
| Q4 24 | $-10.6M | $-4.7M | ||
| Q3 24 | $-20.1M | $-424.0K | ||
| Q2 24 | $-10.6M | $-274.0K | ||
| Q1 24 | $-14.4M | $-2.6M |
| Q4 25 | — | $-7.0M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | $-2.4M | ||
| Q1 25 | — | $-1.4M | ||
| Q4 24 | — | $-4.8M | ||
| Q3 24 | — | $-432.0K | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | -602.1% | ||
| Q3 25 | — | — | ||
| Q2 25 | — | -179.3% | ||
| Q1 25 | — | -108.7% | ||
| Q4 24 | — | -399.3% | ||
| Q3 24 | — | -22.6% | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | 0.9% | ||
| Q3 25 | — | 0.0% | ||
| Q2 25 | — | 0.3% | ||
| Q1 25 | — | 1.1% | ||
| Q4 24 | 0.0% | 9.3% | ||
| Q3 24 | 0.0% | 0.4% | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | -1.41× | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
