Phathom Pharmaceuticals Inc 2024年度报告

2024 A Note from Phathom’s President & CEO To Our Stockholders, It is an honor to address you for the first time as CEO of Phathom Pharmaceuticals. I’m excited to join Phathom at such a pivotal time. Less than 12 months into our full gastroesophageal reflux disease (GERD)launch, over 20,000 healthcare providers have prescribed VOQUEZNA® (vonoprazan), resulting in more than 300,000 filledprescriptions. This strong early adoption reflects the significant unmet need in the market for millions of GERD sufferers, and thecore VOQUEZNA value proposition. VOQUEZNA is a game-changing product, providing rapid, potent, and durable clinical benefit. Clinically proven to deliver superiorand sustained acid control compared to a traditional proton pump inhibitor (PPI), VOQUEZNA directly addresses critical gaps inpatient care. In 2024, our FDA approval in Non-Erosive GERD expanded our ability to reach the largest GERD patient segment.With broad payer coverage exceeding 120 million commercial lives and strong prescription growth, VOQUEZNA is meeting theneeds of patients and physicians seeking a more effective alternative to legacy therapies. As Phathom’s new leader, my immediate focus is understanding the drivers of our early traction and helping the team leveragethese strengths to accelerate VOQUEZNA adoption. We are methodically analyzing both our gastroenterology (GI) and primarycare (PCP) customer segments and carefully evaluating each of our sales and marketing initiatives to identify opportunities foreven greater impact. Our talented team deserves recognition. The R&D team demonstrated a compelling clinical profile for VOQUEZNA, securedmultiple regulatory approvals and established superiority across key clinically meaningful endpoints, which now supports broadpatient adoption. The Market Access team has done excellent work securing commercial coverage, which has been crucial toour momentum. The commercial team has performed exceptionally in launching VOQUEZNA into a space that has gone virtuallyunchanged for three decades. Our sales force has demonstrated extraordinary effort and dedication in introducing this newproduct to the market and their ability to effectively communicate VOQUEZNA’s clinical value proposition has been instrumental inour early success. Financially, Phathom is well-positioned with $297 million in cash at the end of 2024. We believe our cash resources, includingexpected product revenues and the funds potentially available under our existing term loan, will be sufficient to fund operationsand enable Phathom to achieve cash flow positive operations. We will be disciplined in our capital allocation and focused on long-term value creation. As I begin my tenure at Phathom, I see my role as being of service to the patients and physicians who use our products, to ourtalented team, and to our shareholders who have entrusted us with their capital. This balance of purpose guides our strategicdecisions. Phathom is only beginning to unlock the potential of VOQUEZNA. With a talented team launching a novel, differentiated productwith clear clinical value, I believe 2025 will represent an inflection point in the evolution of our company. Thank you for your continued confidence and support. Our purpose remains clear: transform the standard of care in GI disordersand meaningfully improve the lives of millions of patients. Your investment enables our mission to bring innovative treatments topatients in need, and we are committed to rewarding your confidence in us. Sincerely, Steven BastaPresident & Chief Executive Officer UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWASHINGTON, D.C. 20549FORM 10-K (Mark One)☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the fiscal year ended December 31, 2024OR☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the transition period fromtoCommission file number: 001-39094PHATHOM PHARMACEUTICALS, INC. (Exact name of Registrant as specified in its charter) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 duringthe preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past90 days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 ofRegulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or anemerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting compa