Phathom Pharmaceuticals, Inc. · NASDAQ:PHAT
Phathom Pharmaceuticals — Investor Presentation (July 2026)
35 slides from Phathom Pharmaceuticals's investor presentation, July 2026
Slide 1: Changing the Landscape in GI
CHANGING THE LANDSCAPE IN GI Going beyond to advance treatments for patients with acid-related disorders Corporate Overview July 2026
Slide 2: Safe harbor statement
Safe harbor statement This presentation contains forward-looking statements. All statements other than statements of historical facts contained in this presentation, including statements regarding: our plans, expectations, strategies, forecasts and goals for commercialization of VOQUEZNA and potenti
Slide 3: VOQUEZNA (vonoprazan): Going beyond
VOQUEZNA® (vonoprazan) : Belongs to a novel class of therapies called PCABs (Potassium Competitive Acid Blockers) THREE FDA APPROVED PRODUCTS Going beyond to advance treatments for patients with acid related disorders Rights to vonoprazan ~1.7 Million licensed from Takeda for filled prescriptions1 t
Slide 4: VOQUEZNA has blockbuster potential
VOQUEZNA has blockbuster potential VOQUEZNA 1st new MOA in GERD in over 30 years • Approved for Erosive & Non-Erosive GERD, and H. pylori • VOQUEZNA demonstrated superiority to a PPI in Erosive GERD1 & H. pylori 2 High unmet need & attractive commercial dynamics • ~22M+ patients with GERD are treate
Slide 5: The US GERD market has generated several >$3B brands
The US GERD market has generated several >$3B brands ANTACIDS H2 ANTAGONISTS PPIs PCAB Introduced in Introduced in First Introduced in Introduced in 1930s 1970s 1989 2023 Marketed ~$3.5b ~$12.5B ~1.7M TRx filled1 OTC peak US sales peak US sales Blockbuster opportunity Prilosec, Nexium, and Prevacid
Slide 6: VOQUEZNA is the only approved PCAB in the United States
VOQUEZNA is the only approved PCAB in the United States Rapid Increased pH in 2-3 hours Potent Durable Day 1 mean pH 4.6 24 hour acid suppression ® Acid suppression profile demonstrated by VONO-1031 1 Study performed in healthy volunteers 6
Slide 7: VOQUEZNA has broad approved commercial indications
VOQUEZNA has broad approved commercial indications Commercial Launch Sequence GERD US Rx Market ~ 22M GERD total treated patients1 First Launch H. pylori infection Erosive GERD ~ 7M Q4 2023 (or HP) (Erosive Esophagitis / EE) treated Erosive GERD patients1 Expanded Launch Q3 2024 Non-Erosive GERD Dai
Slide 8: GERD patients with continued heartburn are typically referred to GIs
GERD patients with continued heartburn are typically referred to GIs then revert to their PCP for ongoing care Erosive GERD Rx PPI Non-Erosive GERD Trial of OTCs, Visit to PCP Progress to GI Rx PPI Managed by including PPIs and Rx PPI for endoscopy GI or PCP Current launch focus is to target adult p
Slide 9: Executing strategy to generate depth with GI writers
Executing strategy to generate depth with GI writers MAY ‘25 Announced new GI-focused Total US GI Market call point strategy ~24K JUL ‘25 Rolled out new target lists including nearly all GIs Annual PPI Writers1 OCT ‘25 Realignment of sales territories focusing on GI accounts ~20M Q1 ‘26 Annual PPI P
Slide 10: Strong commercial coverage secured for VOQUEZNA
Strong commercial coverage secured for VOQUEZNA > 80% commercial > 120M commercial coverage1 lives covered1 Utilization management largely defined by a generic PPI step edit via PA which aligns with targeting PPI patients experiencing continued heartburn Patient Co-Pay Assistance2 Enhanced Patient A
Slide 11: Covered TRx grew ~79% from Q2 2025 to Q2 2026
