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PHATHOM PHARMACEUTICALS, INC.

EDGAR
PHAT Current report (8-K) · filed 2026-10-29

Annual consolidated revenue for 2025: about USD 175.1M, using the latest reported figures. The previous period, 2024, was about USD 55.25M.

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Watchlist

Latest quarter

Revenue

84.7 million USD

2026 Q3 · USD

Exact inputs and evidence

Operating margin

-0.1%

2026 Q3 · %

Exact inputs and evidence
  • Operating Income: -85000 USD Source
  • Revenue: 84722000 USD Source

Operating cash flow

1.84 million USD

2026 Q3 · USD

Exact inputs and evidence
  • Operating Cash Flow: -15738000 USD Source
  • Operating Cash Flow: -17577000 USD Source

Free cash flow

1.73 million USD

2026 Q3 · USD

Exact inputs and evidence
  • Operating Cash Flow: -15738000 USD Source
  • Operating Cash Flow: -17577000 USD Source
  • Capital Expenditure: 215000 USD Source
  • Capital Expenditure: 105000 USD Source
Cash and cash equivalents
185 million USD Source
Exact value

184558000 USD

Long-term debt including current maturities
166 million USD Source
Exact value

165540000 USD

Shares outstanding
81.2 million shares Source
Exact value

81222933 shares

Reported share-count change

14.33% · 10.2 million shares

Year-over-year change in reported shares. Splits, issuance and buybacks can affect this figure; it does not isolate employee compensation or economic dilution.

Exact inputs and evidence
  • 71043149 shares · 2025-09-30· Source
  • 81222933 shares · 2026-09-30· Source

Trailing twelve months

The four most recent complete quarters added together. This gives a full-year view that includes the latest quarterly results.

Revenue

275 million USD

2025-10-01 – 2026-09-30

Exact inputs and evidence
  • Revenue: 175110000 USD · 2025-01-01 – 2025-12-31 Source
  • Revenue: 117526000 USD · 2025-01-01 – 2025-09-30 Source
  • Revenue: 58301000 USD · 2026-01-01 – 2026-03-31 Source
  • Revenue: 74274000 USD · 2026-04-01 – 2026-06-30 Source
  • Revenue: 84722000 USD · 2026-07-01 – 2026-09-30 Source

Net income

-83 million USD

2025-10-01 – 2026-09-30

Exact inputs and evidence
  • Net income: -221247000 USD · 2025-01-01 – 2025-12-31 Source
  • Net income: -200099000 USD · 2025-01-01 – 2025-09-30 Source
  • Net income: -30369000 USD · 2026-01-01 – 2026-03-31 Source
  • Net income: -17582000 USD · 2026-04-01 – 2026-06-30 Source
  • Net income: -13897000 USD · 2026-07-01 – 2026-09-30 Source

Operating cash flow

-20.7 million USD

2025-10-01 – 2026-09-30

Exact inputs and evidence
  • Operating cash flow: -166775000 USD · 2025-01-01 – 2025-12-31 Source
  • Operating cash flow: -161774000 USD · 2025-01-01 – 2025-09-30 Source
  • Operating cash flow: -15647000 USD · 2026-01-01 – 2026-03-31 Source
  • Operating cash flow: -17577000 USD · 2026-01-01 – 2026-06-30 Source
  • Operating cash flow: -15647000 USD · 2026-01-01 – 2026-03-31 Source
  • Operating cash flow: -15738000 USD · 2026-01-01 – 2026-09-30 Source
  • Operating cash flow: -17577000 USD · 2026-01-01 – 2026-06-30 Source

Capital expenditure

302 thousand USD

2025-10-01 – 2026-09-30

Exact inputs and evidence
  • Capital expenditure: 229000 USD · 2025-01-01 – 2025-12-31 Source
  • Capital expenditure: 142000 USD · 2025-01-01 – 2025-09-30 Source
  • Capital expenditure: 61000 USD · 2026-01-01 – 2026-03-31 Source
  • Capital expenditure: 105000 USD · 2026-01-01 – 2026-06-30 Source
  • Capital expenditure: 61000 USD · 2026-01-01 – 2026-03-31 Source
  • Capital expenditure: 215000 USD · 2026-01-01 – 2026-09-30 Source
  • Capital expenditure: 105000 USD · 2026-01-01 – 2026-06-30 Source

