Slide 1: First Quarter 2025 Earnings Conference Call
FIRST QUARTER 2025 EARNINGS CONFERENCE CALL MAY 2025 NASDAQ: PHAT
Slide 2: Today's Agenda
Today’s Business Update Steven Basta, President & Chief Executive Officer Agenda Q1 2025 Commercial & Financial Results Molly Henderson, Chief Financial & Business Officer Robert Breedlove, VP of Finance & Principal Accounting Officer Closing Remarks Steven Basta, 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 the timing and magnitude of planned operating expense reductions and ability to achieve revenue growth and profit
Slide 4: Business Update
Business Update Steven Basta, President & Chief Executive Officer 4
Slide 5: Key strategic focus areas to achieve profitable operations in 2026
Key strategic focus areas to achieve profitable operations in 2026 Continued growth in Cost reductions to reach prescription adoption OpEx of <$55M in Q4 20251 Maintaining the strength Mitigating financing of our sales organization risk and overhang 5 1 Excluding stock-based compensation.
Slide 6: VOQUEZNA (vonoprazan) tablets: Rapid, Potent, Durable
(vonoprazan) tablets zon oe QUEZNA. RAPID | POTENT | DURABLE aoe
Slide 7: Q1 2025 Commercial & Financial Results
Q1 2025 Commercial & Financial Results Molly Henderson, Chief Financial & Business Officer Robert Breedlove, VP of Finance & Principal Accounting Officer 7
Slide 8: Filled Prescriptions Launch-to-Date
Continued growth in filled VOQUEZNA prescriptions despite seasonality Quarterly Filled Prescriptions1 ~8% ~127,000 390,000 + ~118,000 ~69,000 Filled Prescriptions Launch-to-Date1 ~35,000 ~9,500 Previously: 300,000+ (as of 2/21/25) Q1 Q2 Q3 Q4 Q1 2024 2024 2024 2024 2025 8 1 IQVIA + BlinkRx as of 4/1
Slide 9: Cumulative Writers Launch-to-Date
Steady quarter over quarter growth in writers of filled VOQUEZNA scripts Quarterly Cumulative Writers1 GI PCP2 ~30% 23,600 + ~22,800 ~17,800 Cumulative Writers ~12,400 Launch-to-Date1 ~7,250 ~2,900 Previously: 20,000+ (as of 2/14/25) Q1 Q2 Q3 Q4 Q1 2024 2024 2024 2024 2025 1 IQVIA + BlinkRx as of 4/
Slide 10: VOQUEZNA (vonoprazan) tablets: Rapid, Potent, Durable
(vonoprazan) tablets zon oe QUEZNA. RAPID | POTENT | DURABLE aoe
Slide 11: Key financial measures: Cash, Net Revenues, & Operating Expenses
Key financial measures: Cash, Net Revenues, & Operating Expenses in cash and Our target is to be able to reach profitable operations $212.3M cash equivalents as of March 31, 2025 in 2026, without requiring further financing1 Quarterly Net Revenue Quarterly Operating Expenses Non-GAAP SG&A Non-GAAP R
Slide 12: Closing Remarks
Closing Remarks Steven Basta, President & Chief Executive Officer 12
Slide 13: Question & Answer
Question & Answer Steven Basta, President & Chief Executive Officer Molly Henderson, Chief Financial & Business Officer Robert Breedlove, VP of Finance & Principal Accounting Officer 13