Slide 1: Third Quarter 2024 Earnings Conference Call
THIRD QUARTER 2024 EARNINGS CONFERENCE CALL NOVEMBER 2024 NASDAQ: PHAT
Slide 2: Today's Agenda
Today’s Business Update Terrie Curran, President & Chief Executive Officer Agenda US Commercial Launch Progress Martin Gilligan, Chief Commercial Officer Third Quarter 2024 Results Molly Henderson, Chief Financial & Business Officer Closing Remarks Terrie Curran, President & Chief Executive Officer
Slide 3: Safe harbor
Safe harbor This presentation contains forward-looking statements. All statements other than statements of historical facts contained in this presentation, including statements regarding our future results of operations and financial position, anticipated milestones, anticipated cash runway, expecta
Slide 4: Business Update
Business Update Terrie Curran, President & Chief Executive Officer 4
Slide 5: Several important business and launch milestones achieved during Q3
Several important business and launch milestones achieved during Q3 APPROVED! 120M+ commercial lives covered1 143K + VOQUEZNA prescriptions filled2 Indicated for the relief of heartburn associated with $130M successful equity follow-on3 Non-Erosive GERD in adults 1 Per MMIT formulary lookup tool as
Slide 6: VOQUEZNA has continuously earned recognition in the marketplace
VOQUEZNA has continuously earned recognition in the marketplace Industry Awards Medical Congress Media Coverage “There’s no need for a patient to suffer or have symptoms… For 30 years, patients have had the same treatments. VOQUEZNA is different because it works fast and lasts longer, providing all-
Slide 7: Three approved VOQUEZNA products across three indications
Three approved VOQUEZNA products across three indications Target indications Phase 11 Phase 21 Phase 3 Status Healing of Erosive GERD & relief of related Erosive heartburn in adults GERD Maintenance of healing of Erosive GERD & relief of related heartburn in adults Infection H. pylori Treatment of H
Slide 8: VOQUEZNA: Rapid, Potent, Durable
(vonoprazan) tablets zon oe QUEZNA. RAPID | POTENT | DURABLE aoe
Slide 9: US Commercial Launch Progress
US Commercial Launch Progress Martin Gilligan, Chief Commercial Officer 9
Slide 10: Early Non-Erosive GERD launch data fueled continued growth in Q3
Early Non-Erosive GERD launch data fueled continued growth in Q3 Quarterly Filled Prescriptions1 ~100% ~69,000 143,000 + Filled Prescriptions ~35,000 Launch-to-Date1 ~9,500 Previously: 60,000+ (as of 7/26/24) ~500 Q4 Q1 Q2 Q3 2023 2024 2024 2024 10 1 IQVIA + BlinkRx as of 10/25/24.
Slide 11: Growth in writers continues to indicate strong adoption
Growth in writers continues to indicate strong adoption Quarterly Cumulative Writers1 ~70% 13,600 + ~12,400 ~7,250 Cumulative Writers Launch-to-Date1 ~2,900 Previously: 8,200+ (as of 7/19/24) ~250 Q4 Q1 Q2 Q3 2023 2024 2024 2024 11 1 IQVIA + BlinkRx as of 10/18/24.
Slide 12: Widespread commercial access established in less than a year post launch
Widespread commercial access established in less than a year post launch > 80% > 120M commercial commercial coverage1 lives covered1 Commercial Access Highlights: • Coverage at the • Utilization management three largest pharmacy according to strategy for benefit managers (PBMs) the majority of plans
Slide 13: VOQUEZNA product image
B \, — & 5 VOQUEZNA. (vonoprazan) tablets 2m — ——— < fos — ae Phathom. PHARMACEUTICALS.
Slide 14: VOQUEZNA: Rapid, Potent, Durable
(vonoprazan) tablets zon oe QUEZNA. RAPID | POTENT | DURABLE aoe
Slide 15: Third Quarter 2024 Results
Third Quarter 2024 Results Molly Henderson, Chief Financial & Business Officer 15
Slide 16: Key financial measures: Net Revenues
Key financial measures: Net Revenues Sequential Comparison Year Over Year Comparison $18M $18M $16.4 $16.4 $16M $16M $14M $14M $12M $12M $10M $10M $8M $7.3 $8M $6M $6M $4M $4M $2M $2M $0.0 $0M $0M Q3 2024 Q2 2024 Q3 2024 Q3 2023 16
Slide 17: Key financial measures: Operating Expenses
Key financial measures: Operating Expenses Sequential Comparison Year Over Year Comparison =13.393-C3=13.393-C3 Non-GAAP SG&A Non-GAAP R&D Stock-based compensation $90M $90M $84.8 $83.2 $84.8 $80M $80M $7.4 $6.0 $7.4 $70M $70M $60M $60M $50M $50M $40M $40M $35.7 $71.8 $71.1 $71.8 $30M $30M $10.9 $20
Slide 18: Key financial measures: Adjusted Net Loss and Cash
Key financial measures: Adjusted Net Loss and Cash Reconciliation of GAAP to Non-GAAP Adjusted Net Loss $334.7M (in thousands, except per share amounts) in cash and Q3 2024 Q2 2024 cash equivalents as of September 30, 2024 GAAP net loss ($85,577) ($91,446) Stock-based compensation $5,635 $6,099 expe
Slide 19: VOQUEZNA: Rapid, Potent, Durable
(vonoprazan) tablets zon oe QUEZNA. RAPID | POTENT | DURABLE aoe
Slide 20: Closing Remarks
Closing Remarks Terrie Curran, President & Chief Executive Officer 20
Slide 21: Question & Answer
Question & Answer Terrie Curran, President & Chief Executive Officer Martin Gilligan, Chief Commercial Officer Molly Henderson, Chief Financial & Business Officer Azmi Nabulsi, Chief Operating Officer 21