vs
Side-by-side financial comparison of Phathom Pharmaceuticals, Inc. (PHAT) and System1, Inc. (SST). Click either name above to swap in a different company.
Phathom Pharmaceuticals, Inc. is the larger business by last-quarter revenue ($57.6M vs $51.9M, roughly 1.1× System1, Inc.). On growth, Phathom Pharmaceuticals, Inc. posted the faster year-over-year revenue change (94.1% vs -31.3%).
Phathom Pharmaceuticals is a clinical-stage biopharmaceutical firm focused on developing and commercializing innovative therapies for gastrointestinal diseases. Its lead product candidates address acid-related disorders, inflammatory bowel disease, and other GI conditions, serving patients mainly across North America and Europe.
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.
PHAT vs SST — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $57.6M | $51.9M |
| Net Profit | — | $-13.5M |
| Gross Margin | 86.7% | 41.0% |
| Operating Margin | — | -33.6% |
| Net Margin | — | -26.0% |
| Revenue YoY | 94.1% | -31.3% |
| Net Profit YoY | 71.6% | 4.8% |
| EPS (diluted) | — | $-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 | $57.6M | $51.9M | ||
| Q3 25 | $49.5M | $61.6M | ||
| Q2 25 | $39.5M | $78.1M | ||
| Q1 25 | $28.5M | $74.5M | ||
| Q4 24 | $29.7M | $75.6M | ||
| Q3 24 | $16.4M | $88.8M | ||
| Q2 24 | $7.3M | $94.6M | ||
| Q1 24 | — | $84.9M |
| Q4 25 | — | $-13.5M | ||
| Q3 25 | $-30.0M | $-18.5M | ||
| Q2 25 | $-75.8M | $-17.5M | ||
| Q1 25 | $-94.3M | $-15.9M | ||
| Q4 24 | — | $-14.2M | ||
| Q3 24 | $-85.6M | $-23.6M | ||
| Q2 24 | $-91.4M | $-26.4M | ||
| Q1 24 | — | $-10.5M |
| Q4 25 | 86.7% | 41.0% | ||
| Q3 25 | 87.5% | 36.9% | ||
| Q2 25 | 87.2% | 35.7% | ||
| Q1 25 | 86.9% | 38.2% | ||
| Q4 24 | 87.1% | 42.1% | ||
| Q3 24 | 85.6% | 28.0% | ||
| Q2 24 | 81.2% | 27.6% | ||
| Q1 24 | — | 21.9% |
| Q4 25 | — | -33.6% | ||
| Q3 25 | -30.8% | -25.3% | ||
| Q2 25 | -151.7% | -20.4% | ||
| Q1 25 | -276.5% | -17.6% | ||
| Q4 24 | — | -15.7% | ||
| Q3 24 | -433.0% | -24.6% | ||
| Q2 24 | -1055.4% | -30.8% | ||
| Q1 24 | — | -30.4% |
| Q4 25 | — | -26.0% | ||
| Q3 25 | -60.5% | -30.1% | ||
| Q2 25 | -191.9% | -22.4% | ||
| Q1 25 | -330.7% | -21.3% | ||
| Q4 24 | — | -18.7% | ||
| Q3 24 | -523.3% | -26.6% | ||
| Q2 24 | -1248.6% | -27.9% | ||
| Q1 24 | — | -12.4% |
| Q4 25 | — | $-3.58 | ||
| Q3 25 | $-0.41 | $-2.30 | ||
| Q2 25 | $-1.05 | $-2.23 | ||
| Q1 25 | $-1.31 | $-0.21 | ||
| Q4 24 | — | $-3.41 | ||
| Q3 24 | $-1.32 | $-3.37 | ||
| Q2 24 | $-1.56 | $-3.80 | ||
