FLORHAM PARK, N.J., April 03, 2025 (GLOBE NEWSWIRE) -- Phathom Pharmaceuticals, Inc. (NASDAQ:PHAT), a biopharmaceutical company focused on developing and commercializing novel treatments for gastrointestinal (GI) diseases, announced today that members of the management team will participate in a fireside chat at the 24th Annual Needham Virtual Healthcare Conference on Tuesday, April 8th, 2025, at 10:15 am ET. Company management will also participate in one-on-one meetings during the conference, which will r ...

Company Overview - Phathom Pharmaceuticals, Inc. is a biopharmaceutical company focused on developing and commercializing novel treatments for gastrointestinal diseases [4] - The company has in-licensed exclusive rights to vonoprazan, a first-in-class potassium-competitive acid blocker (PCAB) [4] Leadership Appointment - Steven Basta has been appointed as President and Chief Executive Officer of Phathom Pharmaceuticals [1] - The Board of Directors approved inducement awards in connection with Mr. Basta's appointment [1] Inducement Awards - Mr. Basta will receive a non-qualified stock option to purchase 1,085,000 shares of Phathom common stock, with 25% vesting on April 1, 2026, and the remainder vesting in 36 equal monthly installments thereafter [2] - Additionally, Mr. Basta will be granted 360,000 performance stock units tied to specific stock price hurdles and a service-based vesting requirement, along with 180,000 performance stock units tied to annual Company revenue targets over a three-year performance period ending December 31, 2027 [2][3] - The performance stock units will be granted under the Inducement Plan upon the filing of a Form S-8 registration statement [3]

Core Viewpoint - Phathom Pharmaceuticals has appointed Steven Basta as the new President and CEO, succeeding Terrie Curran, to lead the company during a critical growth phase focused on expanding the commercial potential of its gastrointestinal treatments, particularly VOQUEZNA [1][2]. Company Overview - Phathom Pharmaceuticals is a biopharmaceutical company dedicated to developing and commercializing innovative treatments for gastrointestinal diseases, with a focus on the potassium-competitive acid blocker, vonoprazan, marketed as VOQUEZNA [5]. Leadership Transition - Steven Basta brings over 25 years of experience in the biopharmaceutical and medical device industries, having previously served as CEO at various companies, including SaNOtize and Mahana Therapeutics [3][4]. - Terrie Curran, the former CEO, expressed pride in the company's achievements over the past five years and confidence in its future growth potential [2]. Strategic Focus - The Board of Directors aims to accelerate commercial growth and enhance shareholder value under Basta's leadership, leveraging his extensive experience in product development and commercial strategy [2][3]. - Basta emphasized the need for innovative treatment options in the gastrointestinal market and Phathom's unique position to capture significant opportunities [2].

FLORHAM PARK, N.J., March 31, 2025 (GLOBE NEWSWIRE) -- Phathom Pharmaceuticals, Inc. (Nasdaq: PHAT), a biopharmaceutical company focused on developing and commercializing novel treatments for gastrointestinal (GI) diseases, announced today a partnership with actor, comedian, and author Kenan Thompson, best known as the longest-running cast member on Saturday Night Live. For the first time ever, Thompson is publicly speaking out about his experience with GERD as part of the GERD IS NO JOKE campaign to raise ...

Phathom Pharmaceuticals (PHAT) Q4 2024 Earnings Call March 06, 2025 06:02 PM ET Company Participants Eric Ciarelli - Head Of Investor RelationsTerrie Curran - President & CEOMartin Gilligan - Chief Commercial OfficerMolly Henderson - Chief Financial & Business OfficerJoseph Stringer - Managing Director, Equity ResearchAnnabel Samimy - Managing DirectorChengxiang Liu - Vice President - Equity ResearchAzmi Nabulsi - Co-Founder & COO Conference Call Participants Yatin Suneja - Senior Managing Director, Biotech ...

