Revenue grew from $7.3M to $84.7M over the period with gross margin of 78.3% in 2026Q3, yet net margin of -16.4% and a net loss of $13.9M indicate that operating costs continue to absorb nearly all gross profit.
Phathom Pharmaceuticals, Inc. (PHAT) annual income statement — 8-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 |
|---|
| Sales/Revenue | 274.88M | 175.11M | 55.25M | 682K | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | 86.75% | 216.93% | 8001.47% | - | - | - | - | - | - |
| Cost of Goods Sold | 53.11M | 22.6M | 7.97M | 167K | 620K | 521K | 300K | 8K | 0 |
| COGS % of Revenue | - | 12.91% | 14.43% | 24.49% | - | - | - | - | - |
| Gross Profit | 221.77M | 152.51M | 47.28M | 515K | -620K | -521K | -300K | -8K | 0 |
| Gross Margin % | 80.68% | 87.09% | 85.57% | 75.51% | - | - | - | - | - |
| Gross Profit Growth % | - | 222.58% | 9080.39% | 183.06% | -19% | -73.67% | -3650% | - | - |
| Operating Expenses | 247.23M | 312.5M | 324.75M | 167.83M | 171.82M | 134.56M | 125.36M | 106.22M | 1.23M |
| OpEx % of Revenue | - | 178.46% | 587.75% | 24608.06% | - | - | - | - | - |
| Selling, General & Admin | 215.41M | 279.72M | 290.66M | 117.93M | 100.38M | 62.22M | 27.22M | 6.94M | 1.21M |
| SG&A % of Revenue | - | 159.74% | 526.07% | 17291.5% | - | - | - | - | - |
| Research & Development | 31.82M | 32.78M | 34.08M | 49.9M | 71.44M | 72.34M | 98.15M | 99.27M | 20K |
| R&D % of Revenue | - | 18.72% | 61.68% | 7316.57% | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -25.45M | -159.99M | -277.47M | -167.31M | -172.44M | -135.08M | -125.67M | -106.22M | -1.23M |
| Operating Margin % | -9.26% | -91.36% | -502.18% | -24532.55% | - | - | - | - | - |
| Operating Income Growth % | - | 42.34% | -65.84% | 2.97% | -27.66% | -7.49% | -18.31% | -8570.61% | - |
| EBITDA | -24.98M | -159.35M | -276.67M | -166.74M | -171.82M | -134.56M | -125.34M | -106.21M | 0 |
| EBITDA Margin % | -9.09% | -91% | -500.75% | -24448.24% | - | - | - | - | - |
| EBITDA Growth % | 88.26% | 42.4% | -65.93% | 2.96% | -27.69% | -7.35% | -18.02% | - | - |
| D&A (Non-Cash Add-back) | 472K | 633K | 795K | 575K | 620K | 521K | 323K | 8K | 1.23M |
| EBIT | -20.29M | -153.13M | -262.32M | -159.62M | -170.42M | -137.09M | -124.49M | -250.95M | -1.27M |
| Net Interest Income | -56.66M | -61.07M | -56.85M | -34.09M | -25.17M | -6.75M | -3.49M | -3.09M | 0 |
| Interest Income | 6.05M | 7.04M | 15.16M | 7.88M | 2.13M | 41K | 1.09M | 1.09M | 0 |
| Interest Expense | 62.71M | 68.11M | 72.01M | 41.97M | 27.3M | 6.79M | 4.58M | 4.18M | 13K |
| Other Income/Expense | -57.54M | -61.26M | -56.86M | -34.28M | -25.28M | -8.8M | -3.4M | -148.92M | -63K |
| Pretax Income | -83M | -221.25M | -334.33M | -201.59M | -197.72M | -143.88M | -129.07M | -255.13M | -1.29M |
| Pretax Margin % | -30.19% | -126.35% | -605.09% | -29558.94% | - | - | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 13K |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -1.01% |
| Net Income | -83M | -221.25M | -334.33M | -201.59M | -197.72M | -143.88M | -129.07M | -209.74M | -1.29M |
| Net Margin % | -30.19% | -126.35% | -605.09% | -29558.94% | - | - | - | - | - |
| Net Income Growth % | 69.77% | 33.82% | -65.84% | -1.96% | -37.42% | -11.48% | 38.46% | -16184.47% | - |
| Net Income (Continuing) | -83M | -221.25M | -334.33M | -201.59M | -197.72M | -143.88M | -129.07M | -255.13M | -1.29M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.98 | -3.03 | -5.29 | -3.93 | -5.70 | -4.00 | -4.01 | -8.48 | -0.15 |
| EPS Growth % | 73.04% | 42.72% | -34.61% | 31.05% | -42.5% | 0.25% | 52.71% | -5553.33% | - |
| EPS (Basic) | - | -3.03 | -5.29 | -3.93 | -5.70 | -4.00 | -4.01 | -8.48 | -0.15 |
| Diluted Shares Outstanding | 84.89M | 72.92M | 63.18M | 51.29M | 39.12M | 37M | 33.23M | 24.73M | 8.58M |
| Basic Shares Outstanding | 84.89M | 72.92M | 63.18M | 51.29M | 39.12M | 37M | 33.23M | 24.73M | 8.58M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying PHAT stock.
