PHAT

EX-99.1

2 d114879dex991.htm

EX-99.1

EX-99.1

Exhibit 99.1

Phathom Pharmaceuticals Reports Second Quarter 2026 Financial Results and Provides Business Update

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~1.7 million total VOQUEZNA® prescriptions filled to date

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Record Q2 2026 net revenues of $74.3 million, increased 88% vs. Q2 2025 and 27% vs. Q1 2026

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Q2 operating expenses of $63.1 million, reduced by 33% vs. Q2 2025

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Initiating Phase 3 clinical trial evaluating as-needed dosing of VOQUEZNA® in patients with Non-Erosive GERD (NERD)

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Updated full-year 2026 financial guidance

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Conference call and webcast today, July 30, 2026, at 8:00 a.m. EDT

FLORHAM PARK, N.J., July 30, 2026 — Phathom Pharmaceuticals, Inc. (Nasdaq: PHAT), a biopharmaceutical company focused on commercializing and developing novel treatments for gastrointestinal (GI) diseases, today reported financial results for the second quarter ended June 30, 2026, and provided a business update.

“The second quarter marked an important milestone for Phathom as we delivered strong quarterly revenue growth, achieved operating profitability, excluding stock-based compensation, and continued to build momentum toward realizing the long-term blockbuster potential for VOQUEZNA,” said Steven Basta, President and Chief Executive Officer of Phathom. “Our performance reflects the significant transformation we’ve made over the past year. We have delivered on the pivot to focus our primary call point on gastroenterologists, substantially reduced our expenses, and nearly doubled quarterly revenue for Q2 of 2026 versus Q2 of 2025. We believe VOQUEZNA has the potential to reach $1 billion in annual revenue through our focus on gastroenterology providers, with an additional $1 billion annual opportunity through expanded engagement in primary care.”

“Phathom is a fundamentally different company than it was a year ago. Our second quarter financial performance demonstrates the continued strengthening of our financial profile as we delivered record quarterly revenue and achieved operating profitability, excluding stock-based compensation, for the first time,” said Sanjeev Narula, Chief Financial and Business Officer of Phathom. “Our more moderate revenue guidance still reflects meaningful growth in the second half of 2026.”

Recent Business Highlights and Second Quarter 2026 Results

VOQUEZNA Commercial Progress:

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Approximately 1.7 million total VOQUEZNA prescriptions have been filled as of July 17, 2026.

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Approximately 325,000 total VOQUEZNA prescriptions were filled during the second quarter, an 88% increase compared to the second quarter 2025, and a 21% increase compared to first quarter 2026.

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Approximately 209,000 covered prescriptions were filled during the second quarter, representing approximately 64% of total quarterly prescriptions. Covered prescriptions increased 79% compared to the second quarter 2025 and grew 24% compared to first quarter 2026.

Pipeline Updates:

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VOQUEZNA Phase 3 As-Needed Program

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Building on previously reported positive Phase 2 results, Phathom plans to initiate a registrational Phase 3 clinical program evaluating VOQUEZNA for as-needed (PRN) use in patients with Non-Erosive GERD (NERD). First subject enrollment for the planned Phase 3 trial is expected during the fourth quarter of 2026.

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Many patients receiving daily acid suppression therapy would prefer a potent treatment option that can be taken as-needed. The Company believes, if the Phase 3 trial is successful, this potential label expansion could address the unmet needs of patients and physicians while expanding the market opportunity for VOQUEZNA.

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Eosinophilic Esophagitis (EoE)

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In June 2026, Phathom completed enrollment in its Phase 2 pHalcon-EoE-201 trial evaluating VOQUEZNA in patients with Eosinophilic Esophagitis (EoE). Topline results from the 12-week blinded treatment portion of the trial are expected during the fourth quarter of 2026. If the results of this Phase 2 trial are positive, Phathom intends to discuss with the FDA potential future development plans in EoE, including pediatric evaluation that could potentially support a 6-month extension of regulatory exclusivity for VOQUEZNA.

Second Quarter 2026 Financial Results:

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Revenue: Net revenues for the second quarter 2026 were $74.3 million, an increase of 88% or $34.8 million compared to $39.5 million for second quarter 2025. The increase was due to continued growth from execution of Phathom’s commercial strategy.

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Research and development (R&D) expenses: R&D expenses for the second quarter 2026 were $7.8 million, a decrease of $1.3 million compared to $9.1 million for second quarter 2025. The decrease was primarily due to lower personnel-related expenses and project costs.

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Selling, general and administrative (SG&A) expenses: SG&A expenses for the second quarter 2026 were $55.3 million, a decrease of $30.0 million compared to $85.3 million for second quarter 2025. The decrease was primarily due to a reduction i

EX-99.1

2 d140332dex991.htm

EX-99.1

EX-99.1

Exhibit 99.1

Phathom Pharmaceuticals Reports First Quarter 2026 Financial Results and Provides Business Update

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~1.35 million total VOQUEZNA® prescriptions filled to date

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$58.3 million in Q1 net revenues, a 104% increase year-over-year

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Q1 operating expenses of $61.8 million; non-GAAP operating expenses of $56.2 million and net cash usage of ~$15 million, reflecting continued expense discipline and significant year-over-year cost reduction

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FY 2026 guidance maintained; operating profitability expected beginning in Q3 2026 and for FY 2026

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Conference call and webcast today, April 30, 2026, at 8:00 a.m. EDT

FLORHAM PARK, N.J., April 30, 2026 — Phathom Pharmaceuticals, Inc. (Nasdaq: PHAT), a biopharmaceutical company focused on commercializing and developing novel treatments for gastrointestinal (GI) diseases, today reported financial results for the first quarter ended March 31, 2026, and provided a business update.

