Phathom Reports 104% Revenue Growth to $58.3M and Cuts Costs 43%
Phathom Pharmaceuticals reported Q1 2026 net revenues of $58.3 million, up 104% year-over-year, powered by 268,000 VOQUEZNA prescriptions in the quarter and 1.35 million total to date. Cash operating expenses fell 43% year-over-year to $56.2 million non-GAAP, with net cash usage of ~$15 million and profitability targeted in Q3.
1. Q1 Financial Highlights
Phathom reported Q1 2026 net revenues of $58.3 million, a 104% increase year-over-year, with a GAAP net loss of $30.4 million and a non-GAAP adjusted net loss of $14.7 million. Cash operating expenses declined 43% year-over-year to $56.2 million non-GAAP, resulting in approximately $15 million net cash usage.
2. VOQUEZNA Commercial Progress
Total VOQUEZNA prescriptions filled reached approximately 1.35 million as of April 17, 2026, including 268,000 in Q1, a 115% increase over Q1 2025. Covered prescriptions grew 91% year-over-year, with 63% of Q1 prescriptions covered by insurance following sales force expansion.
3. Guidance and Outlook
Phathom maintained its full-year 2026 guidance, expecting operating profitability in Q3 2026 and cash flow positivity in 2027. The Phase 2 pHalcon-EoE-201 trial for eosinophilic esophagitis is enrolling ahead of schedule, with topline results anticipated in late Q4 2026 or early Q1 2027.