Phathom Pharmaceuticals (PHAT) holders disclose 2.7% passive stake

Rhea-AI Filing Summary

Phathom Pharmaceuticals, Inc. received an amended Schedule 13G/A showing that several Millennium-affiliated entities report passive, sub-5% positions in its common stock as of 12/31/2025. Integrated Core Strategies (US) LLC reports beneficial ownership of 1,255,161 shares, representing 1.6% of the class, with shared voting and dispositive power over those shares. Millennium Management LLC, Millennium Group Management LLC and Israel A. Englander each report beneficial ownership of 2,082,180 shares, or 2.7% of the class, all with shared voting and dispositive power. The filers state that the securities are not held for the purpose of changing or influencing control of Phathom Pharmaceuticals.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 3)

Phathom Pharmaceuticals, Inc.

(Name of Issuer)

Common Stock, par value $0.0001 per share

(Title of Class of Securities)

71722W107

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 71722W107

1

Names of Reporting Persons

Integrated Core Strategies (US) LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,255,161.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,255,161.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,255,161.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

1.6 %

12

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13G

CUSIP No. 71722W107

1

Names of Reporting Persons

Millennium Management LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 2,082,180.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,082,180.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,082,180.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

2.7 %

12

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13G

CUSIP No. 71722W107

1

Names of Reporting Persons

Millennium Group Management LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 2,082,180.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,082,180.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,082,180.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

2.7 %

12

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13G

CUSIP No. 71722W107

1

Names of Reporting Persons

Israel A. Englander

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 2,082,180.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,082,180.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,082,180.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

2.7 %

12

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Phathom Pharmaceuticals, Inc.
(b)	Address of issuer's principal executive offices: 100 Campus Drive, Suite 102, Florham Park, New Jersey 07932
Item 2.
(a)	Name of person filing: Integrated Core Strategies (US) LLC Millennium Management LLC Millennium Group Management LLC Israel A. Englander
(b)	Address or principal business office or, if none, residence: Integrated Core Strategies (US) LLC c/o Millennium Management LLC 399 Park Avenue New York, New York 10022 Millennium Management LLC 399 Park Avenue New York, New York 10022 Millennium Group Management LLC 399 Park Avenue New York, New York 10022 Israel A. Englander c/o Millennium Management LLC 399 Park Avenue New York, New York 10022
(c)	Citizenship: Integrated Core Strategies (US) LLC - Delaware Millennium Management LLC - Delaware Millennium Group Management LLC - Delaware Israel A. Englander - United States
(d)	Title of class of securities: Common Stock, par value $0.0001 per share
(e)	CUSIP No.: 71722W107
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: See response to Item 9 on each cover page.
(b)	Percent of class: See response to Item 11 on each cover page.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: See response to Item 5 on each cover page.
	(ii) Shared power to vote or to direct the vote: See response to Item 6 on each cover page.
	(iii) Sole power to dispose or to direct the disposition of: See response to Item 7 on each cover page.
	(iv) Shared power to dispose or to direct the disposition of: See response to Item 8 on each cover page. The securities disclosed herein as potentially beneficially owned by Millennium Management LLC, Millennium Group Management LLC and Mr. Englander are held by entities subject to voting control and investment discretion by Millennium Management LLC and/or other investment managers that may be controlled by Millennium Group Management LLC (the managing member of Millennium Management LLC) and Mr. Englander (the sole voting trustee of the managing member of Millennium Group Management LLC). The foregoing should not be construed in and of itself as an admission by Millennium Management LLC, Millennium Group Management LLC or Mr. Englander as to beneficial ownership of the securities held by such entities.
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	If a group has filed this schedule pursuant to §240.13d-1(b)(1)(ii)(J), so indicate under Item 3(j) and attach an exhibit stating the identity and Item 3 classification of each member of the group. If a group has filed this schedule pursuant to §240.13d-1(c) or §240.13d-1(d), attach an exhibit stating the identity of each member of the group. See Exhibit I
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Integrated Core Strategies (US) LLC

Signature:	/s/ Gil Raviv
Name/Title:	Gil Raviv, Global General Counsel
Date:	01/26/2026

Millennium Management LLC

Signature:	/s/ Gil Raviv
Name/Title:	Gil Raviv, Global General Counsel
Date:	01/26/2026

Millennium Group Management LLC

Signature:	/s/ Gil Raviv
Name/Title:	Gil Raviv, Global General Counsel
Date:	01/26/2026

Israel A. Englander

Signature:	/s/ Israel A. Englander
Name/Title:	Israel A. Englander
Date:	01/26/2026

Comments accompanying signature: ** INTEGRATED CORE STRATEGIES (US) LLC By: Integrated Holding Group LP, its Managing Member By: Millennium Management LLC, its General Partner

Exhibit Information

Exhibit I: Joint Filing Agreement, dated as of January 26, 2026, by and among Integrated Core Strategies (US) LLC, Millennium Management LLC, Millennium Group Management LLC and Israel A. Englander.

FAQ

What ownership stake in Phathom Pharmaceuticals (PHAT) does Millennium report?

Millennium Management LLC, Millennium Group Management LLC and Israel A. Englander each report beneficial ownership of 2,082,180 Phathom Pharmaceuticals common shares, representing 2.7% of the class as of 12/31/2025.

How many Phathom Pharmaceuticals (PHAT) shares does Integrated Core Strategies hold?

Integrated Core Strategies (US) LLC reports beneficial ownership of 1,255,161 Phathom Pharmaceuticals common shares, equal to 1.6% of the outstanding class as of 12/31/2025.

Is the Millennium stake in Phathom Pharmaceuticals reported as passive?

Yes. The filers certify that the Phathom Pharmaceuticals securities were not acquired and are not held for the purpose or effect of changing or influencing control of the issuer.

Who are the reporting persons on this Phathom Pharmaceuticals Schedule 13G/A?

The reporting persons are Integrated Core Strategies (US) LLC, Millennium Management LLC, Millennium Group Management LLC, and Israel A. Englander.

What type of securities do the reporting persons hold in Phathom Pharmaceuticals (PHAT)?

The reporting persons disclose holdings of common stock of Phathom Pharmaceuticals, Inc., with a par value of $0.0001 per share, identified by CUSIP 71722W107.

Do the Millennium entities have sole or shared voting power over their Phathom shares?

The Millennium entities and Israel A. Englander report 0 shares with sole voting or dispositive power and 2,082,180 shares with shared voting and dispositive power.

What does Item 5 indicate about Millennium’s ownership level in Phathom Pharmaceuticals?

Item 5 states that the reporting persons each hold 5 percent or less of Phathom Pharmaceuticals’ common stock class.