Phathom Pharmaceuticals reported preliminary net revenue of $57 million to $58 million for the fourth quarter of 2025, a 93% sequential increase from the $29.7 million earned in Q4 2024. The jump reflects a 23% rise in covered prescriptions for the company’s flagship drug VOQUEZNA, which also saw a 28% increase from the second quarter of 2025.
The preliminary revenue beat the consensus estimate of $56.16 million, underscoring the strength of VOQUEZNA’s market adoption. Gross profit margins remained high, with Q3 2025 reporting an 86.9% margin, and the company’s cost structure continues to support a favorable operating profile.
Management reiterated its guidance that operating profitability will be achieved in the second half of 2026, excluding stock‑based compensation. The outlook reflects confidence in sustained prescription growth and the ability to control operating expenses as the product scales.
The company also announced a public offering of common stock and pre‑funded warrants aimed at raising approximately $130 million for general corporate purposes. The announcement was identified as the primary driver of the market’s negative reaction, as investors weighed the potential dilution against the company’s earnings performance.
Phathom’s results demonstrate a clear acceleration in revenue and prescription volumes, positioning the company closer to profitability while highlighting the importance of managing dilution risk as it continues to fund growth initiatives.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.