Fri, Jun 14, 8:07 PM (85 days ago)
Phathom Pharmaceuticals, Inc. filed this Amendment No. 1 to its Form 10-K for the fiscal year ended December 31, 2023, to include revised certifications in Exhibits 31.1 and 31.2, which were inadvertently omitted in the original filing. The amendment does not modify any other disclosures or reflect subsequent events. Financial Highlights: - Revenue: $682,000 from product sales. - Net Loss: $201.6 million, compared to $197.7 million in 2022. - Operating Expenses: $167.8 million, with significant R&D ($49.9 million) and SG&A ($117.9 million) costs. - Earnings Per Share: Basic and diluted net loss per share was $3.93. - Cash and Cash Equivalents: $381.4 million, up from $155.4 million in 2022. - Debt: Long-term debt of $137.8 million, with an additional revenue interest financing liability of $306.9 million. Strategic Overview: - FDA approvals for VOQUEZNA products in late 2023 and subsequent commercial launch. - Significant financing activities, including a $175 million revenue interest financing and amendments to the Hercules Loan Agreement to extend terms and increase available funds. Future Outlook: - Continued focus on commercialization of VOQUEZNA products. - Expectation of ongoing net losses as the company ramps up sales and marketing efforts. Risk Factors: - High dependency on the commercial success of VOQUEZNA. - Significant debt obligations and potential need for additional funding. Financial Condition: - Strong cash position but offset by substantial debt and ongoing operating losses.