Phathom Pharmaceuticals Reports Second Quarter 2025 Financial Results and Provides Business Updates
Phathom Pharmaceuticals (NASDAQ:PHAT) reported strong Q2 2025 financial results, with net revenues of $39.5 million, up significantly from $7.3 million in Q2 2024. The company's VOQUEZNA® products reached over 580,000 filled prescriptions, showing 49% growth since the last earnings report. Commercial coverage remains robust with access to over 120 million lives.
The company provided full-year 2025 revenue guidance of $165-175 million and expects to achieve profitability in 2026. Q2 net loss was $75.8 million, improved from $91.4 million in Q2 2024. Cash position stands at $149.6 million as of June 30, 2025. The FDA has updated VOQUEZNA's exclusivity through May 2032, with generic entry unlikely before 2033.
Phathom Pharmaceuticals (NASDAQ:PHAT) ha riportato solidi risultati finanziari per il secondo trimestre 2025, con ricavi netti di 39,5 milioni di dollari, in netto aumento rispetto ai 7,3 milioni di dollari del secondo trimestre 2024. I prodotti VOQUEZNA® dell'azienda hanno raggiunto oltre 580.000 prescrizioni evase, mostrando una crescita del 49% rispetto all'ultimo rapporto sugli utili. La copertura commerciale rimane solida con accesso a oltre 120 milioni di persone.
L'azienda ha fornito una previsione di ricavi per l'intero 2025 compresa tra 165 e 175 milioni di dollari e prevede di raggiungere la redditività nel 2026. La perdita netta del secondo trimestre è stata di 75,8 milioni di dollari, migliorata rispetto ai 91,4 milioni del secondo trimestre 2024. La posizione di cassa è di 149,6 milioni di dollari al 30 giugno 2025. La FDA ha esteso l'esclusività di VOQUEZNA fino a maggio 2032, rendendo improbabile l'ingresso di generici prima del 2033.
Phathom Pharmaceuticals (NASDAQ:PHAT) reportó sólidos resultados financieros en el segundo trimestre de 2025, con ingresos netos de 39.5 millones de dólares, un aumento significativo desde los 7.3 millones de dólares en el segundo trimestre de 2024. Los productos VOQUEZNA® de la compañía alcanzaron más de 580,000 recetas surtidas, mostrando un crecimiento del 49% desde el último informe de ganancias. La cobertura comercial sigue siendo robusta con acceso a más de 120 millones de personas.
La compañía proporcionó una guía de ingresos para todo el 2025 de 165 a 175 millones de dólares y espera alcanzar la rentabilidad en 2026. La pérdida neta del segundo trimestre fue de 75.8 millones de dólares, mejorando desde los 91.4 millones en el segundo trimestre de 2024. La posición de efectivo es de 149.6 millones de dólares al 30 de junio de 2025. La FDA ha actualizado la exclusividad de VOQUEZNA hasta mayo de 2032, siendo improbable la entrada de genéricos antes de 2033.
Phathom Pharmaceuticals (NASDAQ:PHAT)는 2025년 2분기 강력한 재무 실적을 보고했으며, 순매출 3,950만 달러로 2024년 2분기 730만 달러에서 크게 증가했습니다. 회사의 VOQUEZNA® 제품은 58만 건 이상의 처방전 충전을 기록하며 지난 실적 보고서 대비 49% 성장했습니다. 상업적 접근성은 1억 2천만 명 이상에 달하는 견고한 커버리지를 유지하고 있습니다.
회사는 2025년 전체 매출 가이던스를 1억 6,500만~1억 7,500만 달러로 제시했으며, 2026년 흑자 전환을 기대하고 있습니다. 2분기 순손실은 7,580만 달러로 2024년 2분기 9,140만 달러에서 개선되었습니다. 현금 보유액은 2025년 6월 30일 기준 1억 4,960만 달러입니다. FDA는 VOQUEZNA의 독점권을 2032년 5월까지 연장했으며, 제네릭 진입은 2033년 이전에는 어려울 것으로 보입니다.
Phathom Pharmaceuticals (NASDAQ:PHAT) a annoncé de solides résultats financiers pour le deuxième trimestre 2025, avec des revenus nets de 39,5 millions de dollars, en forte hausse par rapport à 7,3 millions de dollars au deuxième trimestre 2024. Les produits VOQUEZNA® de la société ont atteint plus de 580 000 ordonnances délivrées, soit une croissance de 49 % depuis le dernier rapport financier. La couverture commerciale reste solide avec un accès à plus de 120 millions de personnes.
