Phathom Pharmaceuticals (PHAT)
NASDAQ:PHAT
Want to see PHAT full AI Analyst Report?
Top Page
Phathom Pharmaceuticals
(NASDAQ:PHAT)
Select Model
Select Model
Rating:54Neutral
Price Target:
$12.00
▼(-9.02% Downside)
Action:ReiteratedDate:04/30/26
The score is held back primarily by weak financial durability (large losses, ongoing cash burn, and negative equity) despite improving revenue and strong gross margins. Earnings-call guidance and commercial momentum support the outlook with a stated near-term profitability path, while technicals and valuation are broadly neutral due to mixed indicators and a negative P/E.
Positive Factors
High gross margins
Very high product-level margins indicate favorable unit economics for VOQUEZNA. Sustained gross margins give the company room to cover fixed commercial and R&D costs as scale grows, supporting a durable path to operating leverage and eventual free cash flow breakeven.
Negative Factors
Persistent cash burn & negative equity
Sustained negative FCF and a large accumulated deficit constrain strategic optionality and require external funding until cash flow turns positive. Negative equity reflects historical losses and heightens dilution and refinancing risk even as revenues grow.
Read all positive and negative factors
Positive Factors
Negative Factors
High gross margins
Very high product-level margins indicate favorable unit economics for VOQUEZNA. Sustained gross margins give the company room to cover fixed commercial and R&D costs as scale grows, supporting a durable path to operating leverage and eventual free cash flow breakeven.
Read all positive factors
Phathom Pharmaceuticals (PHAT) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$889.62M
Dividend YieldN/A
Average Volume (3M)1.03M
Price to Earnings (P/E)―
Beta (1Y)2.00
Revenue Growth216.93%
EPS Growth43.00%
CountryUS
Employees427
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-0.37
Shares Outstanding79,430,115
10 Day Avg. Volume971,402
30 Day Avg. Volume1,028,945
Financial Highlights & Ratios
PEG Ratio0.13
Price to Book (P/B)-2.76
Price to Sales (P/S)6.91
P/FCF Ratio-7.25
Enterprise Value/Market Cap0.91
Enterprise Value/Revenue3.95
Enterprise Value/Gross Profit4.65
Enterprise Value/Ebitda70.38
Forecast
1Y Price Target
$24.25Price Target Upside83.85% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering6
EPS Forecast (FY)-0.29
Revenue Forecast (FY)$332.05M
Phathom Pharmaceuticals Business Overview & Revenue Model
Company Description
Phathom Pharmaceuticals, Inc., a clinical-stage biopharmaceutical company, focuses on developing and commercializing treatments for gastrointestinal diseases. The company has the rights in the United States, Europe, and Canada to vonoprazan, a pot...
How the Company Makes Money
Phathom makes money primarily by selling its VOQUEZNA-branded products in the United States. Revenue is generated from product sales (recognized based on shipments and net of typical commercial allowances such as rebates, chargebacks, discounts, a...
Phathom Pharmaceuticals Earnings Call Summary
Earnings Call Date:Apr 30, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 06, 2026
Earnings Call Sentiment Positive
The call presents strong commercial momentum and meaningful year-over-year growth, highlighted by rapid prescription uptake, high new-to-brand conversion among gastroenterologists, expanding sales coverage, an 80% gross margin, and ahead-of-schedule EoE enrollment. Management maintained guidance, reduced operating cash spend year-over-year, and ended the quarter with $181M in cash. Near-term challenges include Q1 being light versus internal expectations (seasonality and deployment timing), a modest sequential revenue increase (+1% vs Q4), an operating loss excluding stock-based compensation (~$9.9M), and persistent high gross-to-net discounts (55%–59% guidance) with variability due to channel mix. Competitive risk from a potential second P-CAB entrant in 2027 and a notable share of cash-pay prescriptions (~37% in Q1) remain considerations. On balance, the positives (robust growth, market share gains, commercial execution, clinical progress, and expense discipline) outweigh the near-term headwinds and uncertainties.Positive Updates
Strong Year-over-Year Revenue Growth
Net revenues of $58.3 million in Q1 2026, up 104% versus $28.5 million in Q1 2025; sequential growth of ~1% versus Q4 2025. Management is maintaining full-year 2026 revenue guidance of $320 million to $345 million.
Negative Updates
Q1 Revenue Slightly Below Internal Expectations / Seasonality
Management described Q1 revenue as somewhat light versus internal expectations due to market access seasonality, a winter storm, and deployment timing of new sales hires; sequential revenue growth was only ~1% versus Q4 2025.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Year-over-Year Revenue Growth
Net revenues of $58.3 million in Q1 2026, up 104% versus $28.5 million in Q1 2025; sequential growth of ~1% versus Q4 2025. Management is maintaining full-year 2026 revenue guidance of $320 million to $345 million.
