Phathom Pharmaceuticals, Inc.
PHAT Nasdaq Pharmaceutical Preparations Financials FY2018–FY2025
Revenue
Total sales reported in the income statement.
$175M
216.9%
vs prior year
Operating margin
Operating income as a share of revenue.
−91.4%
410.8 pts
Net income
Profit after all expenses, interest and tax.
−$221M
Free cash flow
Cash from operations minus capital spending.
−$167M
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On −$1.25 EPS (TTM)
What Phathom Pharmaceuticals, Inc. does
No business description yet.
- Legal name
- Phathom Pharmaceuticals, Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 26, 2026
- Accession · CIK
- 0001193125-26-073379
0001783183
Revenue and margins
Phathom Pharmaceuticals, Inc. had $175M of revenue in fiscal 2025, up 216.9% on the year before.
FY18
Revenue —
FY19
Revenue —
FY20
Revenue —
FY21
Revenue —
FY22
Revenue $0.0M
FY23
Revenue $0.7M
FY24
Revenue $55.3M
FY25
Revenue $175M
Q3 '23
Revenue $0.0M
Q4 '23
Revenue $0.7M
Q1 '24
Revenue $1.9M
Q2 '24
Revenue $7.3M
Q3 '24
Revenue $16.4M
Q4 '24
Revenue $29.7M
Q1 '25
Revenue $28.5M
Q2 '25
Revenue $39.5M
Q3 '25
Revenue $49.5M
Q4 '25
Revenue $57.6M
Q1 '26
Revenue $58.3M
Q2 '26
Revenue $74.3M
FY18
Gross —
Operating —
Net —
FCF —
FY19
Gross —
Operating —
Net —
FCF —
FY20
Gross —
Operating —
Net —
FCF —
FY21
Gross —
Operating —
Net —
FCF —
FY22
Gross —
Operating —
Net —
FCF —
FY23
Gross 75.5%
Operating −24,532.6%
Net −29,558.9%
FCF −20,412.6%
FY24
Gross 85.6%
Operating −502.2%
Net −605.1%
FCF −483.1%
FY25
Gross 87.1%
Operating −91.4%
Net −126.3%
FCF −95.4%
Gross
Operating
Net
FCF
Q3 '23
Gross —
Operating —
Net —
FCF —
Q4 '23
Gross 75.5%
Operating −10,245.6%
Net −11,667.2%
FCF −6,491.5%
Q1 '24
Gross 77.7%
Operating −3,658.7%
Net −4,333.3%
FCF −3,611.9%
Q2 '24
Gross 81.2%
Operating −1,055.4%
Net −1,248.6%
FCF −966.2%
Q3 '24
Gross 85.6%
Operating −433.0%
Net −523.3%
FCF −389.0%
Q4 '24
Gross 87.1%
Operating −200.3%
Net −251.0%
FCF −213.9%
Q1 '25
Gross 86.9%
Operating −276.5%
Net −330.7%
FCF −297.9%
Q2 '25
Gross 87.2%
Operating −151.7%
Net −191.9%
FCF −159.0%
Q3 '25
Gross 87.5%
Operating −30.8%
Net −60.5%
FCF −28.6%
Q4 '25
Gross 86.7%
Operating −10.3%
Net −36.7%
FCF −8.8%
Q1 '26
Gross 79.4%
Operating −26.5%
Net −52.1%
FCF −26.9%
Q2 '26
Gross 79.7%
Operating −5.3%
Net −23.7%
FCF −2.7%
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY18
Net income −$1.3M
FY19
Net income −$255M
FY20
Net income −$129M
FY21
Net income −$144M
FY22
Net income −$198M
FY23
Net income −$202M
FY24
Net income −$334M
FY25
Net income −$221M
Q3 '23
Net income −$43.2M
Q4 '23
Net income −$79.6M
Q1 '24
Net income −$82.9M
Q2 '24
Net income −$91.4M
Q3 '24
Net income −$85.6M
Q4 '24
Net income −$74.5M
Q1 '25
Net income −$94.3M
Q2 '25
Net income −$75.8M
Q3 '25
Net income −$30.0M
Q4 '25
Net income −$21.1M
Q1 '26
Net income −$30.4M
Q2 '26
Net income −$17.6M
FY18
Diluted EPS −$0.21
FY19
Diluted EPS −$22.45
FY20
Diluted EPS −$3.88
FY21
Diluted EPS −$3.89
FY22
Diluted EPS −$5.05
FY23
Diluted EPS −$3.93
FY24
Diluted EPS −$5.29
FY25
Diluted EPS −$3.03
