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Phathom Pharmaceuticals, Inc. balance sheet

At the end of fiscal 2025, Phathom Pharmaceuticals, Inc. had total assets of $259m, total liabilities of $697m and shareholders' equity of −$438m. It held $130m in cash against $209m of debt: net debt of $79.1m.

Balance sheet

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

Fiscal year2022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMSept 2026
Cash and equivalents155381297130185
Receivables023978108
Inventory01368
Total current assets161397360229308
Total assets165414378259345
Accounts payable101311511
Deferred revenue (current)07202741
Total current liabilities263986132175
Short-term debt00000
Long-term debt95138201209166
Total debt100140201209175
Total liabilities240487632697693
Shareholders' equity−75−73−254−438−348
Net debt (negative = net cash)−55−241−9679−10
Shares outstanding41m58m69m71m81m

Balances at each fiscal year end (quarter end in the quarterly view). Total debt is short- plus long-term borrowings, including lease debt where the company reports it within debt. Where assets do not equal liabilities plus shareholders' equity, the difference (non-controlling interests, redeemable preferred shares) is shown on its own line.

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Figures from Phathom Pharmaceuticals, Inc.'s SEC filings (10-K and 10-Q), retrieved October 30, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Phathom Pharmaceuticals, Inc.