Phathom Pharmaceuticals Reports First Quarter 2026 Financial Results and Provides Business Update
Rhea-AI Summary
Phathom Pharmaceuticals (Nasdaq: PHAT) reported Q1 2026 net revenues of $58.3 million, a 104% year-over-year increase, and approximately 1.35 million total VOQUEZNA prescriptions filled to date (as of April 17, 2026). Q1 operating expenses were $61.8 million and non-GAAP operating expenses were $56.2 million. The company reported a Q1 net loss of $30.4 million and non-GAAP adjusted net loss of $14.7 million. Cash and cash equivalents were $180.9 million as of March 31, 2026. Phathom maintained 2026 guidance: net revenues of $320–$345 million, gross-to-net 55–59%, gross margin ~80%, and non-GAAP operating expenses of $235–$255 million, with operating profitability expected beginning in Q3 2026.
Positive
- Revenue +104% YoY to $58.3 million in Q1 2026
- ~1.35M VOQUEZNA prescriptions filled to date (April 17, 2026)
- Cash balance $180.9M as of March 31, 2026 after $122M equity proceeds
Negative
- Q1 net loss $30.4M and non-GAAP adjusted net loss $14.7M
- Operating expenses $61.8M in Q1 despite year-over-year reductions
- High gross-to-net guidance of 55–59% reduces net realizable revenue
News Market Reaction – PHAT
On the day this news was published, PHAT declined 4.92%, reflecting a moderate negative market reaction. Argus tracked a trough of -20.8% from its starting point during tracking. Our momentum scanner triggered 22 alerts that day, indicating elevated trading interest and price volatility. This price movement removed approximately $48M from the company's valuation, bringing the market cap to $935.69M at that time.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
PHAT gained 3.97% while close biotech peers were mixed: PRAX up 1.31%, IMNM down 1.54%, EYPT down 2.8%, QURE down 7.42%, URGN down 2.79%, indicating a stock-specific reaction.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Feb 26 | Q4/FY 2025 earnings | Positive | +10.1% | Strong Q4/FY revenue growth and initial 2026 guidance toward profitability. |
| Jan 07 | Prelim FY 2025 results | Positive | -13.7% | Preliminary Q4/FY 2025 revenues and expense outlook ahead of final results. |
| Oct 30 | Q3 2025 earnings | Positive | -1.6% | Q3 revenue growth, rising prescriptions, cost improvements, and 2025 guidance. |
| Aug 07 | Q2 2025 earnings | Positive | +8.3% | Strong Q2 revenue ramp, expanding coverage, and 2025 guidance introduction. |
| May 01 | Q1 2025 earnings | Positive | -21.7% | Q1 2025 launch ramp, cost-cut plans, and leadership changes supporting 2026 goals. |
Recent earnings releases often highlighted strong VOQUEZNA growth but produced mixed stock reactions, with an average move of -3.74% on earnings days and several selloffs despite positive fundamentals.
Over the past year, earnings updates have shown rapid VOQUEZNA uptake and rising revenues. Q2–Q4 2025 reports cited net revenues climbing from $39.5M to $57.6M and total prescriptions surpassing 1 million, alongside tightening non-GAAP operating expenses. Guidance consistently targeted operating profitability in 2026. Today’s Q1 2026 results, with net revenues of $58.3M and further cost reductions, extend that trajectory while reiterating 2026 guidance.
Historical Comparison
Across the last five earnings releases, PHAT’s average move was -3.74%. Today’s +3.97% reaction to Q1 2026 results represents a constructive shift versus its typical earnings-day softness.
Successive earnings reports have highlighted accelerating VOQUEZNA revenue, growing prescription volumes, and steadily lower non-GAAP operating expenses, all supporting management’s repeated timeline for achieving operating profitability in 2026.
Regulatory & Risk Context
Phathom has an effective automatic shelf registration on Form S-3ASR dated 2026-01-07, allowing it to offer common stock, preferred stock, debt securities, warrants, and units via future prospectus supplements. Specific capacity was not detailed in the provided summary.
