Phathom starts Phase 3 study: what it means for Phathom Pharmaceuticals stock

Published on 10/05/2026 at 11:58 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Phathom posted USD 74.27 million revenue in Q2 2026, up 88.00 percent. For Phathom Pharmaceuticals stock, revenue outlook is USD 310-325 million.

PHAT, US71722W1071, Illustration mit AI erstellt.

Phathom Pharmaceuticals (US71722W1071) began a registrational Phase 3 study for as-needed VOQUEZNA treatment of non-erosive GERD on September 29, 2026. According to FinanzNachrichten, the company expects topline results in the first quarter of 2028.

Phase 3 targets broader use

The pHalcon-NERD-302 trial evaluates VOQUEZNA 10 mg as an on-demand treatment for adults with non-erosive gastroesophageal reflux disease. Patients receive the treatment or placebo for 24 weeks after a four-week daily run-in period.

The study's primary endpoint is assessed at Week 12 and measures complete relief within two hours with relief sustained for 24 hours. A positive result could support a regulatory submission for a label expansion, but the program remains dependent on trial execution, clinical outcomes and regulatory review.

Revenue growth sets the frame

Phathom Pharmaceuticals reported USD 74.27 million in net revenue for the second quarter of 2026, up 88.00 percent from USD 39.50 million in the second quarter of 2025. The same report showed a GAAP net loss of USD 17.58 million, compared with USD 75.81 million in the prior-year quarter.

The company's 2026 net revenue outlook is USD 310-325 million, down from the earlier USD 320-345 million range. That outlook puts the commercial trajectory alongside a still material development burden, especially as the new study is designed to support a possible future label expansion rather than an immediate revenue contribution.

What the study means for stock

For Phathom Pharmaceuticals stock, the key link is the timing of the clinical payoff. Results expected in the first quarter of 2028 extend the development timeline, while the second-quarter revenue increase shows that VOQUEZNA already supplies a commercial base before the next indication can contribute.

PHAT market context

Phathom Pharmaceuticals had a market capitalization of USD 559.8 million as of October 2, 2026. Its Nasdaq-listed shares were quoted at USD 6.92 on that date, versus a prior close of USD 7.08, while the 52-week range was USD 6.82 to USD 18.31.