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High materiality9/10

Phathom posts record Q2 revenue as VOQUEZNA adoption accelerates

Jul 30, 2026, 7:02 AM EDT1 sourcesAI-analyzed

Why it may matterVerify against the original reporting

Solid top-line growth, cost discipline, and first-step profitability ex-SBC reduce risk; ongoing Phase 3/Nerd and EoE readouts offer multiple catalysts; 1.7M prescriptions imply durable adoption.

AI summary

What happened, with direct paths to the underlying reporting

Phathom posted Q2 2026 net revenues of $74.3M, up 88% YoY, and achieved operating profitability excluding stock-based compensation. VOQUEZNA adoption accelerated with 1.7M total prescriptions filled by July 17, 2026 and 325k in Q2. The company updated 2026 guidance and outlined Phase 3 as-needed NERD program with first subject enrollment expected in Q4 2026, signaling potential long-term expansion.

PHAT Q2 2026 net revenues $74.3M, up 88% YoY. VOQUEZNA adoption accelerates.
Q2 operating expenses $63.1M; down 33% YoY. Cost discipline ongoing.
VOQUEZNA prescriptions filled ~1.7M total by July 17, 2026; Q2 ~325k, +88% YoY.
Phase 3 as-needed VOQUEZNA for NERD; first subject enrollment expected Q4 2026.
FY2026 guidance updated: net revenue $310–325M; non-GAAP OpEx $235–245M.

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