PHAT Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range

03

Price $6.92

Market Cap (MRQ) $554M

P/E (TTM) -5.5

EPS (TTM) $-1.25

Revenue (TTM) $240M

ROE (TTM) 26.4%

Debt/Equity (MRQ) -0.5

52W Range $7–$18

PHAT Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view

04

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10-Year Performance Revenue, net income, margins and EPS trends

06

Revenue$175M

2022-12-31 → 2025-12-31

EPS$-3.03

2021-12-31 → 2025-12-31

Free Cash Flow$-167M

2019-12-31 → 2025-12-31

Net margin-41.3%

2023-12-31 → 2025-12-31

Valuation & Ratios 07–12

Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?

Metric	PHAT	5Y avg	Peer Median	Verdict
P/E (TTM)	-5.55Y avg ≈-3.3	≈-3.3	·	·
P/S (TTM)	2.35Y avg ≈263.8	≈263.8	2.7	Pricier
P/B (MRQ)	-1.65Y avg ≈-1.9	≈-1.9	·	·
EV / EBITDA	-3.95Y avg ≈-3.4	≈-3.4	·	·
Price / FCF (TTM)	-15.05Y avg ≈-4.0	≈-4.0	·	·
Price / Cash Flow (TTM)	-15.15Y avg ≈-4.0	≈-4.0	·	·
EV / Revenue	3.65Y avg ≈144.3	≈144.3	·	·
EV / FCF	-3.85Y avg ≈-3.4	≈-3.4	·	·

Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.

Profitability Gross, operating and net margins; ROE, ROA, ROIC

Metric	PHAT	5Y avg	Peer Median	Verdict
Gross Margin (TTM)	82.9%5Y avg ≈82.7%	≈82.7%	71.8%	Top tier
Operating Margin (TTM)	-17.0%5Y avg ≈-8375.4%	≈-8375.4%	-1.8%	Below avg
EBITDA Margin (TTM)	-16.7%5Y avg ≈-8346.7%	≈-8346.7%	1.8%	Weak
Pretax Margin	-126.4%	·	-6.8%	Weak
Net Profit Margin (TTM)	-41.3%5Y avg ≈-10096.8%	≈-10096.8%	-7.5%	Weak
ROA (TTM)	-34.3%5Y avg ≈-78.9%	≈-78.9%	-15.7%	Weak
ROE (TTM)	26.4%5Y avg ≈175.3%	≈175.3%	52.3%	In line
ROIC	69.8%	·	40.3%	Top tier

Financial Health Debt, liquidity, solvency — balance sheet strength

Metric	PHAT	5Y avg	Peer Median	Verdict
Debt / Equity (MRQ)	-0.55Y avg ≈-0.6	≈-0.6	0.0	Low debt
Current Ratio (MRQ)	1.95Y avg ≈6.4	≈6.4	3.0	Low liquidity
Quick Ratio	1.65Y avg ≈6.2	≈6.2	2.0	In line
Long-Term Debt / Equity (MRQ)	-0.55Y avg ≈-0.6	≈-0.6	0.0	Low debt

Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR

Metric	5Y trend	PHAT	5Y avg	Peer Median	Verdict
Revenue YoY		216.9%	·	·	·

Per Share Metrics EPS, book value per share, cash flow per share, dividend per share

Metric	PHAT	5Y avg	Peer Median	Verdict
EPS (Diluted)	$-3.035Y avg ≈$-4.24	≈$-4.24	·	·
Revenue / Share	$2.405Y avg ≈$1.10	≈$1.10	·	·
Cash Flow / Share	$-2.295Y avg ≈$-3.23	≈$-3.23	·	·
Cash / Share	$1.825Y avg ≈$4.66	≈$4.66	·	·

Capital Efficiency Asset turnover, inventory turnover, receivables turnover

Metric	PHAT	5Y avg	Peer Median	Verdict
Asset Turnover	0.55Y avg ≈0.2	≈0.2	0.5	Top tier
Inventory Turnover	5.25Y avg ≈3.0	≈3.0	3.0	Top tier
Receivables Turnover	3.05Y avg ≈2.2	≈2.2	3.5	Weak
Revenue / Employee	≈$472.0K	·	·	·

value · ≈ 5Y avg · industry median · verdict relative to median

Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date

14

Avg Surprise 7.7%

Next Report Oct 28, 2026

Period	Report	EPS Actual	EPS Est	Surprise
June 30, 2026	Aug 5, 2026	$-0.21	$-0.26	18.1%
March 31, 2026	May 12, 2026	$-0.37	$-0.33	-12.6%
Dec. 31, 2025		$-0.29	$-0.39	25.5%
Sept. 30, 2025		$-0.41	$-0.56	26.2%
June 30, 2025		$-1.05	$-1.06	1.0%
March 31, 2025		$-1.31	$-1.17	-12.0%

Full Fundamentals All metrics by year — income statement, balance sheet, cash flow

