What is Phathom Pharmaceuticals' operating income?

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

Phathom Pharmaceuticals (PHAT) Financials

$7.48 -0.27 (-3.48%)

Closing price 09/18/2026 04:00 PM Eastern

Extended Trading

$7.52 +0.04 (+0.53%)

As of 09/18/2026 07:30 PM Eastern

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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

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

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	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	6/30/2026
Net Income / (Loss) Attributable to Common Shareholders	-80	-83	-91	-86	-74	-94	-76	-30	-21	-30	-18
Consolidated Net Income / (Loss)	-80	-83	-91	-86	-74	-94	-76	-30	-21	-30	-18
Net Income / (Loss) Continuing Operations	-80	-83	-91	-86	-74	-94	-76	-30	-21	-30	-18
Total Pre-Tax Income	-80	-83	-91	-86	-74	-94	-76	-30	-21	-30	-18
Total Operating Income	-70	-70	-77	-71	-59	-79	-60	-15	-5.93	-15	-3.97
Total Gross Profit	0.52	1.49	5.95	14	26	25	34	43	50	46	59
Total Revenue	0.68	1.91	7.32	16	30	29	40	50	58	58	74
Operating Revenue	0.68	1.91	7.32	16	30	29	40	50	58	58	74
Total Cost of Revenue	0.17	0.43	1.38	2.36	3.82	3.72	5.04	6.19	7.65	12	15
Operating Cost of Revenue	0.17	0.43	1.38	2.36	3.82	3.72	5.04	6.19	7.65	12	15
Total Operating Expenses	70	71	83	85	85	104	94	59	56	62	63
Selling, General & Admin Expense	57	62	76	76	77	94	85	52	48	54	55
Research & Development Expense	13	9.43	7.38	8.69	8.58	9.18	9.08	7.03	7.49	7.77	7.81
Total Other Income / (Expense), net	-9.70	-13	-14	-15	-15	-15	-16	-15	-15	-15	-14
Interest Expense	13	17	18	18	19	18	18	16	16	16	15
Interest & Investment Income	3.35	4.31	3.62	3.71	3.51	2.64	1.79	1.41	1.20	1.74	1.51
Other Income / (Expense), net	-0.01	-0.04	-0.01	-0.01	0.05	-0.02	-0.16	-0.01	-0.01	-0.83	-0.02
Basic Earnings per Share	($1.44)	($1.42)	($1.56)	($1.32)	($0.99)	($1.31)	($1.05)	($0.41)	($0.26)	($0.37)	($0.21)
Weighted Average Basic Shares Outstanding	51.29M	58.37M	58.56M	64.63M	63.18M	71.97M	72.47M	73.40M	72.92M	82.05M	83.75M
Diluted Earnings per Share	($1.44)	($1.42)	($1.56)	($1.32)	($0.99)	($1.31)	($1.05)	($0.41)	($0.26)	($0.37)	($0.21)
Weighted Average Diluted Shares Outstanding	51.29M	58.37M	58.56M	64.63M	63.18M	71.97M	72.47M	73.40M	72.92M	82.05M	83.75M
Weighted Average Basic & Diluted Shares Outstanding	58.48M	58.54M	59.59M	68.38M	69.64M	69.81M	70.94M	71.14M	78.80M	79.76M	80.90M

