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Phathom Pharmaceuticals (PHAT) Financials

Phathom Pharmaceuticals logo
$10.00 -0.13 (-1.28%)
Closing price 04:00 PM Eastern
Extended Trading
$9.99 -0.01 (-0.10%)
As of 07:02 PM Eastern
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Annual Income Statements for Phathom Pharmaceuticals

Annual Income Statements for Phathom Pharmaceuticals

This table shows Phathom Pharmaceuticals' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 -255 -129 -144 -198 -202 -334 -221
Consolidated Net Income / (Loss)		 -255 -129 -144 -198 -202 -334 -221
Net Income / (Loss) Continuing Operations		 -255 -129 -144 -198 -202 -334 -221
Total Pre-Tax Income 		-255 -129 -144 -198 -202 -334 -221
Total Operating Income		 -106 -126 -135 -172 -167 -277 -160
Total Gross Profit		 0.00 0.00 0.00 0.00 0.52 47 153
Total Revenue		 0.00 0.00 0.00 0.00 0.68 55 175
Operating Revenue		 - - - 0.00 0.68 55 175
Total Cost of Revenue		 0.00 0.00 0.00 0.00 0.17 7.97 23
Operating Cost of Revenue		 - - - 0.00 0.17 7.97 23
Total Operating Expenses		 106 126 135 172 168 325 312
Selling, General & Admin Expense		 6.94 28 63 101 118 291 280
Research & Development Expense		 99 98 72 71 50 34 33
Total Other Income / (Expense), net		 -149 -3.40 -8.80 -25 -34 -57 -61
Interest Expense		 4.18 4.58 6.79 27 42 72 68
Interest & Investment Income		 1.09 1.09 0.04 2.13 7.88 15 7.04
Other Income / (Expense), net		 -146 0.09 -2.06 -0.11 -0.19 -0.01 -0.19
Basic Earnings per Share		 ($22.45) ($3.88) ($3.89) ($5.05) ($3.93) ($5.29) ($3.03)
Weighted Average Basic Shares Outstanding		 11.37M 33.23M 37.00M 39.12M 51.29M 63.18M 72.92M
Diluted Earnings per Share		 ($22.45) ($3.88) ($3.89) ($5.05) ($3.93) ($5.29) ($3.03)
Weighted Average Diluted Shares Outstanding		 11.37M 33.23M 37.00M 39.12M 51.29M 63.18M 72.92M
Weighted Average Basic & Diluted Shares Outstanding		 11.37M 33.23M 37.00M 41.97M 58.48M 69.64M 78.80M

Quarterly Income Statements for Phathom Pharmaceuticals

This table shows Phathom Pharmaceuticals' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 -43 -80 -83 -91 -86 -74 -94 -76 -30 -21 -30
Consolidated Net Income / (Loss)		 -43 -80 -83 -91 -86 -74 -94 -76 -30 -21 -30
Net Income / (Loss) Continuing Operations		 -43 -80 -83 -91 -86 -74 -94 -76 -30 -21 -30
Total Pre-Tax Income 		-43 -80 -83 -91 -86 -74 -94 -76 -30 -21 -30
Total Operating Income		 -36 -70 -70 -77 -71 -59 -79 -60 -15 -5.93 -15
Total Gross Profit		 0.00 0.52 1.49 5.95 14 26 25 34 43 50 46
Total Revenue		 0.00 0.68 1.91 7.32 16 30 29 40 50 58 58
Operating Revenue		 0.00 0.68 1.91 7.32 16 30 29 40 50 58 58
Total Cost of Revenue		 0.00 0.17 0.43 1.38 2.36 3.82 3.72 5.04 6.19 7.65 12
Operating Cost of Revenue		 0.00 0.17 0.43 1.38 2.36 3.82 3.72 5.04 6.19 7.65 12
Total Operating Expenses		 36 70 71 83 85 85 104 94 59 56 62
Selling, General & Admin Expense		 23 57 62 76 76 77 94 85 52 48 54
Research & Development Expense		 12 13 9.43 7.38 8.69 8.58 9.18 9.08 7.03 7.49 7.77
Total Other Income / (Expense), net		 -7.58 -9.70 -13 -14 -15 -15 -15 -16 -15 -15 -15
Interest Expense		 10 13 17 18 18 19 18 18 16 16 16
Interest & Investment Income		 2.72 3.35 4.31 3.62 3.71 3.51 2.64 1.79 1.41 1.20 1.74
Other Income / (Expense), net		 -0.20 -0.01 -0.04 -0.01 -0.01 0.05 -0.02 -0.16 -0.01 -0.01 -0.83
Basic Earnings per Share		 ($0.76) ($1.44) ($1.42) ($1.56) ($1.32) ($0.99) ($1.31) ($1.05) ($0.41) ($0.26) ($0.37)
Weighted Average Basic Shares Outstanding		 56.78M 51.29M 58.37M 58.56M 64.63M 63.18M 71.97M 72.47M 73.40M 72.92M 82.05M
Diluted Earnings per Share		 ($0.76) ($1.44) ($1.42) ($1.56) ($1.32) ($0.99) ($1.31) ($1.05) ($0.41) ($0.26) ($0.37)
Weighted Average Diluted Shares Outstanding		 56.78M 51.29M 58.37M 58.56M 64.63M 63.18M 71.97M 72.47M 73.40M 72.92M 82.05M
Weighted Average Basic & Diluted Shares Outstanding		 57.25M 58.48M 58.54M 59.59M 68.38M 69.64M 69.81M 70.94M 71.14M 78.80M 79.76M

