Phathom Pharmaceuticals, Inc.
PHAT · Pharmaceutical Preparations · 79.8M shares · +20%/yr ↑ shares · EDGAR filings ↗
Reference price $13.51 · est. market cap ~$1.1B — last insider sale, 2025-11-03 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
D50Fast-ramping commercial GI launch (VOQUEZNA) with strong gross margins but deep losses and a dangerously short cash runway.
Strengths
- Revenue +217% (90th pct), gross margin 87% (76th); all VOQUEZNA Phase 3s positive with 10-yr NCE exclusivity to 2032
- Broad payer coverage (>80% of commercial lives), >1.1M prescriptions filled
Risks
- Cash runway only 3.1 quarters (25th pct), FCF -$167M (13th); net loss $221M, $1.5B deficit
- ROE (87.6 pct) is a negative-equity artifact, not real returns; revenue-interest financing constrains cash flow
Notable findings
- Negative equityNegative book equity (debt/equity -0.48)
- Net lossNet loss (net margin -126.3%)
- Cash burnNegative free cash flow (-167.0M)
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Chronic dilutionShare count +20%/yr over 3y (dilution)
- Trial resultTrial topline data reported — see 8-K for outcome 8-K ↗
- Trial readout soonUpcoming trial readout ~2026-12 — PHASE2 · Eosinophilic Esophagitis
- Notable holderHeld by 5 notable fund(s): STATE STREET CORP, CITADEL ADVISORS LLC, GOLDMAN SACHS GROUP INC +2 more (as of 2026-03-31)
- New fund positionNotable fund(s) opened this quarter: RENAISSANCE TECHNOLOGIES LLC
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
87.1%
Operating margin
-91.4%
Net margin
-126.3%
Return on equity
50.5%
Return on assets
-85.4%
Revenue growth (QoQ)
1.2%
Debt / equity
-0.5×
Current ratio
1.7×
Free cash flow
-$167M
EBITDA
-$159M
Tangible book value
-$438M
Cash & investments
$130M
Cash runway
3q
Stock comp / revenue
16.4%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-05-22 | Parikh Asit | Gift | 28K | — |
| 2026-05-22 | Parikh Asit | Gift | 28K | — |
| 2026-05-20 | Parikh Asit | Option exercise | 18K | $4.95 |
| 2026-05-19 | FIELDS HEIDI | Grant | 24K | — |
| 2026-05-19 | COLA MICHAEL F | Grant | 24K | — |
| 2026-05-19 | KARBE FRANK | Grant | 24K | — |
| 2026-05-19 | Schroeder Theodore R | Grant | 24K | — |
| 2026-05-19 | Parikh Asit | Grant | 24K | — |
| 2026-05-19 | Topper James N | Grant | 24K | — |
| 2026-05-19 | Stenhouse Mark | Grant | 24K | — |
| 2026-03-10 | Parikh Asit | Gift | 40K | — |
| 2026-03-10 | Parikh Asit | Gift | 40K | — |
| 2026-02-27 | Breedlove Robert Charles | Tax withheld | 964 | $12.56 |
| 2026-02-27 | Breedlove Robert Charles | Grant | 13K | — |
| 2026-02-27 | Breedlove Robert Charles | Grant | 2.8K | — |
| 2026-02-27 | Breedlove Robert Charles | Tax withheld | 414 | $12.56 |
