Phathom Pharmaceuticals, Inc. (PHAT) Financial Statements
Industry: Pharmaceutical Preparations
In fiscal 2025, Phathom Pharmaceuticals reported revenue of $175.1M, up 216.9% from $55.3M the year before. Net income was -$221.2M (a -126.3% net margin), or -$3.03 per diluted share. Gross margin was 87.1% and operating margin was -91.4%. Operating activities generated -$166.8M of cash, leaving -$167.0M of free cash flow. At fiscal year end, Phathom Pharmaceuticals held $259.1M in total assets against $697.3M in total liabilities, including $130.0M of cash and equivalents.
Open the full interactive Phathom Pharmaceuticals financials → Quarterly statements, key ratios, valuation history and price charts.
Phathom Pharmaceuticals Key Stats
| Share Price | $7.00 |
|---|---|
| Market Cap | $586.2M |
| Revenue YoY Growth | +216.9% |
| 52-Week Range | $6.70 – $18.08 |
| Shares Outstanding | 83.7 million (basic, 2026 Q2) |
Phathom Pharmaceuticals Income Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Revenue | $0 | $0 | $0 | $682,000 | $55.3M | $175.1M |
| Gross Profit | — | — | — | $515,000 | $47.3M | $152.5M |
| Operating Income | -$125.7M | -$135.1M | -$172.4M | -$167.3M | -$277.5M | -$160.0M |
| Pre-Tax Income | -$129.1M | -$143.9M | -$197.7M | -$201.6M | -$334.3M | -$221.2M |
| Income Tax | $0 | $0 | $0 | $0 | $0 | $0 |
| Net Income | -$129.1M | -$143.9M | -$197.7M | -$201.6M | -$334.3M | -$221.2M |
| Diluted EPS | -$3.88 | -$3.89 | -$5.05 | -$3.93 | -$5.29 | -$3.03 |
Phathom Pharmaceuticals Quarterly Results
| 2025 Q3 | 2025 Q4 | 2026 Q1 | 2026 Q2 | |
|---|---|---|---|---|
| Revenue | $49.5M | $57.6M | $58.3M | $74.3M |
| Net Income | -$30.0M | -$21.1M | -$30.4M | -$17.6M |
| Diluted EPS | -$0.41 | -$0.29 | -$0.37 | -$0.21 |
Phathom Pharmaceuticals Balance Sheet
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $287.5M | $183.3M | $155.4M | $381.4M | $297.3M | $130.0M |
| Current Assets | $291.4M | $186.5M | $160.5M | $397.4M | $360.1M | $229.0M |
| Total Assets | $295.1M | $189.4M | $164.8M | $413.8M | $378.3M | $259.1M |
| Current Liabilities | $55.5M | $18.9M | $26.2M | $38.8M | $85.7M | $132.0M |
| Total Long-Term Debt | $47.0M | $89.7M | $95.3M | $137.8M | $201.4M | $209.1M |
| Total Liabilities | $100.8M | $117.3M | $239.6M | $486.6M | $631.9M | $697.3M |
| Shareholders' Equity | $194.3M | $72.2M | -$74.8M | -$72.8M | -$253.6M | -$438.2M |
Phathom Pharmaceuticals Cash Flow Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash From Operations | -$69.7M | -$148.6M | -$146.5M | -$137.6M | -$266.8M | -$166.8M |
| Cash From Investing | -$1.0M | -$328,000 | -$1.0M | -$1.6M | -$135,000 | -$229,000 |
| Cash From Financing | $114.5M | $44.7M | $120.0M | $367.6M | $182.8M | -$288,000 |
| Free Cash Flow | -$70.7M | -$148.9M | -$147.6M | -$139.2M | -$266.9M | -$167.0M |
Figures from Phathom Pharmaceuticals' 10-K and 10-Q filings with the SEC, as of 2026-10-14. Fiscal years follow the company's own reporting calendar. EPS and share counts are adjusted for later stock splits. See the full Phathom Pharmaceuticals financials page for every line item.
Phathom Pharmaceuticals Company Profile
| Ticker | PHAT |
|---|---|
| Exchange | Nasdaq |
| Industry | Pharmaceutical Preparations |
| Headquarters | Florham Park, New Jersey |
| Incorporated in | Delaware |
| Fiscal Year End | December 31 |
| SEC Filer Category | Non-accelerated filer, smaller reporting company |
| SEC CIK | 0001783183 |
Frequently Asked Questions
What was Phathom Pharmaceuticals' revenue in fiscal 2025?
Phathom Pharmaceuticals (PHAT) reported revenue of $175.1M for fiscal 2025.
What is Phathom Pharmaceuticals' annual revenue history?
Phathom Pharmaceuticals' annual revenue by fiscal year: 2020: $0; 2021: $0; 2022: $0; 2023: $682,000; 2024: $55.3M; 2025: $175.1M.
What was Phathom Pharmaceuticals' net income in fiscal 2025?
Phathom Pharmaceuticals reported net income of -$221.2M for fiscal 2025.
What was Phathom Pharmaceuticals' earnings per share (EPS) in fiscal 2025?
Phathom Pharmaceuticals' diluted EPS was -$3.03 for fiscal 2025 (adjusted for any later stock splits).
How much free cash flow did Phathom Pharmaceuticals generate in fiscal 2025?
Phathom Pharmaceuticals generated -$167.0M of free cash flow in fiscal 2025.
What was Phathom Pharmaceuticals' revenue last quarter?
In its most recent reported quarter (2026 Q2), Phathom Pharmaceuticals reported revenue of $74.3M.
How much debt does Phathom Pharmaceuticals have?
Phathom Pharmaceuticals reported $209.1M of long-term debt, including the current portion, at the end of fiscal 2025.
How many shares of Phathom Pharmaceuticals are outstanding?
Phathom Pharmaceuticals reported a weighted average of 83.7 million basic shares outstanding in 2026 Q2.
What is Phathom Pharmaceuticals' market cap?
Based on its latest closing price, Phathom Pharmaceuticals (PHAT) has a market capitalization of about $586.2M.
When does Phathom Pharmaceuticals' fiscal year end?
Phathom Pharmaceuticals' fiscal year end, as registered with the SEC, is December 31.
Where is Phathom Pharmaceuticals headquartered?
Phathom Pharmaceuticals lists its business address in Florham Park, New Jersey in its SEC filings.