La société a fourni des prévisions de revenus pour l'année complète 2025 comprises entre 165 et 175 millions de dollars et prévoit d'atteindre la rentabilité en 2026. La perte nette du deuxième trimestre s'élève à 75,8 millions de dollars, en amélioration par rapport à 91,4 millions au deuxième trimestre 2024. La trésorerie s'élève à 149,6 millions de dollars au 30 juin 2025. La FDA a prolongé l'exclusivité de VOQUEZNA jusqu'en mai 2032, rendant peu probable l'entrée de génériques avant 2033.
Phathom Pharmaceuticals (NASDAQ:PHAT) meldete starke Finanzergebnisse für das zweite Quartal 2025 mit Nettoeinnahmen von 39,5 Millionen US-Dollar, was einen deutlichen Anstieg gegenüber 7,3 Millionen US-Dollar im zweiten Quartal 2024 darstellt. Die VOQUEZNA®-Produkte des Unternehmens erreichten über 580.000 ausgefüllte Rezepte, was seit dem letzten Gewinnbericht ein Wachstum von 49 % bedeutet. Die kommerzielle Abdeckung bleibt robust mit Zugang zu über 120 Millionen Menschen.
Das Unternehmen gab eine Umsatzprognose für das Gesamtjahr 2025 von 165 bis 175 Millionen US-Dollar ab und erwartet, 2026 profitabel zu werden. Der Nettoverlust im zweiten Quartal betrug 75,8 Millionen US-Dollar und verbesserte sich damit gegenüber 91,4 Millionen US-Dollar im zweiten Quartal 2024. Die Barreserve beträgt zum 30. Juni 2025 149,6 Millionen US-Dollar. Die FDA hat die Exklusivität von VOQUEZNA bis Mai 2032 verlängert, wobei ein Markteintritt von Generika vor 2033 unwahrscheinlich ist.
- Net revenues grew significantly to $39.5 million in Q2 2025, up from $7.3 million in Q2 2024
- VOQUEZNA prescriptions increased 49% to over 580,000, with 36% sequential growth in Q2
- Strong commercial coverage with over 120 million lives covered
- FDA extended market exclusivity through May 2032, with generic entry unlikely before 2033
- Company expects to achieve profitability in 2026
- Q2 net loss improved to $75.8 million from $91.4 million year-over-year
- Operating expenses increased to $94.4 million from $83.2 million year-over-year
- SG&A expenses rose by $9.4 million to $85.3 million compared to Q2 2024
- Company implementing cost reductions and restructuring, including one-time charges
- Cash position decreased to $149.6 million from $297.3 million at end of 2024
Insights
Phathom shows strong commercial momentum with 49% prescription growth, raising 2025 revenue guidance to $165-175M while targeting 2026 profitability.
Phathom's Q2 results demonstrate solid commercial traction for VOQUEZNA, with $39.5 million in quarterly revenue representing a substantial $32.2 million increase from Q2 2024 ($7.3M). The company has now surpassed 580,000 filled prescriptions since launch, showing 49% growth since their previous earnings report just three months ago.
The company's refined commercial strategy is showing measurable results. By shifting focus to high-value prescribers, particularly gastroenterologists who account for 70% of prescriptions, Phathom is driving more efficient growth. The 36% sequential prescription growth from Q1 to Q2 2025 (173,000 scripts) and expansion to 29,300 unique healthcare providers (+24% since last quarter) demonstrate strong adoption curves.
While operating expenses remain elevated at $94.4 million for the quarter, the company implemented strategic cost reductions with non-GAAP operating expenses expected to decrease significantly to under $60 million in Q3 and under $55 million in Q4. This disciplined approach to spending, combined with increasing revenue momentum, supports management's path to profitability by 2026.
Phathom's confident full-year revenue guidance of $165-175 million for 2025 reflects management's belief in continued strong prescription trends. With $149.6 million in cash as of June 30, the company appears positioned to reach profitability before requiring additional financing based on current projections.
The FDA's update to grant 10-year New Chemical Entity exclusivity for VOQUEZNA through May 2032 provides important protection against generic competition, potentially extending market exclusivity to 2033 when accounting for typical ANDA review timelines. This regulatory protection strengthens the company's long-term commercial outlook for their flagship product.