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

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	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	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	6/30/2026
Net Change in Cash & Equivalents	168	-59	-46	58	-37	-85	-63	-14	-5.19	51	1.58
Net Cash From Operating Activities	-44	-69	-71	-64	-63	-85	-63	-14	-5.00	-16	-1.93
Net Cash From Continuing Operating Activities	-44	-69	-71	-64	-63	-85	-63	-14	-5.00	-16	-1.93
Net Income / (Loss) Continuing Operations	-80	-83	-91	-86	-74	-94	-76	-30	-21	-30	-18
Consolidated Net Income / (Loss)	-80	-83	-91	-86	-74	-94	-76	-30	-21	-30	-18
Depreciation Expense	0.19	0.21	0.20	0.19	0.19	0.18	0.17	0.16	0.13	0.11	0.11
Amortization Expense	0.57	0.47	0.50	0.59	0.63	0.70	0.73	0.78	0.81	0.84	0.91
Non-Cash Adjustments To Reconcile Net Income	34	20	21	20	19	17	18	17	11	12	12
Changes in Operating Assets and Liabilities, net	1.29	-7.07	-0.67	1.34	-9.08	-8.95	-5.98	-1.62	3.96	1.54	2.64
Net Cash From Investing Activities	-0.48	-0.04	-0.05	-0.04	-0.01	-0.02	-0.10	-0.03	-0.09	-0.06	-0.04
Net Cash From Continuing Investing Activities	-0.48	-0.04	-0.05	-0.04	-0.01	-0.02	-0.10	-0.03	-0.09	-0.06	-0.04
Purchase of Property, Plant & Equipment	-0.48	-0.04	-0.05	-0.04	-0.01	-0.02	-0.10	-0.03	-0.09	-0.06	-0.04
Net Cash From Financing Activities	212	9.90	25	122	26	0.00	0.08	-0.27	-0.10	67	3.55
Net Cash From Continuing Financing Activities	212	9.90	25	122	26	0.00	0.08	-0.27	-0.10	67	3.55
Other Financing Activities, net	173	0.00	-	0.28	1.30	0.00	0.08	-0.27	-0.10	0.46	3.55
Cash Interest Paid	2.91	3.74	4.08	4.66	4.82	5.23	5.31	5.40	5.43	4.94	4.36

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

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	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026
Period end date	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	6/30/2026
Total Assets	144	265	237	356	319	387	294	250	240	305	327
Total Current Assets	140	258	227	340	305	374	265	219	208	277	296
Cash & Equivalents	130	249	214	322	276	335	212	150	135	181	182
Restricted Cash	-	-	-	2.87	2.86	2.86	-	-	-	-	2.86
Accounts Receivable	-	-	-	3.88	11	21	36	51	56	81	97
Inventories, net	-	0.11	0.11	1.46	2.18	3.11	3.17	3.43	3.61	6.51	7.71
Prepaid Expenses	10	8.76	13	13	15	15	13	15	13	8.44	8.30
Plant, Property, & Equipment, net	1.28	1.16	1.98	1.96	1.81	1.66	1.35	1.24	1.16	1.02	0.97
Total Noncurrent Assets	2.89	6.16	8.29	11	9.91	8.71	28	30	31	28	27
Other Noncurrent Operating Assets	2.89	6.16	8.29	11	9.91	8.71	28	30	31	28	27
Total Liabilities & Shareholders' Equity	144	265	237	356	319	387	294	250	240	305	327
Total Liabilities	234	247	255	505	553	574	633	656	663	642	671
Total Current Liabilities	14	22	24	43	47	65	74	92	93	125	154
Accounts Payable	4.81	4.17	5.79	8.40	7.66	7.13	12	4.01	1.08	6.37	5.36
Accrued Expenses	8.02	15	14	17	27	36	43	64	65	83	109
Current Deferred Revenue	-	0.28	2.39	16	9.91	20	17	22	24	33	37
Other Current Liabilities	0.71	0.72	0.72	0.73	0.72	0.68	0.32	0.24	0.59	0.67	0.67
Other Current Nonoperating Liabilities	0.91	0.93	0.96	1.31	1.43	1.52	1.80	1.76	1.76	1.68	1.44
Total Noncurrent Liabilities	220	226	231	462	506	509	559	564	570	517	518
Long-Term Debt	97	98	99	149	174	176	203	205	207	164	165
Noncurrent Deferred Revenue	-	120	123	303	321	322	344	347	349	348	348
Other Noncurrent Operating Liabilities	123	8.29	8.13	9.99	11	11	12	12	14	5.46	5.36
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	-90	18	-18	-149	-234	-187	-338	-406	-423	-337	-344
Total Preferred & Common Equity	-90	18	-18	-149	-234	-187	-338	-406	-423	-337	-344
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	-90	18	-18	-149	-234	-187	-338	-406	-423	-337	-344
Common Stock	675	823	831	863	869	1,001	1,019	1,027	1,041	1,178	1,188
Retained Earnings	-765	-806	-849	-1,012	-1,103	-1,189	-1,357	-1,433	-1,463	-1,515	-1,532
Treasury Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

