As of September 30, 2025, cash and cash equivalents were $135.2 million. Net cash usage was approximately $14 million in the third quarter 2025, representing a 77% improvement from net cash usage of approximately $63 million in the second quarter 2025. Based on its current operating plan and projected product revenues, Phathom believes these resources will be sufficient to fund operations and achieve operating profitability in 2026, excluding stock-based compensation, without the need for additional equity financing.
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