Annual Cash Flow Statements for Phathom Pharmaceuticals

This table details how cash moves in and out of Phathom Pharmaceuticals' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 243 44 -104 -28 228 -84 -167
Net Cash From Operating Activities		 -37 -70 -148 -147 -138 -267 -167
Net Cash From Continuing Operating Activities		 -37 -70 -148 -147 -138 -267 -167
Net Income / (Loss) Continuing Operations		 -255 -129 -144 -198 -202 -334 -221
Consolidated Net Income / (Loss)		 -255 -129 -144 -198 -202 -334 -221
Depreciation Expense		 0.01 0.32 0.52 0.62 0.58 0.80 0.63
Amortization Expense		 0.41 1.27 3.60 2.11 1.88 2.19 3.01
Non-Cash Adjustments To Reconcile Net Income		 228 26 0.13 41 75 80 63
Changes in Operating Assets and Liabilities, net		 -9.57 32 -8.82 7.08 -14 -15 -13
Net Cash From Investing Activities		 -25 -1.04 -0.33 -1.04 -1.63 -0.14 -0.23
Net Cash From Continuing Investing Activities		 -25 -1.04 -0.33 -1.04 -1.63 -0.14 -0.23
Purchase of Property, Plant & Equipment		 -0.13 -1.04 -0.33 -1.04 -1.63 -0.14 -0.23
Net Cash From Financing Activities		 305 114 45 120 368 183 -0.29
Net Cash From Continuing Financing Activities		 305 114 45 120 368 183 -0.29
Issuance of Debt		 25 25 97 0.00 181 181 0.00
Issuance of Common Equity		 191 - 0.00 25 14 0.00 0.00
Other Financing Activities, net		 0.00 89 1.94 95 173 1.60 -0.29
Cash Interest Paid		 1.01 3.46 4.07 7.03 11 17 21

Quarterly Cash Flow Statements for Phathom Pharmaceuticals

This table details how cash moves in and out of Phathom Pharmaceuticals' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 -33 168 -59 -46 58 -37 -85 -63 -14 -5.19 51
Net Cash From Operating Activities		 -32 -44 -69 -71 -64 -63 -85 -63 -14 -5.00 -16
Net Cash From Continuing Operating Activities		 -32 -44 -69 -71 -64 -63 -85 -63 -14 -5.00 -16
Net Income / (Loss) Continuing Operations		 -43 -80 -83 -91 -86 -74 -94 -76 -30 -21 -30
Consolidated Net Income / (Loss)		 -43 -80 -83 -91 -86 -74 -94 -76 -30 -21 -30
Depreciation Expense		 0.12 0.19 0.21 0.20 0.19 0.19 0.18 0.17 0.16 0.13 0.11
Amortization Expense		 0.54 0.57 0.47 0.50 0.59 0.63 0.70 0.73 0.78 0.81 0.84
Non-Cash Adjustments To Reconcile Net Income		 14 34 20 21 20 19 17 18 17 11 12
Changes in Operating Assets and Liabilities, net		 -3.12 1.29 -7.07 -0.67 1.34 -9.08 -8.95 -5.98 -1.62 3.96 1.54
Net Cash From Investing Activities		 -0.94 -0.48 -0.04 -0.05 -0.04 -0.01 -0.02 -0.10 -0.03 -0.09 -0.06
Net Cash From Continuing Investing Activities		 -0.94 -0.48 -0.04 -0.05 -0.04 -0.01 -0.02 -0.10 -0.03 -0.09 -0.06
Purchase of Property, Plant & Equipment		 -0.94 -0.48 -0.04 -0.05 -0.04 -0.01 -0.02 -0.10 -0.03 -0.09 -0.06
Net Cash From Financing Activities		 0.01 212 9.90 25 122 26 0.00 0.08 -0.27 -0.10 67
Net Cash From Continuing Financing Activities		 0.01 212 9.90 25 122 26 0.00 0.08 -0.27 -0.10 67
Repayment of Debt		 - - - - - - 0.00 - - - -229
Issuance of Debt		 - 39 9.90 25 122 25 0.00 - - - 295
Other Financing Activities, net		 0.01 173 0.00 - 0.28 1.30 0.00 0.08 -0.27 -0.10 0.46
Cash Interest Paid		 2.91 2.91 3.74 4.08 4.66 4.82 5.23 5.31 5.40 5.43 4.94

Annual Balance Sheets for Phathom Pharmaceuticals

This table presents Phathom Pharmaceuticals' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 0.90 257 295 189 165 414 378 259
Total Current Assets		 0.90 256 291 187 161 397 360 229
Cash & Equivalents		 0.88 244 287 183 155 381 297 130
Accounts Receivable		 - - - - 0.00 1.64 39 78
Inventories, net		 - - - - 0.00 1.21 3.21 5.52
Prepaid Expenses		 0.02 12 3.87 3.27 5.13 13 21 15
Plant, Property, & Equipment, net		 0.00 0.46 0.99 0.65 1.21 2.15 1.48 1.06
Total Noncurrent Assets		 0.00 1.11 2.76 2.26 2.59 11 14 29
Other Noncurrent Operating Assets		 0.00 1.11 2.76 2.26 2.59 11 14 29
Total Liabilities & Shareholders' Equity		 0.90 257 295 189 165 414 378 259
Total Liabilities		 2.19 29 101 117 240 487 632 697
Total Current Liabilities		 2.19 3.75 56 19 26 39 86 132
Accounts Payable		 0.06 0.70 17 5.15 10.00 13 11 4.98
Accrued Expenses		 0.17 2.32 31 13 15 17 53 90
Current Deferred Revenue		 - - - - 0.00 7.11 20 27
Other Current Liabilities		 - 0.57 0.47 0.49 0.71 0.73 0.50 8.15
Other Current Nonoperating Liabilities		 0.01 0.16 0.31 0.48 0.85 1.15 1.71 1.83
Total Noncurrent Liabilities		 0.00 25 45 98 213 448 546 565
Long-Term Debt		 0.00 23 40 90 95 138 201 209
Noncurrent Deferred Revenue		 - - - - 110 300 333 350
Other Noncurrent Operating Liabilities		 0.00 2.70 5.68 8.68 8.60 10 12 6.07
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 -1.29 228 194 72 -75 -73 -254 -438
Total Preferred & Common Equity		 -1.29 228 194 72 -75 -73 -254 -438
Preferred Stock		 - 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 -1.29 228 194 72 -75 -73 -254 -438
Common Stock		 0.00 484 580 602 652 856 1,009 1,046
Retained Earnings		 -1.29 -256 -385 -529 -727 -929 -1,263 -1,484
Treasury Stock		 - - - 0.00 0.00 0.00 0.00 0.00