- Over 580,000 VOQUEZNA® prescriptions filled to date, reflecting
49% growth since last earnings report - Net revenues of
$39.5 million reported for Q2 - Full-year 2025 revenue guidance of
$165 million to$175 million - Company remains focused on path to profitability in 2026
- Management to host conference call today, August 7, 2025, at 8:00 a.m. ET
FLORHAM PARK, N.J., Aug. 07, 2025 (GLOBE NEWSWIRE) -- Phathom Pharmaceuticals, Inc. (Nasdaq: PHAT), a biopharmaceutical company focused on developing and commercializing novel treatments for gastrointestinal (GI) diseases, today reported financial results for the second quarter ended June 30, 2025, and provided business updates.
“The second quarter marked a significant step forward in Phathom’s journey toward becoming a growth-oriented and profitable GI company,” said Steve Basta, President and Chief Executive Officer of Phathom. “We delivered strong sequential revenue growth, implemented strategic cost reductions, and shifted our commercial strategy to focus on high-value prescribers. With over 580,000 VOQUEZNA prescriptions filled to date and extended market exclusivity, we believe we are well-positioned to accelerate VOQUEZNA’s adoption and achieve profitability in 2026.”
Recent Business Highlights and Second Quarter 2025 Results:
VOQUEZNA Commercial Progress:
- Phathom surpassed 580,000 filled prescriptions for VOQUEZNA tablets, VOQUEZNA TRIPLE PAK®, and VOQUEZNA DUAL PAK® through July 25, 2025, reflecting a
49% increase since the last earnings report on May 1, 2025. - In the second quarter of 2025, approximately 173,000 VOQUEZNA prescriptions were filled, representing
36% sequential growth from Q1. - Prescriber adoption continues to expand with over 29,300 unique healthcare providers (HCPs) having written a filled VOQUEZNA prescription as of July 18, 2025, a
24% increase since the last quarterly update. In early July, Phathom began reprioritizing GIs in its sales strategy, while de-emphasizing primary care physicians (PCPs) who have not yet prescribed VOQUEZNA. This more targeted approach aims to deepen prescriber engagement and move HCPs up the adoption ladder. Currently, GIs account for approximately70% of all filled VOQUEZNA prescriptions to-date. - Commercial access for VOQUEZNA remains robust, with coverage for over 120 million lives. More than half of these commercial lives require only one prior proton pump inhibitor (PPI) step. In Q2 2025, approximately
68% of prescriptions were filled through the retail pharmacy channel, with the remainder filled on a cash-pay basis through BlinkRx.
Recent Business and Regulatory Updates:
- In June 2025, the FDA updated the Orange Book to reflect 10-year New Chemical Entity (NCE) exclusivity for VOQUEZNA 10 mg and 20 mg tablets through May 2032—the earliest date when an Abbreviated New Drug Application (ANDA) may be filed with the FDA if no patents are listed in the Orange Book one year prior. Based on typical regulatory review timelines for ANDA submissions, Phathom believes generic entry is unlikely before 2033.
- In June, Phathom strengthened its leadership team with the appointment of Anne Marie Cook, J.D., as Chief Legal Officer and Corporate Secretary. Anne Marie has over 30 years of legal leadership experience, including prior roles at Sage Therapeutics, Aegerion, and Biogen.
