Phathom Pharmaceuticals Inc
PHATHealthcare|Biotechnology|USA
$12.61
+0.45 (+3.70%)
Financials
Financial Snapshot
Market Cap
$1.01B
Enterprise Value
$14.6M
Revenue (TTM)
$204.9M
Net Income (TTM)
$-157.3M
Cash & Equivalents
—
Net Cash/Share
$-5.81
Free Cash Flow (TTM)
$-97.8M
Operating CF (TTM)
$-97.5M
Debt/Equity
-0.49
Cash Runway & Burn Rate
Cash on Hand
$0.00
Quarterly Burn
$24.4M
Monthly Burn
$8.1M
Est. Runway
—
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $879.0K | $243.8M | $287.5M | $183.3M | $155.4M | $381.4M | $297.3M | $130.0M | $180.9M | |
| Operating Cash Flow | $-1.0M | $-36.5M | $-69.7M | $-148.5M | $-146.5M | $-137.6M | $-266.8M | $-166.8M | $-97.5M | |
| Free Cash Flow | $-1.0M | $-61.8M | $-70.7M | $-148.8M | $-147.6M | $-139.2M | $-266.9M | $-167.0M | $-97.8M | |
| Capital Expenditure | $0.00 | $-25.3M | $-1.0M | $-328.0K | $-1.0M | $-1.6M | $-135.0K | $-229.0K | $-272.0K | |
| Financing Cash Flow | $1.9M | $304.6M | $114.5M | $44.7M | $120.0M | $367.6M | $182.8M | $-288.0K | $66.4M |
R&D Spending
R&D (TTM)
$31.4M
R&D Intensity
15.3%
R&D Growth YoY
-4.3%
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $682.0K | $55.3M | $175.1M | $204.9M | |
| R&D Expense | $20.0K | $99.3M | $98.1M | $72.3M | $71.4M | $49.9M | $34.1M | $32.8M | $31.4M | |
| R&D % of Revenue | — | — | — | — | — | 7316.6% | 61.7% | 18.7% | 15.3% | |
| SG&A | $1.2M | $6.9M | $27.5M | $62.7M | $101.0M | $117.9M | $290.7M | $279.7M | $239.3M |
Income Statement
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $682.0K | $55.3M | $175.1M | $204.9M | |
| Cost of Goods Sold | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $167.0K | $8.0M | $22.6M | $30.9M | |
| Gross Profit | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $515.0K | $47.3M | $152.5M | $174.0M | |
| R&D | $20.0K | $99.3M | $98.1M | $72.3M | $71.4M | $49.9M | $34.1M | $32.8M | $31.4M | |
| SG&A | $1.2M | $6.9M | $27.5M | $62.7M | $101.0M | $117.9M | $290.7M | $279.7M | $239.3M | |
| Operating Income | $-1.2M | $-106.2M | $-125.7M | $-135.1M | $-172.4M | $-167.3M | $-277.5M | $-160.0M | $-96.6M | |
| Interest Expense | $-13.0K | $-4.2M | $-4.6M | $-6.8M | $-27.3M | $-42.0M | $-72.0M | $-68.1M | $-65.8M | |
| Pretax Income | $-1.3M | $-255.1M | $-129.1M | $-143.9M | $-197.7M | $-201.6M | $-334.3M | $-221.2M | $-157.3M | |
| Net Income | $-1.3M | $-255.1M | $-129.1M | $-143.9M | $-197.7M | $-201.6M | $-334.3M | $-221.2M | $-157.3M | |
| EPS (Diluted) | -0.15 | -22.45 | -3.88 | -3.89 | -5.05 | -3.93 | -5.29 | -3.03 | -2.12 | |
| EBITDA | $-1.3M | $-250.9M | $-124.2M | $-136.6M | $-169.8M | $-159.0M | $-261.5M | $-152.5M | $-90.9M | |
| Shares Out. (M) | 8.58 | 11.37 | 33.23 | 37.00 | 39.12 | 51.29 | 63.18 | 72.92 | 82.05 |
Balance Sheet
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $879.0K | $243.8M | $287.5M | $183.3M | $155.4M | $381.4M | $297.3M | $130.0M | $180.9M | |
| Marketable Securities | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Current Assets | $902.0K | $255.6M | $291.4M | $186.5M | $160.5M | $397.4M | $360.1M | $229.0M | $276.6M | |
| Total Assets | $902.0K | $257.2M | $295.1M | $189.4M | $164.8M | $413.8M | $378.3M | $259.1M | $305.1M | |
| Total Current Liabilities | $2.2M | $3.7M | $55.5M | $18.9M | $26.2M | $38.8M | $85.7M | $132.0M | $125.0M | |
| Long-Term Debt | $0.00 | $22.8M | $39.6M | $89.7M | $95.3M | $137.8M | $201.4M | $209.1M | $163.7M | |
| Total Liabilities | $2.2M | $29.2M | $100.8M | $117.3M | $239.6M | $486.6M | $631.9M | $697.3M | $642.1M | |
| Stockholders' Equity | $-1.3M | $228.0M | $194.3M | $72.2M | $-74.8M | $-72.8M | $-253.6M | $-438.2M | $-337.0M | |
| Retained Earnings | $-1.3M | $-256.4M | $-385.5M | $-529.4M | $-727.1M | $-928.7M | $-1.26B | $-1.48B | $-1.51B |
Cash Flow Statement
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $-1.0M | $-36.5M | $-69.7M | $-148.5M | $-146.5M | $-137.6M | $-266.8M | $-166.8M | $-97.5M | |
