Filing Flows › Phathom Pharmaceuticals (PHAT) › Q1 2026
Phathom Pharmaceuticals (PHAT) Q1 2026 earnings results (first quarter 2026)
10-Q filed Apr 30, 2026
Phathom Pharmaceuticals (PHAT) reported revenue of $58.3M for the first quarter 2026 (Q1 2026), +104% from a year earlier and +1% from the quarter before. Operating margin was -26.5%, net loss $30.4M (52.1% of revenue).
Phathom Pharmaceuticals, Q1 2026: revenue $58.3M (+104% year over year), operating margin -26.5%, net loss $30.4M, operating cash flow −$15.6M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $58.3M | +1% | +104% |
| Operating profit | −$15.5M | — | — |
| Net earnings | −$30.4M | — | — |
| Operating cash flow | −$15.6M | — | — |
What changed
Revenue was $58.3M in Q1 2026, up 104% year over year and up 1% from the previous quarter.
Gross margin was 79.4%, down 7.5 points from Q1 2025. Operating costs exceeded revenue by $15.5M, an operating margin of -26.5%. Operating expenses fell 40% while revenue rose 104%. The quarter ended with a net loss of $30.4M, wider than the previous quarter's $21.1M loss.
Operating cash flow was −$15.6M. Non-cash charges added back $110K of depreciation and amortization and $5.5M of share-based compensation. Working capital and other items added $9.1M. Capital expenditures of $61K exceeded it, leaving free cash flow of −$15.7M.
Questions
What was Phathom Pharmaceuticals' revenue in the first quarter 2026?
Phathom Pharmaceuticals (PHAT) reported revenue of $58.3M for the first quarter 2026 (Q1 2026), +104% from a year earlier and +1% from the quarter before.
Was Phathom Pharmaceuticals profitable in the first quarter 2026?
Operating loss was $15.5M (-26.5% of revenue) and net loss $30.4M.