“In the first quarter, we more than doubled revenue compared to the prior year Q1. We have implemented our pivot to GI and the associated sales force expansion,” said Steven Basta, President and Chief Executive Officer of Phathom. “We believe there is a path to $1 billion annual revenue in gastroenterology prescriptions, and we are encouraged by the strength of our new-to-brand prescription momentum. Among our top 3,000 GI prescribers as a group, approximately 30% of their new-to-brand prescriptions were for VOQUEZNA, compared to PPIs. While the first quarter reflected seasonal health plan access dynamics and was a bit light to internal expectations, we have seen a return to growth in late March and early April. Two of the first three weeks of April reached all-time weekly highs for covered prescriptions. We believe we are well positioned to strengthen revenue growth and drive continued momentum.”

“Our first quarter results demonstrate strong year-over-year revenue growth and continued execution against our plan, with net revenues of $58.3 million and net cash usage of approximately $15 million,” said Sanjeev Narula, Chief Financial and Business Officer of Phathom. “We maintained disciplined operations, reducing year-over-year cash operating expenses by more than 40%, while continuing to invest in our commercial organization and clinical pipeline. With a strong balance sheet, an improved capital structure, and prescription trends strengthening as we enter the second quarter, we are maintaining our full year 2026 guidance and we believe we are on track to achieve operating profitability beginning in the third quarter and for the full year 2026 and reach cash flow positivity in 2027.”

Recent Business Highlights and First Quarter 2026 Results

VOQUEZNA Commercial Progress:

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Following Phathom’s 2025 sales force realignment, the field team is fully trained and deployed as we enter the second quarter.

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Approximately 1.35 million total VOQUEZNA prescriptions have been filled as of April 17, 2026.

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Approximately 268,000 total VOQUEZNA prescriptions were filled in the first quarter, 115% increase compared to the first quarter 2025.

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Covered prescriptions for the first quarter grew 91% year-over-year with approximately 63% of total first quarter prescriptions covered by insurance.

EoE Clinical Trial Update:

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The Phase 2 pHalcon-EoE-201 trial evaluating VOQUEZNA in patients with eosinophilic esophagitis (EoE) is enrolling ahead of schedule with topline results now anticipated in late fourth quarter 2026 or early first quarter 2027.

First Quarter 2026 Financial Results:

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Revenue: Net revenues for the first quarter 2026 were $58.3 million, an increase of $29.8 million compared to $28.5 million for first quarter 2025. The increase was due to continued growth from execution of Phathom’s commercial strategy.

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Research and development (R&D) expenses: R&D expenses for the first quarter 2026 were $7.8 million, a decrease of $1.4 million compared to $9.2 million for first quarter 2025. The decrease was primarily due to lower personnel-related expenses and project costs.

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Selling, general and administrative (SG&A) expenses: SG&A expenses for the first quarter 2026 were $54.0 million, a decrease of $40.5 million compared to $94.5 million for first quarter 2025. The decrease was primarily due to a reduction in commercial-related direct-to-consumer promotional expenses.

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Operating expenses: Operating expenses for the first quarter 2026 were $61.8 million, compared to $103.7 million for the first quarter 2025. The decrease of $41.9 million compared to the first quarter 2025 was attributable to cost savings associated with lower commercial promotional spend, lower personnel-related expenses, and lower third-party spend. Cash operating expenses decreased approximately 43% year-over-year, reflecting continued focus on cost discipline across the organization. First quarter 2026 operating expenses and first quarter 2025 operating ex

8-K

false 0001783183 0001783183 2026-02-26 2026-02-26

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of report (Date of earliest event reported): February 26, 2026

PHATHOM PHARMACEUTICALS, INC.

(Exact name of registrant as specified in its charter)

Delaware

001-39094

82-4151574

(State or other jurisdiction of incorporation or organization)

(Commission File Number)

(I.R.S. Employer Identification No.) 100 Campus Drive, Suite 102 Florham Park, New Jersey 07932 (Address of principal executive offices) (Zip Code) (877) 742-8466 (Registrant’s telephone number, include area code) N/A (Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, par value $0.0001 per share

PHAT

The Nasdaq Global Select Market Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition. On February 26, 2026, Phathom Pharmaceuticals, Inc. issued a press release announcing its financial results for the quarter and year ended December 31, 2025. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference. In accordance with General Instruction B.2 of Form 8-K, the information in this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date hereof, except as expressly set forth by specific reference in such filing. Item 9.01. Financial Statements and Exhibits. (d) Exhibits

Exhibit No.

Description

99.1

Press Release issued on February 26, 2026

104

Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

.

PHATHOM PHARMACEUTICALS, INC

Date: February 26, 2026

By:

/s/ Anne Marrie Cook

Anne Marie Cook

Chief Legal Officer