Phathom Pharmaceuticals(PHAT) - 2025 Q1 - Quarterly Results

Revenue Performance - Phathom reported net revenues of $28.5 million for Q1 2025, a significant increase from $1.9 million in Q1 2024, driven by the continued momentum of VOQUEZNA products[9] - Total product revenue for Q1 2025 was $28.519 million, a significant increase from $1.912 million in Q1 2024, representing a growth of approximately 1,493%[20] - Approximately 127,000 VOQUEZNA prescriptions were filled in Q1 2025, reflecting an 8% sequential growth despite seasonal headwinds[7] - The company has filled over 390,000 VOQUEZNA prescriptions to date, representing approximately 30% growth since the last earnings report[8] - Gross profit for Q1 2025 reached $24.795 million, compared to $1.486 million in Q1 2024, indicating a substantial increase in profitability[20] Financial Losses - The net loss for Q1 2025 was $94.3 million, compared to $82.9 million in Q1 2024, with a non-GAAP adjusted net loss of $77.1 million[9] - The net loss for Q1 2025 was $94.316 million, compared to a net loss of $82.852 million in Q1 2024, showing a decline in financial performance[20] - Non-GAAP adjusted net loss for Q1 2025 was $77.077 million, compared to $64.796 million in Q1 2024, indicating a worsening trend[22] - The company reported a GAAP net loss per share of $1.31 for Q1 2025, slightly improved from a loss of $1.42 per share in Q1 2024[22] Operating Expenses - Total operating expenses in Q1 2025 were $103.658 million, up from $71.440 million in Q1 2024, reflecting an increase of about 45%[20] - General and administrative expenses increased to $94.5 million in Q1 2025, up from $62.0 million in Q1 2024, primarily due to higher advertising and promotional costs[9] - Research and development expenses for Q1 2025 were $9.2 million, a slight decrease from $9.4 million in Q1 2024[9] - Phathom is implementing cost reductions expected to decrease operating expenses by $60 to $70 million in 2025, targeting quarterly cash operating expenses below $55 million in Q4 2025[3] Cash and Assets - Phathom's cash and cash equivalents as of March 31, 2025, were $212.3 million, sufficient to fund operations and achieve profitability from operations in 2026[9] - Cash and cash equivalents decreased to $212.315 million as of March 31, 2025, down from $297.263 million at the end of 2024[18] - Total assets fell to $294.208 million as of March 31, 2025, compared to $378.318 million at the end of 2024, a decline of approximately 22%[18] - Total liabilities remained relatively stable at $632.584 million as of March 31, 2025, compared to $631.898 million at the end of 2024[18] Leadership and Strategic Changes - Leadership changes include a workforce reduction of approximately 6% and the appointment of Jonathan Bentley as Senior Vice President, Head of Sales[4] - The company has paused the planned Phase 2 study of VOQUEZNA in eosinophilic esophagitis (EoE) as part of its cost optimization strategy[7] Shareholder Impact - The weighted-average shares of common stock outstanding increased to 71,969,411 in Q1 2025 from 58,371,480 in Q1 2024, reflecting a dilution in share value[22]