Phathom reported Q4 2025 net revenues of USD 57.6 million and FY 2025 net revenues of USD 175.1 million (up 217% YoY). Q4 2025 operating expenses were USD 55.9 million (non-GAAP: USD 50.3 million), and Q4 net loss was USD 21.1 million (non-GAAP adjusted net loss: USD 5.7 million). FY 2025 net loss was USD 221.2 million (non-GAAP adjusted net loss: USD 150.5 million). Cash and cash equivalents were USD 130.0 million at December 31, 2025, and Q4 net cash usage was approximately USD 5.2 million. For 2026, Phathom guided for net revenues of USD 320 million to USD 345 million, gross-to-net of 55% to 59%, gross margin of approximately 80%, and non-GAAP operating expenses (excluding stock-based compensation) of USD 235 million to USD 250 million, with operating profitability (excluding stock-based compensation) expected beginning in Q3 2026 and for FY 2026. Business updates included more than 1.1 million total VOQUEZNA prescriptions filled as of February 13, 2026, including approximately 273,000 prescriptions in Q4 (up 24% QoQ), alongside a Q4 sales force realignment and new marketing leadership. Phathom also completed a USD 130 million equity offering in January 2026 (USD 122.2 million net proceeds) and modified its term debt in February 2026, reducing remaining principal to USD 175 million and extending maturity to February 2029. The Phase 2 pHalcon-EoE-201 trial in eosinophilic esophagitis is actively enrolling, with topline results anticipated in 2027.
Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Phathom Pharmaceuticals Inc. published the original content used to generate this news brief via GlobeNewswire (Ref. ID: 202602260700PRIMZONEFULLFEED9661750) on February 26, 2026, and is solely responsible for the information contained therein.
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