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Phathom Pharmaceuticals
(NASDAQ:PHAT)
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Rating:48Neutral
Price Target:
$9.00
▼(-21.33% Downside)
Action:Reiterated
Date:08/19/26
The score is held down primarily by weak financial fundamentals (continued losses, cash burn, and negative equity) and bearish technical trend signals. These are partly offset by a notably constructive earnings update showing accelerating revenue, improved expense discipline, and near-term liquidity strength, though valuation support remains limited due to ongoing losses.
Positive Factors
Revenue and Prescription Growth
Rapid revenue and prescription growth indicates increasing adoption of VOQUEZNA. Continued expansion in covered prescriptions can broaden the commercial base and support sustained top-line growth over the next several quarters.
Negative Factors
Persistent Losses and Cash Burn
Despite recent improvement, substantial operating losses and negative cash flow show that the business has not yet achieved durable self-funding. Negative equity further limits financial flexibility and increases execution risk.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue and Prescription Growth
Rapid revenue and prescription growth indicates increasing adoption of VOQUEZNA. Continued expansion in covered prescriptions can broaden the commercial base and support sustained top-line growth over the next several quarters.
Read all positive factors
Phathom Pharmaceuticals (PHAT) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$748.33M
Dividend YieldN/A
Average Volume (3M)1.03M
Price to Earnings (P/E)―
Beta (1Y)1.80
Revenue Growth110.16%
EPS Growth73.04%
CountryUS
Employees371
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-1.28
Shares Outstanding80,900,930
10 Day Avg. Volume935,742
30 Day Avg. Volume1,029,809
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 Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda>-0.01
Forecast
1Y Price Target
$20.83Price Target Upside82.11% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering6
EPS Forecast (FY)-0.66
Revenue Forecast (FY)$327.93M
Phathom Pharmaceuticals Business Overview & Revenue Model
Company Description
Phathom Pharmaceuticals, Inc. operates as a clinical-stage biopharmaceutical firm, dedicated to advancing and commercializing therapies for gastrointestinal ailments. A pivotal asset for the company is vonoprazan, a distinctive potassium-competiti...
How the Company Makes Money
Phathom primarily makes money by selling its prescription products in the United States, led by VOQUEZNA and its related co-packaged regimens (VOQUEZNA TRIPLE PAK and VOQUEZNA DUAL PAK). Revenue is generated when these therapies are prescribed by ...
Phathom Pharmaceuticals Earnings Call Summary
Earnings Call Date:Jul 30, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 05, 2026
Earnings Call Sentiment Positive
The call conveyed strong operational progress: sharply higher revenue (+88% YoY), disciplined expense reductions (-34% YoY in cash operating expenses), first-time operating profitability excluding stock comp, first positive cash from operations and healthy cash balance. Clinical programs (EoE Phase 2 enrollment complete; Phase 3 as-needed GERD to start Q4) and updated guidance support continued growth. Key near-term challenges are physician/payer workflow friction limiting broader adoption, a high gross-to-net discount (55%–59%) that may moderate realized revenue, a meaningful cash-pay portion of scripts (~36% in Q2), and planned back-half investments that will consume cash before anticipated durable cash flow positivity in 2027. Overall, the positives (revenue acceleration, profitability milestone, clinical progress, and liquidity) materially outweigh the listed near-term obstacles.Positive Updates
Record Revenue Growth
Q2 net revenue of $74.3M, up 88% year-over-year (+$34.8M) and 27% sequentially (+$16M), representing the largest absolute quarter-over-quarter revenue increase in company history.
Negative Updates
Physician / Payer Friction Impacting Broader Adoption
Management reported 'friction' in physician workflows and prior authorization processes that is reducing physicians' willingness to prescribe VOQUEZNA more broadly for less severe GERD patients; this friction led to a fine-tuning of 2026 guidance.
Read all updates
Q2-2026 Updates
Positive
Negative
Record Revenue Growth
Q2 net revenue of $74.3M, up 88% year-over-year (+$34.8M) and 27% sequentially (+$16M), representing the largest absolute quarter-over-quarter revenue increase in company history.
