PHAT on Nasdaq

Phathom Pharmaceuticals, Inc.

American pharmaceutical preparations company, incorporated in Delaware.

Price unavailable

Last updated Oct 18, 2026.

Overview

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TickerPHAT on Nasdaq
IndustryPharmaceutical Preparations
HeadquartersDE
Incorporated inDE²
Business address100 Campus Drive,, Suite 102, Florham Park, Nj 07932²
Filer categoryNon-accelerated filer, Smaller reporting company²

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Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

87.1%Gross margin³

-91.4%Operating margin³

-126.3%Net margin³

216.9%Revenue growth, 2025³

-$167.0MFree cash flow³

Where the money goes

Where each dollar of revenue went, fiscal 2025

Selling, general and admin

Cost of revenue7¢$22.6M
Research and development10¢$32.8M
Selling, general and admin83¢$279.7M

Out of $175.1M in revenue.³ The company lost money this year.

Financial statements

Revenue⁴⁵³$175.1M in 2025

Gross profit⁴⁵³$152.5M in 2025

Operating income⁶⁷⁸⁴⁵³-$160.0M in 2025+51% since 2019

Net income⁶⁷⁸⁴⁵³-$221.2M in 2025−13% since 2019

Every line of the income statement as filed: the last 2 fiscal years, latest first.³

Period ending	2025-12-31	2024-12-31
Product revenue, net	$175.1M	$55.3M
Cost of revenue	$22.6M	$8.0M
Gross Profit	$152.5M	$47.3M
Research and development	$32.8M	$34.1M
Selling, general and administrative	$279.7M	$290.7M
Total operating expenses	$312.5M	$324.7M
Loss from operations	-$160.0M	-$277.5M
Interest income	$7.0M	$15.2M
Interest expense	-$68.1M	-$72.0M
Other expense, net	-$190.0K	-$8.0K
Total other expense	-$61.3M	-$56.9M
Net loss and comprehensive loss	-$221.2M	-$334.3M
Net loss per share, basic	-$3.03	-$5.29
Net loss per share, diluted	-$3.03	-$5.29
Weighted-average shares of common stock outstanding, basic	72.9M shares	63.2M shares
Weighted-average shares of common stock outstanding, diluted	72.9M shares	63.2M shares

Total assets⁶⁷⁸⁴⁵³$259.1M in 2025+1% since 2019

Total liabilities⁶⁷⁸⁴⁵³$697.3M in 2025+2286% since 2019

Shareholders’ equity⁷⁸⁴⁵³-$438.2M in 2025

Cash⁶⁷⁸⁴⁵³$130.0M in 2025−47% since 2019

Long-term debt⁶⁷⁸⁴⁵³$209.1M in 2025+818% since 2019

Every line of the balance sheet as filed: the last 3 fiscal years (annual) or 3 quarters (quarterly), latest first.³

Period ending	2025-12-31	2024-12-31	2023-12-31
Cash and cash equivalents	$130.0M	$297.3M
Prepaid expenses and other current assets	$15.4M	$20.9M
Accounts receivable, net	$78.1M	$38.8M
Inventory	$5.5M	$3.2M
Total current assets	$229.0M	$360.1M
Property and equipment, net	$1.1M	$1.5M
Operating lease right-of-use assets	$2.6M	$613.0K
Restricted cash	$2.9M	$2.9M
Inventory, non-current	$20.7M	$11.5M
Other long-term assets	$2.9M	$1.7M
Total assets	$259.1M	$378.3M
Accounts payable	$5.0M	$10.5M
Accrued expenses	$89.8M	$53.2M
Accrued interest	$1.8M	$1.7M
Operating lease liabilities, current	$648.0K	$501.0K
Current portion of revenue interest financing liability	$27.2M	$19.8M
Other current liabilities	$7.5M
Total current liabilities	$132.0M	$85.7M
Long-term debt, net of discount	$209.1M	$201.4M
Revenue interest financing liability	$350.1M	$333.3M
Operating lease liabilities	$2.1M
Other long-term liabilities	$4.0M	$11.5M
Total liabilities	$697.3M	$631.9M
Common stock, $0.0001 par value; authorized shares - 400,000,000 at December 31, 2025 and December 31, 2024; issued and outstanding shares - 71,419,025 and 68,518,238 at December 31, 2025 and December 31, 2024, respectively	$6.0K	$6.0K
Treasury stock - 19 shares at December 31, 2025 and December 31, 2024	$0	$0
Additional paid-in capital	$1.0B	$1.0B
Accumulated deficit	-$1.5B	-$1.3B
Total stockholders' deficit	-$438.2M	-$253.6M	-$72.8M
Total liabilities and stockholders' deficit	$259.1M	$378.3M
Preferred stock, par value	$0.00	$0.00
Preferred stock, authorized shares	40.0M shares	40.0M shares
Preferred stock, issued shares	0 shares	0 shares
Preferred stock, outstanding shares	0 shares	0 shares
Common stock, par value	$0.00	$0.00
Common stock, authorized shares	400.0M shares	400.0M shares
Common stock, issued shares	71.4M shares	68.5M shares
Common stock, outstanding shares	71.4M shares	68.5M shares
Treasury stock, shares	19 shares	19 shares	19 shares

