Phathom has successfully reduced its total debt from a peak of $574.5M in 2025Q2 to $2.6M in 2026Q1, though the equity base remains deeply negative at -$337.0M.
| Total Current Assets | 276.57M | 228.97M | 360.13M | 397.43M | 160.51M | 186.53M | 291.37M | 255.6M | 902K |
| Cash & Short-Term Investments | 180.9M | 129.97M | 297.26M | 381.39M | 155.38M | 183.26M | 287.5M | 243.76M | 879K |
| Cash Only | 180.9M | 129.97M | 297.26M | 381.39M | 155.38M | 183.26M | 287.5M | 243.76M | 879K |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 80.72M | 78.13M | 38.8M | 1.64M | 0 | 0 | 82K | 0 | 0 |
| Days Sales Outstanding | 118.42 | 162.85 | 256.3 | 876.11 | - | - | - | - | - |
| Inventory | 6.51M | 5.52M | 3.21M | 1.21M | 0 | 0 | -82K | 0 | 0 |
| Days Inventory Outstanding | 56.36 | 89.12 | 146.86 | 2.64K | - | - | - | - | - |
| Other Current Assets | 8.44M | 15.35M | 20.87M | 13.19M | 5.13M | 3.27M | 3.87M | 0 | 0 |
| Total Non-Current Assets | 28.55M | 30.18M | 18.18M | 16.41M | 4.3M | 2.9M | 3.74M | 1.58M | 0 |
| Property, Plant & Equipment | 3.52M | 3.67M | 2.09M | 3.62M | 3.49M | 2.56M | 3.36M | 1.4M | 0 |
| Fixed Asset Turnover | 62.30x | 47.75x | 26.45x | 0.19x | - | - | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 5.72M | 0 | 2.86M | 0 | 505K | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 25.02M | 26.51M | 13.23M | 12.79M | 299K | 341K | 384K | 181K | 0 |
| Total Assets | 305.12M | 259.15M | 378.32M | 413.84M | 164.81M | 189.43M | 295.11M | 257.18M | 902K |
| Asset Turnover | 0.78x | 0.68x | 0.15x | 0.00x | - | - | - | - | - |
| Asset Growth % | -87.39% | -31.5% | -8.58% | 151.1% | -13% | -35.81% | 14.75% | 28411.97% | - |
| Total Current Liabilities | 125.04M | 132.04M | 85.73M | 38.78M | 26.24M | 18.92M | 55.52M | 3.75M | 2.19M |
| Accounts Payable | 6.37M | 4.98M | 10.51M | 12.6M | 10M | 5.15M | 16.78M | 699K | 55K |
| Days Payables Outstanding | 48.57 | 80.48 | 481.01 | 27.54K | 5.89K | 3.61K | 20.42K | 31.89K | - |
| Short-Term Debt | 667K | 648K | 19.78M | 0 | 0 | 0 | 7.35M | 0 | 1.95M |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.95M |
| Other Current Liabilities | 118.01M | 126.41M | 54.94M | 20.43M | 0 | 0 | 0 | 413K | 0 |
| Current Ratio | 2.21x | 1.73x | 4.20x | 10.25x | 6.12x | 9.86x | 5.25x | 68.20x | 0.41x |
| Quick Ratio | 2.16x | 1.69x | 4.16x | 10.22x | 6.12x | 9.86x | 5.25x | 68.20x | 0.41x |
| Cash Conversion Cycle | 126.21 | 171.49 | -77.85 | -24.02K | - | - | - | - | - |
| Total Non-Current Liabilities | 517.03M | 565.27M | 546.17M | 447.82M | 213.39M | 98.35M | 45.32M | 25.48M | 0 |
| Long-Term Debt | 1.96M | 2.06M | 534.67M | 137.84M | 95.26M | 89.67M | 39.63M | 22.78M | 0 |
| Capital Lease Obligations | 589K | 0 | 0 | 462K | 1.1M | 1.18M | 1.56M | 635K | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 515.07M | 563.21M | 11.5M | 309.52M | 117.03M | 7.5M | 4.13M | 2.06M | 0 |
| Total Liabilities | 642.08M | 697.32M | 631.9M | 486.6M | 239.62M | 117.28M | 100.84M | 29.22M | 2.19M |
| Total Debt | 2.63M | 2.71M | 554.95M | 139.03M | 97.07M | 91.34M | 49.02M | 23.57M | 1.95M |
| Net Debt | -178.28M | -127.26M | 257.68M | -242.36M | -58.31M | -91.92M | -238.48M | -220.19M | 1.07M |
| Debt / Equity | -0.01x | - | - | - | - | 1.27x | 0.25x | 0.10x | - |
| Debt / EBITDA | -0.03x | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 1.85x | - | - | - | - | - | - | - | - |
| Interest Coverage | -2.37x | -2.35x | -3.64x | -3.80x | -6.24x | -20.20x | -27.17x | -60.08x | -98.08x |
| Total Equity | -336.95M | -438.17M | -253.58M | -72.76M | -74.81M | 72.16M | 194.27M | 227.96M | -1.29M |
| Equity Growth % | -271.75% | -72.79% | -248.52% | 2.75% | -203.68% | -62.86% | -14.78% | 17825.89% | - |
