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    PHAT

    Phathom Pharmaceuticals, Inc.

    Company overview

    Market capitalization
    $594.62M
    Employees
    371
    Latest publication
    2026-09-29
    About Phathom Pharmaceuticals, Inc.

    Phathom Pharmaceuticals, Inc., a biopharmaceutical company, focuses on developing and commercializing treatments for gastrointestinal diseases in the United States. It develops VOQUEZNA, which has completed Phase III clinical trials for the treatment of erosive gastroesophageal reflux disease (GERD) and related heartburn in adults; and VOQUEZNA Triple Pak and VOQUEZNA Dual Pak that have completed Phase III clinical trials for treating Helicobacter pylori, as well as VOQUEZNA and vonoprazan for the treatment of heartburn associated with non-erosive GERD and eosinophilic esophagitis in adults and adolescents. The company was incorporated in 2018 and is headquartered in Florham Park, New Jersey.

    Company website

    Financial statements

    Income Quarterly

    Exact reported values; units shown beside each amount. Missing values are —.
    MetricQ2 20262026-06-30 · USDQ1 20242024-03-31 · USDQ1 20232023-03-31 · USDQ3 20212021-09-30 · USDQ2 20202020-06-30 · USDQ1 20202020-03-31 · USDQ1 20192019-03-31 · USDQ4 20182018-12-31 · USD
    Total Revenue74,274,000USD1,912,000USD0USD0USD0USD0USD0USD—
    Cost Of Revenue15,096,000USD426,000USD146,000USD130,000USD————
    Gross Profit59,178,000USD1,486,000USD-146,000USD-130,000USD————
    Research Development7,813,000USD9,430,000USD11,479,000USD16,608,000USD14,859,000USD15,865,000USD429,000USD14,000USD
    Selling General Administrative55,330,000USD60,931,000USD18,598,000USD16,529,000USD5,162,000USD4,510,000USD797,000USD437,000USD
    Total Operating Expenses63,143,000USD71,440,000USD30,077,000USD33,137,000USD20,021,000USD20,375,000USD1,226,000USD451,000USD
    Operating Income-3,965,000USD-69,954,000USD-30,077,000USD-33,137,000USD-20,021,000USD-20,375,000USD-1,226,000USD-451,000USD
    Total Other Income Expense Net-13,617,000USD-12,898,000USD-7,737,000USD-3,525,000USD-1,080,000USD234,000USD-25,000USD-33,000USD
    Interest Income1,510,000USD4,313,000USD1,460,000USD8,000USD182,000USD878,000USD11,000USD—
    Interest Expense15,103,000USD17,168,000USD9,217,000USD1,485,000USD1,262,000USD738,000USD11,000USD5,000USD
    Net Income-17,582,000USD-82,852,000USD-37,814,000USD-36,662,000USD-21,101,000USD-20,141,000USD-1,251,000USD-484,000USD
    Unclassified Operating Expenses—1,079,000USD——————
    Net Interest Income—-12,855,000USD-7,757,000USD-1,477,000USD-1,080,000USD140,000USD-11,000USD—
    Income Before Tax—-82,852,000USD-37,814,000USD-36,662,000USD-21,101,000USD-20,141,000USD-1,251,000USD-484,000USD
    Income Tax Expense—170,724USD-146,000USD-563,000USD182,000USD737,000USD11,000USD5,000USD
    Net Income From Continuing Ops—-82,852,000USD-37,814,000USD-36,662,000USD-21,101,000USD-20,141,000USD-1,251,000USD-387,000USD
    Ebit—-65,684,000USD-28,597,000USD-35,177,000USD-19,839,000USD-19,403,000USD-1,226,000USD-451,000USD
    Ebitda—-65,470,000USD-28,451,000USD-35,047,000USD-19,762,000USD-19,351,000USD-1,240,000USD-479,000USD
    Depreciation And Amortization—214,000USD146,000USD130,000USD77,000USD52,000USD1,226,000USD-28,000USD
    Reconciled Depreciation—214,000USD146,000USD130,000USD77,000USD52,000USD——
    Non Operating Income Net Other——1,480,000USD—————
    Net Income Applicable To Common Shares——-37,814,000USD-36,662,000USD-21,101,000USD-20,141,000USD-1,251,000USD-387,000USD
    Other Operating Expenses———————451,000USD
    SourceDisclosureDeterministicFinalLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacy

