# Phathom Pharmaceuticals, Inc.: overview

PHAT · Nasdaq · CIK 1783183 · [Healthcare](/sectors/healthcare.md) · fiscal year ends Dec 31

Pages: [Overview](/companies/phat.md) · [Financials](/companies/phat/financials.md) · [Filings](/companies/phat/filings.md) · [Insiders](/companies/phat/insiders.md)

Latest reported revenue: [$84.7m](/filings/0001193125-26-436961.md) for Q3 FY2026, three months to 2026-09-30, from the 10-Q filed Oct 29, 2026 (XBRL us-gaap:Revenues, accession 0001193125-26-436961).

## Last eight quarters

| Line item | Unit | Q4 FY2024 (2024-12-31) | Q1 FY2025 (2025-03-31) | Q2 FY2025 (2025-06-30) | Q3 FY2025 (2025-09-30) | Q4 FY2025 (2025-12-31) | Q1 FY2026 (2026-03-31) | Q2 FY2026 (2026-06-30) | Q3 FY2026 (2026-09-30) |
| --- | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | $m | [29.7 d](/filings/0001193125-26-073379.md) | [28.5](/filings/0001193125-26-193946.md) | [39.5](/filings/0001193125-26-324867.md) | [49.5](/filings/0001193125-26-436961.md) | [57.6 d](/filings/0001193125-26-073379.md) | [58.3](/filings/0001193125-26-193946.md) | [74.3](/filings/0001193125-26-324867.md) | [84.7](/filings/0001193125-26-436961.md) |
| Gross margin | % | [87.1% d](/filings/0001193125-26-073379.md) | [86.9%](/filings/0001193125-26-193946.md) | [87.2%](/filings/0001193125-26-324867.md) | [87.5%](/filings/0001193125-26-436961.md) | [86.7% d](/filings/0001193125-26-073379.md) | [79.4%](/filings/0001193125-26-193946.md) | [79.7%](/filings/0001193125-26-324867.md) | [78.3%](/filings/0001193125-26-436961.md) |
| Operating margin | % | [(200.3%) d](/filings/0001193125-26-073379.md) | [(276.5%)](/filings/0001193125-26-193946.md) | [(151.7%)](/filings/0001193125-26-324867.md) | [(30.8%)](/filings/0001193125-26-436961.md) | [(10.3%) d](/filings/0001193125-26-073379.md) | [(26.5%)](/filings/0001193125-26-193946.md) | [(5.3%)](/filings/0001193125-26-324867.md) | [(0.1%)](/filings/0001193125-26-436961.md) |
| Net margin | % | [(251.0%) d](/filings/0001193125-26-073379.md) | [(330.7%)](/filings/0001193125-26-436961.md) | [(191.9%)](/filings/0001193125-26-436961.md) | [(60.5%)](/filings/0001193125-26-436961.md) | [(36.7%) d](/filings/0001193125-26-073379.md) | [(52.1%)](/filings/0001193125-26-436961.md) | [(23.7%)](/filings/0001193125-26-436961.md) | [(16.4%)](/filings/0001193125-26-436961.md) |
| Diluted EPS | $ per share | not reported | [(1.31)](/filings/0001193125-26-193946.md) | [(1.05)](/filings/0001193125-26-324867.md) | [(0.41)](/filings/0001193125-26-436961.md) | not reported | [(0.37)](/filings/0001193125-26-193946.md) | [(0.21)](/filings/0001193125-26-324867.md) | [(0.16)](/filings/0001193125-26-436961.md) |
| Free cash flow | $m | [(63.5) d](/filings/0001193125-26-073379.md) | [(84.9)](/filings/0001193125-26-193946.md) | [(62.8) d](/filings/0001193125-26-324867.md) | [(14.1) d](/filings/0001193125-26-436961.md) | [(5.1) d](/filings/0001193125-26-073379.md) | [(15.7)](/filings/0001193125-26-193946.md) | [(2.0) d](/filings/0001193125-26-324867.md) | [1.7 d](/filings/0001193125-26-436961.md) |