Q3 '23
Diluted EPS −$0.76
Q4 '23
Diluted EPS −$1.44
Q1 '24
Diluted EPS −$1.42
Q2 '24
Diluted EPS −$1.56
Q3 '24
Diluted EPS −$1.32
Q4 '24
Diluted EPS −$0.99
Q1 '25
Diluted EPS −$1.31
Q2 '25
Diluted EPS −$1.05
Q3 '25
Diluted EPS −$0.41
Q4 '25
Diluted EPS −$0.26
Q1 '26
Diluted EPS −$0.37
Q2 '26
Diluted EPS −$0.21
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY18
Return on capital —
Return on equity —
Return on assets −142.8%
FY19
Return on capital −1,204.4%
Return on equity −225.1%
Return on assets −197.7%
FY20
Return on capital —
Return on equity −61.1%
Return on assets −46.7%
FY21
Return on capital —
Return on equity −108.0%
Return on assets −59.4%
FY22
Return on capital —
Return on equity —
Return on assets −111.6%
FY23
Return on capital —
Return on equity —
Return on assets −69.7%
FY24
Return on capital —
Return on equity —
Return on assets −84.4%
FY25
Return on capital —
Return on equity —
Return on assets −69.4%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was −$167M in fiscal 2025, −95.4% of revenue. Cash from operations minus capital spending.
FY18
Free cash flow —
FY19
Free cash flow −$36.6M
FY20
Free cash flow −$70.7M
FY21
Free cash flow −$149M
FY22
Free cash flow −$148M
FY23
Free cash flow −$139M
FY24
Free cash flow −$267M
FY25
Free cash flow −$167M
Q3 '23
Free cash flow −$32.9M
Q4 '23
Free cash flow −$44.3M
Q1 '24
Free cash flow −$69.1M
Q2 '24
Free cash flow −$70.8M
Q3 '24
Free cash flow −$63.6M
Q4 '24
Free cash flow −$63.5M
Q1 '25
Free cash flow −$84.9M
Q2 '25
Free cash flow −$62.8M
Q3 '25
Free cash flow −$14.1M
Q4 '25
Free cash flow −$5.1M
Q1 '26
Free cash flow −$15.7M
Q2 '26
Free cash flow −$2.0M
FY18
Cash from operations −$1.0M
Capital spending —
FY19
Cash from operations −$36.5M
Capital spending $0.1M
FY20
Cash from operations −$69.7M
Capital spending $1.0M
FY21
Cash from operations −$148M
Capital spending $0.3M
FY22
Cash from operations −$147M
Capital spending $1.0M
FY23
Cash from operations −$138M
Capital spending $1.6M
FY24
Cash from operations −$267M
Capital spending $0.1M
FY25
Cash from operations −$167M
Capital spending $0.2M
Cash from operations
Capital spending
Q3 '23
Cash from operations −$31.9M
Capital spending $0.9M
Q4 '23
Cash from operations −$43.8M
Capital spending $0.5M
Q1 '24
Cash from operations −$69.0M
Capital spending $0.0M
Q2 '24
Cash from operations −$70.7M
Capital spending $0.0M
Q3 '24
Cash from operations −$63.6M
Capital spending $0.0M
Q4 '24
Cash from operations −$63.5M
Capital spending $0.0M
Q1 '25
Cash from operations −$84.9M
Capital spending $0.0M
Q2 '25
Cash from operations −$62.7M
Capital spending $0.1M
Q3 '25
Cash from operations −$14.1M
Capital spending $0.0M
Q4 '25
Cash from operations −$5.0M
Capital spending $0.1M
Q1 '26
Cash from operations −$15.6M
Capital spending $0.1M
Q2 '26
Cash from operations −$1.9M
Capital spending $0.0M
Cash from operations
Capital spending
Dividends, buybacks and share count
Phathom Pharmaceuticals, Inc. returned — to shareholders in fiscal 2025. The diluted share count rose 15.4%.
