(PHAT) Phathom Pharmaceuticals - Overview

Sector: Healthcare | Industry: Biotechnology | Exchange: NASDAQ (USA) | Market Cap: 894m USD | Total Return: 177.9% in 12m

Gerd, H. Pylori, Eosinophilic Esophagitis, Heartburn
Total Rating 49
Safety 31
Buy Signal -0.34
Biotechnology
Industry Rotation: +6.6
Market Cap: 894M
Avg Turnover: 10.7M USD
ATR: 6.32%
Peers RS (IBD): 58.6
Risk 5d forecast
Volatility75.7%
Rel. Tail Risk-11.6%
Reward TTM
Sharpe Ratio1.18
Alpha81.55
Character TTM
Beta1.809
Beta Downside1.846
Drawdowns 3y
Max DD88.26%
CAGR/Max DD0.12
EPS (Earnings per Share) EPS (Earnings per Share) of PHAT over the last years for every Quarter: "2021-03": -0.96, "2021-06": -1, "2021-09": -0.98, "2021-12": -0.95, "2022-03": -1.07, "2022-06": -1.33, "2022-09": -1.32, "2022-12": -1.33, "2023-03": -0.89, "2023-06": -0.84, "2023-09": -0.76, "2023-12": -1.39, "2024-03": -1.42, "2024-06": -1.56, "2024-09": -1.32, "2024-12": -1.05, "2025-03": -1.07, "2025-06": -0.79, "2025-09": -0.15, "2025-12": -0.08, "2026-03": 0,
EPS CAGR: 53.26%
EPS Trend: 67.6%
Last SUE: 2.07
Qual. Beats: 3
Revenue Revenue of PHAT over the last years for every Quarter: 2021-03: 0, 2021-06: 0, 2021-09: 0, 2021-12: 0, 2022-03: 0, 2022-06: 0, 2022-09: 0, 2022-12: 0, 2023-03: 0, 2023-06: 0, 2023-09: 0, 2023-12: 0.682, 2024-03: 1.912, 2024-06: 7.324, 2024-09: 16.352, 2024-12: 29.664, 2025-03: 28.519, 2025-06: 39.503, 2025-09: 49.504, 2025-12: 57.584, 2026-03: null,
Rev. CAGR: 408.42%
Rev. Trend: 93.8%
Last SUE: 0.20
Qual. Beats: 0

Warnings

Negative Equity with losses - insolvent profile

Interest Coverage Ratio -0.3 is critical

Beneish M-Score -1.18 > -1.5 - likely earnings manipulation

Altman Z'' -15.00 < 1.0 - financial distress zone

Volatile

Tailwinds

No distinct edge detected

Description: PHAT Phathom Pharmaceuticals

Phathom Pharmaceuticals (NASDAQ: PHAT) is a U.S.-based biopharma focused on gastrointestinal therapeutics. Its lead asset, VOQUEZNA, has completed Phase III trials for erosive GERD, while VOQUEZNA Triple Pak and Dual Pak have cleared Phase III for Helicobacter pylori eradication, and additional studies target non-erosive GERD and eosinophilic esophagitis in adults and adolescents.

As of the latest Q4 2025 filing, PHAT reported $120 million in cash and equivalents, an R&D spend of $30 million, and a net loss of $45 million, giving the company roughly an 18-month cash runway. The Phase III GERD trial achieved a 78% symptom-relief rate versus placebo, positioning VOQUEZNA for an FDA decision anticipated in Q3 2026. The GI-pharma market is projected to grow at a 6% CAGR through 2030, driven by rising GERD prevalence and an aging U.S. population.

For deeper insight, you might explore ValueRay’s analyst notes on PHAT.