- Revenue. XBRL Revenue: us-gaap:Revenues. Derived values: 12-month figure less the 9-month figure.
- Gross margin (gross profit / revenue). XBRL Gross profit: us-gaap:GrossProfit; Revenue: us-gaap:Revenues. Derived values: 12-month figure less the 9-month figure.
- Operating margin (operating income / revenue). XBRL Operating income: us-gaap:OperatingIncomeLoss; Revenue: us-gaap:Revenues. Derived values: 12-month figure less the 9-month figure.
- Net margin (net income / revenue). XBRL Net income: us-gaap:NetIncomeLoss; Revenue: us-gaap:Revenues. Derived values: 12-month figure less the 9-month figure.
- Diluted EPS. XBRL Diluted EPS: us-gaap:EarningsPerShareDiluted.
- Free cash flow (operating cash flow − capital expenditure). XBRL Operating cash flow: us-gaap:NetCashProvidedByUsedInOperatingActivities; Capital expenditure: us-gaap:PaymentsToAcquirePropertyPlantAndEquipment. Derived values: 12-month figure less the 9-month figure; 6-month figure less the 3-month figure; 9-month figure less the 6-month figure.

## Last five fiscal years

| Line item | Unit | FY2021 (2021-12-31) | FY2022 (2022-12-31) | FY2023 (2023-12-31) | FY2024 (2024-12-31) | FY2025 (2025-12-31) |
| --- | --- | ---: | ---: | ---: | ---: | ---: |
| Revenue | $m | not reported | [0.0](/filings/0000950170-24-073629.md) | [0.7](/filings/0000950170-25-034183.md) | [55.3](/filings/0001193125-26-073379.md) | [175](/filings/0001193125-26-073379.md) |
| Gross margin | % | not reported | not reported | [75.5%](/filings/0000950170-25-034183.md) | [85.6%](/filings/0001193125-26-073379.md) | [87.1%](/filings/0001193125-26-073379.md) |
| Operating margin | % | not reported | not reported | [(24532.6%)](/filings/0000950170-25-034183.md) | [(502.2%)](/filings/0001193125-26-073379.md) | [(91.4%)](/filings/0001193125-26-073379.md) |
| Net margin | % | not reported | not reported | [(29558.9%)](/filings/0000950170-25-034183.md) | [(605.1%)](/filings/0001193125-26-073379.md) | [(126.3%)](/filings/0001193125-26-073379.md) |
| Diluted EPS | $ per share | [(3.89)](/filings/0000950170-23-004875.md) | [(5.05)](/filings/0000950170-24-073629.md) | [(3.93)](/filings/0000950170-25-034183.md) | [(5.29)](/filings/0001193125-26-073379.md) | [(3.03)](/filings/0001193125-26-073379.md) |
| Free cash flow | $m | [(149)](/filings/0000950170-23-004875.md) | [(148)](/filings/0000950170-24-073629.md) | [(139)](/filings/0000950170-25-034183.md) | [(267)](/filings/0001193125-26-073379.md) | [(167)](/filings/0001193125-26-073379.md) |

- Revenue. XBRL Revenue: us-gaap:Revenues.
- Gross margin (gross profit / revenue). XBRL Gross profit: us-gaap:GrossProfit; Revenue: us-gaap:Revenues.
- Operating margin (operating income / revenue). XBRL Operating income: us-gaap:OperatingIncomeLoss; Revenue: us-gaap:Revenues.
- Net margin (net income / revenue). XBRL Net income: us-gaap:NetIncomeLoss; Revenue: us-gaap:Revenues.
- Diluted EPS. XBRL Diluted EPS: us-gaap:EarningsPerShareDiluted.
- Free cash flow (operating cash flow − capital expenditure). XBRL Operating cash flow: us-gaap:NetCashProvidedByUsedInOperatingActivities; Capital expenditure: us-gaap:PaymentsToAcquirePropertyPlantAndEquipment.

Each value links to the filing it came from. d marks a derived value. A ratio is not reported when any input is missing.

## Insider purchases and sales

The last 20 open-market transactions on Form 4 (codes P and S). Reported price is as stated on the form, not a market price. [All insider transactions](/companies/phat/insiders.md)