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%

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

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	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	6/30/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	78,798,712.00	79,755,953.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	78,798,712.00	79,755,953.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-0.39	-0.22
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	0.00%	0.00%	0.00%	4,249.56%	1,391.58%	439.36%	202.74%	94.12%	104.43%	88.02%
EBITDA Growth	-50.08%	-135.62%	-144.74%	-98.97%	15.32%	-12.56%	22.76%	79.51%	91.46%	80.32%	94.99%
EBIT Growth	-49.55%	-132.88%	-143.88%	-97.47%	15.05%	-12.70%	22.28%	78.42%	90.00%	79.33%	93.36%
NOPAT Growth	-49.81%	-132.58%	-143.84%	-98.54%	14.97%	-12.74%	22.48%	78.43%	90.02%	80.37%	93.38%
Net Income Growth	-44.55%	-119.10%	-123.23%	-97.90%	6.43%	-13.84%	17.10%	64.98%	71.59%	67.80%	76.81%
EPS Growth	-8.27%	-59.55%	-85.71%	-73.68%	31.25%	7.75%	32.69%	68.94%	73.74%	71.76%	80.00%
Operating Cash Flow Growth	-6.72%	-73.99%	-218.56%	-99.20%	-44.89%	-23.05%	11.30%	77.80%	92.12%	81.58%	96.92%
Free Cash Flow Firm Growth	66.12%	64.18%	1,458.93%	842.99%	-106.72%	-121.59%	-120.28%	-105.56%	127.52%	87.91%	140.33%
Invested Capital Growth	-136.30%	-164.50%	-154.37%	-164.72%	-10.24%	-6.92%	-3.39%	-0.41%	-1.89%	-1.99%	-4.33%
Revenue Q/Q Growth	0.00%	180.35%	283.05%	123.27%	81.41%	-3.86%	38.51%	25.32%	16.32%	1.25%	27.40%
EBITDA Q/Q Growth	-96.45%	-0.25%	-10.53%	8.60%	16.39%	-33.25%	24.15%	75.75%	65.17%	-207.26%	80.70%
EBIT Q/Q Growth	-94.92%	-0.15%	-10.44%	8.41%	16.15%	-32.87%	23.84%	74.57%	61.16%	-174.82%	75.54%
NOPAT Q/Q Growth	-95.95%	-0.11%	-10.50%	8.41%	16.07%	-32.73%	24.02%	74.52%	61.18%	-161.08%	74.38%
Net Income Q/Q Growth	-84.01%	-4.12%	-10.37%	6.42%	13.00%	-26.68%	19.62%	60.46%	29.44%	-43.60%	42.11%
EPS Q/Q Growth	-89.47%	1.39%	-9.86%	15.38%	25.00%	-32.32%	19.85%	60.95%	36.59%	-42.31%	43.24%
Operating Cash Flow Q/Q Growth	-37.23%	-57.59%	-2.46%	10.11%	0.18%	-33.84%	26.14%	77.50%	64.57%	-212.88%	87.67%
Free Cash Flow Firm Q/Q Growth	699.92%	13.05%	-1.07%	10.74%	-105.42%	-263.41%	7.04%	69.67%	126.86%	-259.62%	410.10%
Invested Capital Q/Q Growth	-142.34%	-1.65%	-4.27%	-3.06%	-0.92%	1.41%	-0.83%	-0.09%	-2.40%	1.32%	-3.14%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	75.51%	77.72%	81.21%	85.59%	87.14%	86.94%	87.25%	87.50%	86.72%	79.42%	79.68%
EBITDA Margin	-10,137.54%	-3,624.95%	-1,046.00%	-428.23%	-197.36%	-273.54%	-149.79%	-28.98%	-8.68%	-26.34%	-3.99%
Operating Margin	-10,245.60%	-3,658.68%	-1,055.43%	-432.95%	-200.30%	-276.53%	-151.69%	-30.85%	-10.29%	-26.55%	-5.34%
EBIT Margin	-10,247.65%	-3,660.93%	-1,055.52%	-433.00%	-200.13%	-276.61%	-152.09%	-30.86%	-10.30%	-27.97%	-5.37%
Profit (Net Income) Margin	-11,667.16%	-4,333.26%	-1,248.58%	-523.34%	-250.98%	-330.71%	-191.91%	-60.55%	-36.73%	-52.09%	-23.67%
