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Phathom Pharmaceuticals, Inc. (PHAT) stock

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NASDAQ: PHAT Nasdaq Biotechnology Next results ~January 13, 2027

C+ Fundamentals grade

Phathom Pharmaceuticals, Inc. is a US-listed company in the biotechnology industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$15

Valuation models combined (3)

Base case. Range ~$12–$19. Weighted average of 3 models (forward price-to-earnings vs peers, forward price-to-sales vs peers, revenue-to-maturity model).

Price vs value

No Buy/Hold/Sell rating is issued: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Phathom Pharmaceuticals, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 1 selling0 purchases and 1 sale by directors and officers, last 12 monthsInsider trades
  • Funds79 adding, 82 cuttingOf 36 active managers that changed their stake, 13 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Phathom Pharmaceuticals files

10-Q filed October 29: Phathom Pharmaceuticals

Model value +6.4%

Revenue for the twelve months to September 2026 was $275m, up 86.8% on a year earlier, slower than the 110.2% growth a quarter earlier. Free-cash-flow margin rose to -7.7% from -153.1% a year earlier. Operating margin widened to -9.3% from -145.0%. The diluted share count is up 12.3% on a year earlier, which dilutes existing holders. Its fundamentals grade moves from C to C+. Our model value rises from $24.49 to $26.06 a share, against a share price of $6.24.

Source: 10-Q filed October 29, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where Phathom Pharmaceuticals stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $275m, up 86.8% on a year earlier, slower than the 110.2% growth a quarter earlier. That growth ranks 9 of 49 among the biotechnology companies we cover. Free-cash-flow margin rose to -7.7% from -153.1% a year earlier. Operating margin widened to -9.3% from -145.0%. The diluted share count is up 12.3% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 2 of our 5 financial-health checks. Our revenue-to-maturity cash-flow model value is $24.49 a share.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 13, 2027 (estimated)

Phathom Pharmaceuticals, Inc.'s trailing-twelve-month revenue grew 86.8% year on year, with a free-cash-flow margin of -7.7%. Where it lags: long-term debt as % of assets of 48.0% ranks 70 of 78 biotechnology companies we cover.

Current signal Revenue growth decelerating: TTM revenue growth slowed to 86.8% (-23.4pp vs the prior quarter), the 7th consecutive quarterly slowdown.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 86.8% over the last 12 months, against a median of 12.6% for biotechnology companies we cover.
  • Margins widening. Operating margin is up 135.8 points on a year ago.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Growth slowing. The growth rate is 23.4 points lower than a quarter earlier.
  • Loss-making. Operating margin is -9.3%: costs exceed revenue.
  • Burning cash. Free cash flow was -7.7% of revenue over the last 12 months.
  • Share dilution. Diluted shares rose 12.3% in a year.
  • Volatile shares. Over the past year the shares showed annualised volatility of 67% and a beta of 0.6 against the S&P 500.
  • Gross margin slipping. Gross margin is down 6.6 points on a year ago.

Latest results: FY2026 Q3

Filed October 29, 2026
Earnings per share
$0.04 against an average estimate of $0.03: beat by 39.9%
Revenue
$85m, up 71.1% on a year earlier
Share reaction
-8.6% in the first session after the results on October 29, 2026, against -2.1% for the S&P 500
Next report
October 29, 2026; average EPS estimate $0.10

Phathom Pharmaceuticals' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+3.0%
  • 1 week-0.4%
  • 1 month-14.5%
  • This year-64.3%
  • 1 year-56.3%
  • 5 years-74.8%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$275M
Operating margin
-9.3%
Net margin
-30.2%
EPS (TTM, diluted)
$-1.02

Growth

Revenue growth
+86.8%
Change in growth rate
−23.4 pts
Share count change
+12.3%

Cash

Free cash flow (TTM)
-$21M
FCF margin
-7.7%
Stock pay % of revenue
8.6%

Earnings

Last results
October 29, 2026
Next results (est.)
January 13, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Announcement
  3. Announcement
  4. Announcement
  5. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Phathom Pharmaceuticals, Inc. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Valuation models

