The revenue beat and maintained guidance are positive, but the large GAAP EPS miss and management's admission that Q1 was 'a bit light to internal expectations' create near-term uncertainty. Watch for weekly prescription data and Q2 2026 revenue trajectory to validate the late March/April acceleration. The path to Q3 profitability is the key catalyst.
Price Chart
Executive Summary
Phathom reported Q1 2026 revenue of $58.3M (+104% YoY), beating the $56.8M consensus, but GAAP EPS of -$0.37 missed the -$0.19 consensus. The company maintained FY 2026 guidance of $320-$345M revenue and expects operating profitability (ex-stock comp) starting Q3 2026. Prescription trends strengthened in late March/April, but the EPS miss and 'light to internal expectations' commentary temper the top-line beat.
Key Financial Metrics
Key Facts
- Q1 2026 net revenue $58.3M vs $28.5M YoY (+104%), above $56.8M consensus
- GAAP EPS -$0.37 vs consensus -$0.19 (miss of -94.7%)
- Non-GAAP adjusted net loss per share -$0.18 vs -$1.07 YoY
- FY 2026 guidance maintained: revenue $320-$345M, non-GAAP opex $235-$255M
- Operating profitability (ex-stock comp) expected Q3 2026 and full year 2026
- 268,000 total VOQUEZNA prescriptions filled in Q1 (+115% YoY)
- Cash and equivalents $180.9M; net cash usage ~$15M in Q1
- Phase 2 EoE trial topline results expected late Q4 2026 or early Q1 2027
Financial Impact
Revenue beat by ~$1.5M (2.6%) but GAAP EPS missed by -$0.18 (94.7% miss vs consensus). Non-GAAP adjusted net loss improved to -$14.7M from -$77.1M YoY.
Risk Factors
- GAAP EPS miss of -94.7% vs consensus may spook momentum traders
- Q1 was 'light to internal expectations' despite 104% YoY revenue growth
- Gross-to-net discount of 55-59% remains high, pressuring net revenue per script
- Cash runway depends on achieving operating profitability by Q3 2026 as guided
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3284660 |
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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