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- **Revenue Surge**: 25% QoQ growth to $49.5M, beating expectations, with covered scripts driving 23% expansion.
- **Cost Revolution**: Operating expenses down 43% to $49.3M, cash usage reduced 77% to $14M, positioning for 2026 profitability.
- **GI Dominance**: 70% of scripts from GI, targeting $1B+ annual revenue from 20M PPI scripts. 300-rep sales force expansion by Q1 2026.
- **Pipeline Momentum**: Phase II EoE trial underway, with potential exclusivity extension. Regulatory exclusivity until 2033.
- **Financial Strength**: $135M cash balance, no equity needed through 2026, and plans to refinance debt for flexibility.

**【CEO Summary Section】**
- **Revenue Growth**: Q3 net revenue of $49.5M, up 25% QoQ, driven by covered prescriptions (23% growth) and cash-pay scripts (38% growth). Full year guidance narrowed to $170-175M.
- **Cost Efficiency**: Cash operating expenses reduced to $49.3M (43% QoQ decline), with Q4 OpEx expected below $55M despite Phase II trial costs.
- **GI Strategy**: Shifted focus to gastroenterologists (70% of scripts from GI), targeting 20-30% penetration of 20M annual GI PPI scripts. Sales force realigned to 300 reps by Q1 2026.
- **Pipeline Progress**: Phase II EoE trial underway, with potential 6-month exclusivity extension if successful. Regulatory exclusivity extended to 2033.

**【CFO Financial Commentary】**
- **Financial Health**: Gross profit margin stable at 87%, with $135M cash balance (down $14M QoQ, 77% reduction vs. Q2). Operating loss improved 88% to $6M.
- **Guidance**: 2025 non-GAAP OpEx $280-290M, targeting 2026 operating profitability. Gross to net ratio tightened to 55-60% for Q4.
- **Liquidity**: Current cash suffices through 2026 without equity financing, with plans to refinance debt for flexibility.

**【Q&A Highlights】**
- **Sales Force Transition**: 300 reps by Q1 2026, with Q4 disruption offset by long-term GI growth. Primary care re-engagement contingent on NBRx per call metrics.
- **Medicare Access**: Cash-pay scripts grew 38% QoQ, with no cannibalization of covered scripts. BlinkRx reduces abandonment rates via $25/$50 co-pays.
- **Long-Term Outlook**: 2026 focus on GI penetration, with potential 2027-2028 primary care expansion. Phase II EoE results expected in 2027.

Phathom Pharmaceuticals, Inc. (PHAT) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

PHAT

PHAT fundamentals

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