PHAT - NASDAQ

Phathom Pharmaceuticals, Inc.

PHAT·NASDAQ

$10.09

+4.6%

HealthcareBiotechnology

Phathom Pharmaceuticals, Inc., a clinical-stage biopharmaceutical company, focuses on developing and commercializing treatments for gastrointestinal diseases. The company has the rights in the United States, Europe, and Canada to vonoprazan, a potassium-competitive acid blocker (P-CAB) that blocks acid secretion in the stomach. It is also developing vonoprazan, which is in Phase III clinical trials for the treatment of erosive gastroesophageal reflux disease; and in combination with antibiotics for the treatment of Helicobacter pylori infection. Phathom Pharmaceuticals, Inc. was incorporated in 2018 and is headquartered in Florham Park, New Jersey.

Statements Value Model

At a Glance

Live Snapshot

Market Cap$804.74M

EPS-3.0300

P/E Ratio-3.33

Earnings Date08/06/2026

-166.78M

Operating Cash Flow

-37%

3Y+14.0%

5Y+139.0%

10Y+16203.0%

-229.00K

Investing Cash Flow

70%

3Y-78.0%

5Y-78.0%

10Y-

-288.00K

Financing Cash Flow

-100%

3Y-100.0%

5Y-100.0%

10Y-115.0%

Phathom Pharmaceuticals, Inc. Cash Conversion Engine

PHAT · NASDAQ

FCF Components

Net Income-221.25M

Depreciation & Amortization633.00K

Stock-Based Compensation28.72M

Change in Working Capital-12.38M

Others37.50M

Capital Expenditures-229.00K

Free Cash Flow-166.78M

Cash Flow Quality Analysis

FCF Conversion Rate

75.4%

Moderate conversion rate. Some gap between earnings and cash flow may warrant investigation into working capital or non-cash items.

CapEx Intensity

-0.1%

Asset-light business model. Low capital requirements leave more cash available for shareholders and growth investments.

FCF Growth Trend

+37.5%

Strong FCF growth demonstrates improving cash generation and business momentum. Positive signal for sustainability.

Working Capital Impact

-$12.38M

Minimal working capital impact on FCF. Changes in operating assets and liabilities well-managed.

Cash Flow Quality Insight

Working capital strain: Significant cash tied up in operations. Monitor receivables collection, inventory turns, and payment terms to optimize cash conversion cycle.

Phathom Pharmaceuticals, Inc. Cash Flow Statement

PHAT • NASDAQ

Phathom Pharmaceuticals, Inc. Cash Flow Statement	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018
OPERATING ACTIVITIES
Net Income	-221.2M	-334.3M	-201.6M	-197.7M	-143.9M	-129.1M	-255.1M	-1.3M
Depreciation & Amortization	633K	795K	575K	620K	521K	323K	8K	0.0
Change in Deferred Taxes	0.0	0.0	0.0	0.0	0.0	0.0	96.3M	0.0
Stock-Based Compensation	28.7M	24M	45M	24.1M	16.8M	5.8M	406K	0.0
Other Non-Cash Items	37.5M	58M	32.1M	21M	5.4M	1.5M	131.5M	50K
Change in Working Capital	-12.4M	-15.3M	-13.6M	5.4M	-27.3M	51.7M	-9.5M	215K
Cash from Operating Activities	-166.8M	-266.8M	-137.6M	-146.5M	-148.5M	-69.7M	-36.5M	-1M
INVESTING ACTIVITIES
Investments in Property, Plant, and Equipment	-229K	-135K	-1.6M	-1M	-328K	-1M	-25.3M	(0.0)
Other Investing Items	0.0	0.0	0.0	0.0	0.0	0.0	-25.1M	0.0
Cash from Investing Activities	-229K	-135K	-1.6M	-1M	-328K	-1M	-25.3M	(0.0)
FINANCING ACTIVITIES
Net Issuance of Common Stock	1.6M	121.8M	155.5M	24.6M	0.0	88.8M	191.5M	2K
Net Issuance of Debt	0.0	59.4M	39.3M	95.4M	42.8M	25M	24.9M	1.9M
Other Financing Items	-1.9M	1.6M	172.8M	0.0	1.9M	629K	279.8M	2K
Cash from Financing Activities	-288K	182.8M	367.6M	120M	44.7M	114.5M	304.6M	1.9M
CASH FLOW SUMMARY
Effect of Foreign Exchange Rates	0.0	0.0	0.0	-345K	0.0	0.0	0.0	0.0
Net Change in Cash	-167.3M	-84.1M	228.4M	-27.9M	-104.1M	43.7M	242.9M	879K
Cash at Beginning of Period	300.1M	384.3M	155.9M	183.3M	287.5M	243.8M	879K	0.0
Cash at End of Period	132.8M	300.1M	384.3M	155.4M	183.4M	287.5M	243.8M	879K
Free Cash Flow	-166.8M	-266.9M	-139.2M	-147.6M	-148.8M	-70.7M	-61.8M	-1M

SEC Filings

PHAT - Filing history and reports

Filing Type	Filing Date	Period Ending	Fiscal Year	Actions
8-K 8-K 2026 N/A	May 21, 2026	May 19, 2026	2026	View Filing
10-Q 10-Q 2026 Q1 Q1	April 30, 2026	March 31, 2026	2026	View Filing
8-K 8-K 2026 N/A	April 30, 2026	April 30, 2026	2026	View Filing
DEF 14A DEF 14A 2026 N/A	April 07, 2026	May 19, 2026	2026	View Filing
10-K 10-K 2025 FY FY	February 26, 2026	December 31, 2025	2025	View Filing
8-K 8-K 2026 N/A	February 26, 2026	February 26, 2026	2026	View Filing
8-K 8-K 2026 N/A	January 08, 2026	January 07, 2026	2026	View Filing
8-K 8-K 2026 N/A	January 07, 2026	January 07, 2026	2026	View Filing
8-K 8-K 2025 N/A	November 04, 2025	November 04, 2025	2025	View Filing
8-K 8-K 2025 N/A	October 30, 2025	October 30, 2025	2025	View Filing

Showing 1 to 10 of 137 filings

Related Guides

Blog Categories

Continue your PHAT research with focused valuation guides.

Fundamentals

Decode statement quality and operating durability.

Accounting

Interpret line items with cleaner analytical framing.

Forecasting

Translate historical performance into forward scenarios.

Reference

Use practical frameworks for statement-led valuation.

Research Paths

Pick your next lens

Snapshot

Start with context, operating signals, and key market metrics.

Value Model

Stress test fair value across bear, base, and bull assumptions.

Statements

Validate revenue quality, margins, and balance sheet durability.

Earnings Call

Read management commentary and compare it with reported outcomes.

Dividends

Check payout sustainability and long-term distribution behavior.

Analyst Expectations

Review consensus spread and where estimate risk is concentrated.