Second Quarter 2025 Financial Results:
- Revenue: Net revenues for the second quarter 2025 were
$39.5 million , an increase of$32.2 million compared to$7.3 million for the second quarter 2024. The increase was due to continued momentum with Phathom’s second year of commercial launch of VOQUEZNA, VOQUEZNA TRIPLE PAK and VOQUEZNA DUAL PAK following the initial launch of VOQUEZNA products late in the fourth quarter of 2023. - Research and development (R&D) expenses: R&D expenses for the second quarter 2025 were
$9.1 million , an increase of$1.7 million compared to$7.4 million for second quarter 2024. The increase was primarily due to one-time personnel-related restructuring charges, partially offset by a decrease in consulting expenses. - Selling, general and administrative (SG&A) expenses: SG&A expenses for the second quarter 2025 were
$85.3 million , an increase of$9.4 million compared to$75.9 million for second quarter 2024. The increase was primarily due to higher personnel-related costs associated with one-time restructuring charges and continued commercial investment in support of the VOQUEZNA launch. - Operating expenses: Operating expenses for the second quarter 2025 were
$94.4 million , compared to$83.2 million for the second quarter 2024 and$103.7 million during the first quarter 2025. The sequential decrease compared to the first quarter 2025 was attributable to cost savings associated with Phathom’s restructuring. Second quarter 2025 operating expense included a non-cash charge related to stock-based compensation of$8.3 million compared to$6.1 million for the second quarter 2024 and$5.5 million for the first quarter 2025. Non-GAAP operating expenses for the second quarter 2025 were$86.1 million , compared to$77.1 million for the second quarter 2024 and$98.1 million during the first quarter 2025. Based on our restructuring efforts, Phathom expects non-GAAP operating expenses to be less than$60 million for the third quarter 2025 and less than$55 million for the fourth quarter 2025. - Net loss: Net loss for the second quarter 2025 was
$75.8 million , compared to$91.4 million for the second quarter 2024. Non-GAAP adjusted net loss for the second quarter 2025 was$56.5 million compared to$73.3 million for the same period in 2024. These non-GAAP adjusted net loss amounts, as more fully described below under "Non-GAAP Financial Measures," exclude non-cash share-based compensation charges, non-cash interest expense related to the accounting for our revenue interest financing liability, which are in excess of the actual interest owed, and interest expense related to the amortization of debt discount on our term loan. A reconciliation of the GAAP financial results to non-GAAP financial results is included in the tables below. - Cash and cash equivalents: As of June 30, 2025, cash and cash equivalents were
$149.6 million . Based on its current operating plan and projected product revenues, Phathom believes these resources will be sufficient to fund operations and achieve profitability from operations in 2026, excluding stock-based compensation. - 2025 full year revenue guidance: Based on strong VOQUEZNA prescription trends to date and a refined commercial strategy, Phathom expects full-year 2025 revenue to be in the range of
$165 million to$175 million .
Conference Call and Webcast
Phathom will host a conference call and webcast to discuss its second quarter 2025 financial results and business highlights today, August 7, 2025, at 8:00 a.m. EDT. A live webcast will be available on the investors page of Phathom’s website under Events & Presentations. A replay of the webcast will be available following the completion of the call and will be archived for up to 90 days.
Non-GAAP Financial Measures
This press release includes financial results prepared in accordance with accounting principles generally accepted in the United States (GAAP), and also certain non-GAAP financial measures. In particular, Phathom has provided non-GAAP adjusted operating expense, net loss and adjusted net loss per share, adjusted to exclude the items below. Non-GAAP financial measures are not an alternative for financial measures prepared in accordance with GAAP. However, Phathom believes the presentation of non-GAAP adjusted operating expense, net loss and adjusted net loss per share, when viewed in conjunction with GAAP results, provides investors with a more meaningful understanding of ongoing operating performance. These measures exclude (i) non-cash stock-based compensation, which is substantially dependent on changes in the market price of common shares, (ii) interest expense related to the accounting for our revenue interest financing liability, which are in excess of the actual interest owed, and (iii) interest expense related to the amortization of debt discount on our term loan.
Phathom believes the presentation of these non-GAAP financial measures provides useful information to management and investors regarding Phathom's results of operations. When GAAP financial measures are viewed in conjunction with these non-GAAP financial measures, investors are provided with a more meaningful understanding of Phathom's ongoing operating performance and are better able to compare Phathom's performance between periods. In addition, these non-GAAP financial measures are among those indicators Phathom uses as a basis for evaluating performance, and planning and forecasting future periods. These non-GAAP financial measures are not intended to be considered in isolation or as a substitute for GAAP financial measures. A reconciliation between these non-GAAP measures and the most directly comparable GAAP measures is provided later in this press release.
About Phathom Pharmaceuticals, Inc.
Phathom Pharmaceuticals is a biopharmaceutical company focused on the development and commercialization of novel treatments for gastrointestinal diseases. Phathom has in-licensed the exclusive rights to vonoprazan, a first-in-class potassium-competitive acid blocker (PCAB) that is currently marketed in the United States as VOQUEZNA® (vonoprazan) tablets for the relief of heartburn associated with Non-Erosive GERD in adults, the healing and maintenance of healing of Erosive GERD in adults and relief of associated heartburn, in addition to VOQUEZNA® TRIPLE PAK® (vonoprazan tablets, amoxicillin capsules, clarithromycin tablets) and VOQUEZNA® DUAL PAK® (vonoprazan tablets, amoxicillin capsules) for the treatment of H. pylori infection in adults. For more information about Phathom, visit the company’s website at www.phathompharma.com and follow on LinkedIn and X.
