The known macrolide pyrenophorol (synonym helmidiol) (1), the new 2,3,10,11‐tetrahydropyrenophorol (3), and (4S,7R)‐4,7‐dihydroxyoctanoic acid (4), the monomeric acid of the sixteen‐membered cyclic diolide 1, were isolated from an endophytic Phoma sp. The relative configuration of tetrahydropyrenophorol (3) was confirmed by X‐ray single crystal analysis and its absolute configuration determined by the solid‐state TDDFT CD methodology. Compounds 1 and 4 show antifungal activity and the acid 4 is also an algicide. (© Wiley‐VCH Verlag GmbH & Co. KGaA, 69451 Weinheim, Germany, 2007)