Phathom Pharmaceuticals, Inc. filed its Form 10-Q for the quarterly period ended September 30, 2026, with the SEC on October 29, 2026, reporting third-quarter net product revenue of $84.7 million and a net loss of $13.9 million.

Key Highlights

  • Net product revenue: $84,722 thousand for the three months ended September 30, 2026, compared to $49,504 thousand in the same period of 2025.
  • Net loss: $13,897 thousand for Q3 2026, narrowing from $29,973 thousand in Q3 2025.
  • Nine-month revenue: $217,297 thousand for the nine months ended September 30, 2026, up from $117,526 thousand in the same prior-year period.
  • Cash and cash equivalents: $184,558 thousand as of September 30, 2026, compared to $129,972 thousand at December 31, 2025.
  • Accumulated deficit: $1,546,106 thousand as of September 30, 2026, versus $1,484,258 thousand at December 31, 2025.
  • Shares outstanding: 81,291,520 shares of common stock as of October 27, 2026.
  • Public offering completed in Q1 2026: The company issued 6,875,000 shares of common stock and pre-funded warrants, generating net proceeds of $121,974 thousand, according to the filing.

Phathom Pharmaceuticals Revenue Growth and Financial Position Through September 30, 2026

According to the filing, Phathom Pharmaceuticals (NASDAQ:PHAT) reported net product revenue of $84,722 thousand for the three months ended September 30, 2026, compared to $49,504 thousand for the same period in 2025. Gross profit for Q3 2026 was $66,355 thousand, against $43,314 thousand in Q3 2025. Cost of revenue in the quarter was $18,367 thousand, rising from $6,190 thousand year over year. For the nine months ended September 30, 2026, net product revenue totaled $217,297 thousand, compared to $117,526 thousand in the prior-year period.

The company reported a net loss of $13,897 thousand for Q3 2026, or $0.16 per basic and diluted share, compared to a net loss of $29,973 thousand, or $0.41 per share, in Q3 2025. For the nine months ended September 30, 2026, the net loss was $61,848 thousand, or $0.74 per share, compared to $200,099 thousand, or $2.76 per share, in the same prior-year period, the filing disclosed. Total operating expenses in Q3 2026 were $66,440 thousand, including selling, general and administrative expenses of $57,695 thousand and research and development expenses of $8,745 thousand.

As of September 30, 2026, the company reported total assets of $345,020 thousand and total liabilities of $692,659 thousand, resulting in a total stockholders' deficit of $347,639 thousand, according to the filing. Long-term debt, net of discount, stood at $165,540 thousand, and the revenue interest financing liability was $346,973 thousand. Cash and cash equivalents increased to $184,558 thousand from $129,972 thousand at December 31, 2025. The company noted it is classified as a non-accelerated filer and a smaller reporting company.

What Was Disclosed

Phathom Pharmaceuticals filed its quarterly report covering the period ended September 30, 2026, disclosing net product revenue, operating results, balance sheet data, and stockholders' deficit figures, including an accumulated deficit of $1,546,106 thousand.