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Side-by-side financial comparison of System1, Inc. (SST) and Vanda Pharmaceuticals Inc. (VNDA). Click either name above to swap in a different company.
Vanda Pharmaceuticals Inc. is the larger business by last-quarter revenue ($57.2M vs $51.9M, roughly 1.1× System1, Inc.). System1, Inc. runs the higher net margin — -26.0% vs -246.8%, a 220.8% gap on every dollar of revenue. On growth, Vanda Pharmaceuticals Inc. posted the faster year-over-year revenue change (7.6% vs -31.3%). Over the past eight quarters, Vanda Pharmaceuticals Inc.'s revenue compounded faster (9.8% CAGR vs -21.8%).
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.
Vanda Pharmaceuticals Inc. is a biopharmaceutical company focused on developing and commercializing innovative therapies for central nervous system disorders. Its key marketed products cover indications including sleep-wake cycle disturbances and schizophrenia, with core operations and primary sales markets concentrated in North America, catering to patient groups with significant unmet medical needs.
SST vs VNDA — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $51.9M | $57.2M |
| Net Profit | $-13.5M | $-141.2M |
| Gross Margin | 41.0% | — |
| Operating Margin | -33.6% | -70.5% |
| Net Margin | -26.0% | -246.8% |
| Revenue YoY | -31.3% | 7.6% |
| Net Profit YoY | 4.8% | -2774.3% |
| EPS (diluted) | $-3.58 | $-2.40 |
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 | $51.9M | $57.2M | ||
| Q3 25 | $61.6M | $56.3M | ||
| Q2 25 | $78.1M | $52.6M | ||
| Q1 25 | $74.5M | $50.0M | ||
| Q4 24 | $75.6M | $53.2M | ||
| Q3 24 | $88.8M | $47.7M | ||
| Q2 24 | $94.6M | $50.5M | ||
| Q1 24 | $84.9M | $47.5M |
| Q4 25 | $-13.5M | $-141.2M | ||
| Q3 25 | $-18.5M | $-22.6M | ||
| Q2 25 | $-17.5M | $-27.2M | ||
| Q1 25 | $-15.9M | $-29.5M | ||
| Q4 24 | $-14.2M | $-4.9M | ||
| Q3 24 | $-23.6M | $-5.3M | ||
| Q2 24 | $-26.4M | $-4.5M | ||
| Q1 24 | $-10.5M | $-4.1M |
| 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 | -33.6% | -70.5% | ||
| Q3 25 | -25.3% | -55.6% | ||
| Q2 25 | -20.4% | -73.2% | ||
| Q1 25 | -17.6% | -82.0% | ||
| Q4 24 | -15.7% | -19.3% | ||
| Q3 24 | -24.6% | -23.1% | ||
| Q2 24 | -30.8% | -20.1% | ||
| Q1 24 | -30.4% | -19.5% |
| Q4 25 | -26.0% | -246.8% | ||
| Q3 25 | -30.1% | -40.1% | ||
| Q2 25 | -22.4% | -51.7% | ||
| Q1 25 | -21.3% | -58.9% | ||
| Q4 24 | -18.7% | -9.2% | ||
| Q3 24 | -26.6% | -11.2% | ||
| Q2 24 | -27.9% | -9.0% | ||
| Q1 24 | -12.4% | -8.7% |
| Q4 25 | $-3.58 | $-2.40 | ||
| Q3 25 | $-2.30 | $-0.38 | ||
| Q2 25 | $-2.23 | $-0.46 | ||
| Q1 25 | $-0.21 | $-0.50 | ||
| Q4 24 | $-3.41 | $-0.09 | ||
| Q3 24 | $-3.37 | $-0.09 | ||
| Q2 24 | $-3.80 | $-0.08 | ||
| Q1 24 | $-0.16 | $-0.07 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $86.9M | $84.9M |
| Total DebtLower is stronger | $305.1M | — |
| Stockholders' EquityBook value | $30.5M | $327.2M |
| Total Assets | $405.0M | $488.9M |
| Debt / EquityLower = less leverage | 10.01× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $86.9M | $84.9M | ||
| Q3 25 | $54.6M | $70.0M | ||
| Q2 25 | $63.6M | $81.0M | ||
| Q1 25 | $43.9M | $111.8M | ||
| Q4 24 | $63.6M | $102.3M | ||
| Q3 24 | $69.1M | $100.5M | ||
| Q2 24 | $75.7M | $103.0M | ||
| Q1 24 | $69.9M | $125.2M |
| 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 | $30.5M | $327.2M | ||
| Q3 25 | $42.7M | $466.0M | ||
| Q2 25 | $58.2M | $486.3M | ||
| Q1 25 | $67.2M | $511.4M | ||
| Q4 24 | $80.3M | $538.5M | ||
| Q3 24 | $90.3M | $541.2M | ||
| Q2 24 | $109.4M | $542.5M | ||
| Q1 24 | $131.7M | $544.0M |
| Q4 25 | $405.0M | $488.9M | ||
| Q3 25 | $385.2M | $601.1M | ||
| Q2 25 | $429.2M | $624.7M | ||
| Q1 25 | $419.2M | $631.9M | ||
| Q4 24 | $459.1M | $656.2M | ||
| Q3 24 | $479.3M | $645.1M | ||
| Q2 24 | $511.3M | $651.4M | ||
| Q1 24 | $521.1M | $652.7M |
| 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 | $-10.6M | $-29.4M |
| Free Cash FlowOCF − Capex | — | $-29.5M |
| FCF MarginFCF / Revenue | — | -51.6% |
| Capex IntensityCapex / Revenue | 0.0% | 0.2% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-110.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-10.6M | $-29.4M | ||
| Q3 25 | $-2.1M | $-31.6M | ||
| Q2 25 | $24.5M | $-15.3M | ||
| Q1 25 | $-15.9M | $-33.1M | ||
| Q4 24 | $772.0K | $-1.8M | ||
| Q3 24 | $-5.0K | $-14.6M | ||
| Q2 24 | $10.0M | $-6.9M | ||
| Q1 24 | $-16.0M | $7.6M |
| Q4 25 | — | $-29.5M | ||
| Q3 25 | — | $-31.8M | ||
| Q2 25 | — | $-15.6M | ||
| Q1 25 | $-16.0M | $-33.6M | ||
| Q4 24 | — | $-2.0M | ||
| Q3 24 | $-36.0K | $-14.7M | ||
| Q2 24 | — | $-7.0M | ||
| Q1 24 | — | $7.6M |
| Q4 25 | — | -51.6% | ||
| Q3 25 | — | -56.5% | ||
| Q2 25 | — | -29.6% | ||
| Q1 25 | -21.5% | -67.1% | ||
| Q4 24 | — | -3.8% | ||
| Q3 24 | -0.0% | -30.9% | ||
| Q2 24 | — | -13.9% | ||
| Q1 24 | — | 15.9% |
| Q4 25 | 0.0% | 0.2% | ||
| Q3 25 | 0.0% | 0.3% | ||
| Q2 25 | 0.0% | 0.6% | ||
| Q1 25 | 0.1% | 0.9% | ||
| Q4 24 | 0.0% | 0.4% | ||
| Q3 24 | 0.0% | 0.3% | ||
| Q2 24 | 0.0% | 0.2% | ||
| Q1 24 | 0.0% | 0.0% |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
SST
Segment breakdown not available.
VNDA
| Fanapt | $33.2M | 58% |
| Hetlioz | $16.4M | 29% |
| PONVORY | $7.6M | 13% |
