PHATPhathom Pharmaceuticals, Inc.
Pharmaceutical Preparations
- Revenue
- $175M
- 217% YoY
- Operating margin
- -91.4%
- 82% YoY
- EBITDA
- −$159M
- 42% YoY
- Market cap
- —
- Employees
- —
- Net debt / EBITDA
- —
- −$19M net debt
- AI in 10-K
- —
Red flags 1 of 9
- TSR below peersClear—3+ of last 5 years
- High CEO pay despite TSRClear—Median CEO pay ≥ $15M and TSR flag
- Active 13DClear0 filingsActive-intent 13D in 18 months
- Net insider sellingClear$0 netNet sales over $10M in 12 months
- Earnings not backed by cashClear—Cash flow under 80% of net income
- Dilutive SBCFired16% of revenueOver 10% of revenue
- Payouts exceed cash flowClear0% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyClear—Over 40% of assets
- Shareholder dissentClear—Any vote under 80% support
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | — | $0 | $682K | $55M | $175M | 217% |
| Operating income | −$135M | −$172M | −$167M | −$277M | −$160M | 42% |
| Net income | −$144M | −$198M | −$202K | −$334K | −$221K | 34% |
| Operating cash flow | −$148M | −$147M | −$138M | −$267M | −$167M | 37% |
| Capex | $328K | $1M | $2M | $135K | $229K | 70% |
| Stock-based comp | $17M | $24M | $45M | $24M | $29M | 19% |
Deal filings
None.
13D filers
None on file.
Insider trading
No open-market trades in the last 12 months.
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | — | — | 148 | — |
| FY2024 | $4M | $4M | 72 | — |
| FY2023 | $3M | $2M | 81 | — |