Quarterly Balance Sheets for Phathom Pharmaceuticals

This table presents Phathom Pharmaceuticals' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 9/30/2022 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets		 202 144 265 237 356 319 387 294 250 240 305
Total Current Assets		 198 140 258 227 340 305 374 265 219 208 277
Cash & Equivalents		 197 130 249 214 322 276 335 212 150 135 181
Accounts Receivable		 - - - - 3.88 11 21 36 51 56 81
Inventories, net		 - - 0.11 0.11 1.46 2.18 3.11 3.17 3.43 3.61 6.51
Prepaid Expenses		 0.98 10 8.76 13 13 15 15 13 15 13 8.44
Plant, Property, & Equipment, net		 0.83 1.28 1.16 1.98 1.96 1.81 1.66 1.35 1.24 1.16 1.02
Total Noncurrent Assets		 3.29 2.89 6.16 8.29 11 9.91 8.71 28 30 31 28
Other Noncurrent Operating Assets		 3.29 2.89 6.16 8.29 11 9.91 8.71 28 30 31 28
Total Liabilities & Shareholders' Equity		 202 144 265 237 356 319 387 294 250 240 305
Total Liabilities		 228 234 247 255 505 553 574 633 656 663 642
Total Current Liabilities		 23 14 22 24 43 47 65 74 92 93 125
Accounts Payable		 7.14 4.81 4.17 5.79 8.40 7.66 7.13 12 4.01 1.08 6.37
Accrued Expenses		 13 8.02 15 14 17 27 36 43 64 65 83
Current Deferred Revenue		 - - 0.28 2.39 16 9.91 20 17 22 24 33
Other Current Liabilities		 1.63 0.71 0.72 0.72 0.73 0.72 0.68 0.32 0.24 0.59 0.67
Other Current Nonoperating Liabilities		 0.69 0.91 0.93 0.96 1.31 1.43 1.52 1.80 1.76 1.76 1.68
Total Noncurrent Liabilities		 205 220 226 231 462 506 509 559 564 570 517
Long-Term Debt		 94 97 98 99 149 174 176 203 205 207 164
Noncurrent Deferred Revenue		 - - 120 123 303 321 322 344 347 349 348
Other Noncurrent Operating Liabilities		 112 123 8.29 8.13 9.99 11 11 12 12 14 5.46
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 -26 -90 18 -18 -149 -234 -187 -338 -406 -423 -337
Total Preferred & Common Equity		 -26 -90 18 -18 -149 -234 -187 -338 -406 -423 -337
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 -26 -90 18 -18 -149 -234 -187 -338 -406 -423 -337
Common Stock		 646 675 823 831 863 869 1,001 1,019 1,027 1,041 1,178
Retained Earnings		 -672 -765 -806 -849 -1,012 -1,103 -1,189 -1,357 -1,433 -1,463 -1,515
Treasury Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Annual Metrics And Ratios for Phathom Pharmaceuticals

This table displays calculated financial ratios and metrics derived from Phathom Pharmaceuticals' official financial filings.