FY18
Dividends —
Buybacks —
FY19
Dividends —
Buybacks —
FY20
Dividends —
Buybacks —
FY21
Dividends —
Buybacks —
FY22
Dividends —
Buybacks —
FY23
Dividends —
Buybacks —
FY24
Dividends —
Buybacks —
FY25
Dividends —
Buybacks —
Dividends
Buybacks
FY18
Diluted shares 0.01B
FY19
Diluted shares 0.01B
FY20
Diluted shares 0.03B
FY21
Diluted shares 0.04B
FY22
Diluted shares 0.04B
FY23
Diluted shares 0.05B
FY24
Diluted shares 0.06B
FY25
Diluted shares 0.07B
Balance sheet
Cash, debt and the ratios that show how comfortably Phathom Pharmaceuticals, Inc. can carry it.
FY18
Cash $0.9M
Debt —
FY19
Cash $244M
Debt $22.8M
FY20
Cash $287M
Debt $47.0M
FY21
Cash $183M
Debt $89.7M
FY22
Cash $155M
Debt $95.3M
FY23
Cash $381M
Debt $138M
FY24
Cash $297M
Debt $201M
FY25
Cash $130M
Debt $209M
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $183M | $155M | $381M | $297M | $130M |
| Debt incl. finance leases | $89.7M | $95.3M | $138M | $201M | $209M |
| Debt / equity | 1.2x | — | — | — | — |
| Interest coverage | −19.9x | −6.3x | −4.0x | −3.9x | −2.3x |
| Current ratio | 9.9x | 6.1x | 10.2x | 4.2x | 1.7x |
| Quick ratio | 9.9x | 6.1x | 10.2x | 4.2x | 1.7x |
| Total assets | $189M | $165M | $414M | $378M | $259M |
| Total liabilities | $117M | $240M | $487M | $632M | $697M |
| Shareholders' equity | $72.2M | −$74.8M | −$72.8M | −$254M | −$438M |
| Net debt (− = net cash) | −$93.6M | −$60.1M | −$244M | −$95.9M | $79.1M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|
| Net income is positive | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ |
| Cash from operations is positive | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ |
| Return on assets rose | — | ✓ | ✓ | ✕ | ✕ | ✓ | ✕ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ | ✕ | ✓ | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | — | ✕ | ✕ | ✕ | ✓ | ✕ | ✕ |
| Current ratio rose | — | ✓ | ✕ | ✓ | ✕ | ✓ | ✕ | ✕ |
| Share count didn't rise | — | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ |
| Gross margin rose | — | — | — | — | — | — | ✓ | ✓ |
| Revenue rose relative to assets | — | — | — | — | — | ✓ | ✓ | ✓ |
| F-score | — / 3 | — / 6 | 2 / 7 | 1 / 7 | 1 / 7 | 5 / 8 | 3 / 9 | 4 / 9 |
| Accruals ratio | −29.4% | −169.4% | −21.5% | 1.9% | −28.9% | −22.1% | −17.1% | −17.1% |
| Altman Z'' | −23.75 | 8.59 | 0.15 | −7.45 | −16.40 | −4.50 | −11.48 | −21.03 |
8 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||
| Revenue | — | — | — | — | $0.0M | $0.7M | $55.3M | $175M |
| Gross profit | — | — | — | — | $0.0M | $0.5M | $47.3M | $153M |
| Research and development | $0.0M | $20.4M | $98.1M | $72.3M | $71.4M | $49.9M | $34.1M | $32.8M |
| Operating income | −$1.2M | −$106M | −$126M | −$135M | −$172M | −$167M | −$277M | −$160M |
| Interest expense | $0.0M | $4.2M | $4.6M | $6.8M | $27.3M | $42.0M | $72.0M | $68.1M |
| Pretax income | — | — | — | — | — | — | −$334M | −$221M |
| Income tax | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Net income | −$1.3M | −$255M | −$129M | −$144M | −$198M | −$202M | −$334M | −$221M |
| Diluted EPS | −$0.21 | −$22.45 | −$3.88 | −$3.89 | −$5.05 | −$3.93 | −$5.29 | −$3.03 |