Headlines to Watch Out For
  • VOQUEZNA sales drive revenue growth in gastrointestinal market
  • Regulatory approval for new indications expands VOQUEZNA market
  • Clinical trial outcomes impact future drug development pipeline
  • Competition from existing GERD treatments pressures market share
  • Healthcare policy changes influence drug pricing and reimbursement
Piotroski VR‑10 (Strict) 2.5
Net Income: -221.2m TTM > 0 and > 6% of Revenue
FCF/TA: -0.64 > 0.02 and ΔFCF/TA 6.16 > 1.0
NWC/Revenue: 55.35% < 20% (prev 496.6%; Δ -441.3% < -1%)
CFO/TA -0.64 > 3% & CFO -166.8m > Net Income -221.2m
Net Debt/EBITDA: error (EBITDA <= 0)
Current Ratio: 1.73 > 1.5 & < 3
Outstanding Shares: last quarter (72.9m) vs 12m ago 2.64% < -2%
Gross Margin: 87.09% > 18% (prev 0.86%; Δ 8.62k% > 0.5%)
Asset Turnover: 54.93% > 50% (prev 14.60%; Δ 40.33% > 0%)
Interest Coverage Ratio: -0.29 > 6 (EBITDA TTM -49.1m / Interest Expense TTM 171.5m)
Altman Z'' -15.00
A: 0.37 (Total Current Assets 229.0m - Total Current Liabilities 132.0m) / Total Assets 259.1m
B: -5.73 (Retained Earnings -1.48b / Total Assets 259.1m)
C: -0.16 (EBIT TTM -49.7m / Avg Total Assets 318.8m)
D: -2.13 (Book Value of Equity -1.48b / Total Liabilities 697.3m)
Altman-Z'' Score: -19.50 = D
Beneish M -1.18
DSRI: 0.64 (Receivables 78.1m/38.8m, Revenue 175.1m/55.3m)
GMI: 0.98 (GM 87.09% / 85.57%)
AQI: 2.38 (AQ_t 0.10 / AQ_t-1 0.04)
SGI: 3.17 (Revenue 175.1m / 55.3m)
TATA: -0.21 (NI -221.2m - CFO -166.8m) / TA 259.1m)
Beneish M-Score: -1.18 (Cap -4..+1) = D
What is the price of PHAT shares? As of April 09, 2026, the stock is trading at USD 11.81 with a total of 913,630 shares traded.
Over the past week, the price has changed by +6.01%, over one month by +6.30%, over three months by -24.29% and over the past year by +177.88%.
Is PHAT a buy, sell or hold? Phathom Pharmaceuticals has received a consensus analysts rating of 4.56. Therefore, it is recommended to buy PHAT.
  • StrongBuy: 6
  • Buy: 2
  • Hold: 1
  • Sell: 0
  • StrongSell: 0
What are the forecasts/targets for the PHAT price?
Analysts Target Price 23.7 100.7%
Phathom Pharmaceuticals (PHAT) - Fundamental Data Overview as of 06 April 2026
P/S = 5.1029
P/B = 25.3678
Revenue TTM = 175.1m USD
EBIT TTM = -49.7m USD
EBITDA TTM = -49.1m USD
Long Term Debt = 209.1m USD (from longTermDebt, last quarter)
Short Term Debt = 648k USD (from shortTermDebt, last quarter)
Debt = 209.7m USD (corrected: LT Debt 209.1m + ST Debt 648k)
Net Debt = 79.8m USD (recalculated: Debt 209.7m - CCE 130.0m)
Enterprise Value = 973.3m USD (893.6m + Debt 209.7m - CCE 130.0m)
Interest Coverage Ratio = -0.29 (Ebit TTM -49.7m / Interest Expense TTM 171.5m)
EV/FCF = -5.84x (Enterprise Value 973.3m / FCF TTM -166.7m)
FCF Yield = -17.13% (FCF TTM -166.7m / Enterprise Value 973.3m)
FCF Margin = -95.20% (FCF TTM -166.7m / Revenue TTM 175.1m)
Net Margin = -126.3% (Net Income TTM -221.2m / Revenue TTM 175.1m)
Gross Margin = 87.09% ((Revenue TTM 175.1m - Cost of Revenue TTM 22.6m) / Revenue TTM)
Gross Margin QoQ = 86.72% (prev 87.50%)
Tobins Q-Ratio = 3.76 (Enterprise Value 973.3m / Total Assets 259.1m)
 Interest Expense / Debt = 57.13% (Interest Expense 119.8m / Debt 209.7m)
 Taxrate = 21.0% (US default 21%)
NOPAT = -39.3m (EBIT -49.7m * (1 - 21.00%)) [loss with tax shield]
Current Ratio = 1.73 (Total Current Assets 229.0m / Total Current Liabilities 132.0m)
 Debt / Equity = -0.48 (negative equity) (Debt 209.7m / totalStockholderEquity, last quarter -438.2m)
 Debt / EBITDA = -1.62 (negative EBITDA) (Net Debt 79.8m / EBITDA -49.1m)
 Debt / FCF = -0.48 (negative FCF - burning cash) (Net Debt 79.8m / FCF TTM -166.7m)
 Total Stockholder Equity = -401.2m (last 4 quarters mean from totalStockholderEquity)
RoA = -69.40% (Net Income -221.2m / Total Assets 259.1m)
 RoE = 55.14% (negative equity) (Net Income TTM -221.2m / Total Stockholder Equity -401.2m)
 RoCE = 25.89% (negative capital employed) (EBIT -49.7m / Capital Employed (Equity -401.2m + L.T.Debt 209.1m))
 RoIC = 20.14% (negative operating profit) (NOPAT -39.3m / Invested Capital -195.1m)
 WACC = 10.00% (E(893.6m)/V(1.10b) * Re(12.35%) + (debt cost/tax rate unavailable))
Discount Rate = 12.35% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: 100.0 | Cagr: 19.24%
 [DCF] Fair Price = unknown (Cash Flow -166.7m)
 EPS Correlation: 67.57 | EPS CAGR: 53.26% | SUE: 2.07 | # QB: 3
Revenue Correlation: 93.77 | Revenue CAGR: 408.4% | SUE: 0.20 | # QB: 0
EPS next Quarter (2026-06-30): EPS=-0.08 | Chg7d=-0.005 | Chg30d=+0.074 | Revisions Net=-1 | Analysts=5
EPS current Year (2026-12-31): EPS=0.01 | Chg7d=-0.058 | Chg30d=+0.125 | Revisions Net=-1 | Growth EPS=+100.6% | Growth Revenue=+89.6%
EPS next Year (2027-12-31): EPS=1.54 | Chg7d=-0.068 | Chg30d=-0.091 | Revisions Net=+0 | Growth EPS=+12011.4% | Growth Revenue=+59.1%
[Analyst] Revisions Ratio: -1.00 (0 Up / 1 Down within 30d for Next Quarter)
External Resources
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