We value Phathom Pharmaceuticals, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 11.2%: the 10-year Treasury yield (4.9%) plus a beta of 1.38 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$32 ~$18–$44 Left out: out of range vs price (5.41x)
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$12 ~$11–$23 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: book value or earnings not available
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Forward price-to-sales vs peers Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$19 ~$19–$71 Included, half weight
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. ~$15 ~$12–$19 Included
Combined value Weighted average of the models that apply: the primary model (growth cash-flow model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$15 ~$12–$19 3 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Phathom Pharmaceuticals, Inc. with Biotechnology in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 2022202320242025Now
Share price$11.22$9.13$8.12$16.59$5.92
Market value$439m$468m$513m$1.2bn$480m
+ Net debt (− = net cash)−$55m−$241m−$96m$79m−$10m
Enterprise value$384m$227m$417m$1.3bn$470m
Multiples
Price / sales —n/m9.3x6.9x1.7x
Price / earnings —————
Price / free cash flow —————
EV / EBITDA —————

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current −$0.04 +98% $315m +80%
Next $0.96 +2301% $487m +55%

Next year's EPS estimate has moved −32.6% in 90 days, across 5 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +23.4% on 90 days ago. In the last 30 days, 0 analysts raised Phathom Pharmaceuticals, Inc.'s forecast and 1 cut it.

Consensus EPS forecast Phathom Pharmaceuticals, Inc., last 90 days
−$0.50 $0.00 $0.50 $1.00 $1.50 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: −$0.04 Current fiscal year, 60 days ago: −$0.03 Current fiscal year, 30 days ago: −$0.03 Current fiscal year, 7 days ago: −$0.03 Current fiscal year, Now: −$0.04 −$0.04 Next fiscal year, 90 days ago: $1.43 Next fiscal year, 60 days ago: $1.11 Next fiscal year, 30 days ago: $1.08 Next fiscal year, 7 days ago: $1.08 Next fiscal year, Now: $0.96 $0.96

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago −$0.04$1.43
60 days ago −$0.03$1.11
30 days ago −$0.03$1.08
7 days ago −$0.03$1.08
Now −$0.04$0.96

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $0.03 $0.04 +39.9%
Jun 2026 −$0.10 $0.00 +100.0%
Mar 2026 −$0.19 −$0.18 +7.3%
Dec 2025 −$0.19 −$0.08 +57.5%

Adjusted EPS as companies report it, against the average analyst estimate.

Analyst recommendations

12 analysts, Oct 2026
Buy1083%
Hold217%
Sell00%

Monthly trend

  1. Oct 202628212
  2. Sep 202628212
  3. Aug 202628111
  4. Jul 202628111

Counts of recommendations published by analysts covering Phathom Pharmaceuticals, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
12.7%
of tradable shares
Days to cover
6.89
at average volume
Short interest, 1 month
−4%
to October 15, 2026
Held by institutions
95%
of shares
Held by insiders
4.6%
of shares
Employees
371
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −56.3%

$13.55 on October 31, 2025 to $5.92

ThenNowEffect
Revenue (last 12 months) $114m $240m +110.2%
P/S multiple 8.3x 1.9x −76.8%
Share count 70m 78m −10.5%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
PHAT−41%−43%−19%−11%+104%−64%
Industry peers (median)−35%−57%−17%−29%−5%−26%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
PHAT42%42%50%50%50%36%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
PHAT−63%−69%−56%−62%−72%−68%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since October 25, 2019: 96% from June 8, 2020 to May 8, 2025. Getting back needed a 2284% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$5.74 – $18.08
From 52-week high
−67.3%
vs 50-day average
−22.0%
vs 200-day average
−43.1%
Volatility (1 year)
67%
Beta vs S&P 500
0.64

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
5 up, 7 down
typical move ±10.6%
After a week
4 up, 7 down
typical move ±20.9%
After a month
5 up, 6 down
typical move ±25.4%
Results releasedNext dayS&P 500 next day5 days21 days
October 29, 2026 −8.6% −2.1% — —
July 30, 2026 −24.8% +2.4% −27.9% −21.1%
April 30, 2026 +2.0% +1.3% +3.8% −21.6%
February 26, 2026 +1.9% −1.0% −12.8% −14.1%
January 7, 2026 −4.7% −0.3% −7.5% −23.2%
October 30, 2025 +0.1% −0.8% −3.6% +10.4%
August 7, 2025 +12.2% +0.7% +20.6% +43.2%
May 1, 2025 −35.7% +2.2% −46.6% +8.2%
March 6, 2025 −16.8% −1.2% −30.6% −19.7%
November 7, 2024 −6.3% +1.2% −49.5% −48.4%
August 8, 2024 +8.7% +2.8% +21.2% +62.8%
May 9, 2024 −5.7% +0.7% +5.8% +6.3%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Phathom Pharmaceuticals, Inc. in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Phathom Pharmaceuticals, Inc.
$0 $100M $200M $300M FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $682K Revenue (TTM), FY24 Q1: $2.6M Revenue (TTM), FY24 Q2: $9.9M Revenue (TTM), FY24 Q3: $26.3M Revenue (TTM), FY24 Q4: $55.3M Revenue (TTM), FY25 Q1: $81.9M Revenue (TTM), FY25 Q2: $114M Revenue (TTM), FY25 Q3: $147.2M Revenue (TTM), FY25 Q4: $175.1M Revenue (TTM), FY26 Q1: $204.9M Revenue (TTM), FY26 Q2: $239.7M Revenue (TTM), FY26 Q3: $274.9M $274.9M

