Phathom Q3 Revenue Rises 71% as VOQUEZNA Prescriptions Grow

Phathom (Nasdaq: PHAT) reported third-quarter 2026 net revenue of $84.7 million, up about 71% from $49.5 million a year earlier, as prescription volume for VOQUEZNA continued to expand. The company also recorded its second consecutive quarter of positive operating profit excluding stock-based compensation and positive cash flow.

Net revenue increased from $74.3 million in the second quarter. Non-GAAP cash operating expenses, which exclude stock-based compensation, were $60.5 million, comprising $52.6 million of non-GAAP selling, general and administrative expenses and $7.9 million of non-GAAP research and development expenses. GAAP operating expenses were $66.4 million.

Phathom generated $2.1 million of net cash during the quarter and ended September with approximately $185 million in cash and cash equivalents.

VOQUEZNA prescription volume grows

About 380,000 VOQUEZNA prescriptions were filled during the third quarter. Covered prescriptions rose roughly 19% sequentially to approximately 248,000, while cash-pay prescriptions increased about 6% to approximately 132,000.

More than 2 million VOQUEZNA prescriptions had been filled since launch as of October 16, 2026, according to IQVIA and BlinkRx data cited by the company. Phathom cautioned that IQVIA changed its projection methodology for VOQUEZNA beginning with the data week ended October 9. The company also updated its previously reported second-quarter cash-pay prescription figure to reflect a reporting clarification.

Phathom said it remains focused on simplifying access to VOQUEZNA through education for healthcare providers and office staff, patient-support programs and efforts to improve prior-authorization and prescription-fill rates at BlinkRx. Eligible commercially insured patients may also have access to a $0 copay program, subject to geographic, insurance and other restrictions.

2026 guidance reaffirmed

The company reaffirmed its 2026 net revenue guidance of $310 million to $325 million. It continues to expect a gross-to-net discount of 55% to 59% and non-GAAP cash operating expenses of $235 million to $245 million, excluding stock-based compensation.

Management expects Phathom to remain profitable on an operating basis for the rest of 2026 and for the full year when stock-based compensation is excluded. The company also said it believes it will achieve positive cash flow in 2027.

Those expectations remain subject to commercial and financial risks. Phathom said VOQUEZNA revenue could be affected by market acceptance, insurance coverage, reimbursement and other access issues, as well as competition and dependence on third parties for manufacturing and commercialization. The company also identified litigation challenging the FDA’s determination regarding VOQUEZNA’s new chemical entity exclusivity under the GAIN Act as a potential risk to the duration of regulatory protection.

Other uncertainties include potentially higher operating expenses, clinical or regulatory setbacks, unexpected safety or efficacy issues, and the possibility that Phathom may not achieve profitability or positive cash flow on its expected timetable. The company also noted that weaker-than-expected results could affect its ability to meet debt, cash-covenant and other financing obligations.