Phathom Pharmaceuticals, Inc. · Drugmakers

PHAT

High riskNext report: In 1 days (est.)

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The short version

A company still losing money with growing sales, with high risk.

Going well

Sales up 88% in the latest quarter vs a year ago
Sales up 217% last year

Watch out for

About 9 months of cash left at its current burn
Owes more than it owns (negative equity)
Share count growing 23.1% a year (dilution)

Money moves

No insider buying or selling in the last 30 days
Institutions added 4.2% to their holdings in the quarter ending June 2026 (80 bought, 82 sold)

Facts from SEC filings, not a recommendation.

What the price means

Price as of Oct 26

$5.94+3.9% that day

Company value: $481M; Share price times all shares
Price vs sales: 2.0x; No profit over the last year, so this compares value with sales instead
Cash vs value: 38%; A big cushion: cash is a large part of what the company is worth
Debt vs value: 44%; Debt as a share of company value

From PHAT's last IEX trade and its SEC filings (profits and sales over the last four quarters). A starting point for research, not a verdict.

The business over time

Last 12 quarters, from SEC filings

Sales, Jun '26

$74.3M+88% vs a year earlier

Sep '23Tap a barJun '26

Last 12 months: $239.7M, up 110% from the 12 months before.

What the price assumes

Your guesses, our math

Move the sliders to your own view of PHAT. Starting points are the company's recent numbers.

Sales growth+5% a yearRecent growth not reportedProfit margin50%Last 12 months: 50.9%P/E at the end15xMany steady companies trade at 12x to 25xShare count change+10% a yearBelow zero means buybacks; above zero means new shares (dilution)

Sales in 5 years$306M

Profit in 5 years$153M

Price these guesses point to$17.61+196% vs $5.94 todayAbout +24% a year, before dividends

What today's price needs: with a 50% margin and a 15x P/E, sales could shrink about 16% a year for 5 years and still match today's price.

Simple math on your guesses, not a forecast or a price target. Real results depend on many things these sliders leave out.

Price

Price chart by TradingView.

Business quality

The checklist Warren Buffett-style investors use. Annual numbers for 2025.

1/6Weak

MissDebt under half of equityNot relying on borrowed money.Owes more than it owns
MissNet margin 10%+Keeps at least 10 cents of profit from each dollar of sales.-0.1%
MissProfitable every yearSteady profits, not one good year.0 of 8 years
MissFree cash flow positiveBrings in more cash than it spends to run and grow.-$167.0M
MissShare count not growingNot diluting owners. Falling means buybacks.+86.4% in 3 years
PassGross margin 40%+Pricing power: sells for well above what it costs to make.87.1%

Revenue: $175.1M; +216.9% vs prior year
Total debt: $209.1M
Current ratio: 1.73x; short-term assets / bills due
Free cash flow: -$167.0M; -95.4% of revenue

From annual reports filed with the SEC. Not in this company's SEC data, so not scored: return on equity 15%+. A checklist is a starting point for research, not a verdict.