Phathom Pharmaceuticals(US:PHAT) Globenewswireยท2025-05-01 11:00Core Insights - Phathom Pharmaceuticals is undergoing significant operational changes, including cost reductions and leadership transitions, to enhance revenue growth and achieve profitability by 2026 [2][4][5] Financial Performance - For Q1 2025, Phathom reported net revenues of $28.5 million, a substantial increase from $1.9 million in Q1 2024, driven by the ongoing commercial success of VOQUEZNA [4][10] - 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 versus $64.8 million in the same period last year [16][24] - Cash and cash equivalents as of March 31, 2025, were $212.3 million, which the company believes is sufficient to fund operations and achieve profitability by 2026 [6][16] Strategic Initiatives - The company is implementing a workforce reduction of approximately 6% and expects to cut operating expenses by $60 to $70 million in 2025, targeting quarterly cash operating expenses below $55 million by Q4 2025 [2][5][10] - Phathom is focusing on its sales force as a core growth driver, with Jonathan Bentley appointed as Senior Vice President, Head of Sales, to lead this initiative [5][10] VOQUEZNA Launch Progress - Over 390,000 prescriptions for VOQUEZNA have been filled, with approximately 127,000 prescriptions filled in Q1 2025, reflecting an 8% increase from the previous quarter [4][10] - The product maintains strong commercial access, covering over 120 million lives, with more than 80% of commercially insured patients having access [10] Organizational Changes - Key leadership transitions include the departure of the Chief Operating Officer, Chief Commercial Officer, and Chief Financial and Business Officer, with a new commercially-focused leadership team being established [5][10] - The company is also reducing investment in direct-to-consumer promotion and deferring several clinical and product development programs to optimize costs [5][10]