Phathom Pharmaceuticals, Inc.
Key statistics
from XBRL data in SEC filingsAI briefing
from the latest 10-K, 10-Q and 8-K eventsPhathom Pharmaceuticals is a commercial-stage biopharmaceutical company that sells vonoprazan-based GI products (VOQUEZNA, VOQUEZNA DUAL PAK and VOQUEZNA TRIPLE PAK) in the United States, where VOQUEZNA is the only approved PCAB.
What they do
Phathom licensed U.S., European and Canadian rights to vonoprazan from Takeda in 2019 and independently commercializes VOQUEZNA products in the U.S. The products treat erosive GERD, heartburn associated with non-erosive GERD, and H. pylori infection, with VOQUEZNA DUAL PAK and TRIPLE PAK also indicated for H. pylori. The company also runs clinical programs, including a Phase 2 EoE trial and a planned Phase 3 as-needed NERD program.
Revenue drivers
- VOQUEZNA product sales — U.S. sales of VOQUEZNA, VOQUEZNA DUAL PAK and VOQUEZNA TRIPLE PAK generated all reported revenue, with the majority derived from VOQUEZNA and most prescriptions written for GERD indications.
- GERD indications — Management states most prescriptions are for GERD indications, supported by payer access covering over 120 million U.S. commercial lives (over 80%).
- H. pylori infection — VOQUEZNA DUAL PAK and VOQUEZNA TRIPLE PAK are approved for H. pylori infection, the indication for which U.S. commercialization began in November 2023.
Recent performance
Second quarter 2026 net revenues were $74.3 million, up 88% versus $39.5 million in Q2 2025 and up 27% versus Q1 2026. Q2 2026 operating expenses were $63.1 million, down 33% versus Q2 2025, and R&D expenses were $7.8 million versus $9.1 million a year earlier. Approximately 325,000 total VOQUEZNA prescriptions were filled in Q2 2026, with about 209,000 covered prescriptions (64% of the total), and roughly 1.7 million prescriptions have been filled since launch as of July 17, 2026. Full-year 2025 revenue was $175.1 million with operating cash flow of negative $166.8 million.
Strategy
Management is focusing its primary commercial call point on gastroenterologists while moderating expenses, and aims for VOQUEZNA to reach $1 billion in annual revenue through that focus, with an additional $1 billion opportunity from expanded primary care engagement. The company plans to initiate a registrational Phase 3 program for as-needed VOQUEZNA in non-erosive GERD, with first subject enrollment expected in Q4 2026, and it completed enrollment in the Phase 2 pHalcon-EoE-201 trial in EoE with topline results expected in Q4 2026. It also updated full-year 2026 financial guidance.
Risks
- Concentration in one product family — All reported revenue comes from VOQUEZNA products, so any commercial, pricing or payer setback for vonoprazan directly hits total revenue.
- Negative stockholders' equity — As of June 30, 2026, total liabilities of $671.3 million exceeded total assets of $327.1 million, producing shareholder equity of negative $344.3 million.
- Cash burn and operating cash flow — Operating cash flow was negative $166.8 million in 2025, and the company reported $182.5 million of cash and equivalents as of June 30, 2026.
- Clinical and regulatory execution — The Phase 3 as-needed NERD program and the Phase 2 EoE trial are subject to enrollment, topline and FDA outcomes that may not support label expansion.
Outlook
Management updated full-year 2026 financial guidance and said its more moderate revenue guidance still reflects meaningful growth in the second half of 2026. It expects first subject enrollment in the Phase 3 as-needed NERD trial during Q4 2026 and topline results from the Phase 2 EoE trial in Q4 2026. The company stated it achieved operating profitability excluding stock-based compensation in Q2 2026, its first such quarter.