Phathom Pharmaceuticals Reports Second Quarter 2024 Financial Results and Provides Business Update

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]