Phathom Pharmaceuticals Q2 2026 Earnings Call Transcript

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Provided by Quartr
July 30, 2026

Key Takeaways

  • Positive Sentiment: Q2 revenue rose 88% year over year to $74.3 million, while cash operating expenses fell 34% to $56.4 million. Phathom reported its first operating profit excluding stock-based compensation and generated approximately $1.6 million in operating cash flow.
  • Negative Sentiment: Phathom lowered its 2026 revenue outlook to $310 million–$325 million, citing physician and patient friction around prior authorizations, documentation, and prescription fulfillment for VOQUEZNA—particularly among less-severe GERD patients.
  • Positive Sentiment: The company plans to initiate a Phase III trial of VOQUEZNA as an as-needed treatment for non-erosive GERD in Q4 2026. Management believes this could expand the addressable market without materially cannibalizing daily-use patients and could support future primary-care and direct-to-consumer marketing.
  • Neutral Sentiment: Enrollment was completed ahead of schedule in the Phase II eosinophilic esophagitis study, with topline 12-week data expected in Q4 2026. Favorable results could support a Phase III program and potentially extend VOQUEZNA exclusivity by six months, although the pathway depends on FDA discussions and future pediatric studies.
  • Positive Sentiment: Management reiterated that it expects operating profitability excluding stock compensation to continue through the remainder of 2026 and durable cash-flow positivity in 2027, while believing existing cash and future operating cash flow will cover debt obligations without another debt or equity raise.
AI Generated. May Contain Errors.
Earnings Conference Call
Phathom Pharmaceuticals Q2 2026
00:00 / 00:00

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Operator

Good day, ladies and gentlemen. Hello, and welcome to Phathom Pharmaceuticals' second quarter 2026 earnings results call. At this time, all participants are in a listen-only mode. After the presentation, there will be a question and answer session. To ask a question at that time, you'll need to press star one one on your telephone keypad. Please be advised that today's call is being recorded. With that, I would like to turn the call over to Eric Sciorilli, Phathom's Head of Investor Relations. Please go ahead, sir.

Eric Sciorilli
Eric Sciorilli
Head of Investor Relations at Phathom Pharmaceuticals

Thank you, operator. Hello everyone. Thank you for joining us this morning to discuss Phathom's second quarter 2026 results. This morning's presentation will include remarks from Steven Basta, our President and CEO, and Sanjeev Narula, our Chief Financial and Business Officer. A couple of notes before we get started. Earlier this morning, we issued a press release detailing the results we'll be discussing during the call. A copy of that press release can be found under the news releases section of our corporate website. The recording of today's webcast and the slides that we will be reviewing can also be found on our corporate website under the events and presentations section. Before we begin, let me remind you that we will be making a number of forward-looking statements throughout today's presentation. These forward-looking statements involve risks and uncertainties, many of which are beyond Phathom's control.

Eric Sciorilli
Eric Sciorilli
Head of Investor Relations at Phathom Pharmaceuticals

Actual results may materially differ from the forward-looking statements. Any such risks may materially adversely affect our business and results of operations and the trading prices for Phathom's common stock. A discussion of these statements and risk factors is available on the current Safe Harbor slide, as well as in the risk factors section of our most recent Form 10-K and subsequent SEC filings. All forward-looking statements made on this call are based on the beliefs of Phathom as of this date. Phathom disclaims any obligation to update these statements. Later in the call, we will be commenting on both GAAP and non-GAAP financial measures. Specifically, in the scope of this discussion, when we refer to cash operating expenses, please note we are referring to the non-GAAP form of this measure, which excludes non-cash stock-based compensation.

Eric Sciorilli
Eric Sciorilli
Head of Investor Relations at Phathom Pharmaceuticals

As always, detailed reconciliations between our non-GAAP results and the most directly comparable GAAP measures are included in this morning's press release. I will now turn the call over to Steven Basta, Phathom's President and CEO, to kick us off. Steve?

Steven Basta
Steven Basta
President and CEO at Phathom Pharmaceuticals

Thank you, Eric, and thank you everyone for joining our call this morning. Let me start by highlighting the significant transition Phathom has made over the last year and a half. I'm very proud to share that for the first time in Phathom's history, and ahead of our guidance, we generated positive operating profit in Q2, excluding stock-based compensation. That's a dramatic improvement compared to Q2 last year when our operating loss was more than $50 million. Importantly, from Q2 2025 to Q2 2026, we increased revenue by about 88% and reduced cash operating expenses by about 34%. We have executed a successful pivot in our operations. We are on a solid trajectory and expect meaningful long-term growth generated by our core strategy to focus first on gastroenterologists.

Steven Basta
Steven Basta
President and CEO at Phathom Pharmaceuticals

We continue to believe we can reach $1 billion in annual potential revenue with this focus on GI prescribers and have the potential for a second billion in annual revenue through expanded engagement with primary care prescribers in future years. For full-year 2026, we are updating our revenue outlook to $310 million-$325 million. This new revenue guidance range still indicates meaningful expected growth over the next two quarters. We are hearing from our field team and in our market research that physicians are encountering friction in the process of obtaining VOQUEZNA for their GERD patients. While many physicians have demonstrated willingness to navigate the process to get VOQUEZNA for their most severe GERD patients, some may be more hesitant to work through the perceived hurdles to prescribe VOQUEZNA more broadly for their less severe GERD patients. This influenced the fine-tuning of our 2026 guidance range.

Steven Basta
Steven Basta
President and CEO at Phathom Pharmaceuticals

That being said, we believe we can meaningfully improve this dynamic, and we are working on several initiatives which we believe have the potential to reduce friction for physicians and patients and to support accelerated growth. We remain confident in our GI-first strategy and our long-term outlook for VOQUEZNA. I'd like to turn briefly to a few key financial highlights for the quarter, and then Sanjeev will provide further commentary during his portion of the call. For Q2, we reported net revenues of $74.3 million, cash operating expenses excluding stock-based compensation of $56.4 million, and for the first time as a business, we generated cash from operations of about $1.6 million. While we do not project generating cash each quarter this year, we do anticipate being consistently profitable at the operating profit level in upcoming quarters, excluding stock-based compensation charges, as we've previously discussed.

