Earnings summaries and quarterly performance for Phathom Pharmaceuticals.
Executive leadership at Phathom Pharmaceuticals.
Board of directors at Phathom Pharmaceuticals.
Research analysts who have asked questions during Phathom Pharmaceuticals earnings calls.
Annabel Samimy
Stifel Financial Corp.
6 questions for PHAT
Also covers: ALT, APLS, CARA +14 more
Joseph Stringer
Needham & Company
6 questions for PHAT
Also covers: APLS, CDTX, IONS +4 more
MC
Matthew Caufield
H.C. Wainwright & Co., LLC
5 questions for PHAT
Also covers: DMAC, MLYS, OPTN +1 more
Chase Knickerbocker
Craig-Hallum Capital Group
4 questions for PHAT
Also covers: AVDL, BFLY, BVS +17 more
Kristen Kluska
Cantor Fitzgerald
4 questions for PHAT
Also covers: ABEO, ADMA, AQST +24 more
Yatin Suneja
Guggenheim Partners
4 questions for PHAT
Also covers: ACAD, ARGX, AXSM +11 more
AL
Anthea Li
Jefferies
2 questions for PHAT
Also covers: ARDX, CRNX, IMVT +3 more
Chengxiang Liu
Evercore ISI
2 questions for PHAT
DN
Daniel Ni
Goldman Sachs
2 questions for PHAT
KC
Kyuwon Choi
Goldman Sachs
2 questions for PHAT
Also covers: AMRN, ASND, BHVN +9 more
Martin Auster
Raymond James
2 questions for PHAT
Also covers: WVE
ML
Min Lee
Guggenheim Partners
2 questions for PHAT
PC
Paul Choi
Goldman Sachs
2 questions for PHAT
Also covers: AMRN, ARVN, ASND +13 more
JL
Jyhhaw Liu
Evercore ISI
1 question for PHAT
Also covers: DLR, HPQ
LC
Louise Chen
Cantor Fitzgerald
1 question for PHAT
Also covers: AMGN, ARDX, CNTB +18 more
UR
Umer Raffat
Evercore ISI
1 question for PHAT
Also covers: ALKS, AMGN, BHC +15 more
Recent press releases and 8-K filings for PHAT.
Phathom Pharmaceuticals Reports Strong Q4 and Full Year 2025 Results, Provides 2026 Guidance
PHAT
Earnings
Guidance Update
Debt Issuance
- Phathom Pharmaceuticals reported Q4 2025 Net Revenues of $57.6 million and full-year 2025 Net Revenues of $175.1 million, exceeding their guidance of $170M - $175M.
- Operating expenses for Q4 2025 were $50.3 million and $283.8 million for the full year, within the guidance range of $280M - $290M.
- The company provided 2026 Net Revenue guidance of $320 million to $345 million and expects to achieve operating profitability by Q3 and for the full year 2026, with cash flow positivity anticipated in 2027.
- Phathom enhanced its capital structure with an oversubscribed equity offering that raised $130 million in gross proceeds and successfully modified the terms of its outstanding term loan facility.
1 day ago
Phathom Pharmaceuticals Reports Strong 2025 Results and Provides 2026 Guidance
PHAT
Earnings
Guidance Update
Debt Issuance
- Phathom Pharmaceuticals reported full-year 2025 net revenues of $175.1 million, representing 217% year-over-year growth, with Q4 2025 revenue reaching $57.6 million. The company also enhanced its capital structure by raising $130 million in equity and modifying its term loan to extend maturity to February 2029 and reduce the interest rate to 9.85%.
- For 2026, the company projects net revenue of $320 million-$345 million and anticipates cash operating expenses of $235 million-$255 million, which at the midpoint reflects a 14% decrease compared to 2025 results.
- Phathom expects to achieve operating profitability by Q3 2026 and for the full year 2026, with cash flow positivity projected for 2027.
- An accounting classification change in 2026 will reclassify $17 million-$20 million from gross-to-net adjustments to cost of goods sold, leading to higher reported net revenue but a mostly net neutral effect on gross profit.