Forward-Looking Statements
This press release contains forward-looking statements, including without limitation statements regarding: our plans, expectations and goals for commercialization of VOQUEZNA and potential results of our commercialization efforts; our expectations regarding operating expenses and revenues; our goals and beliefs with respect to potential profitability; our expectations regarding non-patent regulatory exclusivity and the potential timeline for entry of a generic; our development plans and potential timelines; our business strategy, goals, mission and vision; and our other expectations, forecasts and predictions as to future performance, results and likelihood of success. These statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including the risk that: we may not be able to successfully commercialize VOQUEZNA or to achieve results or revenues at the levels we expect; the market opportunity for VOQUEZNA may be significantly smaller than our expectations; market acceptance for VOQUEZNA from healthcare professionals, patients, and payors in the indications for which it is approved may be significantly lower than we anticipate; we may encounter coverage, reimbursement, market access, or other issues in the course of our commercialization efforts that may negatively impact our efforts and results; the unmet need for new treatment options in GERD may not be as high as we anticipate; estimates of the number of patients with the disorders for which VOQUEZNA is approved, now or in the future, and our estimates of potential market size may not be accurate; our decisions as to where to allocate our resources and focus our efforts may not lead to the results we expect; we may not seek, achieve or maintain the patent and regulatory exclusivity we expect or that could be available to us and may encounter generic competition sooner than we anticipate; our results may be negatively impacted by the launch of other competitive products; we may experience adverse impact as the result of our dependence on third parties in connection with commercialization, product manufacturing, research and preclinical and clinical testing; we may be negatively impacted by regulatory developments or other governmental actions in the United States and foreign countries, including government healthcare reform; we may encounter unexpected adverse side effects or inadequate efficacy of VOQUEZNA that may limit or impair market acceptance or impair current or future development or regulatory approvals, or may result in recalls, withdrawals or product liability claims; we may not be able to obtain and maintain intellectual property protection important to our business, including patent term extensions; if we were to breach our license agreement with Takeda for vonoprazan, Takeda might take action, including termination, that would significantly impair our business; our operating expenses may be higher than we anticipate, including if we decide to engage in activities not currently in our plan or if we face unexpected, or higher than anticipated, expenses, including as the result of unexpected events such as litigation; depending on our results and activities, we may not achieve profitability on the timelines we expect or at all; in the future, we may not have sufficient cash to fund our operations at the levels we expect or to meet our obligations under certain of our agreements or to enable us to achieve profit from operations; we may need to or decide to raise additional capital; we may not be able to raise capital on acceptable terms; and any of the foregoing or other factors may negatively impact our ability to achieve our plans, goals, mission, vision and potential. For additional discussion of these and other risks, see the risk disclosure in our filings with the Securities and Exchange Commission (SEC), including our Annual Report on Form 10-K and any subsequent filings with the SEC. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and we undertake no obligation to revise or update this presentation to reflect events or circumstances after the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement, which is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
MEDIA CONTACT
Nick Benedetto
1-877-742-8466
media@phathompharma.com
INVESTOR CONTACT
Eric Sciorilli
1-877-742-8466
ir@phathompharma.com
© 2025 Phathom Pharmaceuticals. All rights reserved.
VOQUEZNA, VOQUEZNA DUAL PAK, VOQUEZNA TRIPLE PAK, Phathom Pharmaceuticals, and their respective logos are registered trademarks of Phathom Pharmaceuticals, Inc.
