Estados financieros detallados de Phathom Pharmaceuticals, Inc. (PHAT): cuenta de resultados, balance general y flujo de caja. Sigue la evolución de márgenes, deuda, liquidez y rentabilidad año a año con hasta 20 años de histórico.
Resumen del Análisis
Márgenes de los últimos 12 meses: margen bruto 82.9%, margen operativo -17.0%, margen neto -41.3%.
Al precio actual de $7.69, PHAT presenta beneficios negativos (P/E no significativo) y un ROE del 25.70%. La capitalización bursátil es de $622M.
Cuenta de Resultados (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | 0 | 0 | 0 | 0 | 0 | $682000 | $55.3M | $175.1M |
| Coste de Ventas | 0 | $8000 | $300000 | $521000 | $620000 | $167000 | $8.0M | $22.6M |
| Beneficio Bruto | 0 | -$8000 | -$300000 | -$521000 | -$620000 | $515000 | $47.3M | $152.5M |
| I+D | $20000 | $99.3M | $98.1M | $72.3M | $71.4M | $49.9M | $34.1M | $32.8M |
| Generales y Administrativos | $1.2M | $6.9M | $27.2M | $62.2M | $100.4M | $117.9M | $290.7M | $279.7M |
| Gastos Operativos | $1.2M | $106.2M | $125.4M | $134.6M | $171.8M | $167.8M | $324.7M | $312.5M |
| Beneficio Operativo | -$1.2M | -$106.2M | -$125.7M | -$135.1M | -$172.4M | -$167.3M | -$277.5M | -$160.0M |
| EBITDA | -$50000 | -$250.9M | -$124.2M | -$136.6M | -$169.8M | -$159.0M | -$261.5M | -$152.5M |
| Gastos por Intereses | $13000 | $4.2M | $4.6M | $6.8M | $27.3M | $42.0M | $72.0M | $68.1M |
| Beneficio Antes de Impuestos | -$1.3M | -$255.1M | -$129.1M | -$143.9M | -$197.7M | -$201.6M | -$334.3M | -$221.2M |
| Impuestos | $13000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Beneficio Neto | -$1.3M | -$209.7M | -$129.1M | -$143.9M | -$197.7M | -$201.6M | -$334.3M | -$221.2M |
| BPA | $-0.15 | $-8.48 | $-4.01 | $-4.00 | $-5.70 | $-3.93 | $-5.29 | $-3.03 |
| BPA Diluido | $-0.15 | $-8.48 | $-4.01 | $-4.00 | $-5.70 | $-3.93 | $-5.29 | $-3.03 |
| Acciones en Circulación (Diluidas) | $8.6M | $24.7M | $33.2M | $37.0M | $39.1M | $51.3M | $63.2M | $72.9M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $49.5M | $57.6M | $58.3M | $74.3M |
| Beneficio Bruto | $43.3M | $49.9M | $46.3M | $59.2M |
| Beneficio Operativo | -$15.3M | -$5.9M | -$15.5M | -$4.0M |
| EBITDA | -$13.7M | -$4.6M | -$14.5M | -$2.4M |
| Beneficio Neto | -$30.0M | -$21.1M | -$30.4M | -$17.6M |
| BPA | $-0.41 | $-0.29 | $-0.37 | $-0.21 |
| BPA Diluido | $-0.41 | $-0.29 | $-0.37 | $-0.21 |
Balance (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $879000 | $243.8M | $287.5M | $183.3M | $155.4M | $381.4M | $297.3M | $130.0M |
| Inversiones a Corto | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cuentas por Cobrar | 0 | 0 | $82000 | 0 | 0 | $1.6M | $38.8M | $78.1M |
| Inventario | 0 | 0 | -$82000 | 0 | 0 | $1.2M | $3.2M | $5.5M |
| Activos Corrientes | $902000 | $255.6M | $291.4M | $186.5M | $160.5M | $397.4M | $360.1M | $229.0M |
| Inmovilizado Material | 0 | $1.4M | $3.4M | $2.6M | $3.5M | $3.6M | $2.1M | $3.7M |
| Fondo de Comercio | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Intangibles | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Totales | $902000 | $257.2M | $295.1M | $189.4M | $164.8M | $413.8M | $378.3M | $259.1M |
| Cuentas por Pagar | $55000 | $699000 | $16.8M | $5.2M | $10.0M | $12.6M | $10.5M | $5.0M |
| Deuda a Corto | $1.9M | 0 | $7.4M | 0 | 0 | 0 | 0 | 0 |
| Pasivos Corrientes | $2.2M | $3.7M | $55.5M | $18.9M | $26.2M | $38.8M | $85.7M | $132.0M |
| Deuda a Largo | 0 | $22.8M | $39.6M | $89.7M | $95.3M | $137.8M | $201.4M | $209.1M |
| Pasivos Totales | $2.2M | $29.2M | $100.8M | $117.3M | $239.6M | $486.6M | $631.9M | $697.3M |
| Reservas | -$1.3M | -$256.4M | -$385.5M | -$529.4M | -$727.1M | -$928.7M | -$1.26B | -$1.48B |
| Patrimonio Neto | -$1.3M | $228.0M | $194.3M | $72.2M | -$74.8M | -$72.8M | -$253.6M | -$438.2M |
| Deuda Total | $1.9M | $23.6M | $49.0M | $91.3M | $97.1M | $139.0M | $201.9M | $211.8M |
| Deuda Neta | $1.1M | -$220.2M | -$238.5M | -$91.9M | -$58.3M | -$242.4M | -$95.4M | $81.8M |
| Capital Circulante | -$1.3M | $251.9M | $235.8M | $167.6M | $134.3M | $358.7M | $274.4M | $96.9M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $135.2M | $130.0M | $180.9M | $182.5M |