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	113.85%	118.37%	118.29%	120.86%	125.41%	119.56%	126.18%	196.18%	356.39%	186.22%	440.76%
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)	273.21%	206.65%	274.81%	331.35%	204.89%	142.04%	103.23%	90.07%	63.97%	46.58%	26.42%
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)	-24.16%	-37.95%	-35.83%	-36.46%	-27.92%	-69.59%	-60.90%	-14.48%	-5.66%	-19.13%	-4.46%
Return on Assets (ROA)	-27.50%	-44.92%	-42.38%	-44.06%	-35.01%	-83.21%	-76.84%	-28.41%	-20.18%	-35.62%	-19.65%
Return on Common Equity (ROCE)	273.21%	206.65%	274.81%	331.35%	204.89%	142.04%	103.23%	90.07%	63.97%	46.58%	26.42%
Return on Equity Simple (ROE_SIMPLE)	0.00%	166.08%	127.06%	181.41%	0.00%	102.19%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-49	-49	-54	-50	-42	-55	-42	-11	-4.15	-11	-2.78
NOPAT Margin	-7,171.92%	-2,561.08%	-738.80%	-303.07%	-140.21%	-193.57%	-106.19%	-21.59%	-7.21%	-18.58%	-3.74%
Net Nonoperating Expense Percent (NNEP)	-20.10%	-32.77%	-29.47%	-26.32%	-19.20%	-42.97%	-147.47%	-44.54%	-211.73%	-171.21%	77.92%
Return On Investment Capital (ROIC_SIMPLE)	-75.15%	-	-	-	79.72%	40.85%	20.90%	4.96%	1.81%	6.25%	1.54%
Cost of Revenue to Revenue	24.49%	22.28%	18.79%	14.41%	12.86%	13.06%	12.75%	12.50%	13.28%	20.58%	20.32%
SG&A Expenses to Revenue	8,357.33%	3,243.20%	1,035.94%	465.38%	258.51%	331.27%	215.97%	104.15%	84.00%	92.64%	74.49%
R&D to Revenue	1,963.78%	493.20%	100.71%	53.16%	28.93%	32.20%	22.98%	14.19%	13.01%	13.33%	10.52%
Operating Expenses to Revenue	10,321.11%	3,736.40%	1,136.65%	518.54%	287.44%	363.47%	238.94%	118.34%	97.01%	105.97%	85.01%
Earnings before Interest and Taxes (EBIT)	-70	-70	-77	-71	-59	-79	-60	-15	-5.93	-16	-3.99
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-69	-69	-77	-70	-59	-78	-59	-14	-5.00	-15	-2.96
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)	766.45	239.41	60.73	41.01	10.05	5.33	5.87	5.67	6.74	4.27	3.61
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)	405.13	171.53	50.18	34.86	8.26	5.22	6.36	6.16	7.19	4.19	3.52
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)	4.17	7.94	18.02	62.63	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	-1.89	-1.00	-0.75	-0.94	-0.79	-0.60	-0.51	-0.49	-0.48	-0.49	-0.48
Long-Term Debt to Equity	-1.89	-1.00	-0.75	-0.94	-0.79	-0.60	-0.51	-0.49	-0.48	-0.49	-0.48
Financial Leverage	2.07	0.87	1.17	1.34	1.05	0.37	0.07	0.14	0.02	0.03	-0.05
Leverage Ratio	-3.92	-2.10	-2.70	-3.05	-2.43	-1.34	-0.89	-1.03	-0.92	-0.89	-0.77
Compound Leverage Factor	-4.46	-2.48	-3.20	-3.68	-3.04	-1.60	-1.12	-2.02	-3.28	-1.65	-3.39
Debt to Total Capital	211.79%	28,658.27%	-293.61%	-1,543.78%	-386.06%	-150.41%	-102.21%	-96.13%	-91.27%	-94.46%	-91.60%
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	211.79%	28,658.27%	-293.61%	-1,543.78%	-386.06%	-150.41%	-102.21%	-96.13%	-91.27%	-94.46%	-91.60%
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	-111.79%	-28,558.27%	393.61%	1,643.78%	486.06%	250.41%	202.21%	196.13%	191.27%	194.46%	191.60%
