Phathom Pharmaceuticals, Inc.(PHAT)Earnings, Financials & Key Ratios

PHAT•NASDAQ

$11.55

Price updated Jul 7, 2026

SectorHealthcare IndustryBiotechnology Sub-IndustryCommercial Specialty Pharma

AboutPhathom Pharmaceuticals, Inc., a clinical-stage biopharmaceutical company, focuses on developing and commercializing treatments for gastrointestinal diseases. The company has the rights in the United States, Europe, and Canada to vonoprazan, a potassium-competitive acid blocker (P-CAB) that blocks acid secretion in the stomach. It is also developing vonoprazan, which is in Phase III clinical trials for the treatment of erosive gastroesophageal reflux disease; and in combination with antibiotics for the treatment of Helicobacter pylori infection. Phathom Pharmaceuticals, Inc. was incorporated in 2018 and is headquartered in Florham Park, New Jersey.Show more

Revenue$175M+216.9%
EBITDA-$159M+42.4%
Net Income-$221M+33.8%
EPS (Diluted)-3.03+42.7%
Gross Margin87.09%+1.8%
EBITDA Margin-91%+81.8%
Operating Margin-91.36%+81.8%
Net Margin-126.35%+79.1%

PHAT Price & Volume

Phathom Pharmaceuticals, Inc. (PHAT) stock price & volume — 10-year historical chart

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Rapid Revenue Scaling Faces Persistent Liquidity Constraints

Investment Thesis • Updated 2026Q1

VerdictNeutral

Growth:Accelerating

Profitability:Negative

Financial:Vulnerable

Cash Flow:Burning

Primary Risk:Liquidity and dilution risk

Key Thesis Takeaways

Phathom Pharmaceuticals is successfully transitioning to a commercial-stage entity, evidenced by a 104.4% year-over-year revenue growth in 2026Q1 as it scales its vonoprazan platform.
However, the company's reliance on heavy SG&A spending, which reached $54.0M in the most recent quarter, continues to drive significant operating losses and negative equity.
Investors should monitor the sustainability of this growth trajectory, as the current $180.9M cash position may necessitate further capital raises to bridge the gap toward profitability.

Verdict Logic

while the 104.4% revenue growth rate is promising, the persistent quarterly operating loss of $15.5M and negative equity position warrant caution regarding future dilution risks.

PHAT Growth Metrics

Phathom Pharmaceuticals, Inc. (PHAT) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years-

5 Years-

3 Years-

TTM150.3%

Profit CAGR

10 Years-

5 Years-

3 Years-

TTM63.29%

EPS CAGR

10 Years-

5 Years-

3 Years-

TTM59.54%

Return on Capital

10 Years-76.74%

5 Years-80.39%

3 Years-74.83%

Last Year-76.24%

PHAT Recent Earnings

Phathom Pharmaceuticals, Inc. (PHAT) EPS & revenue vs analyst estimates — last 4 quarters

Full history →

●Beat EPS 8/12 qtrs (67%)●Beat Revenue 5/12 qtrs (50%)

Q2 2026Latest

Apr 30, 2026

Metric

Actual

Est

EPS

$0.37-37.0%

$0.27

Rev

$58M+4.3%

$56M

Q1 2026

Feb 26, 2026

Metric

Actual

Est

EPS

$0.16+49.9%

$0.32

Rev

$58M+0.7%

$57M

Q4 2025

Oct 30, 2025

Metric

Actual

Est

EPS

$0.15+50.0%

$0.30

Rev

$50M-13.8%

$57M

Q3 2025

Aug 7, 2025

Metric

Actual

Est

EPS

$0.79-3.9%

$0.76

Rev

$40M-15.5%

$47M

Quarter	Date	EPS (Act vs Est)	Revenue (Act vs Est)
Q2 2026Latest	Apr 30, 2026	$0.37vs $0.27-37.0%	$58Mvs $56M+4.3%
Q1 2026	Feb 26, 2026	$0.16vs $0.32+49.9%	$58Mvs $57M+0.7%
Q4 2025	Oct 30, 2025	$0.15vs $0.30+50.0%	$50Mvs $57M-13.8%
Q3 2025	Aug 7, 2025	$0.79vs $0.76-3.9%	$40Mvs $47M-15.5%

Based on last 12 quarters of dataView full earnings history →

Latest PHAT News

Recent stock market news and headlines for Phathom Pharmaceuticals, Inc. (PHAT)

GlobeNewsWire·Jun 23, 2026

Phathom Pharmaceuticals Completes Patient Enrollment Ahead of Schedule in Phase 2 pHalcon-EoE-201 Study of VOQUEZNA® (vonoprazan) in Eosinophilic Esophagitis (EoE)

This trial is the first large, placebo-controlled clinical trial of an acid suppression treatment in EoE Topline results for the double-blind 12-week treatment portion of the study are expected in Q4 of 2026 FLORHAM PARK, N.J., June 23, 2026 (GLOBE NEWSWIRE) -- Phathom Pharmaceuticals, Inc. (Nasdaq: PHAT), a biopharmaceutical company focused on developing and commercializing novel treatments for gastrointestinal (GI) diseases, today announced it has completed enrollment in its Phase 2 pHalcon-EoE-201 clinical trial evaluating VOQUEZNA® (vonoprazan) tablets as an investigational treatment for eosinophilic esophagitis (EoE) in adults.

