Phathom Pharmaceuticals Inc (NAS:PHAT)

Q2 2026 Phathom Pharmaceuticals Inc Earnings Call Transcript

Jul 30, 2026 / 12:00 PM GMT

Release Date Price: $9.03 (-22.42%)

Transcript 10-Q8-K

Key Points

Positve

Phathom Pharmaceuticals Inc (PHAT) achieved its first-ever positive operating profit (excluding stock-based compensation) in Q2 2026, ahead of guidance.
Revenue grew 88% year-over-year to $74.3 million, driven by the successful 'GI First' strategy.
Cash operating expenses were reduced by 34% year-over-year, demonstrating strong cost discipline.
The company generated positive cash from operations for the first time, ending the quarter with $182.5 million in cash.
Enrollment in the Phase 2 EOE trial was completed ahead of schedule, with top-line data expected in Q4 2026.

Negative

Physicians face friction in the prior authorization process for Voquezna, which may limit broader prescribing for less severe GERD patients.
Full-year 2026 revenue guidance was slightly lowered to $310-$325 million due to this friction.
The company expects to use cash for the rest of the year due to working capital changes, delaying durable cash flow positivity until 2027.
Cash operating expenses are expected to increase in the second half of 2026 due to strategic investments, including the Phase 3 as-needed GERD trial.
The competitive landscape is intensifying with the potential entry of a second PCAB (tegoprazan), which could pressure gross-to-net discounts.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

PHAT.OQ - Phathom Pharmaceuticals Inc
Q2 2026 Phathom Pharmaceuticals Inc Earnings Call
Jul 30, 2026 / 12:00PM GMT

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Presentation
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Unidentified_1 [1]
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Good day, ladies and gentlemen.

Hello, and welcome to Fathom Pharmaceuticals' second quarter 2026 earnings results call. At this time, all participants are in a listen-only mode. After the presentation, there will be a question-and-answer session. To ask a question at that time, you need to press *11 on your telephone keypad.

Please be advised that today's call is being recorded. With that, I would like to turn the call over to Eric Ciarelli, Fathom's Head of Investor Relations. Please go ahead, sir.

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Unidentified_2 [2]
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