Metric 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Growth Metrics		 - - - - - - -
Revenue Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 8,001.47% 216.93%
EBITDA Growth		 0.00% 50.73% -7.29% -27.67% 2.81% -66.31% 42.97%
EBIT Growth		 0.00% 50.18% -9.20% -25.82% 2.93% -65.66% 42.27%
NOPAT Growth		 0.00% -18.31% -7.49% -27.66% 2.97% -65.84% 42.34%
Net Income Growth		 0.00% 49.41% -11.48% -37.42% -1.96% -65.84% 33.82%
EPS Growth		 0.00% 82.72% -0.26% -29.82% 22.18% -34.61% 42.72%
Operating Cash Flow Growth		 0.00% -90.87% -113.03% 1.30% 6.11% -93.90% 37.48%
Free Cash Flow Firm Growth		 0.00% 0.00% -242.32% 94.08% 1,037.16% -343.76% 34.83%
Invested Capital Growth		 0.00% -744.76% 54.37% -542.26% -136.30% -10.24% -1.89%
Revenue Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 110.32% 18.97%
EBITDA Q/Q Growth		 0.00% 0.00% -11.09% -8.74% -16.25% 3.72% 25.49%
EBIT Q/Q Growth		 0.00% 0.00% -10.87% -8.61% -16.04% 3.65% 25.01%
NOPAT Q/Q Growth		 0.00% 0.00% -11.04% -8.56% -16.13% 3.63% 25.06%
Net Income Q/Q Growth		 0.00% 0.00% -11.58% -10.77% -13.85% 1.51% 19.41%
EPS Q/Q Growth		 0.00% 0.00% 14.32% -8.14% -2.88% 7.84% 19.41%
Operating Cash Flow Q/Q Growth		 0.00% -7.42% -9.65% 0.15% -2.04% -7.96% 25.95%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% 0.00% 53.16% 167.46% -1,205.84% 28.82%
Invested Capital Q/Q Growth		 0.00% 0.00% 35.76% -4.58% -142.34% -0.92% -2.40%
Profitability Metrics		 - - - - - - -
Gross Margin		 0.00% 0.00% 0.00% 0.00% 75.51% 85.57% 87.09%
EBITDA Margin		 0.00% 0.00% 0.00% 0.00% -24,200.59% -496.79% -89.39%
Operating Margin		 0.00% 0.00% 0.00% 0.00% -24,532.55% -502.18% -91.36%
EBIT Margin		 0.00% 0.00% 0.00% 0.00% -24,560.12% -502.20% -91.47%
Profit (Net Income) Margin		 0.00% 0.00% 0.00% 0.00% -29,558.94% -605.09% -126.35%
Tax Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Interest Burden Percent		 101.23% 102.78% 104.92% 114.59% 120.35% 120.49% 138.13%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Equity (ROE)		 -225.11% -61.14% -108.01% 14,877.58% 273.21% 204.89% 63.97%
Cash Return on Invested Capital (CROIC)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Return on Assets (OROA)		 0.00% 0.00% 0.00% 0.00% -57.89% -70.06% -50.25%
Return on Assets (ROA)		 0.00% 0.00% 0.00% 0.00% -69.68% -84.41% -69.41%
Return on Common Equity (ROCE)		 -225.11% -61.14% -108.01% 14,877.58% 273.21% 204.89% 63.97%
Return on Equity Simple (ROE_SIMPLE)		 -111.92% -66.44% -199.41% 264.29% 277.07% 131.84% 0.00%
Net Operating Profit after Tax (NOPAT)		 -74 -88 -95 -121 -117 -194 -112
NOPAT Margin		 0.00% 0.00% 0.00% 0.00% -17,172.79% -351.53% -63.95%
Net Nonoperating Expense Percent (NNEP)		 -81.86% -17.83% -29.60% -100.75% -55.39% -81.86% -1,360.86%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - -179.95% 372.29% 48.89%
Cost of Revenue to Revenue		 0.00% 0.00% 0.00% 0.00% 24.49% 14.43% 12.91%
SG&A Expenses to Revenue		 0.00% 0.00% 0.00% 0.00% 17,291.50% 526.07% 159.74%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 7,316.57% 61.68% 18.72%
Operating Expenses to Revenue		 0.00% 0.00% 0.00% 0.00% 24,608.06% 587.75% 178.46%
Earnings before Interest and Taxes (EBIT)		 -252 -126 -137 -173 -168 -277 -160
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -252 -124 -133 -170 -165 -274 -157
Valuation Ratios		 - - - - - - -
Price to Book Value (P/BV)		 3.35 4.95 8.56 0.00 0.00 0.00 0.00
Price to Tangible Book Value (P/TBV)		 3.35 4.95 8.56 0.00 0.00 0.00 0.00
Price to Revenue (P/Rev)		 0.00 0.00 0.00 0.00 766.45 10.05 6.74
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 76.20 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Revenue (EV/Rev)		 0.00 0.00 0.00 0.00 405.13 8.26 7.19
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 4.17 0.00 0.00
Leverage & Solvency		 - - - - - - -
Debt to Equity		 0.10 0.24 1.24 -1.27 -1.89 -0.79 -0.48
Long-Term Debt to Equity		 0.10 0.20 1.24 -1.27 -1.89 -0.79 -0.48
Financial Leverage		 -0.97 -1.09 -1.25 57.52 2.07 1.05 0.02
Leverage Ratio		 1.14 1.31 1.82 -133.27 -3.92 -2.43 -0.92
Compound Leverage Factor		 1.15 1.34 1.91 -152.72 -4.72 -2.92 -1.27
Debt to Total Capital		 9.08% 19.48% 55.41% 465.84% 211.79% -386.06% -91.27%
Short-Term Debt to Total Capital		 0.00% 3.05% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 9.08% 16.43% 55.41% 465.84% 211.79% -386.06% -91.27%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 90.92% 80.52% 44.59% -365.84% -111.79% 486.06% 191.27%
