Phathom Pharmaceuticals (PHAT) Q2 2026 earnings summary

Executive summary

• Achieved first-ever positive operating profit in Q2 2026 (excluding stock-based compensation), reversing a $50M+ operating loss in Q2 2025.

• Q2 2026 net revenues reached $74.3M, up 88% year-over-year and 27% sequentially, driven by strong VOQUEZNA performance.

• Approximately 1.7M VOQUEZNA prescriptions filled since launch, with 325,000 in Q2 2026; 64% covered and 36% cash pay.

• Company maintains confidence in $1B revenue potential from GI-first strategy and an additional $1B from primary care expansion.

• Completed enrollment ahead of schedule in EoE Phase II trial; topline data expected in Q4 2026.

Financial highlights

• Q2 2026 net revenues: $74.3M, up $34.8M (88%) year-over-year and $16M (27%) sequentially from Q1 2026.

• Gross profit margin steady at ~80%; gross-to-net discount at lower end of 55%-59% guidance.

• Cash and cash equivalents stood at $182.5M as of June 30, 2026, up $1.6M from Q1 2026.

• Cash operating expenses (excl. stock comp): $56.4M in Q2, down $29.7M (34%) year-over-year.

• Net loss for Q2 2026 was $17.6M, significantly improved from $75.8M in Q2 2025.

Outlook and guidance

• Updated full-year 2026 revenue guidance to $310M–$325M, reflecting continued growth but fine-tuned for observed prescription friction.

• Gross-to-net discount expected to remain within 55%-59%; gross margin anticipated at ~80%.

• Cash operating expense guidance for 2026 (excl. stock comp): $235M–$245M.

• Expects to achieve operating profitability for the remainder of 2026 and full year, excluding stock-based compensation.

• Anticipates cash flow positivity in 2027.