Slide 1: Fourth Quarter & Full Year 2023 Earnings Conference Call
FOURTH QUARTER & FULL YEAR 2023 EARNINGS CONFERENCE CALL MARCH 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 Fourth Quarter & Full Year 2023 Results Molly Henderson, Chief Financial & Business Officer Closing Remarks Terrie Curran, President & Chief Execu
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: Executing on three core goals during the early stages of launch
Executing on three core goals during the early stages of launch Communicate clinical superiority vs. a PPI Drive brand awareness and demand Build access for ® commercial patients 5
Slide 6: Growth opportunity
VOQUEZNA vision builds on each targeted indication with the potential to transform the landscape of acid-related disorders US potential peak revenue opportunity >$3B* Non-Erosive GERD (NERD) Non-Erosive GERD (NERD) GERD Growth opportunity Daily dosing As Needed dosing (or non-erosive reflux disease)
Slide 7: Attractive commercial dynamics signal blockbuster potential
Attractive commercial dynamics signal blockbuster potential Large market First US approved with highly acid suppressant dissatisfied with a new MOA patients in over 30 years Differentiated Strong physician ® profile with interest with superiority claims no branded versus a PPI competition Strategy t
Slide 8: US Commercial Launch Progress
US Commercial Launch Progress Martin Gilligan, Chief Commercial Officer 8
Slide 9: The launch of VOQUEZNA is off to a strong start
The launch of VOQUEZNA is off to a strong start 14,000 + 3,800 + 1,200 + Total Filled Unique VOQUEZNA VOQUEZNA VOQUEZNA Demand1 Scripts2 Writers3 1 Unique prescriptions written; IQVIA + BlinkRx as of 3/3/24. 2 IQVIA + BlinkRx as of 2/23/24. 9 3 IQVIA + BlinkRx as of 2/16/24.
Slide 10: Experiencing early success with our pricing and access strategy
Experiencing early success with our pricing and access strategy 38% ~60M commercial commercial coverage1 lives covered1 National Commercial Formulary • 23M lives covered1 • Processed electronically • Single step edit • Potential first line access Additional coverage anticipated throughout 2024 10 1
Slide 11: Promotional campaigns are live, consumers and physicians are taking notice
Promotional campaigns are live, consumers and physicians are taking notice HCP Branded Digital Websites Promotion Consumer Commercials Digital On Streaming Promotion TV in March 2024 11
Slide 12: Fourth Quarter and Full Year 2023 Results
Fourth Quarter and Full Year 2023 Results Molly Henderson, Chief Financial & Business Officer 12
Slide 13: Key financial measures
Key financial measures $0.7M $381.4M in Q4 2023 net revenues in cash as of Dec. 31, 2023 Fourth Quarter OpEx Full Year OpEx Non-GAAP R&D Non-GAAP SG&A Stock-based compensation $60M $120M $117.9 $57.0 $101.0 $50M $100M $40M $80M $71.4 $30.7 $30M $60M $49.9 $20M $39.7 $40M $85.2 $82.4 $15.9 $13.4 $65.
Slide 14: Reconciliation of GAAP to Non-GAAP Adjusted Net Loss
Reconciliation of GAAP to Non-GAAP Adjusted Net Loss Reconciliation of GAAP to Non-GAAP Adjusted Net Loss (in thousands) Q4 2023 FY 2023 GAAP net loss ($79,569) ($201,592) Stock-based compensation expense $24,583 $45,025 Non-cash interest on revenue interest financing liability $8,462 $24,727 Intere
Slide 15: Closing Remarks
Closing Remarks Terrie Curran, President & Chief Executive Officer 15
Slide 16: Rapid, Potent, Durable
(vonoprazan) tablets zon oe QUEZNA. RAPID | POTENT | DURABLE
Slide 17: 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 17