Phathom Pharmaceuticals, Inc.
PHAT evidence brief
What we can confirm
- BioSniper Score:
- 5.7 / 10
- Market Cap:
- $762.9M
- Lead Asset:
- Vonoprazan (Phase 3)
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. (PHAT) is a biopharmaceutical company focused on developing and commercializing novel treatments for gastrointestinal (GI) diseases, with its lead product VOQUEZNA (vonoprazan) approved for erosive GERD, non-erosive GERD, and H. pylori infection, and in Phase 2/3 trials for eosinophilic esophagitis and as-needed NERD.
Key risk: Single drug platform risk
BioSniper Score
Based on 4 of 6 signals
Financial data as of Jun 30, 2026.
Tracking 2 pipeline candidates · 8 clinical trials · 3 catalysts for Phathom Pharmaceuticals, Inc..
Similar companies
Phathom Pharmaceuticals, Inc. (PHAT) is a biopharmaceutical company focused on developing and commercializing novel treatments for gastrointestinal (GI) diseases, with its lead product VOQUEZNA (vonoprazan) approved for erosive GERD, non-erosive GERD, and H. pylori infection, and in Phase 2/3 trials for eosinophilic esophagitis and as-needed NERD.
- Cash & equivalents of $182.5M as of 2026-06-30 [sec].
- Total revenue of $74.3M and net income of -$17.6M as of 2026-06-30 [sec].
- VOQUEZNA (vonoprazan) is approved for erosive GERD, non-erosive GERD, and H. pylori infection [pipeline].
- Initiated registrational Phase 3 pHalcon-NERD-302 study for as-needed NERD on 2026-09-29, with topline results expected Q1 2028 [news].
- Completed enrollment in Phase 2 pHalcon-EoE-201 study for eosinophilic esophagitis on 2026-06-23, with topline results expected Q4 2026 [news].
What works
- VOQUEZNA is a potassium-competitive acid blocker (PCAB) that suppresses gastric acid secretion by inhibiting the gastric H+/K+-ATPase enzyme system, offering a differentiated mechanism versus PPIs [pipeline].
- Phase 2 data for as-needed NERD supported initiation of a registrational Phase 3 study, indicating potential for label expansion [news].
- The company has a cash position of $182.5M as of 2026-06-30, providing runway for ongoing clinical programs [sec].
What to weigh
- Shareholders' equity is negative at -$344.3M as of 2026-06-30, reflecting accumulated losses [sec].
- Net income was -$17.6M as of 2026-06-30, indicating ongoing operating losses [sec].
- The company relies on a single drug platform (vonoprazan) for all pipeline candidates, creating concentration risk [pipeline].
- Patent expirations for vonoprazan combinations are scheduled for 2032-05-03, limiting long-term exclusivity [catalyst].
From the filings
Quoted directly from source documents.
VOQUEZNA mechanism of action
“Potassium-competitive acid blocker (PCAB) that suppresses gastric acid secretion by inhibiting the gastric H+/K+-ATPase enzyme system”
Catalyst timeline
- 2032-05-03 · Patent_Expiry · AMOXICILLIN; VONOPRAZAN FUMARATE — Patent_Expiry: NDA215153 — Patent expiry for the triple therapy combination, potentially opening the door for generic competition.
- 2032-05-03 · Patent_Expiry · VONOPRAZAN FUMARATE — Patent_Expiry: NDA215151 — Patent expiry for vonoprazan fumarate alone, affecting exclusivity of the active ingredient.
- 2032-05-03 · Patent_Expiry · AMOXICILLIN; CLARITHROMYCIN; VONOPRAZAN FUMARATE — Patent_Expiry: NDA215152 — Patent expiry for another vonoprazan combination, further limiting long-term market protection.
Risks & what to watch (4)›
Key risks
- Single drug platform risk — All pipeline candidates are based on vonoprazan, creating concentration risk if development or commercial challenges arise [pipeline].
- Negative shareholders' equity — Shareholders' equity of -$344.3M as of 2026-06-30 indicates accumulated losses exceeding assets [sec].
- Patent expirations in 2032 — Key patents for vonoprazan combinations expire on 2032-05-03, potentially allowing generic competition [catalyst].
- Ongoing net losses — Net income of -$17.6M as of 2026-06-30 shows continued operating losses [sec].
What to watch
- Topline results from Phase 2 pHalcon-EoE-201 study expected Q4 2026 [news].
- Topline results from registrational Phase 3 pHalcon-NERD-302 study expected Q1 2028 [news].
- Financial results and business update on July 30, 2026 [news].
- Potential FDA discussions on pediatric EoE program after Phase 2 results [news].
Sources: Catalysts · News · Pipeline · Generated October 7, 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 4 of 6 signals · derived from public data
Cash runway data unavailable
Net income -$18M
Lead: Approved
2 candidates
3 upcoming, next in ~2029d
No insider transactions in the last 180 days
Catalysts
Pipeline
Regulatory
Financials
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. (PHAT) is a biopharmaceutical company focused on developing and commercializing novel treatments for gastrointestinal (GI) diseases, with its lead product VOQUEZNA (vonoprazan) approved for erosive GERD, non-erosive GERD, and H. pylori infection, and in Phase 2/3 trials for eosinophilic esophagitis and as-needed NERD.
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 Patent_Expiry event — "Patent_Expiry: NDA215153" — expected May 3, 2032.
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.