Phathom Pharmaceuticals (PHAT) Corporate presentation summary

Strategic positioning and product overview

• Focused on advancing treatments for acid-related gastrointestinal disorders, particularly GERD and H. pylori infection.

• VOQUEZNA (vonoprazan) is a novel Potassium Competitive Acid Blocker (PCAB) and the only FDA-approved PCAB in the US.

• Three FDA-approved products: VOQUEZNA tablets, TriplePak, and DualPak, targeting different GI indications.

• Over 1 million prescriptions filled and rights to vonoprazan licensed for US, Europe, and Canada.

• Company formed in 2019 and listed on NASDAQ.

Market opportunity and commercial execution

• GERD market in the US treats over 22 million patients annually, with ~40% experiencing inadequate relief from PPIs.

• VOQUEZNA is positioned as a blockbuster opportunity, with historical analogs like Prilosec and Nexium reaching >$3B peak sales.

• Commercial launch began in Q4 2023, with expanded indications and a GI-focused sales strategy.

• Over 80% commercial coverage secured, covering more than 120 million lives.

• Full-strength sales force (~300 reps) anticipated by March 2026, targeting GI specialists.

Financial performance and outlook

• Q4 2025 revenue estimated at $57–58M; FY 2025 revenue estimated at $174.5–175.5M.

• FY25 revenue guidance set at $170–175M, with ~$130M in cash and equivalents at year-end.

• Net cash usage declined significantly through 2025, with Q3 usage at $14.4M.

• Targeting operating profitability in the second half of 2026, assuming continued sales growth.