---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-26-073377"
form_type: "8-K"
ticker: "PHAT"
cik: "0001783183"
company_name: "Phathom Pharmaceuticals, Inc."
filed_at: "2026-02-26T23:59:59+00:00"
generated_at: "2026-05-15T23:43:00.742276+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001193125-26-073377
- form_type: 8-K
- ticker: PHAT
- cik: 0001783183
- company_name: Phathom Pharmaceuticals, Inc.
- filed_at: 2026-02-26T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1783183/000119312526073377/0001193125-26-073377-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1783183/000119312526073377/d119012d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-26-073377
- JSON: https://secwatch.observer/filing/0001193125-26-073377.json
- Plain text: https://secwatch.observer/filing/0001193125-26-073377.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.