Filing Flows › Phathom Pharmaceuticals (PHAT) › Q4 2025
Phathom Pharmaceuticals (PHAT) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 26, 2026
Phathom Pharmaceuticals (PHAT) reported revenue of $57.6M for the fourth quarter 2025 (Q4 2025), +94% from a year earlier and +16% from the quarter before. Operating margin was -10.3%, net loss $21.1M (36.7% of revenue).
Phathom Pharmaceuticals, Q4 2025: revenue $57.6M (+94% year over year), operating margin -10.3%, net loss $21.1M, operating cash flow −$5.0M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $57.6M | +16% | +94% |
| Operating profit | −$5.9M | — | — |
| Net earnings | −$21.1M | — | — |
| Operating cash flow | −$5.0M | — | — |
What changed
Revenue was $57.6M in Q4 2025, up 94% year over year and up 16% from the previous quarter.
Gross margin was 86.7%, down 0.4 points from a year earlier. Operating costs exceeded revenue by $5.9M, an operating margin of -10.3%. Operating expenses fell 34% while revenue rose 94%. The quarter ended with a net loss of $21.1M, narrower than the previous quarter's $30.0M loss. Net interest and other expense of $15.2M was the main reason.
Operating cash flow was −$5.0M. Non-cash charges added back $128K of depreciation and amortization and $5.6M of share-based compensation. Working capital and other items added $10.4M. Capital expenditures of $87K exceeded it, leaving free cash flow of −$5.1M.
Questions
What was Phathom Pharmaceuticals' revenue in the fourth quarter 2025?
Phathom Pharmaceuticals (PHAT) reported revenue of $57.6M for the fourth quarter 2025 (Q4 2025), +94% from a year earlier and +16% from the quarter before.
Was Phathom Pharmaceuticals profitable in the fourth quarter 2025?
Operating loss was $5.9M (-10.3% of revenue) and net loss $21.1M.