Phathom Pharmaceuticals Inc. (PHAT) delivered some good news on Wednesday with preliminary fourth quarter and full-year 2025 results that beat Wall Street's expectations. The biotech company reported Q4 sales coming in at $57-$58 million, topping the analyst consensus of $56.16 million.
The strong quarter helped Phathom raise its full-year 2025 revenue guidance to approximately $174.5-$175.5 million, up from the previous range of $170-$175 million. That also edges out the consensus estimate of $173.54 million, so the company is executing pretty much right where investors hoped.
For the fourth quarter, non-GAAP operating expenses are expected to land between $51-$53 million, excluding roughly $8 million in stock-based compensation. Meanwhile, net cash usage was about $6 million for the quarter, with cash and cash equivalents sitting at approximately $130 million at quarter-end.
Voquezna Momentum
The sales strength is being driven by Voquezna (vonoprazan), which just crossed a notable milestone: one million prescriptions dispensed in the U.S. since its launch. That's real market traction for a drug that treats multiple conditions.
For context, Voquezna is a prescription medication approved for adults dealing with erosive esophagitis (erosive GERD), heartburn associated with both erosive and non-erosive gastroesophageal reflux disease, and when combined with antibiotics, Helicobacter pylori infection.
Management is feeling confident enough to project that Phathom will reach operating profitability in the second half of 2026. That's a big deal for a commercial-stage biotech still ramping up its flagship product.
Pipeline Progress
Beyond the commercial success, Phathom is expanding Voquezna's potential uses. In November 2025, the company dosed the first patient in its Phase 2 pHalcon-EoE-201 trial, testing vonoprazan tablets as a treatment for eosinophilic esophagitis in adults. Topline primary and secondary results are expected to be available in 2027, which could open up another significant market opportunity.
Fresh Capital
Also on Wednesday, Phathom priced an underwritten public offering of 6.875 million shares at $16 per share, plus pre-funded warrants to purchase 1.25 million shares at $15.999 per warrant. The offering will bring in gross proceeds of approximately $130 million, which the company plans to use for general corporate purposes including working capital, commercialization efforts, and research and development expenses.
Despite the positive preliminary results, Phathom Pharmaceuticals shares were down 11.89% at $15.93 during premarket trading on Thursday. The stock decline likely reflects dilution concerns from the public offering rather than disappointment with the operating results themselves.