1 day ago
Phathom Pharmaceuticals Reports Strong Q4 2025 Results, Enhances Capital Structure, and Provides Positive 2026 Guidance
PHAT
Earnings
Guidance Update
Accounting Changes
- Phathom Pharmaceuticals reported $175.1 million in net revenues for full year 2025, representing 217% year-over-year growth, with Q4 revenue at $57.6 million. Q4 cash operating expenses were $50.3 million, better than guidance, and net cash usage for Q4 2025 was approximately $5 million, which is 64% lower than Q3.
- The company enhanced its capital structure by completing an equity offering that raised $130 million in gross proceeds and modifying its term loan, reducing the principal to $175 million, lowering the interest rate from 12% to 9.85%, and extending the maturity to February 2029. Phathom believes its current cash of approximately $190 million and anticipated cash from operations will be sufficient to meet all obligations.
- For 2026, Phathom anticipates net revenue between $320 million and $345 million, which includes an estimated $17 million-$20 million accounting-related classification shift. Cash operating expenses (excluding stock-based compensation) are projected to be $235 million-$255 million, a 14% decrease at the midpoint compared to 2025.
- The company expects to achieve operating profitability beginning in Q3 2026 and for the full year 2026, with cash flow positivity in 2027.
- Through February 13th, over 1.1 million Voquezna total prescriptions have been filled to more than 230,000 patients, with a nearly full-strength sales organization focused on a GI-focused strategy to drive writing frequency among gastroenterologists.
1 day ago
Phathom Pharmaceuticals Reports Strong Q4 2025 Results and Issues 2026 Guidance
PHAT
Earnings
Guidance Update
Debt Issuance
- Phathom Pharmaceuticals reported net revenues of $175.1 million for full year 2025, representing 217% year-over-year growth, with Q4 2025 revenue at $57.6 million. The company ended 2025 with about $130 million in cash and cash equivalents, with net cash usage of approximately $5 million in Q4 2025.
- The company issued 2026 net revenue guidance of $320 million-$345 million and anticipates achieving operating profitability beginning in Q3 2026 and for the full year 2026, with cash flow positivity expected in 2027. Cash operating expenses for 2026 are projected to be $235 million-$255 million, a 14% decrease at the midpoint compared to 2025.
- Phathom enhanced its capital structure by completing an equity offering in January 2026 that raised $130 million in gross proceeds and modifying its term loan agreement, which included reducing the principal to $175 million, lowering the interest rate to 9.85%, and extending the maturity date to February 2029.
- Operationally, over 1.1 million VOQUEZNA total prescriptions have been filled to more than 230,000 patients through February 13, 2026, with 273,000 prescriptions filled in Q4 2025. The sales organization is nearly at full strength with more than 285 of 300 sales positions currently filled.
1 day ago
Phathom Pharmaceuticals Reports Q4 and Full Year 2025 Results and Provides 2026 Guidance
PHAT
Earnings
Guidance Update
Revenue Acceleration/Inflection
- Phathom Pharmaceuticals reported net revenues of $57.6 million for Q4 2025 and $175.1 million for full year 2025, representing a 217% increase from full year 2024.
- The company provided 2026 financial guidance, projecting net revenues between $320 million and $345 million, and expects to achieve operating profitability beginning in Q3 2026 and for the full year 2026.
- Phathom strengthened its financial position by completing a $130 million equity offering in January 2026 and modifying its term debt facility in February 2026, which reduced outstanding debt and extended its maturity.
- VOQUEZNA® prescriptions increased by 24% quarter over quarter in Q4 2025, with approximately 273,000 prescriptions filled during the quarter and over 1.1 million total prescriptions filled to date.
1 day ago
Phathom Pharmaceuticals Reports Strong 2025 Financial Results and Provides 2026 Guidance
PHAT
Earnings
Guidance Update
Revenue Acceleration/Inflection
- Phathom Pharmaceuticals reported net revenues of $175.1 million for full year 2025, a 217% increase from FY 2024, and $57.6 million for the fourth quarter 2025.
- The company anticipates operating profitability beginning in the third quarter 2026 and for the full year 2026.
- For the full year 2026, Phathom is providing net revenue guidance of $320 million to $345 million and non-GAAP operating expenses guidance of $235 million to $250 million.
- Phathom strengthened its financial position in early 2026 through a $130 million equity offering and a modification of its term debt, resulting in approximately $190 million of cash on hand.
