Phathom Pharmaceuticals cut its FY 2026 revenue outlook to $310 million -- $325 million, below the roughly $332 million -- $334 million analysts expected, and PHAT shares dropped. Levi & Korsinsky is investigating potential securities law violations on behalf of shareholders who lost money.

Phathom Pharmaceuticals, Inc. (NASDAQ: PHAT) shareholders took losses after the Company lowered its full-year 2026 revenue guidance to $310 million–$325 million from its previously issued $320 million–$345 million range, falling below Wall Street consensus estimates of approximately $332 million. If you suffered a loss on your Phathom Pharmaceuticals investment, you are encouraged to click here to submit your information. You may also contact Joseph E. Levi, Esq. via email at jlevi@levikorsinsky.com or by telephone at (212) 363-7500.

Phathom is a commercial-stage company whose revenue is concentrated in a single approved product, VOQUEZNA (vonoprazan). Because the Company’s financial performance depends heavily on the commercial ramp of that product, the revenue outlook is the primary driver of its valuation. The reduction removed $10 million to $20 million from the low and high ends of the prior $320 million -- $345 million range.

The Company had been expanding its commercial infrastructure into 2026, telling investors it had "more than 290 reps in place to start Q2," and describing a path to "$1 billion in annual revenue from gastroenterology prescriptions." Weeks later, the FY 2026 revenue range was trimmed. Levi & Korsinsky is investigating potential securities law violations on behalf of PHAT investors.

Shareholders who lost money on PHAT are encouraged to have their losses evaluated at no cost. You may also contact Joseph E. Levi, Esq. at jlevi@levikorsinsky.com or (212) 363-7500.

ABOUT LEVI & KORSINSKY, LLP -- Over the past 20 years, Levi & Korsinsky has secured hundreds of millions of dollars for aggrieved shareholders. The firm has extensive expertise in complex securities litigation and a team of over 70 employees. For seven consecutive years, Levi & Korsinsky has ranked in ISS Securities Class Action Services' Top 50 Report.

Frequently Asked Questions About the PHAT Investigation

Q: Who is eligible to participate in the PHAT investigation? A: Investors who purchased Phathom Pharmaceuticals (NASDAQ: PHAT) stock or securities and suffered financial losses may be eligible. Eligibility is based on purchase date and documented losses -- not on whether you still hold the shares.

Q: What is the PHAT securities investigation about? A: A securities investigation is pending concerning Phathom Pharmaceuticals (NASDAQ: PHAT) regarding potentially materially false or misleading statements. Shares declined after the Company reduced its FY 2026 revenue guidance to $310 million -- $325 million, below the roughly $332 million -- $334 million consensus, causing losses for shareholders.

Q: Who is conducting the PHAT investigation? A: Levi & Korsinsky, LLP is investigating potential securities fraud claims on behalf of investors who purchased PHAT securities. The firm is nationally recognized, ranked in the ISS Top 50 for seven consecutive years, and has recovered hundreds of millions of dollars for aggrieved investors.

Q: What do PHAT investors need to do right now? A: Gather brokerage records including purchase dates, share quantities, and prices paid. Contact Levi & Korsinsky for a free, no-obligation evaluation at jlevi@levikorsinsky.com or (212) 363-7500.

Q: What documents do I need to participate? A: Brokerage statements or trade confirmations showing purchase dates, share quantities, prices paid, and any subsequent sale dates and prices.

Q: What if I already sold my PHAT shares -- can I still recover losses? A: Yes. Eligibility is based on when you purchased, not whether you still hold the shares. Investors who bought PHAT and sold at a loss may still participate in the investigation.

Q: What if my PHAT losses are small -- is it still worth contacting a lawyer? A: Yes. There is no minimum loss amount required to participate in the investigation.

Q: What does it cost me to participate? A: There is no upfront cost to participate. Securities investigations and any resulting actions are generally handled on a contingency basis. No upfront fees, no retainer, and no out-of-pocket costs.

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