Phathom Pharmaceuticals Reports Fourth Quarter and Full Year 2024 Financial Results and Provides Business Update

Core Insights - Phathom Pharmaceuticals reported strong financial results for 2024, with net revenues of $55.3 million, primarily driven by the successful launch of VOQUEZNA [4][8] - The company is experiencing significant commercial momentum, with over 300,000 filled prescriptions for VOQUEZNA, reflecting a 110% increase since the last earnings report [5][4] - Phathom plans to expand its direct-to-consumer marketing efforts to further increase brand awareness and consumer demand for VOQUEZNA [6][5] Business Updates - VOQUEZNA generated$ 55.3 million in net revenues for 2024, with $29.7 million in Q4 alone, marking an 81% increase from Q3 [4][8] - The number of prescribers for VOQUEZNA has grown to over 20,000, a 47% increase since the last quarterly earnings report [5][4] - A Phase 2 trial for VOQUEZNA as a treatment for eosinophilic esophagitis (EoE) is set to begin in Q2 2025 [9][4] Financial Performance - Q4 2024 net revenues were$ 29.7 million, a significant increase from $0.7 million in Q4 2023 [8][10] - R&D expenses decreased to$ 8.6 million in Q4 2024 from $13.4 million in Q4 2023, while SG&A expenses increased to$ 76.7 million from $57.0 million [10][8] - The net loss for Q4 2024 was$ 74.5 million, compared to $79.6 million in Q4 2023, with a full-year net loss of$ 334.3 million [10][8] Market Strategy - The "VOQUEZNA Can Kick Some Acid" direct-to-consumer campaign has been launched to enhance patient engagement and drive prescription requests [6][5] - The campaign is being promoted across various platforms, including streaming services and social media, reaching millions of potential GERD sufferers [5][6] - Phathom aims to further invest in DTC efforts with a new campaign set to launch by the end of March 2025 [6][5] Regulatory and Development Updates - Phathom submitted a Citizen Petition to the FDA to correct the Orange Book listings for VOQUEZNA, seeking a full 10-year NCE exclusivity period through May 3, 2032 [9][4] - The company is also working on developing an orally disintegrating tablet (ODT) formulation for VOQUEZNA, which could extend its intellectual property protection [9][4] - Data from multiple studies presented in 2024 highlighted VOQUEZNA's effectiveness in providing rapid symptom relief for GERD patients [9][4]