Phathom Pharmaceuticals, Inc. · NASDAQ:PHAT
Phathom Pharmaceuticals — Q1 2026 Earnings Presentation
16 slides from Phathom Pharmaceuticals's earnings presentation, Apr 30, 2026
Slide 1: First Quarter 2026 Earnings Conference Call
FIRST QUARTER 2026 EARNINGS CONFERENCE CALL APRIL 2026 NASDAQ: PHAT
Slide 2: Today's Agenda
Today’s Business Update Steven Basta, President & Chief Executive Officer Agenda Financial Update Sanjeev Narula, Chief Financial and Business Officer Closing Remarks Steven Basta, President & Chief Executive Officer Question & Answer Steven Basta, President & Chief Executive Officer Sanjeev Narula,
Slide 3: Safe harbor
Safe harbor This presentation contains forward-looking statements. All statements other than statements of historical facts contained in this presentation, including statements regarding: our plans, expectations, strategies, forecasts and goals for commercialization of VOQUEZNA and potential results
Slide 4: Business Update
Business Update Steven Basta, President & Chief Executive Officer 4
Slide 5: Path to potentially achieving $1B from GI writers
Path to potentially achieving $1B from GI writers ~20M x 20-30% = ~4-6M ⊲ GI oriented realignment Current PPI TRx potential market share VOQUEZNA TRx ⊲ High GI call GI frequency Focus Annual PPI Positive signal: ~20% average Path to ⊲ Depth of GI scripts written share among top 300 ~$1B/yr revenue w
Slide 6: Strong NBRx market share among our top GI writers
Strong NBRx market share among our top GI writers Q1 2026 ~45% ~30% Top 300 Top 3,000 VOQUEZNA VOQUEZNA GI Writers GI Writers VOQUEZNA NBRx Market Share1 PPI NBRx Market Share1 6 1 IQVIA APLD + BlinkRx as of 3/31/26 (reflects cumulative share among the identified group of writers during Q1 2026).
Slide 7: Q1 2026 key financial results
Q1 2026 key financial results $58.3M $56.2M ~$15M net revenues operating expenses1 net cash usage ~$181M cash and cash equivalents (as of 3/31/26) 7 1 Reflective of non-GAAP cash operating expenses which exclude stock-based compensation.
Slide 8: Covered TRx grew ~91% from Q1 2025 to Q1 2026
Covered TRx grew ~91% from Q1 2025 to Q1 2026 ~268,000 Total Prescriptions Filled in Q1 2026 Covered Prescriptions1 Cash-Pay Prescriptions1 ~91% ~174,000 ~168,000 ~144,000 ~117,000 ~170% ~99,000 ~100,000 ~88,000 ~77,000 ~56,000 ~37,000 Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 2025 2025 2025 2025 2026 2025 2025
Slide 9: NBRx + persistence = future TRx growth potential
NBRx + persistence = future TRx growth potential Covered NBRx Patient Persistence ~11% Q1 Q2 Q3 Q4 Q1 12-months 2025 2025 2025 2025 2026 ~11% growth from ~6 bottles worth of Q4 2025 to Q1 2026 VOQUEZNA dispensed in covered new-to-brand prescriptions1 on average over a 12-month period2 1 IQVIA + Blin
Slide 10: VOQUEZNA (vonoprazan) tablets
Oe VOQUEZNA. (vonoprazan) tablets zomg PHARMACEUTICALS,
Slide 11: Financial Update
Financial Update Sanjeev Narula, Chief Financial and Business Officer 11
Slide 12: Revenues doubled from Q1 2025 to Q1 2026
Revenues doubled from Q1 2025 to Q1 2026 ~$181M cash and cash equivalents (as of 3/31/26) Net Revenue Operating Expenses1 Non-GAAP SG&A Non-GAAP R&D Stock-based compensation $80M $120M $103.7 ~(43%) $70M ~104% $100M $94.4 $7.9 $60M $57.6 $58.3 $80M $7.4 $49.5 $50M $39.5 $58.6 $61.8 $40M $60M $55.9 $
Slide 13: 2026 financial guidance
2026 financial guidance Net Revenues GTN Discount Operating Expenses 1 $320M 55% $235M to to to $345M 59% $255M Path to Profitability We anticipate we will achieve operating profitability by Q3 and in total for the full year 2026: 2026, excluding stock-based compensation 2027: We believe we will ach
Slide 14: VOQUEZNA (vonoprazan) tablets
Oe VOQUEZNA. (vonoprazan) tablets zomg PHARMACEUTICALS,
Slide 15: Closing Remarks
Closing Remarks Steven Basta, President & Chief Executive Officer 15
Slide 16: Question & Answer
Question & Answer Steven Basta, President & Chief Executive Officer Sanjeev Narula, Chief Financial and Business Officer 16
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