Phathom Pharmaceuticals Inc. (NASDAQ: PHAT) provided an update on its financial and operational status for the fourth quarter and full year of 2025. Preliminary sales results indicate fourth-quarter revenues in the range of $57 million to $58 million, which slightly surpasses the consensus analyst estimate of $56.16 million. This modest beat suggests steady market traction for its outpatient prescription products.
In terms of expenditures, the company projects non-GAAP operating expenses to lie between $51 million and $53 million for the quarter, explicitly excluding approximately $8 million related to stock-based compensation. This delineation offers stakeholders a clearer view of operational costs independent of share-based payments.
For the entire 2025 fiscal year, Phathom raised its revenue guidance to an approximate band of $174.5 million to $175.5 million from its prior range of $170 million to $175 million. The midpoint of this guidance slightly exceeds the consensus figure of $173.54 million, underlining modest upward revisions based on current sales momentum.
A central pillar of Phathom’s commercial portfolio, Voquezna (vonoprazan), has achieved a notable milestone, having surpassed one million prescriptions dispensed in the United States since its launch. Voquezna is an orally administered prescription therapy indicated for adult patients dealing with erosive esophagitis (erosive gastroesophageal reflux disease, or GERD), general relief of heartburn associated with both erosive and non-erosive GERD, and in combination with antibiotics for treating Helicobacter pylori infection.
This broad therapeutic usage underscores the medication’s relevance across multiple upper gastrointestinal conditions, contributing significantly to the company’s revenue stream. Management anticipates reaching operating profitability during the second half of 2026, reflecting expectations that revenue growth will increasingly outpace operating costs as market adoption matures.
On the clinical development front, Phathom Pharmaceuticals initiated dosing of the first participant in November 2025 in its Phase 2 pHalcon-EoE-201 study. This trial is evaluating vonoprazan tablets as an investigational treatment for eosinophilic esophagitis (EoE) in adults. The EoE indication represents an expansion opportunity beyond the existing approved uses of vonoprazan, potentially opening new markets for the compound. The company forecasts that topline primary and secondary endpoint data from this trial will be available in 2027, which will provide critical insights into its efficacy and safety profile for this novel indication.
From a financial perspective, Phathom reported net cash usage of approximately $6 million during the reported quarter. At the end of the period, the company held about $130 million in cash and cash equivalents on its balance sheet, underpinning its liquidity position and capacity to fund ongoing operations and development programs.
In conjunction with strengthening its financial resources, Phathom priced an underwritten public offering on Wednesday that includes 6.875 million shares priced at $16 per share, coupled with pre-funded warrants enabling the purchase of an additional 1.25 million shares at $15.999 per warrant. The gross proceeds from this offering are expected to be near $130 million. These funds are earmarked to support general corporate needs, which encompass working capital requirements, commercialization activities, and continued research and development efforts across the company’s pipeline.
Despite these developments, market response has been muted. During premarket trading on Thursday, shares of Phathom Pharmaceuticals declined by approximately 11.89%, trading near $15.93 according to Benzinga Pro data. This price movement reflects investor caution amidst capital raising activities and ongoing development risks.
In summary, Phathom Pharmaceuticals demonstrated moderate financial growth in its core commercial operation for 2025 while advancing clinical development for a new indication involving vonoprazan. The company’s strategic capital raise provides a significant cash buffer to sustain its operational and clinical endeavors as it strives toward achieving operating profitability by late 2026.