Revenue: As of FY2025, the actual value is USD 175.11 M, beating the estimate of USD 174.73 M.EPS: As of FY2025, the actual value is USD -3.03, beating the estimate of USD -3.1529.EBIT: As of FY2025, the actual value is USD -98.92 M.<h4>Segment Revenue</h4>Phathom Pharmaceuticals, Inc. reported product revenues of $175.1 million for the year ended December 31, 2025, a significant increase from $55.3 million in 2024, primarily driven by sales of VOQUEZNA, VOQUEZNA TRIPLE PAK, and VOQUEZNA DUAL PAK, with VOQUEZNA sales accounting for the majority of 2025 revenue. Three customers collectively contributed 69% of product sales in both 2025 and 2024, with individual customer contributions ranging from 22% to 23% in 2025 and 22% to 25% in 2024. The VOQUEZNA TRIPLE PAK represented approximately 1% of total revenue in 2025.<h4>Operational Metrics</h4><ul><li>Net Loss: Phathom Pharmaceuticals, Inc. reported a net loss of -$221.2 million for the year ended December 31, 2025, an improvement from -$334.3 million in 2024. The accumulated deficit reached -$1.5 billion as of December 31, 2025.</li><li>Gross Profit: Gross profit increased to $152.5 million in 2025 from $47.3 million in 2024.</li><li>Cost of Revenue: Cost of revenue rose to $22.6 million in 2025 from $8.0 million in 2024, mainly due to increased revenues and higher Takeda royalty payments.</li><li>Operating Expenses:<ul><li>Research and Development (R&amp;D): R&amp;D expenses decreased by $1.3 million, from $34.1 million in 2024 to $32.8 million in 2025, primarily due to $2.6 million lower CMC, clinical, and regulatory costs, partially offset by a $1.3 million increase in stock-based compensation from restructuring charges.</li><li>Selling, General and Administrative (SG&amp;A): SG&amp;A expenses decreased by $11.0 million, from $290.7 million in 2024 to $279.7 million in 2025, driven by a $19.1 million decrease in commercial promotional expenses, which was partially offset by an $8.3 million increase in personnel-related expenses, including $7.3 million in restructuring charges.</li></ul></li><li>Loss from Operations: The operating loss improved to -$160.0 million in 2025 from -$277.5 million in 2024.</li><li>Interest Income: Interest income from money market funds was $7.0 million in 2025, down from $15.2 million in 2024.</li><li>Interest Expense: Interest expense, primarily from the Loan Agreement and Revenue Interest Financing Agreement, was -$68.1 million in 2025, compared to -$72.0 million in 2024.</li></ul><h4>Cash Flow</h4><ul><li>Net Cash Used in Operating Activities: Net cash used in operating activities was -$166.8 million in 2025, an improvement from -$266.8 million in 2024, with $154.4 million spent on R&amp;D and SG&amp;A, and a -$12.4 million net change in operating assets and liabilities.</li><li>Net Cash Used in Investing Activities: Net cash used in investing activities was -$0.2 million in 2025 and -$0.1 million in 2024, both related to property and equipment purchases.</li><li>Net Cash (Used in) Provided by Financing Activities: Net cash used in financing activities was -$0.3 million in 2025, which included -$1.9 million in employee tax obligations offset by $1.6 million from stock option exercises. This contrasts with $182.8 million provided in 2024, which included $59.4 million from debt issuance and $121.8 million from a public offering.</li><li>Cash and Cash Equivalents: As of December 31, 2025, cash and cash equivalents totaled $130.0 million.</li></ul><h4>Unique Metrics</h4><ul><li>Prescription Volume: Over 1.1 million prescriptions for VOQUEZNA, VOQUEZNA DUAL PAK, and VOQUEZNA TRIPLE PAK have been filled since launch.</li><li>Commercial Payer Coverage: Phathom Pharmaceuticals, Inc. has broad commercial coverage for VOQUEZNA, providing access for over 120 million, or over 80%, of U.S. commercial lives.</li><li>Customer Accounts Receivable Concentration: As of December 31, 2025, three customers accounted for 78% of the accounts receivable balance, with individual contributions ranging from 19% to 30%.</li><li>Takeda Royalty Payments: Phathom Pharmaceuticals, Inc. recorded $17.5 million in royalty expense to Takeda under the Takeda License in 2025, up from $5.5 million in 2024.</li><li>Revenue Interest Financing Agreement Royalties: The company incurred $14.8 million in royalty payments under the Revenue Interest Financing Agreement in 2025, compared to $2.6 million in 2024.</li><li>Restructuring Charges: In May 2025, Phathom Pharmaceuticals, Inc. implemented a restructuring plan, reducing its workforce by 26 employees (approximately 6%) and incurring $9.2 million in restructuring charges, mainly for termination benefits and stock-based compensation.</li></ul><h4>Outlook / Guidance</h4>Phathom Pharmaceuticals, Inc. believes its current cash, anticipated product revenues, and $122.2 million from a January 2026 offering are sufficient to fund operations for at least the next twelve months. The company expects to achieve operating profitability, excluding stock-based compensation, starting in the third quarter of 2026. These projections are based on assumptions that may prove inaccurate, potentially requiring additional funding sooner than anticipated.

Phathom Pharmaceuticals | 10-K: FY2025 Revenue Beats Estimate at USD 175.11 M