Period ending	2025-12-31	2024-12-31	2023-12-31
Cash and cash equivalents	$130.0M	$297.3M
Prepaid expenses and other current assets	$15.4M	$20.9M
Accounts receivable, net	$78.1M	$38.8M
Inventory	$5.5M	$3.2M
Total current assets	$229.0M	$360.1M
Property and equipment, net	$1.1M	$1.5M
Operating lease right-of-use assets	$2.6M	$613.0K
Restricted cash	$2.9M	$2.9M
Inventory, non-current	$20.7M	$11.5M
Other long-term assets	$2.9M	$1.7M
Total assets	$259.1M	$378.3M
Accounts payable	$5.0M	$10.5M
Accrued expenses	$89.8M	$53.2M
Accrued interest	$1.8M	$1.7M
Operating lease liabilities, current	$648.0K	$501.0K
Current portion of revenue interest financing liability	$27.2M	$19.8M
Other current liabilities	$7.5M
Total current liabilities	$132.0M	$85.7M
Long-term debt, net of discount	$209.1M	$201.4M
Revenue interest financing liability	$350.1M	$333.3M
Operating lease liabilities	$2.1M
Other long-term liabilities	$4.0M	$11.5M
Total liabilities	$697.3M	$631.9M
Common stock, $0.0001 par value; authorized shares - 400,000,000 at December 31, 2025 and December 31, 2024; issued and outstanding shares - 71,419,025 and 68,518,238 at December 31, 2025 and December 31, 2024, respectively	$6.0K	$6.0K
Treasury stock - 19 shares at December 31, 2025 and December 31, 2024	$0	$0
Additional paid-in capital	$1.0B	$1.0B
Accumulated deficit	-$1.5B	-$1.3B
Total stockholders' deficit	-$438.2M	-$253.6M	-$72.8M
Total liabilities and stockholders' deficit	$259.1M	$378.3M
Preferred stock, par value	$0.00	$0.00
Preferred stock, authorized shares	40.0M shares	40.0M shares
Preferred stock, issued shares	0 shares	0 shares
Preferred stock, outstanding shares	0 shares	0 shares
Common stock, par value	$0.00	$0.00
Common stock, authorized shares	400.0M shares	400.0M shares
Common stock, issued shares	71.4M shares	68.5M shares
Common stock, outstanding shares	71.4M shares	68.5M shares
Treasury stock, shares	19 shares	19 shares	19 shares

Cash from operations⁶⁷⁸⁴⁵³-$166.8M in 2025+357% since 2019

Capital spending⁶⁷⁸⁴⁵³$229.0K in 2025+73% since 2019

Free cash flow⁶⁷⁸⁴⁵³-$167.0M in 2025+356% since 2019

Every line of the cash flow as filed: the last 2 fiscal years, latest first.³

Period ending	2025-12-31	2024-12-31
Net loss	-$221.2M	-$334.3M
Depreciation and amortization	$633.0K	$795.0K
Stock-based compensation	$28.7M	$24.0M
Accrued payment-in-kind interest on debt	$4.7M	$3.8M
Accrued interest on revenue interest financing liability, net of payments	$24.3M	$46.1M
Amortization of debt discount	$3.0M	$2.2M
Inventory reserve	$280.0K	$836.0K
Other	$5.2M	$5.1M
Prepaid expenses and other current assets	$5.5M	-$7.7M
Accounts receivable, net	-$39.3M	-$37.2M
Accounts payable and accrued expenses	$34.1M	$34.9M
Accrued interest	$121.0K	$565.0K
Operating right-of-use assets and lease liabilities	$222.0K	$175.0K
Inventory	-$11.8M	-$6.1M
Other long-term assets	-$1.2M	$0
Net cash used in operating activities	-$166.8M	-$266.8M
Cash paid for property and equipment	-$229.0K	-$135.0K
Net cash used in investing activities	-$229.0K	-$135.0K
Proceeds from issuance of common stock from exercise of stock options	$1.6M	$1.6M
Net proceeds from issuance of debt	$0	$59.4M
Net proceeds from underwritten public offering	$0	$121.8M
Payment of employee tax obligations related to vesting of PSUs and RSUs	-$1.9M	$0
Net cash (used in) provided by financing activities	-$288.0K	$182.8M
Net decrease in cash and cash equivalents and restricted cash	-$167.3M	-$84.1M
Interest paid	$21.4M	$17.3M
Property and equipment purchases included in accounts payable and accrued expenses	$0	$8.0K
Final interest payment fee	$0	$1.8M
Settlement of ESPP liability in common stock	$3.0M	$2.4M
Settlement of 401(k) liability in common stock	$5.3M	$3.7M

