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Financials · PHAT

Phathom Pharmaceuticals Inc. (PHAT) financials

For the twelve months ended Sep 30, 2026, Phathom Pharmaceuticals Inc. reported $274.88M of revenue and -$83.00M of net income.

Revenue, TTM
$274.88M
Revenue growth, YoY
+86.8%
Net income, TTM
-$83.00M
Net margin
-30.2%
Free cash flow, TTM
-$21.04M
EPS, diluted, TTM
-$1.00
Cash
$184.56M
Total debt
$165.54M
P/S
1.55
Market cap
$426.8M
Annual revenue$175.11M
FY2022FY2025
Annual net income-$221.25M
FY2018FY2025
Annual free cash flow-$167.00M
FY2019FY2025

PHAT revenue and earnings growth

PHAT revenueQ3 2026$84.72M

Quarter YoY
+71.1%
QoQ
+14.1%
FY YoY
+216.9%

PHAT revenue was $84.72M in fiscal Q3 2026 (ended Sep 30, 2026), up 71.1% from a year earlier and up 14.1% from the prior quarter. For the full fiscal 2025 it was $175.11M, up 216.9% from fiscal 2024.

PHAT net incomeQ3 2026-$13.90M

PHAT net income was -$13.90M in fiscal Q3 2026 (ended Sep 30, 2026), compared with -$29.97M a year earlier. For the full fiscal 2025 it was -$221.25M, compared with -$334.33M in fiscal 2024.

PHAT EPSQ3 2026-$0.16

PHAT diluted EPS was -$0.16 in fiscal Q3 2026 (ended Sep 30, 2026), compared with -$0.41 a year earlier. For the full fiscal 2025 it was -$3.03, compared with -$5.29 in fiscal 2024.

PHAT free cash flowQ3 2026$1.73M

PHAT free cash flow was $1.73M in fiscal Q3 2026 (ended Sep 30, 2026), compared with -$14.14M a year earlier. For the full fiscal 2025 it was -$167.00M, compared with -$266.90M in fiscal 2024.

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Income statement

Income statement
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
Revenue$175.11M$55.25M$682.0K$0----
Cost of revenue$22.60M$7.97M$167.0K$0----
Gross profit$152.51M$47.28M$515.0K$0----
Research and development$32.78M$34.08M$49.90M$71.44M$72.34M$98.15M$20.37M$20.0K
Selling, general and admin$279.72M$290.66M$117.93M$101.00M$62.74M$27.52M$6.94M$1.21M
Operating income-$159.99M-$277.47M-$167.31M-$172.44M-$135.08M-$125.67M-$106.22M-$1.23M
Interest expense$68.11M$72.01M$41.97M$27.30M$6.79M$4.58M$4.18M$13.0K
Pre-tax income-$221.25M-$334.33M------
Income tax$0$0$0$0$0$0$0$0
Net income-$221.25M-$334.33M-$201.59M-$197.72M-$143.88M-$129.07M-$255.13M-$1.29M
EPS, basic-$3.03-$5.29-$3.93-$5.05-$3.89-$3.88-$22.45-$0.21
EPS, diluted-$3.03-$5.29-$3.93-$5.05-$3.89-$3.88-$22.45-$0.21
Diluted shares72.9M63.2M51.3M39.1M37.0M33.2M11.4M6.1M

Balance sheet

Balance sheet
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
Cash and equivalents$129.97M$297.26M$381.39M$155.38M$183.26M$287.50M$243.76M$879.0K
Receivables$78.13M$38.80M$1.64M$0----
Inventory$5.52M$3.21M$1.21M$0----
Current assets$228.97M$360.13M$397.43M$160.51M$186.53M$291.37M$255.60M$902.0K
Total assets$259.15M$378.32M$413.84M$164.81M$189.43M$295.11M$257.18M$902.0K
Current liabilities$132.04M$85.73M$38.78M$26.24M$18.92M$55.52M$3.75M$2.19M
Short-term debt$0$0$0$0-$7.35M--
Long-term debt$209.09M$201.41M$137.84M$95.26M$89.67M$39.63M$22.78M-
Total debt$209.09M$201.41M$137.84M$95.26M$89.67M$46.99M$22.78M-
Total liabilities$697.32M$631.90M$486.60M$239.62M$117.28M$100.84M$29.22M$2.19M
Shareholders' equity-$438.17M-$253.58M-$72.76M-$74.81M$72.16M$194.27M$227.96M-$1.29M