Financial Data and Key Metrics Changes - For Q4 2024, the company reported net revenues of $29.7 million, representing an 81% sequential increase [54] - Full year 2024 net revenues totaled $55.3 million, with strong revenue growth observed in each quarter [55] - Gross profit for Q4 2024 was $25.8 million, resulting in a gross margin of 87%, an increase of 155 basis points from Q3 [57] - The company reported a GAAP net loss of $74.5 million for Q4 2024, compared to a loss of $79.6 million in Q4 2023 [62] - Cash and cash equivalents as of December 31, 2024, were $297 million, with an additional $100 million available from a debt facility [63] Business Line Data and Key Metrics Changes - VOQUEZNA prescriptions surpassed 300,000, with approximately 118,000 fills in Q4 2024, reflecting over 70% growth compared to Q3 [32][33] - The refill rate for VOQUEZNA in Q4 was about 70%, indicating strong patient retention [35] - The number of physicians writing prescriptions increased to over 20,000, with 75% of them having written more than one prescription [39][40] Market Data and Key Metrics Changes - VOQUEZNA remains covered for over 120 million lives, with commercial coverage above 80% [44] - The company has secured access for the majority of covered lives with a single step through a generic PPI prescription [45] Company Strategy and Development Direction - The company aims to make VOQUEZNA a household name through increased investment in consumer campaigns and targeting primary care physicians [12][41] - Plans to initiate a Phase 2 trial for eosinophilic esophagitis (EoE) are underway, with the belief that VOQUEZNA can serve as a first-line therapy [15][19] - The company is exploring the development of an orally disintegrating tablet (ODT) formulation to enhance patient compliance [19][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing launch and development goals for VOQUEZNA, anticipating continued momentum in 2025 [10][11] - The company is prepared for potential challenges in Q1 due to typical seasonal slowness but expects growth to resume thereafter [33][65] - Management emphasized the importance of commercial execution and the potential to displace PPIs in the GERD market [70] Other Important Information - The company submitted a Citizen Petition to the FDA for a 10-year exclusivity period for VOQUEZNA products, with a response expected by June 2025 [23][24] - The company is actively monitoring the OTC market opportunity and exploring real-world data related to GERD symptoms among GLP-1 users [22] Q&A Session Summary Question: Timeline for the Citizen Petition and potential outcomes - Management confirmed the FDA is required to respond within 180 days and expressed confidence in their legal position if the decision is unfavorable [76][78] Question: Expectations for Q1 growth - Management indicated that Q1 is expected to be softer than Q4 due to industry dynamics but anticipates growth to resume later in the quarter [79] Question: Phase 3 trial decision timeline - Management expects to have enough data to make a go/no-go decision by midyear [82] Question: Impact of DTC campaigns on prescribing - Management noted a significant increase in physician requests for VOQUEZNA due to DTC campaigns, with a 55% increase in requests reported [88] Question: Early refill trends for NERD - Management indicated that refill rates are tracking well and are in line with expectations for chronic medications [95] Question: Importance of BlinkRx - Management confirmed that BlinkRx remains important for supporting patient access and increasing refill rates [108] Question: ODT formulation and IP strategy - Management clarified that the ODT formulation and pediatric extension will be developed in parallel [114] Question: Resistance from prescribers - Management reported no significant resistance from prescribers, who are welcoming VOQUEZNA's novel mechanism [123]

Phathom Pharmaceuticals, Inc. (PHAT) came out with a quarterly loss of $0.79 per share versus the Zacks Consensus Estimate of a loss of $0.98. This compares to loss of $0.80 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 19.39%. A quarter ago, it was expected that this company would post a loss of $1.57 per share when it actually produced a loss of $1.32, delivering a surprise of 15.92%.Over the last four quarters, the compan ...

Financial Data and Key Metrics Changes - For Q4 2024, the company reported net revenues of $29.7 million, representing an 81% sequential increase quarter-over-quarter [40] - For the full year 2024, net revenues totaled $55.3 million, with strong revenue growth observed in each quarter [40] - Gross profit for Q4 2024 was $25.8 million, equating to a gross margin of 87%, an increase of 155 basis points over Q3 [41] - The company reported a GAAP net loss of $74.5 million for Q4 2024, compared to a loss of $79.6 million in Q4 2023 [46] Business Line Data and Key Metrics Changes - The company has filled over 300,000 prescriptions for its product, with approximately 118,000 filled in Q4 2024, reflecting over 70% growth compared to Q3 [24] - The refill rate among patients continuing therapy was about 70%, indicating strong patient retention [26] - The number of physicians writing prescriptions increased to over 20,000, with 75% of these writers prescribing more than once [28] Market Data and Key Metrics Changes - The company secured commercial coverage for over 120 million lives, with access typically requiring only one generic prescription step [32] - The awareness of the product among primary care physicians has nearly doubled since the product launch [30] - The company anticipates a soft Q1 due to typical seasonal trends but expects growth to resume thereafter [58] Company Strategy and Development Direction - The company plans to enhance brand awareness through a new consumer campaign and increase focus on primary care physicians [11][38] - The company is exploring new indications for its product, including a Phase II trial for eosinophilic esophagitis [12][44] - The company aims to position its product as a first-line therapy alternative to PPIs, leveraging its unique profile [14][35] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the product's potential to reach blockbuster status and emphasized the importance of commercial execution [9][51] - The company is optimistic about the ongoing launch and development goals, with a focus on driving growth in 2025 [10][21] - Management acknowledged the challenges of the current operating environment but remains committed to leveraging their strong foundation for future success [48] Other Important Information - The company submitted a citizen petition to the FDA for a ten-year exclusivity period for its products, with a response expected by June 2025 [20][56] - The company has a strong patent position, with expectations for extensions under the Hatch-Waxman Act [20] Q&A Session Summary Question: Can you clarify the timeline for the citizen petition and what happens if the decision is unfavorable? - Management confirmed the FDA is required to respond within 180 days and expressed confidence in their legal position if the outcome is not favorable [55][56] Question: What are the expectations for Q1 growth relative to Q4? - Management indicated that Q1 is expected to be softer than Q4 due to industry dynamics but anticipates growth to resume after the initial months [58] Question: When will there be enough data for the Phase III on-demand trial decision? - Management expects to have enough information by mid-year to make a decision regarding the trial [62] Question: Is the DTC campaign driving the increase in prescribing physicians? - Management confirmed that the DTC campaign is effectively motivating patients to request prescriptions, contributing to the increase in prescribers [66] Question: What are the refill trends and usage metrics for the product? - Management reported that refill rates are consistent with expectations and are tracking similarly to PPIs, indicating strong patient adherence [73] Question: How important is the BlinkRx program now that coverage has improved? - Management emphasized that BlinkRx remains important for supporting patients and increasing refill rates [82]

