Phathom’s Voquezna growth narrows its quarterly loss and supports positive operating cash flow

Phathom Pharmaceuticals ($PHAT) reported third-quarter 2026 revenue of $84.7 million, up 71% from a year earlier and 14% from the preceding quarter. Cumulative Voquezna prescriptions surpassed two million, reflecting continued adoption of the acid-suppression medicine. The net loss narrowed to $13.9 million from $30.0 million, despite operating expenses increasing to $66.4 million from $58.6 million.

Phathom generated positive operating cash flow for a second consecutive quarter and ended the period with $184.6 million in cash, approximately $2.1 million above the preceding quarter. Adjusted net income was $3.0 million, excluding stock compensation and non-cash financing costs. Management retained 2026 revenue guidance of $310–$325 million and an approximately 80% gross-margin target. Commercial growth has improved cash generation, although adjusted profitability still differs from the company’s reported net loss.

Sources:

• investors.phathompharma.com