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Leadership

Who has led Phathom Pharmaceuticals, Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

President

Chief financial officer

Chief operating officer

Azmi Nabulsi2019–2025

20202025

Chief executive officerSteven L. Basta Apr 3, 2025 to now¹¹
Chief executive officerTerrie Curran Jul 2, 2020 to Mar 3, 2025¹²
Chief executive officerDavid A. Socks Oct 24, 2019 to Oct 24, 2019¹³
PresidentSteven L. Basta Apr 3, 2025 to now¹¹
PresidentTerrie Curran Jul 2, 2020 to Mar 3, 2025¹²
PresidentDavid A. Socks Oct 24, 2019 to Oct 24, 2019¹³
Chief financial officerSanjeev Narula Oct 7, 2025 to now¹⁴
Chief financial officerMolly Henderson Apr 6, 2022 to Oct 7, 2025¹⁵
Chief financial officerTodd P. Branning Jul 13, 2020 to Jan 29, 2021¹⁶
Chief operating officerAzmi Nabulsi Oct 24, 2019 to Mar 3, 2025¹⁷

Board members and other officers (16)

Principal Accounting OfficerRobert Charles Breedlove May 6, 2025 to now¹⁸
VP, Chief Accounting OfficerAnthony J. Guzzo Jun 11, 2021 to Jan 21, 2022¹⁹
Chief Business OfficerAditya Kohli Oct 24, 2019 to Oct 24, 2019²⁰
Board memberSteven L. Basta Apr 3, 2025 to now¹¹
Board memberTheodore R. Schroeder Apr 16, 2025 to now²¹
Board memberFrank Karbe Apr 26, 2022 to now²²
Board memberMark Stenhouse Mar 19, 2020 to now²³
Board memberChristopher W. Slavinsky Oct 24, 2019 to Oct 24, 2019²⁴
Board memberDavid A. Socks Oct 24, 2019 to May 24, 2024¹³
Board memberHeidi K. Kunz Oct 24, 2019 to now²⁵
Board memberJames N. Topper Oct 24, 2019 to now²⁶
Board memberMichael F. Cola Oct 24, 2019 to now²⁷
Board memberTadataka Yamada Oct 24, 2019 to May 24, 2021²⁸
Board memberTerrie Curran Oct 24, 2019 to Mar 3, 2025²⁹
Board memberAsit Parikh Dec 12, 2019 to now³⁰
General counselAnne Marie Cook Jun 24, 2025 to now³¹

Timeline

Apr 3, 2025New chief executive Steven L. Basta becomes CEO¹¹
Jul 2, 2020New chief executive Terrie Curran becomes CEO¹²
Oct 24, 2019New chief executive David A. Socks becomes CEO¹³

Filings

324 filings to the SEC since October 2021: 6 annual reports, 17 quarterly reports, 71 major events, 145 insider forms, 47 large holders, 38 other. The latest 20:

Oct 8, 20264 EDGAR
Sep 29, 20268-K EDGAR
Sep 8, 20264 EDGAR
Jul 30, 202610-Q EDGAR
Jul 30, 20268-K EDGAR
Jul 29, 2026SCHEDULE 13G EDGAR
Jul 20, 2026SCHEDULE 13G/A EDGAR
Jul 16, 20264 EDGAR
Jun 23, 20268-K EDGAR
May 27, 20264 EDGAR
May 21, 20264 EDGAR
May 21, 20264 EDGAR
May 21, 20264 EDGAR
May 21, 20264 EDGAR
May 21, 20264 EDGAR
May 21, 20264 EDGAR
May 21, 20264 EDGAR
May 21, 20268-K EDGAR
Apr 30, 202610-Q EDGAR
Apr 30, 20268-K EDGAR

The 324 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last three years, summarized. The full record is on SEC EDGAR.

