Phathom Pharmaceuticals, Inc.
PHAT evidence brief
What we can confirm
What it means
What to watch
Prepared research question
What matters most for PHAT—catalysts, financial risk and supporting evidence?
Traceable citations · Unknowns marked
BioSniper AI · PHAT
Phathom Pharmaceuticals, Inc. is a commercial-stage biopharmaceutical company focused on developing and commercializing treatments for gastrointestinal (GI) diseases, primarily through its proprietary vonoprazan-based products.
Key risk: Dependence on vonoprazan
BioSniper Score
Based on 5 of 6 signals
Market Cap
$742.7M
Cash Runway
336.5 moLead Asset
Vonoprazan (Phase 3)Next Catalyst
Phase2_Topline · Dec 31, 2026Financial data as of Jun 30, 2026.
Tracking 2 pipeline candidates · 8 clinical trials · 6 catalysts for Phathom Pharmaceuticals, Inc..
Similar companies
Phathom Pharmaceuticals, Inc. is a commercial-stage biopharmaceutical company focused on developing and commercializing treatments for gastrointestinal (GI) diseases, primarily through its proprietary vonoprazan-based products.
- Net revenue for the year ended 2025 was $175.1 million, representing approximately 217% growth over the prior year [sec · filed 2026-04-07].
- As of June 30, 2026, the company reported cash & equivalents of $182.5M, total revenue of $74.3M, and a net loss of -$17.6M [sec].
- As of March 31, 2026, the company had an accumulated deficit of $1.5 billion [sec_mda · as of 2026-04-30].
- The company has over 43,000 unique prescribers and over 1 million prescriptions filled for VOQUEZNA [sec · filed 2026-04-07].
- Phathom is conducting a Phase 2 clinical trial evaluating vonoprazan for eosinophilic esophagitis (EoE) [sec_mda · as of 2026-02-26].
What works
- Strong commercial momentum with 217% revenue growth in 2025, driven by a renewed focus on GI specialists and expanded prescriber base [sec · filed 2026-04-07].
- Disciplined financial management led to a nearly 50% reduction in quarterly operating expenses from Q1 2025 to Q4 2025 [sec · filed 2026-04-07].
- The company believes existing cash, anticipated revenues, and January 2026 offering proceeds are sufficient to fund operations for at least the next twelve months and to reach operating profitability (excluding stock-based compensation) by Q3 2026 [sec_mda · as of 2026-02-26].
What to weigh
- The company has incurred significant operating losses since inception, with an accumulated deficit of $1.5 billion as of March 31, 2026 [sec_mda · as of 2026-04-30].
- Phathom's future capital requirements depend on uncertain factors including market acceptance, reimbursement, and the costly, unpredictable nature of clinical trials [sec_mda · as of 2026-04-30].
- The company has negative shareholders' equity of -$438.2M as of June 30, 2026, indicating a high level of debt and accumulated losses relative to equity [sec].
From the filings
Quoted directly from source documents.
Revenue growth of 217% in 2025
“For the year ended 2025, net revenue totaled $175.1 million, representing approximately 217% growth over the prior year”
SEC filings · April 7, 2026
Accumulated deficit of $1.5 billion
“As of December 31, 2025, we had an accumulated deficit of $1.5 billion.”
SEC MD&A · February 26, 2026
Cash and equivalents of $180.9 million as of March 31, 2026
“As of March 31, 2026, we had cash and cash equivalents of $180.9 million.”
SEC MD&A · April 30, 2026
Phase 2 trial for eosinophilic esophagitis initiated
“quarter of 2025, we initiated a Phase 2 clinical trial evaluating vonoprazan in the treatment of adults with eosinophilic esophagitis, or EoE.”
SEC MD&A · February 26, 2026
Catalyst timeline
- 2026-12-31 · Phase2_Topline · voquezna — Phase 2 Readout: voquezna — Topline data from the Phase 2 trial of vonoprazan in eosinophilic esophagitis will be released, providing initial efficacy and safety signals.
- 2027-12-31 · Phase2_Topline · voquezna — Phase 2 Readout: voquezna — Additional Phase 2 readout for vonoprazan, potentially in a different indication or follow-up analysis.
- 2028-01-19 · Phase3_Topline — Phase 3 Topline: A Phase 3, Randomized, Double-Blind, Multicenter Study to Evaluate the Efficacy and Safety of Vonopr — Topline results from a Phase 3 study of vonoprazan will be announced, which could support a new indication or label expansion.
- 2032-05-03 · Patent_Expiry · VOQUEZNA DUAL PAK — Patent/Exclusivity Expiry: VOQUEZNA DUAL PAK — Patent exclusivity for VOQUEZNA DUAL PAK expires, potentially opening the door for generic competition.
