Phathom Pharmaceuticals (PHAT) Cash Flow: Operating & Free Cash Flow

Phathom Pharmaceuticals Cash Flow Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities for Phathom Pharmaceuticals, Inc. (PHAT) - 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
Operating Activities
Net Income	-221.25	-334.33	-201.59	-197.72	-143.88	-129.07	-255.13	-1.29
Depreciation & Amortization	0.63	0.80	0.58	0.62	0.52	0.32	0.01	0.00
Stock Based Compensation	28.72	24.05	45.03	24.13	16.81	5.84	0.41	0.00
Change in Working Capital	-12.38	-15.30	-13.64	5.44	-27.32	51.72	-9.52	0.22
Change in Accounts Receivable	-39.33	-37.16	-1.64	0.00	0.00	0.00	0.00	0.00
Change in Inventory	-11.78	-6.14	-9.44	0.00	0.00	0.00	0.00	0.00
Change in Accounts Payable	34.10	34.94	6.41	8.68	-9.79	24.01	2.27	0.23
Change in Other Working Capital	37.22	-6.93	-9.27	-2.22	-17.52	27.71	-11.79	-0.01
Other Operating Activities	37.22	58.01	32.06	21.00	5.41	1.50	227.73	0.05
Net Cash from Operating Activities	-166.78	-266.77	-137.58	-146.53	-148.46	-69.69	-36.51	-1.02
Investing Activities
Capital Expenditures	-0.23	-0.14	-1.63	-1.04	-0.33	-1.04	-25.25	0.00
Other Investing Activities	0.00	0.00	0.00	0.00	0.00	0.00	-25.12	0.00
Net Cash from Investing Activities	-0.23	-0.14	-1.63	-1.04	-0.33	-1.04	-25.25	0.00
Financing Activities
Debt Repayment	0.00	59.40	39.32	95.45	42.76	25.00	113.17	1.90
Common Stock Issued	1.64	121.78	155.59	24.60	0.00	88.83	191.47	0.00
Common Stock Repurchased	-1.93	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Other Financing Activities	-1.93	1.60	172.68	95.45	1.94	0.63	0.00	0.00
Net Cash from Financing Activities	-0.29	182.77	367.58	120.04	44.71	114.46	304.65	1.90
Summary
Effect of Forex Changes on Cash	0.00	0.00	0.00	-0.35	0.00	0.00	0.00	0.00
Net Change in Cash	-167.29	-84.13	228.37	-27.53	-104.08	43.73	242.89	0.88
Cash at Beginning of Period	300.13	384.26	155.89	183.26	287.50	243.77	0.88	0.00
Cash at End of Period	132.83	300.13	384.26	155.39	183.42	287.50	243.77	0.88
Free Cash Flow	-167.00	-266.91	-139.21	-147.57	-148.79	-70.73	-61.76	-1.02
Supplemental Disclosures
Interest Paid	-	17.29	11.13	7.03	4.07	3.46	-	-

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 Cash Flow

What is Phathom Pharmaceuticals's free cash flow?

Phathom Pharmaceuticals had negative free cash flow of $167.00M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of −$166.78M minus $229.00K of capital expenditures.

How much does Phathom Pharmaceuticals spend on capital expenditures?

Phathom Pharmaceuticals spent $229.00K on capital expenditures in fiscal 2025, compared with $135.00K a year earlier.

Does Phathom Pharmaceuticals pay dividends or buy back shares?

Yes. In fiscal 2025 Phathom Pharmaceuticals returned $1.93M in share buybacks to shareholders, according to its cash flow statement.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment. Full definition