The strong Q2 beat and profitability milestone are positive, but the guidance cut signals caution on H2 trajectory. Monitor the earnings call for details on revenue drivers and the new Phase 3 NERD trial. The stock may trade in a tight range until the next quarter's confirmation.
Price Chart
Executive Summary
Phathom Pharmaceuticals reported Q2 2026 net revenue of $74.3M (up 88% YoY, beating consensus of $72.7M) and non-GAAP adjusted EPS of $0.00 (beating consensus of -$0.10 by 100%), marking the first quarter of operating profitability excluding stock-based compensation. However, the company lowered its full-year 2026 revenue guidance to $310-325M from $320-345M, tempering the strong quarterly beat with a more cautious outlook.
Key Financial Metrics
Key Facts
- Q2 2026 net revenue record $74.3M, +88% YoY and +27% QoQ
- Non-GAAP adjusted net loss just $0.13M, essentially breakeven ($0.00 per share)
- GAAP net loss narrowed to $17.6M from $75.8M in Q2 2025
- FY2026 revenue guidance lowered to $310-325M from $320-345M
- Operating expenses down 33% YoY to $63.1M; cash grew to $182.5M
- Phase 3 as-needed NERD trial to start Q4 2026; EoE Phase 2 topline Q4 2026
Financial Impact
Q2 revenue beat by 2.2% ($1.6M above consensus); non-GAAP EPS beat by 100% ($0.10 per share); FY guidance cut by ~4.5% at midpoint
Risk Factors
- Lowered FY2026 guidance could indicate slowing prescription growth or payer pressure
- Dependence on VOQUEZNA for nearly all revenue; competition from PPIs and generic erosion
- Phase 2 EoE results and Phase 3 NERD trial execution risk
- High debt load ($671M total liabilities vs $182M cash) and negative stockholders' equity
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-324865 |
| Document: d114879d8k.htm | 0001193125-26-324865 |
| Document: 0001193125-26-324865-index-headers.html | 0001193125-26-324865 |
| Document: 0001193125-26-324865-index.html | 0001193125-26-324865 |
| Document: 0001193125-26-324865.txt | 0001193125-26-324865 |
| 8-K Data (Synthetic) | 0001193125-26-324865 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jul 30, 2026 9w ago | 8-K | $9.03 $8.94 | ▼ −1.00% | ▼ −4.96% | $6.92 (−23.37%) |
Jul 30, 2026 9w ago | Press Release | $9.03 $8.94 | ▲ +1.00% | ▲ +4.96% | $6.92 (+23.37%) |
Jul 20, 2026 10w ago | Press Release | $10.65 $9.28 | ▲ +12.86% | ▲ +16.98% | $6.92 (+35.02%) |
May 20, 2026 19w ago | Press Release | $11.87 $10.88 | ▼ −8.34% | ▼ −9.08% | $6.92 (−41.70%) |
May 1, 2026 22w ago | Press Release | $12.01 $9.24 | ▼ −23.06% | ▼ −28.35% | $6.92 (−42.38%) |
Apr 30, 2026 22w ago | Press Release | $11.20 $10.32 | ▼ −7.86% | ▼ −12.82% | $6.92 (−38.21%) |
Apr 7, 2026 25w ago | DEFA14A | $11.55 $12.87 | ▲ +11.43% | ▲ +1.65% | $6.92 (−40.09%) |
Feb 26, 2026 31w ago | 8-K | $13.56 $10.79 | ▼ −20.43% | ▼ −14.03% | $6.92 (−48.97%) |
US Market Status
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