PHAT
Phathom Pharmaceuticals, Inc.
Next earnings Aug 5, 2026 · consensus $-0.24 EPS, $75.4M rev
Last earnings -4.9% on 2026-04-30
$11.20
▲ +3.04%$11.20▲ +14.99%
over 1Y
L $7.83H $18.08
Earnings Dividend Split Congress buy Congress sellGrouped by date · hover a pin to expand
Today+3.0%
1W+8.3%
1M+16.1%
3M-1.2%
YTD-28.7%
1Y+15.0%
Hold
Conviction
Horizon
Medium (3–12mo)
12-mo target
$•••
Street · 17 analysts
Buy
VOQUEZNA launch is working — revenue tripled to $175M — but negative equity and a 2026 Q3 profitability promise leave little margin for error.
Revenue $175M · FY2025
Phathom is a one-drug commercial-stage biopharma whose entire investment case rests on VOQUEZNA (vonoprazan), the only PCAB approved in the US for Erosive GERD, Non-Erosive GERD and H. pylori. The numbers show the launch is genuinely working: FY2025 revenue grew 216.9% to $175M on an 87.1% gross margin, the net loss narrowed 33.8% to -$221M, operating cash burn improved 37.5% to -$167M, and management says over 1.1M prescriptions have been filled with coverage for >80% of US commercial lives. The June 2025 FDA grant extending vonoprazan's NCE exclusivity to May 3, 2032 is a quietly important moat that protects the entire ten-year monetization window.
Valuation at 4.6x sales for a drug compounding triple-digits with 87% gross margins is not demanding, and management's MD&A explicitly guides to operating profitability beginning Q3 2026 (excluding stock comp), funded by the $130M cash balance plus the $122.2M net raise from the January 2026 offering at $16/share. The stock at $10.30 trades well below where institutional money bought five months ago — a setup that can work if the Q3 2026 milestone lands.
Is PHAT a buy? The one-page verdict, explained →
The options angle
model · matches our verdictCovered call~60d expiry
- Long 100 shares @ ~11.20
- Short call 12 @ ~0.65 est
debit $1,055max +$145max −$1,054BE 10.55
HOLD means own it, don't chase it — harvesting premium against the position matches the verdict.
Educational template, not a trade recommendation. Strikes and premiums are Black-Scholes model estimates from the last close and 30-day realized volatility — real chains, spreads and IV will differ. Options involve substantial risk.
Financials · annual, by fiscal year
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | — | $0.00 | $682K | $55.3M | $175M |
| Gross profit | — | $0.00 | $515K | $47.3M | $153M |
| Operating income | -$135M | -$172M | -$167M | -$277M | -$160M |
| Net income | -$144M | -$198M | -$202M | -$334M | -$221M |
| Diluted EPS | -$3.89 | -$5.05 | -$3.93 | -$5.29 | -$3.03 |
| Net margin | — | — | -29558.9% | -605.1% | -126.3% |
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Key statistics
Valuation
Enterprise value$972M
EV / EBITDA—
EV / Sales5.6
EV / FCF—
P / FCF—
PEG (trailing)—
Earnings yield-24.8%
FCF yield-18.7%
Quality & risk
ROIC (est.)—
Free cash flow-$167M
Total debt$209M
Net cash-$79.1M
Altman Z-Score-8.16 distress
Piotroski F-Score4/9
Capital returns
Buyback yield—
Dividend yield (est.)—
Shareholder yield—
Shares Δ YoY+13.2%
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Disclosure timeline
SEC · 8-Ks + reportsRecent disclosure tone has been improving.
- 8-K Other event2026-06-23
Other material event disclosed via Item 8.01; no earnings or M&A signaled
- 8-K Shareholder vote2026-05-21
Annual meeting vote tallies disclosed (director slate, auditor ratification)
- 8-K Earnings results2026-04-30
Q1 2026 10-Q: post-raise cash supports path to op profitability in Q3 2026
- 10-Q Quarterly report2026-04-30
Q1 2026 10-Q: post-raise cash supports path to op profitability in Q3 2026
- DEF 14A Proxy statement2026-04-07
2026 proxy: routine director election, exec comp, auditor ratification
- 8-K Earnings results2026-02-26
FY2025 10-K: rev $175M; NCE exclusivity to 2032; Phase 2 EoE initiated
- 10-K Annual report2026-02-26
FY2025 10-K: rev $175M; NCE exclusivity to 2032; Phase 2 EoE initiated
- 8-K Other event2026-01-08
Disclosed closing of January 2026 follow-on offering ($122M net proceeds)
- 8-K Earnings results2026-01-07
Pre-announced FY2025 preliminary results alongside equity offering launch
Recent filings
all on EDGAR ↗8-KPeriod ending 2026-06-232026-06-23open ↗4Period ending 2026-05-222026-05-27open ↗4Period ending 2026-05-192026-05-21open ↗4Period ending 2026-05-192026-05-21open ↗4Period ending 2026-05-192026-05-21open ↗4Period ending 2026-05-192026-05-21open ↗4Period ending 2026-05-192026-05-21open ↗4Period ending 2026-05-192026-05-21open ↗4Period ending 2026-05-192026-05-21open ↗8-KPeriod ending 2026-05-192026-05-21open ↗10-QPeriod ending 2026-03-312026-04-30open ↗8-KPeriod ending 2026-04-302026-04-30open ↗
Frequently asked
- Is Phathom Pharmaceuticals, Inc. (PHAT) a buy?
- PHAT currently carries a Hold rating with 3/5 conviction, derived from its latest SEC filings. VOQUEZNA launch is working — revenue tripled to $175M — but negative equity and a 2026 Q3 profitability promise leave little margin for error.
- What is Phathom Pharmaceuticals, Inc.'s quality score?
- PHAT scores 45.40757690667983/100 (grade D) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.
Sources: SEC EDGAR (CIK 0001783183, latest 10-Q filed 2026-04-30) · EODHD · Proprietary analysis · as of 6/25/2026, 2:51:19 PM.
About this recommendation — produced by TENK/calls (tenkcalls.com), Luxembourg · not investment advice
AI-generated analysis, produced by our proprietary engine from SEC filing data.
Investment recommendation produced by TENK/calls (tenkcalls.com), Luxembourg. Completed Jun 25, 2026, 10:51 AM ET. Ratings & methodology: definitions · All recommendations to date: track record · Conflicts: disclosures. Not investment advice.
Research and education only — not financial advice. TENKis not a registered investment adviser or broker-dealer and gives no personalized advice. Every call is impersonal — identical for all users, generated on a schedule from SEC filings plus a delayed/third-party price feed — may be wrong or out of date, and is not a recommendation to buy or sell any security. The operator and an affiliated trading operation may hold or trade the securities TENK rates; see Disclosures. Past performance does not guarantee future results. Do your own research.