Filing Flows › Phathom Pharmaceuticals (PHAT) › Q1 2025
Phathom Pharmaceuticals (PHAT) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 1, 2025
Phathom Pharmaceuticals (PHAT) reported revenue of $28.5M for the first quarter 2025 (Q1 2025), up 15-fold from a year earlier and -4% from the quarter before. Operating margin was -276.5%, net loss $94.3M (330.7% of revenue).
Phathom Pharmaceuticals, Q1 2025: revenue $28.5M (15× year over year), operating margin -276.5%, net loss $94.3M, operating cash flow −$84.9M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $28.5M | -4% | 15× |
| Operating profit | −$78.9M | — | — |
| Net earnings | −$94.3M | — | — |
| Operating cash flow | −$84.9M | — | — |
What changed
Revenue was $28.5M in Q1 2025, up 1392% year over year and down 4% from the previous quarter.
Gross margin was 86.9%, up 9.2 points from a year earlier. Operating costs exceeded revenue by $78.9M, an operating margin of -276.5%. Operating expenses grew 45% against revenue growth of 1392%. The fastest-growing cost line was SG&A (+52%). The quarter ended with a net loss of $94.3M, wider than the previous quarter's $74.5M loss.
Operating cash flow was −$84.9M. Non-cash charges added back $177K of depreciation and amortization and $5.5M of share-based compensation. Capital expenditures of $18K exceeded it, leaving free cash flow of −$84.9M.
Questions
What was Phathom Pharmaceuticals' revenue in the first quarter 2025?
Phathom Pharmaceuticals (PHAT) reported revenue of $28.5M for the first quarter 2025 (Q1 2025), up 15-fold from a year earlier and -4% from the quarter before.
Was Phathom Pharmaceuticals profitable in the first quarter 2025?
Operating loss was $78.9M (-276.5% of revenue) and net loss $94.3M.