NASDAQ : PHAT
Phathom Pharmaceuticals, Inc. — Financial statements
Healthcare · Biotechnology · United States
Last price 6.22 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 494.06M
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Financial statements
Phathom Pharmaceuticals, Inc. (PHAT) reported revenue of 274.88M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 274.88M | 175.11M | 55.25M | 682.00K | ||
| Cost of Revenue | 53.11M | 22.60M | 7.97M | 167.00K | ||
| Gross Profit | 221.78M | 152.51M | 47.28M | 515.00K | ||
| Selling, General & Admin | 215.41M | 279.72M | 290.66M | 117.93M | 101.00M | 62.74M |
| Research & Development | 31.82M | 32.78M | 34.08M | 49.90M | 71.44M | 72.34M |
| Operating Expenses | 247.23M | 312.50M | 324.75M | 167.83M | 172.44M | 135.08M |
| Operating Income | -25.46M | -159.99M | -277.47M | -167.31M | -172.44M | -135.08M |
| Interest Expense | -62.71M | -68.11M | -72.01M | -41.97M | -27.30M | -6.79M |
| Interest & Investment Income | 6.05M | 7.04M | 15.16M | 7.88M | 2.13M | 41.00K |
| Other Non Operating Income (Expenses) | -884.00K | -190.00K | -8.00K | -188.00K | -110.00K | -56.00K |
| EBT Excluding Unusual Items | -83.00M | -221.25M | -334.33M | -201.59M | -197.72M | -141.88M |
| Other Unusual Items | -2.00M | |||||
| Pretax Income | -83.00M | -221.25M | -334.33M | -201.59M | -197.72M | -143.88M |
| Net Income | -83.00M | -221.25M | -334.33M | -201.59M | -197.72M | -143.88M |
| Net Income to Common | -83.00M | -221.25M | -334.33M | -201.59M | -197.72M | -143.88M |
| Shares Outstanding (Basic) | 81.14M | 72.92M | 63.18M | 51.29M | 39.12M | 37.00M |
| Shares Outstanding (Diluted) | 81.14M | 72.92M | 63.18M | 51.29M | 39.12M | 37.00M |
| EPS (Basic) | -1.02 | -3.03 | -5.29 | -3.93 | -5.05 | -3.89 |
| EPS (Diluted) | -1.02 | -3.03 | -5.29 | -3.93 | -5.05 | -3.89 |
| Free Cash Flow | -21.04M | -167.00M | -266.90M | -139.21M | -147.57M | -148.78M |
| Free Cash Flow Per Share | -0.26 | -2.29 | -4.22 | -2.71 | -3.77 | -4.02 |
| Gross Margin | 80.68% | 87.09% | 85.57% | 75.51% | ||
| Operating Margin | -9.26% | -91.36% | -502.18% | -24,532.55% | ||
| Profit Margin | -30.19% | -126.35% | -605.09% | -29,558.94% | ||
| Free Cash Flow Margin | -7.66% | -95.37% | -483.07% | -20,412.61% | ||
| EBITDA | -24.98M | -159.35M | -276.67M | -166.74M | -171.82M | -134.56M |
| EBITDA Margin | -9.09% | -91.00% | ||||
| D&A For EBITDA | 472.00K | 633.00K | 795.00K | 575.00K | 620.00K | 521.00K |
| EBIT | -25.46M | -159.99M | -277.47M | -167.31M | -172.44M | -135.08M |
| EBIT Margin | -9.26% | -91.36% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 184.56M | 129.97M | 297.26M | 381.39M | 155.38M | 183.26M |
| Cash & Short-Term Investments | 184.56M | 129.97M | 297.26M | 381.39M | 155.38M | 183.26M |
| Receivables | 107.60M | 78.13M | 38.80M | 1.64M | ||
| Inventory | 7.63M | 5.52M | 3.21M | 1.21M | ||
| Prepaid Expenses | 8.22M | 15.35M | 20.87M | 13.19M | 5.13M | 3.27M |
