Phathom reports Q4 revenue $57.6M, FY2025 revenue $175.1M (+217% YoY); expects operating profitability in Q3 2026

Phathom Pharmaceuticals, Inc.

2025-FY EPS reported -$3.03 revenue$175,110,000

Q4 net revenues $57.6M; FY2025 net revenues $175.1M, a 217% increase over FY2024.
Q4 GAAP net loss narrowed to $21.1M from $74.5M in Q4 2024.
Non-GAAP adjusted net loss for Q4 was $5.7M, improved from $56.4M in Q4 2024.
Expects operating profitability beginning Q3 2026 and for FY2026; cash flow positivity in 2027.
Completed $130M equity offering Jan 2026; modified term loan to $175M principal, extended maturity to Feb 2029; pro forma cash ~$190M.

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