    Income Yearly

    Exact reported values; units shown beside each amount. Missing values are —.
    MetricFY 20192019-12-31 · USDFY 20182018-12-31 · USD
    Total Revenue0USD0USD
    Cost Of Revenue8,000USD—
    Gross Profit-8,000USD—
    Research Development99,271,000USD20,000USD
    Selling General Administrative6,944,000USD1,205,000USD
    Total Operating Expenses106,215,000USD1,225,000USD
    Operating Income-106,215,000USD-1,225,000USD
    Interest Income1,089,000USD0USD
    Interest Expense4,177,000USD13,000USD
    Net Interest Income-3,088,000USD-13,000USD
    Income Before Tax-255,131,000USD-1,288,000USD
    Income Tax Expense-45,387,000USD13,000USD
    Net Income-209,744,000USD-1,288,000USD
    Net Income From Continuing Ops-255,131,000USD-1,288,000USD
    Ebit-250,954,000USD-1,275,000USD
    Ebitda-250,946,000USD-50,000USD
    Depreciation And Amortization8,000USD1,225,000USD
    Reconciled Depreciation8,000USD—
    Total Other Income Expense Net-148,916,000USD-63,000USD
    Net Income Applicable To Common Shares-255,131,000USD-1,288,000USD
    SourceLegacy providerLegacyLegacy providerLegacy

