Phathom Pharmaceuticals Expects Q4 Net Revenues Of ~$57M-$58M And FY25 Net Revenues Of ~$174.5M-$175.5M

Phathom Pharmaceuticals, Inc. (NASDAQ:PHAT), a biopharmaceutical company focused on developing and commercializing novel treatments for gastrointestinal (GI) diseases, today announced certain preliminary unaudited financial results for the fourth quarter and full year ended December 31, 2025.

Preliminary Fourth Quarter 2025 Financial Results

• For the three months ended December 31, 2025, Phathom expects to report:
  • Net revenues of approximately $57 million to $58 million
  • GAAP operating expenses of approximately $59 million to $61 million
  • Non-GAAP operating expenses of approximately $51 million to $53 million, which excludes approximately $8 million of stock-based compensation
  • Fourth quarter 2025 net cash usage of approximately $6 million
  • Cash and cash equivalents of approximately $130 million as of December 31, 2025
     

Preliminary Full Year 2025 Financial Results

• For the full year 2025, Phathom expects to report:
  • Net revenues of approximately $174.5 million to $175.5 million
  • GAAP operating expenses of approximately $315.5 million to $317.5 million
  • Non-GAAP operating expenses of approximately $284.5 million to $286.5 million, which excludes approximately $31 million of stock-based compensation

VOQUEZNA® 1 Million Prescription Milestone

• During the fourth quarter 2025, Phathom surpassed one million prescriptions dispensed for VOQUEZNA products in the United States since launch

Path to Operating Profitability in H2 2026

• Operating profitability anticipated in the second half of 2026, excluding stock-based compensation