PHAT · Phathom Pharmaceuticals, Inc.

Phathom Pharmaceuticals delivered a strong first quarter in 2026, with net revenues more than doubling to $58.3 million compared to the prior year period. This 104% year-over-year growth was primarily driven by the continued execution of the company's commercial strategy for VOQUEZNA, its lead product for gastrointestinal diseases. The company highlighted that approximately 1.35 million total VOQUEZNA prescriptions have been filled to date, with Q1 prescriptions growing 115% year-over-year. Management noted that while Q1 reflected seasonal health plan access dynamics, prescription trends strengthened in late March and early April, with two of the first three weeks of April reaching all-time weekly highs for covered prescriptions.

Operating expenses demonstrated significant discipline, decreasing to $61.8 million from $103.7 million in the same quarter last year. This reduction was largely attributable to lower commercial promotional spend and decreased personnel-related expenses. Non-GAAP operating expenses, excluding stock-based compensation, were $56.2 million. Consequently, the GAAP net loss narrowed substantially to $30.4 million from $94.3 million in the prior year period. The company ended the quarter with $180.9 million in cash and cash equivalents, having received $122.0 million in net proceeds from a public equity offering in January and repaid $55.8 million of debt in February. Management expressed confidence that existing cash and anticipated future cash from operations will be sufficient to fund the business and satisfy debt obligations without additional financing. Phathom maintained its full-year 2026 revenue guidance of $320–$345 million and expects to achieve operating profitability beginning in the third quarter of 2026.