Steven Basta
Steven Basta
President and CEO at Phathom Pharmaceuticals

We are proud of our company's results this quarter. They demonstrate solid execution of our GI-first pivot over the last year. A few quick notes on our commercial metrics for Q2. Since launch, through July 17th, nearly 1.7 million VOQUEZNA prescriptions have been filled. Of the approximately 325,000 prescriptions that were filled in Q2, about 209,000 were covered prescriptions, representing approximately 64% of the total, while about 116,000 were filled as cash pay. Compared to last quarter, this represents 24% growth in covered volume and 16% growth in cash volume. On a year-over-year basis, covered prescriptions grew about 79% and total prescriptions grew about 88%.

Steven Basta
Steven Basta
President and CEO at Phathom Pharmaceuticals

Shifting to our development efforts, we've made solid progress in our EoE phase II study, which is the first large placebo-controlled trial of an acid suppression treatment for this indication. We completed enrollment in June, which was ahead of schedule, and we're expecting top-line data later this year in Q4 for the 12-week blinded treatment portion of that trial. We believe VOQUEZNA has the potential to fill an important unmet need for EoE patients. The EoE program may also provide a potential path to extend VOQUEZNA exclusivity by six months if the phase II trial results are favorable, we receive a written request from the FDA to include pediatric patients in a potential phase III trial, and we conduct that trial as agreed with FDA. I'm also pleased to announce that we will be continuing our clinical work investigating VOQUEZNA as a potential as-needed or on-demand treatment for non-erosive GERD.

Steven Basta
Steven Basta
President and CEO at Phathom Pharmaceuticals

We plan to initiate the phase III trial for as-needed use in Q4 of this year. In 2022, Phathom reported a successful phase II trial for as-needed use of VOQUEZNA. In this trial, VOQUEZNA demonstrated faster and sustained relief of episodic heartburn as compared to placebo. VOQUEZNA demonstrated superiority on the primary endpoint of complete relief at three hours and sustained relief for 24 hours. Many patients in the phase II trial reported complete heartburn resolution as early as one hour following treatment with VOQUEZNA. There is a significant population of patients with non-erosive GERD who are on chronic daily acid suppression therapies and would prefer to use a product as needed when they experience heartburn episodes.

Steven Basta
Steven Basta
President and CEO at Phathom Pharmaceuticals

If the phase III trial is successful, we believe a potential expansion of the VOQUEZNA label could meaningfully increase the commercial opportunity for VOQUEZNA and could strengthen our planned future expansion of call efforts on primary care physicians. If approved, an as-needed use of a potent GERD treatment with 24-hour durable benefit could also provide a distinctive value proposition in future direct-to-consumer advertising. Overall, we remain confident in our outlook for VOQUEZNA and in our ability to execute efficiently. I'll now turn the call over to Sanjeev to take you through our financial updates.

Sanjeev Narula
Sanjeev Narula
Chief Financial and Business Officer at Phathom Pharmaceuticals

Thank you, Steve, and hello, everyone. I'd like to start by saying how pleased we are with our results and momentum of our revenue trajectory. The business is growing nicely. We remain confident in our path forward. Q2 performance included an important inflection point for Phathom. For the first time, we generated operating profit excluding stock-based compensation, driven by top-line growth and disciplined expense management. With that in mind, let's go into the results. Revenue for Q2 was $74.3 million, reflecting year-over-year growth of $34.8 million or 88%. Sequentially, revenue grew $16 million or 27% over Q1 2026, which reflects our largest ever quarter-over-quarter revenue growth on an absolute basis. As anticipated, prescription trends have rebounded following the normal early year seasonality we experienced in Q1. Our gross to net discount for Q2 was in line with our guidance, coming in towards the lower half of 55%-59% range.

Sanjeev Narula
Sanjeev Narula
Chief Financial and Business Officer at Phathom Pharmaceuticals

The channel mix for quarter's prescription continues to be main reason for modest quarter-to-quarter variability. Our gross profit margin remains steady in line with our guidance at approximately 80% for quarter two. Second quarter cash operating expenses were about $56.4 million, largely consistent with spend last quarter. I'm proud of our team's continued expense discipline. With year-on-year cash operating expenses down $29.7 million or 34% compared to Q2 2025. Our performance last few quarters clearly demonstrate our ability to grow revenue while being disciplined on expenses. As a result of these trends, we have delivered on our operating profitability plan we previously outlined. I commend our team for their commitments to reaching this important milestone, and I'm pleased that we did so a quarter ahead of our guidance. We also generated cash from operation for the first time, ending the quarter with $182.5 million in cash and cash equivalent.

Sanjeev Narula
Sanjeev Narula
Chief Financial and Business Officer at Phathom Pharmaceuticals

Let me turn to our financial guidance for 2026. For revenues, we're updating our full-year 2026 guidance to $310 million-$325 million. This refinement reflects the friction Steve described in his remarks. We continue to be confident in the long-term opportunity for VOQUEZNA. We are reiterating our guidance for both gross to net discount, which we believe will be within 55%-59% range, and for gross margin, which we anticipate will be approximately 80%. As for spend, we're updating our cash operating expense guidance, excluding stock-based compensation, to be between $235 million-$245 million based on first-half actuals and continued fiscal discipline.

Sanjeev Narula
Sanjeev Narula
Chief Financial and Business Officer at Phathom Pharmaceuticals

We continue to invest in projects designed to enhance revenue, such as omni-channel marketing, as well as clinical development programs for potential new indications. As we think about cadence, our updated revenue guidance still reflects meaningful expected growth over the next two quarters. We anticipate our gross to net discount will remain within our guided range but will increase moderately throughout the rest of the year, similar to prior years. We expect expenses to modestly step up in the back half of the year as we make strategic, commercial, and clinical investments. Most notably, initiating our phase III non-erosive GERD as-needed trial. We believe our early achievement in operating profitability in Q2 will sustain in Q3 and beyond, including in total for full-year 2026. As for cash flow, we remain on track with our guidance to reach durable cash flow positivity in 2027.

Sanjeev Narula
Sanjeev Narula
Chief Financial and Business Officer at Phathom Pharmaceuticals

While this quarter's cash generation was encouraging, we expect to continue to use cash for rest of the year due to modest and anticipated changes in working capital. On the whole, we remain confident in our balance sheet and capital structure. Based on our current operating plan, we continue to believe our cash on hand, along with anticipated future cash generated from operations, will be sufficient to invest in our business and satisfy all outstanding debt obligations at all times without the need for another debt or equity raise. In summary, this was a very strong quarter, and we are proud of our results. Internally, from the leadership team to our field team, everybody remains motivated and determined to accelerate future prescription growth. I believe we're very well positioned to do just that. I will now turn the call back to Steve for his closing remarks. Steve.