Read all positive updates
Company Guidance
Phathom maintained full‑year 2026 guidance, forecasting net revenues of $320–$345 million with a gross‑to‑net discount of 55%–59% and gross margin of ~80%, and expects cash operating expenses (ex‑stock‑based compensation) of $235–$255 million; the company reiterated that revenues will be back‑half weighted, anticipates a modest OpEx step‑up in Q2 (full quarter cost of the expanded sales force and Phase II EoE ramp), and expects to achieve operating profitability (ex‑SBC) by Q3 and be profitable for full‑year 2026 with positive cash flow in 2027. Supporting Q1 metrics included net revenues of $58.3M (up 104% YoY, +1% sequential), Q1 cash OpEx of $56.2M, a Q1 loss from operations ex‑SBC of ~$9.9M, ~268K prescriptions filled in Q1 (≈168K covered, ~63%; ~100K cash), ~1.35M prescriptions filled through April 17, covered scripts +91% YoY (total scripts +115% YoY), covered NBRx +11% vs Q4 2025, current sales force >290 reps entering Q2, cash on hand of ~$181M and ~ $15M net cash used in Q1, and EoE Phase II enrolling ahead of schedule with topline data expected late Q4 2026/early Q1 2027.Phathom Pharmaceuticals Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
22
Negative
Cash Flow
28
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 204.89M | 175.11M | 55.25M | 682.00K | 0.00 | 0.00 |
| Gross Profit | 174.02M | 152.51M | 47.28M | 515.00K | -620.00K | -521.00K |
| EBITDA | 11.49M | -152.50M | -261.52M | -159.05M | -169.80M | -136.57M |
| Net Income | -126.93M | -221.25M | -334.33M | -201.59M | -197.72M | -143.88M |
Balance Sheet | ||||||
| Total Assets | 305.12M | 259.15M | 378.32M | 413.84M | 164.81M | 189.43M |
| Cash, Cash Equivalents and Short-Term Investments | 180.90M | 129.97M | 297.26M | 381.39M | 155.38M | 183.26M |
| Total Debt | 2.63M | 2.71M | 554.95M | 139.03M | 97.07M | 91.34M |
| Total Liabilities | 642.08M | 697.32M | 631.90M | 486.60M | 239.62M | 117.28M |
| Stockholders Equity | -336.95M | -438.17M | -253.58M | -72.76M | -74.81M | 72.16M |
Cash Flow | ||||||
| Free Cash Flow | -97.40M | -166.78M | -266.90M | -139.21M | -147.57M | -148.78M |
| Operating Cash Flow | -97.49M | -166.78M | -266.77M | -137.58M | -146.53M | -148.46M |
| Investing Cash Flow | -272.00K | -229.00K | -135.00K | -1.63M | -1.04M | -328.00K |
| Financing Cash Flow | 66.35M | -288.00K | 182.77M | 367.58M | 120.04M | 44.71M |
Phathom Pharmaceuticals Technical Analysis
Positive
13.19
Price Trends
11.61
Positive
13.39
Negative
12.41
Positive
Market Momentum
0.41
Negative
68.12
Neutral
84.60
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For PHAT, the sentiment is Positive. The current price of 13.19 is above the 20-day moving average (MA) of 11.58, above the 50-day MA of 11.61, and above the 200-day MA of 12.41, indicating a bullish trend. The MACD of 0.41 indicates Negative momentum. The RSI at 68.12 is Neutral, neither overbought nor oversold. The STOCH value of 84.60 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for PHAT.
Phathom Pharmaceuticals Risk Analysis
Phathom Pharmaceuticals disclosed 81 risk factors in its most recent earnings report. Phathom Pharmaceuticals reported the most risks in the "Tech & Innovation" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 3 New Risks
1.
We and others are subject to ongoing adverse event reporting obligations for our approved products and any failure to comply with these requirements could result in regulatory action that would materially harm our business. Q4, 2025
2.
We have ceased to qualify as a smaller reporting company in 2026, and as a result we are subject to increased reporting, compliance and internal control requirements, which may increase our costs and strain management resources. Q4, 2025
3.
If our efforts to develop, maintain and effectively deploy sales, marketing and distribution capabilities are unsuccessful, we may not be able to successfully commercialize our approved products or any product candidates we may develop and generate revenues at the levels and on the timing we expect. Q4, 2025
Phathom Pharmaceuticals Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
59 Neutral | $1.84B | -16.13 | -56.64% | ― | 17.28% | 5.36% | |
54 Neutral | $889.62M | -5.47 | 55.14% | ― | 216.93% | 43.00% | |
54 Neutral | $986.99M | -10.26 | -34.23% | ― | 138.82% | 52.84% | |
53 Neutral | $827.15M | -27.51 | -42.39% | ― | 128.21% | 53.54% | |
53 Neutral | $1.16B | -7.34 | 170.21% | ― | 21.45% | 0.35% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
50 Neutral | $1.11B | -1.76 | -156.98% | ― | 100.00% | -116.54% |
* Healthcare Sector Average
PHAT
Phathom Pharmaceuticals
12.01
9.25
335.14%
GERN
Geron
1.58
0.20
14.49%
ABUS
Arbutus Biopharma
4.32
0.73
20.33%
URGN
Urogen Pharma
23.00
11.49
99.83%
TSHA
Taysha Gene Therapies
6.33
3.75
145.35%
ZBIO
Zenas BioPharma, Inc.
19.36
7.44
62.42%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.