Phathom Pharmaceuticals, Inc.
For the period ended Dec 31, 2025. Filed Feb 26, 2026.
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FY2025 · Filed Feb 26, 2026
PHAT$5.33+1.5%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Balance Sheets
(in thousands, except share and par value amounts)
| December 31,2025 | December 31,2024 | |
|---|---|---|
| Assets | ||
| Current assets: | ||
| Cash and cash equivalents | $129,972 | $297,263 |
| Prepaid expenses and other current assets | 15,353 | 20,866 |
| Accounts receivable, net | 78,129 | 38,797 |
| Inventory | 5,518 | 3,208 |
| Total current assets | 228,972 | 360,134 |
| Property and equipment, net | 1,064 | 1,476 |
| Operating lease right-of-use assets | 2,603 | 613 |
| Restricted cash | 2,861 | 2,862 |
| Inventory, non-current | 20,732 | 11,540 |
| Other long-term assets | 2,917 | 1,693 |
| Total assets | $259,149 | $378,318 |
| Liabilities and Stockholders’ Deficit | ||
| Current liabilities: | ||
| Accounts payable | $4,983 | $10,507 |
| Accrued expenses | 89,831 | 53,232 |
| Accrued interest | 1,833 | 1,711 |
| Operating lease liabilities, current | 648 | 501 |
| Current portion of revenue interest financing liability | 27,249 | 19,777 |
| Other current liabilities | 7,500 | — |
| Total current liabilities | 132,044 | 85,728 |
| Long-term debt, net of discount | 209,087 | 201,409 |
| Revenue interest financing liability | 350,122 | 333,261 |
| Operating lease liabilities | 2,065 | — |
| Other long-term liabilities | 4,000 | 11,500 |
| Total liabilities | 697,318 | 631,898 |
| Commitments and contingencies (Note 3) | ||
| Stockholders’ deficit: | ||
| Preferred stock, $0.0001 par value; authorized shares — 40,000,000 at December 31, 2025 and December 31, 2024; no shares issued and outstanding at December 31, 2025 and December 31, 2024 | — | — |
| Common stock, $0.0001 par value; authorized shares — 400,000,000 at December 31, 2025 and December 31, 2024; issued and outstanding shares — 71,419,025 and 68,518,238 at December 31, 2025 and December 31, 2024, respectively | 6 | 6 |
| Treasury stock — 19 shares at December 31, 2025 and December 31, 2024 | — | — |
| Additional paid-in capital | 1,046,083 | 1,009,425 |
| Accumulated deficit | (1,484,258) | (1,263,011) |
| Total stockholders’ deficit | (438,169) | (253,580) |
| Total liabilities and stockholders’ deficit | $259,149 | $378,318 |
See accompanying notes.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.