Steven Basta
Steven Basta
President and CEO at Phathom Pharmaceuticals

Thank you, Sanjeev, for the detailed financial review. Our efforts to reposition Phathom have been successful over the past year. The pivot to the GI-first strategy has driven 88% revenue growth from Q2 last year to Q2 this year. We reduced expenses, continued to drive revenue growth, reached operating profitability excluding stock comp, and believe we are positioned for significant growth in the coming years. A year ago, on our Q2 2025 earnings call, we told you we could reach profitable operations in 2026. We have officially delivered on this milestone as of Q2 2026, and we believe we will continue to do so in the coming quarters. We're pleased with the continued revenue growth this quarter and are deeply focused on how to drive further growth of VOQUEZNA for many years to come. We believe VOQUEZNA has the potential to help millions of patients with GERD.

Steven Basta
Steven Basta
President and CEO at Phathom Pharmaceuticals

Thank you to our team for their outstanding and diligent work, to the physicians and patients who trust in our products, and to our investors for your continued support. Operator, please open the line for Q&A.

Operator

Yes, sir. Ladies and gentlemen, if you have a question or comment at this time, please press star one one on your telephone keypad. If your question has been answered or you wish to remove yourself from the queue, simply press star one one again. Again, if you have a question or comment, please press star one one on your telephone keypad. Please stand by while we compile the Q&A roster. Our first question or comment comes from the line of Umer Raffat from Evercore ISI. Your line is open.

Umer Raffat
Umer Raffat
Analyst at Evercore ISI

Morning, guys. Thanks for taking my question. I have a two-part question on tegoprazan today from a competitive dynamic perspective. First, just your overall thoughts on their data. There's some sort of clinician feedback around immediacy of onset, but then you also have to balance that versus a lot of these patients are on PPIs, et cetera, anyway, so does that immediacy into onset matter or not? More importantly, what does it mean for Phathom into 2027, both as it relates to the growth trajectory of the molecule, but also your profitability as competitive dynamics kick in from an SG&A perspective and revenue perspective? Thank you.

Steven Basta
Steven Basta
President and CEO at Phathom Pharmaceuticals

Umer, thank you very much for both insights. We certainly are tracking the evolution of the tegoprazan story and sort of the positioning in the market and often get questions about this. One of the things that has historically been true is that when a second product launches into a category, it changes physician perception from thinking about the first drug in the category as just a single drug to now thinking about the need to shift to that category. I think that was certainly true when you saw in the GERD space the evolution from H2 blockers to PPIs, and as multiple PPIs entered, the PPI category grew substantially.

Steven Basta
Steven Basta
President and CEO at Phathom Pharmaceuticals

We think that the similar expectation should likely play out, that when a second PCAB enters, it will shift physician thinking about the need to switch more of their patients to the PCAB category, and that will have a positive impact in general in the category. As the leader in the category, we believe that's going to accrue to our benefit in that process. Regarding the specific comparative data, obviously, we've not done a direct head-to-head trial. When we look at our data and compare that to what was presented regarding tegoprazan at the recent DDW conference, the most important variable, and in fact, the primary endpoint in each of the two clinical trials, in both our VOQUEZNA clinical trial and in the tegoprazan clinical trial, the primary endpoint was tied to overall healing rates in erosive esophagitis.

Steven Basta
Steven Basta
President and CEO at Phathom Pharmaceuticals

The intent in treating an erosive esophagitis patient is to heal the erosions. With VOQUEZNA, we get a 93% healing rate. With tegoprazan, they reported an 84.6% healing rate. What you see is a very high rate of healing and therefore very good outcomes and high satisfaction when physicians put patients on VOQUEZNA. I think that's the core variable physicians are going to look to. One of the things we do see is that most of the patients who are on VOQUEZNA have been on chronic daily therapy for many years. Whether the drug works in 45 minutes or one hour isn't the variable there. The question is, how much does the drug raise pH in the stomach? How does it work on a durable basis? Can it heal patients' erosions?

Steven Basta
Steven Basta
President and CEO at Phathom Pharmaceuticals

We see really good data with VOQUEZNA on all of the parameters that matter most to physicians treating an erosive esophagitis patient. I certainly see that the healing rates are probably the most important variable to be looking at in that process. In terms of our trajectory, again, if this grows the entire awareness of the category, that's going to accrue to our benefit as the lead player in the category, and we are certainly confident with VOQUEZNA's data and positioning.

Sanjeev Narula
Sanjeev Narula
Chief Financial and Business Officer at Phathom Pharmaceuticals

Umer, to your point about what does it mean to 2027 guidance and OpEx and revenue trajectory, as Steve pointed out, again, we believe this is going to be category expander. I don't expect any major impact to our growth trajectory or the OpEx space. There might be something on the gross to net. There might be, but we are kind of anticipating all of that, then we'll provide more guidance when we give our 2027 guidance. We don't expect any major change to where we are thinking about our 2027. In fact, this could be overall a positive to the category.

Umer Raffat
Umer Raffat
Analyst at Evercore ISI

Thank you.

Operator

Thank you. Our next question or comment comes from the line of Kristen Kluska from Cantor Fitzgerald. Miss Kluska, your line is open.

Kristen Kluska
Kristen Kluska
Analyst at Cantor Fitzgerald

Hi. Good morning. Thanks for taking the questions. I have two. Just on the first, can you provide a little bit more color on some of the ways you're looking to improve the payer frictions? My second question is for the VOQUEZNA as-needed program and how you would think about billing for this, and how much this is likely to cannibalize the patients that are on therapy chronically versus introduce a brand-new market segment for you. Thank you.

Steven Basta
Steven Basta
President and CEO at Phathom Pharmaceuticals

Kristen, thanks for both of the questions. I think that those are going to add insights for our investors that'll be helpful. First, on the friction that we're describing, it's not sort of a binary event in this process. It's really both sort of the actual friction is how much work does it take in an office to get VOQUEZNA covered, and what's the experience between the moment that a physician prescribes, when the patient is trying to fill the script, when the PA is submitted, and how does that cycle work most efficiently for physicians, for their office staff, and for patients. It's not a fundamental change in access. We actually have really good access and really good coverage by payers.

