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Dec 31, 2023
Phathom Q4 2023 Earnings Report
Phathom reported fourth quarter and full year 2023 financial results and provided a business update.
Key Takeaways
Phathom Pharmaceuticals reported Q4 2023 financial results, highlighted by the launch of VOQUEZNA and net revenues of $0.7 million from its sales. The company also secured expanded commercial coverage and strengthened its financial position with an expanded term loan facility.
Launched VOQUEZNA in November 2023, achieving $0.7 million in net revenues for the fourth quarter.
Early physician prescribing indicated strong demand for VOQUEZNA.
Secured expanded commercial coverage for VOQUEZNA, growing commercial access to approximately 60 million covered lives.
Strengthened financial position with access up to an additional $160 million under expanded term loan facility, extending cash runway through 2026.
Phathom
Phathom
Phathom Revenue by Segment
Revenue by Segment
VOQUEZNA Products Revenue
CapyFin.com Forward Guidance
Phathom is on track to initiate a Phase 3 Non-Erosive GERD trial in 2024 to investigate As Needed dosing of VOQUEZNA for active heartburn episodes, a dosing regimen for which proton pump inhibitors (PPIs) are not approved in the U.S.
Positive Outlook
- Potential approval of VOQUEZNA for Non-Erosive GERD in Q3 is expected to unlock the largest segment of the GERD market.
- VOQUEZNA national salesforce completed onboarding and were in their territories by early January 2024.
- Amendment and expansion of its existing loan and security agreement with Hercules Capital, Inc., (Hercules) increasing the total term loan facility to up to $300 million with more favorable terms
- Company estimates the amended terms will result in cash savings of approximately $20 million based upon the original maturity date of the loan and $200 million in advances.
- Access of up to $160 million remains potentially available under the expanded loan facility.
Challenges Ahead
- Commercialization of VOQUEZNA depends on coverage and reimbursement levels from governmental authorities and health insurers as well as market acceptance by healthcare providers
- Company may use capital resources sooner than expected, or operating plan may overestimate expected product revenues, which could require to reduce expenses or raise additional capital sooner than expected
- Inherent risks of clinical development of vonoprazan
- Dependence on third parties in connection with product manufacturing, research and preclinical and clinical testing
- 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