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.
See the whole filing, with its images and exhibitsContents
Statements of Cash Flows
(in thousands)
| Years EndedDecember 31, | ||
|---|---|---|
| 2025 | 2024 | |
| Cash flows from operating activities | ||
| Net loss | $(221,247) | $(334,326) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Depreciation and amortization | 633 | 795 |
| Stock-based compensation | 28,719 | 24,047 |
| Accrued payment-in-kind interest on debt | 4,664 | 3,775 |
| Accrued interest on revenue interest financing liability, net of payments | 24,333 | 46,111 |
| Amortization of debt discount | 3,014 | 2,192 |
| Inventory reserve | 280 | 836 |
| Other | 5,205 | 5,098 |
| Changes in operating assets and liabilities: | ||
| Prepaid expenses and other current assets | 5,513 | (7,672) |
| Accounts receivable, net | (39,331) | (37,160) |
| Accounts payable and accrued expenses | 34,104 | 34,936 |
| Accrued interest | 121 | 565 |
| Operating right-of-use assets and lease liabilities | 222 | 175 |
| Inventory | (11,781) | (6,142) |
| Other long-term assets | (1,224) | — |
| Net cash used in operating activities | (166,775) | (266,770) |
| Cash flows from investing activities | ||
| Cash paid for property and equipment | (229) | (135) |
| Net cash used in investing activities | (229) | (135) |
| Cash flows from financing activities | ||
| Proceeds from issuance of common stock from exercise of stock options | 1,638 | 1,599 |
| Net proceeds from issuance of debt | — | 59,400 |
| Net proceeds from underwritten public offering | — | 121,775 |
| Payment of employee tax obligations related to vesting of PSUs and RSUs | (1,926) | — |
| Net cash (used in) provided by financing activities | (288) | 182,774 |
| Net decrease in cash and cash equivalents and restricted cash | (167,292) | (84,131) |
| Cash and cash equivalents and restricted cash – beginning of period | 300,125 | 384,256 |
| Cash and cash equivalents and restricted cash – end of period | $132,833 | $300,125 |
| Supplemental disclosure of cash flow information | ||
| Interest paid | $21,368 | $17,293 |
| Supplemental disclosure of noncash investing and financing activities: | ||
| Property and equipment purchases included in accounts payable and accrued expenses | $— | $8 |
| Final interest payment fee | $— | $1,800 |
| Settlement of ESPP liability in common stock | $2,969 | $2,401 |
| Settlement of 401(k) liability in common stock | $5,258 | $3,683 |
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.