Phathom Pharmaceuticals (PHAT) Operating Expenses (2018 - 2026)
Phathom Pharmaceuticals (PHAT) posted quarterly Operating Expenses of $63.1 million for Q2 2026, down 33.1% year-over-year from $94.4 million in Q2 2025, and up 2.2% quarter-over-quarter from $61.8 million in Q1 2026.
Phathom Pharmaceuticals (PHAT) Operating Expenses (2018 - 2026) Analysis & Trends
Phathom Pharmaceuticals (PHAT) has reported Operating Expenses for 9 consecutive years, with $63.1 million the latest figure, recorded in Q2 2026.
- In Q2 2026, Operating Expenses fell 33.1% year-over-year to $63.1 million; the TTM figure through Jun 2026 stood at $239.4 million (down 34.97% YoY), while the FY2025 annual figure was $312.5 million, down 3.77% from the prior year.
- Operating Expenses advanced to $63.1 million in Q2 2026 per PHAT's latest filing, from $61.8 million in the prior quarter.
- Across five years, Operating Expenses topped out at $103.7 million in Q1 2025 and bottomed at $30.1 million in Q1 2023.
- Historically, Operating Expenses has averaged $61.2 million across 5 years, with a median of $60.2 million in 2025.
- Annual changes were most pronounced in 2024 — Operating Expenses soared 162.6% — and 2026, when it slumped 40.4%.
- Phathom Pharmaceuticals' Operating Expenses stood at $46.6 million in 2022, then surged by 50.92% to $70.4 million in 2023, then increased by 21.13% to $85.3 million in 2024, then tumbled by 34.48% to $55.9 million in 2025, then increased by 13.03% to $63.1 million in 2026.
- Business Quant data shows PHAT's Operating Expenses at $63.1 million in Q2 2026, $61.8 million in Q1 2026, and $55.9 million in Q4 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Vertex Pharmaceuticals | 128.13 Bn | 120.28 Bn | 2.84 Bn | 2.09 Bn |
| 2 | Regeneron Pharmaceuticals | 112.33 Bn | 104.33 Bn | 3.93 Bn | 3.00 Bn |
| 3 | Argenx Se | 53.24 Bn | 48.05 Bn | 1.41 Bn | 2.89 Bn |
| 4 | Revolution Medicines | 43.64 Bn | 43.64 Bn | - | 505.13 Mn |
| 5 | BeOne Medicines | 39.27 Bn | 34.17 Bn | 1.53 Bn | 1.21 Bn |
| 6 | MindWalk Holdings | 35.32 Bn | 35.31 Bn | 1.82 Bn | 4,978.15 |
| 7 | Royalty Pharma | 33.72 Bn | 35.84 Bn | - | 541.02 Mn |
| 8 | Alnylam Pharmaceuticals | 30.58 Bn | 27.27 Bn | 992.69 Mn | 1.06 Bn |
| 9 | Insmed | 27.01 Bn | 25.85 Bn | 358.27 Mn | 427.03 Mn |
| 10 | Phathom Pharmaceuticals | 767.07 Mn | 581.73 Mn | 59.18 Mn | 63.14 Mn |
Historic Data
Download Data| Date | Value |
|---|---|
| Jun 30, 2026 | 63.14 Mn |
| Mar 31, 2026 | 61.78 Mn |
| Dec 31, 2025 | 55.86 Mn |
| Sep 30, 2025 | 58.59 Mn |
| Jun 30, 2025 | 94.39 Mn |
| Mar 31, 2025 | 103.66 Mn |
| Dec 31, 2024 | 85.27 Mn |
| Sep 30, 2024 | 84.79 Mn |
| Jun 30, 2024 | 83.25 Mn |
| Mar 31, 2024 | 71.44 Mn |
| Dec 31, 2023 | 70.39 Mn |
| Sep 30, 2023 | 35.66 Mn |
| Jun 30, 2023 | 31.70 Mn |
| Mar 31, 2023 | 30.08 Mn |
| Dec 31, 2022 | 46.64 Mn |
| Sep 30, 2022 | 42.53 Mn |
| Jun 30, 2022 | 45.36 Mn |
| Mar 31, 2022 | 37.91 Mn |
| Dec 31, 2021 | 33.04 Mn |
| Sep 30, 2021 | 33.14 Mn |