Debt to EBITDA	-0.84	-0.73	-0.70	-0.62	-0.73	-0.72	-0.77	-0.99	-1.34	-1.74	-4.37
Net Debt to EBITDA	1.49	0.86	0.42	0.57	0.36	0.03	-0.21	-0.34	-0.51	0.18	0.55
Long-Term Debt to EBITDA	-0.84	-0.73	-0.70	-0.62	-0.73	-0.72	-0.77	-0.99	-1.34	-1.74	-4.37
Debt to NOPAT	-1.18	-1.03	-0.99	-0.87	-1.04	-1.01	-1.09	-1.39	-1.87	-2.42	-5.79
Net Debt to NOPAT	2.10	1.21	0.59	0.80	0.51	0.05	-0.30	-0.48	-0.71	0.25	0.73
Long-Term Debt to NOPAT	-1.18	-1.03	-0.99	-0.87	-1.04	-1.01	-1.09	-1.39	-1.87	-2.42	-5.79
Altman Z-Score	-2.01	-2.88	-3.98	-2.75	-3.65	-5.87	-7.13	-6.79	-5.95	-5.04	-4.57
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	10.25	7.83	6.48	5.73	4.20	3.58	2.38	2.23	1.73	2.21	1.92
Quick Ratio	9.88	7.50	6.11	5.45	3.92	3.36	2.19	2.05	1.58	2.09	1.82
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	135	152	150	167	-9.03	-33	-31	-9.26	2.49	-3.97	12
Operating Cash Flow to CapEx	-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%	-4,386.36%
Free Cash Flow to Firm to Interest Expense	10.33	8.86	8.47	9.01	-0.49	-1.82	-1.74	-0.57	0.15	-0.25	0.81
Operating Cash Flow to Interest Expense	-3.36	-4.02	-3.98	-3.44	-3.41	-4.70	-3.58	-0.88	-0.30	-0.99	-0.13
Operating Cash Flow Less CapEx to Interest Expense	-3.40	-4.02	-3.98	-3.44	-3.41	-4.70	-3.59	-0.88	-0.31	-0.99	-0.13
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.00	0.01	0.03	0.08	0.14	0.25	0.40	0.47	0.55	0.68	0.83
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	2.73	4.07	3.67	3.83	3.00	3.50	3.22
Inventory Turnover	0.00	0.00	1.72	2.68	3.61	4.88	5.33	5.58	5.18	6.38	7.35
Fixed Asset Turnover	0.41	1.60	6.68	14.47	30.51	49.37	74.66	104.72	137.88	172.90	216.60
Accounts Payable Turnover	0.01	0.09	0.33	0.67	0.69	1.13	2.56	4.57	2.92	3.43	8.74
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	133.56	89.72	99.43	95.27	121.86	104.29	113.22
Days Inventory Outstanding (DIO)	0.00	0.00	212.07	135.96	101.08	74.87	68.54	65.37	70.47	57.19	49.69
Days Payable Outstanding (DPO)	24,695.42	4,064.86	1,096.48	545.47	528.94	324.16	142.55	79.82	125.09	106.30	41.78
Cash Conversion Cycle (CCC)	-24,695.42	-4,064.86	-884.42	-409.52	-294.30	-159.57	25.42	80.82	67.24	55.18	121.13
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	-318	-323	-337	-347	-351	-346	-349	-349	-357	-353	-364
Invested Capital Turnover	0.00	-0.01	-0.04	-0.11	-0.17	-0.24	-0.33	-0.42	-0.49	-0.59	-0.67
Increase / (Decrease) in Invested Capital	-183	-201	-205	-216	-33	-22	-11	-1.43	-6.64	-6.87	-15
Enterprise Value (EV)	276	445	498	916	457	428	725	907	1,259	858	845
Market Capitalization	523	621	602	1,077	555	437	670	835	1,180	875	865
Book Value per Share	($1.27)	($2.54)	($4.00)	($3.14)	($3.71)	($4.86)	($5.81)	($5.96)	($6.16)	($4.28)	($4.32)
Tangible Book Value per Share	($1.27)	($2.54)	($4.00)	($3.14)	($3.71)	($4.86)	($5.81)	($5.96)	($6.16)	($4.28)	($4.32)
Total Capital	65	0.52	-59	-11	-52	-135	-201	-215	-229	-173	-180
Total Debt	138	149	174	176	201	203	205	207	209	164	165