    Balance sheet Quarterly

    Exact reported values; units shown beside each amount. Missing values are —.
    MetricQ2 20262026-06-30 · USDQ1 20262026-03-31 · USDQ4 20252025-12-31 · USDQ3 20252025-09-30 · USDQ2 20252025-06-30 · USDQ1 20252025-03-31 · USDQ4 20242024-12-31 · USDQ3 20242024-09-30 · USD
    Total Assets327,075,000USD305,120,000USD259,149,000USD240,289,000USD250,220,000USD294,208,000USD378,468,000USD387,044,000USD
    Cash And Equivalents182,478,000USD———————
    Total Current Assets295,915,000USD276,571,000USD228,972,000USD207,783,000USD218,875,000USD264,900,000USD360,134,000USD373,821,000USD
    Other Current Assets8,302,000USD8,435,000USD15,353,000USD13,227,000USD14,620,000USD13,055,000USD20,866,000USD14,980,000USD
    Other Non Current Assets3,088,000USD———————
    Total Liabilities671,348,000USD———————
    Total Current Liabilities153,777,000USD125,041,000USD132,044,000USD93,123,000USD91,823,000USD74,032,000USD85,728,000USD65,288,000USD
    Other Current Liabilities109,027,000USD———————
    Other Non Current Liabilities3,500,000USD———————
    Total Stockholder Equity-344,273,000USD-336,955,000USD-438,169,000USD-422,534,000USD-405,834,000USD-338,376,000USD-253,580,000USD-187,112,000USD
    Total Equity Including Noncontrolling Interest-344,273,000USD———————
    Long Term Debt164,587,000USD163,675,000USD209,087,000USD207,093,000USD205,139,000USD203,245,000USD201,409,000USD175,729,000USD
    Deferred Revenue37,283,000USD———————
    Deferred Revenue Non Current347,629,000USD———————
    Inventory7,713,000USD6,508,000USD5,518,000USD3,611,000USD3,431,000USD3,166,000USD3,208,000USD3,111,000USD
    Property Plant Equipment Net3,381,000USD3,524,000USD3,667,000USD3,850,000USD2,115,000USD1,742,000USD2,089,000USD2,488,000USD
    Accounts Payable5,361,000USD6,365,000USD4,983,000USD1,075,000USD4,008,000USD11,617,000USD10,507,000USD7,133,000USD
    Short Term Debt670,000USD667,000USD648,000USD591,000USD22,002,000USD17,584,000USD20,278,000USD20,874,000USD
    Common Stock8,000USD7,000USD6,000USD6,000USD6,000USD6,000USD6,000USD6,000USD
    Retained Earnings-1,532,209,000USD-1,514,627,000USD-1,484,258,000USD-1,463,110,000USD-1,433,137,000USD-1,357,327,000USD-1,263,011,000USD-1,188,560,000USD
    Total Liab—642,075,000USD697,318,000USD662,823,000USD656,054,000USD632,584,000USD632,048,000USD574,156,000USD
    Other Current Liab—118,009,000USD126,413,000USD91,457,000USD65,813,000USD44,831,000USD54,942,999USD37,281,000USD
    Capital Stock—7,000USD6,000USD6,000USD6,000USD6,000USD6,000USD6,000USD
    Cash—180,904,000USD129,972,000USD135,156,000USD149,569,000USD212,315,000USD297,263,000USD334,678,000USD
    Cash And Short Term Investments—180,904,000USD129,972,000USD135,156,000USD149,569,000USD212,315,000USD297,263,000USD334,678,000USD
    Net Debt—-14,601,000USD81,828,000USD74,651,000USD424,926,000USD352,321,000USD257,685,000USD184,314,000USD
    Short Long Term Debt Total—166,303,000USD211,800,000USD209,807,000USD574,495,000USD564,636,000USD554,948,000USD518,992,000USD
    Net Receivables—80,724,000USD78,129,000USD55,789,000USD51,255,000USD36,364,000USD38,797,000USD21,052,000USD
    Property Plant Equipment Gross—3,524,000USD7,142,000USD3,850,000USD2,115,000USD1,742,000USD4,930,000USD5,136,000USD
    Common Stock Shares Outstanding—82,050,618shares73,817,450shares73,396,435shares72,466,203shares71,969,411shares71,045,000shares64,628,000shares
    Non Current Assets Total—28,549,000USD30,177,000USD32,506,000USD31,345,000USD29,308,000USD18,334,000USD13,222,999USD
    Non Current Liabilities Total—517,034,000USD565,274,000USD569,700,000USD564,231,000USD558,552,000USD546,320,000USD508,867,999USD
    Non Current Liabilities Other—351,398,000USD354,122,000USD360,484,000USD358,503,000USD355,307,000USD344,761,000USD333,139,000USD
    Non Currrent Assets Other—25,025,000USD26,510,000USD25,794,000USD26,368,000USD24,704,000USD13,233,000USD7,872,999USD
    Net Working Capital—151,530,000USD96,928,000USD114,660,000USD127,052,000USD190,868,000USD274,406,000USD308,533,000USD
    Unclassified Equity—1,177,658,000USD1,046,077,000USD1,040,564,000USD1,027,291,000USD1,018,939,000USD1,009,419,000USD1,001,436,000USD
    Unclassified Non Current Assets———2,862,000USD2,862,000USD2,862,000USD3,012,000USD2,862,000USD
    SourceDisclosureDeterministicFinalLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacy

    Balance sheet Yearly

    Exact reported values; units shown beside each amount. Missing values are —.
    MetricFY 20252025-12-31 · USDFY 20242024-12-31 · USDFY 20232023-12-31 · USDFY 20222022-12-31 · USDFY 20212021-12-31 · USDFY 20202020-12-31 · USDFY 20192019-12-31 · USDFY 20182018-12-31 · USD
    Total Assets259,149,000USD378,318,000USD413,842,000USD164,810,000USD189,431,000USD295,111,000USD257,178,000USD902,000USD
    Other Current Assets15,353,000USD20,866,000USD13,194,000USD5,127,000USD3,267,000USD3,872,000USD11,836,000USD4,000USD
    Total Liab697,318,000USD631,898,000USD486,601,000USD239,624,000USD117,275,000USD100,840,000USD29,223,000USD2,188,000USD
    Total Stockholder Equity-438,169,000USD-253,580,000USD-72,759,000USD-74,814,000USD72,156,000USD194,271,000USD227,955,000USD-1,286,000USD
    Other Current Liab126,413,000USD54,943,000USD7,111,000USD15,532,000USD13,284,000USD30,915,000USD2,888,000USD183,000USD
    Common Stock6,000USD6,000USD5,000USD3,000USD3,000USD3,000USD2,000USD—
    Capital Stock6,000USD6,000USD5,000USD3,000USD3,000USD3,000USD2,000USD0USD
    Retained Earnings-1,484,258,000USD-1,263,011,000USD-928,685,000USD-727,093,000USD-529,370,000USD-385,487,000USD-256,418,999USD-1,288,000USD
    Cash129,972,000USD297,263,000USD381,393,000USD155,385,000USD183,259,000USD287,496,000USD243,765,000USD879,000USD
    Cash And Short Term Investments129,972,000USD297,263,000USD381,393,000USD155,385,000USD183,259,000USD287,496,000USD243,765,000USD879,000USD
    Total Current Assets228,972,000USD360,134,000USD397,432,000USD160,512,000USD186,526,000USD291,368,000USD255,601,000USD902,000USD
    Total Current Liabilities132,044,000USD85,728,000USD38,781,000USD26,237,000USD18,921,000USD55,524,000USD3,748,000USD2,188,000USD
    Net Debt81,828,000USD257,684,999USD-242,363,000USD-58,315,000USD-91,918,000USD-238,478,000USD-220,192,000USD1,071,000USD
    Short Term Debt648,000USD20,278,000USD726,000USD708,000USD487,000USD7,827,000USD161,000USD1,950,000USD
    Short Long Term Debt Total211,800,000USD554,948,000USD139,030,000USD97,070,000USD91,341,000USD49,018,000USD23,573,000USD1,950,000USD
    Long Term Debt209,087,000USD201,409,000USD137,842,000USD95,264,000USD89,671,000USD39,634,000USD22,777,000USD—
    Net Receivables78,129,000USD38,797,000USD1,637,000USD0USD—82,000USD——
    Inventory5,518,000USD3,208,000USD1,208,000USD0USD—-82,000USD——
    Accounts Payable4,983,000USD10,507,000USD12,601,000USD9,997,000USD5,150,000USD16,782,000USD699,000USD55,000USD
    Property Plant Equipment Net3,667,000USD2,089,000USD3,621,000USD3,494,000USD2,564,000USD3,359,000USD1,396,000USD—
    Property Plant Equipment Gross7,142,000USD4,930,000USD5,667,000USD4,965,000USD2,564,000USD3,359,000USD1,396,000USD—
    Common Stock Shares Outstanding72,918,764shares63,176,000shares51,289,092shares39,118,215shares37,002,959shares33,228,158shares24,728,258shares8,578,296shares
    Non Current Assets Total30,177,000USD18,184,000USD16,410,000USD4,298,000USD2,905,000USD3,743,000USD1,577,000USD0USD
    Non Current Liabilities Total565,274,000USD546,170,000USD447,820,000USD213,387,000USD98,354,000USD45,316,000USD25,475,000USD0USD
    Non Current Liabilities Other354,122,000USD344,761,000USD309,516,000USD117,025,000USD8,683,000USD4,125,000USD2,063,000USD—
    Non Currrent Assets Other26,510,000USD13,233,000USD9,926,000USD299,000USD341,000USD384,000USD181,000USD0USD
    Net Working Capital96,928,000USD274,406,000USD358,651,000USD134,275,000USD167,605,000USD235,844,000USD251,853,000USD-1,286,000USD
    Unclassified Equity1,046,077,000USD1,009,419,000USD855,916,000USD652,273,000USD601,520,000USD579,752,000USD484,377,999USD—
    Unclassified Non Current Assets—2,862,000USD2,863,000USD——-2,757,000USD——
    Current Deferred Revenue——18,343,000USD———2,475,000USD-1,950,000USD
    Accumulated Other Comprehensive Income——0USD——0USD-8,000USD—
    Other Liab———7,500,000USD7,500,000USD4,125,000USD2,063,000USD—
    Other Assets———804,000USD341,000USD2,757,000USD181,000USD—
    Net Tangible Assets———-74,814,000USD72,156,000USD194,271,000USD227,955,000USD-1,286,000USD
    Unclassified Non Current Liabilities———-6,402,000USD-7,500,000USD-2,568,000USD-1,428,000USD—
    Short Long Term Debt—————7,353,000USD—1,950,000USD
    Unclassified Current Liabilities—————-7,353,000USD-2,475,000USD-1,950,000USD
    SourceLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacy

    Cash flow Quarterly

    Exact reported values; units shown beside each amount. Missing values are —.
    MetricQ1 20262026-03-31 · USDQ4 20252025-12-31 · USDQ3 20252025-09-30 · USDQ2 20252025-06-30 · USDQ1 20252025-03-31 · USDQ4 20242024-12-31 · USDQ3 20242024-09-30 · USDQ2 20242024-06-30 · USD
    Net Income-30,369,000USD-21,148,000USD-29,973,000USD-75,810,000USD-94,316,000USD-74,451,000USD-85,577,000USD-91,446,000USD
    Depreciation110,000USD128,000USD156,000USD172,000USD177,000USD193,000USD191,000USD197,000USD
    Stock Based Compensation5,534,000USD5,610,000USD9,297,000USD8,272,000USD5,540,000USD6,687,000USD5,635,000USD6,099,000USD
    Other Non Cash Items7,533,000USD6,363,000USD7,962,000USD10,588,000USD12,583,000USD13,151,000USD14,793,000USD15,055,000USD
    Change To Account Receivables-2,596,000USD-22,339,000USD-4,534,000USD-14,891,000USD2,433,000USD-17,745,000USD-10,175,000USD-6,997,000USD
    Change To Inventory665,000USD2,001,999USD395,000USD-1,850,000USD-12,328,000USD-5,576,000USD-418,000USD268,000USD
    Change In Working Capital1,545,000USD4,046,000USD-1,557,000USD-5,951,000USD-8,914,000USD-9,036,000USD1,385,000USD-626,000USD
    Total Cash From Operating Activities-15,647,000USD-5,001,000USD-14,115,000USD-62,729,000USD-84,930,000USD-63,456,000USD-63,573,000USD-70,721,000USD
    Capital Expenditures-61,000USD-115,000USD-27,000USD-97,000USD-18,000USD-5,000USD-86,000USD-46,000USD
    Free Cash Flow-15,647,000USD-4,886,000USD-14,142,000USD-62,729,000USD-84,948,000USD-63,461,000USD-63,487,000USD-70,767,000USD
    Total Cashflows From Investing Activities-61,000USD-87,000USD-27,000USD-97,000USD-18,000USD-5,000USD-44,000USD-46,000USD
    Net Borrowings-55,797,000USD0USD0USD0USD0USD24,750,000USD0USD—
    Total Cash From Financing Activities66,640,000USD-97,000USD-271,000USD80,000USD0USD26,046,000USD122,057,000USD24,771,000USD
    Issuance Of Capital Stock121,974,000USD0USD——0USD0USD121,775,000USD0USD
    Change In Cash50,932,000USD-5,185,000USD-14,413,000USD-62,746,000USD-84,948,000USD-37,415,000USD58,440,000USD-45,992,000USD
    Begin Period Cash Flow132,833,000USD138,018,000USD152,431,000USD215,177,000USD300,125,000USD337,540,000USD279,100,000USD322,229,000USD
    End Period Cash Flow183,765,000USD132,833,000USD138,018,000USD152,431,000USD215,177,000USD300,125,000USD337,540,000USD276,237,000USD
    Other Cashflows From Investing Activities-61,000USD-229,000USD-27,000USD-97,000USD-18,000USD—-130,000USD—
    Other Cashflows From Financing Activities-128,000USD276,000USD-564,000USD80,000USD—1,296,000USD282,000USD21,000USD
    Investments——-27,000USD-97,000USD-18,000USD-5,000USD-44,000USD-46,000USD
    Unclassified Financing Cash Flow———————24,750,000USD
    SourceLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacy

    Cash flow Yearly

    Exact reported values; units shown beside each amount. Missing values are —.
    MetricFY 20252025-12-31 · USDFY 20242024-12-31 · USDFY 20232023-12-31 · USDFY 20222022-12-31 · USDFY 20212021-12-31 · USDFY 20202020-12-31 · USDFY 20182018-12-31 · USD
    Net Income-221,247,000USD-334,326,000USD-201,592,000USD-197,723,000USD-143,883,000USD-129,068,000USD-1,288,000USD
    Depreciation633,000USD795,000USD575,000USD620,000USD521,000USD323,000USD8,000USD
    Stock Based Compensation28,719,000USD24,047,000USD45,025,000USD24,133,000USD16,812,000USD5,840,000USD—
    Other Non Cash Items37,496,000USD58,012,000USD32,056,000USD21,002,000USD5,408,000USD1,500,000USD50,000USD
    Change To Account Receivables-39,331,000USD-37,160,000USD-1,637,000USD0USD———
    Change To Inventory-11,781,000USD-6,142,000USD-9,442,000USD0USD———
    Change In Working Capital-12,376,000USD-15,298,000USD-13,644,000USD5,438,000USD-27,315,000USD51,717,000USD215,000USD
    Total Cash From Operating Activities-166,775,000USD-266,770,000USD-137,580,000USD-146,530,000USD-148,457,000USD-69,688,000USD-1,023,000USD
    Capital Expenditures-229,000USD-135,000USD-1,634,000USD-1,041,000USD-328,000USD-1,040,000USD-132,000USD
    Free Cash Flow-166,775,000USD-266,905,000USD-139,214,000USD-147,571,000USD-148,785,000USD-70,728,000USD-1,023,000USD
    Total Cashflows From Investing Activities-229,000USD-135,000USD-1,634,000USD-1,040,999USD-328,000USD-1,040,000USD-25,250,000USD
    Net Borrowings0USD59,400,000USD39,318,000USD95,446,000USD42,764,000USD25,000,000USD1,900,000USD
    Total Cash From Financing Activities-288,000USD182,774,000USD367,580,000USD120,042,000USD44,708,000USD114,459,000USD1,902,000USD
    Issuance Of Capital Stock0USD121,775,000USD155,463,000USD24,596,000USD0USD88,830,000USD2,000USD
    Change In Cash-167,292,000USD-84,131,000USD228,366,000USD-27,874,000USD-104,077,000USD43,731,000USD879,000USD
    Begin Period Cash Flow300,125,000USD384,256,000USD155,890,000USD183,259,000USD287,496,000USD243,765,000USD0USD
    End Period Cash Flow132,833,000USD300,125,000USD384,256,000USD155,385,000USD183,419,000USD287,496,000USD879,000USD
    Other Cashflows From Investing Activities-229,000USD-135,000USD—-1,179,000USD-330,000USD-1,185,000USD—
    Other Cashflows From Financing Activities-1,926,000USD1,599,000USD172,799,000USD95,446,000USD1,944,000USD629,000USD2,000USD
    Unclassified Financing Cash Flow1,638,000USD——-95,446,000USD-1,944,000USD88,201,000USD—
    Investments—-135,000USD-1,634,000USD-1,041,000USD-328,000USD-1,040,000USD0USD
    Unclassified Investing Cash Flow——1,634,000USD2,220,001USD—2,225,000USD-25,118,000USD
    Change To Liabilities———8,679,000USD-9,626,000USD24,009,000USD225,000USD
    Sale Purchase Of Stock————1,944,000USD629,000USD2,000USD
    Cash And Cash Equivalents Changes————-104,237,000USD43,731,000USD—
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    Operating metrics

    No operating metrics are currently published for this company.

    Revenue breakdown

    No revenue breakdown is currently published for this company.

    Periods follow company fiscal calendars. Quarterly, annual and year-to-date amounts are shown separately. Missing values are not zero. Data may be delayed, incomplete or corrected; follow the disclosure links to verify figures.