Debt to EBITDA		 -0.09 -0.38 -0.67 -0.56 -0.84 -0.73 -1.34
Net Debt to EBITDA		 0.88 1.94 0.70 0.36 1.49 0.36 -0.51
Long-Term Debt to EBITDA		 -0.09 -0.32 -0.67 -0.56 -0.84 -0.73 -1.34
Debt to NOPAT		 -0.31 -0.53 -0.95 -0.79 -1.18 -1.04 -1.87
Net Debt to NOPAT		 2.97 2.73 0.99 0.50 2.10 0.51 -0.71
Long-Term Debt to NOPAT		 -0.31 -0.45 -0.95 -0.79 -1.18 -1.04 -1.87
Altman Z-Score		 12.23 3.45 -2.08 -7.48 -2.79 -5.55 -7.92
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - -
Current Ratio		 68.20 5.25 9.86 6.12 10.25 4.20 1.73
Quick Ratio		 65.04 5.18 9.69 5.92 9.88 3.92 1.58
Cash Flow Metrics		 - - - - - - -
Free Cash Flow to Firm (FCFF)		 0.00 -35 -120 -7.08 66 -162 -105
Operating Cash Flow to CapEx		 -27,659.09% -6,700.77% -45,261.28% -14,075.89% -8,419.83% -197,607.41% -72,827.51%
Free Cash Flow to Firm to Interest Expense		 0.00 -7.62 -17.61 -0.26 1.58 -2.25 -1.55
Operating Cash Flow to Interest Expense		 -8.74 -15.21 -21.87 -5.37 -3.28 -3.70 -2.45
Operating Cash Flow Less CapEx to Interest Expense		 -8.77 -15.44 -21.92 -5.40 -3.32 -3.71 -2.45
Efficiency Ratios		 - - - - - - -
Asset Turnover		 0.00 0.00 0.00 0.00 0.00 0.14 0.55
Accounts Receivable Turnover		 0.00 0.00 0.00 0.00 0.00 2.73 3.00
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 3.61 5.18
Fixed Asset Turnover		 0.00 0.00 0.00 0.00 0.41 30.51 137.88
Accounts Payable Turnover		 0.00 0.00 0.00 0.00 0.01 0.69 2.92
Days Sales Outstanding (DSO)		 0.00 0.00 0.00 0.00 0.00 133.56 121.86
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 101.08 70.47
Days Payable Outstanding (DPO)		 0.00 0.00 0.00 0.00 24,695.42 528.94 125.09
Cash Conversion Cycle (CCC)		 0.00 0.00 0.00 0.00 -24,695.42 -294.30 67.24
Capital & Investment Metrics		 - - - - - - -
Invested Capital		 7.12 -46 -21 -135 -318 -351 -357
Invested Capital Turnover		 0.00 0.00 0.00 0.00 0.00 -0.17 -0.49
Increase / (Decrease) in Invested Capital		 0.00 -53 25 -114 -183 -33 -6.64
Enterprise Value (EV)		 543 722 524 406 276 457 1,259
Market Capitalization		 764 962 618 467 523 555 1,180
Book Value per Share		 $9.29 $6.71 $2.30 ($1.80) ($1.27) ($3.71) ($6.16)
Tangible Book Value per Share		 $9.29 $6.71 $2.30 ($1.80) ($1.27) ($3.71) ($6.16)
Total Capital		 251 241 162 20 65 -52 -229
Total Debt		 23 47 90 95 138 201 209
Total Long-Term Debt		 23 40 90 95 138 201 209
Net Debt		 -221 -241 -94 -61 -246 -99 79
Capital Expenditures (CapEx)		 0.13 1.04 0.33 1.04 1.63 0.14 0.23
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 8.09 -44 -16 -22 -26 -26 -33
Debt-free Net Working Capital (DFNWC)		 252 243 168 134 359 274 97
Net Working Capital (NWC)		 252 236 168 134 359 274 97
Net Nonoperating Expense (NNE)		 181 41 49 77 84 140 109
Net Nonoperating Obligations (NNO)		 -221 -240 -93 -60 -245 -97 81
Total Depreciation and Amortization (D&A)		 0.42 1.60 4.12 2.73 2.45 2.99 3.65
Debt-free, Cash-free Net Working Capital to Revenue		 0.00% 0.00% 0.00% 0.00% -3,754.40% -46.55% -18.87%
Debt-free Net Working Capital to Revenue		 0.00% 0.00% 0.00% 0.00% 52,588.12% 496.64% 55.35%
Net Working Capital to Revenue		 0.00% 0.00% 0.00% 0.00% 52,588.12% 496.64% 55.35%
Earnings Adjustments		 - - - - - - -
Adjusted Basic Earnings per Share		 $0.00 $0.00 ($3.89) ($5.05) $0.00 ($5.29) ($3.03)
Adjusted Weighted Average Basic Shares Outstanding		 0.00 0.00 31.71M 39.12M 0.00 63.18M 72.92M
Adjusted Diluted Earnings per Share		 $0.00 $0.00 ($3.89) ($5.05) $0.00 ($5.29) ($3.03)
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 0.00 31.71M 39.12M 0.00 63.18M 72.92M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 ($3.89) $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 0.00 37.00M 41.97M 0.00 69.64M 78.80M
Normalized Net Operating Profit after Tax (NOPAT)		 -74 -88 -95 -121 -117 -194 -112
Normalized NOPAT Margin		 0.00% 0.00% 0.00% 0.00% -17,172.79% -351.53% -63.95%
Pre Tax Income Margin		 0.00% 0.00% 0.00% 0.00% -29,558.94% -605.09% -126.35%
Debt Service Ratios		 - - - - - - -
EBIT to Interest Expense		 -60.34 -27.41 -20.20 -6.32 -3.99 -3.85 -2.35
NOPAT to Interest Expense		 -17.80 -19.20 -13.93 -4.42 -2.79 -2.70 -1.64
EBIT Less CapEx to Interest Expense		 -60.37 -27.64 -20.25 -6.36 -4.03 -3.86 -2.35
NOPAT Less CapEx to Interest Expense		 -17.83 -19.43 -13.98 -4.46 -2.83 -2.70 -1.65
Payout Ratios		 - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Quarterly Metrics And Ratios for Phathom Pharmaceuticals

