Phathom Pharmaceuticals, Inc.

For the period ended Sep 30, 2025. Filed Oct 30, 2025.

About this filing

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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Contents

Condensed Statements of Stockholders’ Deficit

(in thousands, except share amounts)

Common Stock · Treasury Stock · AdditionalPaid-in · Accumulated · TotalStockholders’
	Shares	Amount	Shares	Capital	Deficit	Deficit
Balance at December 31, 2024	68,518,238	$6	19	$1,009,425	$(1,263,011)	$(253,580)
401(k) matching contribution	290,165	—	—	2,127	—	2,127
Vesting of restricted stock units	508,568	—	—	—	—	—
Stock-based compensation	—	—	—	5,540	—	5,540
ESPP shares issued	321,099	—	—	1,853	—	1,853
Net loss	—	—	—	—	(94,316)	(94,316)
Balance at March 31, 2025	69,638,070	6	19	1,018,945	(1,357,327)	(338,376)
Vesting of restricted stock units	456,677	—	—	—	—	—
Stock-based compensation	—	—	—	8,272	—	8,272
Issuance of common stock from exercises of stock options	9,672	—	—	80	—	80
Net loss	—	—	—	—	(75,810)	(75,810)
Balance at June 30, 2025	70,104,419	6	19	1,027,297	(1,433,137)	(405,834)
401(k) matching contribution	326,212	—	—	3,131	—	3,131
Vesting of restricted stock units and performance stock units, net of employee tax obligation	392,592	—	—	(564)	—	(564)
Stock-based compensation	—	—	—	9,297	—	9,297
Issuance of common stock from exercises of stock options	35,732	—	—	293	—	293
ESPP shares issued	184,194	—	—	1,116	—	1,116
Net loss	—	—	—	—	(29,973)	(29,973)
Balance at September 30, 2025	71,043,149	$6	19	$1,040,570	$(1,463,110)	$(422,534)

Condensed Statements of Stockholders’ Deficit

(in thousands, except share amounts)

Common Stock · Treasury Stock · AdditionalPaid-in · Accumulated · TotalStockholders’
	Shares	Amount	Shares	Capital	Deficit	Deficit
Balance at December 31, 2023	57,970,044	$5	19	$855,921	$(928,685)	$(72,759)
401(k) matching contribution	93,736	—	—	712	—	712
Vesting of restricted stock units	340,542	—	—	—	—	—
Stock-based compensation	—	—	—	5,626	—	5,626
ESPP shares issued	119,779	—	—	770	—	770
Net loss	—	—	—	—	(82,852)	(82,852)
Balance at March 31, 2024	58,524,101	5	19	863,029	(1,011,537)	(148,503)
Vesting of restricted stock units	74,492	—	—	—	—	—
Stock-based compensation	—	—	—	6,099	—	6,099
Issuance of common stock from exercise of stock options	2,432	—	—	21	—	21
Net loss	—	—	—	—	(91,446)	(91,446)
Balance at June 30, 2024	58,601,025	5	19	869,149	(1,102,983)	(233,829)
401(k) matching contribution	289,853	—	—	2,971	—	2,971
Vesting of restricted stock units	454,003	—	—	—	—	—
Stock-based compensation	—	—	—	5,635	—	5,635
ESPP shares issued	255,602	—	—	1,631	—	1,631
Issuance of common stock and pre-funded warrants in connection with the underwritten public offering, net	8,695,652	1	—	121,774	—	121,775
Issuance of common stock from exercise of stock options	27,803	—	—	282	—	282
Net loss	—	—	—	—	(85,577)	(85,577)
Balance at September 30, 2024	68,323,938	$6	19	$1,001,442	$(1,188,560)	$(187,112)

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.