Market Pulse Summary
This announcement underscores a strong start to 2026, with Q1 net revenues of $58.3M (up 104% year-over-year) and operating expenses reduced to $61.8M. VOQUEZNA prescriptions reached 1.35 million cumulatively, and full-year 2026 guidance of $320–$345M in revenue was reaffirmed alongside expectations for operating profitability. Investors may track upcoming Phase 2 EoE data timing, progress toward 2026 profitability, cash usage relative to the $180.9M balance, and any utilization of the active S-3ASR shelf.
Key Terms
non-gaap financial
stock-based compensation financial
revenue interest financing liability financial
term loan financial
eosinophilic esophagitis medical
phase 2 medical
potassium-competitive acid blocker medical
gerd medical
AI-generated analysis. Not financial advice.
- ~1.35 million total VOQUEZNA® prescriptions filled to date
$58.3 million in Q1 net revenues, a104% increase year-over-year- Q1 operating expenses of
$61.8 million ; non-GAAP operating expenses of$56.2 million and net cash usage of ~$15 million , reflecting continued expense discipline and significant year-over-year cost reduction - FY 2026 guidance maintained; operating profitability expected beginning in Q3 2026 and for FY 2026
- Conference call and webcast today, April 30, 2026, at 8:00 a.m. EDT
FLORHAM PARK, N.J., April 30, 2026 (GLOBE NEWSWIRE) -- Phathom Pharmaceuticals, Inc. (Nasdaq: PHAT), a biopharmaceutical company focused on commercializing and developing novel treatments for gastrointestinal (GI) diseases, today reported financial results for the first quarter ended March 31, 2026, and provided a business update.
“In the first quarter, we more than doubled revenue compared to the prior year Q1. We have implemented our pivot to GI and the associated sales force expansion,” said Steven Basta, President and Chief Executive Officer of Phathom. “We believe there is a path to
“Our first quarter results demonstrate strong year-over-year revenue growth and continued execution against our plan, with net revenues of
Recent Business Highlights and First Quarter 2026 Results
VOQUEZNA Commercial Progress:
- Following Phathom’s 2025 sales force realignment, the field team is fully trained and deployed as we enter the second quarter.
- Approximately 1.35 million total VOQUEZNA prescriptions have been filled as of April 17, 2026.
- Approximately 268,000 total VOQUEZNA prescriptions were filled in the first quarter,
115% increase compared to the first quarter 2025. - Covered prescriptions for the first quarter grew
91% year-over-year with approximately63% of total first quarter prescriptions covered by insurance.
EoE Clinical Trial Update:
- The Phase 2 pHalcon-EoE-201 trial evaluating VOQUEZNA in patients with eosinophilic esophagitis (EoE) is enrolling ahead of schedule with topline results now anticipated in late fourth quarter 2026 or early first quarter 2027.
First Quarter 2026 Financial Results:
- Revenue: Net revenues for the first quarter 2026 were
$58.3 million , an increase of$29.8 million compared to$28.5 million for first quarter 2025. The increase was due to continued growth from execution of Phathom’s commercial strategy. - Research and development (R&D) expenses: R&D expenses for the first quarter 2026 were
$7.8 million , a decrease of$1.4 million compared to$9.2 million for first quarter 2025. The decrease was primarily due to lower personnel-related expenses and project costs. - Selling, general and administrative (SG&A) expenses: SG&A expenses for the first quarter 2026 were
$54.0 million , a decrease of$40.5 million compared to$94.5 million for first quarter 2025. The decrease was primarily due to a reduction in commercial-related direct-to-consumer promotional expenses. - Operating expenses: Operating expenses for the first quarter 2026 were
$61.8 million , compared to$103.7 million for the first quarter 2025. The decrease of$41.9 million compared to the first quarter 2025 was attributable to cost savings associated with lower commercial promotional spend, lower personnel-related expenses, and lower third-party spend. Cash operating expenses decreased approximately43% year-over-year, reflecting continued focus on cost discipline across the organization. First quarter 2026 operating expenses and first quarter 2025 operating expenses both included a non-cash charge related to stock-based compensation of$5.5 million . Non-GAAP operating expenses, which exclude stock-based compensation charges, for the first quarter 2026 were$56.2 million , compared to$98.2 million for the first quarter 2025. - Net loss: Net loss for the first quarter 2026 was
$30.4 million , compared to$94.3 million for first quarter 2025. Non-GAAP adjusted net loss for the first quarter 2026 was$14.7 million compared to$77.1 million for the same period in 2025. These non-GAAP adjusted net loss amounts, as more fully described below under “Non-GAAP Financial Measures,” exclude non-cash stock-based compensation charges, non-cash interest expense related to the accounting for our revenue interest financing liability, which are in excess of the actual interest owed, and interest expense related to the amortization of debt discount on our term loan. A reconciliation of the GAAP financial results to non-GAAP financial results is included in the tables below. - Cash and cash equivalents: As of March 31, 2026, cash and cash equivalents were
$180.9 million . In January 2026, Phathom received$122.0 million of net proceeds from its public equity offering. In February 2026, the Company modified its Hercules Loan Agreement and used$55.8 million of cash to repay a portion of its outstanding debt. Based on its current operating plan, the Company believes its cash on hand along with anticipated future cash generated from operations will be sufficient to invest in the business and to satisfy all outstanding debt obligations, at all times, without the need for additional debt or an equity raise.
