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Side-by-side financial comparison of CS Disco, Inc. (LAW) 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 $41.2M, roughly 1.4× CS Disco, Inc.). On growth, Phathom Pharmaceuticals, Inc. posted the faster year-over-year revenue change (94.1% vs 11.3%). CS Disco, Inc. produced more free cash flow last quarter ($255.0K vs $-167.0M).
CS Disco, Inc. is a leading legal technology provider that develops cloud-based software solutions for legal practitioners. Its core offerings include e-discovery, document review, case management, and legal workflow automation tools, serving law firms, corporate legal teams, and government legal departments primarily in North America.
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.
LAW vs PHAT — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $41.2M | $57.6M |
| Net Profit | $-8.5M | — |
| Gross Margin | 75.1% | 86.7% |
| Operating Margin | -22.4% | — |
| Net Margin | -20.7% | — |
| Revenue YoY | 11.3% | 94.1% |
| Net Profit YoY | 66.3% | 71.6% |
| EPS (diluted) | $-0.13 | — |
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 | $41.2M | $57.6M | ||
| Q3 25 | $40.9M | $49.5M | ||
| Q2 25 | $38.1M | $39.5M | ||
| Q1 25 | $36.7M | $28.5M | ||
| Q4 24 | $37.0M | $29.7M | ||
| Q3 24 | $36.3M | $16.4M | ||
| Q2 24 | $36.0M | $7.3M | ||
| Q1 24 | $35.6M | — |
| Q4 25 | $-8.5M | — | ||
| Q3 25 | $-13.7M | $-30.0M | ||
| Q2 25 | $-10.8M | $-75.8M | ||
| Q1 25 | $-11.4M | $-94.3M | ||
| Q4 24 | $-25.2M | — | ||
| Q3 24 | $-9.2M | $-85.6M | ||
| Q2 24 | $-10.8M | $-91.4M | ||
| Q1 24 | $-10.6M | — |
| Q4 25 | 75.1% | 86.7% | ||
| Q3 25 | 75.5% | 87.5% | ||
| Q2 25 | 74.6% | 87.2% | ||
| Q1 25 | 74.1% | 86.9% | ||
| Q4 24 | 74.2% | 87.1% | ||
| Q3 24 | 73.1% | 85.6% | ||
| Q2 24 | 74.2% | 81.2% | ||
| Q1 24 | 75.1% | — |
| Q4 25 | -22.4% | — | ||
| Q3 25 | -35.3% | -30.8% | ||
| Q2 25 | -31.0% | -151.7% | ||
| Q1 25 | -34.4% | -276.5% | ||
| Q4 24 | -70.6% | — | ||
| Q3 24 | -30.0% | -433.0% | ||
| Q2 24 | -34.4% | -1055.4% | ||
| Q1 24 | -34.7% | — |
| Q4 25 | -20.7% | — | ||
| Q3 25 | -33.4% | -60.5% | ||
| Q2 25 | -28.4% | -191.9% | ||
| Q1 25 | -31.1% | -330.7% | ||
| Q4 24 | -68.1% | — | ||
| Q3 24 | -25.3% | -523.3% | ||
| Q2 24 | -30.1% | -1248.6% | ||
| Q1 24 | -29.7% | — |
| Q4 25 | $-0.13 | — | ||
| Q3 25 | $-0.22 | $-0.41 | ||
| Q2 25 | $-0.18 | $-1.05 | ||
| Q1 25 | $-0.19 | $-1.31 | ||
| Q4 24 | $-0.43 | — | ||
| Q3 24 | $-0.15 | $-1.32 | ||
| Q2 24 | $-0.18 | $-1.56 | ||
| Q1 24 | $-0.17 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $114.6M | $130.0M |
