| Cash Flow | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 |
|---|---|---|---|---|
| Net loss | -30,369 | -21,148 | -29,973 | -170,126 |
| Depreciation and amortization | 110 | 128 | 156 | 349 |
| Stock-based compensation | 5,534 | 5,610 | 9,297 | 13,812 |
| Issuance of pik interest debt | NaN | NaN | 1,179 | 2,300 |
| Accrued payment-in-kind interest on debt | 712 | 4,664 | NaN | NaN |
| Accrued interest on revenue interest financing liability | NaN | NaN | 4,799 | 15,491 |
| Accrued interest on revenue interest financing liability, net of payments | 3,543 | 24,333 | NaN | NaN |
| Amortization of debt discount | 844 | 809 | 775 | 1,430 |
| Loss on extinguishment of debt | -829 | NaN | NaN | NaN |
| Inventory reserve | 0 | -539 | 0 | 819 |
| Other | -1,605 | -865 | -1,209 | -3,131 |
| Prepaid expenses and other current assets | -6,918 | 2,125 | -1,392 | -6,246 |
| Accounts receivable, net | 2,596 | 22,339 | 4,534 | 12,458 |
| Accounts payable and accrued expenses | -3,124 | 27,574 | 1,114 | 5,416 |
| Accrued interest | -157 | 68 | 10 | 43 |
| Operating right-of-use assets and lease liabilities | 10 | 90 | 66 | 66 |
| Inventory | -665 | -2,002 | -395 | 14,178 |
| Other long-term assets | 171 | 1,224 | NaN | NaN |
| Net cash used in operating activities | -15,647 | -5,001 | -14,115 | -147,659 |
| Cash paid for property and equipment | 61 | 87 | 27 | 115 |
| Net cash used in investing activities | -61 | -87 | -27 | -115 |
| Proceeds from issuance of common stock from exercise of stock options | 591 | 1,265 | 293 | 80 |
| Proceeds from issuance of long-term debt, net of issuance costs | 173,250 | 0 | 0 | 0 |
| Repayment of long-term debt | 229,047 | NaN | NaN | NaN |
| Net proceeds from underwritten public offering | 121,974 | 0 | 0 | NaN |
| Payment of employee tax obligations related to vesting of performance stock units | NaN | NaN | -564 | NaN |
| Payment of employee tax obligations related to vesting of psus and rsus | -128 | -1,926 | NaN | NaN |
| Net cash provided by financing activities | 66,640 | -97 | -271 | 80 |
| Net increase (decrease) in cash and cash equivalents and restricted cash | 50,932 | -5,185 | -14,413 | -147,694 |
| Cash and cash equivalents and restricted cash - beginning of period | 132,833 | 138,018 | 300,125 | NaN |
| Cash and cash equivalents and restricted cash - end of period | 183,765 | 132,833 | 138,018 | NaN |
Phathom Pharmaceuticals, Inc. (PHAT)
Phathom Pharmaceuticals, Inc. (PHAT)