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Side-by-side financial comparison of 4D Molecular Therapeutics, Inc. (FDMT) and System1, Inc. (SST). Click either name above to swap in a different company.
4D Molecular Therapeutics, Inc. is the larger business by last-quarter revenue ($85.1M vs $51.9M, roughly 1.6× System1, Inc.). 4D Molecular Therapeutics, Inc. runs the higher net margin — 22.8% vs -26.0%, a 48.8% gap on every dollar of revenue. On growth, 4D Molecular Therapeutics, Inc. posted the faster year-over-year revenue change (8508900.0% vs -31.3%). Over the past eight quarters, 4D Molecular Therapeutics, Inc.'s revenue compounded faster (5412.6% CAGR vs -21.8%).
4D Molecular Therapeutics is a clinical-stage biotechnology company specializing in the research and development of targeted adeno-associated virus (AAV) gene therapies. Its core product candidates address unmet medical needs in ophthalmology, cardiology, and pulmonary disease segments, serving global patient populations with rare and common hard-to-treat conditions.
System1 is an American Internet advertising company. Formerly known as OpenMail, it was founded in 2013. It describes itself as operating a "Responsive Acquisition Marketing Platform", and cites privacy as one of its principal foci, although it has been criticized for its influence on privacy-focused properties, including search engine Startpage.com. It is headquartered in Marina del Rey, California.
FDMT vs SST — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $85.1M | $51.9M |
| Net Profit | $19.4M | $-13.5M |
| Gross Margin | — | 41.0% |
| Operating Margin | 17.3% | -33.6% |
| Net Margin | 22.8% | -26.0% |
| Revenue YoY | 8508900.0% | -31.3% |
| Net Profit YoY | 139.1% | 4.8% |
| EPS (diluted) | $0.43 | $-3.58 |
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 | $85.1M | $51.9M | ||
| Q3 25 | $90.0K | $61.6M | ||
| Q2 25 | $15.0K | $78.1M | ||
| Q1 25 | $14.0K | $74.5M | ||
| Q4 24 | $1.0K | $75.6M | ||
| Q3 24 | $3.0K | $88.8M | ||
| Q2 24 | $5.0K | $94.6M | ||
| Q1 24 | $28.0K | $84.9M |
| Q4 25 | $19.4M | $-13.5M | ||
| Q3 25 | $-56.9M | $-18.5M | ||
| Q2 25 | $-54.7M | $-17.5M | ||
| Q1 25 | $-48.0M | $-15.9M | ||
| Q4 24 | — | $-14.2M | ||
| Q3 24 | $-43.8M | $-23.6M | ||
| Q2 24 | $-35.0M | $-26.4M | ||
| Q1 24 | $-32.4M | $-10.5M |
| Q4 25 | — | 41.0% | ||
| Q3 25 | — | 36.9% | ||
| Q2 25 | — | 35.7% | ||
| Q1 25 | — | 38.2% | ||
| Q4 24 | — | 42.1% | ||
| Q3 24 | — | 28.0% | ||
| Q2 24 | — | 27.6% | ||
| Q1 24 | — | 21.9% |
| Q4 25 | 17.3% | -33.6% | ||
| Q3 25 | -67983.3% | -25.3% | ||
| Q2 25 | -396373.3% | -20.4% | ||
| Q1 25 | -383007.1% | -17.6% | ||
| Q4 24 | — | -15.7% | ||
| Q3 24 | -1704400.0% | -24.6% | ||
| Q2 24 | -849120.0% | -30.8% | ||
| Q1 24 | -136200.0% | -30.4% |
| Q4 25 | 22.8% | -26.0% | ||
| Q3 25 | -63195.6% | -30.1% | ||
| Q2 25 | -364386.7% | -22.4% | ||
| Q1 25 | -342657.1% | -21.3% | ||
| Q4 24 | — | -18.7% | ||
| Q3 24 | -1461433.3% | -26.6% | ||
| Q2 24 | -699060.0% | -27.9% | ||
| Q1 24 | -115717.9% | -12.4% |
| Q4 25 | $0.43 | $-3.58 | ||
