Symbols / PHAT $11.73 -8.93% Phathom Pharmaceuticals, Inc.

Healthcare • Biotechnology • United States • NMS
PHAT Chart
O: — H: — L: — C: — V: —
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About

Phathom Pharmaceuticals, Inc., a biopharmaceutical company, focuses on developing and commercializing treatments for gastrointestinal diseases in the United States. It develops VOQUEZNA, which has completed Phase III clinical trials for the treatment of erosive gastroesophageal reflux disease (GERD) and related heartburn in adults; and VOQUEZNA Triple Pak and VOQUEZNA Dual Pak that have completed Phase III clinical trials for treating Helicobacter pylori, as well as VOQUEZNA and vonoprazan for the treatment of heartburn associated with non-erosive GERD and eosinophilic esophagitis in adults and adolescents. The company was incorporated in 2018 and is headquartered in Florham Park, New Jersey.

Fundamentals
Scroll to Statements
Market Cap 931.72M Enterprise Value 1.38B Income -221.25M Sales 175.11M Book/sh -6.13 Cash/sh 1.65
Dividend Yield — Payout 0.00% Employees 371 IPO — P/E — Forward P/E 7.60
PEG — P/S 5.32 P/B -1.91 P/C — EV/EBITDA -8.68 EV/Sales 7.90
Quick Ratio 1.58 Current Ratio 1.73 Debt/Eq — LT Debt/Eq — EPS (ttm) -3.03 EPS next Y 1.54
EPS Growth — Revenue Growth 94.10% Earnings 2026-04-30 ROA -31.37% ROE — ROIC —
Gross Margin 87.09% Oper. Margin -10.29% Profit Margin -126.35% Shs Outstand 79.43M Shs Float 59.39M Short Float 14.11%
Short Ratio 9.36 Short Interest — 52W High 18.31 52W Low 2.21 Beta 0.61 Avg Volume 1.04M
Volume 2.04M Target Price $23.70 Recom Strong_buy Prev Close $12.88 Price $11.73 Change -8.93%
Valuation Models

Price estimates from analyst targets and simple models.

1. Analyst consensus
$23.70
Mean price target
2. Current target
$11.73
Latest analyst target
3. DCF / Fair value
$-24.44
Simplified: (Free Cash Flow ÷ Shares) × 18 (P/FCF multiple). Not a …
Ratings
Current target
$11.73
Low
$13.00
High
$29.00
Mean
$23.70

