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Phathom Pharmaceuticals, Inc. (PHAT)
NASDAQ:PHAT
Earnings Data
Report Date
May 12, 2026Before Open (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
-0.29Last Year’s EPS
-1.31Same Quarter Last Year
Strong Buy
Based on 8 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed meaningful operational and financial progress: very strong revenue growth (217% YoY), disciplined expense reductions, improved cash profile via a $130M equity raise and favorable term loan modifications, near-full sales force, and clear guidance to reach operating profitability in Q3 2026 and cash flow positivity in 2027. Key challenges cited include persistently high gross-to-net discounts (55%–59%), remaining absolute expense levels, seasonality and short-term prescription volatility, limited broad Medicare coverage, covenant timing considerations, and competitive risk. On balance, the positive execution items (revenue growth, cost control, capital structure improvements, and commercial traction) outweigh the challenges described.Company Guidance
Strong Full-Year Revenue Growth
Full-year 2025 net revenues of $175.1 million, representing 217% year-over-year growth and delivering at the high end of the guided range.
Solid Q4 Performance and Quarterly Growth
Q4 2025 revenue of $57.6 million, in line with pre-release guidance and representing ~16% sequential quarterly growth.
Tight Expense Discipline and Reduced Cash Use
Q4 cash operating expenses (ex. stock-based comp.) of $50.3 million, better than the < $55M target and below prior preannounced ranges; company reduced quarterly cash operating expenses by nearly 50% over the last three quarters and reported Q4 net cash usage of ~$5 million (64% lower than Q3).
Improved Liquidity via Equity Raise
Completed an oversubscribed January equity offering that raised $130 million in gross proceeds, bringing pro forma cash to just north of $250 million at the start of the year.
Term Loan Modification Lowers Cost and Extends Maturity
Renegotiated term loan: remaining principal reduced to $175 million, interest rate lowered from 12% to 9.85% (≈215 bps reduction), maturity extended from Dec 2027 to Feb 2029; used ~ $56 million of cash to streamline the facility.
High Gross Margin and Stable Gross-Profit Profile
Reported gross margin of ~87% in Q4 and full year 2025; 2026 guidance expects ~80% gross margin (largely impacted by an accounting classification shift rather than underlying product economics).
Clear 2026 Operating Targets and Profitability Timeline
Issued 2026 guidance of $320M–$345M net revenue (includes a $17M–$20M reclassification), gross-to-net guidance of 55%–59%, cash operating expense guidance of $235M–$255M (midpoint ~14% decrease vs. 2025), and expectation to reach operating profitability (ex. stock-based comp.) beginning in Q3 2026 and cash flow positivity in 2027.
Commercial Traction and Sales Force Build
Over 1.1 million VOQUEZNA prescriptions filled to more than 230,000 patients through Feb 13; Q4 filled ~273,000 prescriptions with covered scripts (174k) up 21% quarter-over-quarter; sales organization nearly full strength with >285 of 300 positions filled (~95%).
Distribution and Access Enhancements
Expanded patient access channels: Blink network now handles >50% of prescriptions (36% are Blink-disbursed cash scripts) and launched a GoodRx cash-pay option in November to broaden affordability alternatives.
PHAT Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
PHAT Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Oct 30, 2025 | $13.53 | $13.31 | -1.63% |
Aug 07, 2025 | $8.68 | $9.40 | +8.29% |
May 01, 2025 | $4.29 | $3.36 | -21.68% |
Mar 06, 2025 | $6.08 | $5.90 | -2.96% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Phathom Pharmaceuticals, Inc. (PHAT) report earnings?
Phathom Pharmaceuticals, Inc. (PHAT) is schdueled to report earning on May 12, 2026, Before Open (Confirmed).
What is Phathom Pharmaceuticals, Inc. (PHAT) earnings time?
Phathom Pharmaceuticals, Inc. (PHAT) earnings time is at May 12, 2026, Before Open (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is PHAT EPS forecast?
PHAT EPS forecast for the fiscal quarter 2026 (Q1) is -0.29.