| Total Current Assets | 308.01M | 228.97M | 360.13M | 397.43M | 160.51M | 186.53M |
| Property, Plant & Equipment | 3.25M | 3.67M | 2.09M | 3.62M | 3.49M | 2.56M |
| Other Long-Term Assets | 33.76M | 26.51M | 16.09M | 12.79M | 804.00K | 341.00K |
| Total Assets | 345.02M | 259.15M | 378.32M | 413.84M | 164.81M | 189.43M |
| Accounts Payable | 11.11M | 4.98M | 10.51M | 12.60M | 10.00M | 5.15M |
| Accrued Expenses | 122.60M | 91.66M | 54.94M | 18.34M | 15.53M | 13.28M |
| Current Portion of Long-Term Debt | 40.52M | 27.25M | 19.78M | 7.11M | ||
| Current Portion of Leases | 673.00K | 648.00K | 501.00K | 726.00K | 708.00K | 487.00K |
| Other Current Liabilities | 7.50M | |||||
| Total Current Liabilities | 174.90M | 132.04M | 85.73M | 38.78M | 26.24M | 18.92M |
| Long-Term Debt | 512.51M | 559.21M | 534.67M | 437.66M | 204.79M | 89.67M |
| Long-Term Leases | 1.74M | 2.06M | 462.00K | 1.10M | 1.18M | |
| Other Long-Term Liabilities | 3.50M | 4.00M | 11.50M | 9.70M | 7.50M | 7.50M |
| Total Liabilities | 692.66M | 697.32M | 631.90M | 486.60M | 239.62M | 117.28M |
| Common Stock | 8.00K | 6.00K | 6.00K | 5.00K | 3.00K | 3.00K |
| Additional Paid-In Capital | 1.20B | 1.05B | 1.01B | 855.92M | 652.28M | 601.52M |
| Retained Earnings | -1.55B | -1.48B | -1.26B | -928.68M | -727.09M | -529.37M |
| Shareholders' Equity | -347.64M | -438.17M | -253.58M | -72.76M | -74.81M | 72.16M |
| Total Liabilities & Equity | 345.02M | 259.15M | 378.32M | 413.84M | 164.81M | 189.43M |
| Total Debt | 555.45M | 589.17M | 554.95M | 445.96M | 206.59M | 91.34M |
| Net Cash (Debt) | -370.89M | -459.20M | -257.69M | -64.56M | -51.21M | 91.92M |
| Net Cash Per Share | -4.57 | -6.30 | -4.08 | -1.26 | -1.31 | 2.48 |
| Filing Date Shares Outstanding | 81.29M | 78.80M | 69.64M | 58.48M | 41.72M | 30.57M |
| Total Common Shares Outstanding | 81.22M | 71.42M | 68.52M | 57.97M | 41.47M | 30.51M |
| Working Capital | 133.11M | 96.93M | 274.41M | 358.65M | 134.28M | 167.60M |
| Book Value Per Share | -4.28 | -6.14 | -3.70 | -1.26 | -1.80 | 2.36 |
| Tangible Book Value | -347.64M | -438.17M | -253.58M | -72.76M | -74.81M | 72.16M |
| Tangible Book Value Per Share | -4.28 | -6.14 | -3.70 | -1.26 | -1.80 | 2.36 |
| Machinery | 4.30M | 4.16M | 4.05M | 2.16M | 1.43M | |
| Construction In Progress | 399.00K | |||||
| Leasehold Improvements | 242.00K | 160.00K | 139.00K | 115.00K | 76.00K |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -83.00M | -221.25M | -334.33M | -201.59M | -197.72M | -143.88M |
| Depreciation & Amortization | 472.00K | 633.00K | 795.00K | 575.00K | 620.00K | 521.00K |
| Other Amortization | 3.52M | 3.01M | 2.19M | 1.88M | 2.11M | 3.60M |
| Stock-Based Compensation | 23.78M | 28.72M | 24.05M | 45.02M | 24.13M | 16.81M |
| Other Operating Activities | 22.21M | 34.48M | 55.82M | 30.18M | 18.89M | 1.81M |
| Change in Accounts Receivable | -51.81M | -39.33M | -37.16M | -1.64M | ||
| Change in Inventory | -7.63M | -11.78M | -6.14M | -9.44M | ||