| Date | Insider | Role | Transaction | Shares | Reported price | Value | Filing |
| --- | --- | --- | --- | ---: | ---: | ---: | --- |
| 2024-01-24 | [Takeda Pharmaceutical Co Ltd](/insiders/1395064.md) | 10% owner | Sale (S) | 3,703,703 | $8.10 | $30.0m | [Form 4](/filings/0001395064-24-000008.md) |
| 2022-03-14 | [Takeda Pharmaceutical Co Ltd](/insiders/1395064.md) | 10% owner | Sale (S) | 18 | $19.00 | $342 | [Form 4](/filings/0001395064-22-000040.md) |
| 2021-11-04 | [Takeda Pharmaceutical Co Ltd](/insiders/1395064.md) | 10% owner | Sale (S) | 1,000,000 | $20.85 | $20.9m | [Form 4](/filings/0001395064-21-000231.md) |
| 2021-11-04 | [Takeda Pharmaceutical Co Ltd](/insiders/1395064.md) | 10% owner | Sale (S) | 1 | $19.00 | $19 | [Form 4](/filings/0001395064-21-000231.md) |
| 2021-07-07 | [Takeda Pharmaceutical Co Ltd](/insiders/1395064.md) | 10% owner | Sale (S) | 2,609 | $35.05 | $91.4k | [Form 4](/filings/0001395064-21-000153.md) |
| 2021-07-02 | [Takeda Pharmaceutical Co Ltd](/insiders/1395064.md) | 10% owner | Sale (S) | 100 | $35.01 | $3.5k | [Form 4](/filings/0001395064-21-000148.md) |
| 2021-07-01 | [Takeda Pharmaceutical Co Ltd](/insiders/1395064.md) | 10% owner | Sale (S) | 8,226 | $35.16 | $289.2k | [Form 4](/filings/0001395064-21-000148.md) |
| 2021-06-28 | [Takeda Pharmaceutical Co Ltd](/insiders/1395064.md) | 10% owner | Sale (S) | 370 | $35.08 | $13.0k | [Form 4](/filings/0001395064-21-000142.md) |
| 2021-06-25 | [Takeda Pharmaceutical Co Ltd](/insiders/1395064.md) | 10% owner | Sale (S) | 1,250 | $36.07 | $45.1k | [Form 4](/filings/0001395064-21-000142.md) |
| 2021-06-25 | [Takeda Pharmaceutical Co Ltd](/insiders/1395064.md) | 10% owner | Sale (S) | 22,881 | $35.46 | $811.4k | [Form 4](/filings/0001395064-21-000142.md) |
| 2021-06-24 | [Takeda Pharmaceutical Co Ltd](/insiders/1395064.md) | 10% owner | Sale (S) | 10,848 | $35.14 | $381.2k | [Form 4](/filings/0001395064-21-000125.md) |
| 2021-06-23 | [Takeda Pharmaceutical Co Ltd](/insiders/1395064.md) | 10% owner | Sale (S) | 200 | $35.00 | $7.0k | [Form 4](/filings/0001395064-21-000125.md) |
| 2021-06-22 | [Takeda Pharmaceutical Co Ltd](/insiders/1395064.md) | 10% owner | Sale (S) | 100 | $35.00 | $3.5k | [Form 4](/filings/0001395064-21-000121.md) |
| 2021-06-21 | [Takeda Pharmaceutical Co Ltd](/insiders/1395064.md) | 10% owner | Sale (S) | 9,294 | $35.31 | $328.2k | [Form 4](/filings/0001395064-21-000121.md) |
| 2021-06-18 | [Takeda Pharmaceutical Co Ltd](/insiders/1395064.md) | 10% owner | Sale (S) | 5,398 | $35.13 | $189.6k | [Form 4](/filings/0001395064-21-000119.md) |
| 2021-06-17 | [Takeda Pharmaceutical Co Ltd](/insiders/1395064.md) | 10% owner | Sale (S) | 3,305 | $35.08 | $115.9k | [Form 4](/filings/0001395064-21-000119.md) |
| 2021-06-14 | [Takeda Pharmaceutical Co Ltd](/insiders/1395064.md) | 10% owner | Sale (S) | 2,826 | $35.06 | $99.1k | [Form 4](/filings/0001395064-21-000113.md) |
| 2021-06-10 | [Takeda Pharmaceutical Co Ltd](/insiders/1395064.md) | 10% owner | Sale (S) | 2,102 | $35.14 | $73.9k | [Form 4](/filings/0001395064-21-000111.md) |
| 2021-06-09 | [Takeda Pharmaceutical Co Ltd](/insiders/1395064.md) | 10% owner | Sale (S) | 1,191 | $35.28 | $42.0k | [Form 4](/filings/0001395064-21-000111.md) |
| 2021-06-08 | [Takeda Pharmaceutical Co Ltd](/insiders/1395064.md) | 10% owner | Sale (S) | 100 | $35.00 | $3.5k | [Form 4](/filings/0001395064-21-000109.md) |

