Phathom Pharmaceuticals (PHAT) Financial Statements & Analysis

Phathom Pharmaceuticals (PHAT) Income Statement

Phathom Pharmaceuticals reported revenue of $175.11M in fiscal 2025 (fiscal year ended Dec 31, 2025), up 216.9% from $55.25M a year earlier. Phathom Pharmaceuticals posted a net loss of $221.25M, compared with a net loss of $334.33M a year earlier. Gross margin was 87.1% and operating margin -91.4%. In the most recent quarter, Q2 fiscal 2026 (ended Jun 30, 2026), revenue was $74.27M, up 88.0% from the same quarter a year earlier.

Phathom Pharmaceuticals Income Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Phathom Pharmaceuticals, Inc. income statement - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018
Revenue & Gross Profit
Revenue	175.11	55.25	0.68	0.00	0.00	0.00	0.00	0.00
Cost of Revenue	22.60	7.97	0.17	0.62	0.52	0.30	0.01	0.00
Gross Profit	152.51	47.28	0.52	-0.62	-0.52	-0.30	-0.01	0.00
Operating Expenses
Research & Development	32.78	34.08	49.90	71.44	72.34	98.15	99.27	0.02
Selling, General & Administrative	279.72	290.66	117.93	101.00	62.74	27.22	6.94	1.21
Operating Expenses	312.50	324.75	167.83	172.44	135.08	125.37	106.22	1.23
Operating Income	-159.99	-277.47	-167.31	-172.44	-135.08	-125.67	-106.22	-1.23
Other Income/Expense
Interest Income	7.04	15.16	7.88	2.13	0.04	1.09	1.09	0.00
Interest Expense	68.12	72.01	41.97	-27.31	-6.79	4.58	4.18	0.01
Other Income/Expense	-61.26	-0.01	-34.28	-25.28	-8.80	-3.40	-148.92	-0.06
Income
Income Before Tax	-221.25	-334.33	-201.59	-197.72	-143.88	-129.07	-255.13	-1.29
Income Tax Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.01
Net Income	-221.25	-334.33	-201.59	-197.72	-143.88	-129.07	-209.74	-1.29
Net Income - Continuous Operations	-221.25	-334.33	-201.59	-197.72	-143.88	-129.07	-209.74	-1.29
Net Income - Discontinued Operations	-	-	-	-	-	-	-	-
EBITDA	-159.35	-261.52	-159.05	-171.82	-134.56	-124.19	-250.95	-0.05
EBIT	-159.99	-262.32	-167.31	-172.44	-135.08	-125.67	-	-
Depreciation & Amortization	0.63	0.80	0.58	0.62	0.52	0.30	0.01	1.23
Earnings Per Share
Basic EPS	-3.00	-5.00	-4.00	-5.00	-4.00	-4.00	-8.00	-
Diluted EPS	-3.00	-5.00	-4.00	-5.00	-4.00	-4.00	-8.00	-
Basic Shares Outstanding	72.92	63.18	51.29	39.12	37.00	33.23	24.73	8.58
Diluted Shares Outstanding	72.92	63.18	51.29	39.12	37.00	33.23	24.73	8.58

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About Phathom Pharmaceuticals Financial Statements

What was Phathom Pharmaceuticals's revenue in fiscal 2025?

Phathom Pharmaceuticals reported revenue of $175.11M in fiscal 2025 (fiscal year ended Dec 31, 2025). That was up 216.9% from $55.25M a year earlier.

Is Phathom Pharmaceuticals profitable?

No. Phathom Pharmaceuticals reported a net loss of $221.25M in fiscal 2025. In fiscal 2024 it lost $334.33M.

What is Phathom Pharmaceuticals's operating margin?

Phathom Pharmaceuticals's operating income was −$159.99M on revenue of $175.11M in fiscal 2025, an operating margin of -91.4%, compared with -502.2% a year earlier.

What is net profit margin?

Net profit margin is net income divided by revenue. It shows how much of each dollar of sales a company keeps as profit after all costs, interest and taxes. Full definition