PHAT · Phathom Pharmaceuticals, Inc.

Summary

Phathom delivered near-doubling revenue and significantly improved operating and cash flow performance in Q1 2026, reflecting continued commercial execution for VOQUEZNA in GERD — though the company remains unprofitable as it advances toward its stated goal of operating profitability in Q3 2026.

Key takeaways

• Revenue was $58.3M, up 104.4% year-over-year, driven by continued execution of our commercial strategy and growth in prescription volume and prescriber adoption for GERD indications.
• Gross profit was $46.3M, up 86.8% year-over-year, with gross margin at 79.4% — consistent with prior-period performance despite higher Takeda royalty payments and fulfillment costs tied to increased revenue.
• Operating income improved to -$15.5M from -$78.9M year-over-year, reflecting progress toward reduced cash burn following the May 2025 restructuring plan aimed at focusing resources on commercial execution.
• Diluted EPS improved to -$0.37 from -$1.31 year-over-year, aligning with the improvement in net income, which remained negative at -$30.4M due to ongoing investments in commercial operations and development.