Free cash flow

-21 million USD

2025-10-01 – 2026-09-30

Exact inputs and evidence
  • Operating cash flow: -166775000 USD · 2025-01-01 – 2025-12-31 Source
  • Operating cash flow: -161774000 USD · 2025-01-01 – 2025-09-30 Source
  • Operating cash flow: -15647000 USD · 2026-01-01 – 2026-03-31 Source
  • Operating cash flow: -17577000 USD · 2026-01-01 – 2026-06-30 Source
  • Operating cash flow: -15647000 USD · 2026-01-01 – 2026-03-31 Source
  • Operating cash flow: -15738000 USD · 2026-01-01 – 2026-09-30 Source
  • Operating cash flow: -17577000 USD · 2026-01-01 – 2026-06-30 Source
  • Capital expenditure: 229000 USD · 2025-01-01 – 2025-12-31 Source
  • Capital expenditure: 142000 USD · 2025-01-01 – 2025-09-30 Source
  • Capital expenditure: 61000 USD · 2026-01-01 – 2026-03-31 Source
  • Capital expenditure: 105000 USD · 2026-01-01 – 2026-06-30 Source
  • Capital expenditure: 61000 USD · 2026-01-01 – 2026-03-31 Source
  • Capital expenditure: 215000 USD · 2026-01-01 – 2026-09-30 Source
  • Capital expenditure: 105000 USD · 2026-01-01 – 2026-06-30 Source

Company performance

Up to ten complete financial years · consolidated figures

Includes later revisions to earlier periods. Annual charts exclude incomplete years.

Latest filing recorded: 2026-10-29.

Financial data available through: 2025-12-31.

Coverage by financial measure
  • Revenue: 4 of 11 periods available· newest 2025-12-31
  • Operating income: 8 of 11 periods available· newest 2025-12-31
  • Net income: 8 of 11 periods available· newest 2025-12-31
  • Operating cash flow: 8 of 11 periods available· newest 2025-12-31
  • Capital expenditure: 7 of 11 periods available· newest 2025-12-31
  • Total assets: 4 of 11 periods available· newest 2025-12-31
  • Total liabilities: 4 of 11 periods available· newest 2025-12-31
  • Current assets: 4 of 11 periods available· newest 2025-12-31
  • Current liabilities: 4 of 11 periods available· newest 2025-12-31
  • Cash and cash equivalents: 4 of 11 periods available· newest 2025-12-31
  • Long-term debt including current maturities: 4 of 11 periods available· newest 2025-12-31
  • Shares outstanding: 4 of 11 periods available· newest 2025-12-31

Coverage describes values retained in this snapshot. Missing values are not zero; loading limits are reported separately.

What changed year over year

Latest complete year compared with the corresponding period one year earlier. These are measured changes; they do not establish their business causes.

  • Revenue

    +216.9%

    Prior period

    USD 55.25 million

    –

    Current period

    USD 175.11 million

    –

    Exact inputs and evidence

    175110000 − 55252000 = 119858000 USD

    55252000 USD · 2024-01-01 – 2024-12-31

    Inspect prior input Prior source

    175110000 USD · 2025-01-01 – 2025-12-31

    Inspect current input Current source
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  • Net income

    +USD 113.08 million

    Prior period

    −USD 334.33 million

    –

    Current period

    −USD 221.25 million

    –

    Exact inputs and evidence

    -221247000 − -334326000 = 113079000 USD

    -334326000 USD · 2024-01-01 – 2024-12-31

    Inspect prior input Prior source

    -221247000 USD · 2025-01-01 – 2025-12-31

    Inspect current input Current source
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  • Operating cash flow

    +USD 100 million

    Prior period

    −USD 266.77 million

    –

    Current period

    −USD 166.78 million

    –

    Exact inputs and evidence

    -166775000 − -266770000 = 99995000 USD

    -266770000 USD · 2024-01-01 – 2024-12-31

    Inspect prior input Prior source

    -166775000 USD · 2025-01-01 – 2025-12-31

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  • Capital expenditure

    +69.6%

    Prior period

    USD 135,000

    –

    Current period

    USD 229,000

    –

    Exact inputs and evidence

    229000 − 135000 = 94000 USD

    135000 USD · 2024-01-01 – 2024-12-31

    Inspect prior input Prior source

    229000 USD · 2025-01-01 – 2025-12-31

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Where revenue goes

How a period’s revenue divides into costs and what remains as profit. Items marked Derived are calculated by subtraction from reported figures.

2025 2025-01-01 – 2025-12-31

  • Revenue USD 175.11 million 100% of revenue
  • Cost of revenue USD 22.6 million 13% of revenue
  • Operating expenses USD 312.5 million 178% of revenue
  • Operating income −USD 159.99 million −91% of revenue
  • Tax, interest and other Derived USD 61.26 million 35% of revenue
  • Net income −USD 221.25 million −126% of revenue

Cash

  • Operating cash flow −USD 166.78 million −95% of revenue
  • Capital expenditure USD 229,000 0.1% of revenue
  • Free cash flow Derived −USD 167 million −95% of revenue

Share of revenue by period

  • Net income
  • Tax, interest and other
  • Operating costs
  • 2022 Not shown: operating income or net income is not reported.
  • 2023 Operating loss: operating costs were 24,633% of revenue.
  • 2024 Operating loss: operating costs were 602% of revenue.
  • 2025 Operating loss: operating costs were 191% of revenue.
Values and sources
Revenue breakdown by annual reporting period
PeriodRevenueOperating costsOperating incomeTax, interest and otherNet incomeFree cash flowSource
2022 2022-01-01 – 2022-12-310 172440000 Derived -172440000 25283000 Derived -197723000 -147571000 Derived
Source
2023 2023-01-01 – 2023-12-31682000 167994000 Derived -167312000 34280000 Derived -201592000 -139214000 Derived
Source
2024 2024-01-01 – 2024-12-3155252000 332719000 Derived -277467000 56859000 Derived -334326000 -266905000 Derived
Source
2025 2025-01-01 – 2025-12-31175110000 335096000 Derived -159986000 61261000 Derived -221247000 -167004000 Derived
Source

Amounts are exact, in USD.

Growth

Sales over time and how quickly they are changing.

Revenue

Revenue reported for each complete financial period.

USD 175.1M 2025
Revenue historyRevenue reported for each complete financial period. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.189.1M141.8M94.6M47.3M0.02022202320242025
Values and sources
Revenue values and source evidence
PeriodSeriesValue(USD)Source evidence
2022Revenue0
2023Revenue682000
2024Revenue55252000
2025Revenue175110000

Revenue growth

Change in revenue from the same financial period one year earlier.

216.9% 2025
Revenue growth historyChange in revenue from the same financial period one year earlier. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.8,642%6,481%4,321%2,160%0%2022202320242025
Values and sources
Revenue growth values and source evidence
PeriodSeriesValueSource evidence
2022Year over yearNo prior comparable period
2023Year over yearNo prior comparable period
2024Year over year8,001.5%
2025Year over year216.9%

Profit and cash

How much revenue becomes profit, and how much cash operations generate.

Profit margins

Operating income, net income and free cash flow as a share of revenue.

Operating margin -91.4% 2025
Net margin -126.3% 2025
Free cash flow margin -95.4% 2025
Profit margins historyOperating income, net income and free cash flow as a share of revenue. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.2,365%-6,207%-14,779%-23,352%-31,924%2022202320242025
  • Operating margin
  • Net margin
  • Free cash flow margin
Values and sources
Profit margins values and source evidence
PeriodSeriesValueSource evidence
2022Operating marginNot reported
2023Operating margin-24,532.6%
2024Operating margin-502.2%
2025Operating margin-91.4%
2022Net marginNot reported
2023Net margin-29,558.9%
2024Net margin-605.1%
2025Net margin-126.3%
2022Free cash flow marginNot reported
2023Free cash flow margin-20,412.6%
2024Free cash flow margin-483.1%
2025Free cash flow margin-95.4%

Operating cash flow

Cash generated by the company’s normal business operations.

USD -166.8M 2025
Operating cash flow historyCash generated by the company’s normal business operations. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.21.3M-56.0M-133.4M-210.7M-288.1M2022202320242025
Values and sources
Operating cash flow values and source evidence
PeriodSeriesValue(USD)Source evidence
2022Operating cash flow-146530000
2023Operating cash flow-137580000
2024Operating cash flow-266770000
2025Operating cash flow-166775000

Free cash flow

Operating cash flow minus capital expenditure for the same period and unit.

USD -167M 2025
Free cash flow historyOperating cash flow minus capital expenditure for the same period and unit. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.21.4M-56.1M-133.5M-210.9M-288.3M2022202320242025
Values and sources
Free cash flow values and source evidence
PeriodSeriesValue(USD)Source evidence
2022Free cash flow-147571000
2023Free cash flow-139214000
2024Free cash flow-266905000
2025Free cash flow-167004000

Balance sheet

Liabilities and short-term ability to meet obligations at each period end.

Liabilities to assets

Total liabilities as a share of total assets.

269.1% 2025
Liabilities to assets historyTotal liabilities as a share of total assets. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.291%218%145%73%0%2022202320242025
Values and sources
Liabilities to assets values and source evidence
PeriodSeriesValueSource evidence
2022Liabilities / assets145.4%
2023Liabilities / assets117.6%
2024Liabilities / assets167%
2025Liabilities / assets269.1%

Current assets to current liabilities

Current assets divided by current liabilities.

1.73× 2025
Current assets to current liabilities historyCurrent assets divided by current liabilities. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.11.07×8.30×5.53×2.77×0.00×2022202320242025
Values and sources
Current assets to current liabilities values and source evidence
PeriodSeriesValueSource evidence
2022Current assets / current liabilities6.12×
2023Current assets / current liabilities10.25×
2024Current assets / current liabilities4.2×
2025Current assets / current liabilities1.73×

Cash generation

Compare reported profit with operating cash and capital spending. Free cash flow is calculated as operating cash flow minus capital expenditure when both exact, consolidated amounts match the same period and unit.

Cash generation by annual reporting period
PeriodNet incomeOperating cash flowCapital expenditureFree cash flow
2018 2018-01-01 – 2018-12-31
−USD 1.29 million
Exact value

Exact value: -1288000 USD

2018-01-01 – 2018-12-31: -1288000 USD Inspect Net Income Open source
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−USD 1.02 million
Exact value

Exact value: -1023000 USD

2018-01-01 – 2018-12-31: -1023000 USD Inspect Operating Cash Flow Open source
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Unavailable Not reported for this period.
Unavailable

Free cash flow cannot be calculated because Capital expenditure is unavailable for this period.

2019 2019-01-01 – 2019-12-31
−USD 255.13 million
Exact value

Exact value: -255131000 USD

2019-01-01 – 2019-12-31: -255131000 USD Inspect Net Income Open source
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−USD 36.51 million
Exact value

Exact value: -36510000 USD

2019-01-01 – 2019-12-31: -36510000 USD Inspect Operating Cash Flow Open source
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USD 132,000
Exact value

Exact value: 132000 USD

2019-01-01 – 2019-12-31: 132000 USD Inspect Capital Expenditure Open source
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−USD 36.64 million
Calculation and evidence

-36510000 − 132000 USD

Exact free cash flow: -36642000 USD

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2020 2020-01-01 – 2020-12-31
−USD 129.07 million
Exact value

Exact value: -129068000 USD

2020-01-01 – 2020-12-31: -129068000 USD Inspect Net Income Open source
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−USD 69.69 million
Exact value

Exact value: -69688000 USD

2020-01-01 – 2020-12-31: -69688000 USD Inspect Operating Cash Flow Open source
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USD 1.04 million
Exact value

Exact value: 1040000 USD

2020-01-01 – 2020-12-31: 1040000 USD Inspect Capital Expenditure Open source
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−USD 70.73 million
Calculation and evidence

