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Phathom Pharmaceuticals Announces Preliminary Fourth Quarter and Full Year 2025 Financial Results

Phathom Pharmaceuticals (PHAT) | January 7, 2026

By Rachel Baker

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Phathom Pharmaceuticals, a biopharmaceutical company, announced preliminary unaudited financial results for Q4 and FY 2025.

Key highlights include expected net revenues and operating expenses for the period.

The company also achieved a significant prescription milestone in Q4 2025.

Net Revenues

Expected net revenues: Q4 $57-58 million, FY $174.5-175.5 million.

Operating Expenses

Projected operating expenses: GAAP Q4 $59-61 million, Non-GAAP Q4 $51-53 million.

Cash Position

End of FY 2025: Cash and cash equivalents approximately $130 million.

Prescription Milestone

Surpassed 1 million prescriptions for VOQUEZNA products in the U.S. in Q4 2025.

Operating Profitability

Anticipates operating profitability in the second half of 2026.

  • The preliminary financial results show a positive revenue trend for Phathom Pharmaceuticals.
  • Achieving the prescription milestone indicates growing market acceptance of their products.
  • The path to operating profitability in H2 2026 highlights the company's focus on financial performance.

Phathom Pharmaceuticals' strong financial performance in 2025 positions them for future growth and sustainability in the market.