Phathom Pharmaceuticals, Inc. (PHAT) Form 10-Q — Oct 29, 2026
Phathom Pharmaceuticals reported Q3 2026 net product revenue of $84.7 million, up 71% from $49.5 million in Q3 2025, with nine-month revenue of $217.3 million versus $117.5 million last year. The company narrowed its Q3 net loss to $13.9 million from $30.0 million, with loss from operations near breakeven at just $(0.09) million. The company ended the quarter with $184.6 million in cash, which it says is sufficient for at least the next twelve months, but faces a minimum cash covenant of $119.3 million beginning October 1, 2026 under its revenue interest financing agreement.
Key figures
- Revenue
- 84722000
- Total Debt
- Long-term debt net of discount $165.5M plus revenue interest financing liability $387.5M carrying value ($346.9M long-term + $40.5M current)
- Revenue Yoy
- +71.1% (Q3: $84.7M vs $49.5M; nine months: $217.3M vs $117.5M, +84.9%)
- Total Assets
- 345020000
- Cash Position
- 184558000
- Shares Outstanding
- 81291520
- Atm available
- 150000000
- Gross profit q3
- 66355000
- Hercules maturity
- February 1, 2029
- Hercules term loan
- 175000000
- Accumulated deficit
- 1546106000
- Commercial lives coverage
- over 120 million (over 80% of U.S. commercial lives)
- Q3 takeda royalty expense
- 8500000
- Hercules cash interest rate
- greater of Prime + 3.10% or 9.85%
- Jan 2026 offering net proceeds
- 122000000
- Minimum cash covenant oct 2026
- 119300000
- Revenue interest effective rate
- 10.17%
- Prescriptions filled since launch
- over 2 million (as of October 16, 2026)
- Total equity proceeds since inception
- 665300000
- Revenue interest financing investment amount
- 275000000
AI analysis
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