| 2026-02-10 | Cook Anne Marie | Grant | 3.5K | — |
| 2026-02-10 | Cook Anne Marie | Tax withheld | 1.5K | $12.82 |
| 2026-02-10 | Basta Steven L | Grant | 12K | — |
| 2026-02-10 | Basta Steven L | Tax withheld | 6.3K | $12.82 |
| 2026-01-23 | Parikh Asit | Gift | 80K | — |
| 2026-01-23 | Parikh Asit | Gift | 80K | — |
| 2026-01-21 | Breedlove Robert Charles | Tax withheld | 776 | $13.61 |
| 2026-01-13 | Parikh Asit | Option exercise | 8.8K | $10.30 |
| 2026-01-02 | Basta Steven L | Grant | 251K | — |
| 2026-01-02 | Cook Anne Marie | Grant | 75K | — |
| 2026-01-02 | Narula Sanjeev | Grant | 83K | — |
| 2025-12-19 | Parikh Asit | Option exercise | 8.8K | $10.30 |
| 2025-12-18 | Breedlove Robert Charles | Tax withheld | 230 | $16.28 |
| 2025-12-17 | Basta Steven L | Grant | 62K | — |
| 2025-12-17 | Cook Anne Marie | Grant | 17K | — |
| 2025-12-17 | Cook Anne Marie | Tax withheld | 7.7K | $15.36 |
| 2025-12-17 | Basta Steven L | Tax withheld | 32K | $15.36 |
| 2025-11-28 | Basta Steven L | Option exercise | 90K | — |
| 2025-11-28 | Basta Steven L | Tax withheld | 48K | $15.62 |
| 2025-11-03 | Breedlove Robert Charles | Sell | 524 | $13.51 |
| 2025-10-06 | Narula Sanjeev | Grant | 144K | — |
| 2025-09-25 | Basta Steven L | Option exercise | 90K | — |
| 2025-09-25 | Basta Steven L | Tax withheld | 48K | $11.66 |
| 2025-09-05 | Breedlove Robert Charles | Sell | 461 | $12.09 |
| 2025-07-16 | Breedlove Robert Charles | Sell | 1.7K | $8.36 |
| 2025-06-03 | KARBE FRANK | Grant | 10K | — |
| 2025-06-03 | COLA MICHAEL F | Grant | 10K | — |
| 2025-06-03 | Topper James N | Grant | 10K | — |
| 2025-06-03 | FIELDS HEIDI | Grant | 10K | — |
| 2025-06-03 | Stenhouse Mark | Grant | 10K | — |
| 2025-06-03 | Parikh Asit | Grant | 10K | — |
| 2025-05-21 | Topper James N | Buy | 3.8K | $3.86 |
| 2025-05-14 | Topper James N | Buy | 6.3K | $3.32 |
| 2025-05-13 | Topper James N | Buy | 1.1K | $3.16 |
| 2025-05-12 | Topper James N | Buy | 13K | $3.04 |
| 2025-05-09 | Topper James N | Buy | 33K | $3.19 |
| 2025-05-09 | Topper James N | Buy | 2.2K | $3.62 |
| 2025-05-07 | Parikh Asit | Buy | 5.0K | $2.40 |
| 2025-05-06 | Parikh Asit | Buy | 5.0K | $2.60 |
| 2025-04-16 | Schroeder Theodore R | Grant | 21K | — |
| 2025-04-07 | Henderson Molly | Sell | 3.7K | $4.55 |
| 2025-03-13 | Parikh Asit | Buy | 10K | $4.42 |
| 2025-02-27 | Henderson Molly | Grant | 72K | — |
| 2025-02-27 | Nabulsi Azmi | Grant | 79K | — |
| 2025-01-21 | Henderson Molly | Sell | 6.6K | $6.59 |
| 2025-01-21 | Nabulsi Azmi | Sell | 7.9K | $6.59 |
| 2025-01-21 | Curran Terrie | Sell | 19K | $6.59 |
All non-derivative Form 4 activity (SEC), newest first.
