Phathom Pharmaceuticals(PHAT) - 2024 Q4 - Annual Results

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]