Filing Flows › Phathom Pharmaceuticals (PHAT) › Q3 2025
Phathom Pharmaceuticals (PHAT) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 30, 2025
Phathom Pharmaceuticals (PHAT) reported revenue of $49.5M for the third quarter 2025 (Q3 2025), +203% from a year earlier and +25% from the quarter before. Operating margin was -30.8%, net loss $30.0M (60.5% of revenue).
Phathom Pharmaceuticals, Q3 2025: revenue $49.5M (+203% year over year), operating margin -30.8%, net loss $30.0M, operating cash flow −$14.1M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $49.5M | +25% | +203% |
| Operating profit | −$15.3M | — | — |
| Net earnings | −$30.0M | — | — |
| Operating cash flow | −$14.1M | — | — |
What changed
Revenue was $49.5M in Q3 2025, up 203% year over year and up 25% from the previous quarter.
Gross margin was 87.5%, up 1.9 points from a year earlier. Operating costs exceeded revenue by $15.3M, an operating margin of -30.8%. Operating expenses fell 31% while revenue rose 203%. The quarter ended with a net loss of $30.0M, narrower than the previous quarter's $75.8M loss.
Operating cash flow was −$14.1M. Non-cash charges added back $156K of depreciation and amortization and $9.3M of share-based compensation. Working capital and other items added $6.4M. Capital expenditures of $27K exceeded it, leaving free cash flow of −$14.1M.
Questions
What was Phathom Pharmaceuticals' revenue in the third quarter 2025?
Phathom Pharmaceuticals (PHAT) reported revenue of $49.5M for the third quarter 2025 (Q3 2025), +203% from a year earlier and +25% from the quarter before.
Was Phathom Pharmaceuticals profitable in the third quarter 2025?
Operating loss was $15.3M (-30.8% of revenue) and net loss $30.0M.