Clinical trials
| Trial | Title | Phase | Status | Primary completion |
|---|---|---|---|---|
| NCT06660342 ↗ | A Study of the Safety of Vonoprazan Exposure in Pregnant Women and Their Offspring Erosive Esophagitis, Heartburn | — | Recruiting | 2034-09-01 |
| NCT06851559 ↗ | A Study in Adult Participants With EoE to Evaluate Vonoprazan 20 mg Compared to Placebo After 12 Weeks and to Evaluate Vonoprazan 20 mg Up to 24 Weeks Eosinophilic Esophagitis | PHASE2 | Recruiting | 2026-12-01 |
| NCT06831344 ↗ | A Study to Evaluate Two Vonoprazan Orally Disintegrating Tablet Formulations Administered Without Water or Mixed With Water and Administered Via a Syringe Relative to the Vonoprazan Tablet in Healthy Participants Healthy Volunteers | PHASE1 | Completed | 2025-04-05 |
| NCT06391177 ↗ | A Study to Evaluate Vonoprazan Concentrations in Breast Milk of Healthy Lactating Women Receiving Vonoprazan 20 mg Once Daily or Vonoprazan 20 mg Twice Daily Erosive Esophagitis, Heartburn | PHASE1 | Completed | 2024-09-13 |
| NCT06106022 ↗ | A Study to Evaluate Vonoprazan in Children Who Have Symptomatic Gastroesophageal Reflux Disease Gastroesophageal Reflux Disease | PHASE1 | Completed | 2024-04-16 |
| NCT05343364 ↗ | A Study to Evaluate the Pharmacokinetics, Pharmacodynamics and Safety of Vonoprazan in Adolescents With Symptomatic Gastroesophageal Reflux Disease Gastroesophageal Reflux | PHASE1 | Completed | 2023-05-30 |
| NCT05195528 ↗ | A Study to Evaluate the Efficacy and Safety of Vonoprazan Compared to Placebo for Relief of Heartburn in Participants With Symptomatic Non-Erosive Gastroesophageal Reflux Disease (NERD) Non-Erosive Gastro-Esophageal Reflux Disease, Heartburn | PHASE3 | Completed | 2022-11-21 |
| NCT05366738 ↗ | A Study to Determine the Bioavailability of Vonoprazan Sprinkle Capsules on Pudding or on Applesauce Relative to a Vonoprazan Tablet in Healthy Participants Healthy Volunteers | PHASE1 | Completed | 2022-07-01 |
| NCT04799158 ↗ | A Study to Evaluate the Efficacy and Safety of Vonoprazan Compared to Placebo in Participants With Symptomatic Non-Erosive Gastroesophageal Reflux Disease Non-Erosive Gastro-Esophageal Reflux Disease, Heartburn | PHASE2 | Completed | 2021-12-16 |
| NCT04124926 ↗ | Efficacy and Safety of Vonoprazan Compared to Lansoprazole in Participants With Erosive Esophagitis Erosive Esophagitis | PHASE3 | Completed | 2021-07-29 |
| NCT04729101 ↗ | Study to Evaluate the Pharmacokinetics, Pharmacodynamics, and Safety of Vonoprazan and Lansoprazole in Healthy Participants Healthy Participants | PHASE1 | Completed | 2021-06-12 |
| NCT04167670 ↗ | Efficacy and Safety of Vonoprazan Compared to Lansoprazole in Participants With Helicobacter Pylori Infection Helicobacter Pylori Infection | PHASE3 | Completed | 2021-03-10 |
| NCT04558216 ↗ | Evaluation of Effect of Rifampin on the Pharmacokinetics of Vonoprazan in Healthy Participants Healthy Participants | PHASE1 | Withdrawn | 2021-02-07 |
| NCT04545944 ↗ | Evaluation of Effect of Vonoprazan on Midazolam Pharmacokinetics in Healthy Participants Healthy Volunteers | PHASE1 | Completed | 2020-11-13 |
Source: ClinicalTrials.gov (U.S. NIH) · active studies first.
Notable events (8-K)
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-23 | 2026-06-23 | 0001193125-26-278533 ↗ |
| 8-K | 2026-05-21 | 2026-05-19 | 0001193125-26-234379 ↗ |
| 10-Q | 2026-04-30 | 2026-03-31 | 0001193125-26-193946 ↗ |
| 8-K | 2026-04-30 | 2026-04-30 | 0001193125-26-193945 ↗ |
| 10-K | 2026-02-26 | 2025-12-31 | 0001193125-26-073379 ↗ |
| 8-K | 2026-02-26 | 2026-02-26 | 0001193125-26-073377 ↗ |
| 8-K | 2026-01-08 | 2026-01-07 | 0001193125-26-007660 ↗ |
| 8-K | 2026-01-07 | 2026-01-07 | 0001193125-26-006266 ↗ |
| 8-K | 2025-11-04 | 2025-11-04 | 0001193125-25-263534 ↗ |
| 8-K | 2025-10-30 | 2025-10-30 | 0001193125-25-257382 ↗ |
| 10-Q | 2025-10-30 | 2025-09-30 | 0001193125-25-257390 ↗ |
| 8-K | 2025-10-27 | 2025-10-25 | 0001193125-25-250611 ↗ |