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Dec 31, 2025
Phathom Q4 2025 Earnings Report
Phathom reported strong revenue growth in Q4 2025 with improved expense discipline, while narrowing its net loss compared to the prior year.
Key Takeaways
In Q4 2025, Phathom generated net revenues of 57584000, with operating expenses of 55865000 and a net loss of 21148000. Non-GAAP adjusted net loss improved significantly to 5735000, reflecting lower operating expenses and continued VOQUEZNA growth.
Net revenues increased to 57584000 from 29664000 in the prior year period.
Operating expenses declined to 55865000 from 85266000 year over year.
Net loss improved to 21148000 compared to 74451000 in Q4 2024.
Non-GAAP adjusted net loss narrowed to 5735000 from 56376000 in the prior year.
Revenue by Segment
Forward Guidance
For full year 2026, Phathom expects net revenues of 320000000 to 345000000, gross margin of approximately 80%, non-GAAP operating expenses of 235000000 to 250000000, and operating profitability excluding stock-based compensation beginning in Q3 2026 and for the full year.
Positive Outlook
- Net revenues expected between 320000000 and 345000000.
- Gross margin of approximately 80%.
- Non-GAAP operating expenses projected at 235000000 to 250000000.
- Operating profitability excluding stock-based compensation expected beginning in Q3 2026.
- Anticipated sufficient liquidity to meet obligations.
Challenges Ahead
- Gross-to-net expected at 55% to 59%.
- Highest RIFA cash hold obligation during 2026 expected to be approximately 120000000.
- Continued interest obligations under term debt and RIFA.
- Dependence on continued VOQUEZNA prescription growth.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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