Phathom Pharmaceuticals, Inc. financial statements
Income statement, balance sheet and cash flow statement for the last 8 fiscal years, taken from the XBRL data Phathom Pharmaceuticals, Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2019
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
0
0.68
55.3
175
Cost of revenue
0
0.17
7.97
22.6
Gross profit
0
0.52
47.3
153
Research and development
0.02
20.4
98.1
72.3
71.4
49.9
34.1
32.8
Selling, general and administrative
101
118
291
280
Selling and marketing
61.3
61.3
General and administrative
1.21
6.94
27.5
62.7
101
Operating expenses
1.23
106
126
135
172
168
325
312
Operating income
-1.23
-106
-126
-135
-172
-167
-277
-160
Interest expense
0.01
4.18
4.58
6.79
27.3
42
72
68.1
Interest income
1.09
1.09
0.04
2.13
7.88
15.2
7.04
Other non-operating income
-0.06
-149
-3.4
-8.8
-25.3
-34.3
-56.9
-61.3
Pre-tax income
-334
-221
Income tax
0
0
0
0
0
0
0
0
Net income
-1.29
-255
-129
-144
-198
-202
-334
-221
EBITDA
-1.23
-106
-125
-135
-172
-167
-277
-159
EPS, basic
-0.21
-22.45
-3.88
-3.89
-5.05
-3.93
-5.29
-3.03
EPS, diluted
-0.21
-22.45
-3.88
-3.89
-5.05
-3.93
-5.29
-3.03
Shares, basic (weighted)
6.05
11.4
33.2
37
39.1
51.3
63.2
72.9
Shares, diluted (weighted)
6.05
11.4
33.2
37
39.1
51.3
63.2
72.9
Balance sheet
FY2019
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
0.88
244
287
183
155
381
297
130
Receivables
0
1.64
38.8
78.1
Inventory
0
1.21
3.21
5.52
Other current assets
0.02
11.8
3.87
3.27
5.13
13.2
20.9
15.4
Total current assets
0.9
256
291
187
161
397
360
229
Property, plant and equipment
0.46
0.99
0.65
1.21
2.15
1.48
1.06
Lease right-of-use assets
0.93
2.37
1.91
2.29
1.48
0.61
2.6
Other non-current assets
0.18
0.38
0.18
0.3
1.69
1.69
2.92
Total assets
0.9
257
295
189
165
414
378
259
Accounts payable
0.06
0.7
16.8
5.15
10
12.6
10.5
4.98
Accrued liabilities
0.17
2.32
10.6
11.4
14.7
17.2
53.2
89.8
Deferred revenue
0
7.11
19.8
27.2
Short-term debt
7.35
0
0
0
0
Total current liabilities
2.19
3.75
55.5
18.9
26.2
38.8
85.7
132
Long-term debt
22.8
39.6
89.7
95.3
138
201
209
Lease liabilities
0.64
1.56
1.18
1.1
0.46
0
2.07
Other non-current liabilities
2.06
4.13
7.5
7.5
9.7
11.5
4
Total liabilities
2.19
29.2
101
117
240
487
632
697
Total debt
22.8
47
89.7
95.3
138
201
209
Paid-in capital
0
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
0
0
0
Shareholders' equity
-1.29
228
194
72.2
-74.8
-72.8
-254
-438
Total equity
-1.29
228
194
72.2
-74.8
-72.8
-254
-438
Total liabilities and equity
0.9
257
295
189
165
414
378
259
Shares outstanding
6.76
24.7
28.5
30.5
41.5
58
68.5
71.4
Cash flow statement
FY2019
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-1.29
-255
-129
-144
-198
-202
-334
-221
Depreciation and amortization
0
0.01
0.32
0.52
0.62
0.58
0.8
0.63
Stock-based compensation
0.41
5.84
16.8
24.1
45
24
28.7
Change in receivables
0
-1.64
-37.2
-39.3
Change in inventory
0
-9.44
-6.14
-11.8
Change in payables
0.23
2.27
24
-9.79
8.68
6.41
34.9
34.1
Cash from operations
-1.02
-36.5
-69.7
-148
-147
-138
-267
-167
Capital expenditures
-0.13
-1.04
-0.33
-1.04
-1.63
-0.14
-0.23
Cash from investing
-25.3
-1.04
-0.33
-1.04
-1.63
-0.14
-0.23
Debt issued
24.9
25
96.9
0
39.3
59.4
0
Debt repaid
-54.1
Stock issued
0
0.63
1.94
0
14.1
1.6
1.64
Cash from financing
1.9
305
114
44.7
120
368
183
-0.29
Net change in cash
0.88
243
43.7
-104
-27.5
228
-84.1
-167
Free cash flow
-36.6
-70.7
-149
-148
-139
-267
-167
Interest paid
1.01
3.46
4.07
7.03
11.1
17.3
21.4
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $7.30 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
82.9%
Gross profit / revenue.
Operating margin
-17.0%
Operating income / revenue.
EBITDA margin
-16.7%
EBITDA (operating income + depreciation and amortization) / revenue.
Net margin
-41.3%
Net income / revenue.
FCF margin
-15.4%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-15.3%
Cash from operations / revenue.
Return on assets (ROA)
-30.3%
Net income / average total assets.
R&D / revenue
12.6%
Research and development expense / revenue.
SG&A / revenue
87.3%
Selling, general and administrative expense / revenue.
Stock-based pay / revenue
11.3%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
0.1%
Capital expenditures / revenue.
D&A / revenue
0.2%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
216.9%
Revenue vs the same period a year earlier. Only from a positive base.
Gross profit growth, 1y
222.6%
Gross profit vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y
-31.5%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
16.3%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
-2.6%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y
15.4%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
23.1%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y
17.0%
Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
1.92x
Current assets / current liabilities.
Quick ratio
1.82x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
1.19x
(Cash + short-term investments) / current liabilities.
Debt / assets
50.3%
Total debt / total assets.
Liabilities / assets
205.3%
Total liabilities / total assets.
Net debt
-$17.9M
Total debt - cash - short-term investments. Negative means more cash than debt.
Days inventory + days sales outstanding - days payables.
Per share
Metric
Value
How it is calculated
EPS, diluted
-$1.18
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share
$2.86
Revenue / diluted weighted shares.
FCF per share
-$0.44
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$0.44
Cash from operations / diluted weighted shares.
Book value per share
-$4.30
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
2.46x
Market cap / revenue.
EV/Sales
2.39x
Enterprise value / revenue.
FCF yield
-6.3%
Free cash flow / market cap.
Earnings yield
-16.8%
Net income / market cap (the inverse of P/E).
What was Phathom Pharmaceuticals, Inc.'s revenue in fiscal 2025?
Phathom Pharmaceuticals, Inc. reported revenue of $175.1M for fiscal 2025, 216.9% higher than the year before.
Was Phathom Pharmaceuticals, Inc. profitable in fiscal 2025?
No. It reported a net loss of $221.2M.
How much free cash flow did Phathom Pharmaceuticals, Inc. generate in fiscal 2025?
Cash from operations of $166.8M minus capital expenditures of $229.0K left free cash flow of -$167.0M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.