Latest analyst rating changes

Date Action Analyst Rating Change Price Target
2026-03-27 up Barclays Equal-Weight → Overweight $18
2026-02-27 main Guggenheim Buy → Buy $25
2025-12-09 init Barclays — → Equal-Weight $16
2025-10-31 main HC Wainwright & Co. Buy → Buy $26
2025-06-09 main Craig-Hallum Buy → Buy $17
2025-06-09 reit HC Wainwright & Co. Buy → Buy $20
2025-06-06 main Needham Buy → Buy $28
2025-05-02 main Goldman Sachs Neutral → Neutral $5
2025-05-02 main Guggenheim Buy → Buy $12
2025-05-02 main HC Wainwright & Co. Buy → Buy $20
2025-05-02 main Craig-Hallum Buy → Buy $12
2025-04-21 reit Needham Buy → Buy $28
2025-04-17 main Goldman Sachs Neutral → Neutral $10
2025-04-09 reit Needham Buy → Buy $28
2025-04-02 reit Guggenheim Buy → Buy —
2025-04-02 reit Needham Buy → Buy $28
2025-03-10 main Goldman Sachs Neutral → Neutral $12
2025-03-07 reit HC Wainwright & Co. Buy → Buy $28
2025-03-06 reit Needham Buy → Buy $28
2025-01-10 reit Needham Buy → Buy $28
News
RSS: Latest PHAT news
Insider Transactions
Filed Date Insider Relationship Transaction Shares Price Value SEC
2026-03-10 PARIKH ASIT Director — 40,000 $0.00 $0
2026-02-27 BREEDLOVE ROBERT CHARLES Officer — 15,790 $0.00 $0
2026-02-10 BASTA STEVEN L Chief Executive Officer — 12,362 $0.00 $0
2026-02-10 COOK ANNE MARIE Officer — 3,461 $0.00 $0
2026-01-23 PARIKH ASIT Director — 80,500 $0.00 $0
2026-01-13 PARIKH ASIT Director — 8,750 $10.30 $90,125
2026-01-02 NARULA SANJEEV Chief Financial Officer — 82,715 $0.00 $0
2026-01-02 BASTA STEVEN L Officer and Director — 251,034 $0.00 $0
2026-01-02 COOK ANNE MARIE Officer — 75,345 $0.00 $0
2025-12-19 PARIKH ASIT Director — 8,750 $10.30 $90,125
Financials
Statement View
Amounts in millions (2 decimals, no suffix) • EPS per share (2 decimals) • Trend = period evolution • YoY Growth = previous period %
Line Item Trend 2025-12-31 2024-12-31 2023-12-31 2022-12-31
Total Revenue
175.11
+216.93%
55.25
+8001.47%
0.68
0.00
Operating Revenue
175.11
+216.93%
55.25
+8001.47%
0.68
0.00
Cost Of Revenue
22.60
+183.44%
7.97
+4674.25%
0.17
0.00
Reconciled Cost Of Revenue
22.60
+183.44%
7.97
+4674.25%
0.17
0.00
Gross Profit
152.51
+222.58%
47.28
+9080.39%
0.52
0.00
Operating Expense
312.50
-3.77%
324.75
+93.50%
167.83
-2.68%
172.44
Research And Development
32.78
-3.82%
34.08
-31.70%
49.90
-30.15%
71.44
Selling General And Administration
279.72
-3.77%
290.66
+146.48%
117.93
+16.76%
101.00
General And Administrative Expense
—
—
—
101.00
Other Gand A
—
—
—
101.00
Total Expenses
335.10
+0.71%
332.72
+98.05%
167.99
-2.58%
172.44
Operating Income
-159.99
+42.34%
-277.47
-65.84%
-167.31
+2.97%
-172.44
Total Operating Income As Reported
-159.99
+42.34%
-277.47
-65.84%
-167.31
+2.97%
-172.44
EBITDA
-152.50
+41.69%
-261.52
-64.43%
-159.05
+6.33%
-169.80
Normalized EBITDA
-152.50
+41.69%
-261.52
-64.43%
-159.05
+6.33%
-169.80
Reconciled Depreciation
0.63
-20.38%
0.80
+38.26%
0.57
-7.26%
0.62
EBIT
-153.13
+41.62%
-262.32
-64.33%
-159.62
+6.33%
