Phathom Pharmaceuticals, Inc.
For the period ended Sep 30, 2025. Filed Oct 30, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Oct 30, 2025
PHAT$5.45+2.2%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Statements of Cash Flows
(in thousands)
| Nine Months EndedSeptember 30, | ||
|---|---|---|
| 2025 | 2024 | |
| Cash flows from operating activities | ||
| Net loss | $(200,099) | $(259,875) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Depreciation and amortization | 505 | 602 |
| Stock-based compensation | 23,109 | 17,360 |
| Issuance of PIK interest debt | 3,479 | 2,724 |
| Accrued interest on revenue interest financing liability | 20,290 | 35,656 |
| Amortization of debt discount | 2,205 | 1,563 |
| Inventory reserve | 819 | 716 |
| Other | 4,340 | 4,202 |
| Changes in operating assets and liabilities: | ||
| Prepaid expenses and other current assets | 7,638 | (1,784) |
| Accounts receivable, net | (16,992) | (19,415) |
| Accounts payable and accrued expenses | 6,530 | 14,993 |
| Accrued interest | 53 | 376 |
| Operating right-of-use assets and lease liabilities | 132 | 134 |
| Inventory | (13,783) | (566) |
| Net cash used in operating activities | (161,774) | (203,314) |
| Cash flows from investing activities | ||
| Cash paid for property and equipment | (142) | (130) |
| Net cash used in investing activities | (142) | (130) |
| Cash flows from financing activities | ||
| Proceeds from issuance of common stock from exercise of stock options | 373 | 303 |
| Net proceeds from issuance of debt | — | 34,650 |
| Net proceeds from underwritten public offering | — | 121,775 |
| Payment of employee tax obligations related to vesting of performance stock units | (564) | — |
| Net cash (used in) provided by financing activities | (191) | 156,728 |
| Net decrease in cash and cash equivalents and restricted cash | (162,107) | (46,716) |
| Cash and cash equivalents and restricted cash – beginning of period | 300,125 | 384,256 |
| Cash and cash equivalents and restricted cash – end of period | $138,018 | $337,540 |
| Supplemental disclosure of cash flow information | ||
| Interest paid | $15,938 | $12,478 |
| Supplemental disclosure of noncash investing and financing activities: | ||
| Property and equipment purchases included in accounts payable and accrued expenses | $51 | $— |
| Final interest payment fee | $— | $1,050 |
| Settlement of ESPP liability in common stock | $2,969 | $2,401 |
| Settlement of 401(k) liability in common stock | $5,258 | $3,683 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.