This table displays calculated financial ratios and metrics derived from Phathom Pharmaceuticals' official financial filings.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 - - - - - - - - - - 78,798,712.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 78,798,712.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - -0.39
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 4,249.56% 1,391.58% 439.36% 202.74% 94.12% 104.43%
EBITDA Growth		 15.81% -50.08% -135.62% -144.74% -98.97% 15.32% -12.56% 22.76% 79.51% 91.46% 80.32%
EBIT Growth		 15.71% -49.55% -132.88% -143.88% -97.47% 15.05% -12.70% 22.28% 78.42% 90.00% 79.33%
NOPAT Growth		 16.15% -49.81% -132.58% -143.84% -98.54% 14.97% -12.74% 22.48% 78.43% 90.02% 80.37%
Net Income Growth		 15.36% -44.55% -119.10% -123.23% -97.90% 6.43% -13.84% 17.10% 64.98% 71.59% 67.80%
EPS Growth		 42.42% -8.27% -59.55% -85.71% -73.68% 31.25% 7.75% 32.69% 68.94% 73.74% 71.76%
Operating Cash Flow Growth		 8.86% -6.72% -73.99% -218.56% -99.20% -44.89% -23.05% 11.30% 77.80% 92.12% 81.58%
Free Cash Flow Firm Growth		 -133.82% 66.12% 64.18% 1,458.93% 842.99% -106.72% -121.59% -120.28% -105.56% 127.52% 87.91%
Invested Capital Growth		 -1.97% -136.30% -164.50% -154.37% -164.72% -10.24% -6.92% -3.39% -0.41% -1.89% -1.99%
Revenue Q/Q Growth		 0.00% 0.00% 180.35% 283.05% 123.27% 81.41% -3.86% 38.51% 25.32% 16.32% 1.25%
EBITDA Q/Q Growth		 -12.43% -96.45% -0.25% -10.53% 8.60% 16.39% -33.25% 24.15% 75.75% 65.17% -207.26%
EBIT Q/Q Growth		 -13.12% -94.92% -0.15% -10.44% 8.41% 16.15% -32.87% 23.84% 74.57% 61.16% -174.82%
NOPAT Q/Q Growth		 -12.49% -95.95% -0.11% -10.50% 8.41% 16.07% -32.73% 24.02% 74.52% 61.18% -161.08%
Net Income Q/Q Growth		 -5.56% -84.01% -4.12% -10.37% 6.42% 13.00% -26.68% 19.62% 60.46% 29.44% -43.60%
EPS Q/Q Growth		 9.52% -89.47% 1.39% -9.86% 15.38% 25.00% -32.32% 19.85% 60.95% 36.59% -42.31%
Operating Cash Flow Q/Q Growth		 -43.76% -37.23% -57.59% -2.46% 10.11% 0.18% -33.84% 26.14% 77.50% 64.57% -212.88%
Free Cash Flow Firm Q/Q Growth		 -102.54% 699.92% 13.05% -1.07% 10.74% -105.42% -263.41% 7.04% 69.67% 126.86% -259.62%
Invested Capital Q/Q Growth		 0.97% -142.34% -1.65% -4.27% -3.06% -0.92% 1.41% -0.83% -0.09% -2.40% 1.32%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 0.00% 75.51% 77.72% 81.21% 85.59% 87.14% 86.94% 87.25% 87.50% 86.72% 79.42%
EBITDA Margin		 0.00% -10,137.54% -3,624.95% -1,046.00% -428.23% -197.36% -273.54% -149.79% -28.98% -8.68% -26.34%
Operating Margin		 0.00% -10,245.60% -3,658.68% -1,055.43% -432.95% -200.30% -276.53% -151.69% -30.85% -10.29% -26.55%
EBIT Margin		 0.00% -10,247.65% -3,660.93% -1,055.52% -433.00% -200.13% -276.61% -152.09% -30.86% -10.30% -27.97%
Profit (Net Income) Margin		 0.00% -11,667.16% -4,333.26% -1,248.58% -523.34% -250.98% -330.71% -191.91% -60.55% -36.73% -52.09%
Tax Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Interest Burden Percent		 120.60% 113.85% 118.37% 118.29% 120.86% 125.41% 119.56% 126.18% 196.18% 356.39% 186.22%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Equity (ROE)		 801.29% 273.21% 206.65% 274.81% 331.35% 204.89% 142.04% 103.23% 90.07% 63.97% 46.58%
Cash Return on Invested Capital (CROIC)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Return on Assets (OROA)		 0.00% -24.16% -37.95% -35.83% -36.46% -27.92% -69.59% -60.90% -14.48% -5.66% -19.13%
Return on Assets (ROA)		 0.00% -27.50% -44.92% -42.38% -44.06% -35.01% -83.21% -76.84% -28.41% -20.18% -35.62%
Return on Common Equity (ROCE)		 801.29% 273.21% 206.65% 274.81% 331.35% 204.89% 142.04% 103.23% 90.07% 63.97% 46.58%
Return on Equity Simple (ROE_SIMPLE)		 996.28% 0.00% 166.08% 127.06% 181.41% 0.00% 102.19% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -25 -49 -49 -54 -50 -42 -55 -42 -11 -4.15 -11
NOPAT Margin		 0.00% -7,171.92% -2,561.08% -738.80% -303.07% -140.21% -193.57% -106.19% -21.59% -7.21% -18.58%
Net Nonoperating Expense Percent (NNEP)		 -16.95% -20.10% -32.77% -29.47% -26.32% -19.20% -42.97% -147.47% -44.54% -211.73% -171.21%
Return On Investment Capital (ROIC_SIMPLE)		 - -75.15% - - - 79.72% 40.85% 20.90% 4.96% 1.81% 6.25%
Cost of Revenue to Revenue		 0.00% 24.49% 22.28% 18.79% 14.41% 12.86% 13.06% 12.75% 12.50% 13.28% 20.58%
SG&A Expenses to Revenue		 0.00% 8,357.33% 3,243.20% 1,035.94% 465.38% 258.51% 331.27% 215.97% 104.15% 84.00% 92.64%
R&D to Revenue		 0.00% 1,963.78% 493.20% 100.71% 53.16% 28.93% 32.20% 22.98% 14.19% 13.01% 13.33%
Operating Expenses to Revenue		 0.00% 10,321.11% 3,736.40% 1,136.65% 518.54% 287.44% 363.47% 238.94% 118.34% 97.01% 105.97%
Earnings before Interest and Taxes (EBIT)		 -36 -70 -70 -77 -71 -59 -79 -60 -15 -5.93 -16
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -35 -69 -69 -77 -70 -59 -78 -59 -14 -5.00 -15
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Price to Revenue (P/Rev)		 0.00 766.45 239.41 60.73 41.01 10.05 5.33 5.87 5.67 6.74 4.27
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Revenue (EV/Rev)		 0.00 405.13 171.53 50.18 34.86 8.26 5.22 6.36 6.16 7.19 4.19
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 4.17 7.94 18.02 62.63 0.00 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 -5.58 -1.89 -1.00 -0.75 -0.94 -0.79 -0.60 -0.51 -0.49 -0.48 -0.49
Long-Term Debt to Equity		 -5.58 -1.89 -1.00 -0.75 -0.94 -0.79 -0.60 -0.51 -0.49 -0.48 -0.49
Financial Leverage		 4.88 2.07 0.87 1.17 1.34 1.05 0.37 0.07 0.14 0.02 0.03
Leverage Ratio		 -9.93 -3.92 -2.10 -2.70 -3.05 -2.43 -1.34 -0.89 -1.03 -0.92 -0.89
Compound Leverage Factor		 -11.98 -4.46 -2.48 -3.20 -3.68 -3.04 -1.60 -1.12 -2.02 -3.28 -1.65
Debt to Total Capital		 121.81% 211.79% 28,658.27% -293.61% -1,543.78% -386.06% -150.41% -102.21% -96.13% -91.27% -94.46%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 121.81% 211.79% 28,658.27% -293.61% -1,543.78% -386.06% -150.41% -102.21% -96.13% -91.27% -94.46%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 -21.81% -111.79% -28,558.27% 393.61% 1,643.78% 486.06% 250.41% 202.21% 196.13% 191.27% 194.46%
