Business
Phathom Pharmaceuticals Reports Second Quarter 2020 Results
FLORHAM PARK, N.J., Aug. 06, 2020 (GLOBE NEWSWIRE) -- Phathom Pharmaceuticals, Inc. (Nasdaq: PHAT), a late clinical-stage biopharmaceutical company focused on
About this update from Phathom Pharmaceuticals, Inc.
[{"type":"text","content":"FLORHAM PARK, N.J., Aug. 06, 2020 (GLOBE NEWSWIRE) -- Phathom Pharmaceuticals, Inc. (Nasdaq: PHAT), a late clinical-stage biopharmaceutical company focused on developing and commercializing novel treatments for gastrointestinal diseases, today reported financial results for the second quarter of 2020.\n “The second quarter was very productive for Phathom as we resumed new patient screening and enrollment in both our PHALCON-EE and PHALCON-HP Phase 3 trials and continued to make substantial progress in building our organization,” said Terrie Curran, President and Chief Executive Officer of Phathom. “Our engagement with clinical sites has been extremely positive, and we’re encouraged by the ongoing enrollment in both trials to date. While continuing to execute on our current development programs, we have also advanced our medical, commercial, and manufacturing capabilities to prepare for the potential launch of vonoprazan.” Second Quarter 2020 Financial Results: Second quarter 2020 net loss was $21.1 million compared to $87.8 million for second quarter 2019.Second quarter 2020 net loss included a non-cash charge related to stock-based compensation of $0.8 million compared to the second quarter 2019 non-cash charges of $57.5 million. Second quarter 2019 non-cash charges were related to the change in fair value of warrant liabilities of $1.3 million, change in fair value of convertible promissory notes of $2.4 million, issuance of 1,084,000 shares of Phathom common stock at a fair value of $5.9 million to Takeda and issuance of the warrant to Takeda at an initial fair value of $47.9 million.Second quarter 2020 research and development expenses increased to $14.9 million compared to $2.8 million for second quarter 2019 as a result of higher clinical trial costs and personnel-related expenses following the in-licensing of vonoprazan in the second quarter of 2019.Second quarter 2020 general and administrative expenses increased to $5.2 million compared to $1.3 million for second quarter 2019 due to the ongoing buildout of administrative and commercial functions.As of June 30, 2020, cash and cash equivalents were $247.3 million. Second Quarter 2020 Business Highlights: Phathom resumed screening, enrollment, and randomization of new patients in both PHALCON-EE and PHALCON-HP Phase 3 studies of vonoprazan, which were temporarily paused in...