Phathom Pharmaceuticals, Inc.

Listed Company

PHATCIK 0001783183NasdaqNon-AcceleratedSmaller ReportingPharmaceutical PreparationsDelawareFY ends Dec 31

Period

FY 2025

Revenue

$175.11M

Net Income

$-221.25M

Total Assets

$259.15M

Equity

$-438.17M

Shares Out

79.76M

Op. Cash Flow

$-166.78M

PHAT$10.96+31.57% · past yearDBEQ Basic

Daily closing prices

Business

Phathom Pharmaceuticals is a commercial-stage biopharmaceutical company that commercializes vonoprazan-based products for gastrointestinal diseases. Its approved products—VOQUEZNA, VOQUEZNA DUAL PAK, and VOQUEZNA TRIPLE PAK—are marketed in the United States for erosive and non-erosive GERD and Helicobacter pylori infection. The company operates a targeted U.S. sales force focused on gastroenterologists and high-prescribing healthcare providers, distributes products through pharmaceutical wholesalers and retail pharmacies, and maintains payer relationships for formulary access. Phathom also pursues life-cycle management opportunities and early-stage development for additional indications such as eosinophilic esophagitis.

Summary from 10-K filed 2026-02-26

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Product revenue, net	175	55	682,000	0	—
Cost of revenue	23	8	167,000	0	—
Gross Profit	153	47	515,000	0	—
Research and development	33	34	50	71	72
Selling, general and administrative	280	291	118	101	—
Total operating expenses	312	325	168	172	135
Loss from operations	−160	−277	−167	−172	−135
Interest income	7	15	8	2	41,000
Interest expense	−68	−72	−42	—	—
Other expense, net	−190,000	−8,000	−188,000	−110,000	−2
Total other expense	−61	−57	−34	−25	−9
Net loss and comprehensive loss	−221	−334	−202	−198	−144
Net loss per share, basic	−3.03	−5.29	−3.93	−5.05	−3.89
Net loss per share, diluted	−3.03	−5.29	−3.93	−5.05	−3.89
Weighted-average shares of common stock outstanding, basic	73	63	51	39	37
Weighted-average shares of common stock outstanding, diluted	73	63	51	39	37

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	130	297	381	155	183
Prepaid expenses and other current assets	15	21	13	5	3
Accounts receivable, net	78	39	2	0	—
Inventory	6	3	1	0	—
Total current assets	229	360	397	161	187
Property and equipment, net	1	1	2	1	650,000
Operating lease right-of-use assets	3	613,000	1	2	2
Restricted cash	3	3	3	505,000	160,000
Inventory, non-current	21	12	8	0	—
Other long-term assets	3	2	2	299,000	181,000
Total assets	259	378	414	165	189
Accounts payable	5	11	13	10	5
Accrued expenses	90	53	17	15	11
Accrued interest	2	2	1	854,000	477,000
Operating lease liabilities, current	648,000	501,000	726,000	708,000	487,000
Current portion of revenue interest financing liability	27	20	7	0	—
Other current liabilities	8	—	—	—	—
Total current liabilities	132	86	39	26	19
Long-term debt, net of discount	209	201	138	95	90
Revenue interest financing liability	350	333	300	110	—
Operating lease liabilities	2	0	462,000	1	1
Other long-term liabilities	4	12	10	8	8
Total liabilities	697	632	487	240	117
Commitments and contingencies (Note 3)	—	—	—	—	—
Preferred stock, $0.0001 par value; authorized shares - 40,000,000 at December 31, 2025 and December 31, 2024; no shares issued and outstanding at December 31, 2025 and December 31, 2024	—	—	—	—	—
Common stock, $0.0001 par value; authorized shares - 400,000,000 at December 31, 2025 and December 31, 2024; issued and outstanding shares - 71,419,025 and 68,518,238 at December 31, 2025 and December 31, 2024, respectively	6,000	6,000	5,000	3,000	3,000
Treasury stock - 19 shares at December 31, 2025 and December 31, 2024	0	0	0	0	—
Additional paid-in capital	1,046	1,009	856	652	602
Accumulated deficit	−1,484	−1,263	−929	−727	−529
Total stockholders' deficit	−438	−254	−73	−75	72
Total liabilities and stockholders' deficit	259	378	414	165	189

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net loss	−221	−334	−202	−198	−144
Depreciation and amortization	633,000	795,000	575,000	620,000	521,000
Stock-based compensation	29	24	45	24	17
Accrued payment-in-kind interest on debt	5	4	—	—	—
Accrued interest on revenue interest financing liability, net of payments	24	46	—	—	—
Amortization of debt discount	3	2	2	2	4
Inventory reserve	280,000	836,000	0	—	—
Other	5	5	2	1	823,000
Prepaid expenses and other current assets	6	−8	−8	−2	605,000
Accounts receivable, net	−39	−37	−2	0	—
Accounts payable and accrued expenses	34	35	6	9	−10
Accrued interest	121,000	565,000	292,000	377,000	165,000
Operating right-of-use assets and lease liabilities	222,000	175,000	194,000	−238,000	98,000
Inventory	−12	−6	−9	0	—
Other long-term assets	−1	0	−1	−118,000	203,000
Net cash used in operating activities	−167	−267	−138	−147	−148
Cash paid for property and equipment	−229,000	−135,000	−2	−1	−328,000
Net cash used in investing activities	−229,000	−135,000	−2	−1	−328,000
Proceeds from issuance of common stock from exercise of stock options	2	2	124,000	0	2
Net proceeds from issuance of debt	0	59	39	0	97
Net proceeds from underwritten public offering	0	122	141	0	—
Payment of employee tax obligations related to vesting of PSUs and RSUs	−2	0	—	—	—
Net cash (used in) provided by financing activities	−288,000	183	368	120	45
Net decrease in cash and cash equivalents and restricted cash	−167	−84	228	−28	−104
Interest paid	21	17	11	7	4
Property and equipment purchases included in accounts payable and accrued expenses	0	8,000	18,000	138,000	2,000
Final interest payment fee	0	2	2	0	8
Settlement of ESPP liability in common stock	3	2	1	909,000	819,000
Settlement of 401(k) liability in common stock	5	4	2	1	903,000

Filings

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Frequently asked questions

What is Phathom Pharmaceuticals, Inc.'s CIK number?

Phathom Pharmaceuticals, Inc.'s SEC CIK number is 0001783183 (1783183). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.

Where can I find Phathom Pharmaceuticals, Inc.'s SEC filings?

All of Phathom Pharmaceuticals, Inc.'s EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.

When did Phathom Pharmaceuticals, Inc. last report earnings?

Phathom Pharmaceuticals, Inc. (PHAT) most recently filed an earnings 8-K with the SEC on Apr 30, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001193125-26-193945). This is Phathom Pharmaceuticals, Inc.'s most recent earnings filing of record — not a forecast of its next earnings date.

What is Phathom Pharmaceuticals, Inc.'s most recent earnings 8-K?

Phathom Pharmaceuticals, Inc.'s latest earnings 8-K (Item 2.02) was filed Apr 30, 2026 under accession 0001193125-26-193945. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.

View Phathom Pharmaceuticals, Inc.'s latest earnings 8-K →
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