# Phathom Pharmaceuticals, Inc. (PHAT)

> Source: Nexqual · https://nexqual.com/PHAT · data as of 2026-10-28 20:00 UTC · cite as "Nexqual, Phathom Pharmaceuticals, Inc. (PHAT), nexqual.com/PHAT" · informational, not investment advice.

**Price:** USD 6.28 (+4.84% on the day) · last close of Oct 28, 2026; US market pre market, not a live price. Prev close 5.99 · day 5.85–6.43 · 52w 5.02–18.31 · market cap $508M · NMS

## Key facts
- Last four reported quarters (through Sep 30, 2026): revenue $275M, net income -$83.0M (-30.2% margin), free cash flow -$21.0M (SEC filings).
- Analysts: Buy (mean 2.00 on a 1–5 scale) (12 analysts), mean target USD 19.64 (range 10–29).
- Total return with dividends: 1Y -53.6% vs S&P 500 +13.6%; 5Y -73.3% vs S&P 500 +79.8%.
- Next earnings: 2026-10-29, EPS estimate USD 0.03, revenue estimate $84.8M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | — | $0K | $682K | $55.3M | $175M | $275M |
| Gross profit | — | $0K | $515K | $47.3M | $153M | — |
| Operating income | -$135M | -$172M | -$167M | -$277M | -$160M | -$25.5M |
| Net income | -$144M | -$198M | -$202M | -$334M | -$221M | -$83.0M |
| EPS (diluted) | -$3.89 | -$5.05 | -$3.93 | -$5.29 | -$3.03 | — |
| Free cash flow | -$149M | -$148M | -$139M | -$267M | -$167M | -$21.0M |
| Gross margin | — | — | 75.5% | 85.6% | 87.1% | — |
| Operating margin | — | — | -24532.6% | -502.2% | -91.4% | -9.3% |
| Net margin | — | — | -29558.9% | -605.1% | -126.3% | -30.2% |
| Revenue growth | — | — | — | +8001.5% | +216.9% | — |
| Cash + short-term investments | $183M | $155M | $381M | $297M | $130M | — |
| Total debt | $89.7M | $95.3M | $138M | $201M | $209M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Sep 30, 2026)
P/S 1.9x · EV/Sales 1.8x · FCF yield -4.14% · Earnings yield -16.34% · Net cash $19.0M · EV $489M

## Analysts
Consensus Buy (mean 2.00 on a 1–5 scale), 12 analysts; mean target USD 19.64 (low 10, high 29).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-09 | Leerink Partners | Initiated | Market Perform | $10 |
| 2026-08-17 | Barclays | Target lowered | Overweight | $18 → $14 |
| 2026-07-31 | Guggenheim | Target lowered | Buy | $25 → $22 |
| 2026-07-31 | HC Wainwright & Co. | Reiterated | Buy | $26 |
| 2026-07-30 | Needham | Target lowered | Buy | $28 → $22 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-29) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | -53.6% | -73.3% |
| S&P 500 (SPY) | +13.6% | +79.8% |
| Per year | -53.7% | -23.2% |
| Volatility (annualized) | 68.7% | 92.2% |
| Max drawdown | -68.3% (Jan 2026→Oct 2026) | -88.3% (Oct 2021→Apr 2025) |

## Peers (Biotechnology)
ORKA (Oruka Therapeutics, Inc.) USD 95.97 +0.17% · LGND (Ligand Pharmaceuticals Incorpor) USD 318.78 +2.26% · IOVA (Iovance Biotherapeutics, Inc.) USD 14.81 +1.58% · IONS (Ionis Pharmaceuticals, Inc.) USD 44.9 +2.14% · AXSM (Axsome Therapeutics, Inc.) USD 143.51 +0.92% · ABVX (Abivax SA) USD 89.84 +3.26%

