PHAT
Phathom Pharmaceuticals, Inc.
Next earnings Aug 5, 2026 · consensus $-0.24 EPS, $75.4M rev
Last earnings -4.9% on 2026-04-30
$10.72
▲ +3.67%$10.72▲ +2.88%
over 1Y
L $7.83EODHDH $18.08
Earnings Dividend Split Congress buy Congress sellGrouped by date · hover a pin to expand
Today+3.7%
1W+0.3%
1M-0.2%
3M+1.3%
YTD-31.8%
1Y+2.9%
Hold
Conviction
Horizon
Medium (3–12mo)
12-mo target
$•••
Street · 17 analysts
Buy
VOQUEZNA launch is working — revenue tripled to $175M — but negative equity and a 2026 Q3 profitability promise leave little margin for error.
Phathom is a one-drug commercial-stage biopharma whose entire investment case rests on VOQUEZNA (vonoprazan), the only PCAB approved in the US for Erosive GERD, Non-Erosive GERD and H. pylori. The numbers show the launch is genuinely working: FY2025 revenue grew 216.9% to $175M on an 87.1% gross margin, the net loss narrowed 33.8% to -$221M, operating cash burn improved 37.5% to -$167M, and management says over 1.1M prescriptions have been filled with coverage for >80% of US commercial lives. The June 2025 FDA grant extending vonoprazan's NCE exclusivity to May 3, 2032 is a quietly important moat that protects the entire ten-year monetization window.
Financials · annual, by fiscal year
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | — | $0.00 | $682K | $55.3M | $175M |
| Gross profit | — | $0.00 | $515K | $47.3M | $153M |
| Operating income | -$135M | -$172M | -$167M | -$277M | -$160M |
| Net income | -$144M | -$198M | -$202M | -$334M | -$221M |
| Diluted EPS | -$3.89 | -$5.05 | -$3.93 | -$5.29 | -$3.03 |
| Net margin | — | — | -29558.9% | -605.1% | -126.3% |
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Key statistics
Valuation
Enterprise value$924M
EV / EBITDA—
EV / Sales5.3
EV / FCF—
P / FCF—
PEG (trailing)—
Earnings yield-26.2%
FCF yield-19.8%
Quality & risk
ROIC (est.)—
Free cash flow-$167M
Total debt$209M
Net cash-$79.1M
Altman Z-Score-8.20 distress
Piotroski F-Score4/9
Capital returns
Buyback yield—
Dividend yield (est.)—
Shareholder yield—
Shares Δ YoY+13.2%
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Disclosure timeline
SEC · 8-Ks + reportsRecent disclosure tone has been improving.
- 8-K Other event2026-06-23
Other material event disclosed via Item 8.01; no earnings or M&A signaled
- 8-K Shareholder vote2026-05-21
Annual meeting vote tallies disclosed (director slate, auditor ratification)
- 8-K Earnings results2026-04-30
Q1 2026 10-Q: post-raise cash supports path to op profitability in Q3 2026
- 10-Q Quarterly report2026-04-30
Q1 2026 10-Q: post-raise cash supports path to op profitability in Q3 2026
- DEF 14A Proxy statement2026-04-07
2026 proxy: routine director election, exec comp, auditor ratification
- 8-K Earnings results2026-02-26
FY2025 10-K: rev $175M; NCE exclusivity to 2032; Phase 2 EoE initiated
- 10-K Annual report2026-02-26
FY2025 10-K: rev $175M; NCE exclusivity to 2032; Phase 2 EoE initiated
- 8-K Other event2026-01-08
Disclosed closing of January 2026 follow-on offering ($122M net proceeds)
- 8-K Earnings results2026-01-07
Pre-announced FY2025 preliminary results alongside equity offering launch
Recent filings
all on EDGAR ↗8-KPeriod ending 2026-06-232026-06-23open ↗4Period ending 2026-05-222026-05-27open ↗4Period ending 2026-05-192026-05-21open ↗4Period ending 2026-05-192026-05-21open ↗4Period ending 2026-05-192026-05-21open ↗4Period ending 2026-05-192026-05-21open ↗4Period ending 2026-05-192026-05-21open ↗4Period ending 2026-05-192026-05-21open ↗4Period ending 2026-05-192026-05-21open ↗8-KPeriod ending 2026-05-192026-05-21open ↗10-QPeriod ending 2026-03-312026-04-30open ↗8-KPeriod ending 2026-04-302026-04-30open ↗
Frequently asked
- Is Phathom Pharmaceuticals, Inc. (PHAT) a buy?
- PHAT currently carries a Hold rating with 3/5 conviction, derived from its latest SEC filings. VOQUEZNA launch is working — revenue tripled to $175M — but negative equity and a 2026 Q3 profitability promise leave little margin for error.
- What is Phathom Pharmaceuticals, Inc.'s quality score?
- PHAT scores 45.29411764705882/100 (grade D) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.
Sources: SEC EDGAR (CIK 0001783183, latest 10-Q filed 2026-04-30) · EODHD · analysis by claude-code · as of 6/25/2026, 2:51:19 PM.
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