Revenue growth of 71% YoY and the achievement of non-GAAP adjusted net income demonstrate accelerating commercial execution. The key catalyst to watch is the Phase 2 EoE topline readout expected in Q4 2026, which could expand the VOQUEZNA market opportunity. The BDR litigation over NCE exclusivity remains a risk, but the court granting Phathom's motion to intervene is a procedural positive.
Price Chart
Executive Summary
Phathom Pharmaceuticals reported Q3 2026 net revenue of $84.7M, up 71% YoY and 14% sequentially, and generated positive operating cash flow for the second consecutive quarter. The company reaffirmed full-year 2026 guidance for net revenue of $310M-$325M and non-GAAP operating expenses of $235M-$245M. GAAP net loss narrowed to $13.9M from $30.0M in Q3 2025, while non-GAAP adjusted net income was $3.0M versus a loss of $11.2M a year ago.
Key Financial Metrics
Key Facts
- Q3 2026 net revenue of $84.7M, up 71% vs Q3 2025 ($49.5M) and 14% vs Q2 2026 ($74.3M)
- GAAP net loss of $13.9M improved from $30.0M in Q3 2025
- Non-GAAP adjusted net income of $3.0M vs a non-GAAP adjusted net loss of $11.2M in Q3 2025
- Cash and cash equivalents of $184.6M as of September 30, 2026, up $2.1M from Q2 2026
- Full-year 2026 guidance reaffirmed: net revenue $310M-$325M, non-GAAP operating expenses $235M-$245M
- Over 2 million total VOQUEZNA prescriptions filled through October 16, 2026
- Approximately 380,000 total VOQUEZNA prescriptions filled in Q3 2026
- Phase 3 as-needed NERD trial initiated; topline results expected Q1 2028
- Phase 2 EoE topline results expected in Q4 2026
- U.S. District Court granted Phathom's motion to intervene in BDR Pharmaceuticals litigation regarding VOQUEZNA regulatory exclusivity
Financial Impact
Q3 2026 revenue $84.7M, GAAP net loss $13.9M, non-GAAP adjusted net income $3.0M
Risk Factors
- BDR Pharmaceuticals litigation could challenge VOQUEZNA's NCE exclusivity through May 2032, potentially allowing generic competition earlier
- Phase 2 EoE trial results expected Q4 2026 carry binary outcome risk
- Operating expenses increased 13% YoY to $66.4M, driven by higher clinical and commercial investment
- Stockholders' deficit of $347.6M as of September 30, 2026
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-436959 |
| Document: d180192d8k.htm | 0001193125-26-436959 |
| Document: 0001193125-26-436959-index-headers.html | 0001193125-26-436959 |
| Document: 0001193125-26-436959-index.html | 0001193125-26-436959 |
| Document: 0001193125-26-436959.txt | 0001193125-26-436959 |
| 8-K Data (Synthetic) | 0001193125-26-436959 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 29, 2026 3d ago | 8-K | No price | awaiting T+1 | awaiting T+1 | No price |
Oct 29, 2026 3d ago | Press Release | $6.22 $5.74 | ▼ −7.72% | ▼ −5.94% | $5.74 (−7.72%) |
Oct 26, 2026 6d ago | 8-K | $5.94 $5.99 | ▼ −0.84% | ▼ −0.28% | $5.74 (+3.37%) |
Oct 23, 2026 9d ago | 8-K | $5.94 $5.99 | ▼ −0.84% | ▼ −0.28% | $5.74 (+3.37%) |
Oct 19, 2026 13d ago | Press Release | $7.01 | awaiting T+1 | awaiting T+1 | $5.74 (−18.12%) |
Sep 29, 2026 4w ago | 8-K | $7.30 $7.08 | ▼ −3.01% | ▼ −3.19% | $5.74 (−21.37%) |
Jul 30, 2026 13w ago | 8-K | No price | awaiting T+1 | awaiting T+1 | No price |
Jul 30, 2026 13w ago | Press Release | $9.03 $8.75 | ▲ +3.10% | ▲ +3.81% | $5.74 (+36.43%) |
Jul 20, 2026 14w ago | Press Release | $10.65 | awaiting T+1 | awaiting T+1 | $5.74 (−46.10%) |
May 20, 2026 23w ago | Press Release | $11.87 $11.58 | ▼ −2.44% | ▼ −2.64% | $5.74 (−51.64%) |
US Market Status
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