Steven Basta
Steven Basta
President and CEO at Phathom Pharmaceuticals

The streamlining of that whole process of what needs to be documented in the medical records regarding prior PPI use, what needs to be in the prior authorizations, how can that process run as smoothly as possible. The education of physicians, the education of their office staff, and encouraging as many physicians as we can to send the prescription to BlinkRx because BlinkRx can provide additional support services that streamline that process. All of those become important dimensions to improving both the actual workflow, how do we make this actually easier, and the perception that it's easy to get the product, because both are important in this process. We need to just actually streamline it, and we need to improve physician confidence and perception that when I prescribe this product, I know my patient's going to get it. We've got a clear path to do that.

Steven Basta
Steven Basta
President and CEO at Phathom Pharmaceuticals

We know that our top physician prescribers have got that process nailed. They are running that process efficiently. Their office staff is running that process efficiently. This is a coachable outcome in terms of getting to streamlined activities, we need to do that broadly across every gastroenterology office. The second question that you had was sort of as-needed positioning, question of cannibalization. Obviously, this is something that we've spent a fair amount of time looking at. It's why we took some time to do some market research before undertaking this trial, that there's sort of an inherent risk. Are you going to switch patients from using your drug daily to using your drug as needed? The answer that we've gotten to is the patients who are now getting VOQUEZNA are not the same patients, basically, who are going to be desiring an as-needed use.

Steven Basta
Steven Basta
President and CEO at Phathom Pharmaceuticals

We are seeing physicians today prescribing VOQUEZNA for their patients who need the most pH elevation in the stomach to achieve the best possible outcome, as we were talking about earlier, erosive esophagitis and healing erosive esophagitis. You don't want to use a product as needed. You want to maintain elevated pH in the stomach on a daily basis. You want those patients to be taking the drug daily. It's a different population of patients who are having breakthrough heartburn episodes, who are using PPIs daily, but they don't have heartburn every day, and they don't really want to use a PPI every day. That population of patients is actively seeking an alternative that they can use when they have heartburn episodes. That's not the patient we're getting today. This is not about cannibalization of our current market. It's really about expanding to an incremental market opportunity.

Steven Basta
Steven Basta
President and CEO at Phathom Pharmaceuticals

What we have found in our research with physicians and with patients is the concept of having a drug that works, that's really quite potent and will resolve their heartburn and will work for a 24-hour period resonates really well. That's what physicians want for a population of patients that's different from the population that gets VOQUEZNA today. I just don't see a cannibalization risk. I think this is a market expansion opportunity.

Kristen Kluska
Kristen Kluska
Analyst at Cantor Fitzgerald

Thank you.

Operator

Thank you. Our next question or comment comes from the line of Yatin Suneja from Guggenheim. Mr. Suneja, your line is open.

Yatin Suneja
Yatin Suneja
Analyst at Guggenheim

Thank you. Good morning, everyone. Maybe just two for me. Steve, the friction that you are articulating, is this something you are seeing mostly with the new practice or new physicians that are coming on, or is it mostly across the board, even with the older physicians or older practices?

Yatin Suneja
Yatin Suneja
Analyst at Guggenheim

Two, you guys have been very good in terms of cutting the cost, being very disciplined in terms of spend. How should we think about further investment now that you've streamlined all of the processes to further accelerate the growth of the product? Thank you.

Steven Basta
Steven Basta
President and CEO at Phathom Pharmaceuticals

Let me take the first half, and then I'll have Sanjeev discuss sort of OpEx and how we're thinking about OpEx trajectory in that process. On the friction, I think that your framing is actually quite helpful in sort of thinking about this. The physicians that have already adopted VOQUEZNA as a core part of their practice have worked through this process and have reduced the friction in that process by virtue of their experience in how they prescribe VOQUEZNA. In some cases, they've adopted prescribing through BlinkRx as a means of supporting their staff. In other cases, their staff has just worked through the process quickly as to what needs to happen in a PA, and they've got the cycle down, and they can get the drug efficiently for their patients.

Steven Basta
Steven Basta
President and CEO at Phathom Pharmaceuticals

As we've been broadening to GI practices and as we find that GI practices are going deeper into their patient base. For their most severe GERD patients who have tried three or four prior PPIs and have had multiple failures, they know that it's clearly worth the effort to get VOQUEZNA for those patients, and they can work through that process. If they perceive that it's a lot of work or there are stumbles or hurdles in that process for their staff, they may be less likely to prescribe it for a much broader population of patients who need the drug, but there's sort of a trade-off. How much does my patient need the drug, and how much work is this going to be for my staff? Is there some risk that there's going to be some stumble in the process that delays it?

Steven Basta
Steven Basta
President and CEO at Phathom Pharmaceuticals

All of that impacts a physician's thinking. For our highest volume prescribers, they've already got the process pretty much nailed. For adopters that are growing their use of VOQUEZNA, we just need to streamline this. There's no binary change here. There's no on-off signal of all of a sudden we've solved it. It's incremental efficiency improvements. What does the physician need to document when they're prescribing VOQUEZNA? What does the staff need to capture in the prior authorization submission? When does the prior authorization get submitted? If possible, we want them to send the script to BlinkRx because BlinkRx will provide more PA support, and it'll help them in that process, and we'll be able to work through it. It's just a matter of building habit and comfort and familiarity with the process that will improve and streamline that process.

Steven Basta
Steven Basta
President and CEO at Phathom Pharmaceuticals

This is small sort of incremental changes, but it is a friction that we're seeing that caused us to say, Hey, look, we need to work through this over the next few months. We need to educate every office on how to streamline this as much as possible. It's a core focus in our internal conversations is how do we educate every office around how to do this as efficiently as possible.

Sanjeev Narula
Sanjeev Narula
Chief Financial and Business Officer at Phathom Pharmaceuticals

Yeah, I think to your point about the operating expenses, as you clearly see that overall the team has done an outstanding job in being expense discipline while we continue to grow revenue. You saw that results for this quarter was a clear evidence of that that strategy has actually worked. In terms of where we see this going forward, I think what you would see based on the expenses basically, that we've reached to a point where we have the infrastructure, the full field force, the marketing department, the program to sustain VOQUEZNA and continue to grow VOQUEZNA. All the discipline that we have put in place, that will sustain. What you would see going forward is us actually incrementally adding investments.

Sanjeev Narula
Sanjeev Narula
Chief Financial and Business Officer at Phathom Pharmaceuticals

You would see in this back half of the year, as I talked about in my remarks, we'll be actually increasing the spend in the second half versus the first half, and that's coming on essentially in two areas, and that will continue as we go forward. We want to continue to add programs that actually drive the top line, things like omni-channel. We're going to be launching that. Then the as-needed study, which is also that Steve talked about earlier. You would see us maintaining the discipline that we've reached so far because that has worked for us and that has allowed us to grow revenue, but very selectively make those investments to continue to grow the top line and we'll have the resources to be able to do that.

