Loading...
•
Sep 30, 2020
Phathom Q3 2020 Earnings Report
Phathom Pharmaceuticals reported financial results for the third quarter of 2020 and provided an update on its ongoing pivotal Phase 3 trials for vonoprazan.
Key Takeaways
Phathom Pharmaceuticals reported a net loss of $34.1 million for the third quarter of 2020, compared to a net loss of $68.1 million for the third quarter of 2019. Research and development expenses increased to $25.8 million, while general and administrative expenses increased to $7.1 million. As of September 30, 2020, cash and cash equivalents were $226.4 million.
Patient enrollment accelerated across U.S. and European clinical trial sites during Q3 2020.
Full enrollment in the PHALCON-EE Phase 3 trial is expected before year-end 2020.
Full enrollment in the PHALCON-HP Phase 3 trial is expected in Q1 2021.
Top-line results from PHALCON-HP are expected in Q2 2021, and PHALCON-EE in the second half of 2021.
Forward Guidance
Phathom expects to complete patient enrollment in both of its Phase 3 trials in the coming months.
Positive Outlook
- Full enrollment in the PHALCON-EE Phase 3 trial will be achieved before year-end.
- Full enrollment in the PHALCON-HP Phase 3 trial will be achieved in the first quarter of 2021.
- Top-line results from PHALCON-HP will be available in the second quarter of 2021.
- Top-line results from PHALCON-EE are expected in the second half of 2021.
- Continued to add experienced biopharmaceutical leaders to its commercial and medical functions.
Challenges Ahead
- The rate of patient enrollment in PHALCON-EE and PHALCON-HP due to the COVID-19 pandemic is highly uncertain.
- Potential additional delays in the commencement, enrollment and completion of clinical trials.
- Patients already enrolled in PHALCON-EE and PHALCON-HP may not complete the clinical trials or public health conditions and governmental restrictions may lead to stopping such trials all together.
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...