-170.42
Net Income
-221.25
+33.82%
-334.33
-65.84%
-201.59
-1.96%
-197.72
Pretax Income
-221.25
+33.82%
-334.33
-65.84%
-201.59
-1.96%
-197.72
Net Non Operating Interest Income Expense
-61.07
-7.42%
-56.85
-66.76%
-34.09
-35.43%
-25.17
Interest Expense Non Operating
68.11
-5.41%
72.01
+71.58%
41.97
+53.70%
27.30
Net Interest Income
-61.07
-7.42%
-56.85
-66.76%
-34.09
-35.43%
-25.17
Interest Expense
68.11
-5.41%
72.01
+71.58%
41.97
+53.70%
27.30
Interest Income Non Operating
7.04
-53.53%
15.16
+92.46%
7.88
+269.42%
2.13
Interest Income
7.04
-53.53%
15.16
+92.46%
7.88
+269.42%
2.13
Other Income Expense
-0.19
-2275.00%
-0.01
+95.74%
-0.19
-70.91%
-0.11
Other Non Operating Income Expenses
-0.19
-2275.00%
-0.01
+95.74%
-0.19
-70.91%
-0.11
Tax Rate For Calcs
0.00
0.00
0.00
0.00
Tax Effect Of Unusual Items
0.00
0.00
0.00
0.00
Net Income Including Noncontrolling Interests
-221.25
+33.82%
-334.33
-65.84%
-201.59
-1.96%
-197.72
Net Income From Continuing Operation Net Minority Interest
-221.25
+33.82%
-334.33
-65.84%
-201.59
-1.96%
-197.72
Net Income From Continuing And Discontinued Operation
-221.25
+33.82%
-334.33
-65.84%
-201.59
-1.96%
-197.72
Net Income Continuous Operations
-221.25
+33.82%
-334.33
-65.84%
-201.59
-1.96%
-197.72
Normalized Income
-221.25
+33.82%
-334.33
-65.84%
-201.59
-1.96%
-197.72
Net Income Common Stockholders
-221.25
+33.82%
-334.33
-65.84%
-201.59
-1.96%
-197.72
Diluted EPS
—
-5.29
-34.61%
-3.93
+22.18%
-5.05
Basic EPS
—
-5.29
-34.61%
-3.93
+22.18%
-5.05
Basic Average Shares
—
63.18
+23.18%
51.29
+31.11%
39.12
Diluted Average Shares
—
63.18
+23.18%
51.29
+31.11%
39.12
Diluted NI Availto Com Stockholders
-221.25
+33.82%
-334.33
-65.84%
-201.59
-1.96%
-197.72
Line Item Trend 2025-12-31 2024-12-31 2023-12-31 2022-12-31
Total Assets
259.15
-31.50%
378.32
-8.58%
413.84
+151.10%
164.81
Current Assets
228.97
-36.42%
360.13
-9.38%
397.43
+147.60%
160.51
Cash Cash Equivalents And Short Term Investments
129.97
-56.28%
297.26
-22.06%
381.39
+145.45%
155.38
Cash And Cash Equivalents
129.97
-56.28%
297.26
-22.06%
381.39
+145.45%
155.38
Receivables
78.13
+101.38%
38.80
+2270.01%
1.64
0.00
Accounts Receivable
78.13
+101.38%
38.80
+2270.01%
1.64
0.00
Inventory
5.52
+72.01%
3.21
+165.56%
1.21
0.00
Raw Materials
4.06
+134.88%
1.73
+208.20%
0.56
—
Finished Goods
1.46
-1.49%
1.48
+128.59%
0.65
—
Prepaid Assets
—
—
—
5.13
Other Current Assets
15.35
-26.42%
20.87
+58.15%
13.19
+157.34%
5.13
Total Non Current Assets
30.18
+65.95%
18.18
+10.81%
16.41
+281.81%
4.30
Net PPE
3.67
+75.54%
2.09
-42.31%
3.62
+3.63%
3.49
Gross PPE
7.14
+44.87%
4.93
-13.01%
5.67
+14.14%
4.96
Accumulated Depreciation
-3.48
-22.32%
-2.84
-38.86%
-2.05
-39.09%
-1.47
Properties
0.00
0.00
0.00
0.00
Buildings And Improvements
2.60
+324.63%
0.61
-58.44%
1.48
-35.51%
2.29
Machinery Furniture Equipment
2.81
+5.24%
2.67
+4.05%
2.57
+18.58%
2.16
Construction In Progress
—
—
0.00
-100.00%
0.40
Other Properties
1.49
+0.00%
1.49
+0.00%
1.49
-34.98%
