Phathom Pharmaceuticals, Inc. Financials
Phathom Pharmaceuticals, Inc. (PHAT) reported $175.1M in revenue for fiscal year 2025, up 216.9% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 8 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Commercial revenue is scaling quickly, but cash burn and balance-sheet strain still show a launch being financed externally.
Revenue more than tripled into FY2025, yet operating cash burn stayed near-$167M from the prior year, which means the commercial ramp has not begun to fund itself. That gap pushed cash down to$130.0M and compressed the current ratio to 1.7x, so liquidity is tightening even while sales are expanding.
This is not a unit-economics problem: gross margin reached
Free cash flow was
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Phathom Pharmaceuticals, Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Phathom Pharmaceuticals, Inc. has an operating margin of -91.4%, meaning the company loses $91 on every $100 of revenue. This results in a profitability score of 17/100. This is up from -502.2% the prior year.
Phathom Pharmaceuticals, Inc.'s revenue surged 216.9% year-over-year to $175.1M, reflecting rapid business expansion. This strong growth earns a score of 99/100.
Not available for Phathom Pharmaceuticals, Inc., and counted as zero in the overall score.
Phathom Pharmaceuticals, Inc.'s current ratio of 1.73 indicates adequate short-term liquidity, earning a score of 49/100. The company can meet its near-term obligations, though with limited headroom.
Phathom Pharmaceuticals, Inc.'s operations used $166.8M of cash, and capex of $229K added to the outflow, for a free cash flow shortfall of $167.0M. This results in a cash flow score of 4/100.
Phathom Pharmaceuticals, Inc. scores -8.31, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($717.6M) relative to total liabilities ($697.3M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Phathom Pharmaceuticals, Inc. passes 3 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.
Phathom Pharmaceuticals, Inc. reported a net loss of $221K while operations used $166.8M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Phathom Pharmaceuticals, Inc. reported an operating loss of $160.0M against $68.1M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
Phathom Pharmaceuticals, Inc. generated $175.1M in revenue in fiscal year 2025. This represents an increase of 216.9% from the prior year.
Phathom Pharmaceuticals, Inc.'s EBITDA was -$159.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 42.4% from the prior year.
Phathom Pharmaceuticals, Inc. reported -$221K in net income in fiscal year 2025. This represents an increase of 33.8% from the prior year.
Phathom Pharmaceuticals, Inc. earned -$3.03 per diluted share (EPS) in fiscal year 2025. This represents an increase of 42.7% from the prior year.
Cash & Balance Sheet
Phathom Pharmaceuticals, Inc. recorded an outflow of $167.0M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents an increase of 37.4% from the prior year.
Phathom Pharmaceuticals, Inc. held $130.0M in cash against $209.1M in long-term debt as of fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
Phathom Pharmaceuticals, Inc.'s gross margin was 87.1% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 1.5 percentage points from the prior year.
Phathom Pharmaceuticals, Inc.'s operating margin was -91.4% in fiscal year 2025, reflecting core business profitability. No change is given against fiscal year 2024: its reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Phathom Pharmaceuticals, Inc.'s net profit margin was -0.1% in fiscal year 2025, showing the share of revenue converted to profit. This is up 0.5 percentage points from the prior year.
Not reported for fiscal year 2025.
Capital Allocation
Phathom Pharmaceuticals, Inc. invested $32.8M in research and development in fiscal year 2025. This represents a decrease of 3.8% from the prior year.
Phathom Pharmaceuticals, Inc. invested $229K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 69.6% from the prior year.
Not reported for fiscal year 2025.
