Iterum Therapeutics plc

Net product sales were $400,000 in the third quarter of 2025, which included some stocking at the specialty pharmacy. Total operating expenses were $8.1 million versus $4.9 million in the third quarter of 2024; SG&A was $6.5 million versus $1.8 million, and R&D was $1.3 million versus $3.1 million. On a GAAP basis, net loss was $9 million, and non-GAAP net loss was $7.3 million versus $4.8 million in the prior-year period. Looking ahead, management expects modest fourth-quarter 2025 sales, full-year 2026 net product revenue of $5 million to $15 million, and full-year 2026 operating expenses of $25 million to $30 million.

Corey Fishman framed the quarter as an encouraging early launch period, saying the company has made “very solid progress” in the first ten weeks of Orlynda commercialization. He highlighted physician feedback, repeated prescribing by some doctors, and the need to keep building coverage and access. His tone was constructive but pragmatic: management sees traction, yet it is still operating with a modest commercial footprint and is focused on capital discipline.

Judith Matthews focused on the launch-related cost structure and cash runway. She said the company had $11 million in cash and cash equivalents as of September, and that cash plus $2.6 million of ATM proceeds raised from October 1 through November 13 should fund operations into 2026. She also detailed the quarter’s expense mix, including $20,000 of cost of sales, $300,000 of intangible asset amortization, $1.3 million of R&D, and $6.5 million of SG&A, with higher SG&A driven by commercialization activities.

Analysts pressed management on what launch metrics will be disclosed going forward, when formulary coverage might arrive, and whether advertising or social media could accelerate uptake. Corey Fishman said the company will continue reporting prescription growth and physician activity in the first few quarters, and that bids have already been submitted to the three big PBMs and major Medicare Part D plans, with decisions hoped for by the end of the quarter and first quarter. He also said Iterum is considering virtual reps and other channels, but the near-term investment priority remains the field organization.