Thanks terry I will check everything you suggested.
No reg or low pressure. Basic VSC setup.
Just to clarify, I should not be able to cock the gun and "dry fire" it without air?
Affirmative!

A Phantom needs the air pressure in the valve to hold the cup seal closed and the power tube forward. That force inside the valve needs to be stronger than the force required to compress the main spring and allow your hammer and bolt to come together and the sear catch.
If you can cock the gun without any air pressure in the valve, something is wrong, come loose, etc. with the internals.
Refer to the phaq section to see the order that the hammer, spring TPC, and bolt goes together. You should start with the TPC screwed all the way into the bolt and then turn it out 3 turns. With stock springs, that should be close to 285 fps. Also make sure that the spring goes inside of the sleeve on the hammer, and inside of the bolt around the TPC. If done right, then the total length of the bolt, spring and hammer is not long enough to cock the gun without air pressure in the valve.
Two common causes of what you describe are: 1. The TPC being turned more than 6 turns and coming out of the bolt. 2. The main spring not being seated in the hammer and bolt all the way.
Both will make the length of the internals long enough to cock the gun and also cause damage to the parts.