Slide 1: Third Quarter 2025 Earnings Conference Call
THIRD QUARTER 2025 EARNINGS CONFERENCE CALL OCTOBER 2025 NASDAQ: PHAT
Slide 2: Today's Agenda
Today’s Business Update Steven Basta, President & Chief Executive Officer Agenda Q3 2025 Financial Results Sanjeev Narula, Chief Financial and Business Officer Closing Remarks Steven Basta, President & Chief Executive Officer Question & Answer Steven Basta, President & Chief Executive Officer Sanjee
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 plans, expectations, strategies, and goals for commercialization of VOQUEZNA and potential results of our co
Slide 4: Business Update
Business Update Steven Basta, President & Chief Executive Officer 4
Slide 5: Q3: Revenue growth + expense management
Q3: Revenue growth + expense management $49.5M $49.3M $14.4M net revenues operating expenses1 net cash usage +25% Q/Q -43% Q/Q -77% Q/Q 5 1 Non-GAAP cash operating expense excluding stock-based compensation.
Slide 6: All TRx channels are displaying healthy growth
All TRx channels are displaying healthy growth ~221,000 Total Prescriptions Filled in Q3 2025 Covered Prescriptions1 Cash-Pay Prescriptions1 ~23% ~144,000 ~117,000 ~38% ~88,000 ~77,000 ~56,000 ~37,000 Q1 Q2 Q3 Q1 Q2 Q3 2025 2025 2025 2025 2025 2025 6 1 IQVIA + BlinkRx as of 10/17/25 (includes all IQ
Slide 7: Making progress to generate depth with GI writers
Making progress to generate depth with GI writers Total GI Market MAY Announced new GI-focused call point strategy ~24K Annual PPI Writers1 JUL Rolled out new target lists including nearly all GIs ~20M OCT Realignment of sales territories focusing on GI accounts Annual PPI Prescriptions1 7 1 IQVIA t
Slide 8: Rapid, Potent, Durable acid suppression profile
RAPID POTENT DURABLE acid suppression profile 8
Slide 9: Q3 2025 Financial Results
Q3 2025 Financial Results Sanjeev Narula, Chief Financial and Business Officer 9
Slide 10: Key financial measures: net revenues
Key financial measures: net revenues Net Revenue Guidance We anticipate reaching profitability in 20261 +25% $50M $49.5 Previous Updated $40M $39.5 FY $165M $170M 2025 to to $30M $28.5 Rev. $175M $175M $20M Q4 55% 55% 2025 to to $10M GTN 65% 60% $0M Q1 Q2 Q3 2025 2025 2025 10
Slide 11: Key financial measures: operating expenses
Key financial measures: operating expenses Operating Expenses Guidance We anticipate reaching profitability in 20261 $120M Non-GAAP SG&A Non-GAAP R&D Stock-based compensation Previous Updated $103.7 $100M $7.9 $94.4 FY $290M $280M $7.4 2025 to to $305M $290M $80M -$36.8 OpEx1 (-43%) $60M $58.6 $90.3
Slide 12: Key financial measures: ending cash & cash usage
Key financial measures: ending cash & cash usage 1 $135.2M Net Cash Usage $100M $84.9 $80M -77% $62.7 $60M $40M $20M $14.4 $0M Q1 Q2 Q3 2025 2025 2025 12 1 Cash and cash equivalents as of September 30, 2025.
Slide 13: Closing Remarks
Closing Remarks Steven Basta, President & Chief Executive Officer 13
Slide 14: Question & Answer
Question & Answer Steven Basta, President & Chief Executive Officer Sanjeev Narula, Chief Financial and Business Officer Robert Breedlove, Principal Accounting Officer 14