For fiscal year 2025, Phathom Pharmaceuticals, Inc. (PHAT) reported total revenue of $175.1M.
Phathom Pharmaceuticals, Inc. (PHAT) reported a net loss of $221.2M for the fiscal year ending 2025.
Phathom Pharmaceuticals, Inc. (PHAT) reported an operating income of $-160.0M, resulting in an operating profit margin of -91.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Phathom Pharmaceuticals, Inc. (PHAT) generated $152.5M in gross profit for the year, representing a gross profit margin of 87.1%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Sustained operating losses persist
Metrics are mathematically derived from official filings.
Revenue Compounding Off a Low Base
Based on PHAT's reported quarterly figures, revenue rose from $7.3M in 2024Q2 to $84.7M in 2026Q3, with year-over-year growth of 71.1% in the latest quarter, indicating rapid commercial scaling from a small base.
The growth rate has moderated from triple-digit readings earlier in the period, which suggests the initial launch ramp is maturing rather than fully sustained. Investors should monitor whether the 71.1% pace holds as the base grows, since the reported figures do not disclose the split between volume and pricing contributions.
High Gross Margins Mask Operating Losses
According to reported income statements, PHAT's gross margin remained between 78% and 87% across recent quarters, yet operating margin in 2026Q3 was only -0.1%, implying that operating expenses absorb nearly all gross profit.
Gross margins at this level are consistent with a specialty pharmaceutical product carrying limited direct manufacturing cost, which supports pricing power on the reported figures. However, the compression from 86.7% gross margin in 2025Q4 to 78.3% in 2026Q3 may indicate mix shift or rising cost of sales that warrants further investigation.
Operating Leverage Emerging Late in Period
Based on PHAT's reported figures, SG&A declined from $94.5M in 2025Q1 to $57.7M in 2026Q3 while revenue roughly tripled, suggesting meaningful overhead efficiency gains as sales scaled.
The operating loss narrowed from -$78.9M to near breakeven, which indicates operating income is scaling faster than gross profit over this window. The sharp SG&A reduction, however, may reflect one-time items or reclassifications in prior periods, so the sustainability of this efficiency cannot be confirmed from the data alone.
Net Losses Exceed Operating Results
As reported in financial statements, PHAT posted a 2026Q3 net loss of $13.9M against near-zero operating income of -$85.0K, a gap that points to material non-operating charges or tax effects.
The divergence between operating and net results in several quarters, including a 2026Q1 net loss of $30.4M against a $15.5M operating loss, suggests non-operating items are significant to reported earnings. Diluted EPS of -$0.16 in the latest quarter should be read with caution given this gap and the absence of a clear breakdown in the supplied data.
R&D Spend Stable Against Rising Commercial Costs
Based on PHAT's reported quarterly data, R&D expense held near $7.5M to $9.3M per quarter across the period, while stock-based compensation ran between $5.5M and $9.3M, indicating a relatively fixed research base.
A stable R&D line alongside rising revenue suggests the company is not materially expanding its pipeline spend as it commercializes. Stock-based compensation represents a meaningful share of quarterly operating costs, which may dilute the economic value of reported earnings improvements.
Profitability Gains Depend on Sustained Growth
The strongest bear case is that PHAT's operating breakeven in 2026Q3 reflects a single favorable quarter, since operating margins were -26.5% in 2026Q1 and -10.3% in 2025Q4.
If revenue growth decelerates further from the reported 71.1% pace, the fixed SG&A base of roughly $55M to $58M per quarter could push the company back into material operating losses. Investors should also monitor whether the recent SG&A reduction proves durable, as the reported figures do not explain its drivers.