Phathom Pharmaceuticals, Inc. · NASDAQ:PHAT
Phathom Pharmaceuticals — Q4 2024 Earnings Presentation
22 slides from Phathom Pharmaceuticals's earnings presentation, Mar 6, 2025
Slide 1: Fourth Quarter & Full Year 2024 Earnings Conference Call
FOURTH QUARTER & FULL YEAR 2024 EARNINGS CONFERENCE CALL MARCH 2025 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 and Full Year 2024 Results Molly Henderson, Chief Financial & Business Officer Closing Remarks Terrie Curran, President & Chief Exe
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: Strong foundation built in 2024, focused on growth drivers in 2025
Strong foundation built in 2024, focused on growth drivers in 2025 Commercial Access Secured DTC Campaign Initiated Non-Erosive Approved & Launched > 80% > 120M commercial commercial coverage1 lives covered1 Indicated for the relief of heartburn associated with Non-Erosive GERD in adults Prescriptio
Slide 6: Ongoing development efforts with focus on life cycle extension strategies
Ongoing development efforts with focus on life cycle extension strategies • Complements EoE • Initiating Ph 2 trial vs. placebo with • OTC acid control market clinical development anticipated topline data in ‘27 generates ~$3B annually1 • Potential for new IP • Possible first line positioning • Deve
Slide 7: Continued confidence in strength of our CP legal position and patent timelines
Continued confidence in strength of our CP legal position and patent timelines Citizen Petition Facts Anticipated Exclusivity Timelines1 …. 2025 2026 2027 2028 2029 2030 2031 2032 Request: all VOQUEZNA Orange Book listings reflect the same 10-year period of NCE exclusivity NCE exclusivity Full 10-ye
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: Strong prescription growth in Q4, driven by Non-Erosive GERD uptake
Strong prescription growth in Q4, driven by Non-Erosive GERD uptake Quarterly Filled Prescriptions1 ~70% ~118,000 300,000 + ~69,000 Filled Prescriptions Launch-to-Date1 ~35,000 ~9,500 Previously: 143,000+ (as of 10/25/24) ~500 Q4 Q1 Q2 Q3 Q4 2023 2024 2024 2024 2024 10 1 IQVIA + BlinkRx as of 2/21/2
Slide 11: Preliminary duration of therapy similar to PPIs paired with solid refills
Preliminary duration of therapy similar to PPIs paired with solid refills 6-months ® ~ 3.5 TRx ~70% of TRx filled by VOQUEZNA patients on in Q4 were filled by patients average over a 6-month period1 continuing VOQUEZNA therapy2 1 Per IQVIA APLD claims analysis of first time VOQUEZNA bottle patients
Slide 12: New writer growth continues with increasing contribution from PCPs
New writer growth continues with increasing contribution from PCPs Quarterly Cumulative Writers1 GI PCP2 ~45% 20,000 + ~17,800 ~12,400 Cumulative Writers ~7,250 Launch-to-Date1 ~2,900 Previously: 13,600+ (as of 10/18/24) ~250 Q4 Q1 Q2 Q3 Q4 2023 2024 2024 2024 2024 1 IQVIA + BlinkRx as of 2/14/25. 1
Slide 13: Focus on increasing adoption among Primary Care Physicians
Focus on increasing adoption among Primary Care Physicians ~2x increase in PCP awareness1 PCP target base is very large Target: PCP driven volume surpasses New PCP writers drive growth GI volume Majority of writers are now PCPs2 1 Awareness, Trial, & Usage (ATU) study tracker: Dec. 2024 wave (n=92)
Slide 14: Communicating quality commercial coverage to HCPs is a key focus area
Communicating quality commercial coverage to HCPs is a key focus area > 80% > 120M commercial commercial coverage1 lives covered1 > 80% of VOQUEZNA Educating physicians Providing assistance Working on ways patients have been on VOQUEZNA’s to commercial to enhance access on 1 PPI or less2, in simple
Slide 15: Over 55% growth in HCPs reporting patient requests since DTC launch
Over 55% growth in HCPs reporting patient requests since DTC launch1 15 1 HCP pulse research study: Dec. 2024 vs. Apr. 2024, % of HCPs who reported receiving VOQUEZNA patient requests.
Slide 16: VOQUEZNA: Rapid, Potent, Durable
(vonoprazan) tablets zon oe QUEZNA. RAPID | POTENT | DURABLE aoe
Slide 17: Fourth Quarter and Full Year 2024 Results
Fourth Quarter and Full Year 2024 Results Molly Henderson, Chief Financial & Business Officer 17
Slide 18: Key financial measures: Net Revenues & Operating Expenses
Key financial measures: Net Revenues & Operating Expenses 2024 Quarterly Net Revenue 2024 Quarterly Operating Expenses GAAP SG&A GAAP R&D $40M $105M $35M ~81% $90M $84.8 $85.3 $83.2 $30M $29.7 $7.4 $8.7 $8.6 $75M $71.4 $25M $9.4 $60M $20M $16.4 $45M $15M $75.9 $76.1 $76.7 $30M $62.0 $10M $7.3 $5M $1
Slide 19: 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 $297.3M (in thousands, except per share amounts) in cash and Q4 2024 FY 2024 cash equivalents as of December 31, 2024 GAAP net loss ($74,451) ($334,326) Stock-based compensation $6,687 $24,047 exp
Slide 20: VOQUEZNA: Rapid, Potent, Durable
(vonoprazan) tablets zon oe QUEZNA. RAPID | POTENT | DURABLE aoe
Slide 21: Closing Remarks
Closing Remarks Terrie Curran, President & Chief Executive Officer 21
Slide 22: 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 22
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