Financial health
- Total debt ($209M) exceeds cash ($130M); net debt is $79M.
- Operating income covered interest expense -2.3× in the latest year.
- The company is unprofitable and has less than a year of cash runway at its current free-cash-flow burn.
PHAT Financials Phathom Pharmaceuticals, Inc.
8 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Overview →
RevenueNet income
GrossOperatingNet
Free cash flow
CashTotal debt
OperatingInvestingFinancing
Key annual figures
| FY | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| 2025 | $175M | -$221250 | 87.1% | -91.4% | -$167M | $209M | $130M |
| 2024 | $55M | -$334330 | 85.6% | -502.2% | -$267M | $201M | $297M |
| 2023 | $682000 | -$201590 | 75.5% | -24532.6% | -$139M | $138M | $381M |
| 2022 | $0 | -$198M | — | — | -$148M | $95M | $155M |
| 2021 | — | -$144M | — | — | -$149M | $90M | $183M |
| 2020 | — | -$129M | — | — | -$71M | $47M | $287M |
| 2019 | — | -$255M | — | — | -$37M | $23M | $244M |
| 2018 | — | -$1M | — | — | — | — | $879000 |
RevenueNet income
GrossOperatingNet
Free cash flow
CashTotal debt
OperatingInvestingFinancing
Key quarterly figures
| Quarter | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| Mar '26 | $58M | -$30M | 79.4% | -26.5% | -$16M | $164M | $181M |
| Dec '25 | $58M | -$21M | 86.7% | -10.3% | -$5M | $209M | $130M |
| Sep '25 | $50M | -$30M | 87.5% | -30.8% | -$14M | $207M | $135M |
| Jun '25 | $40M | -$76M | 87.2% | -151.7% | -$63M | $205M | $150M |
| Mar '25 | $29M | -$94M | 86.9% | -276.5% | -$85M | $203M | $212M |
| Dec '24 | $30M | -$74M | 87.1% | -200.3% | -$63M | $201M | $297M |
| Sep '24 | $16M | -$86M | 85.6% | -433.0% | -$64M | $176M | $335M |
| Jun '24 | $7M | -$91M | 81.2% | -1055.4% | -$71M | $174M | $276M |
| Mar '24 | $2M | -$83M | 77.7% | -3658.7% | -$69M | $149M | $322M |
| Dec '23 | $682000 | -$80M | 75.5% | -10245.6% | -$44M | $138M | $381M |
| Sep '23 | $0 | -$43M | — | — | -$33M | $99M | $214M |
| Jun '23 | $0 | -$41M | — | — | -$22M | $98M | $249M |
| Mar '23 | $0 | -$38M | — | — | -$40M | $97M | $130M |
| Dec '22 | — | -$55M | — | — | -$41M | $95M | $155M |
| Sep '22 | — | -$51M | — | — | -$35M | $94M | $197M |
| Jun '22 | — | -$51M | — | — | -$26M | $92M | $207M |
| Mar '22 | — | -$41M | — | — | -$45M | $91M | $138M |
| Dec '21 | — | -$36M | — | — | -$41M | $90M | $183M |
| Sep '21 | — | -$37M | — | — | -$29M | $88M | $225M |
| Jun '21 | — | -$37M | — | — | -$28M | $48M | $210M |
Valuation over time
How the market has priced PHAT against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.
- The price-to-sales ratio has fallen from 783.5× (Jan '24) to 4.7× (Jun '26).
P/S
Frequently asked questions
Is PHAT growing its revenue and profit?
See the revenue and net-income charts above for Phathom Pharmaceuticals, Inc.'s multi-year trend.
How much debt does PHAT have?
As of FY2025, Phathom Pharmaceuticals, Inc. reported $209M of total debt against $130M of cash; operating income covered interest expense -2.3×.
What is PHAT's profit margin?
In FY2025, gross margin was 87.1%, operating margin -91.4%, and net margin -0.1%.
Where does this data come from?
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.