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Side-by-side financial comparison of IRONWOOD PHARMACEUTICALS INC (IRWD) 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 $47.7M, roughly 1.2× IRONWOOD PHARMACEUTICALS INC). On growth, Phathom Pharmaceuticals, Inc. posted the faster year-over-year revenue change (94.1% vs -47.3%). IRONWOOD PHARMACEUTICALS INC produced more free cash flow last quarter ($74.6M vs $-167.0M).
Ironwood Pharmaceuticals, Inc. is a publicly traded pharmaceutical company. It was originally called Microbia, Inc.
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.
IRWD vs PHAT — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $47.7M | $57.6M |
| Net Profit | $-2.3M | — |
| Gross Margin | — | 86.7% |
| Operating Margin | 14.3% | — |
| Net Margin | -4.8% | — |
| Revenue YoY | -47.3% | 94.1% |
| Net Profit YoY | -200.9% | 71.6% |
| EPS (diluted) | $0.01 | — |
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 | $47.7M | $57.6M | ||
| Q3 25 | $122.1M | $49.5M | ||
| Q2 25 | $85.2M | $39.5M | ||
| Q1 25 | $41.1M | $28.5M | ||
| Q4 24 | $90.5M | $29.7M | ||
| Q3 24 | $91.6M | $16.4M | ||
| Q2 24 | $94.4M | $7.3M | ||
| Q1 24 | $74.9M | — |
| Q4 25 | $-2.3M | — | ||
| Q3 25 | $40.1M | $-30.0M | ||
| Q2 25 | $23.6M | $-75.8M | ||
| Q1 25 | $-37.4M | $-94.3M | ||
| Q4 24 | $2.3M | — | ||
| Q3 24 | $3.6M | $-85.6M | ||
| Q2 24 | $-860.0K | $-91.4M | ||
| Q1 24 | $-4.2M | — |
| 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 | 14.3% | — | ||
| Q3 25 | 61.8% | -30.8% | ||
| Q2 25 | 53.2% | -151.7% | ||
| Q1 25 | -70.7% | -276.5% | ||
| Q4 24 | 34.8% | — | ||
| Q3 24 | 28.0% | -433.0% | ||
| Q2 24 | 26.5% | -1055.4% | ||
| Q1 24 | 14.7% | — |
| Q4 25 | -4.8% | — | ||
| Q3 25 | 32.8% | -60.5% | ||
| Q2 25 | 27.7% | -191.9% | ||
| Q1 25 | -90.9% | -330.7% | ||
| Q4 24 | 2.5% | — | ||
| Q3 24 | 4.0% | -523.3% | ||
| Q2 24 | -0.9% | -1248.6% | ||
| Q1 24 | -5.6% | — |
| Q4 25 | $0.01 | — | ||
| Q3 25 | $0.23 | $-0.41 | ||
| Q2 25 | $0.14 | $-1.05 | ||
| Q1 25 | $-0.23 | $-1.31 | ||
| Q4 24 | $0.03 | — | ||
| Q3 24 | $0.02 | $-1.32 | ||
| Q2 24 | $-0.01 | $-1.56 | ||
| Q1 24 | $-0.03 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $215.5M | $130.0M |
| Total DebtLower is stronger | — | $209.1M |
| Stockholders' EquityBook value | $-261.8M | $-438.2M |
| Total Assets | $396.9M | $259.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $215.5M | $130.0M | ||
| Q3 25 | $140.4M | $135.2M | ||
| Q2 25 | $92.9M | $149.6M | ||
| Q1 25 | $108.5M | $212.3M | ||
| Q4 24 | $88.6M | $297.3M | ||
| Q3 24 | $88.2M | $334.7M | ||
| Q2 24 | $105.5M | $276.2M | ||
| Q1 24 | $121.5M | — |
| Q4 25 | — | $209.1M | ||
| Q3 25 | $199.5M | $207.1M | ||
| Q2 25 | $199.3M | $205.1M | ||
| Q1 25 | $199.2M | $203.2M | ||
| Q4 24 | $199.0M | $201.4M | ||
| Q3 24 | $198.8M | $175.7M | ||
| Q2 24 | $198.6M | $174.4M | ||
| Q1 24 | $398.3M | — |
| Q4 25 | $-261.8M | $-438.2M | ||
| Q3 25 | $-264.2M | $-422.5M | ||
| Q2 25 | $-308.2M | $-405.8M | ||
| Q1 25 | $-334.1M | $-338.4M | ||
| Q4 24 | $-301.3M | $-253.6M | ||
| Q3 24 | $-311.3M | $-187.1M | ||
| Q2 24 | $-321.7M | $-233.8M | ||
| Q1 24 | $-330.5M | — |
| Q4 25 | $396.9M | $259.1M | ||
| Q3 25 | $396.1M | $240.3M | ||
| Q2 25 | $342.9M | $250.2M | ||
| Q1 25 | $327.2M | $294.2M | ||
| Q4 24 | $350.9M | $378.3M | ||
| Q3 24 | $389.5M | $387.0M | ||
| Q2 24 | $395.6M | $319.4M | ||
| Q1 24 | $438.8M | — |
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 | $74.6M | $-166.8M |
| Free Cash FlowOCF − Capex | $74.6M | $-167.0M |
| FCF MarginFCF / Revenue | 156.3% | -290.0% |
| Capex IntensityCapex / Revenue | 0.0% | 0.4% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $127.0M | $-328.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $74.6M | $-166.8M | ||
| Q3 25 | $47.6M | $-14.1M | ||
| Q2 25 | $-15.1M | $-62.7M | ||
| Q1 25 | $20.0M | $-84.9M | ||
| Q4 24 | $15.2M | $-266.8M | ||
| Q3 24 | $9.9M | $-63.6M | ||
| Q2 24 | $33.5M | $-70.7M | ||
| Q1 24 | $45.0M | — |
| Q4 25 | $74.6M | $-167.0M | ||
| Q3 25 | $47.6M | $-14.1M | ||
| Q2 25 | $-15.1M | $-62.8M | ||
| Q1 25 | $19.9M | $-84.9M | ||
| Q4 24 | — | $-266.9M | ||
| Q3 24 | $9.9M | $-63.6M | ||
| Q2 24 | $33.4M | $-70.8M | ||
| Q1 24 | $44.9M | — |
| Q4 25 | 156.3% | -290.0% | ||
| Q3 25 | 39.0% | -28.6% | ||
| Q2 25 | -17.7% | -159.0% | ||
| Q1 25 | 48.4% | -297.9% | ||
| Q4 24 | — | -899.8% | ||
| Q3 24 | 10.8% | -389.0% | ||
| Q2 24 | 35.4% | -966.2% | ||
| Q1 24 | 60.0% | — |
| Q4 25 | 0.0% | 0.4% | ||
| Q3 25 | 0.0% | 0.1% | ||
| Q2 25 | 0.0% | 0.2% | ||
| Q1 25 | 0.1% | 0.1% | ||
| Q4 24 | 0.0% | 0.5% | ||
| Q3 24 | 0.0% | 0.3% | ||
| Q2 24 | 0.1% | 0.6% | ||
| Q1 24 | 0.1% | — |
| Q4 25 | — | — | ||
| Q3 25 | 1.19× | — | ||
| Q2 25 | -0.64× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 6.74× | — | ||
| Q3 24 | 2.71× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
