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FLORHAM PARK, N.J., Feb. 26, 2026 (GLOBE NEWSWIRE) -- Phathom Pharmaceuticals, Inc. (Nasdaq: PHAT), a biopharmaceutical company focused on commercializing and developing novel treatments for gastrointestinal (GI) diseases, today reported financial results for the fourth quarter and full year ended December 31, 2025, and provided 2026 financial guidance.
“We are pleased with our continued growth throughout 2025, leveraging the efficiency of our GI-focused strategy,” said Steven Basta, President and Chief Executive Officer of Phathom. “Revenue increased significantly over the last three quarters. In the fourth quarter, we realigned our sales organization and enter 2026 with a stronger sales team and marketing initiatives designed to deepen engagement and increase prescribing for GERD across gastroenterologists.”
“Phathom exited 2025 with strong revenue growth and meaningful progress on expense discipline initiatives,” said Sanjeev Narula, Chief Financial and Business Officer of Phathom. “Following our January financing, we negotiated a modification to our term loan to reduce interest and extend maturity. We believe these steps provide us with an enhanced capital structure and financial flexibility as we position Phathom for anticipated operating profitability beginning in the third quarter 2026. We are executing with discipline to drive revenue growth and anticipate reaching cash flow positivity in 2027.”
Recent Business Highlights and Fourth Quarter and Full Year 2025 Results
VOQUEZNA Commercial Progress:
EoE Clinical Trial Update:
Strengthened Capital Structure and Financial Update:
Fourth Quarter and Full Year 2025 Financial Results:
Operating expenses for the full year ended 2025 were $312.5 million, compared to $324.7 million for the full year ended 2024. For the year ended 2025, operating expense included a non-cash charge related to stock-based compensation of $28.7 million compared to $24.0 million for the full year ended 2024. Non-GAAP operating expenses, which exclude stock-based compensation charges, for the full year ended 2025 were $283.8 million, compared to $300.7 million for the full year ended 2024.
2026 Financial Guidance
Explanatory Note for 2026 Guidance:
Conference Call and Webcast
Phathom will host a conference call and webcast to discuss its fourth quarter and full year 2025 financial results and business highlights today, February 26, 2026, at 8:00 a.m. EST. 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 operating expense, adjusted 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. Non-GAAP operating expense excludes non-cash stock-based compensation, which is impacted by changes in the market price of common stock. Adjusted net loss and net loss per share exclude (i) non-cash stock-based compensation, (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 does not provide a reconciliation of projected non-GAAP adjusted operating expense to GAAP operating expense due to the inherent difficulty in forecasting and quantifying non-cash stock-based compensation which is dependent on changes in the market price of common stock and necessary for such reconciliation.
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) for the U.S., Europe and Canada. Phathom currently markets vonoprazan 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, and as part of VOQUEZNA® DUAL PAK® (vonoprazan tablets, amoxicillin capsules) and VOQUEZNA® TRIPLE PAK® (vonoprazan tablets, amoxicillin capsules, clarithromycin tablets) 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 planned commercialization efforts with respect to VOQUEZNA and our expectations as to potential operating results; our guidance and expectations regarding financial results for 2026, including revenues, operating expenses, gross-to-net and gross margin; our expectations and path for achieving operating profitability and cash flow positive operations and potential timing thereof; our views as to the impact of our financing and amendment of our term debt vehicle on our financial profile and flexibility; our belief in our ability to meet liquidity covenants and repayment obligations under the term debt and RIFA with existing cash and cash anticipated to be generated from operations; our development plans and potential timelines including our ability to report topline results from the pHalcon-EoE-201 trial in 2027; our business strategy, goals, mission and vision, including our goal to be a leader in GI; 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 operating results, revenues or growth 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, 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; if we were to breach our license agreement with Takeda for vonoprazan, Takeda might take action, including termination, that would significantly impair our business; we may encounter issues