Phathom Pharmaceuticals, Inc.

PHAT • NASDAQ

Phathom Pharmaceuticals, Inc. is a biotechnology company in the healthcare sector on NASDAQ, led by Terrie Curran, with a market cap of $1.0B. As of Q3 2025, 88% of shares are held by 132 institutional investors, with Frazier Life Sciences Management, L.P. as the largest holder at 17.57%.

President, Chief Executive Officer and DirectorTerrie Curran

Market Cap$1.0B

Biotechnology

Healthcare

Employees112.0

Websitephathompharma.com

Country

United States of America

Overview

Overview of institutional ownership in PHAT as of Q3 2025 with a market cap of $835.0M

All Institutions

Institutions: 132
Value Held: $733.7M
Shares Held: 62.3M
Avg Position: $5.6M
Median Position: $358.2K

Hedge Funds

Hedge Funds: 23
Value Held: $129.7M
Shares Held: 11.0M
Avg Position: $5.6M
Median Position: $1.0M

Ownership Breakdown

Institutional (non-HF)

72.34%

$604.0M

Hedge Funds

15.53%

$129.7M

Retail & Other

12.13%

$101.3M

Based on market cap of $835.0M as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in PHAT as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
Frazier Life Sciences Management, L.P. Venture Capital	James Newman Topper Managing Partner	$146.7M 4.40% of portfolio	17.57% 12.5M shares	Q1 2022 Held for 3y 8m	$3.3B
M Medicxi Ventures Management Ltd Institution	-	$87.9M 11.80% of portfolio	10.52% 7.5M shares	Q4 2019 Held for 5y 11m	$744.4M
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	Dan Michael Berkovitz Chairman	$59.8M 0.05% of portfolio	7.16% 5.1M shares	Q3 2022 Held for 3y 2m	$121.98B
Invesco Ltd. ETF Provider	Brian Christopher Hartigan CEO	$45.5M 0.01% of portfolio	5.45% 3.9M shares	Q4 2019 Held for 5y 11m	$633.08B
Carlyle Group L.P. Institution	Harvey M. Schwartz CEO	$41.1M 0.96% of portfolio	4.93% 3.5M shares	Q1 2023 Held for 2y 8m	$4.3B
B BlackRock, Inc. Institution	-	$40.0M 0.00% of portfolio	4.80% 3.4M shares	Q4 2019 Held for 5y 11m	$5.67T
VANGUARD GROUP INC Institution	Salim Ramji CEO	$37.8M 0.00% of portfolio	4.53% 3.2M shares	Q4 2019 Held for 5y 11m	$6.69T
E Ensign Peak Advisors, Inc Institution	-	$29.5M 0.05% of portfolio	3.53% 2.5M shares	Q4 2019 Held for 5y 11m	$60.9B
NEA Management Company, LLC Venture Capital	Mohamad Hassan Makhzoumi CEO	$23.1M 1.27% of portfolio	2.76% 2.0M shares	Q2 2023 Held for 2y 5m	$1.8B
6 683 Capital Management, LLC Hedge Fund•Long/Short	Ari Jonathan Zweiman Managing Partner	$21.4M 2.02% of portfolio	2.57% 1.8M shares	Q4 2021 Held for 3y 11m	$1.1B

Net Capital Flow

Institutional buying and selling activity for PHAT in Q3 2025

Traded: +$65.5M
Buyers: 72
Sellers: 37
Total Bought: +$94.7M
Total Sold: −$29.2M
Avg Position: $5.1M

Biggest Buyers

Institution	Net Bought	Current Position
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	+$33.3M +2.8M shares	$59.8M 5.1M shares
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	+$6.0M +508.7K shares	$6.0M 508.7K shares
Catalio Capital Management, LP Venture Capital	+$5.4M +456.2K shares	$13.3M 1.1M shares
A AIGH Capital Management LLC Hedge Fund•Long/Short	+$5.0M +429.0K shares	$5.0M 429.0K shares
VANGUARD GROUP INC Institution	+$5.0M +428.3K shares	$37.8M 3.2M shares
SummitTX Capital, L.P. Hedge Fund•Multi-Strategy	+$4.5M +386.0K shares	$4.5M 386.0K shares
AMERIPRISE FINANCIAL INC Institution	+$4.4M +373.7K shares	$6.5M 554.6K shares
Walleye Trading Advisors, LLC Hedge Fund•Multi-Strategy	+$3.4M +290.5K shares	$3.4M 290.5K shares
BALYASNY ASSET MANAGEMENT LLC Hedge Fund•Multi-Strategy	+$3.3M +282.0K shares	$3.5M 295.2K shares
STATE STREET CORP Institution	+$2.4M +204.2K shares	$12.4M 1.1M shares

Biggest Sellers

Institution	Net Sold	Current Position
A Avidity Partners Management LP Hedge Fund•Long/Short	−$8.9M −758.5K shares	$3.6M 306.0K shares
Propel Bio Management, LLC Hedge Fund•Sector	−$4.4M −370.0K shares	$6.5M 552.9K shares
6 683 Capital Management, LLC Hedge Fund•Long/Short	−$3.3M −284.6K shares	$21.4M 1.8M shares
Invesco Ltd. ETF Provider	−$3.2M −275.1K shares	$45.5M 3.9M shares
Schonfeld Strategic Advisors LLC Hedge Fund•Multi-Strategy	−$2.9M −306.4K shares	Sold Off 0 shares
S Simplify Asset Management Inc. Institution	−$2.4M −200.0K shares	$3.8M 321.9K shares
UBS Group AG Institution	−$954.7K −81.1K shares	$4.0M 338.4K shares
STATE OF WISCONSIN INVESTMENT BOARD RIA/Wealth	−$870.6K −90.8K shares	Sold Off 0 shares
GOLDMAN SACHS GROUP INC Institution	−$476.6K −40.5K shares	$1.8M 152.0K shares
DIADEMA PARTNERS LP Hedge Fund•Long/Short	−$386.4K −40.3K shares	Sold Off 0 shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited PHAT in Q3 2025