Operator

Thank you. Our next question or comment comes from the line of Paul Choi from Goldman Sachs. Mr. Choi, your line is now open.

Paul Choi
Paul Choi
Analyst at Goldman Sachs

Hi. Thank you. Good morning, and thanks for taking our questions. One question just to follow up on your comments on sort of friction in terms of the insurance process. Can you maybe comment on to what degree you've observed any push out of these cases to cash pay, if that is incrementally driving changes in the percentage of your mix of covered versus cash pay prescriptions? Second, on the EoE study data that's coming up, can you maybe comment on just sort of thinking about potential dosing as you consider a pediatric population down the road here and a study there? Do you feel like the dosage being used in the current study will provide clarity on what dose might be needed for a pediatric population? Thank you.

Steven Basta
Steven Basta
President and CEO at Phathom Pharmaceuticals

Paul, thank you for both of those. On the sort of friction and insurance coverage process, It's very hard as we're getting the feedback from physicians to quantify how many prescriptions that they submitted didn't go through or would have gone through if the PA process was streamlined. It's a more qualitative sense. When we do our market research with physicians, we're finding this is the big stumbling point. They love the drug. They absolutely love the drug. Just across the board, physicians are convinced the drug works. They're convinced it's safe. They're convinced that it's the right product for patients that aren't getting adequate relief with other therapies. Their balance point is how much work is it going to be? How much is it going to cost my patient? Are they actually going to be able to get access to it?

Steven Basta
Steven Basta
President and CEO at Phathom Pharmaceuticals

How do I streamline that? Is that worth the effort for each of my patients? That's the equation that effectively every physician is going through every time they're prescribing this is, I know this drug is going to do really well for this patient. How do I make that trade-off of, is it worth the effort to make sure to get this? There's no absolute number to say it's 10% or 20% or 40% of patients that would now be shifted. It is incremental, gradual growth as we improve both the actual streamlining of this. No fundamental sea change here. It's just helping physicians gain greater confidence, helping them make sure that they're capturing the right documentation, helping their staff make sure that the prior authorization is going through with the right documentation. It's just incrementally getting better.

Steven Basta
Steven Basta
President and CEO at Phathom Pharmaceuticals

Not only do the actual streamlining, you then improve physician perception and confidence that drives prescribing behavior because they know the drug works. They know that they want to get this for their patients. We will increase propensity to write in a meaningful way. It's hard to put an exact number on it. It is more qualitative feedback as to the nature of the decision process that physicians are working through. On EoE potential dosing, for younger populations of patients, we actually are finding that there is not much change to the dosing. We've been looking at PK characteristics. I don't have all of that data immediately at hand, and we can probably go through that in more detail to provide you guidance based upon what we've presented. I also am not as familiar with what has been presented on the prior pediatric PK work.

Steven Basta
Steven Basta
President and CEO at Phathom Pharmaceuticals

As we've done work, we don't expect that there is going to be significant changes in dose, although it may be at younger ages that you start to see that. We'll get you more information on that as we move forward. Certainly, this trial was adults only. As we think about planning for the pediatric inclusion, we'll work with FDA on what age groups would be in the EoE expanded trial, and that will impact the dosage determination for each of those age groups. We'll get you more granularity on that probably sometime in 2027 as we're having conversations about what the design of that trial looks like for that broader population.

Paul Choi
Paul Choi
Analyst at Goldman Sachs

Got it. Thanks, Steve.

Operator

Thank you. Our next question or comment comes from the line of Martin Auster from Raymond James. Mr. Auster, your line is now open.

Josh Chan
Josh Chan
Analyst at Raymond James

Hi, this is Josh Chan on for Marty. Congratulations on your milestones. We just had a quick question around more around the as-needed phase III design. I was wondering if you can maybe cover historical benchmarks or endpoints that you're going to be looking at as you run this trial. As well as maybe if you can describe how much incremental cost it's going to add to your expenses. Thank you.

Steven Basta
Steven Basta
President and CEO at Phathom Pharmaceuticals

Marty, the incremental cost first of the phase III trial is for this year is already built into our guidance of the $235-$245 guidance range in terms of OpEx. The portion of that trial that we're going to be absorbing in terms of costs in Q4 of 2026 is built into that. It will raise our R&D expense in 2027 to some degree. I'll let Sanjeev comment to the extent that he wishes to do so on 2027 outlook. We'll give you much more guidance on 2027 as we get to our 2027 guidance. It will increase the costs a bit next year. The design of the trial isn't yet posted, I think, on ClinicalTrials.gov, but once it's posted, we'd be happy to walk through all of the details that are public.

Steven Basta
Steven Basta
President and CEO at Phathom Pharmaceuticals

The basic premise, if you look at our phase II study which has been previously presented and published, that actually provides a really good framework. The concept is that you enroll non-erosive reflux patients. They go through a treatment period where they're doing daily treatment for several weeks. Patients who are heartburn free for a period of time at the end of that treatment phase are then randomized to either receive VOQUEZNA or a placebo. The instruction during the evaluation phase of the trial is when you have a heartburn episode, you take one of the tablets and we will be looking for a difference in both fast onset of resolution within the first one to three hours. We've got primary endpoint and secondary endpoints at different time points, and then sustained onset of resolution.

Steven Basta
Steven Basta
President and CEO at Phathom Pharmaceuticals

A successful patient both has early resolution of their heartburn episode and it's sustained for 24 hours. That differentiates meaningfully versus a placebo. There are rescue meds available for any patient who's having heartburn who doesn't get resolution because the placebo patients won't get resolution, so they can use antacids after the evaluation time. It's a really straightforward clinical trial design. We'll send you the information on the phase II trial so you've got more detail on that. The phase III trial mimics that substantially.

Operator

Thank you. Our next question or comment-

Josh Chan
Josh Chan
Analyst at Raymond James

Can I-

Operator

I'm sorry, go ahead, sir.

Steven Basta
Steven Basta
President and CEO at Phathom Pharmaceuticals

Go ahead. Next question. Nope. Go ahead to the next question.

Operator

Our next question or comment comes from the line of Annabel Samimy from Stifel. Your line is now open.

