Phathom Pharmaceuticals, Inc. (PHAT) Stock

Phathom Pharmaceuticals, Inc. (PHAT) is a Healthcare stock trading at $8.88 (as of 2026-08-21), with a market capitalization of $718.00M. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Phathom Pharmaceuticals, Inc. is a clinical-stage biopharmaceutical company focused on gastrointestinal disease treatments. It has rights in the United States, Europe, and Canada to vonoprazan and is developing it for erosive gastroesophageal reflux disease and in combination with antibiotics for Helicobacter pylori infection.

Understand Phathom Pharmaceuticals, Inc.: how it makes money

Phathom Pharmaceuticals develops and commercializes gastrointestinal disease treatments built around vonoprazan (a P-CAB), earning money through net sales lines (for example Gel Mito and Fathom net revenues) and through non-dilutive capital placed under a revenue interest financing agreement.

Profitability is structurally driven by whether sales of vonoprazan-related products can overcome ongoing operating losses while key uses of vonoprazan remain in Phase III clinical trials.

Revenue by segment (latest quarter)
Rev Interest Financing	$0.0B
Gel Mito	$0.0B
Fathom Net	$0.0B
Cost of Revenue	$0.0B
Other	$0.0B

Business quality (Mixed): Segment and operating-metric inputs are limited, and at least one revenue-related line is financing-related rather than purely product sales, so it is hard to isolate the true commercial driver from the provided breakdown.

Bull case

Gross margin is high (79.4%) in the latest reported quarter: This suggests that, once product revenue is recognized, the gross profit impact can be favorable.
Vonoprazan has commercialization and development momentum: The company has rights in the United States, Europe, and Canada to vonoprazan, and vonoprazan is in Phase III for erosive gastroesophageal reflux disease and being developed in combination with antibiotics for Helicobacter pylori.

Bear case

Operating margin is negative (-26.5%): The company is not yet generating operating profitability based on the latest quarter results.
Clinical development risk remains: Key vonoprazan programs described are still in Phase III clinical trials, which can introduce timing and outcome uncertainty.
Revenue interest financing introduces a constraint to near-term freedom: The presence of a revenue interest financing agreement line indicates financing structure tied to revenue, which may affect how future results translate into equity value.

Valuation — source: SEC EDGAR (first-party)
Price	$8.88
Market Cap	$718.00M
Price / Sales	2.99
FCF Yield	-29.4%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$175.11M
Net Margin	-126.3%
Revenue Growth (YoY)	216.9%
EPS Growth (YoY)	-42.7%
FCF Growth (YoY)	-37.4%

Financial Health — source: SEC EDGAR
Altman Z-Score	-8.33 (distress)
Piotroski F-Score	4/9 (moderate)

Valuation vs Sector & Industry
Sector P/E (Healthcare)	21.7
Industry P/E (Pharmaceutical Products)	17.2

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	Frazier Life Sciences Management, L.P. ($138.50M)
Institutional Holders Tracked	10

Company
Sector	Healthcare
Industry	Pharmaceutical Products
CEO	Steven L. Basta
Employees	427
Country	US
IPO Date	2019-10-25

Related Companies (Business model: Biotech (Clinical / Commercial-Stage); 8 closest by market cap; US-domiciled)

Data as of 2026-08-21.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.