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Stock Market Live June 24, 2026: S&P 500 (SPY) Attempting to Regain Momentum
Phathom Pharmaceuticals

PHAT Q1 2025 Earnings

Reported May 1, 2025 at 7:05 AM ET · SEC Source

Q1 25 EPS

$-1.07

MISS 0.38%

Est. $-1.07

Q1 25 Revenue

$28.5M

MISS 1.71%

Est. $29.0M

vs S&P Since Q1 25

+182.1%

BEATING MARKET

PHAT +213.4% vs S&P +31.4%

Market Reaction

Did PHAT Beat Earnings? Q1 2025 Results

Phathom Pharmaceuticals delivered a mixed first quarter for 2025, missing on both the top and bottom lines while simultaneously unveiling a sweeping restructuring aimed at steering the company toward profitability. Revenue came in at $28.52 million, … Read more Phathom Pharmaceuticals delivered a mixed first quarter for 2025, missing on both the top and bottom lines while simultaneously unveiling a sweeping restructuring aimed at steering the company toward profitability. Revenue came in at $28.52 million, falling just short of the $29.02 million consensus estimate by 1.71%, though the figure still represented a striking 1,391.6% increase year over year as VOQUEZNA continued to build commercial traction. The adjusted loss of $1.07 per share edged past the $1.07 consensus estimate by 0.38%, a narrow miss amplified by surging general and administrative expenses, which climbed to $94.47 million from $62.01 million a year earlier on heavier advertising and promotional spend. In response, Phathom announced the departure of three C-suite executives, a roughly 6% workforce reduction, and significant cuts to direct-to-consumer advertising, moves expected to trim 2025 operating expenses by $60 to $70 million. Management said these steps, combined with a cash position of $212.31 million, should be sufficient to achieve operational profitability, excluding stock-based compensation, in 2026 without additional financing.

Key Takeaways

  • • Continued VOQUEZNA commercial launch momentum with approximately 127,000 prescriptions filled in Q1, ~8% sequential growth despite seasonal headwinds
  • • More than 23,600 healthcare providers have written a filled VOQUEZNA prescription, an increase of about 18% vs. prior quarterly update
  • • Coverage for more than 120 million lives, including over 80% of commercially insured patients
24/7 Wall St

PHAT YoY Financials

Q1 2025 vs Q1 2024, source: SEC Filings

24/7 Wall St

PHAT Revenue by Segment

With YoY comparisons, source: SEC Filings

Q1 25 Q1 26

“2025 will be an inflection point for Phathom. While continuing our focus on driving VOQUEZNA's revenue growth, today we are also implementing a fundamental shift in how we operate, applying cost saving initiatives to support long-term growth without the need for additional equity or debt financing. In today's challenging public market environment, marked by constrained access to capital and broader macroeconomic headwinds, companies must be more selective and strategic than ever in how they deploy their resources. We are focused on initiatives that deliver the greatest return, with our most valuable investment being the daily efforts of our sales organization. We've preserved sales force strength while scaling back in areas that deliver less near-term value. We are making difficult but necessary changes, including leadership transitions, a workforce reduction of approximately 6%, and significant cuts in external spend. These decisive actions are expected to reduce 2025 operating expenses by $60 to $70 million and bring anticipated quarterly spend below $55 million in the fourth quarter. Collectively, these efforts reinforce our financial position, keep us on track to deliver continued revenue growth, and position Phathom to achieve profit from operations, excluding stock-based compensation, in 2026.”

— Steve Basta, Q1 2025 Earnings Press Release

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