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Phathom Pharmaceuticals(PHAT) - 2024 Q3 - Quarterly Results
PHATPhathom Pharmaceuticals(PHAT)2024-11-07 13:05

Financial Performance - Net revenues for Q3 2024 were 16.4million,asequentialincreaseofover12016.4 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,comparedto16,352,000, compared to 0 for the same period in 2023[16] - Gross profit for the nine months ended September 30, 2024, was 21,430,000,reflectingadecreasefrom21,430,000, 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,upfrom84,792,000, up from 35,659,000 in the same period of 2023, representing a 137% increase[16] - Net loss for Q3 2024 was 85.6million,comparedto85.6 million, compared to 43.2 million in Q3 2023, with a non-GAAP adjusted net loss of 67.9million[7]−NetlossforthethreemonthsendedSeptember30,2024,was67.9 million[7] - Net loss for the three months ended September 30, 2024, was 85,577,000, compared to a net loss of 43,243,000forthesameperiodin2023[16]−Non−GAAPadjustednetlossforthethreemonthsendedSeptember30,2024,was43,243,000 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 30,846,000forthesameperiodin2023[17]−Netlosspershare,basicanddiluted,forthethreemonthsendedSeptember30,2024,was30,846,000 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 23.4millioninQ32023,drivenbyhigherpersonnelcostsandmarketingactivities[6]−Stock−basedcompensationexpenseforthethreemonthsendedSeptember30,2024,was23.4 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 6,140,000forthesameperiodin2023[17]−InterestexpenseforthethreemonthsendedSeptember30,2024,was6,140,000 for the same period in 2023[17] - Interest expense for the three months ended September 30, 2024, was 18,484,000, an increase from 10,107,000inthesameperiodof2023[16]MarketandProductDevelopment−Over143,000prescriptionsforVOQUEZNAproductshavebeenfilled,representinga13810,107,000 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]