10-K · February 26, 2026
Phathom (PHAT) shows strong commercial traction for VOQUEZNA with continuing revenue ramp and improving losses. Q4 2025 revenue was $57,584,000 with GAAP EPS of $(0.08); gross margin remains high (~86.7% in 2025Q4)…
Earnings analysis · 10-Q
PHAT earnings analysis
Filed April 30, 2026 · Our reading of the company's report
The latest report
Phathom Pharmaceuticals (PHAT) reported Q1 2026 revenues of $58.3 million, significantly exceeding expectations and marking substantial year-over-year growth of 104%. While EPS stood at -$0.37, missing the analyst…
Read full summary
Phathom Pharmaceuticals (PHAT) reported Q1 2026 revenues of $58.3 million, significantly exceeding expectations and marking substantial year-over-year growth of 104%. While EPS stood at -$0.37, missing the analyst projection of -$0.21, management remains optimistic about reaching profitability beginning in Q3 2026 amidst efforts to enhance commercial execution.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.37
- Gross margin
- 79.4%
What stood out
-
Revenue Growth Exceeds Estimates
Q1 2026 revenues reached $58.3 million, surpassing estimates of $56.8 million, reflecting a 104% increase from $28.5 million in Q1 2025.
-
Reduction in Operating Loss
Operating loss decreased significantly to $15.5 million from $78.9 million in the prior year.
-
Decreased R&D Expenses
Research and development expenses fell to $7.8 million from $9.2 million, indicating improved operational efficiency.
-
Improved Gross Margin
Gross profit increased to $46.3 million, with gross margin at approximately 79.4% for Q1 2026.
-
Cash Position Stabilized
As of March 31, 2026, the company held cash and cash equivalents of $180.9 million.
-
Progress in Prescriber Adoption
Since the launch, approximately 1.35 million prescriptions for VOQUEZNA products have been filled as of April 17, 2026.
What to watch
-
High Cash Burn Rate
Net losses for Q1 2026 were $30.4 million, showing ongoing challenges in achieving break-even.
-
Potential Need for Additional Financing
The company may need additional capital sooner than expected due to unpredictable operational cash needs.
-
Regulatory and Market Competition Risks
Concerns around ongoing regulatory changes and increasing competition in the biopharmaceutical space impact market positioning.
Management's outlook
Management maintains FY 2026 revenue guidance of $320-$345 million and anticipates achieving profitability starting Q3 2026.
Earlier filings 4
10-Q · August 7, 2025
Phathom reported Q2 product revenue of $39,503,000, up from $7,324,000 in Q2 2024, driving gross profit of $34,465,000 (≈87% margin). Losses narrowed versus last year: loss from operations improved to $(59,924,000) from…
10-Q · May 1, 2025
Phathom reported Q1 2025 product revenue of $28,519,000 (up from $1,912,000 in Q1 2024 and slightly below the prior-quarter ~$30M), achieving an 86.9% gross margin but registering a larger GAAP net loss of $94,316,000…
10-K · March 6, 2025
Phathom’s 10-K emphasizes commercialization of VOQUEZNA (vonoprazan) as the core strategy, supported by recent FDA approvals (including July 17, 2024 approval of VOQUEZNA 10 mg for Non-Erosive GERD) and plans to expand…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.