-69688000 − 1040000 USD

Exact free cash flow: -70728000 USD

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2021 2021-01-01 – 2021-12-31
−USD 143.88 million
Exact value

Exact value: -143883000 USD

2021-01-01 – 2021-12-31: -143883000 USD Inspect Net Income Open source
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−USD 148.46 million
Exact value

Exact value: -148457000 USD

2021-01-01 – 2021-12-31: -148457000 USD Inspect Operating Cash Flow Open source
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USD 328,000
Exact value

Exact value: 328000 USD

2021-01-01 – 2021-12-31: 328000 USD Inspect Capital Expenditure Open source
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−USD 148.79 million
Calculation and evidence

-148457000 − 328000 USD

Exact free cash flow: -148785000 USD

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2022 2022-01-01 – 2022-12-31
−USD 197.72 million
Exact value

Exact value: -197723000 USD

2022-01-01 – 2022-12-31: -197723000 USD Inspect Net Income Open source
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−USD 146.53 million
Exact value

Exact value: -146530000 USD

2022-01-01 – 2022-12-31: -146530000 USD Inspect Operating Cash Flow Open source
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USD 1.04 million
Exact value

Exact value: 1041000 USD

2022-01-01 – 2022-12-31: 1041000 USD Inspect Capital Expenditure Open source
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−USD 147.57 million
Calculation and evidence

-146530000 − 1041000 USD

Exact free cash flow: -147571000 USD

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2023 2023-01-01 – 2023-12-31
−USD 201.59 million
Exact value

Exact value: -201592000 USD

2023-01-01 – 2023-12-31: -201592000 USD Inspect Net Income Open source
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−USD 137.58 million
Exact value

Exact value: -137580000 USD

2023-01-01 – 2023-12-31: -137580000 USD Inspect Operating Cash Flow Open source
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USD 1.63 million
Exact value

Exact value: 1634000 USD

2023-01-01 – 2023-12-31: 1634000 USD Inspect Capital Expenditure Open source
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−USD 139.21 million
Calculation and evidence

-137580000 − 1634000 USD

Exact free cash flow: -139214000 USD

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2024 2024-01-01 – 2024-12-31
−USD 334.33 million
Exact value

Exact value: -334326000 USD

2024-01-01 – 2024-12-31: -334326000 USD Inspect Net Income Open source
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−USD 266.77 million
Exact value

Exact value: -266770000 USD

2024-01-01 – 2024-12-31: -266770000 USD Inspect Operating Cash Flow Open source
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USD 135,000
Exact value

Exact value: 135000 USD

2024-01-01 – 2024-12-31: 135000 USD Inspect Capital Expenditure Open source
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−USD 266.91 million
Calculation and evidence

-266770000 − 135000 USD

Exact free cash flow: -266905000 USD

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2025 2025-01-01 – 2025-12-31
−USD 221.25 million
Exact value

Exact value: -221247000 USD

2025-01-01 – 2025-12-31: -221247000 USD Inspect Net Income Open source
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−USD 166.78 million
Exact value

Exact value: -166775000 USD

2025-01-01 – 2025-12-31: -166775000 USD Inspect Operating Cash Flow Open source
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USD 229,000
Exact value

Exact value: 229000 USD

2025-01-01 – 2025-12-31: 229000 USD Inspect Capital Expenditure Open source
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−USD 167 million
Calculation and evidence

-166775000 − 229000 USD

Exact free cash flow: -167004000 USD

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Capital expenditure uses the canonical mapped positive-spending convention. A missing, ambiguous, incompatible, or negative-sign input is left blank. Values use the latest reported version.

Dataset coverage and company identifiers

Coverage reflects filings processed into this Fundies dataset; it does not imply every source filing is loaded.

43 filings · 2,043 latest values · 2,043 originally reported values

Dataset published . Source filing dates and reporting periods are shown separately.

Identifiers: 0001783183, 1783183, PHAT, edgar:1783183

Also known as PHATHOM PHARMACEUTICALS, INC., Phathom Pharmaceuticals, Inc.