Phathom Pharmaceuticals has priced an underwritten public offering of 6,875,000 shares of common stock and pre-funded warrants to purchase 1,250,078 shares, raising approximately $130 million in gross proceeds before underwriting discounts, commissions and expenses. Common shares are being sold at $16.00 each, and pre-funded warrants at $15.999 each, reflecting a nominal $0.001 exercise price. In addition, the company granted underwriters a 30-day option to purchase up to an additional 1,218,761 shares at the same public offering price, less discounts and commissions. The offering is expected to close on or about January 9, 2026, subject to customary closing conditions.

Phathom intends to deploy net proceeds for general corporate purposes, including working capital as well as commercialization and research and development expenditures for its gastrointestinal disease franchise. Guggenheim Securities and Cantor Fitzgerald are acting as joint book-running managers, with Raymond James, Needham & Company, H.C. Wainwright & Co. and Craig-Hallum as co-managers. The securities are offered under a shelf registration statement that became effective on January 7, 2026, and final prospectus materials will be available via the SEC and through the managing underwriters upon request.

For the three months ended December 31, 2025, Phathom expects net revenues of $57 million to $58 million, GAAP operating expenses of $59 million to $61 million and non-GAAP operating expenses (excluding $8 million of stock-based compensation) of $51 million to $53 million. Fourth quarter net cash usage is estimated at $6 million, with approximately $130 million in cash and equivalents at year end. For full year 2025, the company anticipates 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 figures remain subject to completion of closing procedures and audit.

During the fourth quarter of 2025, Phathom surpassed one million U.S. prescriptions dispensed for its VOQUEZNA® product portfolio since launch, underscoring growing market adoption. The company reaffirmed its path to operating profitability in the second half of 2026 on a non-GAAP basis (excluding stock-based compensation), driven by continued revenue growth, disciplined expense management and the expected financial contribution from VOQUEZNA® and related combination therapies.