| Total DebtLower is stronger | — | $209.1M |
| Stockholders' EquityBook value | $128.1M | $-438.2M |
| Total Assets | $173.6M | $259.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $114.6M | $130.0M | ||
| Q3 25 | $113.5M | $135.2M | ||
| Q2 25 | $114.5M | $149.6M | ||
| Q1 25 | $118.8M | $212.3M | ||
| Q4 24 | $129.1M | $297.3M | ||
| Q3 24 | $126.8M | $334.7M | ||
| Q2 24 | $130.0M | $276.2M | ||
| Q1 24 | $148.7M | — |
| Q4 25 | — | $209.1M | ||
| Q3 25 | — | $207.1M | ||
| Q2 25 | — | $205.1M | ||
| Q1 25 | — | $203.2M | ||
| Q4 24 | — | $201.4M | ||
| Q3 24 | — | $175.7M | ||
| Q2 24 | — | $174.4M | ||
| Q1 24 | — | — |
| Q4 25 | $128.1M | $-438.2M | ||
| Q3 25 | $130.6M | $-422.5M | ||
| Q2 25 | $137.9M | $-405.8M | ||
| Q1 25 | $142.2M | $-338.4M | ||
| Q4 24 | $147.5M | $-253.6M | ||
| Q3 24 | $167.3M | $-187.1M | ||
| Q2 24 | $170.9M | $-233.8M | ||
| Q1 24 | $193.2M | — |
| Q4 25 | $173.6M | $259.1M | ||
| Q3 25 | $174.8M | $240.3M | ||
| Q2 25 | $164.9M | $250.2M | ||
| Q1 25 | $168.0M | $294.2M | ||
| Q4 24 | $180.3M | $378.3M | ||
| Q3 24 | $194.4M | $387.0M | ||
| Q2 24 | $198.0M | $319.4M | ||
| Q1 24 | $217.3M | — |
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 | $762.0K | $-166.8M |
| Free Cash FlowOCF − Capex | $255.0K | $-167.0M |
| FCF MarginFCF / Revenue | 0.6% | -290.0% |
| Capex IntensityCapex / Revenue | 1.2% | 0.4% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-18.0M | $-328.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $762.0K | $-166.8M | ||
| Q3 25 | $-979.0K | $-14.1M | ||
| Q2 25 | $-4.2M | $-62.7M | ||
| Q1 25 | $-10.5M | $-84.9M | ||
| Q4 24 | $2.1M | $-266.8M | ||
| Q3 24 | $-2.9M | $-63.6M | ||
| Q2 24 | $-650.0K | $-70.7M | ||
| Q1 24 | $-7.3M | — |
| Q4 25 | $255.0K | $-167.0M | ||
| Q3 25 | $-2.0M | $-14.1M | ||
| Q2 25 | $-5.2M | $-62.8M | ||
| Q1 25 | $-11.0M | $-84.9M | ||
| Q4 24 | $1.5M | $-266.9M | ||
| Q3 24 | $-3.7M | $-63.6M | ||
| Q2 24 | $-1.3M | $-70.8M | ||
| Q1 24 | $-8.0M | — |
| Q4 25 | 0.6% | -290.0% | ||
| Q3 25 | -5.0% | -28.6% | ||
| Q2 25 | -13.6% | -159.0% | ||
| Q1 25 | -30.1% | -297.9% | ||
| Q4 24 | 4.1% | -899.8% | ||
| Q3 24 | -10.3% | -389.0% | ||
| Q2 24 | -3.6% | -966.2% | ||
| Q1 24 | -22.5% | — |
| Q4 25 | 1.2% | 0.4% | ||
| Q3 25 | 2.6% | 0.1% | ||
| Q2 25 | 2.5% | 0.2% | ||
| Q1 25 | 1.4% | 0.1% | ||
| Q4 24 | 1.5% | 0.5% | ||
| Q3 24 | 2.4% | 0.3% | ||
| Q2 24 | 1.8% | 0.6% | ||
| Q1 24 | 1.9% | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
LAW
| Software | $35.1M | 85% |
| Services | $6.0M | 15% |
PHAT
Segment breakdown not available.