Read all positive updates
Company Guidance
Phathom updated full‑year 2026 revenue guidance to $310–$325 million, reiterated gross‑to‑net guidance of 55–59% and an expected gross margin of ~80%, and raised full‑year cash operating expense guidance (ex‑stock comp) to $235–$245 million. Q2 supports the outlook with net revenue of $74.3M (up ~88% YoY and $16M/27% sequentially), Q2 cash operating expenses of $56.4M (down ~$29.7M or 34% YoY), cash from operations of about $1.6M, and $182.5M in cash and cash equivalents at quarter end. Commercial metrics: nearly 1.7M VOQUEZNA prescriptions filled through July 17, ~325K fills in Q2 (≈209K covered, ~64%, and ≈116K cash), with covered volume +24% QoQ and cash volume +16% QoQ (covered +79% YoY; total +88% YoY). Management expects sustained operating profitability excluding stock‑based compensation in upcoming quarters, moderate gross‑to‑net pressure through year‑end, continued modest cash use this year with durable cash‑flow positivity targeted in 2027, and near‑term program milestones including initiation of a Phase‑3 as‑needed non‑erosive GERD trial in Q4 2026 and EoE Phase‑2 topline data in Q4 2026 (with a potential 6‑month exclusivity extension if favorable).Phathom Pharmaceuticals Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
22
Negative
Cash Flow
30
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 239.66M | 175.11M | 55.25M | 682.00K | 0.00 | 0.00 |
| Gross Profit | 198.73M | 152.51M | 47.28M | 515.00K | -620.00K | -521.00K |
| EBITDA | -35.14M | -152.50M | -261.52M | -159.05M | -169.80M | -136.57M |
| Net Income | -99.07M | -221.25M | -334.33M | -201.59M | -197.72M | -143.88M |
Balance Sheet | ||||||
| Total Assets | 327.07M | 259.15M | 378.32M | 413.84M | 164.81M | 189.43M |
| Cash, Cash Equivalents and Short-Term Investments | 182.48M | 129.97M | 297.26M | 381.39M | 155.38M | 183.26M |
| Total Debt | 167.11M | 211.80M | 201.91M | 139.03M | 97.07M | 91.34M |
| Total Liabilities | 671.35M | 697.32M | 631.90M | 486.60M | 239.62M | 117.28M |
| Stockholders Equity | -344.27M | -438.17M | -253.58M | -72.76M | -74.81M | 72.16M |
Cash Flow | ||||||
| Free Cash Flow | -36.71M | -166.78M | -266.90M | -139.21M | -147.57M | -148.78M |
| Operating Cash Flow | -36.69M | -166.78M | -266.77M | -137.58M | -146.53M | -148.46M |
| Investing Cash Flow | -219.00K | -229.00K | -135.00K | -1.63M | -1.04M | -328.00K |
| Financing Cash Flow | 69.82M | -288.00K | 182.77M | 367.58M | 120.04M | 44.71M |
Phathom Pharmaceuticals Technical Analysis
Negative
11.44
Price Trends
10.41
Negative
11.03
Negative
12.38
Negative
Market Momentum
-0.47
Negative
43.83
Neutral
80.93
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For PHAT, the sentiment is Negative. The current price of 11.44 is above the 20-day moving average (MA) of 9.70, above the 50-day MA of 10.41, and below the 200-day MA of 12.38, indicating a bearish trend. The MACD of -0.47 indicates Negative momentum. The RSI at 43.83 is Neutral, neither overbought nor oversold. The STOCH value of 80.93 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 0 New Risks
Phathom Pharmaceuticals Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
69 Neutral | $957.58M | 6.30 | 90.98% | ― | 1078.78% | ― | |
61 Neutral | $2.02B | -15.22 | -56.19% | ― | -32.27% | -21.09% | |
59 Neutral | $2.39B | -25.40 | 81.78% | ― | 100.27% | 39.90% | |
56 Neutral | $982.98M | -15.95 | -30.31% | ― | 24.39% | 21.06% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
50 Neutral | $2.08B | -3.25 | -189.68% | ― | -93.33% | -127.13% | |
48 Neutral | $748.33M | -7.28 | 25.70% | ― | 110.16% | 73.04% |
* Healthcare Sector Average
PHAT
Phathom Pharmaceuticals
9.32
-1.31
-12.32%
GERN
Geron
1.59
0.20
14.39%
ABUS
Arbutus Biopharma
4.98
1.49
42.69%
URGN
Urogen Pharma
50.29
30.98
160.44%
TSHA
Taysha Gene Therapies
6.43
3.56
124.04%
ZBIO
Zenas BioPharma, Inc.
31.25
14.93
91.48%
Phathom Pharmaceuticals Corporate Events
Business Operations and StrategyProduct-Related Announcements
Phathom Completes Enrollment in Eosinophilic Esophagitis Trial
Positive
Jun 23, 2026
On June 23, 2026, Phathom Pharmaceuticals announced it has completed enrollment in its Phase 2 pHalcon-EoE-201 trial evaluating VOQUEZNA tablets as an investigational treatment for eosinophilic esophagitis in adults at 41 U.S. sites, with 95 patie...
Executive/Board ChangesShareholder Meetings
Phathom Shareholders Reaffirm Board, Pay and Auditor
Positive
May 21, 2026
On May 19, 2026, Phathom Pharmaceuticals held its 2026 Annual Meeting of Stockholders, at which shareholders elected Class I directors Steven Basta, Theodore R. Schroeder and Mark Stenhouse to three-year terms expiring at the 2029 annual meeting. ...
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.