| Book Value per Share | -4.11 | -6.01 | -4.01 | -1.42 | -1.91 | 1.95 | 5.85 | 9.22 | -0.15 |
| Total Shareholders' Equity | -336.95M | -438.17M | -253.58M | -72.76M | -74.81M | 72.16M | 194.27M | 227.96M | -1.29M |
| Common Stock | 7K | 6K | 6K | 5K | 3K | 3K | 3K | 2K | 0 |
| Retained Earnings | -1.51B | -1.48B | -1.26B | -928.68M | -727.09M | -529.37M | -385.49M | -256.42M | -1.29M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity and dilution risk
As reported in recent financial filings, Phathom's equity position has deteriorated to -$337.0M in 2026Q1, reflecting a persistent trend of accumulated deficits that highlights the company's ongoing reliance on external financing to sustain its commercial launch phase and operational requirements in the competitive GI market.
The consistent expansion of the accumulated deficit suggests that the company is consuming capital at a rate that outpaces its current revenue generation. Investors should monitor whether the recent revenue growth can eventually stabilize this trajectory or if further equity dilution remains an inevitable consequence of the current business model.
Based on the latest quarterly data, Phathom's cash reserves have declined to $180.9M, which, when measured against the company's historical operating burn, suggests a tightening liquidity buffer that may necessitate additional capital raises to support the ongoing commercialization of the vonoprazan platform through the next fiscal year.
While the current ratio of 2.21 appears adequate on the surface, the underlying cash position is the primary constraint on the company's ability to fund its specialized sales force. The rapid depletion of cash from $381.4M in 2023Q4 to current levels indicates that the company is operating with limited margin for error regarding its commercial adoption targets.
According to historical balance sheet data, Phathom has significantly reduced its total debt from a peak of $574.5M in 2025Q2 to just $2.6M in 2026Q1, a shift that appears to be a deliberate effort to clean up the capital structure and reduce interest-related cash outflows.
This dramatic reduction in debt obligations suggests a transition away from high-leverage financing, likely aimed at improving the company's attractiveness to equity investors. However, the removal of debt does not eliminate the fundamental need for cash, and the company must now rely entirely on equity-based funding or operational cash flow to sustain its operations.
As indicated by the company's reported figures, the persistent negative equity position renders traditional leverage ratios like debt-to-equity effectively meaningless, which may obscure the true extent of the company's financial risk to investors relying on standard valuation metrics for assessing long-term solvency.
The negative equity is a direct result of heavy R&D and commercialization spending, which is typical for early-stage biotech but warrants caution regarding the company's long-term financial health. Analysts should focus on the cash burn rate rather than balance sheet solvency, as the latter is currently distorted by the accounting treatment of historical losses.
Quick answers to the most common questions about buying PHAT stock.
As of 2025, Phathom Pharmaceuticals, Inc. (PHAT) had total assets of $259.1M including $229.0M in current assets.
Phathom Pharmaceuticals, Inc. (PHAT) carries total debt of $2.7M, offset by $130.0M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Phathom Pharmaceuticals, Inc. (PHAT) has total shareholders' equity (book value) of $-438.2M ($-6.01 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Phathom Pharmaceuticals, Inc. (PHAT) reported a current ratio of 1.73x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.