| Diluted shares | 0.01B | 0.01B | 0.03B | 0.04B | 0.04B | 0.05B | 0.06B | 0.07B |
| Cash flow | ||||||||
| Cash from operations | −$1.0M | −$36.5M | −$69.7M | −$148M | −$147M | −$138M | −$267M | −$167M |
| Capital expenditure | — | $0.1M | $1.0M | $0.3M | $1.0M | $1.6M | $0.1M | $0.2M |
| Free cash flow | — | −$36.6M | −$70.7M | −$149M | −$148M | −$139M | −$267M | −$167M |
| Depreciation and amortization | $0.0M | $0.0M | $0.3M | $0.5M | $0.6M | $0.6M | $0.8M | $0.6M |
| Stock-based compensation | — | $0.4M | $5.8M | $16.8M | $24.1M | $45.0M | $24.0M | $28.7M |
| Balance sheet | ||||||||
| Cash and short-term investments | $0.9M | $244M | $287M | $183M | $155M | $381M | $297M | $130M |
| Total debt | — | $22.8M | $47.0M | $89.7M | $95.3M | $138M | $201M | $209M |
| Current assets | $0.9M | $256M | $291M | $187M | $161M | $397M | $360M | $229M |
| Current liabilities | $2.2M | $3.7M | $55.5M | $18.9M | $26.2M | $38.8M | $85.7M | $132M |
| Inventory | — | — | — | — | $0.0M | $1.2M | $3.2M | $5.5M |
| Property and equipment, net | — | $0.5M | $1.0M | $0.7M | $1.2M | $2.1M | $1.5M | $1.1M |
| Total assets | $0.9M | $257M | $295M | $189M | $165M | $414M | $378M | $259M |
| Total liabilities | $2.2M | $29.2M | $101M | $117M | $240M | $487M | $632M | $697M |
| Shareholders' equity | −$1.3M | $228M | $194M | $72.2M | −$74.8M | −$72.8M | −$254M | −$438M |
| Margins | ||||||||
| Gross margin | — | — | — | — | — | 75.5% | 85.6% | 87.1% |
| Operating margin | — | — | — | — | — | −24,532.6% | −502.2% | −91.4% |
| EBITDA margin | — | — | — | — | — | −24,448.2% | −500.7% | −91.0% |
| Net margin | — | — | — | — | — | −29,558.9% | −605.1% | −126.3% |
| FCF margin | — | — | — | — | — | −20,412.6% | −483.1% | −95.4% |
| Returns | ||||||||
| Return on capital | — | −1,204.4% | — | — | — | — | — | — |
| Return on capital employed | 95.3% | −41.9% | −52.5% | −79.2% | −124.4% | −44.6% | −94.8% | −125.9% |
| Return on equity | — | −225.1% | −61.1% | −108.0% | — | — | — | — |
| Return on assets | −142.8% | −197.7% | −46.7% | −59.4% | −111.6% | −69.7% | −84.4% | −69.4% |
| Return on tangible equity | — | −111.9% | −66.4% | −199.4% | — | — | — | — |
| Growth | ||||||||
| Revenue growth | — | — | — | — | — | — | 8,001.5% | 216.9% |
| Share count change | — | 87.8% | 192.3% | 11.4% | 5.7% | 31.1% | 23.2% | 15.4% |
| Financial health | ||||||||
| Debt / equity | — | 0.1x | 0.2x | 1.2x | — | — | — | — |
| Interest coverage | −94.2x | −25.4x | −27.4x | −19.9x | −6.3x | −4.0x | −3.9x | −2.3x |
| Current ratio | 0.4x | 68.2x | 5.2x | 9.9x | 6.1x | 10.2x | 4.2x | 1.7x |
| Quick ratio | 0.4x | 68.2x | 5.2x | 9.9x | 6.1x | 10.2x | 4.2x | 1.7x |
| Capital allocation | ||||||||
| Capex / revenue | — | — | — | — | — | 239.6% | 0.2% | 0.1% |
| Stock comp / revenue | — | — | — | — | — | 6,601.9% | 43.5% | 16.4% |
| Quality scores | ||||||||
| Piotroski F-score | — | — | 2.0 | 1.0 | 1.0 | 5.0 | 3.0 | 4.0 |
| Altman Z'' | −23.8 | 8.6 | 0.1 | −7.5 | −16.4 | −4.5 | −11.5 | −21.0 |
| Accruals ratio | −29.4% | −169.4% | −21.5% | 1.9% | −28.9% | −22.1% | −17.1% | −17.1% |
Source: SEC EDGAR XBRL filings (CIK 0001783183). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.