## More
Full page: https://nexqual.com/PHAT · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in PHAT's own 10-K filed 2026-02-26 (https://www.sec.gov/Archives/edgar/data/1783183/000119312526073379/phat-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Sandoz | "Although we rely on contract manufacturers, we have personnel with manufacturing experience to oversee our relationships with our suppliers, Evonik, Catalent and Sandoz." |
| Supplier | Evonik Operations | "Although we rely on contract manufacturers, we have personnel with manufacturing experience to oversee our relationships with our suppliers, Evonik, Catalent and Sandoz." |
| Supplier | Catalent Pharma Solutions | "Although we rely on contract manufacturers, we have personnel with manufacturing experience to oversee our relationships with our suppliers, Evonik, Catalent and Sandoz." |
| Partner | Hercules Capital, Inc. (HTGC) | "make required payments under the Loan and Security Agreement with Hercules Capital, Inc., or Loan Agreement, entered into in September 2021, as amended;" |
| Partner | TAKEDA PHARMACEUTICAL CO LTD (TAK) | "Our patent portfolio covering vonoprazan consists predominantly of patents and patent applications that are exclusively licensed to us from Takeda pursuant to the license agreement we entered into on May 7, 2019, or the …" |
| Partner | CO Finance LVS XXXVII | "Additionally, on October 31, 2022, we entered into a Joinder and Waiver Agreement with the Initial Investors and CO Finance LVS XXXVII LLC, or the Additional Investor, and Hercules in its capacity as administrative agent…" |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.03 | $0.05 | -42.2% | $84.8M | 5 |
| Next quarter (ends 2026-12-31) | $0.10 | $0.19 | -45.3% | $98.2M | 5 |
| Current fiscal year (ends 2026-12-31) | $-0.04 | $-0.04 | −$0.01 | $315.2M | 5 |
| Next fiscal year (ends 2027-12-31) | $0.96 | $1.43 | -32.6% | $489.4M | 5 |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| — | Quarter ended Jun 30, 2026 | $0.00 | −$0.09 | Beat +$0.09 | — |
| — | Quarter ended Mar 31, 2026 | −$0.18 | −$0.19 | Beat +5.3% | — |
| — | Quarter ended Dec 31, 2025 | −$0.08 | −$0.19 | Beat +57.9% | — |
| — | Quarter ended Sep 30, 2025 | −$0.15 | −$0.41 | Beat +63.4% | — |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).

## Recent SEC filings (last 120 days)
| Filed | Form | What it says | Filing |
|---|---|---|---|
| 2026-10-29 | 10-Q | Quarterly report · period ended Sep 30, 2026 | https://www.sec.gov/Archives/edgar/data/1783183/000119312526436961/0001193125-26-436961-index.htm |
| 2026-10-29 | 8-K | Quarterly results | https://www.sec.gov/Archives/edgar/data/1783183/000119312526436959/0001193125-26-436959-index.htm |
| 2026-10-26 | 8-K | Other material event — “On October 26, 2026, Phathom Pharmaceuticals, Inc. ("Phathom" or the "Company") announced the U.S. Food and Drug Administration's ("FDA's") establishment of a public docket (Docket No. FDA-2026-N-13038) to solicit comment on legal and regulatory questions regarding certain issues raised by a filer of an abbreviated new drug application ("ANDA") referencing VOQUEZNA (vonoprazan) tablets, BDR Pharmaceuticals, Intl. Pvt. Ltd. ("BDR"), in litigation brought against the FDA following FDA's rejection of the ANDA. The…” | https://www.sec.gov/Archives/edgar/data/1783183/000119312526430977/0001193125-26-430977-index.htm |
| 2026-10-23 | 8-K | Other material event — “On October 23, 2026, Phathom Pharmaceuticals, Inc. ("Phathom" or the "Company") announced that BDR Pharmaceuticals International Pvt. Ltd. ("BDR") has filed suit against the U.S. Food and Drug Administration ("FDA") and related Federal Defendants in the United States District Court for the District of Columbia, principally challenging FDA's alleged refusal to receive an abbreviated new drug application ("ANDA") referencing Phathom's new drug application ("NDA") for VOQUEZNA. In the suit, BDR alleges that FDA has…” | https://www.sec.gov/Archives/edgar/data/1783183/000119312526430621/0001193125-26-430621-index.htm |
| 2026-09-29 | 8-K | Other material event — “On September 29, 2026, Phathom Pharmaceuticals, Inc. ("Phathom" or the "Company") announced the initiation of patient screening in pHalcon-NERD-302, a registrational Phase 3 study evaluating an as-needed (PRN or on-demand) investigational dosing regimen of VOQUEZNA (vonoprazan) tablets in adults with Non-Erosive Gastroesophageal Reflux Disease, or Non-Erosive GERD (NERD). Topline results are expected in the first quarter of 2028. If successful, the study is intended to support a potential regulatory submission…” | https://www.sec.gov/Archives/edgar/data/1783183/000119312526407696/0001193125-26-407696-index.htm |
| 2026-07-30 | 10-Q | Quarterly report · period ended Jun 30, 2026 | https://www.sec.gov/Archives/edgar/data/1783183/000119312526324867/0001193125-26-324867-index.htm |
| 2026-07-30 | 8-K | Quarterly results | https://www.sec.gov/Archives/edgar/data/1783183/000119312526324865/0001193125-26-324865-index.htm |
| 2026-07-29 | Schedule 13G | BlackRock, Inc.: 5.5% of shares, passive 5%+ holder | https://www.sec.gov/Archives/edgar/data/1783183/000201238326002854/0002012383-26-002854-index.htm |
| 2026-07-20 | Schedule 13G/A | Millennium Management LLC, Millennium Group Management LLC: 4.2% of shares, passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/1783183/000110465926085122/0001104659-26-085122-index.htm |
Source: SEC EDGAR. Quotes are the opening words of each item as filed.