Phathom Pharmaceuticals Files 2023 Annual Report (10-K)

TL;DR

<b>Phathom Pharmaceuticals filed its 2023 10-K, detailing its financial performance, business operations, and material agreements.</b>

AI Summary

Phathom Pharmaceuticals, Inc. (PHAT) filed a Annual Report (10-K) with the SEC on March 7, 2024. Phathom Pharmaceuticals, Inc. filed its 10-K report for the fiscal year ending December 31, 2023. The company's principal business address is located at 100 Campus Drive, Suite 102, Florham Park, NJ 07932. Key dates mentioned include the filing date of March 7, 2024, and the fiscal year end of December 31, 2023. The filing references various agreements including a Takeda License Agreement and a Loan Agreement with a Term Loan. The company is incorporated in Delaware and operates within the Pharmaceutical Preparations industry (SIC 2834).

Why It Matters

For investors and stakeholders tracking Phathom Pharmaceuticals, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Phathom Pharmaceuticals' financial health and strategic positioning for the fiscal year 2023, crucial for investors assessing its current standing and future prospects. The document outlines key agreements and financing activities, such as the Takeda License Agreement and the Term Loan, which are vital for understanding the company's operational capabilities and funding structure.

Risk Assessment

Risk Level: medium — Phathom Pharmaceuticals, Inc. shows moderate risk based on this filing. The company's financial disclosures are limited in this extract, making a full assessment of its financial health and risk profile challenging without more detailed financial statements and performance metrics.

Analyst Insight

Investors should review the full 10-K filing to understand Phathom Pharmaceuticals' revenue streams, expenses, debt obligations, and any specific risks or opportunities highlighted in the detailed sections.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-03-07 — Filing Date (Date of submission)
• 2834 — SIC Code (Industry classification)

Key Players & Entities

• Phathom Pharmaceuticals, Inc. (company) — Filer name
• 100 Campus Drive, Suite 102, Florham Park, NJ 07932 (location) — Business address
• Takeda License Agreement (agreement) — Mentioned agreement
• Loan Agreement (agreement) — Mentioned agreement
• Takeda Pharmaceutical Company Limited (company) — Party to an agreement
• Jefferies LLC (company) — Party to an agreement
• Sagard (company) — Initial investor
• Hercules (company) — Initial investor

FAQ

Risk Factors

• Customer Concentration Risk [medium — market]: The company faces risk due to potential concentration of its accounts receivable with a limited number of customers.

Key Dates

• 2024-03-07: 10-K Filing — Annual report submission for fiscal year 2023.
• 2023-12-31: Fiscal Year End — End date of the reporting period.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This filing provides the official annual financial and business overview for Phathom Pharmaceuticals.)

Takeda License Agreement

An agreement granting Phathom Pharmaceuticals rights related to Takeda's products or technology. (Crucial for understanding Phathom's product pipeline and potential revenue sources.)

Loan Agreement

A contract outlining the terms and conditions of a loan, including repayment schedules and interest rates. (Indicates Phathom's debt structure and financing strategy.)

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
• $850 million — sia. Vonoprazan generated approximately $850 million in net sales in its seventh full year o
• $12.5 billion — l PPI class sales reached approximately $12.5 billion in the United States, with peak sales f
• $3.7 billion — for individual brands of approximately $3.7 billion for Prilosec, $3.5 billion for Nexium,
• $3.5 billion — pproximately $3.7 billion for Prilosec, $3.5 billion for Nexium, and $3.4 billion for Prevac
• $3.4 billion — Prilosec, $3.5 billion for Nexium, and $3.4 billion for Prevacid. While PPIs are the curr

Filing Documents

• phat-20231231.htm (10-K) — 2909KB
• 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) — 13KB
• phat-ex31_2.htm (EX-31.2) — 13KB
• phat-ex32_1.htm (EX-32.1) — 8KB
• phat-ex32_2.htm (EX-32.2) — 8KB
• phat-ex97.htm (EX-97) — 34KB
• img47344928_0.jpg (GRAPHIC) — 71KB
• img47344928_1.jpg (GRAPHIC) — 111KB
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• img47344928_19.jpg (GRAPHIC) — 182KB
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• img47344928_21.jpg (GRAPHIC) — 206KB
• img47344928_22.jpg (GRAPHIC) — 171KB
• img47344928_23.jpg (GRAPHIC) — 36KB
• 0000950170-24-027910.txt (&nbsp;) — 18635KB
• phat-20231231.xsd (EX-101.SCH) — 1596KB
• phat-20231231_htm.xml (XML) — 1556KB

Business

Business 4 Item 1A.

