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Mar 31, 2025
Phathom Q1 2025 Earnings Report
Reported First Quarter 2025 Financial Results and Provided Business Update
Key Takeaways
Phathom Pharmaceuticals reported a significant increase in net revenues for Q1 2025 driven by the continued launch of VOQUEZNA products. Despite seasonal headwinds, filled prescriptions for VOQUEZNA increased sequentially. The company also announced strategic cost reductions and leadership changes aimed at achieving profitability from operations, excluding stock-based compensation, in 2026.
Net revenues for Q1 2025 reached $28.5 million, a substantial increase from $1.9 million in Q1 2024.
VOQUEZNA launch momentum continued with over 390,000 prescriptions filled to date and approximately 127,000 filled prescriptions in Q1 2025, representing 8% sequential growth.
Strategic cost reductions and organizational changes are expected to reduce 2025 operating expenses by $60 to $70 million.
The company is targeting quarterly cash operating expense spend below $55 million in Q4 2025 and believes current cash is sufficient to fund operations and achieve profitability in 2026.
Revenue by Segment
Forward Guidance
Phathom Pharmaceuticals is implementing strategic cost reductions and organizational changes to drive revenue growth and achieve profit from operations, excluding stock-based compensation, in 2026. The company believes its current cash and cash equivalents are sufficient to fund operations and reach this goal.
Positive Outlook
- Targeting operating expense reductions of $60 to $70 million in 2025.
- Aiming for quarterly cash operating expense spend below $55 million in Q4 2025.
- Current cash and cash equivalents are expected to be sufficient to fund operations.
- Positioned to achieve profit from operations, excluding stock-based compensation, in 2026.
- Maintaining sales force strength while scaling back in less near-term value areas.
Challenges Ahead
- Reducing investment in direct-to-consumer (DTC) promotion.
- Suspending, deferring, or slowing several clinical and product development programs.
- Deferring the start of the Phase 2 eosinophilic esophagitis (EoE) trial.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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