Business Performance & Growth - VOQUEZNA achieved over 300,000 filled prescriptions launch-to-date[13, 24] - Commercial coverage exceeds 80%, covering over 120 million commercial lives[9, 41] - Primary Care Physicians (PCPs) are increasingly contributing to prescription growth, with a ~2x increase in PCP awareness[39] - Approximately 70% of prescriptions in Q4 were refills, indicating continued therapy[31] - HCPs reporting patient requests increased by over 55% since the Direct-to-Consumer (DTC) campaign launch[43] Financial Results - Q4 2024 net revenue reached $29.7 million, reflecting an ~81% increase from the previous quarter[50] - The company reported a GAAP net loss of ($74.451) million for Q4 2024 and ($334.326) million for the full year 2024[54] - Non-GAAP adjusted net loss was ($56.376) million for Q4 2024 and ($262.316) million for the full year 2024[54] - Cash and cash equivalents totaled $297.3 million as of December 31, 2024[55] Legal & Development - The FDA acknowledged the Citizen Petition on 12/11/24, related to VOQUEZNA Orange Book listings[16] - The company is developing a strategy for OTC acid control market, which generates ~$3 billion annually[15]

FIRST QUARTER 2025 EARNINGS CONFERENCE CALL Molly Henderson, Chief Financial & Business Officer Robert Breedlove, VP of Finance & Principal Accounting Officer Closing Remarks Steven Basta, President & Chief Executive Officer MAY 2025 NASDAQ: PHAT Today's Agenda Business Update Steven Basta, President & Chief Executive Officer Q1 2025 Commercial & Financial Results 2 Safe harbor This presentation contains forward-looking statements. All statements other than statements of historical facts contained in this p ...

CHANGING THE LANDSCAPE IN GI Going beyond to advance treatments for patients with acid-related disorders Corporate Overview Safe harbor statement This presentation contains forward-looking statements. All statements other than statements of historical facts contained in this presentation, including statements regarding the timing and magnitude of planned operating expense reductions and ability to achieve revenue growth and profit from operations and the timing thereof; planned operational changes and organ ...

Summary of Phathom Pharmaceuticals (PHAT) FY Conference Call - June 11, 2025 Company Overview - **Company**: Phathom Pharmaceuticals - **Product**: AQUESNA, a treatment for acid-related disorders, particularly gastroesophageal reflux disease (GERD) [2][10] Key Points Recent Developments - **Leadership Change**: Steve Fosta joined as CEO a few months prior, focusing on accelerating revenue and product uptake [2][3] - **FDA Approval**: The FDA granted a citizen's petition for exclusivity, allowing Phathom to have exclusivity through 2032, which is a significant development for the company [4][9] Commercial Strategy - **Product Uptake**: AQUESNA is seeing good uptake, with a focus on increasing penetration within the gastroenterology community [2][10] - **Refill Rates**: Patients using AQUESNA report significant improvement, leading to solid refill rates and positive feedback to prescribing physicians [10][11] - **Targeting Gastroenterologists**: The company is shifting focus from primary care to gastroenterologists, as they are expected to adopt the product more quickly due to a higher need among their patients [12][14] Market Coverage - **Insurance Coverage**: Over 80% of commercial lives have coverage for AQUESNA, primarily requiring prior use of PPIs [16][17] - **Medicare and Medicaid**: Coverage is limited, with most Medicare claims being denied; however, a cash pay option is available for patients at $50 per month [19][20] Sales and Marketing - **Sales Strategy**: The company is adjusting its sales strategy to focus more on gastroenterologists, which is expected to yield better results over time [30][32] - **Direct-to-Consumer (DTC) Campaign**: Initial DTC efforts have not shown significant returns yet, but the company believes that deeper adoption within the specialty will eventually lead to increased receptivity to DTC campaigns [33][41] Financial Outlook - **Profitability Timeline**: The company aims to achieve profitability by 2026, with a clear expense target of below $55 million by Q4 2025 [35][75] - **Capital Needs**: Phathom does not anticipate needing to raise additional funds, focusing on reducing operating expenses while ramping up revenue [71][75] Future Opportunities - **Life Cycle Management**: The company is considering expanding indications for AQUESNA, including eosinophilic esophagitis (EOE), and is evaluating the potential for pediatric studies [55][60] - **Pipeline Expansion**: There is interest in exploring new indications, combination products, and in-licensing opportunities to build a robust GI franchise [64][66] Market Trends - **Seasonality**: The company expects typical Q1 softness in sales due to new health plans and deductibles, but anticipates a return to growth in Q2 [22][24] Conclusion - Phathom Pharmaceuticals is strategically positioning itself to enhance the uptake of AQUESNA through targeted marketing and sales efforts, while navigating regulatory landscapes and focusing on profitability in the coming years. The company is optimistic about its growth trajectory and potential market expansion opportunities.

I've been keeping a close eye on Phathom Pharmaceuticals, Inc. (NASDAQ: PHAT ) for quite some time. I like what they do; their main focus is on gastrointestinal disorders, and they have a pretty promising drugI’m a retired Wall Street PM specializing in TMT; since kickstarting my career, I’ve spent over two decades in the market navigating the technology landscape, focusing on risk mitigation through the dot com bubble, credit default of ‘08, and, more recently, with the AI boom. In one word, what I’d like ...