Covered TRx grew ~79% from Q2 2025 to Q2 2026 ~325,000 Total Prescriptions Filled in Q2 2026 Covered Prescriptions1 Cash-Pay Prescriptions1 ~79% ~209,000 ~174,000 ~168,000 ~144,000 ~107% ~117,000 ~116,000 ~99,000 ~100,000 ~77,000 ~56,000 Q2 Q3 Q4 Q1 Q2 Q2 Q3 Q4 Q1 Q2 2025 2025 2025 2026 2026 2025 20
Slide 12: Vision for evolving the VOQUEZNA commercial strategy
Vision for evolving the VOQUEZNA commercial strategy ~20M x 20-30% = ~4-6M ⊲ GI oriented realignment Current PPI TRx potential market share VOQUEZNA TRx ⊲ High GI call GI frequency Focus Annual PPI Positive signal: ~20% average Path to ⊲ Depth of GI scripts written share among top 300 ~$1B/yr revenu
Slide 13: Extended exclusivity based on FDA's confirmation of GAIN Act application
Extended exclusivity based on FDA’s confirmation of GAIN Act application … 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 … NCE exclusivity NCE exclusivity as extended by GAIN Act Potential ANDA review FDA data shows FY25 median ANDA approval times of 20-30 months1 NCE exclusivity NCE exclus
Slide 14: Strong Q2 2026: revenue growth + expense discipline
Strong Q2 2026: revenue growth + expense discipline $1.6M net cash generated ~$182M cash and cash equivalents1 Net Revenue Operating Expenses2 $100M $100M $94.4 ~88% ~(34%) $7.4 $80M $74.3 $80M $61.8 $63.1 $60M $57.6 $58.3 $60M $58.6 $55.9 $49.5 $7.0 $6.7 $5.0 $5.7 $39.5 $40M $40M $78.7 $49.3 $49.7
Slide 15: Updated 2026 financial guidance
Updated 2026 financial guidance Net Revenues1 GTN Discount Operating Expenses1,2 $310M 55% $235M to to to $325M 59% $245M Previously: $320M - $345M - no change - Previously: $235M - $255M Path to Profitability We continue to expect to achieve operating profitability for the remainder of 2026 2026: a
Slide 16: VOQUEZNA
O VOQUEZNA. ae tablets zome
Slide 17: Appendix: Supplemental Clinical Data
APPENDIX: SUPPLEMENTAL CLINICAL DATA 17
Slide 18: VONO-103: Phase 1 Study Evaluating PK/PD
VONO-103: Phase 1 Study Evaluating PK/PD 18
Slide 19: VOQUEZNA has shown rapid, potent, and durable acid control
VOQUEZNA has shown rapid, potent, and durable acid control VOQUEZNA raised gastric pH higher than PREVACID (lansoprazole) in VONO-1031 Day 1 TIME ABOVE Day 7 7.0 pH 4.0 (%) VOQUEZNA 6.0 20 mg 5.0 62% 88% 4.0 PREVACID pH (lansoprazole) 30 mg 3.0 23% 42% 2.0 Baseline 1.0 4% 4% 0.0 0 6 12 18 24 0 6 12
Slide 20: PHALCON-HP: Phase 3 Trial for H. pylori Infection
PHALCON-HP: Phase 3 Trial for H. pylori Infection 20
Slide 21: PHALCON-HP Phase 3 study design
PHALCON-HP Phase 3 study design 14 Day 4 Weeks Treatment Period Post-Treatment Primary Endpoint: non-inferiority eradication rate, excluding subjects vonoprazan triple therapy2 (n = 338) with infection resistant to clarithromycin and amoxicillin Patients with Secondary Endpoint #1: superiority H. py
Slide 22: PHALCON-HP met primary endpoints
PHALCON-HP met primary endpoints Eradication rates (%) among patients without clarithromycin- or amoxicillin-resistant strains mITT population Per-protocol population 100% 90.40% 90% vonoprazan triple therapy 84.70% Eradication Rate 81.20% 82.10% vonoprazan 80% 78.50% 78.80% dual therapy p < 0.0001
Slide 23: Safety profile
Safety profile Vonoprazan-based regimens generally well tolerated; comparable to lansoprazole triple therapy Most frequent (>2.0%) adverse events in PHALCON-HP subjects Vonoprazan triple Vonoprazan Lansoprazole % (n) with therapy dual therapy triple therapy adverse event (n=346) (n=348) (n=345) Diar
Slide 24: PHALCON-EE: Phase 3 Trial for Erosive GERD
PHALCON-EE: Phase 3 Trial for Erosive GERD 24
