Phathom Pharmaceuticals Investigation Notice: Levi & Korsinsky Notifies Investors of Pending Investigation Into Phathom Pharmaceuticals (PHAT)

Phathom Pharmaceuticals guided FY 2026 revenue as high as $345 million while building out a sales force of more than 290 representatives. The revised outlook now tops out at $325 million, and PHAT shareholders absorbed the decline.

NEW YORK , July 30, 2026 /PRNewswire/ -- Phathom Pharmaceuticals, Inc. (NASDAQ: PHAT) PHAT shareholders took the hit when Phathom Pharmaceuticals cut FY 2026 revenue guidance to $300 million–$325 million from the $320 million–$345 million range management had reaffirmed only weeks earlier, removing $20 million from both the bottom and top ends of its outlook. Investors who lost money on PHAT are encouraged to submit their loss information now . You may also contact Joseph E. Levi, Esq. via email at jlevi@levikorsinsky.com  or by telephone at (212) 363-7500.

On the February 26, 2026 Q4 2025 earnings call, President and CEO Steve Basta stated: "Our $320 million to $345 million revenue guidance for 2026 reflects our operating expectation of continued solid growth from our GI-focused strategy." On the April 30, 2026 Q1 2026 call, CFO Sanjeev Narula told investors, "We continue to anticipate 2026 net revenue between $320 million to $345 million," and Mr. Basta added, "We are thus maintaining our revenue guidance for the year."

On that same April 30 call, Mr. Basta described a commercial build carrying that guidance -- "We have more than 290 reps in place to start Q2" -- while Mr. Narula described the Company's gross-to-net discount landing at the lower end of a 55% to 59% range. Weeks later, the top end of the revenue range came down by $20 million.

If you purchased Phathom Pharmaceuticals shares and suffered a loss, click here to have your losses reviewed . You may also contact Joseph E. Levi, Esq. via email at jlevi@levikorsinsky.com  or by telephone at (212) 363-7500.

Levi & Korsinsky, LLP  | Top 50 Securities Firm | (212) 363-7500 | www.zlk.com

Frequently Asked Questions About the PHAT Investigation

Q: Which statements are being investigated as potentially misleading? A: The investigation concerns whether Phathom Pharmaceuticals made materially false or misleading statements regarding its FY 2026 revenue guidance of $320 million to $345 million, which management reaffirmed on April 30, 2026. When the Company later reduced that outlook to $310 million -- $325 million, PHAT shares declined.

Q: When did Phathom Pharmaceuticals allegedly mislead investors? A: The investigation concerns statements made before the reduced guidance was disclosed, which allegedly caused investors to purchase securities at inflated prices.

Q: Who is eligible to participate in the PHAT investigation? A: Investors who purchased 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 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 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 retainer and no out-of-pocket costs.

Q: Do I need to go to court or give testimony? A: No. Participating in the investigation does not require court appearances or depositions.

CONTACT:

Levi & Korsinsky, LLP

Joseph E. Levi, Esq.

Ed Korsinsky, Esq.

33 Whitehall Street, 27th Floor

New York, NY 10004

jlevi@levikorsinsky.com

Tel: (212) 363-7500

Fax: (212) 363-7171

Attorney Advertising. Prior results do not guarantee similar outcomes.

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SOURCE Levi & Korsinsky, LLP