Risk Factors

Risk Factors 53 Item 1B. Unresolved Staff Comments 109 Item 1C. Cybersecurity 109 Item 2.

Properties

Properties 110 Item 3.

Legal Proceedings

Legal Proceedings 110 Item 4. Mine Safety Disclosures 110 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 111 Item 6. [Reserved] 111 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 112 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 125 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 125 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 125 Item 9A.

Controls and Procedures

Controls and Procedures 126 Item 9B. Other Information 126 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 126 PART III Item 10. Directors, Executive Officers and Corporate Governance 127 Item 11.

Executive Compensation

Executive Compensation 127 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 127 Item 13. Certain Relationships and Related Transactions, and Director Independence 127 Item 14. Principal Accountant Fees and Services 127 PART IV Item 15. Exhibits, Financial Statement Schedules 128 Item 16. Form 10-K Summary 128

Signatures

Signatures 169 2 PART I This annual report on Form 10-K contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. All statements other than statements of historical facts contained in this annual report, including statements regarding our future results of operations and financial position, business strategy, research and development plans and costs, the timing and likelihood of regulatory filings and approvals, commercialization plans, pricing and reimbursement, the potential to develop future product candidates, the timing and likelihood of success of the plans and objectives of management for future operations, and future results of anticipated product development efforts, are forward-looking statements. These statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. This annual report on Form 10-K also contains estimates and other statistical data made by independent parties and by us relating to market size and growth and other data about our industry. This data involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. In addition, projections, assumptions and estimates of our future performance and the future performance of the markets in which we operate are necessarily subject to a high degree of uncertainty and risk. In some cases, you can identify forward-looking statements by terms such as "may," "will," "should," "expect," "plan," "anticipate," "could," "intend," "target," "project," "contemplates," "believes," "estimates," "predicts," "potential" or "continue" or the negative of these terms or other similar expressions. The forward-looking statements in this annual report are only

Bu siness

Item 1. Bu siness Overview We are a biopharmaceutical company focused on developing and commercializing novel treatments for gastrointestinal, or GI, diseases. Our approved products, VOQUEZNA, VOQUEZNA TRIPLE PAK and VOQUEZNA DUAL PAK, contain vonoprazan, an oral small molecule potassium-competitive acid blocker, or PCAB. PCABs are a novel class of medicines that block acid secretion in the stomach. Vonoprazan is the first gastric anti-secretory agent from a novel class approved in the United States, Europe, or Canada in over 30 years, and has shown rapid, potent, and durable anti-secretory effects. Vonoprazan has also demonstrated clinical benefits over the current standard of care as a single agent in the treatment of erosive gastroesophageal reflux disease, or Erosive GERD, and in combination with antibiotics for the treatment of Helicobacter pylori , or H. pylori , infection. Takeda Pharmaceutical Company Limited, or Takeda, developed vonoprazan and has received marketing approval in numerous countries in Asia and Latin America as well as Russia. Vonoprazan generated approximately $850 million in net sales in its seventh full year on the market since its approval in Japan in late 2014. In May 2019, we in-licensed the U.S., European, and Canadian rights to vonoprazan from Takeda. In 2021 we reported positive topline data from two pivotal Phase 3 clinical trials for vonoprazan: one for the treatment of H. pylori infection, or PHALCON-HP, and a second for the treatment of Erosive GERD, or PHALCON-EE. These data are supplemented by the extensive existing clinical data generated by Takeda as part of its development program for vonoprazan in Japan and other markets. In September 2021, we submitted two new drug applications, or NDAs, for combination packs that contain vonoprazan for the treatment of H. pylori infection in adults, one in combination with amoxicillin and clarithromycin (vonoprazan triple therapy) and the other in combination with amoxicillin alone

View Full Filing

View this 10-K filing on SEC EDGAR