Phathom Pharmaceuticals, Inc.
Financial highlights
| Metric | FY December 31, 2025 | FY December 31, 2024 | FY December 31, 2023 | FY December 31, 2022 | FY December 31, 2021 |
|---|---|---|---|---|---|
| Revenue | $175.1M | $55.3M | $682,000 | $0 | — |
| Gross profit | $152.5M | $47.3M | $515,000 | $0 | — |
| Operating income | -$160.0M | -$277.5M | -$167.3M | -$172.4M | -$135.1M |
| Operating expenses | $312.5M | $324.7M | $167.8M | $172.4M | $135.1M |
| Cost of revenue | $22.6M | $8.0M | $167,000 | $0 | — |
| Cash from operations | -$166.8M | -$266.8M | -$137.6M | -$146.5M | -$148.5M |
| Capital expenditure | $229,000 | $135,000 | $1.6M | $1.0M | $328,000 |
| Free cash flow | -$167.0M | -$266.9M | -$139.2M | -$147.6M | -$148.8M |
| Total assets | $259.1M | $378.3M | $413.8M | $164.8M | $189.4M |
| Total liabilities | $697.3M | $631.9M | $486.6M | $239.6M | $117.3M |
| Total debt | $200.0M | $200.0M | $140.0M | $100.0M | $100.0M |
Shares outstanding 79.8M · Free float 75.4%
Annual filing data through FY ended December 31, 2025; float as of June 27, 2026.