Phathom Pharmaceuticals, Inc. reported significant financial developments in its latest 10-Q filing for the quarter ending June 30, 2025. The company generated product revenue of $39.5 million for the second quarter, a substantial increase from $7.3 million in the same period last year. For the first half of 2025, total product revenue reached $68.0 million, compared to $9.2 million in the first half of 2024. Despite this revenue growth, Phathom continues to face challenges, posting a net loss of $75.8 million for the second quarter and $170.1 million for the first half of 2025, although these figures represent improvements from losses of $91.4 million and $174.3 million, respectively, in the prior year.
The company’s financial position has changed notably, with total assets decreasing to $250.2 million as of June 30, 2025, down from $378.3 million at the end of 2024. This decline is primarily attributed to a reduction in cash and cash equivalents, which fell to $149.6 million from $297.3 million. Phathom's accumulated deficit has also widened to $1.4 billion, reflecting ongoing operational losses. The company has implemented a restructuring plan, resulting in a workforce reduction of approximately 6%, which is expected to help manage costs and focus on commercial execution.
Operationally, Phathom has made strides in its product offerings, launching VOQUEZNA, VOQUEZNA TRIPLE PAK, and VOQUEZNA DUAL PAK in late 2023. As of July 25, 2025, the company reported over 580,000 prescriptions filled for these products, written by more than 29,300 prescribers. The company has also maintained broad commercial coverage, with over 80% of U.S. commercial lives having access to VOQUEZNA tablets. However, Phathom is facing potential supply chain disruptions for clarithromycin, a component of the VOQUEZNA TRIPLE PAK, which could impact future sales.
Looking ahead, Phathom Pharmaceuticals anticipates continued revenue growth from its product lines but acknowledges the uncertainty surrounding future profitability. The company plans to fund its operations through existing cash reserves, anticipated product revenues, and potential equity offerings. Management believes that current resources are sufficient to support operations for at least the next twelve months, although they caution that actual results may vary due to various risks and uncertainties. The company is also exploring additional partnerships and product candidates to enhance its portfolio in the gastrointestinal disease market.
About Phathom Pharmaceuticals, Inc.
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