with our ongoing or planned clinical trials, including slower than expected enrollment that affect timing or chances of success; we may receive negative or mixed results from our ongoing or future clinical trials that impact our business, goals or future opportunities; 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 operating results and activities, we may not achieve our financial guidance and we may not achieve profitability or cash flow positivity on the timelines we expect or at all; for the foregoing or other reasons, in the future, we may not have sufficient cash to fund our operations at the levels we expect or to meet our obligations under the term debt or RIFA or our other obligations or to enable us to achieve profit from operations; we may need to or decide to raise additional capital and we may not be able to do so on acceptable terms or at all; 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
[email protected]
INVESTOR CONTACT
Eric Sciorilli
1-877-742-8466
[email protected]
© 2026 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) | ||||||||
| December 31, 2025 | December 31, 2024 | |||||||
| Cash and cash equivalents | $ | 129,972 | $ | 297,263 | ||||
| Total assets | $ | 259,149 | $ | 378,318 | ||||
| Total liabilities | $ | 697,318 | $ | 631,898 | ||||
| Total stockholders' deficit | $ | (438,169 | ) | $ | (253,580 | ) | ||
| Condensed Statements of Operations and Comprehensive Loss (in thousands, except share and per share amounts) (unaudited) | ||||||||||||||||
| Three Months Ended December 31, | Years Ended December 31, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Product revenue, net | $ | 57,584 | $ | 29,664 | $ | 175,110 | $ | 55,252 | ||||||||
| Cost of revenue | 7,647 | 3,815 | 22,599 | 7,973 | ||||||||||||
| Gross profit | 49,937 | 25,849 | 152,511 | 47,279 | ||||||||||||
| Operating expenses: | ||||||||||||||||
| Research and development | 7,493 | 8,583 | 32,780 | 34,082 | ||||||||||||
| Selling, general and administrative | 48,372 | 76,683 | 279,717 | 290,664 | ||||||||||||
| Total operating expenses | 55,865 | 85,266 | 312,497 | 324,746 | ||||||||||||
| Loss from operations | (5,928 | ) | (59,417 | ) | (159,986 | ) | (277,467 | ) | ||||||||
| Other (expense) income: | ||||||||||||||||
| Interest income | 1,204 | 3,510 | 7,044 | 15,158 | ||||||||||||
| Interest expense | (16,419 | ) | (18,593 | ) | (68,115 | ) | (72,009 | ) | ||||||||
| Other expense, net | (5 | ) | 49 | (190 | ) | (8 | ) | |||||||||
| Total other expense | (15,220 | ) | (15,034 | ) | (61,261 | ) | (56,859 | ) | ||||||||
| Net loss and comprehensive loss | $ | (21,148 | ) | $ | (74,451 | ) | $ | (221,247 | ) | $ | (334,326 | ) | ||||
| Net loss per share, basic and diluted | $ | (0.29 | ) | $ | (1.05 | ) | $ | (3.03 | ) | $ | (5.29 | ) | ||||
| Weighted-average shares of common stock outstanding, basic and diluted | 73,817,450 | 71,044,948 | 72,918,764 | 63,176,210 | ||||||||||||
| Reconciliation of GAAP to Non-GAAP Financial Measures (in thousands, except share and per share amounts) (unaudited) | ||||||||||||||||
| Three Months Ended December 31, | Years Ended December 31, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Reconciliation of GAAP to Non-GAAP adjusted net loss: | ||||||||||||||||
| GAAP net loss | $ | (21,148 | ) | $ | (74,451 | ) | $ | (221,247 | ) | $ | (334,326 | ) | ||||
| Stock-based compensation expense (A) | 5,610 | 6,687 | 28,719 | 24,047 | ||||||||||||
| Non-cash interest on revenue interest financing liability | 8,994 | 10,759 | 39,052 | 45,771 | ||||||||||||
| Interest expense related to amortization of debt discount | 809 | 629 | 3,014 | 2,192 | ||||||||||||
| Non-GAAP adjusted net loss | $ | (5,735 | ) | $ | (56,376 | ) | $ | (150,462 | ) | $ | (262,316 | ) | ||||
| Reconciliation of GAAP to Non-GAAP adjusted net loss per share — basic and diluted: | ||||||||||||||||
| GAAP net loss per share — basic and diluted | $ | (0.29 | ) | $ | (1.05 | ) | $ | (3.03 | ) | $ | (5.29 | ) | ||||
| Stock-based compensation expense (A) | 0.08 | 0.10 | 0.39 | 0.37 | ||||||||||||
| Non-cash interest on revenue interest financing liability | 0.12 | 0.15 | 0.54 | 0.72 | ||||||||||||
| Interest expense related to amortization of debt discount | 0.01 | 0.01 | 0.04 | 0.03 | ||||||||||||
| Non-GAAP net loss per share — basic and diluted | $ | (0.08 | ) | $ | (0.79 | ) | $ | (2.06 | ) | $ | (4.17 | ) | ||||
| Weighted-average shares of common stock outstanding, basic and diluted | 73,817,450 | 71,044,948 | 72,918,764 | 63,176,210 | ||||||||||||
(A) Stock-based compensation consists of the following:
| Three Months Ended December 31, | Years Ended December 31, | |||||||
| 2025 | 2024 | 2025 | 2024 | |||||
| Research and development | 1,821 | 1,691 | 6,864 | 5,567 | ||||
| Selling, general and administrative | 3,789 | 4,996 | 21,855 | 18,480 | ||||
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