Phathom Pharma Files 10-K/A Amendment

TL;DR

Phathom Pharma amended its 2023 10-K, check updated financials and loan details.

AI Summary

Phathom Pharmaceuticals, Inc. filed a 10-K/A amendment on June 14, 2024, for the fiscal year ending December 31, 2023. The filing details their financial position, including common stock and treasury stock as of December 31, 2023. It also references a Term Loan Agreement dated September 17, 2021, with an advance on December 14, 2023.

Why It Matters

This amendment provides updated financial information for Phathom Pharmaceuticals, crucial for investors and stakeholders to assess the company's financial health and ongoing operations.

Risk Assessment

Risk Level: medium — As a pharmaceutical company, Phathom is subject to regulatory, clinical trial, and market risks, which are inherent to the industry.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period for the 10-K/A)
• 2024-06-14 — Filing Date (Date the amendment was filed with the SEC)

Key Players & Entities

• Phathom Pharmaceuticals, Inc. (company) — Filer
• 2023-12-31 (date) — Fiscal Year End
• 2024-06-14 (date) — Filing Date
• 0000950170-24-073629 (accession_number) — SEC Filing Accession Number
• 001-39094 (sec_file_number) — SEC File Number
• 2021-09-17 (date) — Term Loan Agreement Date
• 2023-12-14 (date) — Term Loan Advance Date

FAQ

Key Financial Figures

• $0.0001 — ch registered Common Stock, par value $0.0001 per share PHAT The Nasdaq Global Se
• $14.32 — k on the Nasdaq Global Select Market of $14.32 per share. As of March 4, 2024, the r

Filing Documents

• phat-20231231.htm (10-K/A) — 1638KB
• phat-ex4_8.htm (EX-4.8) — 29KB
• phat-ex10_26.htm (EX-10.26) — 31KB
• phat-ex10_27.htm (EX-10.27) — 148KB
• phat-ex10_28.htm (EX-10.28) — 69KB
• phat-ex23_1.htm (EX-23.1) — 6KB
• phat-ex24_1.htm (EX-24.1) — 18KB
• phat-ex31_1.htm (EX-31.1) — 14KB
• phat-ex31_2.htm (EX-31.2) — 14KB
• phat-ex32_1.htm (EX-32.1) — 8KB
• phat-ex32_2.htm (EX-32.2) — 8KB
• phat-ex97.htm (EX-97) — 34KB
• 0000950170-24-073629.txt ( ) — 9409KB
• phat-20231231.xsd (EX-101.SCH) — 1599KB
• phat-20231231_htm.xml (XML) — 1558KB

Financial Stateme nts and Supplementary Data

Item 8. Financial Stateme nts and Supplementary Data The financial statements required pursuant to this item are incorporated by reference herein from the applicable information included in Item 15 of this annual report on Form 10-K/A and are presented beginning on page F-1.

Controls and Procedures

Item 9A. Controls and Procedures Conclusion Regarding the Effectiveness of Disclosure Controls and Procedures We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in our periodic and current reports that we file with the SEC is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms, and that such information is accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure. In designing and evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated, can provide only reasonable and not absolute assurance of achieving the desired control objectives. In reaching a reasonable level of assurance, management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures. In addition, the design of any system of controls also is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions; over time, control may become inadequate because of changes in conditions, or the degree of compliance with policies or procedures may deteriorate. Because of the inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and not be detected. Our management, with the participation of our principal executive officer and principal financial officer, has evaluated the effectiveness of our disclosure controls and procedures as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act as of the end of the period covered by this annual report. Based on such evaluation, our principal executive officer an

Exhibits, Finan cial Statement Schedules

Item 15. Exhibits, Finan cial Statement Schedules 1. All financial statements. The financial statements of Phathom Pharmaceuticals, Inc., together with the report thereon of Ernst & Young LLP , an independent registered public accounting firm, are included in this annual report on Form 10- K/A beginning on page F-1. 2. Financial statement schedules. All schedules have been omitted because the information required to be set forth therein is not applicable or is shown in the financial statements or notes thereto. 3. Exhibits A list of exhibits is set forth on the Exhibit Index immediately preceding the signature page of this annual report on Form 10-K/A and is incorporated herein by reference. 4 Phathom Pharmaceuticals, Inc. Index to Financial Statements Page Report of Independent Registered Public Accounting Firm (PCAOB ID: 42 ) F- 2 Balance Sheets F- 3 F- 4 F- 5 F- 6

Notes to Financial Statements

Notes to Financial Statements F- 7 F- 1 Report of Inde pendent Registered Public Accounting Firm To the Stockholders and the Board of Directors of Phathom Pharmaceuticals, Inc. Opinion on the Financial Statements We have audited the accompanying balance sheets of Phathom Pharmaceuticals, Inc. (the Company) as of December 31, 2023 and 2022, the related statements of operations and comprehensive loss, stockholders' equity (deficit) and cash flows for each of the two years in the period ended December 31, 2023, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2023 and 2022, and the results of its operations and its cash flows for each of the two years in the period ended December 31, 2023, in conformity with U.S. generally accepted accounting principles. Basis for Opinion These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the p

Notes to Financial Statements

Notes to Financial Statements 1. Organization, Basis of Presentation and Summary of Significant Accounting Policies Organization and Basis of Presentation Phathom Pharmaceuticals, Inc., or the Company or Phathom, was incorporated in the state of Delaware in January 2018. The Company is a biopharmaceutical company focused on developing and commercializing novel treatments for gastrointestinal diseases. The Company's financial statements are prepared in accordance with U.S. generally accepted accounting principles, or GAAP. On October 27, 2023, the U.S. Food and Drug Administration, or FDA, approved the prior approval supplements to our new drug applications, or NDAs, for VOQUEZNA TRIPLE PAK and VOQUEZNA DUAL PAK. Additionally, on November 1, 2023, the FDA approved our NDA for VOQUEZNA tablets. As a result, the Company initiated commercial launch for VOQUEZNA for both the Erosive GERD and H. pylori indications, and VOQUEZNA TRIPLE PAK and VOQUEZNA DUAL PAK for treatment of H. pylori infection in the fourth quarter of 2023. Liquidity and Capital Resources From inception to December 31, 2023, the Company has devoted substantially all of its efforts to organizing and staffing the Company, business planning, raising capital, in-licensing its initial and approved product candidate, vonoprazan, meeting with regulatory authorities, managing the clinical trials of vonoprazan, preparing for commercialization of its initial products containing vonoprazan, commercial launch of approved products, and providing other selling, general and administrative support for these operations. The Company has a limited operating history, generated limited revenue to date, and the sales and income potential of its business is unproven. The Company has incurred net losses and negative cash flows from operating activities since its inception and expects to continue to incur additional net losses in the future. From inception to December 31, 2023 , the Company has funded its operation

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