Phathom Pharmaceuticals, Inc. reported significant financial developments in its latest 10-Q filing for the quarter ending March 31, 2025. The company generated product revenue of $28.5 million, a substantial increase from $1.9 million in the same period last year, reflecting the successful commercial launch of its VOQUEZNA product line, which includes VOQUEZNA, VOQUEZNA TRIPLE PAK, and VOQUEZNA DUAL PAK. Despite this revenue growth, Phathom reported a net loss of $94.3 million for the quarter, compared to a loss of $82.9 million in the prior year, primarily driven by increased selling, general, and administrative expenses, which rose to $94.5 million from $62.0 million.
The company's total operating expenses for the quarter were $103.7 million, up from $71.4 million a year earlier. This increase was largely attributed to a $32 million rise in commercial expenses, including $28.3 million in advertising and promotional costs associated with the launch of VOQUEZNA products. Research and development expenses slightly decreased to $9.2 million from $9.4 million, indicating a focus on managing costs while ramping up commercial activities.
In terms of operational metrics, Phathom reported that over 390,000 prescriptions for its VOQUEZNA products have been filled since their launch, with prescriptions written by more than 23,600 healthcare providers. The company has also secured access to its products for over 120 million U.S. commercial lives, representing more than 80% of the total U.S. commercial market. However, the company is facing challenges, including a potential disruption in the supply of VOQUEZNA TRIPLE PAKs, although it does not anticipate significant impacts on revenues or operations at this time.
Looking ahead, Phathom announced a restructuring plan aimed at reducing cash burn and focusing on commercial execution. This includes a workforce reduction of approximately 6%, or 28 employees, and a suspension of several clinical and product development programs. The company expects to incur one-time costs of $7 million to $10 million related to this restructuring, which will be recognized in the second quarter of 2025. Despite the challenges, Phathom believes its existing cash and cash equivalents, totaling $212.3 million as of March 31, 2025, along with anticipated product revenues, will be sufficient to fund operations for at least the next twelve months.
About Phathom Pharmaceuticals, Inc.
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