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $682K
FY24 Q1 $2.6M
FY24 Q2 $9.9M
FY24 Q3 $26.3M
FY24 Q4 $55.3M
FY25 Q1 $81.9M
FY25 Q2 $114M
FY25 Q3 $147.2M
FY25 Q4 $175.1M
FY26 Q1 $204.9M
FY26 Q2 $239.7M
FY26 Q3 $274.9M
Revenue growth, TTM YoY Phathom Pharmaceuticals, Inc.
0% 5000% 10000% FY24 Q4 FY25 Q2 FY25 Q4 FY26 Q3 Revenue growth, TTM YoY, FY24 Q4: 8001.5% Revenue growth, TTM YoY, FY25 Q1: 3055.7% Revenue growth, TTM YoY, FY25 Q2: 1049.8% Revenue growth, TTM YoY, FY25 Q3: 460.3% Revenue growth, TTM YoY, FY25 Q4: 216.9% Revenue growth, TTM YoY, FY26 Q1: 150.3% Revenue growth, TTM YoY, FY26 Q2: 110.2% Revenue growth, TTM YoY, FY26 Q3: 86.8% 86.8%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue growth, TTM YoY
FY24 Q4 8001.5%
FY25 Q1 3055.7%
FY25 Q2 1049.8%
FY25 Q3 460.3%
FY25 Q4 216.9%
FY26 Q1 150.3%
FY26 Q2 110.2%
FY26 Q3 86.8%
Operating margin (TTM) Phathom Pharmaceuticals, Inc.
-30000% -20000% -10000% 0% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: -24532.6% Operating margin (TTM), FY24 Q1: -7987.2% Operating margin (TTM), FY24 Q2: -2548.8% Operating margin (TTM), FY24 Q3: -1096.0% Operating margin (TTM), FY24 Q4: -502.2% Operating margin (TTM), FY25 Q1: -349.8% Operating margin (TTM), FY25 Q2: -235.9% Operating margin (TTM), FY25 Q3: -145.0% Operating margin (TTM), FY25 Q4: -91.4% Operating margin (TTM), FY26 Q1: -47.1% Operating margin (TTM), FY26 Q2: -17.0% Operating margin (TTM), FY26 Q3: -9.3% -9.3%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 -24532.6%
FY24 Q1 -7987.2%
FY24 Q2 -2548.8%
FY24 Q3 -1096.0%
FY24 Q4 -502.2%
FY25 Q1 -349.8%
FY25 Q2 -235.9%
FY25 Q3 -145.0%
FY25 Q4 -91.4%
FY26 Q1 -47.1%
FY26 Q2 -17.0%
FY26 Q3 -9.3%
FCF margin (TTM) Phathom Pharmaceuticals, Inc.
-30000% -20000% -10000% 0% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: -20412.6% FCF margin (TTM), FY24 Q1: -6491.6% FCF margin (TTM), FY24 Q2: -2187.5% FCF margin (TTM), FY24 Q3: -943.0% FCF margin (TTM), FY24 Q4: -483.1% FCF margin (TTM), FY25 Q1: -345.5% FCF margin (TTM), FY25 Q2: -241.0% FCF margin (TTM), FY25 Q3: -153.1% FCF margin (TTM), FY25 Q4: -95.4% FCF margin (TTM), FY26 Q1: -47.7% FCF margin (TTM), FY26 Q2: -15.4% FCF margin (TTM), FY26 Q3: -7.7% -7.7%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 -20412.6%
FY24 Q1 -6491.6%
FY24 Q2 -2187.5%
FY24 Q3 -943.0%
FY24 Q4 -483.1%
FY25 Q1 -345.5%
FY25 Q2 -241.0%
FY25 Q3 -153.1%
FY25 Q4 -95.4%
FY26 Q1 -47.7%
FY26 Q2 -15.4%
FY26 Q3 -7.7%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 0 1 55 175 275
Gross profit 0 1 47 153 222
EBITDA −172 −167 −277 −159 −25
Operating income −172 −167 −277 −160 −25
Net income −198 −202 −334 −221 −83
Diluted EPS −$5.05 −$3.93 −$5.29 −$3.03 −$1.02
Growth (year on year)
Revenue — — +>999% +216.9% +86.8%
Margins
Gross margin — 75.5% 85.6% 87.1% 80.7%
EBITDA margin — <−999% −500.7% −91.0% −9.1%
Operating margin — <−999% −502.2% −91.4% −9.3%
Net margin — <−999% −605.1% −126.3% −30.2%
Free-cash-flow margin — <−999% −483.1% −95.4% −7.7%
Cash flow
Cash from operations −147 −138 −267 −167 −21
Capital spending 1 2 0 0 0
Free cash flow −148 −139 −267 −167 −21
Stock-based pay 24 45 24 29 24
Free cash flow after stock pay −172 −184 −291 −196 −45
Balance sheet
Cash 155 381 297 130 185
Total debt 100 140 201 209 175
Net debt (negative = net cash) −55 −241 −96 79 −10
Diluted shares 39m 51m 63m 73m 81m