- 2032-05-03 · Patent_Expiry · VOQUEZNA — Patent/Exclusivity Expiry: VOQUEZNA — Patent exclusivity for VOQUEZNA expires, which could impact market share and pricing.
- 2032-05-03 · Patent_Expiry · VOQUEZNA TRIPLE PAK — Patent/Exclusivity Expiry: VOQUEZNA TRIPLE PAK — Patent exclusivity for VOQUEZNA TRIPLE PAK expires, potentially leading to generic entry.
Risks & what to watch (4)›
Key risks
- Dependence on vonoprazan — The company's entire commercial and pipeline is based on a single drug, vonoprazan, making it vulnerable to clinical or regulatory setbacks [sec_mda · as of 2026-07-30].
- High accumulated deficit — As of December 31, 2025, accumulated deficit was $1.5 billion, reflecting years of losses with uncertain profitability timeline [sec_mda · as of 2026-02-26].
- Capital needs for clinical trials — Ongoing and future trials are costly and unpredictable; the company may need additional financing, which could dilute shareholders [sec_mda · as of 2026-04-30].
- Reimbursement and market access — Revenue depends on achieving adequate coverage and reimbursement from third-party payers; patients may pay out-of-pocket [sec_mda · as of 2026-04-30].
What to watch
- Achievement of operating profitability (excluding stock-based compensation) expected in Q3 2026 [sec_mda · as of 2026-02-26].
- Phase 2 topline data for vonoprazan in eosinophilic esophagitis (EoE) expected by end of 2026 [catalyst_timeline].
- Continued revenue growth and prescriber adoption trends for VOQUEZNA products [sec · filed 2026-04-07].
- Potential expansion into Europe and Canada or in-licensing of additional GI assets [sec_mda · as of 2026-07-30].
Sources: SEC filings · SEC MD&A · Generated August 17, 2026 · How we verify sources →
Run Phathom Pharmaceuticals, Inc. through your own thesis
Use the pipeline, catalyst, financial, FDA, and market facts on this page as inputs to a protocol you control.
Your protocol can:
- Turn available Phathom Pharmaceuticals, Inc. facts into screen rules or deeper checks
- Show cited findings, blockers, and unresolved evidence together
- Save the logic and rerun it as the company evidence changes
Evidence & data
Score breakdownBased on 5 of 6 signals · derived from public data
336.5 months
OCF -$2M · Net income -$18M
Lead: Approved
2 candidates
6 upcoming, next in ~123d
No insider transactions in the last 180 days
Runway
Catalysts
Pipeline
Regulatory
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
170
Total value held
$455.1M
| Holder | Shares | Value |
|---|---|---|
| vanguard capital management llc | 5,167,272 | $57.4M |
| blackrock, inc. | 4,061,996 | $45.1M |
| millennium management llc | 4,022,909 | $44.7M |
| perceptive advisors llc | 1,850,000 | $20.6M |
| 683 capital management, llc | 1,850,000 | $20.6M |
| catalys pacific, llc | 1,493,854 | $16.6M |
| state street corp | 1,386,890 | $15.4M |
| wasatch advisors lp | 1,340,916 | $14.9M |
| geode capital management, llc | 1,328,045 | $14.8M |
| nomura asset management international inc. | 1,205,369 | $13.4M |
Showing top 10 of 170 institutional holders of Phathom Pharmaceuticals, Inc.. Open the full 13F history after sign-in.
Short Interest
as of Apr 28, 2026- % of float
- 12.6%
- Days to cover
- 8.8
- Shares short
- 9,502,963
- Daily short volume
- -
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
PHAT short interestGovernance
Frequently asked questions
What is the AI investment thesis for Phathom Pharmaceuticals, Inc.?
Phathom Pharmaceuticals, Inc. is a commercial-stage biopharmaceutical company focused on developing and commercializing treatments for gastrointestinal (GI) diseases, primarily through its proprietary vonoprazan-based products.
What is Phathom Pharmaceuticals, Inc.'s lead drug candidate?
Phathom Pharmaceuticals, Inc.'s most advanced tracked candidate is Vonoprazan (Phase 3) for Erosive Esophagitis; Gastroesophageal Reflux; Eosinophilic Esophagitis.
What is Phathom Pharmaceuticals, Inc.'s next catalyst?
Phathom Pharmaceuticals, Inc.'s next tracked catalyst is a Phase2_Topline event — "Phase 2 Readout: voquezna" — expected December 31, 2026.
Who is the CEO of Phathom Pharmaceuticals, Inc.?
Mr. Steven L. Basta M.B.A. is the chief executive officer of Phathom Pharmaceuticals, Inc. (PHAT).
Where is Phathom Pharmaceuticals, Inc. headquartered?
Phathom Pharmaceuticals, Inc. (PHAT) is headquartered in Florham Park, NJ, United States.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.