| Change in Accounts Payable | 68.81M | 34.10M | 34.94M | 6.41M | 8.68M | -9.79M |
| Change in Other Net Operating Assets | 2.91M | 4.63M | -6.93M | -8.97M | -3.24M | -17.52M |
| Operating Cash Flow | -20.74M | -166.78M | -266.77M | -137.58M | -146.53M | -148.46M |
| Capital Expenditures | -302.00K | -229.00K | -135.00K | -1.63M | -1.04M | -328.00K |
| Investing Cash Flow | -302.00K | -229.00K | -135.00K | -1.63M | -1.04M | -328.00K |
| Long-Term Debt Issued | 59.40M | 211.99M | 95.45M | 96.89M | ||
| Total Debt Issued | 173.25M | 59.40M | 211.99M | 95.45M | 96.89M | |
| Long-Term Debt Repaid | -54.12M | |||||
| Net Debt Issued (Repaid) | -55.80M | 59.40M | 211.99M | 95.45M | 42.76M | |
| Issuance of Common Stock | 127.75M | 1.64M | 123.37M | 155.59M | 24.60M | 1.94M |
| Repurchase of Common Stock | -1.51M | -1.93M | ||||
| Financing Cash Flow | 70.44M | -288.00K | 182.77M | 367.58M | 120.04M | 44.71M |
| Net Cash Flow | 49.40M | -167.29M | -84.13M | 228.37M | -27.53M | -104.08M |
| Free Cash Flow | -21.04M | -167.00M | -266.90M | -139.21M | -147.57M | -148.78M |
| Free Cash Flow Margin | -7.66% | -95.37% | -483.07% | -20,412.61% | ||
| Free Cash Flow Per Share | -0.26 | -2.29 | -4.22 | -2.71 | -3.77 | -4.02 |
| Levered Free Cash Flow | -12.94M | -107.86M | -203.85M | -90.45M | -93.78M | -96.73M |
| Unlevered Free Cash Flow | 22.73M | -68.30M | -161.04M | -66.10M | -78.83M | -96.08M |
| Cash Interest Paid | 19.15M | 21.37M | 17.29M | 11.13M | 7.03M | 4.07M |
| Change in Working Capital | 12.28M | -12.38M | -15.30M | -13.64M | 5.44M | -27.32M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 453.55M | 1.18B | 555.22M | 522.72M | 461.63M | 595.53M |
| Enterprise Value | 824.44M | 1.63B | 739.54M | 535.44M | 464.40M | 460.98M |
| Last Close Price | 5.74 | 16.59 | 8.12 | 9.13 | 11.22 | 19.67 |
| PS Ratio | 1.59 | 6.74 | 10.05 | 766.45 | ||
| PB Ratio | -2.69 | -2.19 | -7.18 | -6.17 | 8.25 | |
| P/TBV Ratio | 8.25 | |||||
| EV/Sales Ratio | 2.94 | 9.30 | 13.38 | 785.10 | ||
| Debt / Equity Ratio | -1.60 | -1.34 | -2.19 | -6.13 | -2.76 | 1.27 |
| Net Debt / Equity Ratio | -1.07 | -1.05 | -1.02 | -0.89 | -0.68 | -1.27 |
| Net Debt / EBITDA Ratio | -14.85 | -2.88 | -0.93 | -0.39 | -0.30 | 0.68 |
| Net Debt / FCF Ratio | -17.63 | -2.75 | -0.96 | -0.46 | -0.35 | 0.62 |
| Asset Turnover | 0.94 | 0.55 | 0.14 | 0.00 | ||
| Inventory Turnover | 9.45 | 5.18 | 3.61 | |||
| Quick Ratio | 1.67 | 1.58 | 3.92 | 9.88 | 5.92 | 9.69 |
| Current Ratio | 1.76 | 1.73 | 4.20 | 10.25 | 6.12 | 9.86 |
| Return on Equity (ROE) | -108.01% | |||||
| Return on Assets (ROA) | -5.44% | -31.37% | -43.78% | -36.14% | -60.85% | -34.85% |
| Return on Capital Employed (ROCE) | -15.00% | -125.90% | -94.80% | -44.60% | -124.40% | -79.20% |
| Earnings Yield | -17.91% | -18.75% | -60.21% | -38.57% | -42.83% | -24.16% |
| FCF Yield | -4.81% | -14.15% | -48.07% | -26.63% | -31.97% | -24.98% |
| Buyback Yield / Dilution | -12.33% | -15.42% | -23.18% | -31.11% | -5.72% | -11.36% |