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How PHATHOM PHARMACEUTICALS, INC. makes its money

Start with a dollar of revenue and follow what the filing says remains.

revenueBranching filed flows with values and percentages directly labeled. Missing filing concepts are omitted rather than estimated.Revenue$175M · 100%Cost of revenue$22.6M · 13%Gross profit$153M · 87%Operating income−$160M · −91%Income before tax−$221M · −126%Income tax$0 · 0%Net income−$221M · −126%As of 2025-12-31 · 1 SEC filing sourceBuy Like Buffett · buylikebuffett.com

Honest partial: the filing did not provide a normalized tag for Research and development, Selling, general and administrative; those components are omitted, not plugged.

Table alternative
Filed lineValue% of revenueSource
$175M100%
  • 10-K · FY 2025Filing detailsAccession 0001193125-26-073379 · filed Feb 26, 2026
Cost of revenue$22.6M13%
  • 10-K · FY 2025Filing detailsAccession 0001193125-26-073379 · filed Feb 26, 2026
$153M87%
  • 10-K · FY 2025Filing detailsAccession 0001193125-26-073379 · filed Feb 26, 2026
−$160M−91%
  • 10-K · FY 2025Filing detailsAccession 0001193125-26-073379 · filed Feb 26, 2026
Income before tax−$221M−126%
  • 10-K · FY 2025Filing detailsAccession 0001193125-26-073379 · filed Feb 26, 2026
Income tax$00%
  • 10-K · FY 2025Filing detailsAccession 0001193125-26-073379 · filed Feb 26, 2026
−$221M−126%
  • 10-K · FY 2025Filing detailsAccession 0001193125-26-073379 · filed Feb 26, 2026
Source:
  • 10-K · FY 2025Filing detailsAccession 0001193125-26-073379 · filed Feb 26, 2026
· event Dec 31, 2025 · retrieved Oct 18, 2026 · annual-row source set
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