Financial Performance - Net revenues for Q3 2024 were $16.4 million, a sequential increase of over 120% from $7.3 million in Q2 2024[1] - Product revenue for the three months ended September 30, 2024, was $16,352,000, compared to $0 for the same period in 2023[16] - Gross profit for the nine months ended September 30, 2024, was $21,430,000, reflecting a decrease from $36,505,000 in the same period of 2023[16] - Total operating expenses for the three months ended September 30, 2024, were $84,792,000, up from $35,659,000 in the same period of 2023, representing a 137% increase[16] - Net loss for Q3 2024 was $85.6 million, compared to $43.2 million in Q3 2023, with a non-GAAP adjusted net loss of $67.9 million[7] - Net loss for the three months ended September 30, 2024, was $85,577,000, compared to a net loss of $43,243,000 for the same period in 2023[16] - Non-GAAP adjusted net loss for the three months ended September 30, 2024, was $67,850,000, compared to $30,846,000 for the same period in 2023[17] - Net loss per share, basic and diluted, for the three months ended September 30, 2024, was $(1.32), compared to $(0.76) for the same period in 2023[16] Expenses - R&D expenses decreased to $8.7 million in Q3 2024, down from $12.3 million in Q3 2023, due to lower clinical trial costs[6] - SG&A expenses increased to $76.1 million in Q3 2024, up from $23.4 million in Q3 2023, driven by higher personnel costs and marketing activities[6] - Stock-based compensation expense for the three months ended September 30, 2024, was $5,635,000, compared to $6,140,000 for the same period in 2023[17] - Interest expense for the three months ended September 30, 2024, was $18,484,000, an increase from $10,107,000 in the same period of 2023[16] Market and Product Development - Over 143,000 prescriptions for VOQUEZNA products have been filled, representing a 138% increase since the last quarterly report[3] - Commercial access for VOQUEZNA now covers over 120 million U.S. commercial lives, which is over 80% of the U.S. commercial market[4] - The number of VOQUEZNA prescribers grew to over 13,600, an increase of over 65% from the previous quarter[3] - The recent approval for Non-Erosive GERD has expanded the market opportunity for VOQUEZNA significantly[2] - Phathom plans to initiate a Phase 2 study for Eosinophilic Esophagitis in the first half of 2025[5] Cash Position - Cash and cash equivalents as of September 30, 2024, were $334.7 million, with an additional $125 million available under the term loan[7] Share Information - Weighted-average shares of common stock outstanding, basic and diluted, were 64,627,847 for the three months ended September 30, 2024[18]

Company Overview - Phathom Pharmaceuticals, Inc. is a biopharmaceutical company focused on developing and commercializing novel treatments for gastrointestinal diseases [3] - The company has in-licensed exclusive rights to vonoprazan, a first-in-class potassium-competitive acid blocker (PCAB) [3] - Vonoprazan is marketed in the U.S. as VOQUEZNA® for treating heartburn associated with Non-Erosive GERD and for healing Erosive GERD in adults [3] Upcoming Events - The company will host a live webcast on November 7, 2024, at 8:30 am ET to report its third quarter 2024 financial results and provide a business update [1] - Additional information and access to the webcast can be found on the Events & Presentations section of the Phathom website [2] - A recording of the webcast will be available for 90 days following the meeting [2]

FLORHAM PARK, N.J., Aug. 19, 2024 (GLOBE NEWSWIRE) -- Phathom Pharmaceuticals, Inc. (Nasdaq: PHAT), a biopharmaceutical company focused on developing and commercializing novel treatments for gastrointestinal diseases, announced today the pricing of its underwritten offering of 8,695,652 shares of its common stock and pre-funded warrants to purchase 2,608,922 shares of common stock. The shares of common stock are being sold at a price of $11.50 per share and the pre-funded warrants are being sold at a price ...

