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Side-by-side financial comparison of Phathom Pharmaceuticals, Inc. (PHAT) and STEM, INC. (STEM). Click either name above to swap in a different company.
Phathom Pharmaceuticals, Inc. is the larger business by last-quarter revenue ($57.6M vs $47.1M, roughly 1.2× STEM, INC.). On growth, Phathom Pharmaceuticals, Inc. posted the faster year-over-year revenue change (94.1% vs -15.6%).
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.
StemCells, Inc. is a public biopharmaceutical company headquartered in Newark, California, that is developing purified human neural stem cells (HuCNS-SCs) in the hopes of treating central nervous system disorders and paralysis. StemCells' HuCNS-SCs have the ability to differentiate into the three main types of cells found in the central nervous system: neurons, astrocytes and oligodendrocytes.
PHAT vs STEM — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $57.6M | $47.1M |
| Net Profit | — | $-16.0M |
| Gross Margin | 86.7% | 48.9% |
| Operating Margin | — | -17.7% |
| Net Margin | — | -33.9% |
| Revenue YoY | 94.1% | -15.6% |
| Net Profit YoY | 71.6% | 68.8% |
| EPS (diluted) | — | $-4.40 |
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 | $57.6M | $47.1M | ||
| Q3 25 | $49.5M | $38.2M | ||
| Q2 25 | $39.5M | $38.4M | ||
| Q1 25 | $28.5M | $32.5M | ||
| Q4 24 | $29.7M | $55.8M | ||
| Q3 24 | $16.4M | $29.3M | ||
| Q2 24 | $7.3M | $34.0M | ||
| Q1 24 | — | $25.5M |
| Q4 25 | — | $-16.0M | ||
| Q3 25 | $-30.0M | $-23.8M | ||
| Q2 25 | $-75.8M | $202.5M | ||
| Q1 25 | $-94.3M | $-25.0M | ||
| Q4 24 | — | $-51.1M | ||
| Q3 24 | $-85.6M | $-148.3M | ||
| Q2 24 | $-91.4M | $-582.3M | ||
| Q1 24 | — | $-72.3M |
| Q4 25 | 86.7% | 48.9% | ||
| Q3 25 | 87.5% | 35.5% | ||
| Q2 25 | 87.2% | 33.4% | ||
| Q1 25 | 86.9% | 32.4% | ||
| Q4 24 | 87.1% | -4.4% | ||
| Q3 24 | 85.6% | 21.2% | ||
| Q2 24 | 81.2% | 27.6% | ||
| Q1 24 | — | -95.0% |
| Q4 25 | — | -17.7% | ||
| Q3 25 | -30.8% | -33.6% | ||
| Q2 25 | -151.7% | -34.8% | ||
| Q1 25 | -276.5% | -65.0% | ||
| Q4 24 | — | -84.4% | ||
| Q3 24 | -433.0% | -493.2% | ||
| Q2 24 | -1055.4% | -1705.5% | ||
| Q1 24 | — | -267.0% |
| Q4 25 | — | -33.9% | ||
| Q3 25 | -60.5% | -62.2% | ||
| Q2 25 | -191.9% | 527.8% | ||
| Q1 25 | -330.7% | -76.9% | ||
| Q4 24 | — | -91.6% | ||
| Q3 24 | -523.3% | -506.3% | ||
| Q2 24 | -1248.6% | -1712.6% | ||
| Q1 24 | — | -283.9% |
| Q4 25 | — | $-4.40 | ||
| Q3 25 | $-0.41 | $-2.84 | ||
| Q2 25 | $-1.05 | $-1.79 | ||
| Q1 25 | $-1.31 | $-0.15 | ||
| Q4 24 | — | $-15.29 | ||
| Q3 24 | $-1.32 | $-18.24 | ||
| Q2 24 | $-1.56 | $-71.81 | ||
| Q1 24 | — | $-0.46 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $130.0M | $48.9M |
| Total DebtLower is stronger | $209.1M | — |
| Stockholders' EquityBook value | $-438.2M | $-249.4M |
| Total Assets | $259.1M | $308.9M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $130.0M | $48.9M | ||
| Q3 25 | $135.2M | $43.1M | ||
| Q2 25 | $149.6M | $40.8M | ||
| Q1 25 | $212.3M | $58.6M | ||
| Q4 24 | $297.3M | $56.3M | ||
| Q3 24 | $334.7M | $75.4M | ||
| Q2 24 | $276.2M | $89.6M | ||
| Q1 24 | — | $112.8M |
| 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 | $-438.2M | $-249.4M | ||
| Q3 25 | $-422.5M | $-235.7M | ||
| Q2 25 | $-405.8M | $-214.1M | ||
| Q1 25 | $-338.4M | $-417.5M | ||
| Q4 24 | $-253.6M | $-398.4M | ||
| Q3 24 | $-187.1M | $-344.1M | ||
| Q2 24 | $-233.8M | $-203.2M | ||
| Q1 24 | — | $371.6M |
| Q4 25 | $259.1M | $308.9M | ||
| Q3 25 | $240.3M | $362.6M | ||
| Q2 25 | $250.2M | $379.2M | ||
| Q1 25 | $294.2M | $405.1M | ||
| Q4 24 | $378.3M | $437.4M | ||
| Q3 24 | $387.0M | $537.8M | ||
| Q2 24 | $319.4M | $691.5M | ||
| Q1 24 | — | $1.3B |
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 | $-166.8M | $8.2M |
| Free Cash FlowOCF − Capex | $-167.0M | — |
| FCF MarginFCF / Revenue | -290.0% | — |
| Capex IntensityCapex / Revenue | 0.4% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-328.9M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-166.8M | $8.2M | ||
| Q3 25 | $-14.1M | $11.4M | ||
| Q2 25 | $-62.7M | $-21.3M | ||
| Q1 25 | $-84.9M | $8.5M | ||
| Q4 24 | $-266.8M | $-14.7M | ||
| Q3 24 | $-63.6M | $-9.4M | ||
| Q2 24 | $-70.7M | $-11.9M | ||
| Q1 24 | — | $-621.0K |
| Q4 25 | $-167.0M | — | ||
| Q3 25 | $-14.1M | — | ||
| Q2 25 | $-62.8M | — | ||
| Q1 25 | $-84.9M | — | ||
| Q4 24 | $-266.9M | — | ||
| Q3 24 | $-63.6M | — | ||
| Q2 24 | $-70.8M | — | ||
| Q1 24 | — | — |
| Q4 25 | -290.0% | — | ||
| Q3 25 | -28.6% | — | ||
| Q2 25 | -159.0% | — | ||
| Q1 25 | -297.9% | — | ||
| Q4 24 | -899.8% | — | ||
| Q3 24 | -389.0% | — | ||
| Q2 24 | -966.2% | — | ||
| Q1 24 | — | — |
| Q4 25 | 0.4% | — | ||
| Q3 25 | 0.1% | — | ||
| Q2 25 | 0.2% | — | ||
| Q1 25 | 0.1% | — | ||
| Q4 24 | 0.5% | — | ||
| Q3 24 | 0.3% | — | ||
| Q2 24 | 0.6% | — | ||
| Q1 24 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | -0.11× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