Annabel Samimy
Annabel Samimy
Analyst at Stifel

Hi, thanks for taking my question. I have, I guess, a multi-part question related to that as-needed trial. Do you have any sense right now if a number of patients that are on an as-needed basis as well? I know that PPIs are used off-label in that way. Just curious if you have a sense of how VOQUEZNA is being used. Just separately as it relates to the friction, is this one of the ways that you could potentially reduce the friction in the marketplace? Do you think this is more important to capture the less severe patients that physicians are reluctant to use it with? Is it more important to, I guess, expand into a broader population, maybe even in the, I'm sorry, in the PCP market? You did suggest that you might use that for DTC.

Annabel Samimy
Annabel Samimy
Analyst at Stifel

Does that mean you're considering it for next year? Thank you.

Steven Basta
Steven Basta
President and CEO at Phathom Pharmaceuticals

Annabel, your question gets at a really important strategic element of sort of where does the as-needed trial fit into the evolution of the strategy. First on sort of current experience, there are certainly some patients who are using VOQUEZNA as needed. We hear that from physicians. It's a small portion of our overall patient population. The vast majority of patients on VOQUEZNA are using VOQUEZNA daily because they tend to be patients who have significant GERD symptoms and need the most possible pH elevation, and you get the most possible pH elevation by using VOQUEZNA daily. The patients who are by and large receiving VOQUEZNA therapy today are mostly daily-use patients, but certainly there are some that we hear from physicians that some of their patients have evolved to as-needed use to some degree. I don't think that it's a large number.

Steven Basta
Steven Basta
President and CEO at Phathom Pharmaceuticals

The expectation is this as-needed trial isn't linked in any way to the friction dynamic that we're describing. The friction dynamic is just how efficient is the office at getting the PAs submitted, making sure that the right documentation is in, make sure they've got the right documentation for the right payer, and that process can work through. This is just blocking and tackling of educating each office and working with the office staff and working through the dynamics based upon our current labeling, current access process, and just streamlining. It's that basic execution work that we need to do over the coming months to educate all of the offices. As you had suggested in part of your question, I think this is the right way to think about the as-needed opportunity. It expands the market opportunity substantially.

Steven Basta
Steven Basta
President and CEO at Phathom Pharmaceuticals

It potentially expands the market opportunity in a meaningful way that's helpful for primary care physicians and potentially expands the market opportunity in a way that sets us up for future unique DTC claims. The opportunity set is the population of patients who are on daily therapy, whether it's with an H2 blocker or with a PPI. Many of those patients are on chronic daily PPI therapy, but they would prefer not to be on daily therapy. They're either worried about adverse events or they're worried about other concerns that they've heard with daily PPI therapy. They ask their physicians on a regular basis, Doc, I've been taking this drug for years. Isn't there something that I can do to just solve my heartburn when it happens? That question comes into physicians on a regular basis.

Steven Basta
Steven Basta
President and CEO at Phathom Pharmaceuticals

We believe our drug is going to fit really nicely in solving that need for patients and for physicians. This trial enables us to not only have the data that confirms that the drug can work for those patients, also have the label that allows us to talk to the physicians about that use state. That use state exists both in GI and in primary care. As we go into primary care physician offices in the future, that's a unique value proposition that no other drug brings and becomes a unique conversation set with primary care physicians that expands the opportunity set meaningfully in that market. Obviously, it takes a couple of years from here to get through the trial and get through the NDA supplement.

Steven Basta
Steven Basta
President and CEO at Phathom Pharmaceuticals

It's not immediate, we think that that positions us really nicely for that future expansion and, to your point, also opens up a unique advertising proposition for future direct-to-consumer promotion. That's not to say that we won't do any direct-to-consumer promotion prior to that. We're already doing some work online digitally. It becomes a unique value proposition that I think enhances and enables the expansion of future DTC activities when we have the unique value proposition of being able to use this drug daily or as needed.

Annabel Samimy
Annabel Samimy
Analyst at Stifel

All right. Thank you.

Operator

Thank you. Our next question or comment comes from the line of Chase Knickerbocker from Craig-Hallum. Your line is now open.

Chase Knickerbocker
Chase Knickerbocker
Analyst at Craig-Hallum

Good morning. Thanks for taking the questions. Maybe Steve, just on this friction dynamic, did you see this dynamic with some of your high prescribers today as they were ramping up? Was there a point that they got a little bogged down as well on that ramp? How long did it take them to refine those processes, if so? Then can you just give us an idea of what you could potentially do to help those that are getting a little bogged down to refine that process specifically?

Steven Basta
Steven Basta
President and CEO at Phathom Pharmaceuticals

Yes. Chase, thank you. I think that's going to be helpful here to get perspective. Yes, we have absolutely heard this from physicians all along. As we've gone broader in the GI community and as we've gone deeper into their patient bases, the product is expanding. The noise level and the volume level of the comments rises, that's why our attention has turned to this in recent months to say, Okay, we've got to get to better education on this point. In fact, if you look back at some of our physician perception questionnaires a year ago. It was interesting that we saw in some of that data the same phenomenon that we see in our market research right now, which is physicians love this drug. They're convinced that it works.

Steven Basta
Steven Basta
President and CEO at Phathom Pharmaceuticals

There's a super high perception that the efficacy of this product is compelling for their patients. They are comfortable with the safety. They think it's appropriate for a large number of their patients, their concern is cost and access. Their concern is, what's it going to cost my patient? Is it going to get covered by their insurance? How much work is it going to be to get it covered? It's all of those kinds of things. Now, the early adopter physicians were clearly motivated to figure out, how do I get this to my patients? Got their office staff up to speed quickly so that they could embrace the product and run through that process. We know that the process can be streamlined in an office and can run very smoothly. That perception has been there.

Steven Basta
Steven Basta
President and CEO at Phathom Pharmaceuticals

It's just now that we've gone to a broader universe of GIs and we've gone deeper in their patient base, it's not just the most severe patients that they're prescribing for, where it's clearly worth the work to make sure to get this. To get it for their broader population of patients, we need to streamline the workflows for them. That's just largely education of the physician and of the staff, both on how do you make sure that the PA documents everything you need to get the PA through, and how do you make sure that the medical records capture all the information to make sure that that goes through. Also education and confidence-building that, yes, you can get this product for your patients, that creates a greater willingness to prescribe.

