Phathom Pharmaceuticals, Inc. (PHAT) Stock Analysis
Healthcare · Biotechnology · NasdaqGS
Phathom Pharmaceuticals, Inc. (PHAT) posted $175.11M in revenue for fiscal 2025 (up 216.9% year over year), with a net loss of $221.25M, per its SEC filings.
Data last refreshed September 3, 2026 from SEC filings · how we compute this
The analyst's take on Phathom Pharmaceuticals, Inc.
Phathom Pharmaceuticals, Inc. has grown revenue from — to $175.11M over the last 8 fiscal years. The most recent year was up 216.9%.
Net margin sits at -126.3%, up 478.8 points year over year on a 87.1% gross margin. It carries about $209.09M of total debt.
It clears 0 of 6 deterministic health checks. The one thing worth a second look in the filings is share count rising (dilution).
Synthesised from Phathom Pharmaceuticals, Inc.'s SEC filings — descriptive, not advice. Ask the analyst your own question →
See a claim about Phathom Pharmaceuticals, Inc.? Check it against the filing
Open the full tool →Paste a headline number you saw about PHAT — a press-release figure, a tweet, another tool’s number — and see the filed SEC number side-by-side with its source. Free, no account.
Phathom Pharmaceuticals, Inc. revenue & earnings — last 8 fiscal years
| Metric | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | — | — | $0 | $682,000 | $55.25M | $175.11M |
| Gross profit | — | — | — | — | — | $515,000 | $47.28M | $152.51M |
| Net income | $-1.29M | $-255.13M | $-129.07M | $-143.88M | $-197.72M | $-201.59M | $-334.33M | $-221.25M |
| Net margin | — | — | — | — | — | -29558.9% | -605.1% | -126.3% |
Source: Phathom Pharmaceuticals, Inc. SEC filings (10-K).
Phathom Pharmaceuticals, Inc. financial health: 0 of 6 checks passed
- ✗Profitable every year (last 5)
- ✗Net margin above 10% (-126.3%)
- ✗More cash than total debt (cash 130M vs debt 209.1M)
- ✗Positive operating cash flow (last 5 yrs)
- ✗Free cash flow positive (latest yr) (-167M)
- ✗Share count falling over 5 yrs (buybacks) (28.5M → 71.4M shares)
Checks computed deterministically from filed annual statements — no AI judgement.
Phathom Pharmaceuticals, Inc.: 3 potential red flags in the filings
Patterns in the filed statements worth a second look — computed and cited, not AI guesswork, and not a signal to sell. The kind of thing that hides in a 10-K.
- Share count rising (dilution)Shares outstanding grew 134.1% over 4 years (30.5M → 71.4M) — existing holders' stakes are being diluted.
- Debt with negative operating cash flowCarries $209.1M of debt while last year's operating cash flow was negative ($-166.8M).
- Currently unprofitableThe latest fiscal year was a net loss (net margin -126.3%).
Explore 8 years of Phathom Pharmaceuticals, Inc. financials — interactive
Full income statement, balance sheet and cash flow with CAGR and trend on every row, 48 quarters, valuation ratios, plain-English health checks, and Ask — our SEC-grounded research assistant.
Open the interactive view — freeOr start a $24.99/month plan to track PHAT in your portfolio →
Phathom Pharmaceuticals, Inc. financial history
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.
Phathom Pharmaceuticals, Inc. — frequently asked questions
What is Phathom Pharmaceuticals, Inc.'s revenue?
Phathom Pharmaceuticals, Inc. (PHAT) reported revenue of $175.11M for fiscal year 2025, up 216.9% from the prior year, according to its SEC filings.
Is Phathom Pharmaceuticals, Inc. profitable?
No — PHAT reported a net loss of $-221.25M in fiscal 2025.
How much debt does Phathom Pharmaceuticals, Inc. have?
As of fiscal year 2025, PHAT carried roughly $209.09M in total debt (short- plus long-term borrowings), per its filed balance sheet.
What is Phathom Pharmaceuticals, Inc.'s gross margin?
PHAT's gross margin was 87.1% in fiscal 2025 — gross profit of $152.51M on revenue of $175.11M.
What is Phathom Pharmaceuticals, Inc.'s market cap?
Phathom Pharmaceuticals, Inc. (PHAT) has a market capitalization of about $823.08M, based on the latest data in our nightly-refreshed cache.
When does Phathom Pharmaceuticals, Inc.'s fiscal year end?
PHAT's fiscal year ends in December. Its most recent annual filing covers the fiscal year ending 2025-12-31.
Where does this data come from?
All figures are computed from Phathom Pharmaceuticals, Inc.'s official SEC filings (10-K and 10-Q), covering 8 years of history, refreshed nightly. stockportfolio.pro does not provide investment advice.