Insider trades and holders

Large holders

Investors who own more than 5% must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively. 47 such filings since October 2021, the latest 10:

From Forms 4 and Schedules 13D and 13G filed with the SEC.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

Fund	Shares	Value	Share of the fund	Change
Frazier Life Sciences Management, L.P.	12,466,489	$135.3M	2.9%	No change
Medicxi Ventures Management (Jersey) Ltd	7,464,572	$81.0M	45.6%	No change
BlackRock, Inc.	4,525,129	$49.1M	0.0%	+463,133
Invesco Ltd.	4,029,731	$43.7M	0.0%	−292,329
Carlyle Group Inc.	3,496,808	$37.9M	0.4%	No change
Millennium Management LLC	3,375,834	$36.6M	0.0%	−647,075
Vanguard Capital Management LLC	2,656,944	$28.8M	0.0%	+73,308
Franklin Resources Inc	1,970,828	$21.4M	0.0%	+976,324
NEA Management Company, LLC	1,960,169	$21.3M	1.3%	No change
683 Capital Management, LLC	1,850,000	$20.1M	1.9%	No change
Goldman Sachs Group Inc	1,778,032	$19.3M	0.0%	+1,151,836
State Street Corp	1,586,323	$17.2M	0.0%	+199,433
Catalys Pacific, LLC	1,493,854	$16.2M	7.1%	No change
Nomura Asset Management International Inc.	1,462,738	$15.9M	0.0%	+257,369
Geode Capital Management, LLC	1,315,687	$14.3M	0.0%	−12,358
Wasatch Advisors LP	1,307,247	$14.2M	0.1%	−33,669
Ensign Peak Advisors, Inc	1,051,913	$11.4M	0.0%	−575,893
Propel Bio Management, LLC	1,050,358	$11.4M	6.0%	+209,086
Point72 Asset Management, L.P.	1,022,193	$11.1M	0.0%	New
Vanguard Portfolio Management LLC	796,631	$8.6M	0.0%	+130,602
SummitTX Capital, L.P.	789,550	$8.6M	0.2%	−206,335
Hsbc Holdings PLC	709,695	$7.7M	0.0%	New
Marshall Wace, Llp	666,090	$7.2M	0.0%	−194,602
EcoR1 Capital, LLC	625,000	$6.8M	0.3%	No change
Perceptive Advisors LLC	532,000	$5.8M	0.1%	−393,000

13F reports cover disclosed long positions in U.S. stocks only.

Sources

The numbers on this page point here. Each one links to the record it came from.

1
SEC EDGARPhathom Pharmaceuticals, Inc. filings on SEC EDGAR
2
SEC EDGARPhathom Pharmaceuticals, Inc. filings on SEC EDGAR
3
SEC EDGARPhathom Pharmaceuticals, Inc. 10-K for fiscal 2025
4
SEC EDGARPhathom Pharmaceuticals, Inc. 10-K for fiscal 2022
5
SEC EDGARPhathom Pharmaceuticals, Inc. 10-K for fiscal 2023
6
SEC EDGARPhathom Pharmaceuticals, Inc. 10-K for fiscal 2019
7
SEC EDGARPhathom Pharmaceuticals, Inc. 10-K for fiscal 2020
8
SEC EDGARPhathom Pharmaceuticals, Inc. 10-K for fiscal 2021
9
SEC EDGARPhathom Pharmaceuticals, Inc. 10-Q for fiscal 2026
10
SEC EDGARPhathom Pharmaceuticals, Inc. 10-Q for fiscal 2026
11
SEC EDGARSteven L. Basta, Chief executive officer
12
SEC EDGARTerrie Curran, Chief executive officer
13
SEC EDGARDavid A. Socks, Chief executive officer
14
SEC EDGARSanjeev Narula, Chief financial officer
15
SEC EDGARMolly Henderson, Chief financial officer
16
SEC EDGARTodd P. Branning, Chief financial officer
17
SEC EDGARAzmi Nabulsi, Chief operating officer
18
SEC EDGARRobert Charles Breedlove, Principal Accounting Officer
19
SEC EDGARAnthony J. Guzzo, VP, Chief Accounting Officer
20
SEC EDGARAditya Kohli, Chief Business Officer
21
SEC EDGARTheodore R. Schroeder, Board member
22
SEC EDGARFrank Karbe, Board member
23
SEC EDGARMark Stenhouse, Board member
24
SEC EDGARChristopher W. Slavinsky, Board member
25
SEC EDGARHeidi K. Kunz, Board member
26
SEC EDGARJames N. Topper, Board member
27
SEC EDGARMichael F. Cola, Board member
28
SEC EDGARTadataka Yamada, Board member
29
SEC EDGARTerrie Curran, Board member
30
SEC EDGARAsit Parikh, Board member
31
SEC EDGARAnne Marie Cook, General counsel