2.29
Leases
0.24
+51.25%
0.16
+15.11%
0.14
+20.87%
0.12
Other Non Current Assets
26.51
+64.71%
16.09
+25.85%
12.79
+1490.67%
0.80
Total Liabilities Net Minority Interest
697.32
+10.35%
631.90
+29.86%
486.60
+103.07%
239.62
Current Liabilities
132.04
+54.03%
85.73
+121.06%
38.78
+47.81%
26.24
Payables And Accrued Expenses
81.81
+67.67%
48.79
+176.81%
17.63
+3.18%
17.08
Payables
4.98
-52.57%
10.51
-16.62%
12.60
+26.05%
10.00
Accounts Payable
4.98
-52.57%
10.51
-16.62%
12.60
+26.05%
10.00
Current Accrued Expenses
76.82
+100.67%
38.28
+661.87%
5.03
-29.08%
7.08
Pensionand Other Post Retirement Benefit Plans Current
14.84
-10.91%
16.66
+25.09%
13.32
+57.67%
8.45
Current Debt And Capital Lease Obligation
0.65
+29.34%
0.50
-30.99%
0.73
+2.54%
0.71
Current Capital Lease Obligation
0.65
+29.34%
0.50
-30.99%
0.73
+2.54%
0.71
Other Current Liabilities
34.75
+75.70%
19.78
+178.12%
7.11
—
Total Non Current Liabilities Net Minority Interest
565.27
+3.50%
546.17
+21.96%
447.82
+109.86%
213.39
Long Term Debt And Capital Lease Obligation
211.15
+4.84%
201.41
+45.63%
138.30
+43.53%
96.36
Long Term Debt
209.09
+3.81%
201.41
+46.12%
137.84
+44.69%
95.26
Long Term Capital Lease Obligation
2.06
0.00
-100.00%
0.46
-57.92%
1.10
Other Non Current Liabilities
354.12
+2.72%
344.76
+11.39%
309.52
+164.49%
117.03
Stockholders Equity
-438.17
-72.79%
-253.58
-248.52%
-72.76
+2.75%
-74.81
Common Stock Equity
-438.17
-72.79%
-253.58
-248.52%
-72.76
+2.75%
-74.81
Capital Stock
0.01
+0.00%
0.01
+20.00%
0.01
+66.67%
0.00
Common Stock
0.01
+0.00%
0.01
+20.00%
0.01
+66.67%
0.00
Preferred Stock
0.00
0.00
0.00
0.00
Share Issued
71.42
+4.23%
68.52
+18.20%
57.97
+39.79%
41.47
Ordinary Shares Number
71.42
+4.23%
68.52
+18.20%
57.97
+39.79%
41.47
Treasury Shares Number
0.00
+0.00%
0.00
+0.00%
0.00
+0.00%
0.00
Additional Paid In Capital
1,046.08
+3.63%
1,009.42
+17.93%
855.92
+31.22%
652.28
Retained Earnings
-1,484.26
-17.52%
-1,263.01
-36.00%
-928.68
-27.73%
-727.09
Treasury Stock
0.00
0.00
0.00
0.00
Total Equity Gross Minority Interest
-438.17
-72.79%
-253.58
-248.52%
-72.76
+2.75%
-74.81
Total Capitalization
-229.08
-339.10%
-52.17
-180.16%
65.08
+218.25%
20.45
Working Capital
96.93
-64.68%
274.41
-23.49%
358.65
+167.10%
134.28
Invested Capital
-229.08
-339.10%
-52.17
-180.16%
65.08
+218.25%
20.45
Total Debt
211.80
+4.90%
201.91
+45.23%
139.03
+43.23%
97.07
Net Debt
79.11
—
—
—
Capital Lease Obligations
2.71
+441.52%
0.50
-57.83%
1.19
-34.22%
1.81
Net Tangible Assets
-438.17
-72.79%
-253.58
-248.52%
-72.76
+2.75%
-74.81
Tangible Book Value
-438.17
-72.79%
-253.58
-248.52%
-72.76
+2.75%
-74.81
Interest Payable
1.83
+7.13%
1.71
+49.30%
1.15
+34.19%
0.85
Line Item Trend 2025-12-31 2024-12-31 2023-12-31 2022-12-31
Operating Cash Flow
-166.78
+37.48%
-266.77
-93.90%
-137.58
+6.11%
-146.53
Cash Flow From Continuing Operating Activities
-166.78
+37.48%
-266.77
-93.90%
-137.58
+6.11%
-146.53
Net Income From Continuing Operations
-221.25
+33.82%