PHAT Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $239.7M | $175.1M+216.9% | $55.3M+8001.5% | $682K | $0 | N/A | N/A | N/A | N/A |
| Cost of Revenue | $40.9M | $22.6M+183.4% | $8.0M+4674.3% | $167K | $0 | N/A | N/A | N/A | N/A |
| Gross Profit | $198.7M | $152.5M+222.6% | $47.3M+9080.4% | $515K | $0 | N/A | N/A | N/A | N/A |
| R&D Expenses | $30.1M | $32.8M-3.8% | $34.1M-31.7% | $49.9M-30.2% | $71.4M-1.2% | $72.3M-26.3% | $98.1M+381.7% | $20.4M+101770.0% | $20K |
| SG&A Expenses | $209.3M | $279.7M-3.8% | $290.7M+146.5% | $117.9M+16.8% | $101.0M+61.0% | $62.7M+128.0% | $27.5M+296.3% | $6.9M+476.3% | $1.2M |
| Operating Income | -$40.6M | -$160.0M+42.3% | -$277.5M-65.8% | -$167.3M+3.0% | -$172.4M-27.7% | -$135.1M-7.5% | -$125.7M-18.3% | -$106.2M-8570.6% | -$1.2M |
| Interest Expense | $63.4M | $68.1M-5.4% | $72.0M+71.6% | $42.0M+53.7% | $27.3M+302.3% | $6.8M+48.2% | $4.6M+9.7% | $4.2M+32030.8% | $13K |
| Income Tax | N/A | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Net Income | $122.0M | -$221K+33.8% | -$334K-65.8% | -$202K+99.9% | -$197.7M-37.4% | -$143.9M-11.5% | -$129.1M+49.4% | -$255.1M-19708.3% | -$1.3M |
| EPS (Diluted) | — | -$3.03+42.7% | -$5.29-34.6% | -$3.93 | -$5.05-29.8% | -$3.89 | N/A | N/A | N/A |
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
PHAT Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $259.1M-31.5% | $378.3M-8.6% | $413.8M+151.1% | $164.8M-13.0% | $189.4M-35.8% | $295.1M+14.7% | $257.2M+28412.0% | $902K |
| Current Assets | $229.0M-36.4% | $360.1M-9.4% | $397.4M+147.6% | $160.5M-13.9% | $186.5M-36.0% | $291.4M+14.0% | $255.6M+28237.1% | $902K |
| Cash & Equivalents | $130.0M-56.3% | $297.3M-22.1% | $381.4M+145.5% | $155.4M-15.2% | $183.3M-36.3% | $287.5M+17.9% | $243.8M+27632.1% | $879K |
| Inventory | $5.5M+72.0% | $3.2M+165.6% | $1.2M | $0 | N/A | N/A | N/A | N/A |
| Total Liabilities | $697.3M+10.4% | $631.9M+29.9% | $486.6M+103.1% | $239.6M+104.3% | $117.3M+16.3% | $100.8M+245.1% | $29.2M+1235.6% | $2.2M |
| Current Liabilities | $132.0M+54.0% | $85.7M+121.1% | $38.8M+47.8% | $26.2M+38.7% | $18.9M-65.9% | $55.5M+1381.4% | $3.7M+71.3% | $2.2M |
| Long-Term Debt | $209.1M+3.8% | $201.4M+46.1% | $137.8M+44.7% | $95.3M+6.2% | $89.7M+126.2% | $39.6M+74.0% | $22.8M | N/A |
| Total Equity | -$438.2M-72.8% | -$253.6M-248.5% | -$72.8M+2.7% | -$74.8M-203.7% | $72.2M-62.9% | $194.3M-14.8% | $228.0M+17825.9% | -$1.3M |
| Retained Earnings | -$1.5B-17.5% | -$1.3B-36.0% | -$928.7M-27.7% | -$727.1M-37.4% | -$529.4M-37.3% | -$385.5M-50.3% | -$256.4M-19808.3% | -$1.3M |
Not reported in any period shown, so not listed: Accounts Receivable, Goodwill.
PHAT Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 |
|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$36.7M | -$166.8M+37.5% | -$266.8M-93.9% | -$137.6M+6.1% | -$146.5M+1.3% | -$148.5M-113.0% | -$69.7M-90.9% | -$36.5M-3468.9% | -$1.0M |
| Capital Expenditures | $219K | $229K+69.6% | $135K-91.7% | $1.6M+57.0% | $1.0M+217.4% | $328K-68.5% | $1.0M+687.9% | $132K | N/A |
| Free Cash Flow | -$36.9M | -$167.0M+37.4% | -$266.9M-91.7% | -$139.2M+5.7% | -$147.6M+0.8% | -$148.8M-110.4% | -$70.7M-93.0% | -$36.6M | N/A |
| Investing Cash Flow | -$219K | -$229K-69.6% | -$135K+91.7% | -$1.6M-57.0% | -$1.0M-217.4% | -$328K+68.5% | -$1.0M+95.9% | -$25.3M | N/A |
| Financing Cash Flow | $69.8M | -$288K-100.2% | $182.8M-50.3% | $367.6M+206.2% | $120.0M+168.5% | $44.7M-60.9% | $114.5M-62.4% | $304.6M+15917.1% | $1.9M |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
PHAT Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 87.1%+1.5pp | 85.6%+10.1pp | 75.5% | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | -91.4% | -502.2% | -24532.5% | N/A | N/A | N/A | N/A | N/A |
| Net Margin | -0.1%+0.5pp | -0.6%+28.9pp | -29.6% | N/A | N/A | N/A | N/A | N/A |
| Return on Equity | N/A | N/A | N/A | N/A | -199.4%-133.0pp | -66.4%+45.5pp | -111.9% | N/A |
| Return on Assets | -0.1%0.0pp | -0.1%0.0pp | -0.1%+119.9pp | -120.0%-44.0pp | -76.0%-32.2pp | -43.7%+55.5pp | -99.2%+43.6pp | -142.8% |
| Current Ratio | 1.73-2.5x | 4.20-6.0x | 10.25+4.1x | 6.12-3.7x | 9.86+4.6x | 5.25-62.9x | 68.20+67.8x | 0.41 |
| Debt-to-Equity | N/A | N/A | N/A | N/A | 1.24+1.0x | 0.20+0.1x | 0.10 | N/A |
| FCF Margin | -95.4% | -483.1% | -20412.6% | N/A | N/A | N/A | N/A | N/A |
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, FCF Margin.
