Phathom Pharmaceuticals, Inc. Segments Disclosure
10. Segment Information
The Company's chief operating decision maker, or CODM, the , manages the Company’s business activities as a reportable segment. The segment derives its current revenues from the sale of VOQUEZNA products. Accordingly, the CODM uses net loss to measure segment profit or loss, allocate resources and assess performance. Further, the CODM reviews and utilizes functional expenses (research and development, general and administrative, sales and marketing and stock-based compensation) to manage the Company’s operations. Other segment items included in net loss are interest income, interest expense and other expense, which are reflected in the statements of operations and comprehensive loss. The measure of segment assets is reported on the balance sheets as total assets.
The following table presents selected financial information with respect to the Company’s operating segment for the years ended December 31, 2025 and 2024 (in thousands):
|
|
Years Ended |
|
|||||
|
|
2025 |
|
|
2024 |
|
||
Product revenue, net |
|
$ |
175,110 |
|
|
$ |
55,252 |
|
Less: |
|
|
|
|
|
|
||
Cost of revenue |
|
|
22,599 |
|
|
|
7,973 |
|
Research and development |
|
|
25,916 |
|
|
|
28,515 |
|
General and administrative |
|
|
35,329 |
|
|
|
28,192 |
|
Sales and marketing |
|
|
222,533 |
|
|
|
243,992 |
|
Stock-based compensation |
|
|
28,719 |
|
|
|
24,047 |
|
Interest income |
|
|
(7,044 |
) |
|
|
(15,158 |
) |
Interest expense |
|
|
68,115 |
|
|
|
72,009 |
|
Other expense, net |
|
|
190 |
|
|
|
8 |
|
Segment net loss |
|
$ |
(221,247 |
) |
|
$ |
(334,326 |
) |
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 26, 2026 | Showing above |
| 2024 | Mar 6, 2025 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.