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Side-by-side financial comparison of ADAMAS TRUST, INC. (ADAM) and Phathom Pharmaceuticals, Inc. (PHAT). Click either name above to swap in a different company.
Phathom Pharmaceuticals, Inc. is the larger business by last-quarter revenue ($57.6M vs $43.2M, roughly 1.3× ADAMAS TRUST, INC.). On growth, Phathom Pharmaceuticals, Inc. posted the faster year-over-year revenue change (94.1% vs 61.6%). ADAMAS TRUST, INC. produced more free cash flow last quarter ($125.9M vs $-167.0M).
Phathom Pharmaceuticals is a clinical-stage biopharmaceutical firm focused on developing and commercializing innovative therapies for gastrointestinal diseases. Its lead product candidates address acid-related disorders, inflammatory bowel disease, and other GI conditions, serving patients mainly across North America and Europe.
ADAM vs PHAT — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $43.2M | $57.6M |
| Net Profit | $53.5M | — |
| Gross Margin | — | 86.7% |
| Operating Margin | — | — |
| Net Margin | 124.0% | — |
| Revenue YoY | 61.6% | 94.1% |
| Net Profit YoY | 270.5% | 71.6% |
| EPS (diluted) | $0.45 | — |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $43.2M | $57.6M | ||
| Q3 25 | $36.6M | $49.5M | ||
| Q2 25 | $36.4M | $39.5M | ||
| Q1 25 | $33.1M | $28.5M | ||
| Q4 24 | $26.7M | $29.7M | ||
| Q3 24 | $20.2M | $16.4M | ||
| Q2 24 | $19.0M | $7.3M | ||
| Q1 24 | $17.9M | — |
| Q4 25 | $53.5M | — | ||
| Q3 25 | $44.8M | $-30.0M | ||
| Q2 25 | $8.5M | $-75.8M | ||
| Q1 25 | $42.2M | $-94.3M | ||
| Q4 24 | $-31.4M | — | ||
| Q3 24 | $42.8M | $-85.6M | ||
| Q2 24 | $-15.6M | $-91.4M | ||
| Q1 24 | $-57.9M | — |
| Q4 25 | — | 86.7% | ||
| Q3 25 | — | 87.5% | ||
| Q2 25 | — | 87.2% | ||
| Q1 25 | — | 86.9% | ||
| Q4 24 | — | 87.1% | ||
| Q3 24 | — | 85.6% | ||
| Q2 24 | — | 81.2% | ||
| Q1 24 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | — | -30.8% | ||
| Q2 25 | 11.7% | -151.7% | ||
| Q1 25 | — | -276.5% | ||
| Q4 24 | -119.0% | — | ||
| Q3 24 | — | -433.0% | ||
| Q2 24 | -124.7% | -1055.4% | ||
| Q1 24 | -448.8% | — |
| Q4 25 | 124.0% | — | ||
| Q3 25 | 122.5% | -60.5% | ||
| Q2 25 | 23.4% | -191.9% | ||
| Q1 25 | 127.4% | -330.7% | ||
| Q4 24 | -117.5% | — | ||
| Q3 24 | 211.7% | -523.3% | ||
| Q2 24 | -81.9% | -1248.6% | ||
| Q1 24 | -324.1% | — |
| Q4 25 | $0.45 | — | ||
| Q3 25 | $0.36 | $-0.41 | ||
| Q2 25 | $-0.04 | $-1.05 | ||
| Q1 25 | $0.33 | $-1.31 | ||
| Q4 24 | $-0.46 | — | ||
| Q3 24 | $0.36 | $-1.32 | ||
| Q2 24 | $-0.29 | $-1.56 | ||
| Q1 24 | $-0.75 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $210.3M | $130.0M |
| Total DebtLower is stronger | $735.8M | $209.1M |
| Stockholders' EquityBook value | $1.4B | $-438.2M |
| Total Assets | $12.6B | $259.1M |
| Debt / EquityLower = less leverage | 0.52× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $210.3M | $130.0M | ||
