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Side-by-side financial comparison of System1, Inc. (SST) and Viridian Therapeutics, Inc.\DE (VRDN). Click either name above to swap in a different company.
Viridian Therapeutics, Inc.\DE is the larger business by last-quarter revenue ($70.6M vs $51.9M, roughly 1.4× System1, Inc.). System1, Inc. runs the higher net margin — -26.0% vs -49.0%, a 23.1% gap on every dollar of revenue. On growth, Viridian Therapeutics, Inc.\DE posted the faster year-over-year revenue change (81958.1% vs -31.3%).
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.
Viridian Therapeutics is a clinical-stage biotechnology firm developing novel disease-modifying therapies for rare, serious autoimmune and inflammatory diseases. Its lead pipeline candidate targets thyroid eye disease, a debilitating orbital disorder, with primary market focus on North America and Europe.
SST vs VRDN — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $51.9M | $70.6M |
| Net Profit | $-13.5M | $-34.6M |
| Gross Margin | 41.0% | — |
| Operating Margin | -33.6% | -56.7% |
| Net Margin | -26.0% | -49.0% |
| Revenue YoY | -31.3% | 81958.1% |
| Net Profit YoY | 4.8% | 54.9% |
| 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 | $51.9M | — | ||
| Q3 25 | $61.6M | $70.6M | ||
| Q2 25 | $78.1M | — | ||
| Q1 25 | $74.5M | — | ||
| Q4 24 | $75.6M | — | ||
| Q3 24 | $88.8M | — | ||
| Q2 24 | $94.6M | — | ||
| Q1 24 | $84.9M | — |
| Q4 25 | $-13.5M | — | ||
| Q3 25 | $-18.5M | $-34.6M | ||
| Q2 25 | $-17.5M | — | ||
| Q1 25 | $-15.9M | — | ||
| Q4 24 | $-14.2M | — | ||
| Q3 24 | $-23.6M | — | ||
| Q2 24 | $-26.4M | — | ||
| Q1 24 | $-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 | -33.6% | — | ||
| Q3 25 | -25.3% | -56.7% | ||
| Q2 25 | -20.4% | — | ||
| Q1 25 | -17.6% | — | ||
| Q4 24 | -15.7% | — | ||
| Q3 24 | -24.6% | — | ||
| Q2 24 | -30.8% | — | ||
| Q1 24 | -30.4% | — |
| Q4 25 | -26.0% | — | ||
| Q3 25 | -30.1% | -49.0% | ||
| Q2 25 | -22.4% | — | ||
| Q1 25 | -21.3% | — | ||
| Q4 24 | -18.7% | — | ||
| Q3 24 | -26.6% | — | ||
| Q2 24 | -27.9% | — | ||
| Q1 24 | -12.4% | — |
| Q4 25 | $-3.58 | — | ||
| Q3 25 | $-2.30 | — | ||
| Q2 25 | $-2.23 | — | ||
| Q1 25 | $-0.21 | — | ||
| Q4 24 | $-3.41 | — | ||
| Q3 24 | $-3.37 | — | ||
| Q2 24 | $-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 | $86.9M | $490.9M |
| Total DebtLower is stronger | $305.1M | — |
| Stockholders' EquityBook value | $30.5M | $503.0M |
| Total Assets | $405.0M | $577.1M |
| Debt / EquityLower = less leverage | 10.01× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $86.9M | — | ||
| Q3 25 | $54.6M | $490.9M | ||
| Q2 25 | $63.6M | — | ||
| Q1 25 | $43.9M | — | ||
| Q4 24 | $63.6M | — | ||
| Q3 24 | $69.1M | — | ||
| Q2 24 | $75.7M | — | ||
| Q1 24 | $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 | $30.5M | — | ||
| Q3 25 | $42.7M | $503.0M | ||
| Q2 25 | $58.2M | — | ||
| Q1 25 | $67.2M | — | ||
| Q4 24 | $80.3M | — | ||
| Q3 24 | $90.3M | — | ||
| Q2 24 | $109.4M | — | ||
| Q1 24 | $131.7M | — |
| Q4 25 | $405.0M | — | ||
| Q3 25 | $385.2M | $577.1M | ||
| Q2 25 | $429.2M | — | ||
| Q1 25 | $419.2M | — | ||
| Q4 24 | $459.1M | — | ||
| Q3 24 | $479.3M | — | ||
| Q2 24 | $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 | $-10.6M | $-84.6M |
| Free Cash FlowOCF − Capex | — | $-84.7M |
| FCF MarginFCF / Revenue | — | -120.1% |
| Capex IntensityCapex / Revenue | 0.0% | 0.2% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-10.6M | — | ||
| Q3 25 | $-2.1M | $-84.6M | ||
| Q2 25 | $24.5M | — | ||
| Q1 25 | $-15.9M | — | ||
| Q4 24 | $772.0K | — | ||
| Q3 24 | $-5.0K | — | ||
| Q2 24 | $10.0M | — | ||
| Q1 24 | $-16.0M | — |
| Q4 25 | — | — | ||
| Q3 25 | — | $-84.7M | ||
| Q2 25 | — | — | ||
| Q1 25 | $-16.0M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $-36.0K | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | — | -120.1% | ||
| Q2 25 | — | — | ||
| Q1 25 | -21.5% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | -0.0% | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | 0.0% | — | ||
| Q3 25 | 0.0% | 0.2% | ||
| Q2 25 | 0.0% | — | ||
| Q1 25 | 0.1% | — | ||
| Q4 24 | 0.0% | — | ||
| Q3 24 | 0.0% | — | ||
| Q2 24 | 0.0% | — | ||
| Q1 24 | 0.0% | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
