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Phathom Pharmaceuticals, Inc.

PHAT

Phathom Pharmaceuticals is a commercial-stage biopharmaceutical company dedicated to the development and commercialization of novel treatments for gastrointestinal diseases.

Market cap
$953.08M+56.7%
Revenue$204.9M+150%
Net income-$157.3M+54.5%
Free cash flow-$97.8M+65.4%
EPS (diluted)-$2.10+59.5%
Trailing twelve months · change vs. prior year

Earnings

Next report

Jul 30, 2026 (Tomorrow)
Revenue estimate$72.7M
EPS estimate-$0.06

Financials

Q1 2026

Income statement

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Revenue$58.3M+104%
Gross profit$46.3M+86.8%
Operating income-$15.5M+80.4%
Net income-$30.4M+67.8%
EPS (diluted)-$0.37+71.8%

Balance sheet

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Cash & equivalents$180.9M-14.8%
Total debt$166.3M-18.3%
Total equity-$337.0M+0.4%
Total assets$305.1M+3.7%

Cash flow

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Operating cash flow-$15.6M+81.6%
CapEx$61.0K+239%
Free cash flow-$15.7M+81.5%

Valuation & ratios

Valuation

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Market cap$953.08M+56.7%
Enterprise value$938.48M+39.9%
P/S4.7×-0.7×

Profitability

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Gross margin84.9%-1.3pp
Operating margin-47.1%-21.9pp
Net margin-76.8%-34.5pp
FCF margin-47.7%-22.1pp

Returns & leverage

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Current ratio2.2×-1.4×

Segments

By segment

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Reportable Segment Aggregation Before Other Operating$58.3M+104%

By product

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Voquezna Product$58.3M+105%

Competitors

Profile

Phathom Pharmaceuticals is a commercial-stage biopharmaceutical company dedicated to the development and commercialization of novel treatments for gastrointestinal diseases. The company's core value proposition centers on vonoprazan, a first-in-class potassium-competitive acid blocker (PCAB) that provides a potent and rapid alternative to traditional proton pump inhibitors. Their primary focus is addressing significant unmet needs in acid-related disorders such as GERD and H. pylori infections.

Competitive position

Phathom holds a first-mover advantage as the provider of the only FDA-approved PCAB in the United States, positioning it as a premium alternative to the established but often inadequate generic PPI market.

GeographiesUnited States, Europe, Canada
Customer segmentsGastroenterologists, Primary care physicians, Commercial health plans, Government healthcare programs
Business modelDirect-to-market pharmaceutical sales, IP licensing and development
SuppliersContract manufacturing organizations (CMOs), Active pharmaceutical ingredient (API) suppliers, Third-party logistics and distribution providers
CustomersPharmaceutical wholesalers, Specialty and retail pharmacies, Hospitals and medical clinics
Listed2019
Employees112.0
CEOSteven L. Basta
FilingsSEC EDGAR

Questions, answered.

What is Phathom Pharmaceuticals, Inc.'s market cap?
Phathom Pharmaceuticals, Inc. (PHAT) has a market capitalization of $953.1M and trades on NASDAQ.
What is Phathom Pharmaceuticals, Inc.'s revenue and profitability?
Phathom Pharmaceuticals, Inc. generated $204.9M in trailing twelve-month revenue with a net loss of $157.3M, representing a net margin of -76.8%. Gross margin stands at 84.9%, with free cash flow of -$97.8M. These figures are based on the Q1 2026 filing.
Who are Phathom Pharmaceuticals, Inc.'s competitors?
Phathom Pharmaceuticals, Inc.'s key competitors include Vanda Pharmaceuticals Inc., Opko Health Inc., Scienture Holdings, Inc. Common Stock, and others. These companies compete in similar markets and product categories.
Who does Phathom Pharmaceuticals, Inc. partner with?
Phathom Pharmaceuticals, Inc.'s notable partners include Takeda Pharmaceutical Company Limited, Evonik Operations GmbH, Catalent Pharma Solutions, LLC, and others.
Where is Phathom Pharmaceuticals, Inc. headquartered?
Phathom Pharmaceuticals, Inc. is headquartered in United States of America and employs approximately 112 people. It has been publicly traded since 2019.