| Q3 25 | $-1.01 | $-2.30 | ||
| Q2 25 | $-0.98 | $-2.23 | ||
| Q1 25 | $-0.86 | $-0.21 | ||
| Q4 24 | — | $-3.41 | ||
| Q3 24 | $-0.79 | $-3.37 | ||
| Q2 24 | $-0.63 | $-3.80 | ||
| Q1 24 | $-0.66 | $-0.16 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $402.7M | $86.9M |
| Total DebtLower is stronger | — | $305.1M |
| Stockholders' EquityBook value | $505.7M | $30.5M |
| Total Assets | $566.7M | $405.0M |
| Debt / EquityLower = less leverage | — | 10.01× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $402.7M | $86.9M | ||
| Q3 25 | $305.1M | $54.6M | ||
| Q2 25 | $293.2M | $63.6M | ||
| Q1 25 | $321.4M | $43.9M | ||
| Q4 24 | $424.9M | $63.6M | ||
| Q3 24 | $501.9M | $69.1M | ||
| Q2 24 | $541.9M | $75.7M | ||
| Q1 24 | $525.9M | $69.9M |
| Q4 25 | — | $305.1M | ||
| Q3 25 | — | $259.2M | ||
| Q2 25 | — | $263.3M | ||
| Q1 25 | — | $267.4M | ||
| Q4 24 | — | $255.1M | ||
| Q3 24 | — | $259.2M | ||
| Q2 24 | — | $263.3M | ||
| Q1 24 | — | $268.6M |
| Q4 25 | $505.7M | $30.5M | ||
| Q3 25 | $369.0M | $42.7M | ||
| Q2 25 | $420.9M | $58.2M | ||
| Q1 25 | $469.7M | $67.2M | ||
| Q4 24 | $510.6M | $80.3M | ||
| Q3 24 | $552.9M | $90.3M | ||
| Q2 24 | $588.3M | $109.4M | ||
| Q1 24 | $600.6M | $131.7M |
| Q4 25 | $566.7M | $405.0M | ||
| Q3 25 | $424.0M | $385.2M | ||
| Q2 25 | $473.6M | $429.2M | ||
| Q1 25 | $515.7M | $419.2M | ||
| Q4 24 | $560.4M | $459.1M | ||
| Q3 24 | $604.0M | $479.3M | ||
| Q2 24 | $620.1M | $511.3M | ||
| Q1 24 | $629.9M | $521.1M |
| Q4 25 | — | 10.01× | ||
| Q3 25 | — | 6.07× | ||
| Q2 25 | — | 4.53× | ||
| Q1 25 | — | 3.98× | ||
| Q4 24 | — | 3.18× | ||
| Q3 24 | — | 2.87× | ||
| Q2 24 | — | 2.41× | ||
| Q1 24 | — | 2.04× |
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 | $28.6M | $-10.6M |
| Free Cash FlowOCF − Capex | $28.5M | — |
| FCF MarginFCF / Revenue | 33.5% | — |
| Capex IntensityCapex / Revenue | 0.1% | 0.0% |
| Cash ConversionOCF / Net Profit | 1.47× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-109.9M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $28.6M | $-10.6M | ||
| Q3 25 | $-46.5M | $-2.1M | ||
| Q2 25 | $-43.4M | $24.5M | ||
| Q1 25 | $-47.8M | $-15.9M | ||
| Q4 24 | $-134.6M | $772.0K | ||
| Q3 24 | $-29.4M | $-5.0K | ||
| Q2 24 | $-30.2M | $10.0M | ||
| Q1 24 | $-29.1M | $-16.0M |
| Q4 25 | $28.5M | — | ||
| Q3 25 | $-46.6M | — | ||
| Q2 25 | $-43.4M | — | ||
| Q1 25 | $-48.4M | $-16.0M | ||
| Q4 24 | $-138.4M | — | ||
| Q3 24 | $-31.2M | $-36.0K | ||
| Q2 24 | $-30.6M | — | ||
| Q1 24 | $-29.8M | — |
| Q4 25 | 33.5% | — | ||
| Q3 25 | -51765.6% | — | ||
| Q2 25 | -289620.0% | — | ||
| Q1 25 | -345635.7% | -21.5% | ||
| Q4 24 | -13837100.0% | — | ||
| Q3 24 | -1038966.7% | -0.0% | ||
| Q2 24 | -611840.0% | — | ||
| Q1 24 | -106421.4% | — |
| Q4 25 | 0.1% | 0.0% | ||
| Q3 25 | 101.1% | 0.0% | ||
| Q2 25 | 440.0% | 0.0% | ||
| Q1 25 | 4507.1% | 0.1% | ||
| Q4 24 | 378600.0% | 0.0% | ||
| Q3 24 | 59266.7% | 0.0% | ||
| Q2 24 | 6980.0% | 0.0% | ||
| Q1 24 | 2535.7% | 0.0% |
| Q4 25 | 1.47× | — | ||
| Q3 25 | — | — | ||
| 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.
