Phathom Pharmaceuticals, Inc. key statistics and ratios

In fiscal 2025, Phathom Pharmaceuticals, Inc. had an operating margin of -91.4% and a current ratio of 1.73. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Phathom Pharmaceuticals, Inc.: financial ratios, annual
Fiscal year	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMSept 2026
Gross margin	—	75.5%	85.6%	87.1%	80.7%
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%
Return on assets	−120.0%	−69.7%	−84.4%	−69.4%	−27.5%
Asset turnover	—	0.00	0.14	0.55	0.91
Current ratio	6.12	10.25	4.20	1.73	1.76
Interest cover (operating income ÷ interest)	n/m	n/m	n/m	n/m	n/m
R&D as % of revenue	—	>999%	61.7%	18.7%	11.6%
SG&A as % of revenue	—	>999%	526.1%	159.7%	78.4%
Capital spending as % of revenue	—	239.6%	0.2%	0.1%	0.1%

US$ thousands unless shown otherwise. Fiscal quarters.

Phathom Pharmaceuticals, Inc.: financial ratios, quarterly
Quarter	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026	2026 Q3Sept 2026
Gross margin	87.1%	86.9%	87.2%	87.5%	86.7%	79.4%	79.7%	78.3%
Operating margin	−200.3%	−276.5%	−151.7%	−30.8%	−10.3%	−26.5%	−5.3%	−0.1%
Net margin	−251.0%	−330.7%	−191.9%	−60.5%	−36.7%	−52.1%	−23.7%	−16.4%
Free-cash-flow margin	−213.9%	−297.9%	−159.0%	−28.6%	−8.8%	−26.9%	−2.7%	2.0%
Current ratio	4.20	3.58	2.38	2.23	1.73	2.21	1.92	1.76
R&D as % of revenue	28.9%	32.2%	23.0%	14.2%	13.0%	13.3%	10.5%	10.3%
SG&A as % of revenue	258.5%	331.3%	216.0%	104.1%	84.0%	92.6%	74.5%	68.1%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

Compare with peers

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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.