15

Income Statement 18

Metric	2025	2024	2023	2022
Revenue	$175M	$55M	$682.0K	$0
Cost of Revenue	$23M	$8M	$167.0K	$0
Gross Profit	$153M	$47M	$515.0K	$0
R&D Expense	$33M	$34M	$50M	$71M
SG&A Expense	$280M	$291M	$118M	$101M
Operating Expenses	$312M	$325M	$168M	$172M
Operating Income	$-160M	$-277M	$-167M	$-172M
Interest Expense	·	·	$42M	$27M
Interest Income	$7M	$15M	$8M	$2M
Other Non-op	$-190.0K	$-8.0K	$-188.0K	$-110.0K
Pretax Income	$-221M	$-334M	·	·
Income Tax	$0	$0	$0	$0
Net Income	$-221M	$-334M	$-202M	$-198M
EPS (Basic)	$-3.03	$-5.29	$-3.93	$-5.05
EPS (Diluted)	$-3.03	$-5.29	$-3.93	$-5.05
Shares (Basic)	72,918,764	63,176,210	51,289,092	39,118,215
Shares (Diluted)	72,918,764	63,176,210	51,289,092	39,118,215
EBITDA	$-159M	$-277M	$-167M	$-172M

Balance Sheet 24

Metric	2025	2024	2023	2022
Cash & Equivalents	$130M	$297M	$381M	$155M
Receivables	$78M	$39M	$2M	$0
Inventory	$6M	$3M	$1M	$0
Prepaid Expense	$15M	$21M	$13M	$5M
Current Assets	$229M	$360M	$397M	$161M
PP&E (Net)	$1M	$1M	$2M	$1M
PP&E (Gross)	$5M	$4M	$4M	$3M
Accum. Depreciation	$3M	$3M	$2M	$1M
Other Non-current Assets	$3M	$2M	$2M	$299.0K
Total Assets	$259M	$378M	$414M	$165M
Accounts Payable	$5M	$11M	$13M	$10M
Accrued Liabilities	$90M	$53M	$17M	$15M
Current Liabilities	$132M	$86M	$39M	$26M
Capital Leases	$2M	·	$462.0K	$1M
Other Non-current Liabilities	$4M	$12M	$10M	$8M
Total Liabilities	$697M	$632M	$487M	$240M
Long-term Debt	$209M	$201M	$138M	$95M
Total Debt	$209M	$201M	$138M	$95M
Common Stock	$6.0K	$6.0K	$5.0K	$3.0K
Retained Earnings	$-1.48B	$-1.26B	$-929M	$-727M
Treasury Stock	$0	$0	$0	$0
Stockholders' Equity	$-438M	$-254M	$-73M	$-75M
Liabilities + Equity	$259M	$378M	$414M	$165M
Shares Outstanding	71,419,025	68,518,238	57,970,044	41,468,871

Cash Flow 12

Metric	2025	2024	2023	2022
D&A	$633.0K	$795.0K	$575.0K	$620.0K
Stock-based Comp	$29M	$24M	$45M	$24M
Other Non-cash	$25M	$43M	$18M	$26M
Operating Cash Flow	$-167M	$-267M	$-138M	$-147M
CapEx	$229.0K	$135.0K	$2M	$1M
Investing Cash Flow	$-229.0K	$-135.0K	$-2M	$-1M
Debt Issued	$0	$59M	$39M	$0
Net Debt Issued	$0	$59M	$39M	·
Stock Issued	·	·	$14M	·
Financing Cash Flow	$-288.0K	$183M	$368M	$120M
Net Change in Cash	$-167M	$-84M	$228M	$-28M
Free Cash Flow	$-167M	$-267M	$-139M	$-148M

Profitability 8

Metric	2025	2024	2023	2022
Gross Margin	87.1%	85.6%	75.5%	·
Operating Margin	-91.4%	-502.2%	-24532.5%	·
Net Margin	-126.4%	-605.1%	-29558.9%	·
Pretax Margin	-126.4%	·	·	·
EBITDA Margin	-91.0%	-500.8%	-24448.2%	·
ROA	-69.4%	-84.4%	-69.7%	-111.6%
ROE	52.4%	151.7%	445.4%	390.6%
ROIC	69.8%	·	·	·

Liquidity & Solvency 5

Metric	2025	2024	2023	2022
Current Ratio	1.7	4.2	10.2	6.1
Quick Ratio	1.6	3.9	9.9	5.9
Debt / Equity	-0.5	-0.8	-1.9	-1.3
LT Debt / Equity	-0.5	-0.8	-1.9	-1.3
Interest Coverage	·	·	-4.0	-6.3

Efficiency 3

Metric	2025	2024	2023	2022
Asset Turnover	0.5	0.1	0.0	·
Inventory Turnover	5.2	3.6	0.3	·
Receivables Turnover	3.0	2.7	0.8	·

Per Share 5

Metric	2025	2024	2023	2022
Book Value / Share	$-6.14	$-4.37	$-1.26	$-1.80
Revenue / Share	$2.40	$0.87	$0.01	·
Cash Flow / Share	$-2.29	$-4.22	$-2.68	$-3.75
Cash / Share	$1.82	$5.13	$6.58	$3.75
EPS (TTM)	$-3.03	$-5.29	$-3.93	$-5.05

Growth Rates 1

Metric	Trend	2025	2024	2023	2022
Revenue YoY		216.9%	8001.5%	·	·

Valuation (TTM) 13

Metric	2025	2024	2023	2022
Revenue TTM	$175M	$55M	$682.0K	$0
Net Income TTM	$-221M	$-334M	$-202M	$-198M
Market Cap	$1.18B	$471M	$529M	$465M
Enterprise Value	$1.26B	$375M	$286M	$405M
P/E	-5.5	-1.5	-2.3	-2.2
P/S	6.8	8.5	776.1	·
P/B	-2.7	-1.9	-7.3	-6.2
P / Cash Flow	-7.1	-1.8	-3.8	-3.2
P / FCF	-7.1	-1.8	-3.8	-3.2
EV / EBITDA	-7.9	-1.4	-1.7	-2.4
EV / FCF	-7.6	-1.4	-2.1	-2.7
EV / Revenue	7.2	6.8	418.9	·
Earnings Yield	-18.3%	-65.1%	-43.0%	-45.0%

Income Statement 16

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023
Revenue	$74M	$58M	$58M	$50M	$40M	$29M	$30M	$16M	$7M	$2M	$682.0K	$0	$0	$0
Cost of Revenue	$15M	$12M	$8M	$6M	$5M	$4M	$4M	$2M	$1M	$426.0K	$167.0K	$0	$0	$0
Gross Profit	$59M	$46M	$50M	$43M	$34M	$25M	$26M	$14M	$6M	$1M	$515.0K	$0	$0	$0
R&D Expense	$8M	$8M	$7M	$7M	$9M	$9M	$9M	$9M	$7M	$9M	$13M	$12M	$13M	$11M
SG&A Expense	$55M	$54M	$48M	$52M	$85M	$94M	$77M	$76M	$76M	$62M	$57M	$23M	$19M	$19M
Operating Expenses	$63M	$62M	$56M	$59M	$94M	$104M	$85M	$85M	$83M	$71M	$70M	$36M	$32M	$30M
Operating Income	$-4M	$-15M	$-6M	$-15M	$-60M	$-79M	$-59M	$-71M	$-77M	$-70M	$-70M	$-36M	$-32M	$-30M
Interest Expense	·	·	·	·	·	·	·	·	$18M	$17M	·	$10M	$10M	$9M
Interest Income	$2M	$2M	$1M	$1M	$2M	$3M	$4M	$4M	$4M	$4M	$3M	$3M	$348.0K	$1M
Other Non-op	$-24.0K	$-831.0K	$-6.0K	$-7.0K	$-155.0K	$-22.0K	$49.0K	$-8.0K	$-6.0K	$-43.0K	$-14.0K	$-197.0K	$3.0K	$20.0K
Net Income	$-18M	$-30M	$-21M	$-30M	$-76M	$-94M	$-74M	$-86M	$-91M	$-83M	$-80M	$-43M	$-41M	$-38M
EPS (Basic)	$-0.21	$-0.37	$-0.26	$-0.41	$-1.05	$-1.31	$-0.99	$-1.32	$-1.56	$-1.42	$-1.44	$-0.76	$-0.84	$-0.89
EPS (Diluted)	$-0.21	$-0.37	$-0.26	$-0.41	$-1.05	$-1.31	$-0.99	$-1.32	$-1.56	$-1.42	$-1.44	$-0.76	$-0.84	$-0.89
Shares (Basic)	83,747,104	82,050,618	·	73,396,435	72,466,203	71,969,411	·	64,627,847	58,558,145	58,371,480	·	56,782,379	48,500,516	42,354,520
Shares (Diluted)	83,747,104	82,050,618	·	73,396,435	72,466,203	71,969,411	·	64,627,847	58,558,145	58,371,480	·	56,782,379	48,500,516	42,354,520
EBITDA	$-4M	$-15M	·	$-15M	$-60M	$-79M	·	$-71M	$-77M	$-70M	·	$-36M	$-32M	$-30M

Balance Sheet 24

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023
Cash & Equivalents	$182M	$181M	$130M	$135M	$150M	$212M	$297M	$335M	$276M	$322M	$381M	$214M	$249M	$130M
Receivables	$97M	$81M	$78M	$56M	$51M	$36M	$39M	$21M	$11M	$4M	$2M	·	·	·
Inventory	$8M	$7M	$6M	$4M	$3M	$3M	$3M	$3M	$2M	$1M	$1M	$111.0K	$111.0K	·
Prepaid Expense	$8M	$8M	$15M	$13M	$15M	$13M	$21M	$15M	$15M	$13M	$13M	$13M	$9M	$10M
Current Assets	$296M	$277M	$229M	$208M	$219M	$265M	$360M	$374M	$305M	$340M	$397M	$227M	$258M	$140M
PP&E (Net)	$971.0K	$1M	$1M	$1M	$1M	$1M	$1M	$2M	$2M	$2M	$2M	$2M	$1M	$1M
PP&E (Gross)	·	·	$5M	·	·	·	$4M	$4M	$4M	$4M	$4M	$4M	$3M	$3M
Accum. Depreciation	·	·	$3M	·	·	·	$3M	$3M	$2M	$2M	$2M	$2M	$2M	$2M
Other Non-current Assets	$3M	$3M	$3M	$2M	$2M	$2M	$2M	$2M	$2M	$2M	$2M	$4M	$4M	$299.0K
Total Assets	$327M	$305M	$259M	$240M	$250M	$294M	$378M	$387M	$319M	$356M	$414M	$237M	$265M	$144M
Accounts Payable	$5M	$6M	$5M	$1M	$4M	$12M	$11M	$7M	$8M	$8M	$13M	$6M	$4M	$5M
Accrued Liabilities	$109M	$83M	$90M	$65M	$64M	$43M	$53M	$36M	$27M	$17M	$17M	$13M	$15M	$8M
Current Liabilities	$154M	$125M	$132M	$93M	$92M	$74M	$86M	$65M	$47M	$43M	$39M	$24M	$22M	$14M
Capital Leases	$2M	$2M	$2M	$2M	$589.0K	$0	·	$0	$133.0K	$292.0K	$462.0K	$628.0K	$789.0K	$945.0K
Other Non-current Liabilities	$4M	$4M	$4M	$12M	$12M	$12M	$12M	$11M	$10M	$10M	$10M	$8M	$8M	$8M
Total Liabilities	$671M	$642M	$697M	$663M	$656M	$633M	$632M	$574M	$553M	$505M	$487M	$255M	$247M	$234M
Long-term Debt	$165M	$164M	$209M	$207M	$205M	$203M	$201M	$176M	$174M	$149M	$138M	$99M	$98M	$97M
Total Debt	$165M	$164M	·	$207M	$205M	$203M	·	$176M	$174M	$149M	·	$99M	$98M	$97M
Common Stock	$8.0K	$7.0K	$6.0K	$6.0K	$6.0K	$6.0K	$6.0K	$6.0K	$5.0K	$5.0K	$5.0K	$5.0K	$5.0K	$4.0K
Retained Earnings	$-1.53B	$-1.51B	$-1.48B	$-1.46B	$-1.43B	$-1.36B	$-1.26B	$-1.19B	$-1.10B	$-1.01B	$-929M	$-849M	$-806M	$-765M
Treasury Stock	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Stockholders' Equity	$-344M	$-337M	$-438M	$-423M	$-406M	$-338M	$-254M	$-187M	$-234M	$-149M	$-73M	$-18M	$18M	$-90M
Liabilities + Equity	$327M	$305M	$259M	$240M	$250M	$294M	$378M	$387M	$319M	$356M	$414M	$237M	$265M	$144M
Shares Outstanding	80,070,048	79,442,367	71,419,025	71,043,149	70,104,419	69,638,070	68,518,238	68,323,938	58,601,025	58,524,101	57,970,044	56,809,085	56,639,085	43,571,140

Cash Flow 12

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023
D&A	$114.0K	$110.0K	$128.0K	$156.0K	$172.0K	$177.0K	$193.0K	$191.0K	$197.0K	$214.0K	$185.0K	$121.0K	$123.0K	$146.0K
Stock-based Comp	$7M	$6M	$6M	$9M	$8M	$6M	$7M	$6M	$6M	$6M	$25M	$6M	$7M	$7M
Other Non-cash	·	$9M	·	·	·	$4M	·	·	·	$8M	·	·	·	$-9M
Operating Cash Flow	$-2M	$-16M	$-5M	$-14M	$-63M	$-85M	$-63M	$-64M	$-71M	$-69M	$-44M	$-32M	$-22M	$-40M
CapEx	$44.0K	$61.0K	$87.0K	$27.0K	$97.0K	$18.0K	$5.0K	$44.0K	$46.0K	$40.0K	$475.0K	$939.0K	$6.0K	$214.0K
Investing Cash Flow	$-44.0K	$-61.0K	$-87.0K	$-27.0K	$-97.0K	$-18.0K	$-5.0K	$-44.0K	$-46.0K	$-40.0K	$-475.0K	$-939.0K	$-6.0K	$-214.0K
Debt Issued	$0	$173M	$0	$0	$0	$0	$25M	$0	$25M	$10M	$39M	$0	$0	$0
Net Debt Issued	·	$-56M	·	·	·	$0	·	·	·	$10M	·	·	·	·
Stock Issued	·	·	·	·	·	·	·	·	·	·	$0	$0	·	·
Financing Cash Flow	$4M	$67M	$-97.0K	$-271.0K	$80.0K	$0	$26M	$122M	$25M	$10M	$212M	$13.0K	$142M	$14M
Net Change in Cash	$2M	$51M	$-5M	$-14M	$-63M	$-85M	$-37M	$58M	$-46M	$-59M	$168M	$-33M	$119M	$-26M
Free Cash Flow	·	$-16M	·	·	·	$-85M	·	·	·	$-69M	·	·	·	$-40M

Profitability 6

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023
Gross Margin	79.7%	79.4%	·	87.5%	87.2%	86.9%	·	85.6%	81.2%	77.7%	·	·	·	·
Operating Margin	-5.3%	-26.6%	·	-30.9%	-151.7%	-276.5%	·	-433.0%	-1055.4%	-3658.7%	·	·	·	·
Net Margin	-23.7%	-52.1%	·	-60.6%	-191.9%	-330.7%	·	-523.3%	-1248.6%	-4333.3%	·	·	·	·
EBITDA Margin	-5.3%	-26.4%	·	-30.9%	-151.7%	-275.9%	·	-433.0%	-1055.4%	-3647.5%	·	·	·	·
ROA	-6.1%	-10.1%	·	-9.6%	-26.6%	-29.0%	·	-27.4%	-31.3%	-33.1%	·	-19.7%	-17.1%	-25.8%
ROE	4.7%	9.0%	·	9.8%	23.7%	38.7%	·	83.5%	84.6%	69.4%	·	195.7%	-772.9%	145.0%

Liquidity & Solvency 5

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023
Current Ratio	1.9	2.2	·	2.2	2.4	3.6	·	5.7	6.5	7.8	·	9.5	12.0	9.7
Quick Ratio	1.8	2.1	·	2.1	2.2	3.4	·	5.4	6.1	7.5	·	8.9	11.6	9.0
Debt / Equity	-0.5	-0.5	·	-0.5	-0.5	-0.6	·	-0.9	-0.7	-1.0	·	-5.6	5.6	-1.1
LT Debt / Equity	-0.5	-0.5	·	-0.5	-0.5	-0.6	·	-0.9	-0.7	-1.0	·	-5.6	5.6	-1.1
Interest Coverage	·	·	·	·	·	·	·	·	-4.4	-4.1	·	-3.5	-3.3	-3.3

Efficiency 3

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023
Asset Turnover	0.3	0.2	·	0.2	0.1	0.1	·	0.1	0.0	0.0	·	·	·	·
Inventory Turnover	2.7	2.5	·	1.8	1.8	1.6	·	1.5	1.2	0.6	·	·	·	·
Receivables Turnover	1.0	1.0	·	1.3	1.3	1.4	·	1.6	1.3	1.0	·	·	·	·

Per Share 5

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023
Book Value / Share	$-4.30	$-4.24	·	$-5.95	$-5.79	$-4.86	·	$-2.74	$-3.99	$-2.54	·	$-0.31	$0.31	$-2.07
Revenue / Share	$0.89	$0.71	·	$0.67	$0.55	$0.40	·	$0.25	$0.13	$0.03	·	·	·	·
Cash Flow / Share	·	$-0.19	·	·	·	$-1.18	·	·	·	$-1.18	·	·	·	$-0.94
Cash / Share	$2.28	$2.28	·	$1.90	$2.13	$3.05	·	$4.90	$4.71	$5.51	·	$3.76	$4.39	$2.97
EPS (TTM)	$-1.25	$-2.09	·	$-3.76	$-4.67	$-5.18	·	$-5.74	$-5.18	$-4.46	·	$-3.82	$-4.38	$-4.87

Valuation (TTM) 11

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023
Revenue TTM	$240M	$205M	·	$147M	$114M	$82M	·	$26M	$10M	$3M	·	·	·	·
Net Income TTM	$-99M	$-157M	·	$-275M	$-330M	$-346M	·	$-339M	$-297M	$-247M	·	$-177M	$-185M	$-195M
Market Cap	$869M	$883M	·	$836M	$672M	$437M	·	$1.24B	$604M	$622M	·	$589M	$811M	$311M
Enterprise Value	$851M	$865M	·	$908M	$728M	$428M	·	$1.08B	$502M	$448M	·	$475M	$660M	$278M
P/E	-8.7	-5.3	·	-3.1	-2.1	-1.2	·	-3.1	-2.0	-2.4	·	-2.7	-3.3	-1.5
P/S	3.6	4.3	·	5.7	5.9	5.3	·	47.0	60.9	239.6	·	·	·	·
P/B	-2.5	-2.6	·	-2.0	-1.7	-1.3	·	-6.6	-2.6	-4.2	·	-33.1	46.1	-3.4
P / Tangible Book	·	·	·	·	·	·	·	·	·	·	·	·	46.1	·
P / Cash Flow	·	-56.4	·	·	·	-5.1	·	·	·	-9.0	·	·	·	-7.8
EV / Revenue	3.6	4.2	·	6.2	6.4	5.2	·	41.0	50.6	172.8	·	·	·	·
Earnings Yield	-11.5%	-18.8%	·	-31.9%	-48.7%	-82.6%	·	-31.8%	-50.3%	-42.0%	·	-36.8%	-30.6%	-68.2%

Most recent period on the left · null values shown as ·

Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years

16

Metric	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31
Revenue	$175M	$55M	$682.0K	$0	·
Gross Margin %	87.1%	85.6%	75.5%	·	·
Operating Margin %	-91.4%	-502.2%	-24532.5%	·	·
Net Income	$-221M	$-334M	$-202M	$-198M	$-144M
Diluted EPS	$-3.03	$-5.29	$-3.93	$-5.05	$-3.89

Metric	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31
Debt / Equity	-0.5	-0.8	-1.9	-1.3	1.2
Current Ratio	1.7	4.2	10.2	6.1	9.9
Quick Ratio	1.6	3.9	9.9	5.9	9.7

Metric	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31
Free Cash Flow	$-167M	$-267M	$-139M	$-148M	$-149M

Institutional owners (13F) 176 filers · $818.8M total · As of June 30, 2026

17

Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.

Holders 176

Value held $818.8M

New positions 26

Exited positions 31

Institutional activity — Q2 2026 vs prior quarter

New positions	Exited positions	Increased	Decreased	Net shares change
26 (-13 vs prior Q)	31 (-4 vs prior Q)	59 (-16 vs prior Q)	52 (+12 vs prior Q)	+5.7M

Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.

Institution	Value	Shares	% of tracked 13F	Type
Frazier Life Sciences Management, L.P.	$135,261,406	12,466,489	16.52%	Shares
Medicxi Ventures Management (Jersey) Ltd	$80,990,606	7,464,572	9.89%	Shares
VANGUARD GROUP INC	$52,709,931	3,177,211	6.44%	Shares
BlackRock, Inc.	$49,097,648	4,525,129	6.00%	Shares
Invesco Ltd.	$43,722,581	4,029,731	5.34%	Shares
Carlyle Group Inc.	$37,940,367	3,496,808	4.63%	Shares
MILLENNIUM MANAGEMENT LLC	$36,627,799	3,375,834	4.47%	Shares
VANGUARD CAPITAL MANAGEMENT LLC	$28,827,842	2,656,944	3.52%	Shares
FRANKLIN RESOURCES INC	$21,383,482	1,970,828	2.61%	Shares
NEA Management Company, LLC	$21,267,834	1,960,169	2.60%	Shares
683 Capital Management, LLC	$20,072,501	1,850,000	2.45%	Shares
GOLDMAN SACHS GROUP INC	$19,291,647	1,778,032	2.36%	Shares
STATE STREET CORP	$17,211,605	1,586,323	2.10%	Shares
Catalys Pacific, LLC	$16,208,316	1,493,854	1.98%	Shares
NOMURA ASSET MANAGEMENT INTERNATIONAL INC.	$15,871,000	1,462,738	1.94%	Shares
WASATCH ADVISORS LP	$14,897,577	1,340,916	1.82%	Shares
GEODE CAPITAL MANAGEMENT, LLC	$14,277,589	1,315,687	1.74%	Shares
Ensign Peak Advisors, Inc	$11,413,256	1,051,913	1.39%	Shares
Propel Bio Management, LLC	$11,396,384	1,050,358	1.39%	Shares
Point72 Asset Management, L.P.	$11,090,794	1,022,193	1.35%	Shares
VANGUARD PORTFOLIO MANAGEMENT LLC	$8,643,446	796,631	1.06%	Shares
SummitTX Capital, L.P.	$8,566,618	789,550	1.05%	Shares
HSBC HOLDINGS PLC	$7,701,936	709,695	0.94%	Shares
MARSHALL WACE, LLP	$7,227,078	666,090	0.88%	Shares
EcoR1 Capital, LLC	$6,781,250	625,000	0.83%	Shares
PERCEPTIVE ADVISORS LLC	$5,772,200	532,000	0.70%	Shares
TWO SIGMA INVESTMENTS, LP	$5,631,975	519,076	0.69%	Shares
CITADEL ADVISORS LLC	$5,216,680	480,800	0.64%	Call option
NORTHERN TRUST CORP	$4,972,565	458,301	0.61%	Shares
StepStone Group LP	$4,689,364	422,085	0.57%	Shares
CHARLES SCHWAB INVESTMENT MANAGEMENT INC	$4,547,170	419,094	0.56%	Shares
Woodline Partners LP	$4,004,214	369,052	0.49%	Shares
VANGUARD FIDUCIARY TRUST CO	$3,847,117	354,573	0.47%	Shares
AMERIPRISE FINANCIAL INC	$3,189,673	293,979	0.39%	Shares
JPMORGAN CHASE & CO	$2,991,978	275,251	0.37%	Shares
Simplify Asset Management Inc.	$2,704,547	249,267	0.33%	Shares
RENAISSANCE TECHNOLOGIES LLC	$2,456,440	226,400	0.30%	Shares
JANE STREET GROUP, LLC	$2,307,860	212,706	0.28%	Shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP	$2,281,755	210,300	0.28%	Call option
UBS Group AG	$2,219,618	204,573	0.27%	Shares
NewEdge Advisors, LLC	$2,212,988	203,962	0.27%	Shares
Avidity Partners Management LP	$2,170,000	200,000	0.27%	Shares
MORGAN STANLEY	$2,169,013	199,909	0.26%	Shares
Jump Financial, LLC	$2,081,746	191,866	0.25%	Shares
Opaleye Management Inc.	$2,013,641	185,589	0.25%	Shares
CITADEL ADVISORS LLC	$2,006,176	184,901	0.25%	Shares
Trexquant Investment LP	$1,886,641	173,884	0.23%	Shares
Jones Hill Capital LP	$1,752,123	161,486	0.21%	Shares
Bank of New York Mellon Corp	$1,652,595	152,313	0.20%	Shares
WELLS FARGO & COMPANY/MN	$1,649,221	152,002	0.20%	Shares

