Phathom Pharmaceuticals Reports Third Quarter 2026 Financial Results and Provides Business Update
Phathom reported Q3 2026 net revenues of $84.7 million, up 71% year-over-year from $49.5 million and 14% sequentially, while reaffirming full-year 2026 guidance of $310-325 million in net revenue. The company generated positive operating cash flow for a second straight quarter, swung to non-GAAP adjusted net income of $3.0 million from an $11.2 million loss a year ago, and held $184.6 million in cash at quarter-end, which management says is sufficient without new debt or equity financing. Over 2 million VOQUEZNA prescriptions have been filled since launch, with ~380,000 in Q3; a new copay program via BlinkRx allows eligible commercially insured patients to pay as little as $0.
Key figures
- Revenue
- 84722000
- Guidance
- FY2026: net revenue $310-325M; gross-to-net discount 55-59%; gross margin ~80%; non-GAAP opex ex-SBC $235-245M (reaffirmed)
- Revenue Yoy
- 71%
- Net loss
- 13897000
- Rd expense
- 8745000
- Sga expense
- 57695000
- Gross profit
- 66355000
- Non gaap eps
- 0.04
- Q3 prescriptions
- approximately 380,000 (248,000 covered, 132,000 cash-pay)
- Cash and equivalents
- 184558000
- Total prescriptions filled
- over 2 million through Oct 16, 2026
- Non gaap adjusted net income
- 2986000
- Operating cash flow positive
- Yes
- Covered prescription qoq growth
- 19%
- Q2 2026 revenue sequential growth
- 14%
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