2026 Financial Guidance
- Phathom is maintaining its full year 2026 financial guidance:
- Net revenues of
$320 –$345 million - Gross-to-net discount of 55–
59% - Gross margin of approximately
80% - Non-GAAP operating expenses, excluding stock-based compensation, of
$235 –$255 million - Operating profitability, excluding stock-based compensation, expected beginning in the third quarter 2026 and for the full year 2026
- Net revenues of
Conference Call and Webcast
Phathom will host a conference call and webcast to discuss its first quarter 2026 financial results and business highlights today, April 30, 2026, at 8:00 a.m. EDT. A live webcast will be available on the investors page of Phathom’s website under Events & Presentations. A replay of the webcast will be available following the completion of the call and will be archived for up to 90 days.
Non-GAAP Financial Measures
This press release includes financial results prepared in accordance with accounting principles generally accepted in the United States (GAAP), and also certain non-GAAP financial measures. In particular, Phathom has provided non-GAAP operating expense, adjusted net loss and adjusted net loss per share, adjusted to exclude the items below. Non-GAAP financial measures are not an alternative for financial measures prepared in accordance with GAAP. However, Phathom believes the presentation of non-GAAP adjusted operating expense, net loss and adjusted net loss per share, when viewed in conjunction with GAAP results, provides investors with a more meaningful understanding of ongoing operating performance. Non-GAAP operating expense excludes non-cash stock-based compensation, which is impacted by changes in the market price of common stock. Adjusted net loss and net loss per share exclude (i) non-cash stock-based compensation, (ii) interest expense related to the accounting for our revenue interest financing liability, which are in excess of the actual interest owed, and (iii) interest expense related to the amortization of debt discount on our term loan. Phathom does not provide a reconciliation of projected non-GAAP operating expense to GAAP operating expense due to the inherent difficulty in forecasting and quantifying non-cash stock-based compensation which is dependent on changes in the market price of common stock and necessary for such reconciliation.
Phathom believes the presentation of these non-GAAP financial measures provides useful information to management and investors regarding Phathom's results of operations. When GAAP financial measures are viewed in conjunction with these non-GAAP financial measures, investors are provided with a more meaningful understanding of Phathom's ongoing operating performance and are better able to compare Phathom's performance between periods. In addition, these non-GAAP financial measures are among those indicators Phathom uses as a basis for evaluating performance, and planning and forecasting future periods. These non-GAAP financial measures are not intended to be considered in isolation or as a substitute for GAAP financial measures. A reconciliation between these non-GAAP measures and the most directly comparable GAAP measures is provided later in this press release.
About Phathom Pharmaceuticals, Inc.
