Phathom Pharmaceuticals, Inc. PHAT
We are a commercial-stage biopharmaceutical company focused on commercializing and developing novel treatments for gastrointestinal, or GI, diseases. Our approved products, VOQUEZNA®, VOQUEZNA® DUAL PAK® and VOQUEZNA® TRIPLE PAK®, contain vonoprazan, an oral small molecule potassium-competitive acid blocker, or PCAB. PCABs are a novel class of molecules that block acid secretion in the stomach. VOQUEZNA is the only PCAB currently approved for marketing and sale in the United States.
We began U.S. commercialization of VOQUEZNA for the treatment of erosive gastroesophageal reflux disease, or Erosive GERD, and Helicobacter pylori, or H. pylori, infection, and VOQUEZNA DUAL PAK and VOQUEZNA TRIPLE PAK for the treatment of H. pylori infection, in November 2023. The U.S. Food and Drug Administration, or FDA, approved VOQUEZNA for the relief of heartburn associated with Non-Erosive GERD, the largest category of GERD, in July 2024.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $175.1M | $55.3M | $682.0K | $0 | — | — | — | — | — |
| Cost of revenue | $22.6M | $8.0M | $167.0K | $0 | — | — | — | — | — |
| Gross profit | $152.5M | $47.3M | $515.0K | $0 | — | — | — | — | — |
| R&D | $32.8M | $34.1M | $49.9M | $71.4M | $72.3M | $98.1M | $20.4M | $20.0K | — |
| SG&A | $279.7M | $290.7M | $117.9M | $101.0M | $62.7M | $27.5M | $6.9M | $1.2M | — |
| Total operating expenses | $312.5M | $324.7M | $167.8M | $172.4M | $135.1M | $125.7M | $106.2M | $1.2M | — |
| Operating income | -$160.0M | -$277.5M | -$167.3M | -$172.4M | -$135.1M | -$125.7M | -$106.2M | -$1.2M | — |
| Interest expense | $68.1M | $72.0M | $42.0M | $27.3M | $6.8M | $4.6M | $4.2M | $13.0K | — |
| Pre-tax income | -$221.2M | -$334.3M | -$201.6K | -$197.7M | -$143.9M | -$129.1M | -$255.1M | -$1.3M | — |
| Income tax | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | — |
| Net income | -$221.2K | -$334.3K | -$201.6K | -$197.7M | -$143.9M | -$129.1M | -$255.1M | -$1.3M | — |
| EPS, basic | -3.03 | -5.29 | -3.93 | -5.05 | -3.89 | — | — | — | — |
| EPS, diluted | -3.03 | -5.29 | -3.93 | -5.05 | -3.89 | -3.88 | -22.45 | -0.21 | — |
| Shares, diluted (wtd. avg.) | 72.9M | 63.2M | 51.3M | 39.1M | 37.0M | — | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $130.0M | $297.3M | $381.4M | $155.4M | $183.3M | $287.5M | $243.8M | $879.0K | — |
| Receivables | $78.1M | $38.8M | $1.6M | $0 | — | — | — | — | — |
| Inventory | $5.5M | $3.2M | $1.2M | $0 | — | — | — | — | — |
| Total current assets | $229.0M | $360.1M | $397.4M | $160.5M | $186.5M | $291.4M | $255.6M | $902.0K | — |
| Property, plant and equipment | $1.1M | $1.5M | $2.1M | $1.2M | $650.0K | $986.0K | $463.0K | — | — |
| Total assets | $259.1M | $378.3M | $413.8M | $164.8M | $189.4M | $295.1M | $257.2M | $902.0K | — |
| Accounts payable | $5.0M | $10.5M | $12.6M | $10.0M | $5.2M | $16.8M | $699.0K | $55.0K | — |
| Short-term debt | $0 | $0 | $0 | $0 | — | $7.4M | — | — | — |
| Total current liabilities | $132.0M | $85.7M | $38.8M | $26.2M | $18.9M | $55.5M | $3.7M | $2.2M | — |
| Long-term debt | $209.1M | $201.4M | $137.8M | $95.3M | $89.7M | $39.6M | $22.8M | — | — |
| Total liabilities | $697.3M | $631.9M | $486.6M | $239.6M | $117.3M | $100.8M | $29.2M | $2.2M | — |
| Retained earnings | -$1.48B | -$1.26B | -$928.7M | -$727.1M | -$529.4M | -$385.5M | -$256.4M | -$1.3M | — |
| Total equity | -$438.2M | -$253.6M | -$72.8M | -$74.8M | $72.2M | $194.3M | $228.0M | -$1.3M | $0 |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$166.8M | -$266.8M | -$137.6M | -$146.5M | -$148.5M | -$69.7M | -$36.5M | -$1.0M | — |
| Depreciation and amortisation | $633.0K | $795.0K | $575.0K | $620.0K | $521.0K | $323.0K | $8.0K | $0 | — |
| Stock-based compensation | $28.7M | $24.0M | $45.0M | $24.1M | $16.8M | $5.8M | $406.0K | — | — |
| Capital expenditure | $229.0K | $135.0K | $1.6M | $1.0M | $328.0K | $1.0M | $132.0K | — | — |
| Investing cash flow | -$229.0K | -$135.0K | -$1.6M | -$1.0M | -$328.0K | -$1.0M | -$25.2M | — | — |
| Financing cash flow | -$288.0K | $182.8M | $367.6M | $120.0M | $44.7M | $114.5M | $304.6M | $1.9M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-144570.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | — | — | — | $0 | $682.0K | $55.3M | $175.1M |
| Gross profit | — | — | — | — | — | $0 | $515.0K | $47.3M | $152.5M |
| Net income | — | -$1.3M | -$255.1M | -$129.1M | -$143.9M | -$197.7M | -$201.6K | -$334.3K | -$221.2K |
Recent filings and events
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Results announced Item 2.02
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Results announced Item 2.02
- Other event Item 8.01
- Results announced Item 2.02
- Other event Item 8.01
- Results announced Item 2.02
- Other event Item 8.01
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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