Phathom Pharmaceuticals (PHAT)
Brings Takeda's vonoprazan acid blocker to U.S. patients under the VOQUEZNA brand.
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Commercializes vonoprazan, a potassium-competitive acid blocker licensed from Takeda, across three FDA-approved VOQUEZNA presentations for GERD and H. pylori eradication. Every dollar of revenue traces back to this single licensed molecule.
Holds U.S., European, and Canadian rights to vonoprazan, a potassium-competitive acid blocker licensed from Takeda and sold domestically as VOQUEZNA. Three FDA-approved presentations make up the portfolio: VOQUEZNA tablets for erosive and non-erosive GERD, plus VOQUEZNA TRIPLE PAK and DUAL PAK for H. pylori eradication.
Commercial activity is concentrated entirely in the United States, where VOQUEZNA launched in late 2023 as the first new mechanism of action for acid suppression in over three decades, competing against entrenched generic proton pump inhibitors.
Operates as a single business segment built on one licensed asset; all revenue derives from vonoprazan. Regulatory exclusivity for all three VOQUEZNA products runs through May 2032, while European and Canadian rights under the Takeda license remain uncommercialized.
Headquartered in Florham Park, New Jersey, founded in 2018 around this one molecule's path through FDA approval into commercial launch.
Company facts
Target rangeAs of Sep 22, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Sep 9, 2026 | Leerink Partners | Target | Target: — | Target: $10 |
| Aug 14, 2026 | Barclays | Target | Target: $18 | Target: $14 |
| Jul 31, 2026 | Craig-Hallum | Reiterate | Rating: —Target: $22 | Target: $20 |
| Jul 31, 2026 | Guggenheim | Reiterate | Rating: —Target: $20 | Target: $22 |
| Jul 30, 2026 | Needham | Reiterate | Rating: —Target: $26 | Target: $22 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $182.5M · Total debt $167.1M · Total assets $327.1M · Shareholders' equity −$344.3M
- Revenue
- $74.3M
- Operating income
- −$4.0M
- Net income
- −$17.6M
No dividends on record.
| Institutions | 89.61% | 72.49M shares | |
|---|---|---|---|
| 173 holders · as of Jun 30, 2026 | |||
| Insiders | 9.90% | 8.01M shares | |
| 14 holders · as of Sep 8, 2026 | |||
| Other | 0.49% | 399.4K shares | |
| remainder | |||
80.90M company shares as of Sep 23, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
Frazier Life Sciences Management, L.P.Institution | 15.41% | 12.47M | as of Jun 30, 2026 |
Medicxi Ventures Management (Jersey) LtdInstitution | 9.23% | 7.46M | as of Jun 30, 2026 |
James N. Topper1Insiderdirector, 10 percent owner | 7.43% | 5.99M | filed May 21, 2026 |
BlackRock, Inc.Institution | 5.59% | 4.53M | as of Jun 30, 2026 |
Invesco Ltd.Institution | 4.98% | 4.03M | as of Jun 30, 2026 |
- James N. Topper's transaction reports restate only vehicles that traded; the 2025 ownership statement (5.99M) plus the 24.1K net shares acquired since is used instead.
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Nov 3, 2025 | Robert Charles Breedlove | officer: Principal Accounting Officer | −524 | $13.51 |
- AstraZeneca (ADR)
Legacy branded PPI rival via Nexium in GERD; H. pylori only via generics
- Takeda (ADR)
Original licensor of vonoprazan and a branded-PPI peer via Dexilant
- Bausch Health
Shares the GI-specialist prescriber channel via its Salix franchise
- RedHill Biopharma (ADR)
Head-to-head in H. pylori eradication via branded triple-therapy Talicia
- Ironwood Pharmaceuticals
Shares small-cap US GI-specialty sales channel and investor comp-set
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Phathom Pharmaceuticals | $7.10 | −8.51% | $627.8M | — | 43.8 | 2.6 | +88.0% |
| AstraZeneca (ADR) | $163.75 | −2.74% | $261.12B | 25.3 | 15.4 | 4.3 | +6.4% |
| Takeda (ADR) | $18.82 | −0.71% | $60.30B | 52.9 | 59.9 | 2.0 | +4.2% |
| Bausch Health | $5.73 | −1.38% | $2.17B | — | 1.3 | 0.2 | +11.2% |
| RedHill Biopharma (ADR) | $0.5386 | −0.44% | $1.7M | — | — | — | −25.4% |
| Ironwood Pharmaceuticals | $4.29 | −5.30% | $744.9M | 5.9 | 3.5 | 1.9 | +32.6% |
| Median | 25.3 | 9.4 | 2.0 | +6.4% |