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Phathom posts record Q2 revenue; Phase 3 NERD starts in 2026

Jul 30, 2026, 7:01 AM EDT2 sourcesAI-analyzed

Why it may matterVerify against the original reporting

Strong Q2 results with record revenue and near-term profitability ex-SBC; explicit Phase 3 NERD program and EoE data prospects provide tangible catalysts that could push multiple higher, especially if guidance proves durable and cash runway remains robust.

AI summary

What happened, with direct paths to the underlying reporting

Phathom reported a record Q2 2026 with $74.3 million revenue and first-time profitability excluding stock-based compensation, while trimming expenses. The company announced a Phase 3 as-needed VOQUEZNA program for NERD and updated full-year guidance, signaling potential market expansion and improved cash flow. Key catalysts include Q4 enrollment for NERD and topline EoE data later in 2026, driving near-term upside for VOQUEZNA.

Q2 2026 net revenues $74.3M; up 88% YoY.
VOQUEZNA prescriptions ~1.7M filled; 325k in Q2.
Q2 operating expenses $63.1M; down 33% vs 2025.
Initiating Phase 3 as-needed VOQUEZNA for NERD; enrollment anticipated Q4 2026.
Updated 2026 guidance: net revenue $310–325M; profitability ex-SBC.

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