Phathom reported Q2 2026 net revenues of $74.3 million, up 88% from Q2 2025 and 27% from Q1 2026.
Net loss narrowed to $17.6 million; non-GAAP adjusted net loss was $0.1 million.
Operating expenses fell 33% to $63.1 million, driven by lower direct-to-consumer promotional spend and personnel-related costs.
VOQUEZNA prescriptions filled totaled about 325,000 in the quarter, up 88% year over year; covered prescriptions were about 209,000.
Full-year 2026 net revenue guidance was cut to $310 million-$325 million; the Phase 3 as-needed VOQUEZNA trial in NERD is set for first enrollment in Q4 2026.
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