Business Update - VOQUEZNA has achieved significant progress in clinical superiority, brand awareness, and patient access during its launch phase[10] - As of April 26, 2024, over 43,000 prescriptions have been written and over 17,500 prescriptions have been filled for VOQUEZNA[12] - VOQUEZNA has secured commercial coverage for approximately 72 million lives[13] - The company is preparing for a potential Non-Erosive GERD launch, with an action date of July 19, 2024, targeting a market of approximately 15 million adults[14] Commercial Launch Progress - Total VOQUEZNA demand includes over 43,000 unique prescriptions written and over 17,500 filled prescriptions[21] - The number of unique VOQUEZNA writers has reached over 3,800[21] - There has been consistent monthly growth in filled prescriptions, reaching approximately 7,520 as of April 26, 2024[26] - Commercial coverage has expanded to 48%, covering approximately 72 million lives, including Cigna Healthcare with over 9 million lives covered[28] Financial Results - Net revenues for Q1 2024 were $1.9 million[36] - Non-GAAP SG&A expenses for Q1 2024 were $57.6 million[40] - The company reported $322.2 million in cash and cash equivalents as of March 31, 2024, which is expected to fund operations through the end of 2026[43]

Business & Product Updates - VOQUEZNA prescriptions filled reached over 143,000[9, 21] - Commercial coverage expanded to over 120 million lives[9, 25] - The company successfully completed an equity follow-on, raising $130 million in gross proceeds[9] - Three VOQUEZNA products are approved across three indications[14] Commercial Launch Progress - Filled prescriptions grew significantly in Q3 2024, reaching approximately 69,000, a ~100% increase compared to Q2 2024[20] - Cumulative writers increased to over 12,400 in Q3 2024, a ~70% increase compared to Q2 2024[24] - Over 80% commercial coverage has been established[25] Financial Results - Net revenues for Q3 2024 were $16.4 million[33, 35] - Non-GAAP SG&A expenses were $71.8 million in Q3 2024[37] - Non-GAAP R&D expenses were $7.4 million in Q3 2024[37] - Adjusted net loss for Q3 2024 was $67.85 million, or $1.05 per share[39] - Cash and cash equivalents totaled $334.7 million as of September 30, 2024[40]

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 ...

Core Insights - The FDA has updated the Orange Book to confirm that VOQUEZNA® (vonoprazan) is entitled to a full 10-year period of non-patent New Chemical Entity (NCE) exclusivity, extending through May 3, 2032, which supports the long-term commercial potential of the product [1][2] Company Overview - Phathom Pharmaceuticals is focused on developing and commercializing novel treatments for gastrointestinal diseases, with a key product being vonoprazan, marketed as VOQUEZNA® for various GI conditions [3] - VOQUEZNA® is a first-in-class potassium-competitive acid blocker (PCAB) used for the relief of heartburn associated with Non-Erosive GERD and for the treatment of H. pylori infection in adults [3]

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]