Group 1 - Phathom Pharmaceuticals, Inc. (PHAT) shares have increased by 184.1% in the past four weeks, closing at $8.92, with a mean price target of $18.50 indicating a potential upside of 107.4% [1] - The mean estimate consists of eight short-term price targets with a standard deviation of $8.09, where the lowest estimate is $5 (44% decline) and the highest is $28 (213.9% increase) [2] - Analysts show strong agreement in revising earnings estimates higher, which correlates with potential stock price movements [11][12] Group 2 - The Zacks Consensus Estimate for the current year has risen by 16% over the last 30 days, with one estimate increasing and no negative revisions [12] - PHAT holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimates [13] - While the consensus price target may not be a reliable indicator of potential gains, it suggests a positive direction for price movement [13]

Group 1: Block Trades - Kinetik Holdings executed a block trade managed by Goldman Sachs, priced at $44.40 for 4.3 million shares [1] - Pagaya completed a block trade managed by Morgan Stanley, priced at $17.25 for 2.04 million shares [2] - Telus International's block trade was also managed by Morgan Stanley, priced at $2.75 for 3.3 million shares [3] Group 2: IPOs and Secondary Offerings - Circle is preparing for an IPO with multiple managers including JPMorgan, Citi, and Goldman Sachs, priced at $31.00 for 34 million shares [4] - Bitmine Immersion Technologies is conducting a secondary offering managed by ThinkEquity, priced at $8.00 for 2.25 million shares [5] - Cibus is involved in a spot secondary offering managed by Alliance Global Partners, priced at $1.75 for 15.71 million shares [6]

Core Points - The U.S. FDA has approved Phathom Pharmaceuticals' Citizen Petition, recognizing a 10-year exclusivity period for VOQUEZNA (vonoprazan) tablets, extending through May 3, 2032 [1] Company Overview - Phathom Pharmaceuticals is a biopharmaceutical company focused on developing and commercializing novel treatments for gastrointestinal diseases [2] - The company has exclusive rights to vonoprazan, a first-in-class potassium-competitive acid blocker (PCAB), marketed as VOQUEZNA for various gastrointestinal conditions [2] Product Information - VOQUEZNA is indicated for the relief of heartburn associated with Non-Erosive GERD, healing and maintenance of Erosive GERD, and treatment of H. pylori infection in adults [2]

Summary of Phathom Pharmaceuticals (PHAT) Conference Call Company Overview - Phathom Pharmaceuticals is in the early stages of launching a drug that has transformed the reflux market in Japan, now introducing it to the US market as a significant improvement over PPIs, which have been the standard treatment for decades [4][6] - The company reported $28 million in revenue last quarter, projecting a run rate of $120 million annually, with aspirations for the drug to reach a billion-dollar potential [6] Core Business Strategy - The focus is on capturing a significant portion of the reflux patient market, particularly those inadequately treated by PPIs [5] - The company is shifting its sales strategy to concentrate on gastroenterologists (GIs), who are more likely to prescribe the drug compared to primary care physicians (PCPs) [9][10] - Over 50% of prescriptions are already coming from the GI market, indicating a successful initial focus [10] Cost Management and Profitability - Phathom is implementing cost management strategies to achieve profitability by 2026, with a target to reduce operational expenses to $55 million per quarter [11][12] - The company has preserved its sales force, which is crucial for driving revenue, while cutting costs in other areas, including direct-to-consumer (DTC) marketing [17][59] - The DTC campaign is being scaled back due to its ineffectiveness at this stage, with a focus on building relationships with physicians instead [58][59] Market Dynamics and Growth Potential - The company has 82% coverage of commercial lives, with a straightforward prior authorization process for patients who have previously used PPIs [68] - The market for reflux treatments is vast, with no limitations on the total available market, indicating significant growth potential [71] - The company is not currently focused on Medicare coverage but sees opportunities in the commercial insured market [73] Upcoming Challenges and Opportunities - The outcome of the citizens' petition regarding exclusivity for the drug is anticipated soon, which could impact the company's valuation and strategy [79][82] - The company is exploring in-licensing additional GI products to expand its portfolio and leverage existing relationships with gastroenterologists [84][85] Key Takeaways - Phathom Pharmaceuticals is positioned for growth with a breakthrough product in the GI market, focusing on effective sales strategies and cost management to achieve profitability by 2026 [6][12] - The company is adapting its marketing approach to prioritize physician education and advocacy over direct patient advertising, which is seen as premature [58][60] - The potential for additional product launches and the outcome of regulatory petitions will be critical in shaping the company's future trajectory and shareholder value [78][81]

Financial Data and Key Metrics Changes - The preliminary voting results indicate that the nominees for election to the board have been duly elected, and the ratification of Ernst and Young as the company's independent registered public accounting firm has received sufficient votes to be approved [10][11] - The compensation of the named executive officers has received sufficient votes to be approved on an advisory basis, and the frequency of future advisory votes on the compensation of the named executive officers has received sufficient one-year votes to be approved on a nonbinding advisory basis [11] Business Line Data and Key Metrics Changes - No specific data or metrics related to individual business lines were discussed during the meeting [12] Market Data and Key Metrics Changes - No specific market data or metrics were provided during the meeting [12] Company Strategy and Development Direction and Industry Competition - The meeting focused on procedural matters and voting, with no detailed discussion on company strategy or industry competition [9][12] Management's Comments on Operating Environment and Future Outlook - Management did not provide comments on the operating environment or future outlook during the meeting, as there were no stockholder questions addressed [12][13] Other Important Information - The meeting was conducted virtually, and stockholders were informed that any unanswered questions would be addressed on the investor relations section of the corporate website following the meeting [2][12] - The meeting was officially called to order with a quorum present, indicating active participation from stockholders [8][12] Q&A Session Summary Question: Were there any stockholder questions addressed during the meeting? - There were no stockholder questions to be addressed at today's meeting [13]