New Positions: 9
New Value: $13.3M
Exited Positions: 10
Exited Value: $4.7M

New Positions

Institution	Position Value
A AIGH Capital Management LLC Hedge Fund•Long/Short	$5.0M 429.0K shares
SummitTX Capital, L.P. Hedge Fund•Multi-Strategy	$4.5M 386.0K shares
Goss Wealth Management LLC RIA/Wealth	$2.2M 201.5K shares
C CAXTON ASSOCIATES LLP Institution	$454.0K 38.6K shares
P PharVision Advisers, LLC Hedge Fund•Long/Short	$364.5K 31.0K shares
Q Quadrature Capital Ltd Institution	$356.0K 30.3K shares
O OMERS ADMINISTRATION Corp Institution	$194.2K 16.5K shares
Pathstone Holdings, LLC Family Office	$121.5K 10.3K shares
O Optiver Holding B.V. Institution	$6.9K 584.0 shares

Exited Positions

Institution	Previous Position
Schonfeld Strategic Advisors LLC Hedge Fund•Multi-Strategy	$2.9M 306.4K shares
STATE OF WISCONSIN INVESTMENT BOARD RIA/Wealth	$870.6K 90.8K shares
DIADEMA PARTNERS LP Hedge Fund•Long/Short	$386.4K 40.3K shares
ING INVESTMENT MANAGEMENT LLC Insurance Manager	$113.4K 11.8K shares
E Entropy Technologies, LP Hedge Fund•Quant Macro	$111.2K 11.6K shares
P ProShare Advisors LLC Institution	$108.0K 11.3K shares
STALEY CAPITAL ADVISERS INC RIA/Wealth	$95.9K 10.0K shares
P Persistent Asset Partners Ltd Institution	$90.3K 9.4K shares
S Skopos Labs, Inc. RIA/Wealth	$26.1K 2.7K shares
IFP Advisors, Inc RIA/Wealth	$105.0 11.0 shares

Options Activity

Institutions with the largest Call and Put options positions in PHAT as of Q3 2025

Call Positions: 4
Call Value: $13.5M
Put Positions: 4
Put Value: $234.2K

Call Positions

Institution	Position Value
Caption Management, LLC Hedge Fund•Long/Short	$11.8M 10.0K contracts
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$650.9K 553.0 contracts
J JANE STREET GROUP, LLC Institution	$616.7K 524.0 contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$452.0K 384.0 contracts

Put Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$234.2K 199.0 contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	- - contracts
J JANE STREET GROUP, LLC Institution	- - contracts
Caption Management, LLC Hedge Fund•Long/Short	- - contracts

Most Committed Institutions

Institutions with PHAT as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
M Medicxi Ventures Management Ltd Institution	-	11.80% $87.9M	10.52% 7.5M shares	Q4 2019 Held for 5y 11m	$744.4M
Propel Bio Management, LLC Hedge Fund•Sector	Leen Kawas Managing Partner	6.51% $6.5M	0.78% 552.9K shares	Q4 2023 Held for 1y 11m	$99.9M
Frazier Life Sciences Management, L.P. Venture Capital	James Newman Topper Managing Partner	4.40% $146.7M	17.57% 12.5M shares	Q1 2022 Held for 3y 8m	$3.3B
C Catalys Pacific, LLC Institution	-	3.91% $13.7M	1.65% 1.2M shares	Q4 2023 Held for 1y 11m	$351.4M
StepStone Group LP Fund of Funds	Scott William Hart CEO	2.59% $5.0M	0.59% 422.1K shares	Q3 2021 Held for 4y 2m	$191.8M
Catalio Capital Management, LP Venture Capital	Olga Eduardovna Maltseva COO	2.46% $13.3M	1.59% 1.1M shares	Q2 2025 Held for 5 months	$540.9M
6 683 Capital Management, LLC Hedge Fund•Long/Short	Ari Jonathan Zweiman Managing Partner	2.02% $21.4M	2.57% 1.8M shares	Q4 2021 Held for 3y 11m	$1.1B
Penn Mutual Asset Management, LLC Insurance Manager	David Michael O'Malley Chairman	1.82% $739.2K	0.09% 62.8K shares	Q2 2020 Held for 5y 5m	$40.7M
A AIGH Capital Management LLC Hedge Fund•Long/Short	Orin Zvi Hirschman Managing Partner	1.59% $5.0M	0.60% 429.0K shares	Q3 2025 Held for 2 months	$317.0M
NEA Management Company, LLC Venture Capital	Mohamad Hassan Makhzoumi CEO	1.27% $23.1M	2.76% 2.0M shares	Q2 2023 Held for 2y 5m	$1.8B

Hedge Fund Spotlight

Discover hedge funds investing in PHAT

SUSQUEHANNA FUNDAMENTAL INVESTMENTS, LLC

Hedge Fund • Distressed

Portfolio ManagerLaurence L. Gottlieb

Portfolio Value: $2.6B
Positions: 549
Last Reported: Q3 2025

Sector Allocation

Position in Phathom Pharmaceuticals, Inc.

Market Value: $135.0K
Shares Held: 11.5K
Portfolio Weight: 0.01%
Owned Since: 2025-Q1

Top Holding	Sector	Market Value	Weight
1 Newmont NEM	Gold Basic Materials	$78.8M	3.08%
2 General Dynamics GD	Aerospace & Defense Industrials	$58.3M	2.28%
3 Honeywell International HON	Conglomerates Industrials	$51.1M	2.00%