Company Performance - Phathom Pharmaceuticals reported a quarterly loss of $1.25 per share, which was worse than the Zacks Consensus Estimate of a loss of $1.20, and compared to a loss of $0.84 per share a year ago, indicating a significant decline in performance [1] - The company posted revenues of $7.32 million for the quarter ended June 2024, surpassing the Zacks Consensus Estimate by 29.72%, compared to zero revenues a year ago [2] - Over the last four quarters, the company has surpassed consensus EPS estimates three times [2] Stock Movement and Outlook - Phathom Pharmaceuticals shares have increased by approximately 18.4% since the beginning of the year, outperforming the S&P 500's gain of 9% [3] - The company's earnings outlook is crucial for investors, as it includes current consensus earnings expectations for upcoming quarters and any recent changes to these expectations [4] - The current consensus EPS estimate for the coming quarter is -$1.30 on revenues of $10.94 million, and for the current fiscal year, it is -$4.80 on revenues of $40.48 million [7] Industry Context - The Medical - Biomedical and Genetics industry, to which Phathom Pharmaceuticals belongs, is currently ranked in the top 37% of over 250 Zacks industries, indicating a favorable industry outlook [8] - Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact the stock's performance [5]

Core Insights - Phathom Pharmaceuticals reported significant growth in the demand and sales of its VOQUEZNA products, with over 122,000 prescriptions written, marking a 184% increase since the last quarterly report [1][3] - The company achieved net revenues of $7.3 million in Q2 2024, a substantial increase of over 280% compared to $1.9 million in Q1 2024 [1][5] - VOQUEZNA is now FDA-approved for treating heartburn associated with Non-Erosive Gastroesophageal Reflux Disease (GERD), addressing a market of over 22 million diagnosed patients [1][4] Launch Progress - The commercial launch of VOQUEZNA has accelerated, with total prescription demand exceeding 122,000, up from 43,000 in the previous report, representing a 184% increase [3] - Over 60,000 prescriptions have been filled, reflecting a more than 240% increase from 17,500 filled prescriptions previously [3] - The prescriber base has expanded by over 115%, with more than 8,200 prescribers generating filled prescriptions as of July 19, 2024 [3] Commercial Coverage - VOQUEZNA tablets now have commercial coverage for over 116 million lives in the U.S., which is approximately 77% of total U.S. commercial lives [3] - CVS Caremark and UnitedHealthcare have added VOQUEZNA to their formularies, enhancing access for millions of patients [3][4] Financial Results - The net loss for Q2 2024 was $91.4 million, compared to $41.0 million in Q2 2023, with a non-GAAP adjusted net loss of $73.3 million [5][12] - Research and development expenses decreased to $7.4 million from $12.8 million in the same quarter last year, while selling, general, and administrative expenses rose to $75.9 million from $18.9 million [5][12] - As of June 30, 2024, the company had cash and cash equivalents of $276.2 million, with an additional $125 million available under a term loan [5][11] Regulatory Highlights - The FDA approved VOQUEZNA 10 mg tablets for Non-Erosive GERD on July 18, 2024, marking the third FDA approval for the product [4] - Phathom plans to initiate a Phase 3 study for As Needed dosing of VOQUEZNA and a Phase 2 study for Eosinophilic Esophagitis (EoE) later this year [4]

Core Insights - VOQUEZNA has received FDA approval for the treatment of Non-Erosive Gastroesophageal Reflux Disease (GERD), marking a significant advancement in GERD treatment in over 30 years [1][4][12] - The approval is based on the successful results of the Phase 3 pivotal trial, which demonstrated a significant reduction in heartburn episodes among patients [6][7] - VOQUEZNA is the first and only FDA-approved treatment of its kind available in the U.S., providing a new class of acid suppression therapy for patients [2][4] Company Overview - Phathom Pharmaceuticals, Inc. is a biopharmaceutical company focused on developing and commercializing novel treatments for gastrointestinal diseases [14] - The company has in-licensed the U.S. rights to vonoprazan, the active ingredient in VOQUEZNA, from Takeda, which markets the product in Japan and other regions [13][14] - Phathom is committed to providing savings programs for eligible patients facing coverage or affordability issues [9] Industry Context - Non-Erosive GERD is the largest category of GERD, affecting an estimated 45 million U.S. adults, with around 15 million treated with prescription medications annually [5][12] - Despite existing treatment options, many patients remain dissatisfied and continue to experience heartburn, impacting their quality of life [5][6] - The introduction of VOQUEZNA is expected to change the treatment landscape for GERD, offering patients a new option for relief [2][6]

VOQUEZNA is now approved and available to treat the largest category of Gastroesophageal Reflux Disease (GERD) VOQUEZNA met its primary endpoint in its Phase 3 pivotal trial by demonstrating a significant and rapid reduction of heartburn with daily treatment VOQUEZNA represents the first major innovation in GERD treatment in over 30 years and the only FDA-approved treatment of its kind available in the U.S. A Media Snippet accompanying this announcement is available by clicking on this link. FLORHAM PARK, N ...

