PHATPhathom Pharmaceuticals, Inc.
Is the business good?
Margins steady. That is the only one of 4 checks this filer's data supports, so take it as a single data point rather than a settled answer.
Margins have held roughly steady, a stable cost structure.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is PHAT?
Phathom Pharmaceuticals, Inc. keeps −17% of every revenue dollar as operating profit, against −82% for the median Biotechnology name.
Operating margin · Biotechnology median −82% · 12 months to Q2 2026
- Share count, year on year
- +16%
Share count, year on year · shareholders own a smaller slice than a year ago
- R&D as % of revenue
- 13%
R&D as % of revenue
- Gross margin
- 83%
Gross margin
| Year | Operating margin |
|---|---|
| FY2023 | −24533% |
| FY2024 | −502% |
| FY2025 | −91% |
Details›
- Gross margin12 months to Q2 2026
- 83%
- Operating margin12 months to Q2 2026
- −17%
- Net margin12 months to Q2 2026
- −41%
- Free cash flow margin
- −15%
- R&D as % of revenue
- 13%
- Revenue, trailing twelve months
- $240M
- Free cash flow, trailing twelve months
- −$37M
- Net income, trailing twelve months
- −$99M
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Customers and suppliers
Who buys from PHAT and who it buys from, as the companies report it.
- Three customers69%
Combined share of revenue · FY2025 10-K
None disclosed.
A company has to disclose every customer behind 10% or more of its revenue. Each share comes from the latest annual report of the company that states it and shows on both companies’ pages; PHAT’s own figures are from its FY2025 10-K. Smaller customers and suppliers go unreported.
Biotechnology
Ranks #161 of 194 by RyuScore