## Funds that report holding it

From each manager’s latest Form 13F, largest reported value first. Reported value is as filed: filing data, not a price. [All funds](/funds.md)

| Fund | Quarter ended | Reported value | Shares | Put or call | Change on the quarter before |
| --- | --- | ---: | ---: | --- | --- |
| [Frazier Life Sciences Management, L.P.](/funds/1892134.md) | 2026-06-30 | $135.3m | 12,466,489 |  | Unchanged |
| [Medicxi Ventures Management (Jersey) Ltd](/funds/1715579.md) | 2026-06-30 | $81.0m | 7,464,572 |  | Unchanged |
| [BlackRock, Inc.](/funds/2012383.md) | 2026-06-30 | $49.1m | 4,525,129 |  | Added +463,133 |
| [Invesco Ltd.](/funds/914208.md) | 2026-06-30 | $43.7m | 4,029,731 |  | Reduced −292,329 |
| [Carlyle Group Inc.](/funds/1527166.md) | 2026-06-30 | $37.9m | 3,496,808 |  | Unchanged |
| [MILLENNIUM MANAGEMENT LLC](/funds/1273087.md) | 2026-06-30 | $36.6m | 3,375,834 |  | Reduced −647,075 |
| [VANGUARD CAPITAL MANAGEMENT LLC](/funds/2100119.md) | 2026-06-30 | $28.8m | 2,656,944 |  | Added +73,308 |
| [FRANKLIN RESOURCES INC](/funds/38777.md) | 2026-06-30 | $21.4m | 1,970,828 |  | Added +976,324 |
| [NEA Management Company, LLC](/funds/1512848.md) | 2026-06-30 | $21.3m | 1,960,169 |  | Unchanged |
| [683 Capital Management, LLC](/funds/1404574.md) | 2026-06-30 | $20.1m | 1,850,000 |  | Unchanged |

## Recent filings

[All 448 filings](/companies/phat/filings.md)

| Filed | Accepted | Form | What it is | Accession |
| --- | --- | --- | --- | --- |
| 2026-10-29 | 07:05 ET | [10-Q](/filings/0001193125-26-436961.md) | Quarterly report, period 2026-09-30 | 0001193125-26-436961 |
| 2026-10-29 | 07:05 ET | [8-K](/filings/0001193125-26-436959.md) | 2.02 Results of operations; 9.01 Financial statements and exhibits | 0001193125-26-436959 |
| 2026-10-26 | 06:02 ET | [8-K](/filings/0001193125-26-430977.md) | 8.01 Other events | 0001193125-26-430977 |
| 2026-10-23 | 17:00 ET | [8-K](/filings/0001193125-26-430621.md) | 8.01 Other events | 0001193125-26-430621 |
| 2026-09-29 | 16:45 ET | [8-K](/filings/0001193125-26-407696.md) | 8.01 Other events | 0001193125-26-407696 |
| 2026-07-30 | 07:05 ET | [10-Q](/filings/0001193125-26-324867.md) | Quarterly report, period 2026-06-30 | 0001193125-26-324867 |
| 2026-07-30 | 07:05 ET | [8-K](/filings/0001193125-26-324865.md) | 2.02 Results of operations; 9.01 Financial statements and exhibits | 0001193125-26-324865 |
| 2026-06-23 | 08:00 ET | [8-K](/filings/0001193125-26-278533.md) | 8.01 Other events | 0001193125-26-278533 |
| 2026-05-21 | 16:01 ET | [8-K](/filings/0001193125-26-234379.md) | 5.07 Shareholder vote results | 0001193125-26-234379 |
| 2026-04-30 | 07:05 ET | [10-Q](/filings/0001193125-26-193946.md) | Quarterly report, period 2026-03-31 | 0001193125-26-193946 |

## Latest annual report

[Form 10-K for the fiscal year ended Dec 31, 2025](/filings/0001193125-26-073379.md), filed Feb 26, 2026.

## Forecast league

Q3 FY2026, the quarter ended 2026-09-30, has been scored from the reported figures. [See the target](/leagues/2026q3/targets/09b4baed-bb78-494b-9878-c822cc80a974)

## About the filer

- CIK: 1783183
- Tickers: PHAT
- Exchange: Nasdaq
- SIC code: 2834 Pharmaceutical Preparations
- State of incorporation: DE
- Filer category: Non-accelerated filer<br>Smaller reporting company

Source: SEC EDGAR, XBRL company facts, the filing index and Forms 4. Last ingested by Listed: Oct 29, 2026, 07:19 ET. No prices; not investment advice.