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Friday 6 November 2026
Export PHAT’s income statement to Excel — free account
Phathom Pharmaceuticals, Inc.
PHAT Healthcare Biotechnology
Phathom Pharmaceuticals, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $175.1 million, up 216.9% from fiscal 2024.
- Revenue
- +71.1%
- EPS
- +60.1%
- Free cash flow
- +112.2%
- Total debt
- −20.1%
Quarter to September 2026, against a year earlier
5.23
0.15
+2.95%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Sep ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | — | — | — | — | — | — | — | 1 | 55 | 175 | 275 | +1,502.4% | 315 | 488 | 669 | +56.4% | |
| Gross margin, % | — | — | — | 0.00 | 0.00 | 0.00 | 0.00 | 75.51 | 85.57 | 87.09 | 80.68 | +87.1 pt | ||||||
| EBT | — | — | (1) | (255) | (129) | (144) | (198) | (202) | (334) | (221) | (83) | +108.6% | ||||||
| EBT margin, % | — | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | (29,558.94) | (605.09) | (126.35) | (30.19) | (126.4) pt | ||||||
| Net income | — | 0 | (1) | (255) | (129) | (144) | (198) | (202) | (334) | (221) | (83) | n/m | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | — | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.01 | 0.87 | 2.40 | 3.24 | n/m | |||||
| Earnings | — | — | (0.21) | (22.45) | (3.88) | (3.89) | (5.05) | (3.93) | (5.29) | (3.03) | (1.03) | +46.1% | ||||||
| Cash flow | — | — | (0.17) | (3.21) | (2.10) | (4.01) | (3.75) | (2.68) | (4.22) | (2.29) | (0.24) | +45.1% | ||||||
| Capex | — | — | 0.00 | (2.22) | (0.03) | (0.01) | (0.03) | (0.03) | 0.00 | 0.00 | 0.00 | n/m | ||||||
| Free cash flow | — | — | (0.17) | (5.43) | (2.13) | (4.02) | (3.77) | (2.71) | (4.22) | (2.29) | (0.25) | +45.1% | ||||||
| Book value | — | — | (0.21) | 20.05 | 5.85 | 1.95 | (1.91) | (1.42) | (4.01) | (6.01) | (4.09) | +61.2% | ||||||
| Shares, m | — | — | 6 | 11 | 33 | 37 | 39 | 51 | 63 | 73 | 81 | +42.7% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | — | — | — | — | — | — | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.0 | |||||
| P/S | — | — | — | — | — | — | — | 0.00 | 9.28 | 6.91 | 1.62 | 5.4 | ||||||
| P/B | — | — | — | — | — | — | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.0 | ||||||
| EV/Sales | — | — | — | — | — | — | — | 0.00 | 7.74 | 7.42 | 1.58 | 5.1 | ||||||
| EV/FCF | — | — | — | — | — | — | — | (1.70) | (1.60) | (7.78) | (20.69) | (3.7) | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | — | — | (1) | (37) | (70) | (148) | (147) | (138) | (267) | (167) | (21) | +107.0% | |||||
| Capex | — | — | — | (25) | (1) | 0 | (1) | (2) | 0 | 0 | 0 | (54.3%) | ||||||
| Free cash flow | — | — | (1) | (62) | (71) | (149) | (148) | (139) | (267) | (167) | (21) | +107.1% | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | — | — | (1) | 252 | 236 | 168 | 134 | 359 | 274 | 97 | 133 | n/m | |||||
| Net debt | — | — | 1 | (221) | (241) | (94) | (60) | (244) | (96) | 79 | (19) | +84.9% | ||||||
| Shareholders’ equity | — | — | (1) | 228 | 194 | 72 | (75) | (73) | (254) | (438) | (348) | +130.0% | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | — | — | (285.59) | (197.71) | (46.74) | (59.39) | (111.63) | (69.68) | (84.41) | (69.41) | (28.36) | +216.2 pt | |||||
| ROIC | — | — | 0.00 | (931.32) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.0 pt | ||||||
| ROE | — | — | (1.14) | (225.11) | (61.14) | (108.01) | 14,877.58 | 273.21 | 204.89 | 63.97 | 21.55 | +65.1 pt | ||||||
| People | ||||||||||||||||||
| People | Employees | — | — | 16 | 25 | 55 | 77 | 112 | 452 | 427 | 371 | — | +56.7% | |||||
| Revenue/emp, $m | — | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.13 | 0.47 | — | n/m | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026
Phathom Pharmaceuticals, Inc. vs peers in Biotechnology (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| ARVN Arvinas, Inc. | $428.9M | — (loss-making) | — (loss-making) | −98.81% (below 0%: shrinking) | n/m | +82.77% (above 0%: growing) | 80.00% | (11,820.00%) | Compare |
| GYRE Gyre Therapeutics, Inc. | $425.2M | — (loss-making) | — (loss-making) | +7.75% (above 0%: growing) | n/m | −129.91% (below 0%: shrinking) | 94.09% | 0.00% | Compare |
| PRTCY PureTech Health PLC Sponsored ADR | $424.0M | — (loss-making) | — (loss-making) | −44.60% (below 0%: shrinking) | +66.43% (above 0%: growing) | +19.27% (above 0%: growing) | 2.83% | 0.00% | Compare |
| OCS Oculis Holding AG | $421.6M | — (loss-making) | — (loss-making) | −97.17% (below 0%: shrinking) | n/m | −20.85% (below 0%: shrinking) | 100.00% | (338,436.05%) | Compare |
| PHAT Phathom Pharmaceuticals, Inc. | $413.0M | — (loss-making) | — (loss-making) | +71.14% (above 0%: growing) | n/m | +112.23% (above 0%: growing) | 78.32% | (0.10%) | |
| CRMD CorMedix Inc | $407.6M | 2.2× | 11.5× | +156.52% (above 0%: growing) | +13.79% (above 0%: growing) | +185.90% (above 0%: growing) | 75.66% | 42.10% | Compare |
| ASMB Assembly Biosciences, Inc. | $407.2M | — (loss-making) | — (loss-making) | +38.94% (above 0%: growing) | n/m | +7.58% (above 0%: growing) | 100.00% | (47.44%) | Compare |
| PRTA Prothena Corporation plc | $405.1M | — (loss-making) | 71.4× | −74.33% (below 0%: shrinking) | n/m | +70.34% (above 0%: growing) | 100.00% | (3,035.65%) | Compare |
| RLMD Relmada Therapeutics, Inc. | $402.1M | — (loss-making) | — | — | n/m | −50.06% (below 0%: shrinking) | 0.00% | 0.00% | Compare |
| Median of peers | $414.6M | — | — | −44.60% | — | +13.43% | 87.05% | (23.72%) |
Pay and ownership Proxy statement filed 7 April 2026
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2024 | 3.56m | 3.76m | 72.37 |
| 2023 | 3.41m | 2.46m | 81.37 |
Ownership
Directors and executive officers, together
9.33%
Entities affiliated with Medicxi Growth I LP
9.40%
James Topper, M.D., Ph.D.
7.57%
Frazier Life Sciences IX, L.P.
7.34%
Frazier Life Sciences Public Fund, L.P.
6.70%
Entities affiliated with Millennium Management LLC
5.26%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards
at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s
shares at the start of the earliest year shown was worth at each year’s end.
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement