PHAT Snapshot del titolo Prezzo, capitalizzazione di mercato, P/E, EPS, ROE, debito/capitale proprio, intervallo 52 settimane

03

Prezzo $6.83

Capitalizzazione di Mercato (MRQ) $547M

P/E (TTM) -5.5

EPS (TTM) $-1.25

Ricavi (TTM) $240M

ROE (TTM) 26.4%

D/E Debito/Patrimonio (MRQ) -0.5

Intervallo 52 sett. $7–$18

PHAT Grafico del prezzo delle azioni OHLCV giornaliero con indicatori tecnici — panoramica, zoom e personalizza la tua visualizzazione

04

intervallo

barre

La granularità delle barre si adatta al periodo selezionato — passa il mouse sul grafico per vedere apertura/massimo/minimo/chiusura di una barra.

Performance decennale Andamento di ricavi, utile netto, margini e EPS

06

Ricavi$175M

2022-12-31 → 2025-12-31

EPS$-3.03

2021-12-31 → 2025-12-31

Flusso di cassa libero$-167M

2019-12-31 → 2025-12-31

Margine netto-41.3%

2023-12-31 → 2025-12-31

Valutazione e Rapporti 07–12

Valutazione Rapporti P/E, P/S, P/B, EV/EBITDA — il titolo è costoso o economico?

Metrica	PHAT	media 5 anni	Mediana dei peer	Verdetto
P/E (TTM)	-5.5media 5 anni ≈-3.3	≈-3.3	·	·
P/S (TTM)	2.3media 5 anni ≈263.8	≈263.8	2.7	Più costoso
P/B (MRQ)	-1.6media 5 anni ≈-1.9	≈-1.9	·	·
EV / EBITDA	-3.9media 5 anni ≈-3.4	≈-3.4	·	·
Prezzo / FCF (TTM)	-14.8media 5 anni ≈-4.0	≈-4.0	·	·
Prezzo / Flusso di cassa (TTM)	-14.9media 5 anni ≈-4.0	≈-4.0	·	·
EV / Revenue (EV / Ricavi)	3.6media 5 anni ≈144.3	≈144.3	·	·
EV / FCF	-3.7media 5 anni ≈-3.4	≈-3.4	·	·

La mediana dei peer viene calcolata su base standardizzata per metrica e potrebbe non corrispondere sempre alla base TTM/MRQ mostrata per questo titolo.

Redditività Margini lordi, operativi e netti; ROE, ROA, ROIC

Metrica	PHAT	media 5 anni	Mediana dei peer	Verdetto
Margine lordo (TTM)	82.9%media 5 anni ≈82.7%	≈82.7%	71.8%	Di prim'ordine
Margine Operativo (TTM)	-17.0%media 5 anni ≈-8375.4%	≈-8375.4%	-1.8%	Sotto la media
Margine EBITDA (TTM)	-16.7%media 5 anni ≈-8346.7%	≈-8346.7%	1.8%	Debole
Pretax Margin (Margine ante imposte)	-126.4%	·	-6.8%	Debole
Margine di Profitto Netto (TTM)	-41.3%media 5 anni ≈-10096.8%	≈-10096.8%	-7.5%	Debole
ROA (TTM)	-34.3%media 5 anni ≈-78.9%	≈-78.9%	-15.7%	Debole
ROE (TTM)	26.4%media 5 anni ≈175.3%	≈175.3%	52.3%	In linea
ROIC	69.8%	·	40.3%	Di prim'ordine

Salute finanziaria Debito, liquidità, solvibilità — solidità del bilancio

Metrica	PHAT	media 5 anni	Mediana dei peer	Verdetto
Debito / Patrimonio Netto (MRQ)	-0.5media 5 anni ≈-0.6	≈-0.6	0.0	Basso indebitamento
Rapporto corrente (MRQ)	1.9media 5 anni ≈6.4	≈6.4	3.0	Bassa liquidità
Quick Ratio	1.6media 5 anni ≈6.2	≈6.2	2.0	In linea
Debito a lungo termine / Patrimonio netto (MRQ)	-0.5media 5 anni ≈-0.6	≈-0.6	0.0	Basso indebitamento

Crescita Crescita di ricavi, EPS e utile netto: YoY, CAGR 3Y, CAGR 5Y

Metrica	Tendenza 5 anni	PHAT	media 5 anni	Mediana dei peer	Verdetto
Revenue YoY (Ricavi YoY)		216.9%	·	·	·

Metriche per Azione EPS, valore contabile per azione, flusso di cassa per azione, dividendo per azione

Metrica	PHAT	media 5 anni	Mediana dei peer	Verdetto
EPS (Diluted) (EPS (Diluito))	$-3.03media 5 anni ≈$-4.24	≈$-4.24	·	·
Revenue / Share (Ricavi / Azione)	$2.40media 5 anni ≈$1.10	≈$1.10	·	·
Cash Flow / Share (Flusso di cassa / Azione)	$-2.29media 5 anni ≈$-3.23	≈$-3.23	·	·
Cash / Share (Liquidità / Azione)	$1.82media 5 anni ≈$4.66	≈$4.66	·	·

Efficienza del Capitale Rotazione delle attività, rotazione delle scorte, rotazione dei crediti

Metrica	PHAT	media 5 anni	Mediana dei peer	Verdetto
Asset Turnover (Rotazione delle attività)	0.5media 5 anni ≈0.2	≈0.2	0.5	Di prim'ordine
Inventory Turnover (Rotazione delle scorte)	5.2media 5 anni ≈3.0	≈3.0	3.0	Di prim'ordine
Receivables Turnover (Rotazione dei crediti)	3.0media 5 anni ≈2.2	≈2.2	3.5	Debole
Revenue / Employee (Ricavi / Dipendente)	≈$472.0K	·	·	·

valore · ≈ media 5 anni · mediana del settore · giudizio rispetto alla mediana

Cronologia utili EPS effettivo vs stima, surprise %, tasso di superamento, data prossimi utili

14

Sorpresa media 7.7%

Prossimo report Ott 28, 2026

Periodo	Rapporto	EPS Actual	EPS Stimato	Sorpresa
30 Giugno 2026	Ago 5, 2026	$-0.21	$-0.26	18.1%
31 Marzo 2026	Mag 12, 2026	$-0.37	$-0.33	-12.6%
31 Dicembre 2025		$-0.29	$-0.39	25.5%
30 Settembre 2025		$-0.41	$-0.56	26.2%
30 Giugno 2025		$-1.05	$-1.06	1.0%
31 Marzo 2025		$-1.31	$-1.17	-12.0%

Fondamentali Completi Tutte le metriche per anno — conto economico, stato patrimoniale, rendiconto finanziario

15

Conto Economico 18

Metrica	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

Stato Patrimoniale 24

Metrica	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

Flusso di cassa 12

Metrica	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

Redditività 8

Metrica	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%	·	·	·

Liquidità e Solvibilità 5

Metrica	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

Efficienza 3

Metrica	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 Azione 5

Metrica	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

Tassi di Crescita 1

Metrica	Tendenza	2025	2024	2023	2022
Revenue YoY		216.9%	8001.5%	·	·

Valutazione (TTM) 13

Metrica	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%

Conto Economico 16

Metrica	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

Stato Patrimoniale 24

Metrica	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

Flusso di cassa 12

Metrica	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

Redditività 6

Metrica	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%

Liquidità e Solvibilità 5

Metrica	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

Efficienza 3

Metrica	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 Azione 5

Metrica	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

Valutazione (TTM) 11

Metrica	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%

Periodo più recente a sinistra · valori nulli mostrati come ·

Bilanci Conto economico, stato patrimoniale, flusso di cassa — annuale, ultimi 5 anni

16

Metrica	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31
Ricavi	$175M	$55M	$682.0K	$0	·
Margine Lordo %	87.1%	85.6%	75.5%	·	·
Margine Operativo %	-91.4%	-502.2%	-24532.5%	·	·
Utile netto	$-221M	$-334M	$-202M	$-198M	$-144M
EPS Diluito	$-3.03	$-5.29	$-3.93	$-5.05	$-3.89

Metrica	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31
Debito / Patrimonio Netto	-0.5	-0.8	-1.9	-1.3	1.2
Rapporto corrente	1.7	4.2	10.2	6.1	9.9
Quick Ratio	1.6	3.9	9.9	5.9	9.7

Metrica	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31
Flusso di cassa libero	$-167M	$-267M	$-139M	$-148M	$-149M

Proprietari istituzionali (13F) 176 filer · $818.8M totale · Aggiornato al 30 Giugno 2026

17

Istituzioni che segnalano il possesso di questo titolo nel loro Modulo SEC 13F trimestrale. Solo posizioni lunghe; un singolo depositante può apparire due volte per diverse gambe di opzioni. Grandi posizioni put/call contrapposte riflettono tipicamente market-making o inventario coperto, non convinzione direzionale.

Detentori 176

Valore detenuto $818.8M

Nuove posizioni 26

Posizioni chiuse 31

Attività istituzionale — Q2 2026 vs trimestre precedente

Nuove posizioni	Posizioni chiuse	Aumentato	Diminuito	Variazione netta delle azioni
26 (-13 vs trimestre precedente)	31 (-4 vs trimestre precedente)	59 (-16 vs trimestre precedente)	52 (+12 vs trimestre precedente)	+5.7M

Confrontato con Q1 2026. Le dichiarazioni SEC Form 13F sono dovute entro 45 giorni dalla fine del trimestre più un breve margine per i dichiaranti in ritardo — i trimestri ancora all'interno di questa finestra vengono saltati a favore della coppia più recente completamente riportata.

Istituzione	Valore	Azioni	% di 13F tracciati	Tipo
Frazier Life Sciences Management, L.P.	$135.261.406	12.466.489	16,52%	Azioni
Medicxi Ventures Management (Jersey) Ltd	$80.990.606	7.464.572	9,89%	Azioni
VANGUARD GROUP INC	$52.709.931	3.177.211	6,44%	Azioni
BlackRock, Inc.	$49.097.648	4.525.129	6,00%	Azioni
Invesco Ltd.	$43.722.581	4.029.731	5,34%	Azioni
Carlyle Group Inc.	$37.940.367	3.496.808	4,63%	Azioni
MILLENNIUM MANAGEMENT LLC	$36.627.799	3.375.834	4,47%	Azioni
VANGUARD CAPITAL MANAGEMENT LLC	$28.827.842	2.656.944	3,52%	Azioni
FRANKLIN RESOURCES INC	$21.383.482	1.970.828	2,61%	Azioni
NEA Management Company, LLC	$21.267.834	1.960.169	2,60%	Azioni
683 Capital Management, LLC	$20.072.501	1.850.000	2,45%	Azioni
GOLDMAN SACHS GROUP INC	$19.291.647	1.778.032	2,36%	Azioni
STATE STREET CORP	$17.211.605	1.586.323	2,10%	Azioni
Catalys Pacific, LLC	$16.208.316	1.493.854	1,98%	Azioni
NOMURA ASSET MANAGEMENT INTERNATIONAL INC.	$15.871.000	1.462.738	1,94%	Azioni
WASATCH ADVISORS LP	$14.897.577	1.340.916	1,82%	Azioni
GEODE CAPITAL MANAGEMENT, LLC	$14.277.589	1.315.687	1,74%	Azioni
Ensign Peak Advisors, Inc	$11.413.256	1.051.913	1,39%	Azioni
Propel Bio Management, LLC	$11.396.384	1.050.358	1,39%	Azioni
Point72 Asset Management, L.P.	$11.090.794	1.022.193	1,35%	Azioni
VANGUARD PORTFOLIO MANAGEMENT LLC	$8.643.446	796.631	1,06%	Azioni
SummitTX Capital, L.P.	$8.566.618	789.550	1,05%	Azioni
HSBC HOLDINGS PLC	$7.701.936	709.695	0,94%	Azioni
MARSHALL WACE, LLP	$7.227.078	666.090	0,88%	Azioni
EcoR1 Capital, LLC	$6.781.250	625.000	0,83%	Azioni
PERCEPTIVE ADVISORS LLC	$5.772.200	532.000	0,70%	Azioni
TWO SIGMA INVESTMENTS, LP	$5.631.975	519.076	0,69%	Azioni
CITADEL ADVISORS LLC	$5.216.680	480.800	0,64%	Opzione Call
NORTHERN TRUST CORP	$4.972.565	458.301	0,61%	Azioni
StepStone Group LP	$4.689.364	422.085	0,57%	Azioni
CHARLES SCHWAB INVESTMENT MANAGEMENT INC	$4.547.170	419.094	0,56%	Azioni
Woodline Partners LP	$4.004.214	369.052	0,49%	Azioni
VANGUARD FIDUCIARY TRUST CO	$3.847.117	354.573	0,47%	Azioni
AMERIPRISE FINANCIAL INC	$3.189.673	293.979	0,39%	Azioni
JPMORGAN CHASE & CO	$2.991.978	275.251	0,37%	Azioni
Simplify Asset Management Inc.	$2.704.547	249.267	0,33%	Azioni
RENAISSANCE TECHNOLOGIES LLC	$2.456.440	226.400	0,30%	Azioni
JANE STREET GROUP, LLC	$2.307.860	212.706	0,28%	Azioni
SUSQUEHANNA INTERNATIONAL GROUP, LLP	$2.281.755	210.300	0,28%	Opzione Call
UBS Group AG	$2.219.618	204.573	0,27%	Azioni
NewEdge Advisors, LLC	$2.212.988	203.962	0,27%	Azioni
Avidity Partners Management LP	$2.170.000	200.000	0,27%	Azioni
MORGAN STANLEY	$2.169.013	199.909	0,26%	Azioni
Jump Financial, LLC	$2.081.746	191.866	0,25%	Azioni
Opaleye Management Inc.	$2.013.641	185.589	0,25%	Azioni
CITADEL ADVISORS LLC	$2.006.176	184.901	0,25%	Azioni
Trexquant Investment LP	$1.886.641	173.884	0,23%	Azioni
Jones Hill Capital LP	$1.752.123	161.486	0,21%	Azioni
Bank of New York Mellon Corp	$1.652.595	152.313	0,20%	Azioni
WELLS FARGO & COMPANY/MN	$1.649.221	152.002	0,20%	Azioni

Mostra tutti i 176 proprietari istituzionali →

Attivisti e proprietari del 5%+ 5 partecipazioni

18

Investitori che hanno depositato SEC Schedule 13D — proprietà effettiva superiore al 5% con l'intento di influenzare l'emittente (partecipazioni attiviste, campagne per il consiglio di amministrazione, M&A). Ogni riga mostra lo stato più recente noto della posizione di quel depositante.

Depositante	Depositato	Partecipazione	Stato	Scopo	Deposito
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 depositi	04 Novembre 2025	8,60%	Modifica	·	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 depositi	22 Agosto 2024	·	Deposito iniziale	Investimento passivo	SEC
Takeda Pharmaceutical Company Limited ×3 depositi	10 Aprile 2024	·	Deposito iniziale	·	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	26 Maggio 2023	·	Deposito iniziale	Investimento passivo	SEC
S.S. OR ×5 depositi	12 Novembre 2021	·	Deposito iniziale	·	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.

Insider aziendali 20 insider · 9 dirigenti · 12 direttori

19

Insider	Ruolo	Ultima attività	Azioni possedute	Vendite 12m	Netto 12m
Steven L Basta	President and CEO	10 Febbraio 2026 F	373.315	0	$0
Molly Henderson	CFO and CBO	07 Aprile 2025 S	89.868	0	$0
Todd P. Branning	Chief Financial Officer	28 Gennaio 2021 A	·	0	$0
Terrie Curran	President and Chief Executive	27 Febbraio 2025 A	360.465	0	$0
Azmi Nabulsi	Chief Operating Officer	27 Febbraio 2025 A	312.590	0	$0
Robert Charles Breedlove	Principal Accounting Officer	03 Settembre 2026 F	59.465	1	$-7.079
Anne Marie Cook	Chief Legal Off. & Corp. Sec.	10 Febbraio 2026 F	88.660	0	$0
Sanjeev Narula	Chief Financial & Bus. Officer	02 Gennaio 2026 A	226.715	0	$0
Anthony J. Guzzo	VP, Chief Accounting Officer	19 Gennaio 2022 A	8.399	0	$0
Asit Parikh	Direttore	22 Maggio 2026 G	148.500	0	$0
Mark Stenhouse	Direttore	19 Maggio 2026 A	54.122	0	$0
Theodore R Schroeder	Direttore	19 Maggio 2026 A	45.122	0	$0
James N. Topper	Direttore	19 Maggio 2026 A	66.718	0	$0
Frank Karbe	Direttore	19 Maggio 2026 A	91.622	0	$0
Michael F Cola	Direttore	19 Maggio 2026 A	63.920	0	$0
Heidi Kunz	Direttore	19 Maggio 2026 A	54.122	0	$0
David A Socks	Direttore	23 Maggio 2024 A	19.500	0	$0
Tadataka Yamada	Direttore	21 Maggio 2021 A	·	0	$0
Jonathan S. Edwards	Direttore	29 Ottobre 2019 C	47.984	0	$0
Takeda Pharmaceutical Company Limited	·	24 Gennaio 2024 S	3.755.583	0	$0

Insider dai depositi SEC Modulo 3/4/5; netto = solo acquisti/vendite di mercato

Proprietà ETF Posseduti da 24 ETF

20

Il peso riflette solo le partecipazioni azionarie dirette (N-PORT); fondi a leva o basati su derivati possono detenere ulteriore esposizione swap non mostrata.

Fondo	Peso	Unità	Aggiornato al	Fonte
BBP · ETFis Series Trust I	1,16%	130.873 NS	31 Luglio 2026	N-PORT
PILL · Direxion Shares ETF Trust	0,64%	15.083 NS	31 Luglio 2026	N-PORT
IWC · iShares Trust	0,10%	167.720 SH	11 Settembre 2026	Giornaliero
IHE · iShares Trust	0,10%	187.890 SH	11 Settembre 2026	Giornaliero
VFMO · VANGUARD WELLINGTON FUND	0,04%	78.352 SH	19 Agosto 2026	Giornaliero
IBBQ · Invesco Exchange-Traded Fund Trust …	0,04%	5.742 SH	02 Ottobre 2026	Giornaliero
IBB · iShares Trust	0,04%	439.273 SH	11 Settembre 2026	Giornaliero
VTWO · VANGUARD SCOTTSDALE FUNDS	0,02%	283.184 SH	19 Agosto 2026	Giornaliero
VTWV · VANGUARD SCOTTSDALE FUNDS	0,02%	30.521 SH	19 Agosto 2026	Giornaliero
ISCG · iShares Trust	0,02%	18.633 SH	11 Settembre 2026	Giornaliero
RSSL · Global X Funds	0,01%	23.493 NS	31 Luglio 2026	N-PORT
IWM · iShares Trust	0,01%	1.255.887 SH	11 Settembre 2026	Giornaliero
VXF · VANGUARD INDEX FUNDS	0,01%	586.438 SH	19 Agosto 2026	Giornaliero
VTWG · VANGUARD SCOTTSDALE FUNDS	0,01%	15.003 SH	19 Agosto 2026	Giornaliero
VHT · VANGUARD WORLD FUND	0,01%	148.237 SH	19 Agosto 2026	Giornaliero
IWO · iShares Trust	0,01%	132.821 SH	11 Settembre 2026	Giornaliero
FHLC · FIDELITY COVINGTON TRUST	0,01%	22.619 NS	31 Luglio 2026	N-PORT
WSML · iShares Trust	0,00%	2.597 SH	11 Settembre 2026	Giornaliero
ITOT · iShares Trust	0,00%	79.252 SH	11 Settembre 2026	Giornaliero
IWV · iShares Trust	0,00%	9.388 SH	03 Settembre 2026	Giornaliero
VTI · VANGUARD INDEX FUNDS	0,00%	2.007.668 SH	19 Agosto 2026	Giornaliero
VTHR · VANGUARD SCOTTSDALE FUNDS	0,00%	3.478 SH	19 Agosto 2026	Giornaliero
IWN · iShares Trust	·	330.692 SH	11 Settembre 2026	Giornaliero
ISCB · iShares Trust	·	2.641 SH	11 Settembre 2026	Giornaliero

PHAT Consenso degli analisti Opinioni degli analisti, sia rialziste che ribassiste, target price a 12 mesi, potenziale di rialzo

21

rating · 17 analisti COMPRA

Target mediano $21.00 +207,5%

6 35,3% Acquisto forte

9 52,9% Compra

2 11,8% Mantieni

0 0,0% Vendi

0 0,0% Vendita forte

Target Price a 12 Mesi

11 analisti · 2026-09-29

Target medio $20.45 +199,5%

← Sotto tutti i target Prezzo attuale $6.83

Basso$10.00 Media$20.45 Alto$29.00

Confronto Peer (GICS sub-settore industriale) Metriche chiave rispetto ai pari del settore

22

Base FY, prezzi alla chiusura dell'ultimo anno fiscale di ciascuna società.

Ticker	Capitalizzazione di Mercato	P/E	Rev YoY	Margine Netto	ROE	Margine lordo
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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26

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PHAT Phathom Pharmaceuticals, Inc. - Common Stock