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. In the quarter to June 2026, revenue grew 88.0%, EPS grew 80.0%, free cash flow grew 96.9% and total debt fell 19.8%, each against the same quarter a year earlier.
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Phathom Pharmaceuticals, Inc. (PHAT) Beneish M-score
Phathom Pharmaceuticals, Inc.'s Beneish M-score for fiscal 2025 is −1.39; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −1.39 | (68.73) |
| FY2024 | 67.35 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.64 | — | 0.58 | |
| Gross margin index | 0.98 | — | 0.52 | |
| Asset quality index | 2.54 | — | 1.03 | |
| Sales growth index | 3.17 | — | 2.83 | |
| Depreciation index | 0.86 | — | 0.10 | |
| SG&A index | 0.30 | — | −0.05 | |
| Total accruals to total assets | (0.21) | — | −0.98 | |
| Leverage index | 1.73 | — | −0.57 | |
| Beneish M-score | Flagged by the model | −1.39 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| WVE WAVE Life Sciences Ltd. compare | −2.4× |
| PHAT Phathom Pharmaceuticals, Inc. | −1.4× |
| ZVRA Zevra Therapeutics, Inc. compare | 1.5× |
| CRMD CorMedix Inc compare | 12.8× |
| SLN Silence Therapeutics PLC Sponsored ADR compare | 45.8× |
| CLYM Climb Bio, Inc. compare | — |
| OLMA Olema Pharmaceuticals, Inc. compare | — |
| SLDB Solid Biosciences Inc. compare | — |
| NVCT Nuvectis Pharma, Inc. compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI