PHAT Stock — Phathom Pharmaceuticals Inc.: Cash, EV, Pipeline

What they do

We are a commercial-stage biopharmaceutical company focused on commercializing and developing novel treatments for gastrointestinal, or GI, diseases. Our approved products, VOQUEZNA®, VOQUEZNA® DUAL PAK® and VOQUEZNA® TRIPLE PAK®, contain vonoprazan, an oral small molecule potassium-competitive acid blocker, or PCAB.

Source: 10-K FY2025 via SEC EDGAR

Share price

$5.25

Market cap

$426.8M

Cash

$184.6M

Enterprise value

$407.8M

Balance sheet

Cash	$184.6M
Debt	$165.5M
Net cash	$19.0M
Enterprise value	$407.8M
Basic shares	81.3M shares
Fully diluted shares	97.5M shares
Fully diluted market cap	$512.0M
Cash per share	$2.27
Quarterly burn	$1.9M
Cash runway	94.5 quarters

Cash figures as of 2026-09-30. Database snapshot: 2026-11-07.

Share structure

Common

80.9M

Pre-funded warrants

3.9M

Options

7.3M

RSUs

3.5M

Warrants

0.1M

Converts

0.0M

Conv preferred

0.0M

ESPP reserve

1.9M

FDSO

97.5M

Cap table as of 2026-06-30.

Price history

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Next catalyst

Vonoprazan · Nov 12 - Dec 24 in 5d · Phase 2 · Eosinophilic Esophagitis

Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
Nov 12 - Dec 24 in 5d	Vonoprazan	Phase 2	Eosinophilic Esophagitis	Q4 2026 Est. Nov 15, 2026 · quarter midpoint
Dec 1, 2027 - Jan 12, 2028 in 13 mo	Vonoprazan	Phase 3	Symptomatic Non-erosive Gastroesophageal Reflux Disease	—

Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.

Full readout calendar →

Pipeline assets

vonoprazan

Approved · Active Modality: oral small molecule (potassium-competitive acid blocker)

Aliases VOQUEZNA

Target H+/K+-ATPase

Partnerships Takeda (license for vonoprazan fumarate rights in the United States, Canada and Europe); Sandoz (supply of co-packaged amoxicillin and clarithromycin)

Indications

Erosive GERD (healing and maintenance of healing) (Approved)
Non-Erosive GERD (heartburn relief) (Approved)
H. pylori infection (VOQUEZNA DUAL PAK: vonoprazan with amoxicillin) (Approved)
H. pylori infection (VOQUEZNA TRIPLE PAK: vonoprazan with amoxicillin and clarithromycin) (Approved)
Eosinophilic esophagitis (Phase 2)

Catalysts

— None

Status note Launched commercially in the U.S. in Q4 2023; company is independently commercializing in the U.S.; exploring vonoprazan in Europe and Canada. Phase 2 PHALCON-EOE-201 trial in eosinophilic esophagitis initiated Q4 2025; enrollment completed June 2026.

Per-asset detail extracted from the 10-Q filed 2026-07-30. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

Pipeline

Lead drug	Vonoprazan
Lead indication	Symptomatic Non-erosive Gastroesophageal Reflux Disease
Lead phase	Phase 3
Active trials	3
Collaborator trials	1

Active clinical trials

Trial	Phase	Status	Role	Sponsor	BP	Condition(s)	Mgmt guide
NCT07752407	Phase 3	Not yet recruiting	Sponsor	PHAT	—	Symptomatic Non-erosive Gastroesophageal Reflux Disease	—
NCT06851559	Phase 2	Active, not recruiting	Sponsor	PHAT	—	Eosinophilic Esophagitis	Q4 2026 Est. Nov 15, 2026 · quarter midpoint
NCT06660342	Not disclosed	Recruiting	Sponsor	PHAT	—	Erosive Esophagitis; Heartburn; Symptomatic Non-erosive Gastroesophageal Reflux Disease	—
NCT07788742	Not disclosed	Not yet recruiting	Collaborator	University of North Carolina, Chapel Hill	—	Barrett Esophagus	—

Sponsor-matched active trials from ClinicalTrials.gov (3 as sponsor, 1 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.

View all 4 active trials for Phathom Pharmaceuticals, Inc. on ClinicalTrials.gov

Specialist fund holders

Tracked specialist funds: ADAR1 Capital Management, Aisling Capital, Ally Bridge Group, Avoro Capital Advisors, BVF Partners, Baker Bros. Advisors, Boxer Capital, Braidwell LP, Casdin Capital, Cormorant Asset Management, DAFNA Capital, Deerfield Management, EcoR1 Capital, Frazier Life Sciences, Great Point Partners, Ikarian Capital, Logos Global Management, OrbiMed Advisors, Perceptive Advisors, RA Capital Management, RTW Investments, Sphera Biotech, Stonepine Capital, Tang Capital Partners, Vivo Capital.

Fund	Shares	Q/Q change	% of portfolio	Filing
Frazier Life Sciences	12,466,489	no change	2.95%	2026-08-14
EcoR1 Capital	625,000	no change	0.34%	2026-08-14
Perceptive Advisors	532,000	-393,000	0.09%	2026-08-14
Stonepine Capital	85,010	+35,000	0.70%	2026-08-17
ADAR1 Capital Management	42,900	no change	0.02%	2026-08-14

Specialist-fund positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

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PHAT — Phathom Pharmaceuticals Inc. ☆