Phathom Pharmaceuticals reported a strong Q3 2025 with 25% revenue growth and a significant 43% reduction in operating expenses, ahead of expectations.

• Net revenue reached $49.5 million, surpassing the expectations of $47 million and aligning with annual guidance.
• Cash operating expenses were cut to $49.3 million, which is nearly 50% lower than Q1 2025, significantly enhancing operational efficiency.
• The company filled 221,000 prescriptions in Q3, with a key 23% increase in covered scripts, fueling revenue growth.
• A strategic shift to focus on gastroenterology has been implemented, enhancing deeper engagement with prescribers and driving prescription frequency.
• Phathom plans to maintain operating expenses below $55 million in Q4 despite increased costs from the EoE Phase II trial.