Phathom Pharmaceuticals (PHAT) Corporate presentation summary

Commercial performance and market opportunity

• VOQUEZNA is the only FDA-approved PCAB in the US, with approvals for erosive GERD, non-erosive GERD and H. pylori infection; more than 2M prescriptions filled as of Oct. 16, 2026.

• Estimated US GERD market includes ~22M treated patients annually; ~40% experience inadequate symptom relief from PPI therapy.

• More than 80% commercial coverage, representing over 120M covered lives; utilization management largely uses a generic PPI step edit.

• Covered prescriptions grew ~19% from Q2 to Q3 2026; total prescriptions filled in Q3 2026 were ~380,000.

• GI-focused commercial strategy targets ~24K annual PPI writers; top 300 GI writers averaged >20% VOQUEZNA share in Q3 2026.

Financial outlook

• YTD reported revenue through Q3 2026 was $217.3M; FY 2026 revenue guidance remained $310M-$325M.

• Q3 2026 revenue grew ~71% YoY; cash and cash equivalents were ~ $185M and net cash generated was $2.1M.

• FY 2026 non-GAAP operating expense guidance is $235M-$245M; projected GTN discount is 55%-59%.

• Operating profitability was achieved for a second consecutive quarter in Q3 2026, excluding stock-based compensation; outlook expects profitability for the rest of 2026 and full-year cash flow positivity in 2027.

Clinical evidence

• VOQUEZNA raised gastric pH higher than lansoprazole in a Phase 1 study; Day 1 time above pH 4 was 62% and 88% for vonoprazan vs 23% and 42% for lansoprazole across the reported measures.

• PHALCON-HP met primary endpoints; eradication rates among patients without clarithromycin- or amoxicillin-resistant strains were 90.4% and 84.7% for vonoprazan triple and dual therapy vs 78.5% for lansoprazole triple therapy in the mITT population.

• PHALCON-EE met healing endpoints; week 8 healing was 93% with vonoprazan vs 85% with lansoprazole, and maintenance endpoints were met through 24 weeks.

• PHALCON-NERD-301 met its primary endpoint; 24-hour heartburn-free days over 4 weeks were 44.8% and 44.4% with vonoprazan 10 mg and 20 mg vs 27.7% with placebo, both p<0.0001.

• Safety findings across the cited PHALCON trials were described as consistent with prior vonoprazan studies; HP regimens were generally well tolerated and comparable to lansoprazole triple therapy.