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Phathom Pharmaceuticals, Inc., a biopharmaceutical company, focuses on developing and commercializing treatments for gastrointestinal diseases in the United States. It develops VOQUEZNA, which has completed Phase III clinical trials for the treatment of erosive gastroesophageal reflux disease (GERD) and related heartburn in adults; and VOQUEZNA Triple Pak and VOQUEZNA Dual Pak that have completed Phase III clinical trials for treating Helicobacter pylori, as well as VOQUEZNA and vonoprazan for the treatment of heartburn associated with non-erosive GERD and eosinophilic esophagitis in adults and adolescents. The company was incorporated in 2018 and is headquartered in Florham Park, New Jersey.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $175M | $-152M | $-221M | $-167M | 50.5% | 216.9% | -33.8% |
| 2024 | $55M | $-262M | $-334M | $-267M | 131.8% | 8001.5% | 65.8% |
| 2023 | $1M | $-159M | $-202M | $-139M | 277.1% | - | 2.0% |
| 2022 | $0M | $-170M | $-198M | $-148M | 264.3% | - | - |
| 2021 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 0 | 0.68 | 55.25 | 175.11 |
| Operating Revenue | - | 0 | 0.68 | 55.25 | 175.11 |
| Cost Of Revenue | - | 0 | 0.17 | 7.97 | 22.60 |
| Gross Profit | - | 0 | 0.52 | 47.28 | 152.51 |
| Operating Expense | - | 172.44 | 167.83 | 324.75 | 312.50 |
| Research And Development | - | 71.44 | 49.90 | 34.08 | 32.78 |
| Selling General And Administration | - | 101 | 117.93 | 290.66 | 279.72 |
| Total Expenses | - | 172.44 | 167.99 | 332.72 | 335.10 |
| Operating Income | - | -172.44 | -167.31 | -277.47 | -159.99 |
| Total Operating Income As Reported | - | -172.44 | -167.31 | -277.47 | -159.99 |
| EBITDA | - | -169.80 | -159.05 | -261.52 | -152.50 |
| Normalized EBITDA | - | -169.80 | -159.05 | -261.52 | -152.50 |
| EBIT | - | -170.42 | -159.62 | -262.32 | -153.13 |
| Interest Income | - | 2.13 | 7.88 | 15.16 | 7.04 |
| Interest Expense | - | 27.30 | 41.97 | 72.01 | 68.11 |
| Net Interest Income | - | -25.17 | -34.09 | -56.85 | -61.07 |
| Other Non Operating Income Expenses | - | -0.11 | -0.19 | -0.01 | -0.19 |
| Other Income Expense | - | -0.11 | -0.19 | -0.01 | -0.19 |
| Interest Income Non Operating | - | 2.13 | 7.88 | 15.16 | 7.04 |
| Interest Expense Non Operating | - | 27.30 | 41.97 | 72.01 | 68.11 |
| Net Non Operating Interest Income Expense | - | -25.17 | -34.09 | -56.85 | -61.07 |
| Pretax Income | - | -197.72 | -201.59 | -334.33 | -221.25 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 0 | 0 | 0 |
| Net Income Continuous Operations | - | -197.72 | -201.59 | -334.33 | -221.25 |
| Net Income From Continuing And Discontinued Operation | - | -197.72 | -201.59 | -334.33 | -221.25 |
| Net Income From Continuing Operation Net Minority Interest | - | -197.72 | -201.59 | -334.33 | -221.25 |
| Net Income | - | -197.72 | -201.59 | -334.33 | -221.25 |
| Net Income Common Stockholders | - | -197.72 | -201.59 | -334.33 | -221.25 |
| Net Income Including Noncontrolling Interests | - | -197.72 | -201.59 | -334.33 | -221.25 |
| Normalized Income | - | -197.72 | -201.59 | -334.33 | -221.25 |
| Diluted NI Availto Com Stockholders | - | -197.72 | -201.59 | -334.33 | -221.25 |
| Basic Average Shares | - | 39.12 | 51.29 | 63.18 | 72.92 |
| Diluted Average Shares | - | 39.12 | 51.29 | 63.18 | 72.92 |
| Reconciled Depreciation | - | 0.62 | 0.57 | 0.80 | 0.63 |
| Reconciled Cost Of Revenue | - | 0 | 0.17 | 7.97 | 22.60 |
| General And Administrative Expense | 62.74 | 101 | - | - | - |
| Other Gand A | 62.74 | 101 | - | - | - |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Phathom Pharmaceuticals, Inc.this co. | PHAT | $786M | -3.55 | -1.79 | 50.5% | -5.69 |
| Sana Biotechnology, Inc. | SANA | $824M | -3.37 | 5.12 | -151.8% | -4.31 |
| Replimune Group, Inc. | REPL | $815M | -3.30 | 1.96 | -59.5% | -3.31 |
| Esperion Therapeutics, Inc. | ESPR | $806M | - | - | 7.5% | 13.94 |
| Lumexa Imaging Holdings, Inc. | LMRI |
| - |
| - |
| - |
| - |
| - |
| - |
| $792M |
| -16.81 |
| 1.35 |
| -8.0% |
| 11.96 |
| Eton Pharmaceuticals, Inc. | ETON | $792M | -172.06 | 30.27 | -17.6% | 248.97 |
| Kura Oncology, Inc. | KURA | $779M | - | 4.47 | -160.0% | - |
| Geron Corporation | GERN | $776M | -9.30 | 3.44 | -37.0% | -16.53 |
| BioAge Labs, Inc. | BIOA | $757M | -9.39 | 2.78 | -29.6% | -7.19 |
| Peer Median | - | -9.34 | 3.44 | -33.3% | -3.31 | |