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

Share price

$7.48

Market cap

$605.1M

Cash

$182.5M

Enterprise value

$587.2M

Balance sheet

Cash	$182.5M
Debt	$164.6M
Net cash	$17.9M
Enterprise value	$587.2M
Basic shares	80.1M shares
Fully diluted shares	107.9M shares
Fully diluted market cap	$807.2M
Cash per share	$2.28

Cash figures as of 2026-06-30. Database snapshot: 2026-09-21.

Price history

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Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
Nov 12 - Dec 24	Vonoprazan	Phase 2	Eosinophilic Esophagitis	Q4 2026
Dec 1, 2027 - Jan 12, 2028	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
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

Institutional holders

Fund	Shares	Q/Q change	% of portfolio	Filing
Frazier Life Sciences	12,466,489	no change	2.95%	2026-08-14
ADAR1 Capital Management	42,900	no change	0.02%	2026-08-14

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

PHAT — Phathom Pharmaceuticals Inc.