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Companies / Health Care / Phathom Pharmaceuticals, Inc.
PHAT

Phathom Pharmaceuticals, Inc.

Health CarePharmaceutical Preparations
Ticker PHATFLORHAM PARK, NJFiscal year ends DecemberBook value per share $-4.16Diluted shares 83.6M

Phathom Pharmaceuticals, Inc. (Nasdaq: PHAT) is a commercial-stage biopharmaceutical company focused on developing and commercializing treatments for gastrointestinal diseases. Its U.S. products are VOQUEZNA tablets, VOQUEZNA DUAL PAK and VOQUEZNA TRIPLE PAK, all containing vonoprazan, an oral potassium-competitive… From the company’s description.

Over the twelve months to Sep 30, 2026, Phathom Pharmaceuticals, Inc. reported revenue of $274.88M, up 86.8% from a year earlier, and a net loss of $83.00M. Its operating margin was −9.3%, and operations used $20.74M in cash. In fiscal 2025, it reported revenue of $175.11M, up 216.9% from fiscal 2024, and a net loss of $221.25M.

Fiscal year 2025 · ends 12-31Changes are against fiscal 2024The amber dot is the latest twelve months, to 2026-09-30
Sales & profitability
$175.11MFY2025
+216.9% year over year
Last 12 mo $274.88M
-91.36%FY2025
+410.8 percentage points
Last 12 mo -9.26%
$-221.25MFY2025
+33.8% year over year
Last 12 mo $-83.00M
50.49%FY2025
−81.3 percentage points
Last 12 mo 23.87%
Cash & financing
$-166.78MFY2025
+37.5% year over year
Last 12 mo $-20.74M
$-167.00MFY2025
+37.4% year over year
Last 12 mo $-21.04M
-0.48FY2025
Was -0.79× a year earlier
Last 12 mo -0.48
72.9MFY2025
+15.4% year over year
Last 12 mo 83.6M

Margins and return on equity change in ; everything else in percent. Fewer shares and less debt are shown plainly, not as bad news — it depends what you make of buybacks. Dotted labels explain each measure. is shown separately from the annual figures.

What Phathom Pharmaceuticals, Inc. does

In the company’s own words

Phathom Pharmaceuticals, Inc. (Nasdaq: PHAT) is a commercial-stage biopharmaceutical company focused on developing and commercializing treatments for gastrointestinal diseases. Its U.S. products are VOQUEZNA tablets, VOQUEZNA DUAL PAK and VOQUEZNA TRIPLE PAK, all containing vonoprazan, an oral potassium-competitive acid blocker. VOQUEZNA is approved for adults with erosive and non-erosive gastroesophageal reflux disease (GERD) and, with antibiotics, for Helicobacter pylori infection; the co-packaged DUAL PAK and TRIPLE PAK are approved for H. pylori infection. The company sells its products in the United States through wholesale distributors and select pharmacies, serving patients through healthcare providers, including gastroenterologists and primary care physicians. It independently commercializes the products with a targeted sales force and reports one business focus rather than separate reportable segments. As of February 13, 2026, more than 1.1 million prescriptions had been filled since launch, and VOQUEZNA had access for more than 120 million commercially insured U.S. lives. Phathom licensed vonoprazan rights for the United States, Europe and Canada from Takeda in 2019. Its website is www.phathompharma.com.

Company details
Sector
Health Care
Industry (SIC)
Pharmaceutical Preparations
Headquarters
FLORHAM PARK, NJ
Fiscal year end
December
CIK
1783183
SIC
2834

Financial performance, year by year

Fiscal 2019–2025 · USD
$-395.25M$-212.48M$-29.72M$153.04M$335.80M2019202020212022202320242025Last 12 moLast 12 monthsLast 12 months

The full income statement, balance sheet and cash flow for each of these years — every figure traceable to its filing — is on the Financials tab with a free account.

Ownership

Who owns Phathom Pharmaceuticals, Inc. — and what changed

Funds as of 2026Q2 · superinvestors as of 2026-06-30

159
funds hold it
0 of 35
superinvestors hold it
$194.15M
held by funds, at market
22.1%
of shares held by funds

Largest fund holders · Phathom Pharmaceuticals, Inc.’s weight in each

Invesco Global Fund
AIM International Mutual Funds (Invesco International Mutual Funds)
—of fund net assets
VANGUARD TOTAL STOCK MARKET INDEX FUND
VTI · VANGUARD INDEX FUNDS
0.00%of fund net assets
iShares Russell 2000 ETF
IWM · iShares Trust
0.02%of fund net assets
0.92%of fund net assets
Strategic Advisers U.S. Total Stock Fund
FSAKX · Fidelity Rutland Square Trust II
—of fund net assets

Fund ownership is a floor, not a census — pensions, insurers and people holding shares directly are not visible here.

Fund ownership counts N-PORT filers only, so it is a floor rather than a census — pensions, insurers and direct holders are not visible here, and the remainder is not “held by individuals”.

Could not be determined for this company: bond issues.

Every fund and institutional holder, quarter by quarter, is on the Ownership tab with a free account.

Connected research

Put this business in context.

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