My Thoughts and Analysis On Phathom's Prospects For Success Investment Overview Analysing Phathom's Steady Share Price Declines Since Post-IPO Peak Looking Ahead - Can Phathom Stage A Recovery As A Commercial Entity & Secure Additional Approval Next Month? I last covered Phathom Pharmaceuticals (NASDAQ:PHAT) for Seeking Alpha around three and a half years ago, in January 2021, when the biotech's stock traded ~$39 per share, more than double its October 2019 IPO price of $19 per share (the IPO raised >$200m) ...

FLORHAM PARK, N.J., May 28, 2024 (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 its management team are scheduled to participate in the following investor conferences in June: Jefferies Global Healthcare Conference in New York, NY Date: Wednesday, June 5, 2024 Live Webcast: 12:30 p.m. ET Management to participate in one-on-one meetings ...

Financial Data and Key Metrics Changes - For Q1 2024, the company reported net revenues of $1.9 million, representing a 180% sequential quarterly increase, attributed to growing demand in filled prescriptions and inventory restocking by wholesalers [2] - Gross profit for the quarter was $1.5 million, equating to a gross margin of 78%, with a sequential quarterly increase of about 220 basis points [3] - Non-GAAP adjusted net loss was $64.8 million, or $1.11 loss per share, compared to a loss of $46 million, or $0.80 loss per share in Q4 2023 [7] - Cash and cash equivalents were $322 million, with an additional $150 million available via a debt facility [7][8] Business Line Data and Key Metrics Changes - Non-GAAP R&D spend was $8.2 million, a 16% reduction compared to Q1 2023, primarily due to lower clinical trial costs [4] - Non-GAAP SG&A expenses were $57.6 million, an increase of over 330% compared to the same period in 2023, driven by the build-out of commercial infrastructure and marketing activities [5] Market Data and Key Metrics Changes - The company reported over 43,000 prescriptions written and over 17,500 prescriptions filled for VOQUEZNA, with filled prescriptions increasing by 361% [77] - Approximately 72 million commercially insured lives now have access to VOQUEZNA following its addition to major formularies [66][83] Company Strategy and Development Direction - The company aims to establish widespread commercial coverage throughout 2024 and is focused on the potential approval and label expansion of VOQUEZNA for nonerosive GERD, which represents a significant market opportunity [12][68] - The strategy includes a direct-to-consumer campaign to increase brand awareness and drive demand [65][84] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the financial position, expecting a cash runway through the end of 2026 based on current operating plans and anticipated product revenues [8] - The company is optimistic about the potential for VOQUEZNA to displace PPIs in a large market, with a focus on executing its launch strategy effectively [13][73] Other Important Information - The company is planning to initiate a Phase III trial for as-needed dosing in nonerosive GERD and a Phase II trial for eosinophilic esophagitis later this year [70][71] - The anticipated approval for nonerosive GERD is set for July 19, 2024, which could serve as a significant catalyst for growth [69] Q&A Session Summary Question: Update on fill rate for BlinkRx - Management confirmed that the fill rate has improved to nearly 41%, up from approximately 27% previously reported, indicating increased access and utilization [16][18] Question: Expectations for gross to net improvement - Management noted that while the first quarter saw better-than-expected gross to net due to a temporary issue, they are not providing specific projections for the rest of the year as negotiations with payers are ongoing [21][22] Question: Clarification on prescription split between Blink and IQVIA - Management confirmed that approximately 60% of scripts are now going through retail channels, indicating a shift from cash support to covered scripts as access improves [30][31] Question: Insights on refill rates and patient retention - Management indicated that over 50% of prescribers have written multiple prescriptions, suggesting positive patient experiences and retention [80] Question: Future dynamics of BlinkRx and payer coverage - Management stated that while there may always be some level of coverage through Blink, they expect overall coverage to grow as negotiations with payers progress [45][46]