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 5 checks passed · September 30, 2026
What it owns · $345m
Short-term assets $308mLonger-term assets $37m
What it owes, and who funded it · $693m
Short-term liabilities $175mLonger-term liabilities $518mShareholders' equity $-348m
  • Short-term assets cover short-term liabilities $308m of assets due within a year against $175m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $308m short-term assets against $518m of longer-dated liabilities.
  • More cash than debt $185m of cash against $166m of debt.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt −$21m of operating cash flow against $166m of debt.
  • Operating profit covers interest at least five times over Operating income of −$25m against $63m of interest.

From Phathom Pharmaceuticals, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
+12.3%
year over year
R&D spending
11.6%
of revenue
Sales & admin spending
78.4%
of revenue

Competitors: side by side with peers

Closest by revenue in biotechnology
Last 12 months unless stated PHAT PTGX SNDX LGND VIR VCEL Median
Revenue, last 12 months $275m $282m $290m $254m $303m $306m $56m
Revenue growth, last 12 months 86.8% 34.8% 159.7% 1.0% >999% 23.0% 12.6%
Revenue growth, 3-year average — — 177.8% 18.2% −14.8% 19.8% 13.7%
Revenue growth, latest quarter 71.1% >999% 81.6% −31.8% >999% 22.5% 10.2%
Gross margin 80.7% — — 91.9% 96.1% 74.6% 82.9%
Operating margin −9.3% 20.7% −61.7% 10.1% −92.4% 6.0% −189.4%
Operating margin, 3-year average −416.8% 26.6% −781.5% 2.2% <−999% 1.6% −363.5%
Net margin −30.2% 29.4% −72.3% 20.3% −83.0% 7.9% −169.8%
Cash from operations / revenue −7.5% 46.5% −61.2% 35.9% −66.8% 22.7% −168.0%
Free-cash-flow margin −7.7% 46.3% −61.2% 35.7% −67.1% 20.1% −162.4%
Free-cash-flow margin, 3-year average −367.9% 45.5% −652.6% 32.4% <−999% 5.3% −310.0%
Stock pay / revenue 8.6% 17.7% 18.2% 22.3% 15.5% 12.2% 20.0%
Change in share count 12.3% 2.8% 2.5% 6.1% 8.2% 0.6% 8.2%

Median of all 184 companies we cover in biotechnology. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

184 biotechnology companies
Measure Company Peer median Rank
Revenue growth Growth 86.8% 12.6% 44 of 172
Change in growth rate Growth -23.4pp -0.1pp 127 of 172
Gross margin Profitability 80.7% 82.4% 40 of 75
Operating margin Profitability -9.3% -189.4% 46 of 175
Net margin Profitability -30.2% -157.3% 55 of 180
Free-cash-flow margin Cash generation -7.7% -145.4% 47 of 176
Stock pay as % of revenue Cash generation 8.6% 19.2% 56 of 179
Long-term debt as % of assets Balance sheet 48.0% 20.6% 70 of 78
Change in share count Balance sheet 12.3% 7.9% 98 of 156