Phathom Pharmaceuticals is a biopharmaceutical company focused on the commercialization and development of novel treatments for gastrointestinal diseases. Phathom has in-licensed the exclusive rights to vonoprazan, a first-in-class potassium-competitive acid blocker (PCAB) for the U.S., Europe and Canada. Phathom currently markets vonoprazan in the United States as VOQUEZNA® (vonoprazan) tablets for the relief of heartburn associated with Non-Erosive GERD in adults, the healing and maintenance of healing of Erosive GERD in adults and relief of associated heartburn, and as part of VOQUEZNA® DUAL PAK® (vonoprazan tablets, amoxicillin capsules) and VOQUEZNA® TRIPLE PAK® (vonoprazan tablets, amoxicillin capsules, clarithromycin tablets) for the treatment of H. pylori infection in adults. For more information about Phathom, visit the company’s website at www.phathompharma.com and follow on LinkedIn and X.
Forward-Looking Statements
This press release contains forward-looking statements, including without limitation statements regarding: our guidance and expectations regarding financial results for 2026, including revenues from sales of VOQUEZNA, operating expenses, gross-to-net and gross margin; our beliefs and expectations with respect to strengthening of prescription trends and our revenue growth trajectory; our belief in the commercial opportunity for VOQUEZNA; our commercialization plans and expectations; our expectations and path for achieving operating profitability and cash flow positive operations and anticipated timing of such events; our belief in the sufficiency of our cash and expected revenues to fund our current operating plan and pay outstanding debt obligations; our development plans and potential timelines including our expectations for reporting topline results from the pHalcon-EoE-201 trial; our business strategy, goals, mission and vision, including our goal to be a leader in GI; and our other expectations, forecasts and predictions as to future performance, results and likelihood of success. These statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including the risk that: we may not be able to successfully commercialize VOQUEZNA or to achieve operating results, revenues or growth at the levels we expect; the market opportunity for VOQUEZNA may be significantly smaller than our expectations; market acceptance for VOQUEZNA from healthcare professionals, patients, and payors in the indications for which it is approved may be significantly lower than we anticipate; we may encounter coverage, reimbursement, market access, or other issues in the course of our commercialization efforts that may negatively impact our efforts and results; the unmet need for new treatment options in GERD may not be as high as we anticipate; estimates of the number of patients with the disorders for which VOQUEZNA is approved, now or in the future, and our estimates of potential market size may not be accurate; our decisions as to where to allocate our resources and focus our efforts may not lead to the results we expect; we may not seek, achieve or maintain the patent and regulatory exclusivity we expect or that could be available to us and may encounter generic competition sooner than we anticipate; our results may be negatively impacted by the launch of other competitive products; we may experience adverse impact as the result of our dependence on third parties in connection with commercialization, product manufacturing, research and preclinical and clinical testing; we may be negatively impacted by regulatory developments or other governmental actions in the United States, including government healthcare reform; we may encounter unexpected adverse side effects or inadequate efficacy of VOQUEZNA that may limit or impair market acceptance or impair current or future development or regulatory approvals, or may result in recalls, withdrawals or product liability claims; we may not be able to obtain and maintain intellectual property protection important to our business; if we were to breach our license agreement with Takeda for vonoprazan, Takeda might take action, including termination, that would significantly impair our business; we may encounter issues with our ongoing or planned clinical trials, including slower than expected enrollment that affect timing or chances of success; we may receive negative or mixed results from our ongoing or future clinical trials that impact our business, goals or future opportunities; our operating expenses and cash use may be higher than we anticipate, including if we decide to engage in activities not currently in our plan or if we face unexpected, or higher than anticipated, expenses, including as the result of unexpected events such as litigation; depending on our operating results and activities, we may not achieve our financial guidance and we may not achieve profitability or cash flow positivity on the timelines we expect or at all; for the foregoing or other reasons, in the future, we may not have sufficient cash to fund our operations at the levels we expect or to meet our obligations under the term debt or revenue interest financing agreement (RIFA) or our other obligations or to enable us to achieve profit from operations; we may need to or decide to raise additional capital and we may not be able to do so on acceptable terms or at all; and any of the foregoing or other factors may negatively impact our ability to achieve our plans, goals, mission, vision and potential. For additional discussion of these and other risks, see the risk disclosure in our filings with the Securities and Exchange Commission (SEC), including our Annual Report on Form 10-K and any subsequent filings with the SEC. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and we undertake no obligation to revise or update this presentation to reflect events or circumstances after the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement, which is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
MEDIA CONTACT
Nick Benedetto
1-877-742-8466
media@phathompharma.com
INVESTOR CONTACT
Eric Sciorilli
1-877-742-8466
ir@phathompharma.com
© 2026 Phathom Pharmaceuticals. All rights reserved.
