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PHAT

Phathom Pharmaceuticals, Inc.

PHAT

Phathom Pharmaceuticals, Inc. • NASDAQ
$15.62 ▲ 2.97% (+0.45)
Market Cap $1.11 B
52w High $16.27
52w Low $2.21
Dividend Yield 0%
P/E -4.15
Volume 765.74K
Outstanding Shares 71.13M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $49.504M ▲ $58.585M ▼ $-29.973M ▲ -60.547% ▲ $-0.41 ▲ $-13.709M ▲
Q2-2025 $39.503M ▲ $94.389M ▼ $-75.81M ▲ -191.909% ▲ $-1.05 ▲ $-58.12M ▲
Q1-2025 $28.519M ▼ $103.658M ▲ $-94.316M ▼ -330.713% ▼ $-1.31 ▼ $-76.068M ▼
Q4-2024 $29.664M ▲ $85.266M ▲ $-74.451M ▲ -250.981% ▲ $-1.05 ▲ $-55.665M ▲
Q3-2024 $16.352M $84.792M $-85.577M -523.343% $-1.32 $-66.902M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $135.156M ▼ $240.289M ▼ $662.823M ▲ $-422.534M ▼
Q2-2025 $149.569M ▼ $250.22M ▼ $656.054M ▲ $-405.834M ▼
Q1-2025 $212.315M ▼ $294.208M ▼ $632.584M ▲ $-338.376M ▼
Q4-2024 $297.263M ▼ $378.468M ▼ $632.048M ▲ $-253.58M ▼
Q3-2024 $334.678M $387.044M $574.156M $-187.112M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-29.973M ▲ $-14.115M ▲ $-27K ▲ $-271K ▼ $-14.413M ▲ $-14.115M ▲
Q2-2025 $-75.81M ▲ $-62.729M ▲ $-97K ▼ $80K ▲ $-62.746M ▲ $-62.729M ▲
Q1-2025 $-94.316M ▼ $-84.93M ▼ $-18K ▼ $0 ▼ $-84.948M ▼ $-84.948M ▼
Q4-2024 $-74.451M ▲ $-63.456M ▲ $-5K ▲ $26.046M ▼ $-37.415M ▼ $-63.461M ▲
Q3-2024 $-85.577M $-63.573M $-44K $122.057M $58.44M $-63.487M

Five-Year Company Overview

Income Statement

Income Statement Phathom is still very much in the “build” phase financially. Revenue only just started to appear and is still tiny compared with the company’s ongoing costs. Operating losses have been sizeable and fairly consistent over the last several years, and net losses per share remain deep in negative territory. The uptick in losses in the most recent year lines up with a company shifting from a pure R&D story toward commercialization: higher spending on sales, marketing, and launch activities ahead of meaningful revenue scale. The path to breakeven will depend heavily on how quickly VOQUEZNA prescriptions grow and how effectively the company can control operating expenses while ramping sales.

Balance Sheet

Balance Sheet The balance sheet shows a classic early‑commercial biotech profile: cash is still the dominant asset, but it has been trending down, while debt has increased notably. As a result, shareholder equity has swung from positive a few years ago to clearly negative now, reflecting accumulated losses and leverage. This combination signals financial risk: the company has less of a capital cushion and more obligations to meet over time. It underscores how reliant Phathom is on successful commercialization or future financing to keep funding operations and servicing its debt.

Cash Flow

Cash Flow Cash flow is consistently negative, driven almost entirely by operating activities such as R&D, clinical work, and now commercial build‑out. There is essentially no meaningful spending on physical assets, so free cash flow closely tracks operating cash burn. While the burn level has been relatively steady, it is still substantial for a company with only nascent revenue. Without a rapid and sustained ramp in product sales, Phathom will likely remain dependent on its existing cash, debt capacity, or new capital raises to support operations.

Competitive Edge

Competitive Edge Phathom’s competitive position rests on bringing a genuinely new class of acid‑suppressing drug to a very large and established market. Vonoprazan appears faster, more potent, and more convenient than standard proton pump inhibitors, and clinical data support better performance in certain tougher‑to‑treat patients. Intellectual property and potential regulatory exclusivity could protect the franchise for a number of years, and the company has first‑mover advantage for this drug class in the U.S. At the same time, it faces powerful headwinds: very cheap generic PPIs, ingrained physician habits, reimbursement scrutiny from insurers, and competition from much larger pharma players that may respond with their own strategies. Execution in sales, market education, and payer access will largely determine how strong this competitive position becomes in practice.

Innovation and R&D

Innovation and R&D Phathom is highly focused and innovative, building an entire franchise around a single core molecule, vonoprazan, and extending it across multiple acid‑related conditions. This concentration allows deep expertise and efficient development across erosive GERD, non‑erosive GERD, and H. pylori infection, creating a portfolio effect from one technological platform. The pause in broader pipeline work to prioritize commercial execution shows a shift from discovery to monetization. The key innovation risk is also clear: the company is heavily dependent on one mechanism and one brand, so its long‑term R&D story hinges on expanding indications, enhancing the product’s profile, and potentially restarting new clinical programs once the commercial base is stronger.

Summary

Phathom is transitioning from a research‑driven biotech to a commercial‑stage pharmaceutical company built around a single, differentiated GI drug. Financially, it is still loss‑making with ongoing cash burn, rising debt, and a weakened equity position, which heighten dependence on successful market uptake and careful cost control. Strategically, however, it holds a potentially valuable asset in a new class of acid‑suppression therapy with clear clinical and practical advantages and a meaningful opportunity in a large, established market. The central questions going forward are execution‑related: how quickly VOQUEZNA can gain traction against entrenched, low‑cost competitors; whether payers and prescribers embrace the product’s differentiation; and whether the company can manage its cash runway and debt obligations long enough to reach the profitability timeline it is targeting. Uncertainty is high, but so is the potential operating leverage if commercialization succeeds.

NEWS

November 4, 2025 · 8:00 AM UTC

Phathom Pharmaceuticals Announces First Patient Dosed in Phase 2 Study of VOQUEZNA® (vonoprazan) in Eosinophilic Esophagitis (EoE)

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November 3, 2025 · 7:59 AM UTC

Phathom Pharmaceuticals to Participate in Upcoming Investor Conferences

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October 30, 2025 · 7:00 AM UTC

Phathom Pharmaceuticals Reports Third Quarter 2025 Financial Results and Provides Business Update

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October 25, 2025 · 9:59 AM UTC

Phathom Pharmaceuticals Announces Publication of Data from Phase 3 pHalcon-NERD-301 Study Showing VOQUEZNA® (vonoprazan) Improved Nocturnal GERD Symptoms in Patients with Non-Erosive Reflux Disease

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October 23, 2025 · 8:00 AM UTC

Phathom Pharmaceuticals to Highlight VOQUEZNA® (vonoprazan) at the American College of Gastroenterology (ACG) 2025 Annual Scientific Meeting

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