| Q3 25 | $185.3M | $135.2M | ||
| Q2 25 | $160.4M | $149.6M | ||
| Q1 25 | $177.1M | $212.3M | ||
| Q4 24 | $167.4M | $297.3M | ||
| Q3 24 | $195.1M | $334.7M | ||
| Q2 24 | $235.5M | $276.2M | ||
| Q1 24 | $226.9M | — |
| Q4 25 | $735.8M | $209.1M | ||
| Q3 25 | $766.6M | $207.1M | ||
| Q2 25 | $653.0M | $205.1M | ||
| Q1 25 | $654.4M | $203.2M | ||
| Q4 24 | $573.2M | $201.4M | ||
| Q3 24 | $699.4M | $175.7M | ||
| Q2 24 | $800.7M | $174.4M | ||
| Q1 24 | $1.0B | — |
| Q4 25 | $1.4B | $-438.2M | ||
| Q3 25 | $1.4B | $-422.5M | ||
| Q2 25 | $1.4B | $-405.8M | ||
| Q1 25 | $1.4B | $-338.4M | ||
| Q4 24 | $1.4B | $-253.6M | ||
| Q3 24 | $1.4B | $-187.1M | ||
| Q2 24 | $1.4B | $-233.8M | ||
| Q1 24 | $1.5B | — |
| Q4 25 | $12.6B | $259.1M | ||
| Q3 25 | $12.4B | $240.3M | ||
| Q2 25 | $10.6B | $250.2M | ||
| Q1 25 | $10.0B | $294.2M | ||
| Q4 24 | $9.2B | $378.3M | ||
| Q3 24 | $8.9B | $387.0M | ||
| Q2 24 | $8.2B | $319.4M | ||
| Q1 24 | $7.4B | — |
| Q4 25 | 0.52× | — | ||
| Q3 25 | 0.55× | — | ||
| Q2 25 | 0.47× | — | ||
| Q1 25 | 0.47× | — | ||
| Q4 24 | 0.41× | — | ||
| Q3 24 | 0.48× | — | ||
| Q2 24 | 0.56× | — | ||
| Q1 24 | 0.67× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $134.0M | $-166.8M |
| Free Cash FlowOCF − Capex | $125.9M | $-167.0M |
| FCF MarginFCF / Revenue | 291.6% | -290.0% |
| Capex IntensityCapex / Revenue | 18.9% | 0.4% |
| Cash ConversionOCF / Net Profit | 2.50× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-328.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $134.0M | $-166.8M | ||
| Q3 25 | $6.9M | $-14.1M | ||
| Q2 25 | $39.2M | $-62.7M | ||
| Q1 25 | $25.8M | $-84.9M | ||
| Q4 24 | $14.1M | $-266.8M | ||
| Q3 24 | $-922.0K | $-63.6M | ||
| Q2 24 | $-993.0K | $-70.7M | ||
| Q1 24 | $-13.1M | — |
| Q4 25 | $125.9M | $-167.0M | ||
| Q3 25 | — | $-14.1M | ||
| Q2 25 | — | $-62.8M | ||
| Q1 25 | — | $-84.9M | ||
| Q4 24 | $-10.6M | $-266.9M | ||
| Q3 24 | $-8.6M | $-63.6M | ||
| Q2 24 | $-8.6M | $-70.8M | ||
| Q1 24 | $-19.1M | — |
| Q4 25 | 291.6% | -290.0% | ||
| Q3 25 | — | -28.6% | ||
| Q2 25 | — | -159.0% | ||
| Q1 25 | — | -297.9% | ||
| Q4 24 | -39.6% | -899.8% | ||
| Q3 24 | -42.3% | -389.0% | ||
| Q2 24 | -44.9% | -966.2% | ||
| Q1 24 | -107.0% | — |
| Q4 25 | 18.9% | 0.4% | ||
| Q3 25 | — | 0.1% | ||
| Q2 25 | — | 0.2% | ||
| Q1 25 | — | 0.1% | ||
| Q4 24 | 92.3% | 0.5% | ||
| Q3 24 | 37.7% | 0.3% | ||
| Q2 24 | 39.7% | 0.6% | ||
| Q1 24 | 33.5% | — |
| Q4 25 | 2.50× | — | ||
| Q3 25 | 0.15× | — | ||
| Q2 25 | 4.59× | — | ||
| Q1 25 | 0.61× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | -0.02× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ADAM
| Other | $19.6M | 45% |
| Constructive Loans LLC | $14.4M | 33% |
| Multifamily | $9.1M | 21% |
PHAT
Segment breakdown not available.
