Phasing

Phasing is an ability granted by Screens, which enable the Pharmakon faction and its variants to enter and exit Phase State together according to a timed cycle. Many Pharmakon Overdrives are triggered whenever this happens.

Phasing is not to be confused with Phased Projectiles and its variants, which provide shield bypass, a different mechanic altogether.

Explanation
For simplicity, ships and modules are termed as "individuals" while fleets and bases are termed as "collections".

At the start of battle, each collection starts with zero Phase Energy, and gains Phase Energy equivalent to the Phase Screen Charge stat per second. Once Phase Energy reaches the current Phase Screen Energy, Phase State is entered. Then, Phase Energy is lost equivalent to the Phase Screen Drain stat per second until it once again reaches zero, at which point Phase State is exited.

Whenever an individual is hit, the Phase Energy of its parent collection is reduced according to the amount of damage taken by the individual's screens. If incoming damage causes Phase Energy to be fully depleted, the excess damage is then dealt directly to health. If an individual with Screen Energy is destroyed, the parent collection's Screen Energy is reduced by the same amount; Phase Energy is subsequently reduced proportionally, while Phase Screen Charge and Phase Screen Drain are also adjusted to use the new Screen Energy value.

Notwithstanding damage taken, the duration which a collection remains out of Phase State is equal to the Screen Energy divided by the numerical value of Phase Screen Charge, while the duration which it remains in Phase State is equal to Screen Energy divided by the numerical value of Phase Screen Drain.

Comparison between Phasing V1 and V2
Phasing has undergone a major revamp in the early November 2019 update, which is summarized by the below table.

Note: Some NPC Targets have not been fully migrated to Phasing V2 (the situation is known as Phasing V2 without shared Phase Pool). As a result, the aspects marked with an asterisk (*) do not apply to them.

Read here for more details.

Trivia

 * Phasing has undergone a major revamp in the early November 2019 update. After the downtime, all Pharmakon ships have been granted one free refit until an upgrade credit is applied to the ship.