Phathom Pharmaceuticals has priced an underwritten public offering comprising 6,875,000 shares of common stock at $16.00 per share and pre-funded warrants exercisable for 1,250,078 shares of common stock at $15.999 each. The combined gross proceeds to Phathom are expected to total approximately $130 million before underwriting discounts, commissions and other offering expenses. Underwriters have a 30-day option to purchase up to an additional 1,218,761 shares of common stock at the public offering price, less applicable discounts and commissions. The transaction is slated to close on or about January 9, 2026, subject to customary closing conditions.

Net proceeds from the offering will be deployed for general corporate purposes, including working capital, commercialization activities for VOQUEZNA® products and ongoing research and development programs targeting novel gastrointestinal therapies. Guggenheim Securities and Cantor Fitzgerald are serving as joint book-running managers, with Raymond James, Needham & Company, H.C. Wainwright & Co. and Craig-Hallum acting as co-managers, reflecting broad institutional support for the equity raise.

For the quarter ended December 31, 2025, preliminary unaudited figures indicate net revenues of $57 million to $58 million, GAAP operating expenses of $59 million to $61 million and non-GAAP operating expenses of $51 million to $53 million (excluding $8 million of stock-based compensation). Net cash usage for Q4 is estimated at $6 million, with cash and cash equivalents standing at approximately $130 million as of year-end. For the full year 2025, Phathom expects net revenues of $174.5 million to $175.5 million, GAAP operating expenses of $315.5 million to $317.5 million and non-GAAP operating expenses of $284.5 million to $286.5 million (excluding $31 million of stock-based compensation). These preliminary results remain subject to completion of year-end close and audit.

During Q4 2025, Phathom surpassed one million prescriptions of its VOQUEZNA® franchise in the United States since launch, underscoring robust market uptake for its potassium-competitive acid blocker platform. Management continues to target operating profitability in the second half of 2026, excluding stock-based compensation expense, as revenue growth from GERD and H. pylori treatment regimens scales and fixed costs leverage over expanding sales volumes.