Financial Performance - VOQUEZNA generated $55.3 million in net revenues for 2024, with $29.7 million in Q4, representing an 81% increase from Q3[4] - Product revenue for Q4 2024 reached $29.664 million, a significant increase from $682 thousand in Q4 2023[22] - Gross profit for the year ended December 31, 2024, was $47.279 million, compared to $515 thousand in 2023[22] - Non-GAAP adjusted net loss for the full year 2024 was $262.3 million, compared to $129.7 million for 2023[9] - The net loss for Q4 2024 was $74.451 million, compared to a net loss of $79.569 million in Q4 2023[22] - The company reported a total stockholders' deficit of $253.580 million as of December 31, 2024, compared to $72.759 million in 2023[20] - Non-GAAP adjusted net loss for the year ended December 31, 2024, was $262.316 million, compared to $129.713 million in 2023[24] Expenses - SG&A expenses for Q4 2024 were $76.7 million, an increase of $19.7 million compared to Q4 2023[9] - R&D expenses for Q4 2024 were $8.6 million, a decrease of $4.8 million compared to Q4 2023[9] - Total operating expenses for the year ended December 31, 2024, were $324.746 million, up from $167.827 million in 2023[22] - Research and development expenses for the year ended December 31, 2024, were $34.082 million, down from $49.899 million in 2023[22] - Selling, general and administrative expenses for the year ended December 31, 2024, were $290.664 million, significantly higher than $117.928 million in 2023[22] Market Engagement - Over 300,000 filled prescriptions for VOQUEZNA products, a 110% increase since the last earnings report[5] - The number of VOQUEZNA prescribers grew to over 20,000, an increase of over 47% since the last quarterly earnings report[7] - The direct-to-consumer campaign "VOQUEZNA Can Kick Some Acid" has reached millions of GERD sufferers, driving strong patient engagement[7] Research and Development - Phase 2 EoE trial for VOQUEZNA is nearing initiation, with first patient enrollment planned for Q2 2025[4] Cash Position - Cash and cash equivalents as of December 31, 2024, were $297.3 million, with an additional $100 million available under the term loan[15] Risks - The company faces risks related to the commercialization of its products, including potential delays in regulatory approvals and competition[16]

