Phathom Pharmaceuticals Inc. (NASDAQ:PHAT) on Wednesday reported preliminary data for the fourth quarter and full year 2025. The company sees fourth quarter sales of $57 million-$58 million compared to the consensus of $56.16 million.
Non-GAAP operating expenses are anticipated to be $51–$53 million, excluding about $8 million in stock-based compensation.
Full-year 2025 revenue guidance updated to approximately $174.5–$175.5 million from $170 million–$175 million, versus consensus of $173.54 million.
Voquezna surpassed one million prescriptions dispensed in the U.S. since launch.
Voquezna (vonoprazan) is a prescription medication used in adults for the healing and maintenance of erosive esophagitis (erosive GERD), for the relief of heartburn associated with both erosive and non-erosive gastroesophageal reflux disease (GERD), and in combination with antibiotics to treat Helicobacter pylori (H. pylori) infection.
Management expects to reach operating profitability in the second half of 2026.
In November 2025, Phathom Pharmaceuticals dosed the first patient in its Phase 2 pHalcon-EoE-201 trial of vonoprazan tablets as an investigational treatment for eosinophilic esophagitis (EoE) in adults.
Topline primary and secondary results are anticipated to be available in 2027.
Net cash usage was roughly $6 million, and cash and cash equivalents were about $130 million at quarter-end.
Phathom Pharmaceuticals on Wednesday priced its underwritten public offering of 6.875 million shares at $16 per share and pre-funded warrants to purchase 1.25 million shares at $15.999 per pre-funded warrant.
The company will use the gross proceeds of approximately $130 million for general corporate purposes, including working capital, commercialization, and research and development expenses.
PHAT Price Action: Phathom Pharmaceuticals shares were down 11.89% at $15.93 during premarket trading on Thursday, according to Benzinga Pro data.
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