Debt to EBITDA		 -0.70 -0.84 -0.73 -0.70 -0.62 -0.73 -0.72 -0.77 -0.99 -1.34 -1.74
Net Debt to EBITDA		 0.81 1.49 0.86 0.42 0.57 0.36 0.03 -0.21 -0.34 -0.51 0.18
Long-Term Debt to EBITDA		 -0.70 -0.84 -0.73 -0.70 -0.62 -0.73 -0.72 -0.77 -0.99 -1.34 -1.74
Debt to NOPAT		 -0.98 -1.18 -1.03 -0.99 -0.87 -1.04 -1.01 -1.09 -1.39 -1.87 -2.42
Net Debt to NOPAT		 1.13 2.10 1.21 0.59 0.80 0.51 0.05 -0.30 -0.48 -0.71 0.25
Long-Term Debt to NOPAT		 -0.98 -1.18 -1.03 -0.99 -0.87 -1.04 -1.01 -1.09 -1.39 -1.87 -2.42
Altman Z-Score		 -3.10 -2.01 -2.88 -3.98 -2.75 -3.65 -5.87 -7.13 -6.79 -5.95 -5.04
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 9.46 10.25 7.83 6.48 5.73 4.20 3.58 2.38 2.23 1.73 2.21
Quick Ratio		 8.91 9.88 7.50 6.11 5.45 3.92 3.36 2.19 2.05 1.58 2.09
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -22 135 152 150 167 -9.03 -33 -31 -9.26 2.49 -3.97
Operating Cash Flow to CapEx		 -3,398.72% -9,220.42% -172,550.00% -153,741.30% -144,484.09% -1,269,120.00% -471,833.33% -64,669.07% -52,277.78% -5,748.28% -25,650.82%
Free Cash Flow to Firm to Interest Expense		 -2.22 10.33 8.86 8.47 9.01 -0.49 -1.82 -1.74 -0.57 0.15 -0.25
Operating Cash Flow to Interest Expense		 -3.16 -3.36 -4.02 -3.98 -3.44 -3.41 -4.70 -3.58 -0.88 -0.30 -0.99
Operating Cash Flow Less CapEx to Interest Expense		 -3.25 -3.40 -4.02 -3.98 -3.44 -3.41 -4.70 -3.59 -0.88 -0.31 -0.99
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.00 0.00 0.01 0.03 0.08 0.14 0.25 0.40 0.47 0.55 0.68
Accounts Receivable Turnover		 0.00 0.00 0.00 0.00 0.00 2.73 4.07 3.67 3.83 3.00 3.50
Inventory Turnover		 0.00 0.00 0.00 1.72 2.68 3.61 4.88 5.33 5.58 5.18 6.38
Fixed Asset Turnover		 0.00 0.41 1.60 6.68 14.47 30.51 49.37 74.66 104.72 137.88 172.90
Accounts Payable Turnover		 0.00 0.01 0.09 0.33 0.67 0.69 1.13 2.56 4.57 2.92 3.43
Days Sales Outstanding (DSO)		 0.00 0.00 0.00 0.00 0.00 133.56 89.72 99.43 95.27 121.86 104.29
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 212.07 135.96 101.08 74.87 68.54 65.37 70.47 57.19
Days Payable Outstanding (DPO)		 0.00 24,695.42 4,064.86 1,096.48 545.47 528.94 324.16 142.55 79.82 125.09 106.30
Cash Conversion Cycle (CCC)		 0.00 -24,695.42 -4,064.86 -884.42 -409.52 -294.30 -159.57 25.42 80.82 67.24 55.18
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 -131 -318 -323 -337 -347 -351 -346 -349 -349 -357 -353
Invested Capital Turnover		 0.00 0.00 -0.01 -0.04 -0.11 -0.17 -0.24 -0.33 -0.42 -0.49 -0.59
Increase / (Decrease) in Invested Capital		 -2.54 -183 -201 -205 -216 -33 -22 -11 -1.43 -6.64 -6.87
Enterprise Value (EV)		 475 276 445 498 916 457 428 725 907 1,259 858
Market Capitalization		 589 523 621 602 1,077 555 437 670 835 1,180 875
Book Value per Share		 ($0.31) ($1.27) ($2.54) ($4.00) ($3.14) ($3.71) ($4.86) ($5.81) ($5.96) ($6.16) ($4.28)
Tangible Book Value per Share		 ($0.31) ($1.27) ($2.54) ($4.00) ($3.14) ($3.71) ($4.86) ($5.81) ($5.96) ($6.16) ($4.28)
Total Capital		 81 65 0.52 -59 -11 -52 -135 -201 -215 -229 -173
Total Debt		 99 138 149 174 176 201 203 205 207 209 164
Total Long-Term Debt		 99 138 149 174 176 201 203 205 207 209 164
Net Debt		 -114 -246 -176 -105 -162 -99 -9.07 56 72 79 -17
Capital Expenditures (CapEx)		 0.94 0.48 0.04 0.05 0.04 0.01 0.02 0.10 0.03 0.09 0.06
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -11 -26 -28 -21 -29 -26 -21 -23 -20 -33 -29
Debt-free Net Working Capital (DFNWC)		 203 359 297 258 309 274 191 127 115 97 152
Net Working Capital (NWC)		 203 359 297 258 309 274 191 127 115 97 152
Net Nonoperating Expense (NNE)		 18 31 34 37 36 33 39 34 19 17 20
Net Nonoperating Obligations (NNO)		 -113 -245 -175 -103 -160 -97 -7.27 57 74 81 -16
Total Depreciation and Amortization (D&A)		 0.66 0.75 0.69 0.70 0.78 0.82 0.87 0.91 0.93 0.94 0.95
Debt-free, Cash-free Net Working Capital to Revenue		 0.00% -3,754.40% -1,088.70% -214.97% -110.42% -46.55% -26.20% -19.75% -13.92% -18.87% -14.34%
Debt-free Net Working Capital to Revenue		 0.00% 52,588.12% 11,443.91% 2,599.10% 1,174.47% 496.64% 233.17% 111.41% 77.90% 55.35% 73.96%
Net Working Capital to Revenue		 0.00% 52,588.12% 11,443.91% 2,599.10% 1,174.47% 496.64% 233.17% 111.41% 77.90% 55.35% 73.96%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($0.76) ($1.44) ($1.42) ($1.56) ($1.32) ($0.99) ($1.31) ($1.05) ($0.41) ($0.26) ($0.37)
Adjusted Weighted Average Basic Shares Outstanding		 56.78M 51.29M 58.37M 58.56M 64.63M 63.18M 71.97M 72.47M 73.40M 72.92M 82.05M
Adjusted Diluted Earnings per Share		 ($0.76) ($1.44) ($1.42) ($1.56) ($1.32) ($0.99) ($1.31) ($1.05) ($0.41) ($0.26) ($0.37)
Adjusted Weighted Average Diluted Shares Outstanding		 56.78M 51.29M 58.37M 58.56M 64.63M 63.18M 71.97M 72.47M 73.40M 72.92M 82.05M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 57.25M 58.48M 58.54M 59.59M 68.38M 69.64M 69.81M 70.94M 71.14M 78.80M 79.76M
Normalized Net Operating Profit after Tax (NOPAT)		 -25 -49 -49 -54 -50 -42 -55 -42 -11 -4.15 -11
Normalized NOPAT Margin		 0.00% -7,171.92% -2,561.08% -738.80% -303.07% -140.21% -193.57% -106.19% -21.59% -7.21% -18.58%
Pre Tax Income Margin		 0.00% -11,667.16% -4,333.26% -1,248.58% -523.34% -250.98% -330.71% -191.91% -60.55% -36.73% -52.09%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 -3.55 -5.36 -4.08 -4.35 -3.83 -3.19 -4.37 -3.43 -0.95 -0.36 -1.03
NOPAT to Interest Expense		 -2.47 -3.75 -2.85 -3.05 -2.68 -2.24 -3.05 -2.39 -0.66 -0.25 -0.69
EBIT Less CapEx to Interest Expense		 -3.64 -5.40 -4.08 -4.35 -3.83 -3.19 -4.37 -3.44 -0.95 -0.37 -1.04
NOPAT Less CapEx to Interest Expense		 -2.56 -3.79 -2.85 -3.05 -2.68 -2.24 -3.06 -2.40 -0.67 -0.26 -0.69
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Financials Breakdown Chart

