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Phathom Pharmaceuticals (PHAT) investor relations material
Phathom Pharmaceuticals Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary30 Oct, 2025
Executive summary
Achieved 25% quarter-over-quarter revenue growth in Q3 2025, with net revenue of $49.5 million, driven by strong VOQUEZNA prescription growth and commercial execution.
Cash operating expenses decreased 43% from Q2, reaching $49.3 million, reflecting disciplined cost management and a restructuring plan implemented in May 2025.
Cash usage dropped to approximately $14 million in Q3, a 77% reduction versus Q2.
Strategic focus shifted to gastroenterology, with 70% of prescriptions now from GI specialists and a realigned salesforce targeting this segment.
Leadership strengthened with new Chief Financial and Business Officer and Senior VP of Marketing and Analytics.
Financial highlights
Q3 2025 net revenues were $49.5 million, up 25% sequentially, with gross profit margin at approximately 87%.
Q3 2025 net loss was $30 million, a significant improvement from $85.6 million in Q3 2024; non-GAAP adjusted net loss was $11.2 million.
Cash and cash equivalents at quarter-end were $135.2 million, with net cash usage of $14 million, down 77% from Q2.
Operating expenses (non-GAAP, excluding stock-based compensation) were $49.3 million in Q3 2025, down 43% quarter-over-quarter.
Gross-to-net ratio guidance for Q4 2025 is 55%–60%.
Outlook and guidance
Full-year 2025 revenue guidance raised to $170–$175 million, at the top half of the previous range.
Q4 2025 operating expenses expected to be below $55 million, even with increased clinical trial activity.
Full-year 2025 Non-GAAP operating expenses refined to $280–$290 million.
Path to operating profitability in 2026 (excluding stock-based compensation) reaffirmed, with no need for additional equity financing anticipated.
Management expects existing cash and anticipated product revenues to fund operations for at least the next twelve months.
Detail path to 2026 operating profitability
Impact of GI-focused sales strategy?
Update on EoE trial progress and outlook
How does EoE trial extend regulatory exclusivity?
What is the status of TRIPLE PAK supply risk?
What is the path to 2026 operating profitability?
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Next Phathom Pharmaceuticals earnings date
Guggenheim Securities 2nd Annual Healthcare Innovation Conference10 Nov, 2025
Next Phathom Pharmaceuticals earnings date
Guggenheim Securities 2nd Annual Healthcare Innovation Conference10 Nov, 2025
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Frequently asked questions
Phathom Pharmaceuticals Inc is a biopharmaceutical company focused on developing and commercializing treatments for gastrointestinal diseases. The company’s research is centered around novel therapies that address acid-related disorders, such as gastroesophageal reflux disease (GERD) and related conditions. Phathom aims to provide new treatment options that improve the management of these chronic conditions, particularly in areas where current therapies may be inadequate. The company is headquartered in Florham Park, New Jersey, and its shares are listed on the NASDAQ.
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