1 day ago
Phathom Pharmaceuticals discusses VOQUEZNA growth, profitability targets, and strategic focus
PHAT
Revenue Acceleration/Inflection
Guidance Update
New Projects/Investments
- Phathom Pharmaceuticals' VOQUEZNA generated $55 million in revenue in 2024 and an estimated $175 million in 2025, reflecting a $120 million growth year-over-year.
- The company expects to transition to operating profitability during 2026, with a positive operating profit anticipated in the second half of 2026.
- A strategic pivot in 2025 shifted sales efforts to focus on gastroenterologists, with a full-strength sales organization of approximately 300 sales reps expected by the end of March 2026.
- VOQUEZNA has regulatory exclusivity through May 2032, with a potential 6-month extension if the EoE trial is successful, which could add $1 billion in peak revenue.
- A recent capital raise was conducted to reset the balance sheet and renegotiate outstanding debt terms to improve the company's capital structure.
Feb 12, 2026, 4:30 PM
Phathom Pharmaceuticals Discusses VOQUEZNA Performance and 2026 Outlook
PHAT
Guidance Update
Product Launch
Debt Issuance
- Phathom Pharmaceuticals reported $55 million in revenue for 2024 and an estimated $175 million for 2025, with expectations to achieve operating profitability in the second half of 2026.
- The company strategically pivoted its sales efforts in 2025 to focus on gastroenterologists, completing sales territory realignment in October and aiming for a full-strength sales organization of approximately 300 representatives by the end of March.
- VOQUEZNA, the first-to-market PCAB in the U.S. for GERD, targets 40% of patients still experiencing pain on standard therapy, with a goal to convert 20%-30% of the 20 million PPI scripts in GI practices, representing a $1 billion revenue opportunity.
- Regulatory exclusivity for VOQUEZNA extends through May 2032, with potential for extension into 2033 or 2034, and an ongoing EoE trial could provide a 6-month pediatric exclusivity extension, potentially adding $1 billion in revenue if the drug reaches $2 billion peak revenue.
- A recent capital raise was conducted to reset the balance sheet and renegotiate outstanding debt terms.
Feb 12, 2026, 4:30 PM
Phathom Pharmaceuticals Discusses VOQUEZNA Growth, Profitability Outlook, and Strategic Priorities
PHAT
Revenue Acceleration/Inflection
Guidance Update
New Projects/Investments
- Phathom Pharmaceuticals (PHAT) reported $55 million in revenue for 2024 and an estimated $175 million for 2025, with expectations to achieve operating profitability during 2026, specifically a positive operating profit in the second half of 2026.
- The company successfully pivoted its sales strategy in 2025 to focus on gastroenterologists, leading to improved operating expense discipline and a planned full-strength sales organization of approximately 300 sales reps by the end of March 2026.
- VOQUEZNA, the first-to-market P-CAB, aims to convert 20%-30% of the 20 million PPI script volume within gastroenterology practices, which could generate approximately $1 billion in revenue.
- An EoE (Eosinophilic Esophagitis) trial could secure a 6-month pediatric exclusivity extension for VOQUEZNA, potentially adding an estimated $1 billion in revenue if the drug reaches $2 billion at peak, extending regulatory exclusivity beyond May 2032.
- A recent capital raise was conducted to reset the balance sheet and renegotiate debt terms, while the company also plans to acquire new GI-focused assets to leverage its sales force before VOQUEZNA's loss of exclusivity.
Feb 12, 2026, 4:30 PM
Phathom Pharmaceuticals Announces Pricing of Public Offering
PHAT
- Phathom Pharmaceuticals priced an underwritten public offering of 6,875,000 shares of common stock at $16.00 per share and 1,250,078 pre-funded warrants at $15.999 per pre-funded warrant.
- The offering is expected to generate approximately $130 million in gross proceeds.
- The net proceeds, estimated at approximately $130 million (or up to $150 million if the underwriters' option to purchase additional shares is fully exercised), will be used for general corporate purposes, including working capital, commercialization, and research and development expenses.
- The offering is anticipated to close on or about January 9, 2026.
Jan 8, 2026, 9:03 PM
Quarterly earnings call transcripts for Phathom Pharmaceuticals.
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