Total Long-Term Debt	138	149	174	176	201	203	205	207	209	164	165
Net Debt	-246	-176	-105	-162	-99	-9.07	56	72	79	-17	-21
Capital Expenditures (CapEx)	0.48	0.04	0.05	0.04	0.01	0.02	0.10	0.03	0.09	0.06	0.04
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-26	-28	-21	-29	-26	-21	-23	-20	-33	-29	-43
Debt-free Net Working Capital (DFNWC)	359	297	258	309	274	191	127	115	97	152	142
Net Working Capital (NWC)	359	297	258	309	274	191	127	115	97	152	142
Net Nonoperating Expense (NNE)	31	34	37	36	33	39	34	19	17	20	15
Net Nonoperating Obligations (NNO)	-245	-175	-103	-160	-97	-7.27	57	74	81	-16	-19
Total Depreciation and Amortization (D&A)	0.75	0.69	0.70	0.78	0.82	0.87	0.91	0.93	0.94	0.95	1.03
Debt-free, Cash-free Net Working Capital to Revenue	-3,754.40%	-1,088.70%	-214.97%	-110.42%	-46.55%	-26.20%	-19.75%	-13.92%	-18.87%	-14.34%	-18.03%
Debt-free Net Working Capital to Revenue	52,588.12%	11,443.91%	2,599.10%	1,174.47%	496.64%	233.17%	111.41%	77.90%	55.35%	73.96%	59.31%
Net Working Capital to Revenue	52,588.12%	11,443.91%	2,599.10%	1,174.47%	496.64%	233.17%	111.41%	77.90%	55.35%	73.96%	59.31%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($1.44)	($1.42)	($1.56)	($1.32)	($0.99)	($1.31)	($1.05)	($0.41)	($0.26)	($0.37)	($0.21)
Adjusted Weighted Average Basic Shares Outstanding	51.29M	58.37M	58.56M	64.63M	63.18M	71.97M	72.47M	73.40M	72.92M	82.05M	83.75M
Adjusted Diluted Earnings per Share	($1.44)	($1.42)	($1.56)	($1.32)	($0.99)	($1.31)	($1.05)	($0.41)	($0.26)	($0.37)	($0.21)
Adjusted Weighted Average Diluted Shares Outstanding	51.29M	58.37M	58.56M	64.63M	63.18M	71.97M	72.47M	73.40M	72.92M	82.05M	83.75M
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	58.48M	58.54M	59.59M	68.38M	69.64M	69.81M	70.94M	71.14M	78.80M	79.76M	80.90M
Normalized Net Operating Profit after Tax (NOPAT)	-49	-49	-54	-50	-42	-55	-42	-11	-4.15	-11	-2.78
Normalized NOPAT Margin	-7,171.92%	-2,561.08%	-738.80%	-303.07%	-140.21%	-193.57%	-106.19%	-21.59%	-7.21%	-18.58%	-3.74%
Pre Tax Income Margin	-11,667.16%	-4,333.26%	-1,248.58%	-523.34%	-250.98%	-330.71%	-191.91%	-60.55%	-36.73%	-52.09%	-23.67%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-5.36	-4.08	-4.35	-3.83	-3.19	-4.37	-3.43	-0.95	-0.36	-1.03	-0.26
NOPAT to Interest Expense	-3.75	-2.85	-3.05	-2.68	-2.24	-3.05	-2.39	-0.66	-0.25	-0.69	-0.18
EBIT Less CapEx to Interest Expense	-5.40	-4.08	-4.35	-3.83	-3.19	-4.37	-3.44	-0.95	-0.37	-1.04	-0.27
NOPAT Less CapEx to Interest Expense	-3.79	-2.85	-3.05	-2.68	-2.24	-3.06	-2.40	-0.67	-0.26	-0.69	-0.19
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 (NASDAQ:PHAT) is showing rapid commercial growth, but it remains unprofitable and carries a highly leveraged balance sheet. The company’s Q2 2026 results reflect continued demand growth for its marketed products, with revenue rising sharply and operating cash burn narrowing. However, negative shareholders’ equity, significant deferred liabilities and ongoing interest costs remain important risks for investors.

