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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.
Phathom
Phathom
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.
- Unexpected adverse side effects or inadequate efficacy of vonoprazan that may limit its development, regulatory approval and/or commercialization, or may result in recalls or product liability claims.
- The company's ability to maintain undisrupted business operations due to the ongoing spread of the COVID-19 coronavirus, including delaying or otherwise disrupting our clinical trials, manufacturing and supply chain.