Phathom is demonstrating hyper-growth from a low base, with revenue scaling 88.0% year-over-year to $74.3M in 2026Q2, yet the business remains operationally unprofitable with an operating margin of -5.3% due to a dominant SG&A cost structure.
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 | 239.66M | 175.11M | 55.25M | 682K | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | 110.16% | 216.93% | 8001.47% | - | - | - | - | - | - |
| Cost of Goods Sold | 40.93M | 22.6M | 7.97M | 167K | 620K | 521K | 300K | 8K | 0 |
| COGS % of Revenue | - | 12.91% | 14.43% | 24.49% | - | - | - | - | - |
| Gross Profit | 198.73M | 152.51M | 47.28M | 515K | -620K | -521K | -300K | -8K | 0 |
| Gross Margin % | 82.92% | 87.09% | 85.57% | 75.51% | - | - | - | - | - |
| Gross Profit Growth % | - | 222.58% | 9080.39% | 183.06% | -19% | -73.67% | -3650% | - | - |
| Operating Expenses | 239.37M | 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 | 209.27M | 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 | 30.1M | 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 | -40.64M | -159.99M | -277.47M | -167.31M | -172.44M | -135.08M | -125.67M | -106.22M | -1.23M |
| Operating Margin % | -16.96% | -91.36% | -502.18% | -24532.55% | - | - | - | - | - |
| Operating Income Growth % | - | 42.34% | -65.84% | 2.97% | -27.66% | -7.49% | -18.31% | -8570.61% | - |
| EBITDA | -40.25M | -159.35M | -276.67M | -166.74M | -171.82M | -134.56M | -125.36M | -106.21M | 0 |
| EBITDA Margin % | -16.79% | -91% | -500.75% | -24448.24% | - | - | - | - | - |
| EBITDA Growth % | 85% | 42.4% | -65.93% | 2.96% | -27.69% | -7.33% | -18.04% | - | - |
| D&A (Non-Cash Add-back) | 394K | 633K | 795K | 575K | 620K | 521K | 300K | 8K | 1.23M |
| EBIT | -33.17M | -153.13M | -262.32M | -159.62M | -170.42M | -137.09M | -124.49M | -250.95M | -1.27M |
| Net Interest Income | -43.97M | -61.07M | -56.85M | -34.09M | -25.17M | -6.75M | -3.49M | -3.09M | 0 |
| Interest Income | 5.86M | 7.04M | 15.16M | 7.88M | 2.13M | 41K | 1.09M | 1.09M | 0 |
| Interest Expense | 33.22M | 68.11M | 72.01M | 41.97M | 27.3M | 6.79M | 4.58M | 4.18M | 13K |
| Other Income/Expense | -44.81M | -61.26M | -56.86M | -34.28M | -25.28M | -8.8M | -3.4M | -148.92M | -63K |
| Pretax Income | -81.49M | -221.25M | -334.33M | -201.59M | -197.72M | -143.88M | -129.07M | -255.13M | -1.29M |
| Pretax Margin % | -34% | -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 | -81.49M | -221.25M | -334.33M | -201.59M | -197.72M | -143.88M | -129.07M | -209.74M | -1.29M |
| Net Margin % | -34% | -126.35% | -605.09% | -29558.94% | - | - | - | - | - |
| Net Income Growth % | 75.32% | 33.82% | -65.84% | -1.96% | -37.42% | -11.48% | 38.46% | -16184.47% | - |
| Net Income (Continuing) | -81.49M | -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) | -0.97 | -3.03 | -5.29 | -3.93 | -5.70 | -4.00 | -4.01 | -8.48 | -0.15 |
| EPS Growth % | 72.94% | 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 | 83.75M | 72.92M | 63.18M | 51.29M | 39.12M | 37M | 33.23M | 24.73M | 8.58M |
| Basic Shares Outstanding | 83.75M | 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
Persistent heavy losses
Metrics are mathematically derived from official filings.
Hyper-Growth Phase, But From a Low Base
Phathom's revenue growth is extraordinarily strong, accelerating from near-zero to $74.3M in the latest quarter, but the business is still in its early commercial launch phase with significant operating losses.
The revenue trajectory shows a company moving from a pre-commercial state to rapid commercial adoption. Growth rates exceeding 88% in the most recent quarter suggest strong initial uptake of its products, likely driven by new market entries and pricing. However, the explosive growth is coming from a very low base, indicating this phase of hyper-growth is unsustainable long-term and must transition to more normalized, durable growth rates.
High Gross Margins, But Operational Drag
PHAT's gross margin is a robust 79.7%, consistent with specialty pharmaceutical peers, yet the massive SG&A burden has resulted in an operating margin of -5.3%.
The company's gross margin profile appears structurally sound and competitive, suggesting a product with pricing power and favorable cost of goods, similar to peers like ACAD and SUPN. The critical issue is the enormous operating expense structure. The operating margin, while improving from severe lows, remains deeply negative, indicating that the company is not yet generating sufficient revenue to cover its substantial commercial infrastructure.
Scale Driving Rapid Operating Leverage
As reported in the latest quarterly results, operating losses narrowed to -$4.0M on $74.3M of revenue, a dramatic improvement from a -$59.9M loss on just $39.5M of revenue a year prior.
The data shows significant positive operating leverage, with the operating loss margin improving from -151.7% to -5.3% over two years. This indicates that revenue growth is beginning to absorb the large fixed-cost SG&A base. The trend suggests the company is on a path toward breakeven, provided revenue continues its current upward trajectory without a corresponding expansion in selling, general, and administrative expenses.
SG&A Dominates the Cost Structure
Based on reported filings, SG&A expense of $55.3M in 2026Q2 consumes 74% of revenue, dwarfing both R&D and COGS and representing the primary hurdle to profitability.
The cost structure is overwhelmingly driven by SG&A, which is typical for a commercial-stage biotech launching a new drug. The discipline is evident as SG&A has actually declined from a peak of $94.5M in 2025Q1 while revenue has surged. Investors should monitor whether this expense control is sustainable as the commercial footprint expands further, or if it represents a temporary consolidation before another period of spending.
The Commercial Launch Inflection Point
The period from 2025Q3 to 2026Q2 marks a critical inflection, where quarterly revenue more than doubled and operating losses shrank by over 90%, signaling the transition from a pure R&D entity to a revenue-generating commercial business.
This inflection is driven by the initial commercial success of its product portfolio, which has begun to generate substantial revenue to offset the high fixed costs of its commercial launch. The lasting impact is a fundamental change in the company's financial profile, moving it from a pure cash-burn story to one focused on a path to profitability. The durability of this inflection hinges on the continuation of the strong revenue growth trend.
Commercial Viability vs. Cash Burn Runway
Despite impressive growth, PHAT's Q2 net loss of $0.0M masks a persistent cash burn, with cumulative losses over the last ten quarters amounting to hundreds of millions, raising questions about the time to cash-flow breakeven.
The most significant challenge to the narrative is the gap between top-line growth and the company's ability to achieve positive earnings. While operating losses are shrinking, net income has only recently approached zero and is after substantial non-operating items. Investors must scrutinize the balance sheet and cash flow statement to assess the runway. Without sustained, exceptional revenue growth, the current cash burn rate could pressure the company's need for additional financing, potentially diluting shareholders.