Phathom Pharmaceuticals, Inc.
Financial highlights
| Metric | FY 12/31/25 | FY 12/31/24 | FY 12/31/23 | FY 12/31/22 | FY 12/31/21 |
|---|---|---|---|---|---|
| Income Statement | |||||
| Revenue | $175.1M | $55.3M | $682,000 | $0 | — |
| Cost of revenue | $22.6M | $8.0M | $167,000 | $0 | — |
| Gross profit | $152.5M | $47.3M | $515,000 | $0 | — |
| Selling, general & administrative | $279.7M | $290.7M | $117.9M | $101.0M | — |
| Research and development | $32.8M | $34.1M | $49.9M | $71.4M | $72.3M |
| Operating expenses | $312.5M | $324.7M | $167.8M | $172.4M | $135.1M |
| Operating income | -$160.0M | -$277.5M | -$167.3M | -$172.4M | -$135.1M |
| Interest expense | $68.1M | $72.0M | $42.0M | $27.3M | $6.8M |
| Pretax income | -$221.2M | -$334.3M | — | — | — |
| Income tax expense | $0 | $0 | $0 | $0 | $0 |
| Net income | -$221.2M | -$334.3M | -$201.6M | -$197.7M | -$143.9M |
| Balance Sheet | |||||
| Cash and equivalents | $130.0M | $297.3M | $381.4M | $155.4M | $183.3M |
| Current assets | $229.0M | $360.1M | $397.4M | $160.5M | $186.5M |
| Total assets | $259.1M | $378.3M | $413.8M | $164.8M | $189.4M |
| Current liabilities | $132.0M | $85.7M | $38.8M | $26.2M | $18.9M |
| Total liabilities | $697.3M | $631.9M | $486.6M | $239.6M | $117.3M |
| Total debt | $200.0M | $200.0M | $140.0M | $100.0M | $100.0M |
| Stockholders' equity | -$438.2M | -$253.6M | -$72.8M | -$74.8M | $72.2M |
| Cash Flow Statement | |||||
| Cash from operations | -$166.8M | -$266.8M | -$137.6M | -$146.5M | -$148.5M |
| Depreciation and amortization | $633,000 | $795,000 | $575,000 | $620,000 | $521,000 |
| Stock-based compensation | $28.7M | $24.0M | $45.0M | $24.1M | $16.8M |
| Capital expenditure | $229,000 | $135,000 | $1.6M | $1.0M | $328,000 |
| Free cash flow | -$167.0M | -$266.9M | -$139.2M | -$147.6M | -$148.8M |
Shares outstanding 79.8M · Free float 59.4%
Annual filing data through FY ended December 31, 2025; float as of July 15, 2026.