| Activos Totales | $240.3M | $259.1M | $305.1M | $327.1M |
| Pasivos Totales | $662.8M | $697.3M | $642.1M | $671.3M |
| Patrimonio Neto | -$422.5M | -$438.2M | -$337.0M | -$344.3M |
| Deuda Total | $209.8M | $211.8M | $166.3M | $167.1M |
Flujo de Caja (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | -$1.3M | -$255.1M | -$129.1M | -$143.9M | -$197.7M | -$201.6M | -$334.3M | -$221.2M |
| Amortizaciones | 0 | $8000 | $323000 | $521000 | $620000 | $575000 | $795000 | $633000 |
| Compensación en Acciones | 0 | $406000 | $5.8M | $16.8M | $24.1M | $45.0M | $24.0M | $28.7M |
| Cambio en Capital Circulante | $215000 | -$9.5M | $51.7M | -$27.3M | $5.4M | -$13.6M | -$15.3M | -$12.4M |
| Flujo de Caja Operativo | -$1.0M | -$36.5M | -$69.7M | -$148.5M | -$146.5M | -$137.6M | -$266.8M | -$166.8M |
| Inversiones (CapEx) | 0 | -$25.2M | -$1.0M | -$328000 | -$1.0M | -$1.6M | -$135000 | -$229000 |
| Adquisiciones | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Recompra de Acciones | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | -$1.0M | -$61.8M | -$70.7M | -$148.8M | -$147.6M | -$139.2M | -$266.9M | -$166.8M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | -$14.1M | -$5.0M | -$15.6M | -$1.9M |
| Inversiones (CapEx) | -$27000 | $115000 | -$61000 | -$44000 |
| Flujo de Caja Libre | -$14.1M | -$4.9M | -$15.7M | -$2.0M |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | $9.3M | $5.6M | $5.5M | $6.7M |
Crecimiento y Márgenes (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | | | | | | +8001.5% | +216.9% |
| Crecimiento Beneficio Neto (anual) | | -16184.5% | +38.5% | -11.5% | -37.4% | -2.0% | -65.8% | +33.8% |
| Crecimiento BPA (anual) | | -5553.3% | +52.7% | +0.2% | -42.5% | +31.1% | -34.6% | +42.7% |
| Cambio en Acciones (anual) | | +188.3% | +34.4% | +11.4% | +5.7% | +31.1% | +23.2% | +15.4% |
| Crecimiento FCF (anual) | | -5937.1% | -14.5% | -110.4% | +0.8% | +5.7% | -91.7% | +37.5% |
| Margen Bruto | | | | | | 75.5% | 85.6% | 87.1% |
| Margen Operativo | | | | | | -24532.6% | -502.2% | -91.4% |
| Margen EBITDA | | | | | | -23321.0% | -473.3% | -87.1% |
| Margen Neto | | | | | | -29558.9% | -605.1% | -126.3% |
| Margen FCF | | | | | | -20412.6% | -483.1% | -95.2% |
| Tasa Impositiva Efectiva | -1.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% |
Datos por Acción (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $-0.12 | $-2.50 | $-2.13 | $-4.02 | $-3.77 | $-2.71 | $-4.22 | $-2.29 |
| Dividendo por Acción | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $8.6M | $24.7M | $33.2M | $37.0M | $39.1M | $51.3M | $63.2M | $72.9M |
Qué mirar en Biotech
La mayoría de biotechs pequeñas pierden dinero. Analizarlas con P/E no tiene sentido — mira caja y pipeline.
- Cash Runway — Meses de caja al ritmo de gasto actual. <18 meses = riesgo de dilución urgente
- Cash burn anual — Ritmo al que queman caja operativa. Comparar con posición de caja para proyectar runway
- Total Debt — Biotech sin ingresos + deuda = receta para bancarrota
- I+D / Capitalización — Cuánto invierten en pipeline vs lo que vale la empresa — indicador de intensidad investigadora
- Market cap / Cash — Si cotiza cerca de su caja, el mercado le da ~0 valor al pipeline — puede ser oportunidad o trampa
Rentabilidad
| Rentabilidad sobre capital | 25.70% |
| Rentabilidad sobre capital invertido | -23.36% |
| Rentabilidad sobre activos | -30.29% |
| Margen bruto | 82.92% |
| Margen operativo | -16.96% |
| Margen neto | -41.34% |
Salud financiera
| Deuda / Patrimonio | -0.49 |
| Ratio corriente | 1.92 |
| Piotroski F-Score | 5 |
| Altman Z-Score | -7.89 |
Ratios Clave (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -164.00 | -3.67 | -8.28 | -4.92 | -1.97 | -2.32 | -1.53 | -5.48 |
| P/VC | -164.09 | 3.38 | 5.68 | 10.09 | -5.87 | -6.44 | -2.02 | -2.76 |
| P/V | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 686.61 | 9.28 | 6.91 |
| Margen Bruto | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 75.5% | 85.6% | 87.1% |
| Margen Operativo | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | -24532.6% | -502.2% | -91.4% |
| Margen Neto | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | -29558.9% | -605.1% | -126.3% |