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Phathom Pharmaceuticals cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$1.7M in Q3 2026 · −$21.0M over twelve months

Operating cash flow$1.8M
Capital spending−$110K
Free cash flow+$1.7M
Cash conversion cycle109 days

Analysis

In Q3 2026, Phathom Pharmaceuticals generated $1.8M of operating cash flow and spent $110K on capital projects, leaving free cash flow of $1.7M. That is $15.9M more than in Q3 2025 (−$14.1M).

Over the twelve months to Sep 30, 2026, operating cash flow was −$20.7M; the largest uses were other financing ($109M), operating cash flow ($20.7M), capital spending ($302K); besides operations, cash came from net borrowing (+) / repaid (−) ($173M), shares issued ($5.8M); the cash balance rose by $49.4M.

Operating cash flow was $1.8M against net income of −$13.9M. The largest differences: payables +$21.0M, receivables −$10.2M, inventory −$6.3M.

Its cash conversion cycle was 109 days (receivables 111 + inventory 38 − payables 41).

Free cash flow

Phathom Pharmaceuticals: free cash flow by quarterPhathom Pharmaceuticals: free cash flow by quarter−$63.5MQ4 2024−$84.9MQ1 2025−$62.8MQ2 2025−$14.1MQ3 2025−$5.1MQ4 2025−$15.7MQ1 2026−$2.0MQ2 2026$1.7MQ3 2026
Operating cash flow less capital spending.
Phathom Pharmaceuticals: operating cash flow against capital spendingPhathom Pharmaceuticals: operating cash flow against capital spendingOperating cash flowCapital spending−$63.5M$5KQ4 2024−$84.9M$18KQ1 2025−$62.7M$97KQ2 2025−$14.1M$27KQ3 2025−$5.0M$87KQ4 2025−$15.6M$61KQ1 2026−$1.9M$44KQ2 2026$1.8M$110KQ3 2026
Latest (Q3 2026): Operating cash flow $1.8M, Capital spending $110K.

Capital allocation, year by year

Phathom Pharmaceuticals: where the cash came from (up) and went (down), by fiscal yearPhathom Pharmaceuticals: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingFY2021: Operating cash flow −$148MFY2021: Net borrowing $42.8MFY2021: Shares issued $1.9MFY2021: Capital spending −$328K$44.7MFY2021FY2022: Operating cash flow −$147MFY2022: Capital spending −$1.0MFY2022FY2023: Operating cash flow −$138MFY2023: Net borrowing $39.3MFY2023: Shares issued $14.2MFY2023: Capital spending −$1.6M$53.5MFY2023FY2024: Operating cash flow −$267MFY2024: Net borrowing $59.4MFY2024: Shares issued $1.6MFY2024: Capital spending −$135K$61.0MFY2024FY2025: Operating cash flow −$167MFY2025: Shares issued $1.6MFY2025: Capital spending −$229K$1.6MFY2025
Over these 5 years operating cash flow totalled −$866M; the largest uses were operating cash flow ($866M) and capital spending ($3.4M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$185M
Debt$166M
Net cash$19.0M
Cash runway8.8 years

Phathom Pharmaceuticals is burning cash: its operations consume cash, a free cash flow of −$21.0M a year at the current rate against $185M of cash and investments: a runway of about 8.8 years before any new financing.

Where the cash came from and went

Phathom Pharmaceuticals: sources (+) and uses (−) of cash, Q3 2026Phathom Pharmaceuticals: sources (+) and uses (−) of cash, Q3 2026Cash drawn (+) / kept (−)−$2.1MOperating cash flow$1.8MShares issued$372KCapital spending−$110KOther financing−$21K
Phathom Pharmaceuticals: sources (+) and uses (−) of cash, TTM to Q3 2026Phathom Pharmaceuticals: sources (+) and uses (−) of cash, TTM to Q3 2026Net borrowing (+) / repaid (−)$173MOther financing−$109MCash drawn (+) / kept (−)−$49.4MOperating cash flow−$20.7MShares issued$5.8MCapital spending−$302K

From profit to cash

Phathom Pharmaceuticals: net income to operating cash flow, Q3 2026Phathom Pharmaceuticals: net income to operating cash flow, Q3 2026Net income−$13.9MDepreciation & amortization$120KStock-based pay$5.9MOther non-cash$1.2MReceivables−$10.2MInventory−$6.3MPayables$21.0MPrepaid and other assets$81KOperating cash flow$1.8M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 20261113841109
Q2 20261094335117
Q1 20261234543125
Q4 20251075536125
Q3 2025995238114
Q2 20251016014119
Q1 202511977267-72
Q4 20249376213-44

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$1.8M−$110K—$372K−$2.1M$1.7M
Q2 2026−$1.9M−$44K—$3.6M−$1.6M−$2.0M
Q1 2026−$15.6M−$61K−$55.8M$591K−$50.9M−$15.7M
Q4 2025−$5.0M−$87K—$1.3M$5.2M−$5.1M
Q3 2025−$14.1M−$27K—$293K$14.4M−$14.1M
Q2 2025−$62.7M−$97K—$80K$62.7M−$62.8M
Q1 2025−$84.9M−$18K——$84.9M−$84.9M
Q4 2024−$63.5M−$5K$24.8M$1.3M$37.4M−$63.5M

Phathom Pharmaceuticals: income statement and cash flow

Phathom Pharmaceuticals, Q3 2026: revenue $84.7M (+71% year over year), operating margin -0.1%. The chart follows the revenue to costs, profit and cash.

Phathom Pharmaceuticals: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.