Revenue growth is the clearest positive trend. Quarterly revenue increased from $0.7 million in Q4 2023 and $1.9 million in Q1 2024 to $74.3 million in Q2 2026. Q2 2026 revenue rose 27.4% from $58.3 million in Q1 2026 and 88.0% from $39.5 million in Q2 2025. This growth has helped gross profit reach $59.2 million, although the gross margin declined to approximately 79.7% from 87.2% a year earlier as the cost of revenue grew faster than sales.

Profitability is improving from the exceptionally large losses reported in 2024 and early 2025. Q2 2026 operating loss was $4.0 million, compared with a $15.5 million loss in Q1 2026 and a $59.9 million loss in Q2 2025. Net loss narrowed to $17.6 million from $30.4 million in Q1 and $75.8 million in the year-ago quarter. Still, interest expense of $15.1 million consumed much of the company’s operating improvement, leaving Q2 diluted EPS at negative $0.21.

Cash flow also improved substantially. Operating cash flow was negative $1.9 million in Q2 2026, compared with negative $15.6 million in Q1 and negative $62.7 million in Q2 2025. The quarter ended with a $1.6 million increase in cash, helped by $3.6 million of financing inflows and modest capital spending. This is a meaningful improvement from the $84.9 million of operating cash burn in Q1 2025 and the $63.5 million burn in Q3 2024.

That improvement should be viewed alongside the balance sheet. Cash and equivalents were $182.5 million at June 30, 2026, or approximately $185.3 million including restricted cash. Total debt was $164.6 million, while total liabilities reached $671.3 million. Much of the liability balance consists of deferred revenue, including $347.6 million of noncurrent deferred revenue, which may represent future obligations tied to licensing or collaboration arrangements rather than conventional borrowing.

Commercial momentum: Q2 2026 revenue of $74.3 million was up 88% year over year and more than 100 times the Q4 2023 level of $0.7 million.
Improving operating leverage: Q2 2026 operating expenses increased only modestly from Q2 2025, while revenue expanded substantially, reducing the operating loss to $4.0 million.
Lower cash burn: Operating cash outflow improved to $1.9 million in Q2 2026 from $62.7 million in Q2 2025, suggesting the company is moving closer to self-funding operations.
Large cash balance: Phathom held $182.5 million of unrestricted cash at the end of Q2 2026, providing near-term liquidity as the business scales.
Debt below cash on an absolute basis: Long-term debt declined to $164.6 million in Q2 2026 from $205.1 million in Q2 2025, although interest costs remain significant.
Accounts receivable growth: Accounts receivable rose to $97.4 million from $80.7 million in Q1 2026 and $51.3 million in Q2 2025. This is consistent with higher sales but increases the importance of timely collections.
Financing activity remains part of the liquidity strategy: Q1 2026 included $295.2 million of debt issuance and $229.0 million of repayments, while Q2 produced $3.6 million of net financing inflows.
Persistent net losses: Phathom has reported net losses in every period provided, and retained earnings reached negative $1.53 billion by June 30, 2026.
Negative shareholders’ equity: Total common equity was negative $344.3 million in Q2 2026, compared with negative $233.8 million in Q2 2024, indicating that cumulative liabilities exceed recorded assets.
Dilution and interest burden: Weighted-average basic shares increased to 83.7 million in Q2 2026 from 58.6 million in Q2 2024, while quarterly interest expense remained elevated at $15.1 million.

Overall, the financial trend is improving operationally but remains financially fragile. Investors are seeing strong revenue expansion, sharply lower losses and near-breakeven operating cash flow. The key tests are whether Phathom can maintain growth, preserve gross margins, reduce interest costs and generate sustained positive operating cash flow before additional financing is required.

09/19/26 06:58 AM 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. Check out Phathom Pharmaceuticals' forecast to explore projected trends and price targets.

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 7/30/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Phathom Pharmaceuticals (PHAT) Financials

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Phathom Pharmaceuticals (PHAT) Financials

Annual Income Statements for Phathom Pharmaceuticals

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Quarterly Cash Flow Statements for Phathom Pharmaceuticals

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Quarterly Metrics And Ratios for Phathom Pharmaceuticals

Financials Breakdown Chart

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Phathom Pharmaceuticals Financials - Frequently Asked Questions

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