Financial Performance - The company incurred a net loss of $334.3 million and $201.6 million for the years ended December 31, 2024 and 2023, respectively, with an accumulated deficit of $1.3 billion as of December 31, 2024[289]. - The company expects to continue incurring significant operating losses for the foreseeable future, with no assurance of achieving profitability[289]. - The company anticipates that existing cash and cash equivalents, along with a $100 million drawdown under its Loan Agreement, will fund operations for at least the next 12 months[295]. - The company must generate sufficient cash flow from operations to service its current and future indebtedness, which may be impacted by its ability to execute its business strategy[409]. Product Development and Commercialization - The company launched VOQUEZNA, VOQUEZNA TRIPLE PAK, and VOQUEZNA DUAL PAK in the fourth quarter of 2023, which are critical for its future revenue generation[286]. - The company relies on the success of its new products and may require additional financing to support commercialization efforts, which could limit operational capabilities if not secured[294]. - The company has limited experience in commercializing products and may face challenges in successfully marketing VOQUEZNA and its future candidates[286]. - The commercialization success of VOQUEZNA and its future products will depend on effective marketing, sales, and distribution capabilities, which require significant investment and time[305]. - The company faces significant competition from larger pharmaceutical firms and research institutions, which may hinder its ability to develop and commercialize products[326]. - The company is aware of multiple PCABs in development that may compete with vonoprazan, including fexuprazan and tegoprazan, with various stages of approval in different regions[329][330]. - The company is focusing on specific indications for vonoprazan due to limited resources, which may result in missed opportunities for more profitable product candidates[374]. Regulatory and Compliance Risks - The company is subject to various regulatory and compliance obligations that could delay or prevent the commercialization of its products[286]. - The FDA and other regulatory authorities may impose significant restrictions on the indicated uses or marketing of VOQUEZNA and future products, leading to additional expenses[306]. - The company faces uncertainty regarding third-party payer coverage and reimbursement for newly approved products, which is crucial for patient affordability[312]. - The company must comply with the Medicaid Drug Rebate Program, which imposes extensive drug price reporting and payment obligations, with penalties for non-compliance[319]. - The company is subject to various healthcare laws and regulations, and failure to comply could adversely affect its financial condition and operations[419]. - The lengthy and unpredictable approval process for drugs means that only a small percentage of candidates successfully complete the regulatory approval process, posing a risk to the company's financial condition[372]. Clinical Trials and Development Challenges - Clinical drug development is lengthy and expensive, with uncertain outcomes, and may take many years to complete[344]. - The Phase 3 clinical trial for H. pylori infection faced challenges due to the inability to double-blind the dual therapy arm, which may affect regulatory interpretations[345]. - The company may face difficulties in enrolling patients for clinical trials, which could delay or adversely affect clinical development activities[358]. - Any delays in clinical trials could increase costs and jeopardize the ability to generate product revenues[356]. - The company may need to conduct additional costly clinical trials as a condition for regulatory approval, which could delay commercialization[373]. Intellectual Property and Patent Risks - The company currently owns a pending patent application but does not own any issued patents at this time[454]. - There is uncertainty regarding the protection of intellectual property rights, which could adversely affect the company's competitive position[456]. - The company may face challenges in patent validity and enforceability, which could allow competitors to commercialize similar products[469]. - The potential loss of patent rights or exclusivity could materially and adversely impact the company's business and competitive position[471]. - The company faces risks related to potential patent infringement claims from third parties, which could delay or prevent commercialization efforts[482]. Financial and Operational Dependencies - Three major customers accounted for approximately 69% of product sales for the year ended December 31, 2024, with individual contributions ranging from 22% to 25%[400]. - As of December 31, 2024, three customers represented 81% of accounts receivable, with individual contributions between 25% and 31%, exposing the company to significant credit risk[400]. - The company is dependent on third parties for clinical trials and manufacturing, which increases the risk of delays and regulatory compliance issues[389][393]. - The company has no plans to build its own manufacturing facilities and relies on third-party manufacturers, increasing the risk of supply chain disruptions[393]. Competition and Market Dynamics - VOQUEZNA will compete with generic PPIs and other therapies for H. pylori infection and erosive esophagitis, including Talicia launched in March 2020[328]. - The company faces significant competition in establishing collaborations for product development and commercialization, which may impact the success of future product candidates[401]. - Future growth may depend on successful entry into foreign markets, subject to additional regulatory burdens and risks[337]. Financial Agreements and Funding - The company has entered into a Loan Agreement with Hercules, borrowing a total of $100 million initially, with additional borrowings of $40 million in December 2023, $10 million in March 2024, $25 million in June 2024, and $25 million in December 2024, potentially eligible for an additional $100 million[408]. - Under the Revenue Interest Financing Agreement, the company can receive up to $300 million in funding, with $100 million received at the initial closing and an additional $175 million following FDA approval of vonoprazan in November 2023[412][413]. - Investors under the Revenue Interest Financing Agreement are entitled to a 10% royalty on net sales of products containing vonoprazan, with a step-down on net sales exceeding certain thresholds[414]. Cybersecurity and Data Protection - Cybersecurity risks are increasing due to reliance on internet technology and remote work, potentially disrupting product development programs[448]. - The company may incur significant costs related to cybersecurity breaches, including legal expenses and remediation costs[449]. - The company faces challenges in maintaining compliance with evolving data protection laws, which could impact operations and financial results[442].