Company: PHAT
Filing Date: 2025-03-06
Form Type: 10-K
Source: 0000950170-25-034183
Chunk: 315

Company: Phathom Pharmaceuticals, Inc.
Filing Date: 2025-03-06
Form: 10-K
Item: Item 7
Chunk 315
---
 682

    $
    54,570

    Cost of revenue

    7,973

    167

    7,806

    Gross profit

    47,279

    515

    46,764

    Operating expenses:

    Research and development

    34,082

    49,899

    (15,817
    )

    Selling, general and administrative

    290,664

    117,928

    172,736

    Total operating expenses

    324,746

    167,827

    156,919

    Loss from operations

    (277,467
    )

    (167,312
    )

    (110,155
    )

    Other income (expense):

    Interest income

    15,158

    7,876

    7,282

    Interest expense

    (72,009
    )

    (41,968
    )

    (30,041
    )

    Other expense, net

    (8
    )

    (188
    )

    180

    Total other expense

    (56,859
    )

    (34,280
    )

    (22,579
    )

    Net loss
     
    $
    (334,326
    )
     
    $
    (201,592
    )
     
    $
    (132,734
    )

Revenue. Product revenues were $55.3 million and $0.7 million for the years ended December 31, 2024 and 2023, respectively, related to sales of VOQUEZNA, VOQUEZNA TRIPLE PAK, and VOQUEZNA DUAL PAK which was launched during the fourth quarter of 2023.

Cost of Revenue. Cost of revenue was $8.0 million and $0.2 million for the years ended December 31, 2024 and 2023, respectively. In periods prior to receiving FDA approval for VOQUEZNA, we recognized inventory and related costs associated with the manufacture of VOQUEZNA as research and development expense and as such, the cost of revenue and related gross profits are not necessarily indicative of future costs of revenue and gross profit. Therefore, the manufacturing costs related to the inventory purchased before FDA approval were already expensed in a prior period and are therefore excluded from the cost of revenue for the year ended December 31,