Steven Basta
Steven Basta
President and CEO at Phathom Pharmaceuticals

There's both the uncertainty of can I get this for my patient holds a physician back, there's also just friction in the process that prevents some scripts from going through. We can work through that process. Again, I'd reference both. There's an education component of the physicians and the staff, there's also extra support that we can provide through BlinkRx. I know in some prior investor conversations, people have talked about BlinkRx as just the cash pay alternative. That's not how we think about BlinkRx at all. We think about BlinkRx as a facilitating partner that helps physicians' offices get through the PA process as smoothly and as easily as possible. We are working with BlinkRx to constantly figure out how can we iterate and streamline those activities, and how can we provide additional streamlining support for physicians and their staff.

Steven Basta
Steven Basta
President and CEO at Phathom Pharmaceuticals

We're working with our sales force to educate the staff on how do you use that resource most effectively. Yes, this has always existed. There are physicians who have gotten through this effectively, we think that this is absolutely something that can be improved over the coming months through our ongoing work.

Chase Knickerbocker
Chase Knickerbocker
Analyst at Craig-Hallum

Got it. I guess just when you saw this dynamic rear its head, how recent was it? Just lastly, just as we think about as-needed timelines relative to LOE, can you just give us a little bit of a sense, more specifically as far as how you think about enrollment timelines and our timelines to supplemental filing? Yeah. Thanks.

Steven Basta
Steven Basta
President and CEO at Phathom Pharmaceuticals

In terms of when we saw this, it's not an on/off switch of suddenly the conversation appeared. It was gradually growing noise level. I've been spending a bunch of time in the field. Several members of our management team have been spending a bunch of time in the field. Just to a person, the feedback that we've gotten as we've done all of those field rides is, Hey, docs love our product, but they're all a little bit frustrated by the process of getting it. That noise level in recent months, as we've done more of those field rides, has been growing. Certainly, the time that I've spent in physicians' offices has reinforced that.

Steven Basta
Steven Basta
President and CEO at Phathom Pharmaceuticals

The time that we've spent with physicians at DDW and at other conferences, that's the constant theme that comes up is, I love your drug, and I'm just not sure that I can get it for all my patients. It's that noise level has been rising through all of those conversations, and it's come in the context of market research that we've been doing over recent months that has raised our awareness that said, Hey, wait, we need to shift our communication. We need to spend less time talking to physicians about how fabulous our drug is because they already believe it, and more time talking to them about how easy it is to get and how do we streamline that process. We're trying to shift that conversation.

Steven Basta
Steven Basta
President and CEO at Phathom Pharmaceuticals

Ongoing, our sales and marketing teams are working on how do we educate staff and how do we educate physicians even better, and how do we create those materials? Because it's just the noise level's risen and we need to solve this issue to accelerate our growth in the future. It's solvable. This comes up in every product. Every branded product has this to some degree, and it just takes on a slightly different flavor in each specific drug category. I'm sorry, Chase, you had a question on as needed, but I don't recall the details of the question.

Chase Knickerbocker
Chase Knickerbocker
Analyst at Craig-Hallum

The as-needed timeline-

Steven Basta
Steven Basta
President and CEO at Phathom Pharmaceuticals

Maybe a little bit more-

Chase Knickerbocker
Chase Knickerbocker
Analyst at Craig-Hallum

In context with LOE. Yeah.

Steven Basta
Steven Basta
President and CEO at Phathom Pharmaceuticals

The as-needed timeline. We've only indicated when the study's going to start. We haven't given an exact timeline. I think you should certainly think that it's reasonable that we've got data. I don't know if it's in 2027 or if it's in 2028. Within that timeframe. Potentially, just as a broad estimate, not committing to a specific forward date, it's possible that we see an update to our label with as-needed dosing by 2029. That timeframe sort of puts us in a reasonable place that gives us several years to take advantage of this momentum.

Chase Knickerbocker
Chase Knickerbocker
Analyst at Craig-Hallum

Understood. Thanks, guys.

Operator

Thank you. Our next question or comment comes from the line of Dennis Ding from Jefferies. Mr. Ding, your line is now open.

Dennis Ding
Dennis Ding
Analyst at Jefferies

Hey, good morning. Thanks for taking my questions. I have two. Number one, based on your comments, it seems like demand is still pretty strong, but it just might take a little bit more work or time to get it approved for the less severe patients. We've seen positive experiences from other companies that are actively driving more scripts away from retail and towards the specialty pharmacy for better fulfillment and even better refill rates. Is that a strategy that you would consider? Number 2, for the RFA payments, as you plan for the next few years, do you feel a need to close up to that $275 million threshold by end of 2028? Also, how does that influence your approach to BD in terms of the amount and capacity that you could pay for an asset? Thanks so much.

Steven Basta
Steven Basta
President and CEO at Phathom Pharmaceuticals

I'll take the first half of that, then I'll let Sanjeev take the RFA payments and sort of BD capacity conversation. Thanks, Dennis. On your first point, I think you're 100% right that other companies have found success, and we are also seeing that we get a more efficient process for the whole fulfillment flow between the time that the prescription is submitted and the process of getting the PA submitted and the process of getting it cleared. We just get better outcomes for patients in terms of the percentage of scripts that go through when a script is sent to BlinkRx versus a script is sent to a retail pharmacy. They can provide more help to the office. They can provide more help to the patient. If there's a denial from a payer, they can work through the appeal process.

Steven Basta
Steven Basta
President and CEO at Phathom Pharmaceuticals

Just overall, BlinkRx can be meaningfully helpful to get covered scripts through. That is one of the education points that we are focused on with our field organization is how do we help physicians understand that benefit. Over time, I'd like to see more of our script volume go through BlinkRx to provide that additional support. I think that's an exactly on-point observation that that's one of the tools for helping to improve this dynamic. Sanjeev, do you want to take that?

Sanjeev Narula
Sanjeev Narula
Chief Financial and Business Officer at Phathom Pharmaceuticals

Dennis, with regard to RFA, I think what you got to keep in mind overall, excuse me, not only RFA, but also, we have the term that repayments that will start in a small way in 2028. The simple way to think about it is the way the capital structure is with the capital raise that we did beginning of the year. You saw we turning to operating profit this year, then we're going to be generating future cash flow starting 2027. All that, keep in mind, will allow us to meet our obligations. We start paying our term debt in 2028, then we have the true up of RFA starting in 2029, but actually paid in 2029.