Cash flow

Cash flow
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
Operating cash flow-$166.78M-$266.77M-$137.58M-$146.53M-$148.46M-$69.69M-$36.51M-$1.02M
Capital expenditures$229.0K$135.0K$1.63M$1.04M$328.0K$1.04M$132.0K-
Free cash flow-$167.00M-$266.90M-$139.21M-$147.57M-$148.78M-$70.73M-$36.64M-
Investing cash flow-$229.0K-$135.0K-$1.63M-$1.04M-$328.0K-$1.04M-$25.25M-
Financing cash flow-$288.0K$182.77M$367.58M$120.04M$44.71M$114.46M$304.65M$1.90M
Stock-based compensation$28.72M$24.05M$45.02M$24.13M$16.81M$5.84M$406.0K-
Depreciation and amortization$633.0K$795.0K$575.0K$620.0K$521.0K$323.0K$8.0K-

Key ratios

Key ratios
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
Revenue growth, YoY216.9%8001.5%------
Gross margin87.1%85.6%75.5%-----
Operating margin-91.4%-502.2%-24532.6%-----
Net margin-126.3%-605.1%-29558.9%-----
Free cash flow margin-95.4%-483.1%-20412.6%-----
Return on equity-----199.4%-66.4%-111.9%-
Return on assets-85.4%-88.4%-48.7%-120.0%-76.0%-43.7%-99.2%-142.8%
Current ratio1.734.2010.256.129.865.2568.200.41
Debt to equity----1.240.240.10-

Source: XBRL data Phathom Pharmaceuticals Inc. files with the SEC, latest filing dated Oct 29, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.

* Worked out from the filings rather than stated in them: Q4 is the full year less the first nine months.

Per-share figures are as filed. The filings show no stock split in these periods.

EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.

PHAT peers

CompanyRevenueGrowthNet incomeNet marginMarket cap
PHAT$274.88M+86.8%-$83.00M-30.2%$426.8M
LLY$86.46B+45.5%$27.58B31.9%$1.27T
JNJ$99.33B+7.8%$16.09B16.2%$664.95B
ABBV$66.01B+10.7%$10.34B15.7%$514.92B
MRK$67.38B+4.9%$2.45B3.6%$361.71B
NVS$54.53B+8.4%$13.98B25.6%$310.17B
AZN$58.74B+8.6%$10.22B17.4%$289.10B
ABT$48.23B+10.0%$4.70B9.7%$190.39B
NVODKK 309.06B+6.4%DKK 102.43B33.1%$178.51B

PHAT FAQ

9 questions
  • What is PHAT revenue?
    Phathom Pharmaceuticals Inc. (PHAT) reported $274.88M of revenue for the twelve months ended Sep 30, 2026. That is up 86.8% from the year before. Revenue for fiscal 2025 was $175.11M.
  • Is PHAT profitable?
    No. Phathom Pharmaceuticals Inc. reported a net loss of $83.00M for the twelve months ended Sep 30, 2026.
  • How much cash and debt does PHAT have?
    Phathom Pharmaceuticals Inc. reported $184.56M in cash and cash equivalents and $165.54M of debt on its most recent balance sheet in SEC filings.
  • How fast is PHAT revenue growing?
    Phathom Pharmaceuticals Inc.'s revenue changed +216.9% in fiscal 2025, to $175.11M.
  • What is PHAT gross margin?
    Phathom Pharmaceuticals Inc.'s gross profit was $221.77M on $274.88M of revenue for the twelve months ended Sep 30, 2026, a gross margin of 80.7%.
  • What is PHAT free cash flow?
    Phathom Pharmaceuticals Inc. generated -$21.04M of free cash flow for the twelve months ended Sep 30, 2026, which is operating cash flow of -$20.74M less capital expenditures.
  • What is PHAT earnings per share?
    Diluted earnings per share were -$1.00 for the twelve months ended Sep 30, 2026, from SEC filings, restated for any stock split those filings show.
  • When did PHAT last report financial results?
    The latest statements here come from Phathom Pharmaceuticals Inc.'s 10-Q filed on Oct 29, 2026, covering the period ended Sep 30, 2026.
  • Where does this PHAT financial data come from?
    Quantisnow builds these statements from the structured XBRL data Phathom Pharmaceuticals Inc. files with the SEC. It is provided for information only and is not investment advice.