Slide 25: PHALCON-EE Phase 3 study design
PHALCON-EE Phase 3 study design US/Europe study in Erosive GERD Part 1: Healing Phase Part 2: Maintenance Phase 2 to 8 week 24 week Treatment Period Treatment Period vonoprazan Re- 20 mg QD vonoprazan (n = 291) randomize 20 mg QD healed % of patients Patients with (n = 514) % of patients patients vo
Slide 26: PHALCON-EE met primary and key secondary healing endpoints
PHALCON-EE Phase 3 met primary and key secondary healing endpoints All Erosive GERD Patients LA Grades C/D (Moderate-to-Severe) Erosive GERD Patients 100% Primary Endpoint Patients with healed Erosive GERD (%) 93% 92% 90% 85% 80% p<0.0001* vonoprazan p<0.0001^ 74% 20 mg 72% lansoprazole 70% 70% 68%
Slide 27: PHALCON-EE met all maintenance of healing endpoints
PHALCON-EE Phase 3 met all maintenance of healing endpoints All Erosive GERD Patients LA Grades C/D (Moderate-to-Severe) Erosive GERD Patients Patients with maintained healing Erosive GERD (%) 100% Primary Endpoint 90% vonoprazan 81% 79% 20 mg 80% 77% vonoprazan 75% 72% 10 mg p<0.0001* p<0.0001* 70%
Slide 28: Summary of PHALCON-EE Phase 3 safety data
Summary of PHALCON-EE Phase 3 safety data Overall, the safety results observed in PHALCON-EE were consistent with those observed in prior clinical studies of vonoprazan Healing Phase Maintenance Phase Most Common Adverse Events Most Common Adverse Events (≥ 5%) Vonoprazan Lansoprazole Vonoprazan Von
Slide 29: PHALCON-NERD-301: Phase 3 Trial for Non-Erosive GERD Daily Dosing
PHALCON-NERD-301: Phase 3 Trial for Non-Erosive GERD Daily Dosing 29
Slide 30: PHALCON-NERD-301 Phase 3 Daily dosing trial design
PHALCON-NERD-301 Phase 3 Daily dosing trial design Vonoprazan 10 mg dose was submitted in sNDA for treatment of Non-Erosive GERD Controlled Daily dosing efficacy data through 6 months Daily dosing x 4 week 4-week 20-week double blind treatment long-term double-blind safety and efficacy evaluation pe
Slide 31: PHALCON-NERD-301 met the primary endpoint for both doses
PHALCON-NERD-301 met the primary endpoint for both doses Mean percentage (%) of 24-hour heartburn free days over 4-week period 50.0% 44.8% 44.4% 40.0% 30.0% 27.7% p<0.00012 p<0.00012 20.0% 10.0% 0.0% Placebo Vonoprazan 10 mg Vonoprazan 20 mg (n= 258)1 (n= 257)1 (n= 257)1 1 Intent-to-Treat Set: All s
Slide 32: PHALCON-NERD-301 percentage of subjects without heartburn
PHALCON-NERD-301 percentage of subjects without heartburn Over both treatment periods: Intent-To-Treat Set1 Placebo --> Vonoprazan 10 mg QD Vonoprazan 10 mg QD Placebo --> Vonoprazan 20 mg QD Vonoprazan 20 mg QD 80 placebo-controlled 70 4-week period Percentage of Subjects w/o Daytime 60 or Nigh
Slide 33: Summary of PHALCON-NERD-301 safety data
Summary of PHALCON-NERD-301 safety data Most Common Adverse Events1 (≥ 2%), Safety Set2 Overall, the safety results observed in PHALCON-NERD-301 were consistent with those observed in prior clinical studies of vonoprazan 4-week placebo-controlled period 20-week extension period Vonoprazan Vonoprazan
Slide 34: PHALCON-EOE-201: Phase 2 Trial for Eosinophilic Esophagitis
PHALCON-EOE-201: Phase 2 Trial for Eosinophilic Esophagitis 34
Slide 35: PHALCON-EOE-201 Phase 2 study design
PHALCON-EOE-201 Phase 2 study design Week 12 FSI: Nov. 2025 Topline Data Expected: Q4 2026 Efficacy Endpoints Primary Screening Placebo-Controlled Safety Extension Follow-up • Proportion of subjects Period Treatment Period Open Label Period (≤ 6 weeks) (12 weeks) (12 weeks) (2 weeks) achieving peak
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