Revenue growth and cash flow positivity are encouraging, but the company remains GAAP net loss-making. Watch for topline results from the Phase 2 EoE trial (pHalcon-EoE-201) expected in Q4 2026 and the outcome of the BDR litigation over VOQUEZNA's NCE exclusivity, which could affect the long-term revenue outlook.
Price Chart
Executive Summary
Phathom Pharmaceuticals reported Q3 2026 net revenue of $84.7M, up 71% YoY and above the $84.8M consensus (essentially in line). GAAP EPS was -$0.16, while non-GAAP adjusted EPS was $0.04; the Street consensus of $0.03 was on an adjusted basis, resulting in a beat. The company generated positive operating cash flow for the second consecutive quarter and reaffirmed full-year 2026 guidance. The key stock-moving fact is the continued strong revenue growth and the reaffirmed guidance, though the EPS beat is modest.
Key Financial Metrics
Key Facts
- Q3 2026 net revenue of $84.7M, up 71% YoY from $49.5M and up 14% sequentially from Q2 2026
- GAAP net loss of $13.9M improved from a $30.0M loss in Q3 2025; non-GAAP adjusted net income of $3.0M vs. a $11.2M loss a year ago
- Non-GAAP adjusted EPS of $0.04 beat the consensus estimate of $0.03
- Over 2 million total VOQUEZNA prescriptions filled since launch through October 16, 2026
- Full-year 2026 guidance reaffirmed: net revenue $310-325M, gross margin ~80%, non-GAAP operating expenses $235-245M
- Cash and cash equivalents of $184.6M as of September 30, 2026, up $2.1M from Q2 2026
- Positive operating cash flow for the second consecutive quarter
Financial Impact
Revenue grew 71% YoY to $84.7M; GAAP net loss narrowed to $13.9M from $30.0M; non-GAAP adjusted net income of $3.0M vs. a loss of $11.2M
Risk Factors
- BDR Pharmaceuticals litigation challenging VOQUEZNA's NCE exclusivity could reduce the exclusivity period and allow earlier generic competition
- Company still reports a GAAP net loss and has a stockholders' deficit of $347.6M
- Heavy reliance on VOQUEZNA for revenue; any negative regulatory or competitive developments could materially impact the business
- document contains text addressed to automated readers
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3391109 |
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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