-334.33
-65.84%
-201.59
-1.96%
-197.72
Depreciation Amortization Depletion
0.63
-20.38%
0.80
+38.26%
0.57
-7.26%
0.62
Depreciation And Amortization
0.63
-20.38%
0.80
+38.26%
0.57
-7.26%
0.62
Other Non Cash Items
37.22
-34.91%
57.18
+78.36%
32.06
+52.63%
21.00
Stock Based Compensation
28.72
+19.43%
24.05
-46.59%
45.02
+86.57%
24.13
Provisionand Write Offof Assets
0.28
-66.51%
0.84
0.00
—
Change In Working Capital
-12.38
+19.10%
-15.30
-12.12%
-13.64
-350.90%
5.44
Change In Receivables
-39.33
-5.84%
-37.16
-2170.01%
-1.64
0.00
Changes In Account Receivables
-39.33
-5.84%
-37.16
-2170.01%
-1.64
0.00
Change In Inventory
-11.78
-91.81%
-6.14
+34.95%
-9.44
0.00
Change In Prepaid Assets
5.51
+171.86%
-7.67
+4.90%
-8.07
-333.71%
-1.86
Change In Payables And Accrued Expense
34.23
-3.59%
35.50
+429.71%
6.70
-12.44%
7.65
Change In Accrued Expense
0.12
-78.58%
0.56
+93.49%
0.29
+128.49%
-1.02
Change In Payable
34.10
-2.38%
34.94
+445.02%
6.41
-26.14%
8.68
Change In Account Payable
34.10
-2.38%
34.94
+445.02%
6.41
-26.14%
8.68
Change In Other Working Capital
0.22
+26.86%
0.17
-9.79%
0.19
+181.51%
-0.24
Change In Other Current Assets
-1.22
0.00
+100.00%
-1.39
-1081.36%
-0.12
Investing Cash Flow
-0.23
-69.63%
-0.14
+91.74%
-1.63
-56.96%
-1.04
Cash Flow From Continuing Investing Activities
-0.23
-69.63%
-0.14
+91.74%
-1.63
-56.96%
-1.04
Net PPE Purchase And Sale
-0.23
-69.63%
-0.14
+91.74%
-1.63
-56.96%
-1.04
Purchase Of PPE
-0.23
-69.63%
-0.14
+91.74%
-1.63
-56.96%
-1.04
Capital Expenditure
-0.23
-69.63%
-0.14
+91.74%
-1.63
-56.96%
-1.04
Financing Cash Flow
-0.29
-100.16%
182.77
-50.28%
367.58
+206.21%
120.04
Cash Flow From Continuing Financing Activities
-0.29
-100.16%
182.77
-50.28%
367.58
+206.21%
120.04
Net Issuance Payments Of Debt
0.00
-100.00%
59.40
+51.08%
39.32
0.00
Issuance Of Debt
0.00
-100.00%
59.40
+51.08%
39.32
0.00
Repayment Of Debt
—
—
—
0.00
Long Term Debt Issuance
0.00
-100.00%
59.40
+51.08%
39.32
0.00
Long Term Debt Payments
—
—
—
0.00
Net Long Term Debt Issuance
0.00
-100.00%
59.40
+51.08%
39.32
0.00
Net Common Stock Issuance
0.00
-100.00%
121.78
-21.67%
155.46
+532.07%
24.60
Proceeds From Stock Option Exercised
1.64
+2.44%
1.60
+1189.52%
0.12
0.00
Net Other Financing Charges
-1.93
—
172.68
+80.91%
95.45
Changes In Cash
-167.29
-98.85%
-84.13
-136.84%
228.37
+929.55%
-27.53
Beginning Cash Position
300.12
-21.89%
384.26
+146.49%
155.89
-15.01%
183.42
End Cash Position
132.83
-55.74%
300.12
-21.89%
384.26
+146.49%
155.89
Free Cash Flow
-167.00
+37.43%
-266.90
-91.72%
-139.21
+5.66%
-147.57
Interest Paid Supplemental Data
21.37
+23.56%
17.29
+55.33%
11.13
+58.30%
7.03
Change In Interest Payable
0.12
-78.58%
0.56
+93.49%
0.29
-22.55%
0.38
Common Stock Issuance
0.00
-100.00%
121.78
-21.67%
155.46
+532.07%
24.60
Issuance Of Capital Stock
0.00
-100.00%
121.78
-21.67%
155.46
+532.07%
24.60
SEC Filings

Recent 10-K, 10-Q, 8-K, and Form 4 (insider) filings.

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