Key Financial Trends

Phathom Pharmaceuticals’ latest quarter shows strong revenue growth, but the company remains deeply unprofitable and still dependent on external financing. In Q1 2026, revenue rose to $58.3 million from $57.6 million in Q4 2025 and $49.5 million in Q3 2025, while gross profit held up well. However, operating losses and heavy interest expense continue to pressure the bottom line, and the balance sheet still reflects a highly leveraged capital structure.

  • Revenue continued to grow modestly year over year and sequentially. Q1 2026 revenue of $58.3 million was up from $57.6 million in Q4 2025 and well above $28.5 million in Q1 2025.
  • Gross profit remained strong. Q1 2026 gross profit was $46.3 million, implying healthy product economics despite high operating costs.
  • Cash and equivalents increased sharply in Q1 2026. Cash rose to $180.9 million from $135.2 million at the end of Q3 2025, helped by financing activity.
  • Non-cash costs are helping offset reported losses. Depreciation and amortization added back to cash flow, and non-cash adjustments were a meaningful part of the quarter.
  • Working capital remains supported by a large deferred revenue balance. Noncurrent deferred revenue was $347.9 million in Q1 2026, which supports future revenue recognition but also reflects obligations to deliver services/products over time.
  • Accounts receivable stayed elevated. AR was $80.7 million in Q1 2026, consistent with a growing sales base but worth watching for collection quality.
  • Share count has climbed over time. Weighted average basic shares in Q1 2026 were 82.1 million, up from 72.9 million in Q4 2025 and 58.6 million in Q2 2024, suggesting dilution over the last year.
  • Capital spending remained minimal. Purchases of property and equipment were only $61,000 in Q1 2026, indicating limited organic investment in fixed assets.
  • The company is still losing money. Q1 2026 net loss was $30.4 million, compared with a $21.1 million loss in Q4 2025 and $29.9 million in Q3 2025.
  • Operating losses remain persistent. Q1 2026 operating loss was $15.5 million, driven by $61.8 million in operating expenses versus $46.3 million in gross profit.
  • Interest expense is a major burden. Q1 2026 interest expense was $15.8 million, which is large relative to operating income and keeps pretax losses deep.
  • Cash from operations was negative. Q1 2026 operating cash flow was -$15.6 million, showing the core business has not yet become self-funding.
  • Debt remains substantial. Long-term debt stood at $163.7 million in Q1 2026, and the company continues to rely on financing transactions to support liquidity.
  • Leverage plus accumulated losses leave equity deeply negative. Total common equity was -$337.0 million in Q1 2026, highlighting the company’s highly stressed balance-sheet position.

Bottom line: Phathom is demonstrating top-line momentum and appears to have a workable liquidity buffer for now, but investors should still view it as a high-risk name. The key question is whether revenue growth can eventually outpace operating expenses and interest costs before the balance sheet requires additional financing.

06/08/26 10:33 PM ETAI Generated. May Contain Errors.

Phathom Pharmaceuticals Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Phathom Pharmaceuticals' fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Phathom Pharmaceuticals' net income appears to be on an upward trend, with a most recent value of -$221.25 million in 2025, falling from -$255.13 million in 2019. The previous period was -$334.33 million in 2024. See where experts think Phathom Pharmaceuticals is headed by visiting Phathom Pharmaceuticals' forecast page.

Phathom Pharmaceuticals' total operating income in 2025 was -$159.99 million, based on the following breakdown:
  • Total Gross Profit: $152.51 million
  • Total Operating Expenses: $312.50 million

Over the last 6 years, Phathom Pharmaceuticals' total revenue changed from $0.00 in 2019 to $175.11 million in 2025, a change of 17,511,000,000.0%.

Phathom Pharmaceuticals' total liabilities were at $697.32 million at the end of 2025, a 10.4% increase from 2024, and a 31,770.1% increase since 2018.

In the past 7 years, Phathom Pharmaceuticals' cash and equivalents has ranged from $879 thousand in 2018 to $381.39 million in 2023, and is currently $129.97 million as of their latest financial filing in 2025.

Over the last 6 years, Phathom Pharmaceuticals' book value per share changed from 9.29 in 2019 to -6.16 in 2025, a change of -166.3%.


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Financial statements for NASDAQ:PHAT last updated on 5/2/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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