Peers Comparison

Key metrics vs top competitors for Phathom Pharmaceuticals, Inc. (PHAT)

Full Screener →

Company	Price	Market Cap	P/E Ratio	Rev Growth (1Y)	Net Margin	ROE	Div Yield
PHATPhathom Pharmaceuticals, Inc.Current	$11.55	$917.42M	-3.81	216.93%	-126.35%	—	—
ACADACADIA Pharmaceuticals Inc.	$26.20	$4.49B	11.44	11.87%	34.3%	35.65%	—
SUPNSupernus Pharmaceuticals, Inc.	$47.41	$2.73B	-69.72	8.63%	-3.74%	-2.73%	—
PRGOPerrigo Company plc	$11.19	$1.55B	-1.09	-2.75%	-43.5%	-50.65%	—
IRWDIronwood Pharmaceuticals, Inc.	$4.47	$735.82M	29.80	-15.72%	28.26%	—	—
PTGXProtagonist Therapeutics, Inc.	$140.85	$9.06B	-68.71	-89.41%	-648.27%	-17.76%	—

Compare PHAT vs Peers

Phathom Pharmaceuticals, Inc. (PHAT) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs ACAD

Most directly comparable listed peer for PHAT.

Scale Benchmark

vs AZN

Larger-name benchmark to compare PHAT against a more recognizable public peer.

Peer Set

Compare Top 5

vs ACAD, SUPN, PRGO, IRWD

PHAT SEC Filings & Documents

Phathom Pharmaceuticals, Inc. (PHAT) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

Material company update

Apr 30, 2026·SEC

Material company update

Feb 26, 2026·SEC

Material company update

Jan 8, 2026·SEC

10-K Annual Reports

FY 2026

Feb 26, 2026·SEC

FY 2025

Mar 6, 2025·SEC

FY 2024

Mar 7, 2024·SEC

10-Q Quarterly Reports

FY 2026

Apr 30, 2026·SEC

FY 2025

Oct 30, 2025·SEC

FY 2025

Aug 7, 2025·SEC

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PHAT Frequently Asked Questions

Phathom Pharmaceuticals, Inc. (PHAT) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

What is Phathom Pharmaceuticals, Inc.'s revenue?

Phathom Pharmaceuticals, Inc. (PHAT) reported $204.9M in revenue for fiscal year 2025.

How fast is Phathom Pharmaceuticals, Inc. growing?

Phathom Pharmaceuticals, Inc. (PHAT) grew revenue by 216.9% over the past year. This is strong growth.

Is PHAT profitable?

Phathom Pharmaceuticals, Inc. (PHAT) reported a net loss of $126.9M for fiscal year 2025.

Dividend & Returns

What is Phathom Pharmaceuticals, Inc.'s free cash flow?

Phathom Pharmaceuticals, Inc. (PHAT) had negative free cash flow of $97.4M in fiscal year 2025, likely due to heavy capital investments.

What if you invested $1,000 in PHAT back in 2018?

Total return calculator · dividends reinvested · 8+ years of data

See returns →

Quarter

Date

EPS (Act vs Est)

Revenue (Act vs Est)

Q2 2026Latest

Apr 30, 2026

$0.37vs $0.27-37.0%

$58Mvs $56M+4.3%

Q1 2026

Feb 26, 2026

$0.16vs $0.32+49.9%

$58Mvs $57M+0.7%

Q4 2025

Oct 30, 2025

$0.15vs $0.30+50.0%

$50Mvs $57M-13.8%

Q3 2025

Aug 7, 2025

$0.79vs $0.76-3.9%

$40Mvs $47M-15.5%

Company

Price

Market Cap

P/E Ratio

Rev Growth (1Y)

Net Margin

ROE

Div Yield

PHATPhathom Pharmaceuticals, Inc.Current

$11.55

$917.42M

-3.81

216.93%

-126.35%

—

ACADACADIA Pharmaceuticals Inc.

$26.20

$4.49B

11.44

11.87%

34.3%

35.65%

—

SUPNSupernus Pharmaceuticals, Inc.

$47.41

$2.73B

-69.72

8.63%

-3.74%

-2.73%

—

PRGOPerrigo Company plc

$11.19

$1.55B

-1.09

-2.75%

-43.5%

-50.65%

—

IRWDIronwood Pharmaceuticals, Inc.

$4.47

$735.82M

29.80

-15.72%

28.26%

—

PTGXProtagonist Therapeutics, Inc.

$140.85

$9.06B

-68.71

-89.41%

-648.27%

-17.76%

—