Note: Shareholder equity is negative (-$438.2M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
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Where Phathom Pharmaceuticals, Inc. Ranks
Frequently Asked Questions
What is Phathom Pharmaceuticals, Inc.'s annual revenue?
Phathom Pharmaceuticals, Inc. (PHAT) reported $175.1M in total revenue for fiscal year 2025. This represents a 216.9% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Phathom Pharmaceuticals, Inc.'s revenue growing?
Phathom Pharmaceuticals, Inc. (PHAT) revenue grew by 216.9% year-over-year, from $55.3M to $175.1M in fiscal year 2025.
Is Phathom Pharmaceuticals, Inc. profitable?
No, Phathom Pharmaceuticals, Inc. (PHAT) reported a net income of -$221K in fiscal year 2025, with a net profit margin of -0.1%.
What is Phathom Pharmaceuticals, Inc.'s EBITDA?
Phathom Pharmaceuticals, Inc. (PHAT) had EBITDA of -$159.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Phathom Pharmaceuticals, Inc. have?
As of fiscal year 2025, Phathom Pharmaceuticals, Inc. (PHAT) had $130.0M in cash and equivalents against $209.1M in long-term debt.
What is Phathom Pharmaceuticals, Inc.'s gross margin?
Phathom Pharmaceuticals, Inc. (PHAT) had a gross margin of 87.1% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Phathom Pharmaceuticals, Inc.'s operating margin?
Phathom Pharmaceuticals, Inc. (PHAT) had an operating margin of -91.4% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Phathom Pharmaceuticals, Inc.'s net profit margin?
Phathom Pharmaceuticals, Inc. (PHAT) had a net profit margin of -0.1% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Phathom Pharmaceuticals, Inc.'s free cash flow?
Phathom Pharmaceuticals, Inc. (PHAT) recorded an outflow of $167.0M in free cash flow during fiscal year 2025. This represents a 37.4% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Phathom Pharmaceuticals, Inc.'s operating cash flow?
Phathom Pharmaceuticals, Inc. (PHAT) recorded an outflow of $166.8M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Phathom Pharmaceuticals, Inc.'s total assets?
Phathom Pharmaceuticals, Inc. (PHAT) had $259.1M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Phathom Pharmaceuticals, Inc.'s capital expenditures?
Phathom Pharmaceuticals, Inc. (PHAT) invested $229K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Phathom Pharmaceuticals, Inc. spend on research and development?
Phathom Pharmaceuticals, Inc. (PHAT) invested $32.8M in research and development during fiscal year 2025.
What is Phathom Pharmaceuticals, Inc.'s current ratio?
Phathom Pharmaceuticals, Inc. (PHAT) had a current ratio of 1.73 as of fiscal year 2025, which is generally considered healthy.
What is Phathom Pharmaceuticals, Inc.'s return on assets (ROA)?
Phathom Pharmaceuticals, Inc. (PHAT) had a return on assets of -0.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Phathom Pharmaceuticals, Inc.'s cash runway?
Based on fiscal year 2025 data, Phathom Pharmaceuticals, Inc. (PHAT) had $130.0M in cash against an annual operating cash burn of $166.8M. This gives an estimated cash runway of approximately 9 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
Why is Phathom Pharmaceuticals, Inc.'s debt-to-equity ratio negative or not reported?
Phathom Pharmaceuticals, Inc. (PHAT) has negative shareholder equity of -$438.2M as of fiscal year 2025, so no debt-to-equity ratio is reported: dividing debt by equity that is not positive produces a number that cannot be read as leverage. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
What is Phathom Pharmaceuticals, Inc.'s Altman Z-Score?
Phathom Pharmaceuticals, Inc. (PHAT) has an Altman Z-Score of -8.31, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Phathom Pharmaceuticals, Inc.'s Piotroski F-Score?
Phathom Pharmaceuticals, Inc. (PHAT) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Phathom Pharmaceuticals, Inc.'s earnings high quality?
Phathom Pharmaceuticals, Inc. (PHAT) reported a net loss of $221K while operations used $166.8M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Phathom Pharmaceuticals, Inc. cover its interest payments?
Phathom Pharmaceuticals, Inc. (PHAT) reported an operating loss of $160.0M against $68.1M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Phathom Pharmaceuticals, Inc.?
Phathom Pharmaceuticals, Inc. (PHAT) scores 33 out of 100 on our Financial Health Score, indicating weak standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.