Sanjeev Narula
Sanjeev Narula
Chief Financial and Business Officer at Phathom Pharmaceuticals

We will have sufficient cash between the cash in hand and the cash generated from operations to be able to meet those obligations. On top of that, we'll have some flexibility to invest in our business through in-licensing. Not a lot, but clearly there would be opportunities. The way we're thinking about some of those kind of business development opportunities where there is not large upfront, but clearly we sign those deals, use our infrastructure, do those clinical trials, which we can fund through our income statement, then have a bigger payout as those drugs get launched over a period of time. We figured that out, but clearly the capital structure allows us to meet the obligations, allows us to invest back in the business, maximize on VOQUEZNA, but also has flexibility to start doing some of the in-licensing to grow the pipeline.

Dennis Ding
Dennis Ding
Analyst at Jefferies

Perfect. If I can have a follow-up to my first question around the specialty pharmacy, what are the logistics that need to occur for a script to actually flow through BlinkRx relative to retail? I know you guys are educating them, but how easy can it be and how quickly can physician behavior change to drive more scripts through BlinkRx?

Steven Basta
Steven Basta
President and CEO at Phathom Pharmaceuticals

The simple first step is the physician just needs to send the script to BlinkRx. They need to pick that in their EMR at the time that they are submitting the script. If they are sending the script to BlinkRx rather than to the local retail pharmacy, that starts the flow of the process. Then there are lots of downstream activities where BlinkRx is supporting the office to assist in that dynamic. It's a really simple process. We just need to educate physicians to make sure to capture in the medical records the prior PPI history for the patient, because that's going to be needed for the prior authorization, and just send the script to BlinkRx. Then the cascade that happens from there is really straightforward.

Dennis Ding
Dennis Ding
Analyst at Jefferies

Great. Thanks so much.

Operator

Thank you. Our next question to come comes from the line of Joseph Stringer from Needham & Company. Mr. Stringer, your line is now open.

Joseph Stringer
Joseph Stringer
Analyst at Needham & Company

Hi, good morning. Thanks for taking our question. For the phase II EoE trial, is there a bar for success that you're looking for that would be sufficient to propose a phase III? Is the phase II data essentially the key piece that you need to apply for the pediatric extension?

Steven Basta
Steven Basta
President and CEO at Phathom Pharmaceuticals

Joseph, thank you. Yeah. Well, there's not a bright line that the drug has to do exactly this in order to have the conversation with FDA. What we clearly need to see is enough benefit in the phase II trial that there's a clear path to designing a phase III trial that could be successful to demonstrate efficacy. The primary endpoint in the phase II trial is just around eosinophil count reduction. Obviously, in EoE, you want to see reduction of eosinophil counts. We've got a number of clinical symptom measures that are built in as secondary endpoints. What the portfolio symptom improvement measures are and what the magnitude of those are will drive what the design of the phase III trial would be. There isn't a sort of simple bright line if you have to have X% improvement on this particular parameter.

Steven Basta
Steven Basta
President and CEO at Phathom Pharmaceuticals

We'll see the overall results. The overall results will then instruct us in having an end-of-phase II conversation with FDA in designing a phase III trial. If there's a reasonable path to designing a reasonable probability phase III trial, that's the crux of that conversation. We'll see that data when we see the phase II results. This is the first large, well-controlled trial of an acid suppression therapy in EoE. The magnitude of effect of an acid suppression therapy in EoE isn't well documented in any sort of randomized clinical trial setting. Largely, the EoE trial will then be instructive in what the future trial design would need to look like.

Operator

Thank you. Once again, ladies and gentlemen, if you have a question or comment at this time, please press star 11 on your telephone keypad. Our next question or comment comes from the line of Matthew Caufield from H.C. Wainwright. Mr. Caufield, your line is now open.

Matthew Caufield
Matthew Caufield
Analyst at H.C. Wainwright

Great, thank you. Hi, good morning, guys. Really great to see the quarter. I wanted to ask a question on for the additional billion-dollar opportunity from the primary care market, any near-term considerations for adapting beyond the current GI first initiative, at least during second half 2026 specifically or into 2027?

Steven Basta
Steven Basta
President and CEO at Phathom Pharmaceuticals

We are currently calling on primary care physicians, but it's not our primary call point. Something on the order of 60%-70% of our sales calls go into GI. That means that there's an additional 30%-40% of sales calls. Most of those are going into primary care physicians. Those are either high decile primary care physicians that are prescribing large volumes of PPIs or they're primary care physicians who have previously written scripts for VOQUEZNA, where we think that there's a meaningful growth opportunity. We're currently still in the primary care market, although the majority of our time and effort and resources are devoted to the GI first focus of the business. There's an expectation that in future years, we'll expand the primary care activity. I don't have the specific timing of that.

Steven Basta
Steven Basta
President and CEO at Phathom Pharmaceuticals

I mean, it could be in 2027, it could be in 2028, it could be in 2029. It could be tied to when we have the as-needed indication. It could be prior to that. We're going to be making an assessment of when to expand our efforts in primary care based upon a number of internal metrics that drive an evaluation process of when are we going to see an acceleration of uptake and when are we going to see a positive return on the incremental investment. At the time that we come to that determination, we'll let you guys know what we're going to be doing and how we got to that rationale.

Matthew Caufield
Matthew Caufield
Analyst at H.C. Wainwright

Very helpful. Just to follow up on that, has the BlinkRx education process been proportional between the GI and primary care then in terms of focus?

Steven Basta
Steven Basta
President and CEO at Phathom Pharmaceuticals

We try to educate every physician's office on BlinkRx. Certainly, the uptake of BlinkRx happens more readily in prescribers that write more prescriptions because they can get into the habit of prescribing to BlinkRx. We find that on balance, most of our GI writers actually write more prescriptions than most of our primary care writers today. Now, that might evolve differently in future years. Today, the dynamic is that most of our higher volume writers are actually gastroenterologists. So that's where we're having more of those conversations. We have the conversation in every office.

Matthew Caufield
Matthew Caufield
Analyst at H.C. Wainwright

Understood. Thanks a lot, guys, and really great to see all the progress.

Steven Basta
Steven Basta
President and CEO at Phathom Pharmaceuticals

Thanks, Matt.

Operator

Thank you. I'm showing no more questions in the queue at this time. Ladies and gentlemen, this concludes today's Q&A session. This concludes today's call. Thank you for your participation. You may now disconnect. Everyone, have a wonderful day. Speakers stand by

Executives
    • Eric Sciorilli
      Eric Sciorilli
      Head of Investor Relations
    • Steven Basta
      Steven Basta
      President and CEO
    • Sanjeev Narula
      Sanjeev Narula
      Chief Financial and Business Officer
Analysts
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