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Who owns it

Funds buying and selling
Reported value
$782M
Institutions reporting
161
Shares held vs prior quarter
▲ 4.2%
Positions opened / closed
21 / 32

Top buyers and sellers, Q2 2026: 79 institutions bought and 82 sold ; the biggest buyer was Goldman Sachs Group Inc (+1.2M shares) and the biggest seller Millennium Management LLC (−647K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Frazier Life Sciences Management, L.P. $135M 12.5M 17.3% 0.0%
Medicxi Ventures Management (Jersey) Ltd $81M 7.5M 10.4% 0.0%
Blackrock, Inc. $49.1M 4.5M 6.3% ▲ 11.4%
Invesco Ltd. $43.7M 4.0M 5.6% ▼ 6.8%
Carlyle Group Inc. $37.9M 3.5M 4.9% 0.0%
Millennium Management LLC $36.6M 3.4M 4.7% ▼ 16.1%
Vanguard Capital Management LLC $28.8M 2.7M 3.7% ▲ 2.8%
Gw&K Investment Management, LLC $23.5M 2.2M 3.0% ▲ 52.5%
Franklin Resources Inc $21.4M 2.0M 2.7% ▲ 98.2%
Nea Management Company, LLC $21.3M 2.0M 2.7% 0.0%
683 Capital Management, LLC $20.1M 1.9M 2.6% 0.0%
Goldman Sachs Group Inc $19.3M 1.8M 2.5% ▲ 183.9%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Phathom Pharmaceuticals, Inc.'s complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $7,079 1 trade by 1 insider · 0% under pre-set plans
Net ▼ $7,079 net selling
Insider Date Trade Shares Price Value
Breedlove Robert Charles Principal Accounting Officer November 3, 2025 Sell 524 $13.51 $7,079

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around January 13, 2027 estimated from the company's past filing pattern, not announced

  • October 29, 2026
  • July 30, 2026
  • April 30, 2026
  • February 26, 2026
  • January 7, 2026
  • October 30, 2025

Recent SEC filings

Data status

When each part of this page on Phathom Pharmaceuticals, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Phathom Pharmaceuticals, Inc. in brief

What does Phathom Pharmaceuticals, Inc. do?
Phathom Pharmaceuticals, Inc. is a US-listed company in the biotechnology industry. Its financial year ends in December.
What is Phathom Pharmaceuticals, Inc.'s stock ticker?
Phathom Pharmaceuticals, Inc. trades under the ticker PHAT on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Phathom Pharmaceuticals, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Phathom Pharmaceuticals, Inc. reported revenue of $275M, 86.8% higher than a year earlier, according to its SEC filings.
What is Phathom Pharmaceuticals, Inc.'s free cash flow?
Phathom Pharmaceuticals, Inc.'s free-cash-flow margin is -7.7% of revenue over the trailing twelve months, ranking 47 of the 176 biotechnology companies we cover.
Who are Phathom Pharmaceuticals, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Frazier Life Sciences Management, L.P., Medicxi Ventures Management (Jersey) Ltd and Blackrock, Inc. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Phathom Pharmaceuticals, Inc.'s market cap?
On November 2, 2026, Phathom Pharmaceuticals, Inc.'s market capitalisation was about $480M and net debt of -$9.6M. Market figures come from third-party market data and may be delayed.
Who are Phathom Pharmaceuticals, Inc.'s competitors?
In our Biotechnology peer group, the companies closest to Phathom Pharmaceuticals, Inc. are Protagonist Therapeutics, Inc, Syndax Pharmaceuticals Inc, Ligand Pharmaceuticals Inc, Vir Biotechnology, Inc. and Vericel Corp. The side-by-side comparison below sets their revenue, margins and growth against Phathom Pharmaceuticals, Inc.'s.
Are insiders buying or selling Phathom Pharmaceuticals, Inc. stock?
Over the last 12 months, Phathom Pharmaceuticals, Inc.'s directors and officers reported 0 open-market purchases and 1 sales on Form 4. The insider trading page charts every trade.
When is Phathom Pharmaceuticals, Inc.'s next earnings date?
Around January 13, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Phathom Pharmaceuticals, Inc. announces its own schedule.