vs
Side-by-side financial comparison of TON Strategy Co (TONX) and Taysha Gene Therapies, Inc. (TSHA). Click either name above to swap in a different company.
TON Strategy Co is the larger business by last-quarter revenue ($5.7M vs $5.5M, roughly 1.0× Taysha Gene Therapies, Inc.). Taysha Gene Therapies, Inc. runs the higher net margin — -507.8% vs -3968.6%, a 3460.8% gap on every dollar of revenue. On growth, TON Strategy Co posted the faster year-over-year revenue change (694.2% vs 171.3%). Over the past eight quarters, TON Strategy Co's revenue compounded faster (46.1% CAGR vs 26.8%).
Taysha Gene Therapies, Inc. is a clinical-stage biotechnology company specializing in developing adeno-associated virus (AAV)-based gene therapies for rare monogenic central nervous system disorders with high unmet medical needs. Its core pipeline targets serious life-threatening neurological conditions, with primary operations and market focus across North America and European regions.
TONX vs TSHA — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $5.7M | $5.5M |
| Net Profit | $-227.9M | $-27.9M |
| Gross Margin | 64.3% | — |
| Operating Margin | -159.2% | -516.0% |
| Net Margin | -3968.6% | -507.8% |
| Revenue YoY | 694.2% | 171.3% |
| Net Profit YoY | -7047.9% | -48.3% |
| EPS (diluted) | $-3.89 | $-0.08 |
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 | $5.7M | $5.5M | ||
| Q3 25 | $3.6M | $0 | ||
| Q2 25 | $2.1M | $2.0M | ||
| Q1 25 | $1.3M | $2.3M | ||
| Q4 24 | $723.0K | $2.0M | ||
| Q3 24 | — | $1.8M | ||
| Q2 24 | — | $1.1M | ||
| Q1 24 | — | $3.4M |
| Q4 25 | $-227.9M | $-27.9M | ||
| Q3 25 | $84.3M | $-32.7M | ||
| Q2 25 | $-2.4M | $-26.9M | ||
| Q1 25 | $-2.6M | $-21.5M | ||
| Q4 24 | $-3.2M | $-18.8M | ||
| Q3 24 | — | $-25.5M | ||
| Q2 24 | — | $-20.9M | ||
| Q1 24 | — | $-24.1M |
| Q4 25 | 64.3% | — | ||
| Q3 25 | 75.4% | — | ||
| Q2 25 | 71.2% | — | ||
| Q1 25 | 73.4% | — | ||
| Q4 24 | 81.5% | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | -159.2% | -516.0% | ||
| Q3 25 | -601.5% | — | ||
| Q2 25 | -138.2% | -1347.1% | ||
| Q1 25 | -203.8% | -930.5% | ||
| Q4 24 | -513.1% | -985.8% | ||
| Q3 24 | — | -1448.4% | ||
| Q2 24 | — | -1915.4% | ||
| Q1 24 | — | -713.3% |
| Q4 25 | -3968.6% | -507.8% | ||
| Q3 25 | 2336.8% | — | ||
| Q2 25 | -111.9% | -1353.6% | ||
| Q1 25 | -196.5% | -935.2% | ||
| Q4 24 | -440.9% | -929.0% | ||
| Q3 24 | — | -1427.5% | ||
| Q2 24 | — | -1882.0% | ||
| Q1 24 | — | -705.4% |
| Q4 25 | $-3.89 | $-0.08 | ||
| Q3 25 | $2.23 | $-0.09 | ||
| Q2 25 | $-1.79 | $-0.09 | ||
| Q1 25 | $-2.51 | $-0.08 | ||
| Q4 24 | $10.41 | $-0.07 | ||
| Q3 24 | — | $-0.10 | ||
| Q2 24 | — | $-0.09 | ||
| Q1 24 | — | $-0.10 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $39.5M | $319.8M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $406.5M | $246.9M |
| Total Assets | $411.2M | $343.3M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $39.5M | $319.8M | ||
| Q3 25 | $53.9M | $297.3M | ||
| Q2 25 | $10.4M | $312.8M | ||
| Q1 25 | $12.2M | $116.6M | ||
| Q4 24 | $12.5M | $139.0M | ||
| Q3 24 | — | $157.7M | ||
| Q2 24 | — | $172.7M | ||
| Q1 24 | — | $124.0M |
| Q4 25 | $406.5M | $246.9M | ||
| Q3 25 | $639.1M | $219.0M | ||
| Q2 25 | $19.4M | $248.7M | ||
| Q1 25 | $14.6M | $55.1M | ||
| Q4 24 | $16.2M | $71.5M | ||
| Q3 24 | — | $88.8M | ||
| Q2 24 | — | $108.9M | ||
| Q1 24 | — | $53.8M |
| Q4 25 | $411.2M | $343.3M | ||
| Q3 25 | $661.9M | $316.6M | ||
| Q2 25 | $23.7M | $333.3M | ||
| Q1 25 | $18.4M | $138.4M | ||
| Q4 24 | $20.6M | $160.4M | ||
| Q3 24 | — | $180.2M | ||
| Q2 24 | — | $200.4M | ||
| Q1 24 | — | $153.0M |
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 | $-8.0M | $-26.7M |
| 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 | $-8.0M | $-26.7M | ||
| Q3 25 | $-9.4M | $-24.2M | ||
| Q2 25 | $-2.3M | $-20.2M | ||
| Q1 25 | $-1.1M | $-22.0M | ||
| Q4 24 | $-1.9M | $-18.3M | ||
| Q3 24 | — | $-21.6M | ||
| Q2 24 | — | $-21.5M | ||
| Q1 24 | — | $-19.8M |
| Q4 25 | $-8.0M | — | ||
| Q3 25 | $-9.4M | $-24.3M | ||
| Q2 25 | $-2.3M | — | ||
| Q1 25 | $-1.1M | — | ||
| Q4 24 | $-2.0M | $-18.3M | ||
| Q3 24 | — | $-21.6M | ||
| Q2 24 | — | $-21.7M | ||
| Q1 24 | — | $-19.9M |
| Q4 25 | -139.3% | — | ||
| Q3 25 | -261.4% | — | ||
| Q2 25 | -107.8% | — | ||
| Q1 25 | -87.0% | — | ||
| Q4 24 | -279.9% | -905.5% | ||
| Q3 24 | — | -1210.9% | ||
| Q2 24 | — | -1951.9% | ||
| Q1 24 | — | -584.5% |
| Q4 25 | 0.1% | — | ||
| Q3 25 | 0.4% | — | ||
| Q2 25 | 0.1% | — | ||
| Q1 25 | 5.1% | — | ||
| Q4 24 | 22.1% | 0.1% | ||
| Q3 24 | — | 2.0% | ||
| Q2 24 | — | 18.1% | ||
| Q1 24 | — | 4.1% |
| 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
TONX
| Market Live | $4.8M | 83% |
| Other | $960.0K | 17% |
TSHA
Segment breakdown not available.
