Phathom Q2 Revenue Nearly Doubles to $74.3M, Narrows Loss; Cuts Full-Year Revenue Guidance
PHAT sits 41% above its 52-week low of $8.025.
Summary
Phathom Pharmaceuticals reported Q2 2026 revenue of $74.3M, up 88% YoY, and a sharply narrower net loss of $17.6M. The company cut full-year revenue guidance to $310–325M and announced a new Phase 3 trial for VOQUEZNA in as-needed dosing for NERD.
Key Events · Earnings and Guidance · PHAT
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Record Q2 Revenue, 88% Growth
Net revenues reached $74.3 million, nearly double the $39.5 million in Q2 2025, driven by continued commercial execution for VOQUEZNA.
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Full-Year Revenue Guidance Lowered
2026 revenue guidance was reduced to $310–325 million from $320–345 million, reflecting more moderate growth expectations for the second half.
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First Operating Profitability Excluding SBC
The company achieved operating profitability excluding stock-based compensation for the first time, with non-GAAP operating expenses of $56.4 million.
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Phase 3 As-Needed NERD Trial Initiated
Phathom plans to start a registrational Phase 3 program for as-needed VOQUEZNA in Non-Erosive GERD, with first enrollment expected in Q4 2026.
Analysis · PHAT · Life Sciences
Phathom delivered record quarterly revenue of $74.3 million, an 88% jump from last year, and achieved operating profitability excluding stock-based compensation for the first time. However, the company lowered its full-year revenue guidance to $310–325 million from $320–345 million, signaling tempered growth expectations. The initiation of a Phase 3 trial for as-needed VOQUEZNA in NERD adds a new pipeline catalyst, while the cash position of $182.5 million provides runway without immediate financing needs.
At the time of this filing, PHAT was trading at $11.30 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $928.4M. The 52-week trading range was $8.03 to $18.31. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.