Filing Flows › Phathom Pharmaceuticals (PHAT) › Q2 2025
Phathom Pharmaceuticals (PHAT) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 7, 2025
Phathom Pharmaceuticals (PHAT) reported revenue of $39.5M for the second quarter 2025 (Q2 2025), +439% from a year earlier and +39% from the quarter before. Operating margin was -151.7%, net loss $75.8M (191.9% of revenue).
Phathom Pharmaceuticals, Q2 2025: revenue $39.5M (+439% year over year), operating margin -151.7%, net loss $75.8M, operating cash flow −$62.7M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $39.5M | +39% | +439% |
| Operating profit | −$59.9M | — | — |
| Net earnings | −$75.8M | — | — |
| Operating cash flow | −$62.7M | — | — |
What changed
Revenue was $39.5M in Q2 2025, up 439% year over year and up 39% from the previous quarter.
Gross margin was 87.2%, up 6.0 points from a year earlier. Operating costs exceeded revenue by $59.9M, an operating margin of -151.7%. Operating expenses grew 13% against revenue growth of 439%. The fastest-growing cost line was Research & development (+23%). The quarter ended with a net loss of $75.8M, narrower than the previous quarter's $94.3M loss.
Operating cash flow was −$62.7M. Non-cash charges added back $172K of depreciation and amortization and $8.3M of share-based compensation. Working capital and other items added $4.6M. Capital expenditures of $97K exceeded it, leaving free cash flow of −$62.8M.
Questions
What was Phathom Pharmaceuticals' revenue in the second quarter 2025?
Phathom Pharmaceuticals (PHAT) reported revenue of $39.5M for the second quarter 2025 (Q2 2025), +439% from a year earlier and +39% from the quarter before.
Was Phathom Pharmaceuticals profitable in the second quarter 2025?
Operating loss was $59.9M (-151.7% of revenue) and net loss $75.8M.