PHAT Phathom Pharmaceuticals
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Executive Summary
Phathom reported Q1 2026 revenue of $58.3M (+104% YoY), beating the $56.8M consensus, but GAAP EPS of -$0.37 missed the -$0.19 consensus. The company maintained FY 2026 guidance of $320-$345M revenue and expects operating profitability (ex-stock comp) starting Q3 2026. Prescription trends strengthened in late March/April, but the EPS miss and 'light to internal expectations' commentary temper the top-line beat.
Key Financial Metrics
Actionable Insight
The revenue beat and maintained guidance are positive, but the large GAAP EPS miss and management's admission that Q1 was 'a bit light to internal expectations' create near-term uncertainty. Watch for weekly prescription data and Q2 2026 revenue trajectory to validate the late March/April acceleration. The path to Q3 profitability is the key catalyst.
Key Facts
- Q1 2026 net revenue $58.3M vs $28.5M YoY (+104%), above $56.8M consensus
- GAAP EPS -$0.37 vs consensus -$0.19 (miss of -94.7%)
- Non-GAAP adjusted net loss per share -$0.18 vs -$1.07 YoY
- FY 2026 guidance maintained: revenue $320-$345M, non-GAAP opex $235-$255M
- Operating profitability (ex-stock comp) expected Q3 2026 and full year 2026
- 268,000 total VOQUEZNA prescriptions filled in Q1 (+115% YoY)
- Cash and equivalents $180.9M; net cash usage ~$15M in Q1
- Phase 2 EoE trial topline results expected late Q4 2026 or early Q1 2027
Financial Impact
Revenue beat by ~$1.5M (2.6%) but GAAP EPS missed by -$0.18 (94.7% miss vs consensus). Non-GAAP adjusted net loss improved to -$14.7M from -$77.1M YoY.
Risk Factors
- GAAP EPS miss of -94.7% vs consensus may spook momentum traders
- Q1 was 'light to internal expectations' despite 104% YoY revenue growth
- Gross-to-net discount of 55-59% remains high, pressuring net revenue per script
- Cash runway depends on achieving operating profitability by Q3 2026 as guided
Market Snapshot
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3284660 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
|
May 20, 2026
25d ago
|
Press Release
| $11.87 $10.74 | ▼ −9.52% | ▼ −10.76% | $10.37 (−12.64%) |
|
May 1, 2026
6w ago
|
Press Release
| $12.01 $12.23 | ▲ +1.83% | ▼ −0.52% | $10.37 (−13.66%) |
|
Apr 30, 2026
6w ago
|
Press Release
| $11.20 $12.67 | ▲ +13.13% | ▲ +11.40% | $10.37 (−7.41%) |
|
Apr 7, 2026
9w ago
|
DEFA14A
| $11.55 $12.67 | ▲ +9.70% | ▲ +4.37% | $10.37 (−10.22%) |
|
Feb 26, 2026
15w ago
|
8-K
| $13.56 $10.74 | ▼ −20.80% | ▼ −19.67% | $10.37 (−23.53%) |
US Market Status
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