PHAT

MKT CAP:$925M

Phathom Pharmaceuticals, Inc.

Market Cap

$925M

Healthcare·Biotechnology·🇺🇸 United States·NASDAQ

Healthcare·Biotechnology·🇺🇸·NASDAQ

Stock Price

$11.85-$3.87 (-24.60%)

Apr 22, 2026

Company Details

Phathom Pharmaceuticals, Inc., a clinical-stage biopharmaceutical company, focuses on developing and commercializing treatments for gastrointestinal diseases. The company has the rights in the United States, Europe, and Canada to vonoprazan...

CEO

Steven L. Basta

IPO Date

Oct 25, 2019

Website

www.phathompharma.com

Key Metrics TTM

Revenue

$175M

+216.9% YoY

Net Income

-$221M

EPS (Diluted)

-$3.06

Free Cash Flow

-$167M

Revenue / Share

$2.40

Gross Margin

87.1%

Operating Margin

-91.4%

Net Margin

-126.3%

FCF Margin

-95.2%

P/S

5.3x

P/E

—

Earnings Reports

Q1 2026

May 7, 2026

PENDING

FY 2025

Feb 26, 2026

$175M+216.9%EPS -$3.03

Q4 2025

Feb 26, 2026

$58M+94.1%EPS -$0.29

Q3 2025

Oct 30, 2025

$50M+202.7%EPS -$0.41

Q2 2025

Aug 7, 2025

$40M+439.4%EPS -$1.05

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$0	-$128.0K	-$38M
Q2 22	$0	-$149.0K	-$45M
Q3 22	$0	-$175.0K	-$43M
Q4 22	$0	-$168.0K	-$47M
Q1 23	$0	$0	-$30M
Q2 23	$0	-$123.0K	-$32M
Q3 23	$0	-$121.0K	-$36M
Q4 23	$682.0K	$330.0K	-$70M
Q1 24	$2M	$1M	-$70M
Q2 24	$7M	$6M	-$77M
Q3 24	$16M	$14M	-$71M
Q4 24	$30M	$26M	-$59M
Q1 25	$29M	$25M	-$79M
Q2 25	$40M	$34M	-$60M
Q3 25	$50M	$43M	-$15M
Q4 25	$58M	$50M	-$6M

Valuation

Quarter	P/S	P/E
Q1 22	—	—
Q2 22	—	—
Q3 22	—	—
Q4 22	—	—
Q1 23	—	—
Q2 23	—	—
Q3 23	—	—
Q4 23	1355.9x	—
Q1 24	356.5x	—
Q2 24	93.2x	—
Q3 24	35.2x	—
Q4 24	16.7x	—
Q1 25	11.3x	—
Q2 25	8.1x	—
Q3 25	6.3x	—
Q4 25	5.3x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$45M	-$45M
Q2 22	-$26M	-$26M
Q3 22	-$35M	-$35M
Q4 22	-$41M	-$41M
Q1 23	-$40M	-$40M
Q2 23	-$22M	-$22M
Q3 23	-$32M	-$33M
Q4 23	-$44M	-$44M
Q1 24	-$69M	-$69M
Q2 24	-$71M	-$71M
Q3 24	-$64M	-$63M
Q4 24	-$63M	-$63M
Q1 25	-$85M	-$85M
Q2 25	-$63M	-$63M
Q3 25	-$14M	-$14M
Q4 25	-$5M	-$5M