| Capital Expenditure | $0.00 | $-25.3M | $-1.0M | $-328.0K | $-1.0M | $-1.6M | $-135.0K | $-229.0K | $-272.0K | |
| Free Cash Flow | $-1.0M | $-61.8M | $-70.7M | $-148.8M | $-147.6M | $-139.2M | $-266.9M | $-167.0M | $-97.8M | |
| Investing Cash Flow | $0.00 | $-25.3M | $-1.0M | $-328.0K | $-1.0M | $-1.6M | $-135.0K | $-229.0K | $-272.0K | |
| Financing Cash Flow | $1.9M | $304.6M | $114.5M | $44.7M | $120.0M | $367.6M | $182.8M | $-288.0K | $66.4M | |
| Issuance of Stock | $2.0K | $191.5M | $88.8M | $0.00 | $24.6M | $155.5M | $121.8M | $0.00 | $122.0M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Issuance of Debt | $1.9M | $113.2M | $25.0M | $96.9M | $0.00 | $39.3M | $59.4M | $0.00 | $173.3M | |
| Payments of Debt | $0.00 | $0.00 | $0.00 | $-54.1M | $0.00 | $0.00 | $0.00 | $0.00 | $-229.0M | |
| Stock Based Comp. | $0.00 | $406.0K | $5.8M | $16.8M | $24.1M | $45.0M | $24.0M | $28.7M | $28.7M | |
| Net Change in Cash | $879.0K | $242.9M | $43.7M | $-104.1M | $-27.5M | $228.4M | $-84.1M | $-167.3M | $-31.4M |
Dilution Tracker
Shares outstanding grew 121.7% over 5 years — significant dilution
Shares Outstanding
82M
5-Year Share Growth
+121.7%
Stock Issuance (TTM)
$122.0M
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 8.58 | 11.37 | 33.23 | 37.00 | 39.12 | 51.29 | 63.18 | 72.92 | 82.05 | |
| YoY Change % | — | 32.5% | 192.3% | 11.4% | 5.7% | 31.1% | 23.2% | 15.4% | 12.5% | |
| Stock Issuance | $2.0K | $191.5M | $88.8M | $0.00 | $24.6M | $155.5M | $121.8M | $0.00 | $122.0M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $0.00 | $406.0K | $5.8M | $16.8M | $24.1M | $45.0M | $24.0M | $28.7M | $28.7M |
Margins & Profitability
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 75.5% | 85.6% | 87.1% | 84.9% | |
| Operating Margin % | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | -24532.6% | -502.2% | -91.4% | -47.1% | |
| Net Margin % | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | -29558.9% | -605.1% | -126.3% | -76.8% | |
| EBITDA Margin % | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | -23321.0% | -473.3% | -87.1% | -44.4% | |
| FCF Margin % | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | -20412.6% | -483.1% | -95.4% | -47.7% | |
| ROE % | 0.0% | -225.1% | -61.1% | -108.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | |
| ROA % | -142.8% | -197.7% | -46.7% | -59.4% | -111.6% | -69.7% | -84.4% | -69.4% | -58.3% | |
| R&D / Revenue | - | - | - | - | - | - | - | - | - |
Valuation
P/E (TTM)At Loss
HistoricalAt Loss / At Loss / At Loss
Industry Med.27.51
P/S4.65
Historical2.32 / 7.51 / 918.33
Industry Med.9.49
P/B—
Historical— / — / —
Industry Med.2.93
EV/EBITDA-10.90
Historical-11.75 / -2.68 / -0.70
Industry Med.13.02
EV/Revenue4.84
Historical2.32 / 7.78 / 571.47
Industry Med.8.59
P/FCF—
Historical— / — / —
Industry Med.27.13
Intrinsic Value Models
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| PE Ratio | N/A | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | |
| PS Ratio | - | - | - | - | - | 702.31 | 9.28 | 6.91 | 4.65 | |
| PB Ratio | 0.00 | 3.38 | 4.88 | 8.32 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| EV/EBITDA | 0.00 | -2.19 | -5.71 | -3.72 | -2.40 | -1.80 | -1.76 | -8.31 | -10.90 | |
| EV/Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 420.68 | 8.34 | 7.23 | 4.84 |
Analyst Estimates & Quality
Altman Z-Score
-5.73
Distress
Piotroski F-Score
3
Weak
Beneish M-Score
-1.93
Unlikely Manipulator
Forward Estimates
| Metric | Current Year | Next Year | 2 Years Out |
|---|---|---|---|
| Revenue | $332.7M | $538.7M | $748.9M |
| Net Income | $-43.3M | $112.2M | $267.9M |
| EPS | -0.57 | 1.24 | 2.89 |
| Book Value per Share | 0.00 | 0.00 | 0.00 |
| Operating Cash Flow per Share | -0.64 | -1.13 | -6.22 |
| Operating CF | $-52.51M | $-92.72M | $-510.36M |
Dividends
Revenue Segments
By Business
| Segment | 2025 |
|---|---|
| Product revenue, net | $175.1M |
By Geography
| Segment | 2025 |
|---|---|
| United States | $175.1M |