Slide 1: Fourth Quarter & Full Year 2025 Earnings Conference Call
FOURTH QUARTER & FULL YEAR 2025 EARNINGS CONFERENCE CALL FEBRUARY 2026 NASDAQ: PHAT
Slide 2: Today's Agenda
Today’s Business Update Steven Basta, President & Chief Executive Officer Agenda Financial Update Sanjeev Narula, Chief Financial and Business Officer Closing Remarks Steven Basta, President & Chief Executive Officer Question & Answer Steven Basta, President & Chief Executive Officer Sanjeev Narula,
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: Key messages for today's earnings call
Key messages for today’s earnings call Q4 & FY25 Results Commercial Strategy We delivered successful Q4 We have aligned our sales and full year 2025 results organization to our GI focus Capital Structure 2026 Financial Guidance We have taken steps to enhance our capital structure We are guiding to s
Slide 6: Continued revenue growth + expense discipline
Continued revenue growth + expense discipline 2025 Net Revenues 2025 Operating Expenses1 $50.3M +2% Q/Q Q4 $57.6M +16% Q/Q Q4 Compared to Guidance2: <$55M $175.1M +217% Y/Y $283.8M -6% Y/Y FY Compared to Guidance2: FY Compared to Guidance2: $170M - $175M $280M - $290M 1 Reflective of non-GAAP cash o
Slide 7: All TRx channels continue to display healthy growth
All TRx channels continue to display healthy growth ~273,000 Total Prescriptions Filled in Q4 2025 Covered Prescriptions1 Cash-Pay Prescriptions1 ~21% ~174,000 ~144,000 ~117,000 ~29% ~99,000 ~88,000 ~77,000 ~56,000 ~37,000 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2025 2025 2025 2025 2025 2025 2025 2025 7 1 IQVIA + B
Slide 8: VOQUEZNA (vonoprazan) tablets
Oe VOQUEZNA. (vonoprazan) tablets zomg PHARMACEUTICALS,
Slide 9: Financial Update
Financial Update Sanjeev Narula, Chief Financial and Business Officer 9
Slide 10: Revenue growth + expense discipline through 2025
Revenue growth + expense discipline through 2025 FY25 Cash & Cash as of Revenues $175.1M Equivalents ~$130M 12/31/25 Net Revenue & Operating Expenses1 Revenue Non-GAAP SG&A Non-GAAP R&D Stock-based compensation $120M $103.7 $100M $94.4 $7.9 $80M $7.4 $58.6 $57.6 $55.9 $60M $49.5 $90.3 $5.0 $5.7 $39.
Slide 11: Enhanced capital structure + financial flexibility
Enhanced capital structure + financial flexibility 1 Equity Oversubscribed equity offering in January raised $130M in gross proceeds Offering 2 Modified Successfully modified the terms of the outstanding term loan facility which we Term believe will benefit the company going forward Debt Modified te
Slide 12: 2026 financial guidance
2026 financial guidance Net Revenues GTN Discount Operating Expenses 1 $320M 55% $235M to to to $345M 59% $255M Path to Profitability We anticipate we will achieve operating profitability by Q3 and in total for the full year 2026: 2026, excluding stock-based compensation 2027: We believe we will ach
Slide 13: VOQUEZNA (vonoprazan) tablets
Oe VOQUEZNA. (vonoprazan) tablets zomg PHARMACEUTICALS,
Slide 14: Closing Remarks
Closing Remarks Steven Basta, President & Chief Executive Officer 14
Slide 15: Question & Answer
Question & Answer Steven Basta, President & Chief Executive Officer Sanjeev Narula, Chief Financial and Business Officer 15