| Selected Condensed Balance Sheets (in thousands) (unaudited) | |||||||
| June 30, 2025 | December 31, 2024 | ||||||
| Assets | |||||||
| Cash and cash equivalents | $ | 149,569 | $ | 297,263 | |||
| Total assets | $ | 250,220 | $ | 378,318 | |||
| Total liabilities | $ | 656,054 | $ | 631,898 | |||
| Total stockholders' deficit | $ | (405,834 | ) | $ | (253,580 | ) | |
| Condensed Statements of Operations and Comprehensive Loss (in thousands, except share and per share amounts) (unaudited) | |||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Product revenue, net | $ | 39,503 | $ | 7,324 | $ | 68,023 | $ | 9,236 | |||||||
| Cost of revenue | 5,038 | 1,376 | 8,762 | 1,802 | |||||||||||
| Gross profit | 34,465 | 5,948 | 59,261 | 7,434 | |||||||||||
| Operating expenses: | |||||||||||||||
| Research and development | 9,076 | 7,376 | 18,260 | 16,806 | |||||||||||
| Selling, general and administrative | 85,313 | 75,872 | 179,787 | 137,882 | |||||||||||
| Total operating expenses | 94,389 | 83,248 | 198,047 | 154,688 | |||||||||||
| Loss from operations | (59,924 | ) | (77,300 | ) | (138,786 | ) | (147,254 | ) | |||||||
| Other (expense) income: | |||||||||||||||
| Interest income | 1,787 | 3,624 | 4,427 | 7,937 | |||||||||||
| Interest expense | (17,518 | ) | (17,764 | ) | (35,588 | ) | (34,932 | ) | |||||||
| Other expense, net | (155 | ) | (6 | ) | (179 | ) | (49 | ) | |||||||
| Total other expense | (15,886 | ) | (14,146 | ) | (31,340 | ) | (27,044 | ) | |||||||
| Net loss and comprehensive loss | $ | (75,810 | ) | $ | (91,446 | ) | $ | (170,126 | ) | $ | (174,298 | ) | |||
| Net loss per share, basic and diluted | $ | (1.05 | ) | $ | (1.56 | ) | $ | (2.36 | ) | $ | (2.98 | ) | |||
| Weighted-average shares of common stock outstanding, basic and diluted | 72,466,203 | 58,558,145 | 72,219,179 | 58,464,813 | |||||||||||
| Reconciliation of GAAP to Non-GAAP Financial Measures (in thousands, except share and per share amounts) (unaudited) | |||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Reconciliation of GAAP to Non-GAAP adjusted net loss: | |||||||||||||||
| GAAP net loss | $ | (75,810 | ) | $ | (91,446 | ) | $ | (170,126 | ) | $ | (174,298 | ) | |||
| Stock-based compensation expense (A) | 8,272 | 6,099 | 13,812 | 11,725 | |||||||||||
| Non-cash interest on revenue interest financing liability | 10,306 | 11,553 | 21,309 | 23,509 | |||||||||||
| Interest expense related to amortization of debt discount | 734 | 499 | 1,430 | 974 | |||||||||||
| Non-GAAP adjusted net loss | $ | (56,498 | ) | $ | (73,295 | ) | $ | (133,575 | ) | $ | (138,090 | ) | |||
| Reconciliation of GAAP to Non-GAAP adjusted net loss per share — basic and diluted: | |||||||||||||||
| GAAP net loss per share — basic and diluted | $ | (1.05 | ) | $ | (1.56 | ) | $ | (2.36 | ) | $ | (2.98 | ) | |||
| Stock-based compensation expense (A) | 0.11 | 0.10 | 0.19 | 0.20 | |||||||||||
| Non-cash interest on revenue interest financing liability | 0.14 | 0.20 | 0.30 | 0.40 | |||||||||||
| Interest expense related to amortization of debt discount | 0.01 | 0.01 | 0.02 | 0.02 | |||||||||||
| Non-GAAP net loss per share — basic and diluted | $ | (0.79 | ) | $ | (1.25 | ) | $ | (1.85 | ) | $ | (2.36 | ) | |||
| Weighted-average shares of common stock outstanding, basic and diluted | 72,466,203 | 58,558,145 | 72,219,179 | 58,464,813 | |||||||||||
(A) Stock-based compensation consists of the following:
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Research and development | 1,650 | 1,331 | 2,980 | 2,580 | |||||||||||
| Selling, general and administrative | 6,622 | 4,768 | 10,832 | 9,145 | |||||||||||
FAQ
What were Phathom Pharmaceuticals (PHAT) Q2 2025 earnings results?
When does Phathom Pharmaceuticals expect to become profitable?
What is the market exclusivity period for VOQUEZNA (PHAT)?
How many VOQUEZNA prescriptions has Phathom Pharmaceuticals filled to date?
What is Phathom's 2025 revenue guidance for VOQUEZNA?