| Q1 24 | — | $-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 | $130.0M | $86.9M |
| Total DebtLower is stronger | $209.1M | $305.1M |
| Stockholders' EquityBook value | $-438.2M | $30.5M |
| Total Assets | $259.1M | $405.0M |
| Debt / EquityLower = less leverage | — | 10.01× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $130.0M | $86.9M | ||
| Q3 25 | $135.2M | $54.6M | ||
| Q2 25 | $149.6M | $63.6M | ||
| Q1 25 | $212.3M | $43.9M | ||
| Q4 24 | $297.3M | $63.6M | ||
| Q3 24 | $334.7M | $69.1M | ||
| Q2 24 | $276.2M | $75.7M | ||
| Q1 24 | — | $69.9M |
| Q4 25 | $209.1M | $305.1M | ||
| Q3 25 | $207.1M | $259.2M | ||
| Q2 25 | $205.1M | $263.3M | ||
| Q1 25 | $203.2M | $267.4M | ||
| Q4 24 | $201.4M | $255.1M | ||
| Q3 24 | $175.7M | $259.2M | ||
| Q2 24 | $174.4M | $263.3M | ||
| Q1 24 | — | $268.6M |
| Q4 25 | $-438.2M | $30.5M | ||
| Q3 25 | $-422.5M | $42.7M | ||
| Q2 25 | $-405.8M | $58.2M | ||
| Q1 25 | $-338.4M | $67.2M | ||
| Q4 24 | $-253.6M | $80.3M | ||
| Q3 24 | $-187.1M | $90.3M | ||
| Q2 24 | $-233.8M | $109.4M | ||
| Q1 24 | — | $131.7M |
| Q4 25 | $259.1M | $405.0M | ||
| Q3 25 | $240.3M | $385.2M | ||
| Q2 25 | $250.2M | $429.2M | ||
| Q1 25 | $294.2M | $419.2M | ||
| Q4 24 | $378.3M | $459.1M | ||
| Q3 24 | $387.0M | $479.3M | ||
| Q2 24 | $319.4M | $511.3M | ||
| Q1 24 | — | $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 | $-166.8M | $-10.6M |
| Free Cash FlowOCF − Capex | $-167.0M | — |
| FCF MarginFCF / Revenue | -290.0% | — |
| Capex IntensityCapex / Revenue | 0.4% | 0.0% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-328.9M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-166.8M | $-10.6M | ||
| Q3 25 | $-14.1M | $-2.1M | ||
| Q2 25 | $-62.7M | $24.5M | ||
| Q1 25 | $-84.9M | $-15.9M | ||
| Q4 24 | $-266.8M | $772.0K | ||
| Q3 24 | $-63.6M | $-5.0K | ||
| Q2 24 | $-70.7M | $10.0M | ||
| Q1 24 | — | $-16.0M |
| Q4 25 | $-167.0M | — | ||
| Q3 25 | $-14.1M | — | ||
| Q2 25 | $-62.8M | — | ||
| Q1 25 | $-84.9M | $-16.0M | ||
| Q4 24 | $-266.9M | — | ||
| Q3 24 | $-63.6M | $-36.0K | ||
| Q2 24 | $-70.8M | — | ||
| Q1 24 | — | — |
| Q4 25 | -290.0% | — | ||
| Q3 25 | -28.6% | — | ||
| Q2 25 | -159.0% | — | ||
| Q1 25 | -297.9% | -21.5% | ||
| Q4 24 | -899.8% | — | ||
| Q3 24 | -389.0% | -0.0% | ||
| Q2 24 | -966.2% | — | ||
| Q1 24 | — | — |
| Q4 25 | 0.4% | 0.0% | ||
| Q3 25 | 0.1% | 0.0% | ||
| Q2 25 | 0.2% | 0.0% | ||
| Q1 25 | 0.1% | 0.1% | ||
| Q4 24 | 0.5% | 0.0% | ||
| Q3 24 | 0.3% | 0.0% | ||
| Q2 24 | 0.6% | 0.0% | ||
| Q1 24 | — | 0.0% |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
