Phathom Pharmaceuticals (PHAT) Q3 2026 earnings summary

Executive summary

• Q3 net revenue was $84.7M, up 71% YoY and 14% QoQ; more than 2M VOQUEZNA prescriptions had been filled through Oct. 16, 2026.

• Second consecutive quarter of operating profitability excluding stock-based compensation and positive operating cash flow; Q3 cash generated from operations was $2.1M.

• Access First initiatives aim to improve VOQUEZNA prescribing and affordability; management cited favorable early signals and expects a strong Q4.

Financial highlights

• Q3 net revenue was $84.7M vs. $49.5M in Q3 2025; gross profit was $66.4M vs. $43.3M.

• Q3 GAAP net loss narrowed to $13.9M from $30.0M; GAAP operating loss was $0.1M. Non-GAAP adjusted net income was $3.0M vs. adjusted net loss of $11.2M.

• Q3 non-GAAP cash operating expenses were $60.5M, excluding stock-based compensation; operating profit on this basis was $5.8M.

• 9M revenue was $217.3M vs. $117.5M; 9M net loss was $61.8M vs. $200.1M, and net cash used in operations was $15.7M vs. $161.8M.

• Q3 gross margin was ~78%, below guidance due to one-time manufacturing charges; gross-to-net discount was slightly below guidance, aided by channel mix and lower wholesale inventory accruals.

Outlook and guidance

• FY2026 guidance reaffirmed: net revenue of $310M–$325M, gross-to-net discount of 55%–59%, gross margin of ~80%, and cash operating expenses of $235M–$245M excluding stock-based compensation.

• Operating profitability excluding stock-based compensation is expected for the remainder of 2026 and full-year 2026; durable positive cash flow remains the target for 2027.

• Top-line results from the 95-patient Phase 2 EoE study are expected in Q4 2026; full 24-week data are expected by the end of Q1 2027.

• pHalcon-NERD-302 top-line results are expected in Q1 2028; the Phase 3 study is intended to support a potential VOQUEZNA tablet label expansion if successful.