Phathom Pharmaceuticals Reports Q1 2026 Financial Results and Provides VOQUEZNA Commercial Update

Phathom Pharmaceuticals reported financial results for the first quarter ended March 31, 2026, highlighted by a 104% year-over-year revenue increase to $58.3 million. The growth was driven by VOQUEZNA, which has reached approximately 1.35 million total prescriptions filled to date. GAAP net loss for the quarter improved significantly to $30.4 million ($0.37 per share) compared to $94.3 million ($1.31 per share) in Q1 2025. Total operating expenses decreased to $61.8 million from $103.7 million, reflecting disciplined spending and a reduction in promotional expenses. The company maintained its full-year 2026 guidance, projecting net revenues of $320–$345 million and expecting to achieve operating profitability starting in Q3 2026. Regarding its clinical pipeline, Phathom announced that its Phase 2 pHalcon-EoE-201 trial for eosinophilic esophagitis is enrolling ahead of schedule. As of March 31, 2026, Phathom held $180.9 million in cash and cash equivalents, which it believes is sufficient to reach cash flow positivity in 2027 without further equity raises.