Every 10-Q that Phathom Pharmaceuticals, Inc. (PHAT) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow PHAT and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full PHAT filings page.
Phathom Pharmaceuticals continued scaling its VOQUEZNA franchise in the first half of 2026, generating $132.575M in net product revenue, up from $68.023M a year earlier. Q2 revenue reached $74.274M as prescriptions and payer coverage expanded, with about 1.7 million prescriptions filled since launch.
Despite higher Takeda royalties and rebates, gross profit for the first half rose to $105.484M. Operating expenses fell sharply, mainly from lower selling and marketing costs after the 2025 restructuring, reducing the net loss to $47.951M from $170.126M and cutting operating cash outflow to $17.577M.
Cash and cash equivalents were $182.478M at June 30, 2026, and management believes this, together with anticipated product revenue, will fund operations for at least twelve months. The company remains highly leveraged, with a $175.000M term loan and a $384.912M revenue interest financing liability driving $30.900M of interest expense in the half. All VOQUEZNA products now benefit from New Chemical Entity exclusivity through May 3, 2032, and a Phase 2 trial in eosinophilic esophagitis has fully enrolled, with topline results expected in the fourth quarter of 2026.
Phathom Pharmaceuticals reported strong first-quarter 2026 growth driven by its VOQUEZNA franchise but remained unprofitable. Product revenue reached $58.3 million, up from $28.5 million a year earlier, as prescription volume and prescriber adoption increased, mainly for GERD indications.
Net loss narrowed to $30.4 million from $94.3 million, helped by higher gross profit and significantly lower selling, general and administrative expenses. Phathom ended March 31, 2026 with $180.9 million in cash and cash equivalents, while carrying $175.0 million of term debt and a $380.9 million revenue interest financing liability tied to vonoprazan sales.
Phathom Pharmaceuticals (PHAT) reported Q3 2025 results with product revenue of $49.5 million, up from $16.4 million a year ago as VOQUEZNA sales expanded. Gross profit reached $43.3 million and operating loss narrowed to $15.3 million. Net loss was $30.0 million, or $0.41 per share, versus $85.6 million, or $1.32 per share, last year.
For the first nine months, product revenue totaled $117.5 million versus $25.6 million in 2024, and net loss improved to $200.1 million from $259.9 million. Cash and cash equivalents were $135.2 million, with stockholders’ deficit at $422.5 million. Long‑term debt, net, was $207.1 million, and the revenue interest financing liability stood at $373.3 million (including $24.3 million current). The company recorded $9.2 million of restructuring charges in May to streamline operations.
Management states it has sufficient working capital for at least the next twelve months. An at‑the‑market program for up to $150 million remains unused. Shares outstanding were 71,138,440 as of October 27, 2025.