Phathom Pharmaceuticals Inc
PHATBuild a strategy around PHAT
Phathom Pharmaceuticals Inc AI Insights
Informational only. Not investment advice.Snapshot
- Negative equity of -422.5M with 662.8M liabilities vs 240.3M assets - balance sheet deeply impaired, survival depends on future financing or profitability.[Common Stockholders Equity]
- Gross margin 87% TTM with 209% gross profit growth YoY signals commercial traction, but -213.5M operating loss shows scale not yet achieved.[Gross Margin TTM]
- Cash burn of -225.4M FCF TTM vs 135.2M cash on hand implies ~7 months runway without additional capital raise.[Free Cash Flow TTM]
Watch Triggers
- Cash and Equivalents: Falls below 75M or no financing announced within 90 days — Triggers going concern risk and potential distressed financing terms
- Total Revenue TTM: Quarterly revenue exceeds 60M (annualized 240M+ pace) — Would indicate path to covering operating expenses within 18 months
- Operating Expense TTM: Declines below 300M without revenue impact — Cost discipline extends runway and reduces profitability threshold
Bull Case
87% gross margin with 209% YoY gross profit growth demonstrates product-market fit; if revenue scales 3x, operating leverage could flip to profitability.
Asset turnover 0.47x exceeds industry median 0.19x - revenue generation efficiency suggests commercial model is working despite losses.
Bear Case
Negative equity -422.5M and 7-month cash runway creates existential dilution risk; any financing at current 1.3B market cap severely impacts shareholders.
Interest expense 70.3M TTM on 209.8M debt consumes 48% of gross profit - debt service alone prevents near-term profitability.
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
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Forward Thesis
Revenue inflection underway but path to profitability requires 3-4x current revenue at similar gross margins.
- 147.2M TTM revenue growing from near-zero base
- 87% gross margin provides leverage if scale achieved
- Operating expenses of 341.9M need revenue coverage
Valuation Context
Caveats
PHAT Fundamentals
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$923.57M | — | ||
$908.97M | — | ||
0.00 | — | ||
$204.89M | +150.3% | — | |
$-2.09 | — | ||
-47.2% | +302.7% | — | |
-76.8% | +345.6% | — | |
$-97.76M | — | ||
0% | — | ||
Beta 5Y (Monthly) | unknown | — |
PHAT Dividend History
PHAT Stock Splits
PHAT SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
04/30/26 | 03/31/26 | 10-Q | |
02/26/26 | 12/31/25 | Unknown | |
10/30/25 | 09/30/25 | 10-Q | |
08/07/25 | 06/30/25 | 10-Q | |
05/01/25 | 03/31/25 | 10-Q | |
03/06/25 | 12/31/24 | Unknown | |
11/07/24 | 09/30/24 | 10-Q | |
08/08/24 | 06/30/24 | 10-Q | |
05/09/24 | 03/31/24 | 10-Q | |
03/07/24 | 12/31/23 | 10-K | |
11/09/23 | 09/30/23 | 10-Q | |
08/10/23 | 06/30/23 | 10-Q | |
05/10/23 | 03/31/23 | 10-Q | |
02/28/23 | 12/31/22 | 10-K | |
11/08/22 | 09/30/22 | 10-Q | |
08/02/22 | 06/30/22 | 10-Q | |
05/10/22 | 03/31/22 | 10-Q | |
03/01/22 | 12/31/21 | 10-K | |
11/09/22 | 09/30/21 | 10-Q/A | |
11/08/21 | 09/30/21 | 10-Q | |
08/10/21 | 06/30/21 | 10-Q | |
05/11/21 | 03/31/21 | 10-Q | |
03/30/21 | 12/31/20 | 10-K | |
11/10/20 | 09/30/20 | 10-Q | |
08/06/20 | 06/30/20 | 10-Q | |
05/12/20 | 03/31/20 | 10-Q | |
03/19/20 | 12/31/19 | 10-K | |
11/25/19 | 09/30/19 | 10-Q | |
10/28/19 | 06/30/19 | 424B4 | |
05/12/20 | 03/31/19 | 10-Q | |
10/28/19 | 12/31/18 | 424B4 | |
11/25/19 | 09/30/18 | 10-Q |