Show all 176 institutional owners →

Activists & 5%+ owners 5 positions

18

Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.

Filer	Filed	Stake	Status	Purpose	Filing
Frazier Life Sciences Public Fund, L.P., FHMLSP, L.P., FHMLSP, L.L.C., Frazier Life Sciences X, L.P., FHMLS X, L.P., FHMLS X, L.L.C., Frazier Life Sciences XI, L.P., FHMLS XI, L.P., FHMLS XI, L.L.C., Frazier Life Sciences IX, L.P., FHMLS IX, L.P., FHMLS IX, L.L.C., Frazier Life Sciences XII, L.P., FHMLS XII, L.P., FHMLS XII, L.L.C., James N. Topper, Patrick J. Heron ×3 filings	Nov. 4, 2025	8.60%	Amendment	·	SEC
Frazier Life Sciences IX, L.P., FHMLS IX, L.P., FHMLS IX, L.L.C., Frazier Life Sciences Public Fund, L.P., FHMLSP, L.P., FHMLSP, L.L.C., Frazier Life Sciences Public Overage Fund, L.P., FHMLSP Overage, L.P., FHMLSP Overage, L.L.C., Frazier Life Sciences XI, L.P., FHMLS XI, L.P., FHMLS XI, L.L.C., James N. Topper, Patrick J. Heron, Albert Cha, James Brush, Daniel Estes ×8 filings	Aug. 22, 2024	·	Initial filing	Passive investment	SEC
Takeda Pharmaceutical Company Limited ×3 filings	April 10, 2024	·	Initial filing	·	SEC
Frazier Life Sciences IX, L.P ., FHMLS IX, L.P., FHMLS IX, L.L.C., Frazier Life Sciences Public Fund, L.P., FHMLSP, L.P., FHMLSP, L.L.C., Frazier Life Sciences Public Overage Fund, L.P., FHMLSP Overage, L.P., FHMLSP Overage, L.L.C., Frazier Life Sciences XI, L.P., FHMLS XI, L.P., FHMLS XI, L.L.C., James N. Topper, Patrick J. Heron, Albert Cha, James Brush, Daniel Estes	May 26, 2023	·	Initial filing	Passive investment	SEC
S.S. OR ×5 filings	Nov. 12, 2021	·	Initial filing	·	SEC

Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.

Company insiders 20 insiders · 9 officers · 12 directors

19

Insider	Role	Last activity	Shares owned	Sells 12m	Net 12m
Steven L Basta	President and CEO	Feb. 10, 2026 F	373,315	0	$0
Molly Henderson	CFO and CBO	April 7, 2025 S	89,868	0	$0
Todd P. Branning	Chief Financial Officer	Jan. 28, 2021 A	·	0	$0
Terrie Curran	President and Chief Executive	Feb. 27, 2025 A	360,465	0	$0
Azmi Nabulsi	Chief Operating Officer	Feb. 27, 2025 A	312,590	0	$0
Robert Charles Breedlove	Principal Accounting Officer	Sept. 3, 2026 F	59,465	1	$-7,079
Anne Marie Cook	Chief Legal Off. & Corp. Sec.	Feb. 10, 2026 F	88,660	0	$0
Sanjeev Narula	Chief Financial & Bus. Officer	Jan. 2, 2026 A	226,715	0	$0
Anthony J. Guzzo	VP, Chief Accounting Officer	Jan. 19, 2022 A	8,399	0	$0
Asit Parikh	Director	May 22, 2026 G	148,500	0	$0
Mark Stenhouse	Director	May 19, 2026 A	54,122	0	$0
Theodore R Schroeder	Director	May 19, 2026 A	45,122	0	$0
James N. Topper	Director	May 19, 2026 A	66,718	0	$0
Frank Karbe	Director	May 19, 2026 A	91,622	0	$0
Michael F Cola	Director	May 19, 2026 A	63,920	0	$0
Heidi Kunz	Director	May 19, 2026 A	54,122	0	$0
David A Socks	Director	May 23, 2024 A	19,500	0	$0
Tadataka Yamada	Director	May 21, 2021 A	·	0	$0
Jonathan S. Edwards	Director	Oct. 29, 2019 C	47,984	0	$0
Takeda Pharmaceutical Company Limited	·	Jan. 24, 2024 S	3,755,583	0	$0

Insiders from SEC Form 3/4/5 filings; net = open-market P/S only

ETF ownership Held by 24 ETFs

20

Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.

Fund	Weight	Units	As of	Source
BBP · ETFis Series Trust I	1.16%	130,873 NS	July 31, 2026	N-PORT
PILL · Direxion Shares ETF Trust	0.64%	15,083 NS	July 31, 2026	N-PORT
IWC · iShares Trust	0.10%	167,720 SH	Sept. 11, 2026	Daily
IHE · iShares Trust	0.10%	187,890 SH	Sept. 11, 2026	Daily
VFMO · VANGUARD WELLINGTON FUND	0.04%	78,352 SH	Aug. 19, 2026	Daily
IBBQ · Invesco Exchange-Traded Fund Trust …	0.04%	5,742 SH	Oct. 1, 2026	Daily
IBB · iShares Trust	0.04%	439,273 SH	Sept. 11, 2026	Daily
VTWO · VANGUARD SCOTTSDALE FUNDS	0.02%	283,184 SH	Aug. 19, 2026	Daily
VTWV · VANGUARD SCOTTSDALE FUNDS	0.02%	30,521 SH	Aug. 19, 2026	Daily
ISCG · iShares Trust	0.02%	18,633 SH	Sept. 11, 2026	Daily
RSSL · Global X Funds	0.01%	23,493 NS	July 31, 2026	N-PORT
IWM · iShares Trust	0.01%	1,255,887 SH	Sept. 11, 2026	Daily
VXF · VANGUARD INDEX FUNDS	0.01%	586,438 SH	Aug. 19, 2026	Daily
VTWG · VANGUARD SCOTTSDALE FUNDS	0.01%	15,003 SH	Aug. 19, 2026	Daily
VHT · VANGUARD WORLD FUND	0.01%	148,237 SH	Aug. 19, 2026	Daily
IWO · iShares Trust	0.01%	132,821 SH	Sept. 11, 2026	Daily
FHLC · FIDELITY COVINGTON TRUST	0.01%	22,619 NS	July 31, 2026	N-PORT
WSML · iShares Trust	0.00%	2,597 SH	Sept. 11, 2026	Daily
ITOT · iShares Trust	0.00%	79,252 SH	Sept. 11, 2026	Daily
IWV · iShares Trust	0.00%	9,388 SH	Sept. 3, 2026	Daily
VTI · VANGUARD INDEX FUNDS	0.00%	2,007,668 SH	Aug. 19, 2026	Daily
VTHR · VANGUARD SCOTTSDALE FUNDS	0.00%	3,478 SH	Aug. 19, 2026	Daily
IWN · iShares Trust	·	330,692 SH	Sept. 11, 2026	Daily
ISCB · iShares Trust	·	2,641 SH	Sept. 11, 2026	Daily

PHAT Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside

21

rating · 17 analysts BUY

Median target $21.00 +203.5%

6 35.3% Strong Buy

9 52.9% Buy

2 11.8% Hold

0 0.0% Sell

0 0.0% Strong Sell

12-Month Price Target

11 analysts · 2026-09-29

Mean target $20.45 +195.6%

← Below all targets Current price $6.92

Low$10.00 Mean$20.45 High$29.00

Peer comparison (GICS sub-industry) Key metrics vs sector peers

22

FY basis, prices as of each company's last fiscal year-end close.

Ticker	Market Cap	P/E	Rev YoY	Net Margin	ROE	Gross Margin
PHAT	$1.18B	-5.5	216.9%	-126.4%	52.4%	87.1%
COLL	$1.47B	26.8	23.6%	8.1%	23.5%	59.4%
ACRS	$363M	-5.7	-58.2%	-829.6%	-55.3%	·
AQST	$788M	-8.3	-22.6%	-188.1%	157.7%	·
ZVRA	$509M	6.6	350.9%	78.2%	61.2%	·
CRMD	$922M	5.7	617.0%	52.3%	52.1%	88.5%
CTNM	·	-5.3	·	·	-27.7%	·
ARVN	$753M	-10.4	-0.30%	-30.8%	-15.5%	·
EOLS	$432M	-8.3	11.6%	-17.4%	247.3%	66.3%

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PHAT Phathom Pharmaceuticals, Inc. - Common Stock