Capital Expenditures

Quarter	CapEx
Q1 22	$67.0K
Q2 22	$428.0K
Q3 22	$134.0K
Q4 22	$412.0K
Q1 23	$214.0K
Q2 23	$6.0K
Q3 23	$939.0K
Q4 23	$475.0K
Q1 24	$40.0K
Q2 24	$46.0K
Q3 24	$86.0K
Q4 24	$5.0K
Q1 25	$18.0K
Q2 25	$97.0K
Q3 25	$0
Q4 25	$115.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	—	+12.9%
Q2 22	—	+28.4%
Q3 22	—	+28.3%
Q4 22	—	+41.2%
Q1 23	—	-20.7%
Q2 23	—	-30.1%
Q3 23	—	-16.2%
Q4 23	—	+51.3%
Q1 24	—	+138.9%
Q2 24	—	+166.9%
Q3 24	—	+144.4%
Q4 24	+4249.6%	+26.3%
Q1 25	+1391.6%	+49.4%
Q2 25	+439.4%	+17.5%
Q3 25	+202.7%	-25.7%
Q4 25	+94.1%	-28.7%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$6M	—
Q2 22	$6M	—
Q3 22	$6M	—
Q4 22	$7M	—
Q1 23	$7M	—
Q2 23	$7M	—
Q3 23	$6M	—
Q4 23	$0	0.0%
Q1 24	$6M	294.2%
Q2 24	$6M	83.3%
Q3 24	$6M	34.5%
Q4 24	$7M	22.5%
Q1 25	$6M	19.4%
Q2 25	$8M	20.9%
Q3 25	$9M	18.8%
Q4 25	$6M	9.7%

OpEx Breakdown

Quarter	R&D	G&A	SG&A
Q1 22	$18M	—	$20M
Q2 22	$19M	$27M	—
Q3 22	$19M	—	$23M
Q4 22	$16M	—	$31M
Q1 23	$11M	$19M	—
Q2 23	$13M	$19M	—
Q3 23	$12M	—	$23M
Q4 23	$13M	—	$57M
Q1 24	$9M	—	$62M
Q2 24	$7M	$76M	—
Q3 24	$9M	—	$76M
Q4 24	$9M	—	$77M
Q1 25	$9M	—	$94M
Q2 25	$9M	—	$85M
Q3 25	$7M	—	$52M
Q4 25	$7M	—	$48M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$138M	$0	$138M
Q2 22	$207M	$0	$207M
Q3 22	$197M	$0	$197M
Q4 22	$155M	$0	$155M
Q1 23	$130M	$0	$130M
Q2 23	$249M	$0	$249M
Q3 23	$214M	$0	$214M
Q4 23	$381M	$0	$381M
Q1 24	$322M	$0	$322M
Q2 24	$276M	$0	$276M
Q3 24	$335M	$0	$335M
Q4 24	$297M	$0	$297M
Q1 25	$212M	$0	$212M
Q2 25	$150M	$0	$150M
Q3 25	$135M	$0	$135M
Q4 25	$130M	$0	$130M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	38M	+0.7%	+4.8%
Q2 22	38M	+0.6%	+4.5%
Q3 22	39M	+1.4%	+4.1%
Q4 22	41M	+6.4%	+9.4%
Q1 23	42M	+2.5%	+11.4%
Q2 23	49M	+14.5%	+26.7%
Q3 23	57M	+17.1%	+46.3%
Q4 23	57M	+0.9%	+38.7%
Q1 24	58M	+1.9%	+37.8%
Q2 24	59M	+0.3%	+20.7%
Q3 24	65M	+10.4%	+13.8%
Q4 24	71M	+9.9%	+24.0%
Q1 25	72M	+1.3%	+23.3%
Q2 25	72M	+0.7%	+23.8%
Q3 25	73M	+1.3%	+13.6%
Q4 25	73M	-0.7%	+2.6%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$0	77
Q2 22	$0	77
Q3 22	$0	77
Q4 22	$0	112
Q1 23	$0	112
Q2 23	$0	112
Q3 23	$0	112
Q4 23	$1.5K	452
Q1 24	$4.2K	452
Q2 24	$16.2K	452
Q3 24	$36.2K	452
Q4 24	$69.5K	427
Q1 25	$66.8K	427
Q2 25	$92.5K	427
Q3 25	$115.9K	427
Q4 25	$155.2K	371

Revenue / Employee