VOQUEZNA, VOQUEZNA DUAL PAK, VOQUEZNA TRIPLE PAK, Phathom Pharmaceuticals, and their respective logos are registered trademarks of Phathom Pharmaceuticals, Inc.
| Selected Condensed Balance Sheets | ||||||||
| (in thousands) | ||||||||
| (unaudited) | ||||||||
| March 31, 2026 | December 31, 2025 | |||||||
| Cash and cash equivalents | $ | 180,904 | $ | 129,972 | ||||
| Total assets | $ | 305,120 | $ | 259,149 | ||||
| Total liabilities | $ | 642,075 | $ | 697,318 | ||||
| Total stockholders' deficit | $ | (336,955 | ) | $ | (438,169 | ) | ||
| Condensed Statements of Operations and Comprehensive Loss | ||||||||
| (in thousands, except share and per share amounts) | ||||||||
| (unaudited) | ||||||||
| Three Months Ended March 31, | ||||||||
| 2026 | 2025 | |||||||
| Product revenue, net | $ | 58,301 | $ | 28,519 | ||||
| Cost of revenue | 11,996 | 3,724 | ||||||
| Gross profit | 46,305 | 24,795 | ||||||
| Operating expenses: | ||||||||
| Research and development | 7,771 | 9,184 | ||||||
| Selling, general and administrative | 54,011 | 94,474 | ||||||
| Total operating expenses | 61,782 | 103,658 | ||||||
| Loss from operations | (15,477 | ) | (78,863 | ) | ||||
| Other (expense) income: | ||||||||
| Interest income | 1,736 | 2,640 | ||||||
| Interest expense | (15,797 | ) | (18,071 | ) | ||||
| Other expense, net | (831 | ) | (22 | ) | ||||
| Total other expense | (14,892 | ) | (15,453 | ) | ||||
| Net loss and comprehensive loss | $ | (30,369 | ) | $ | (94,316 | ) | ||
| Net loss per share, basic and diluted | $ | (0.37 | ) | $ | (1.31 | ) | ||
| Weighted-average shares of common stock outstanding, basic and diluted | 82,050,618 | 71,969,411 | ||||||
| Reconciliation of GAAP to Non-GAAP Financial Measures | ||||||||
| (in thousands, except share and per share amounts) | ||||||||
| (unaudited) | ||||||||
| Three Months Ended March 31, | ||||||||
| 2026 | 2025 | |||||||
| Reconciliation of GAAP to Non-GAAP adjusted net loss: | ||||||||
| GAAP net loss | $ | (30,369 | ) | $ | (94,316 | ) | ||
| Stock-based compensation expense (A) | 5,534 | 5,540 | ||||||
| Non-cash interest on revenue interest financing liability | 9,301 | 11,003 | ||||||
| Interest expense related to amortization of debt discount | 844 | 696 | ||||||
| Non-GAAP adjusted net loss | $ | (14,690 | ) | $ | (77,077 | ) | ||
| Reconciliation of GAAP to Non-GAAP adjusted net loss per share — basic and diluted: | ||||||||
| GAAP net loss per share — basic and diluted | $ | (0.37 | ) | $ | (1.31 | ) | ||
| Stock-based compensation expense (A) | 0.07 | 0.08 | ||||||
| Non-cash interest on revenue interest financing liability | 0.11 | 0.15 | ||||||
| Interest expense related to amortization of debt discount | 0.01 | 0.01 | ||||||
| Non-GAAP net loss per share — basic and diluted | $ | (0.18 | ) | $ | (1.07 | ) | ||
| Weighted-average shares of common stock outstanding, basic and diluted | 82,050,618 | 71,969,411 | ||||||
| (A) Stock-based compensation consists of the following: | ||||||||
| Three Months Ended March 31, | ||||||||
| 2026 | 2025 | |||||||
| Research and development | 799 | 1,330 | ||||||
| Selling, general and administrative | 4,735 | 4,210 | ||||||
