$PHAT
Phathom Pharmaceuticals, Inc.

2023 Q1 Form 10-K Financial Statement

#000095017023004875 Filed on February 28, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue $0.00 $0.00
YoY Change
Gross Profit $0.00 $0.00
YoY Change
Gross Profit Margin
Selling, General & Admin $18.60M $30.70M $101.0M
YoY Change -8.14% 57.51% 60.98%
% of Gross Profit
Research & Development $11.48M $15.95M $71.44M
YoY Change -35.0% 17.67% -1.24%
% of Gross Profit
Depreciation & Amortization $146.0K $168.0K $620.0K
YoY Change 14.06% 24.44% 19.0%
% of Gross Profit
Operating Expenses $30.08M $46.64M $172.4M
YoY Change -20.65% 41.17% 27.66%
Operating Profit -$30.08M -$172.4M
YoY Change -20.65% 27.66%
Interest Expense $9.217M -$8.315M $27.31M
YoY Change 234.07% 200.29% 302.25%
% of Operating Profit
Other Income/Expense, Net -$7.737M -$90.00K -$25.28M
YoY Change 180.43% 429.41% 187.21%
Pretax Income -$37.81M -$55.05M -$197.7M
YoY Change -7.01% 53.65% 37.42%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$37.81M -$55.05M -$197.7M
YoY Change -7.01% 53.65% 37.42%
Net Earnings / Revenue
Basic Earnings Per Share -$0.89 -$5.05
Diluted Earnings Per Share -$0.89 -$1.33 -$5.05
COMMON SHARES
Basic Shares Outstanding 41.97M 41.62M 39.12M
Diluted Shares Outstanding 42.35M 39.12M

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $129.6M $155.4M $155.4M
YoY Change -6.17% -15.21% -15.21%
Cash & Equivalents $129.6M $155.4M $155.4M
Short-Term Investments
Other Short-Term Assets $10.27M $5.127M $5.127M
YoY Change 34.22% 56.93% 56.93%
Inventory $0.00
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $139.8M $160.5M $160.5M
YoY Change -4.05% -13.95% -13.95%
LONG-TERM ASSETS
Property, Plant & Equipment $1.275M $1.207M $3.494M
YoY Change 80.08% 85.69% 36.27%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $299.0K $299.0K $804.0K
YoY Change -62.86% -12.32% 135.78%
Total Long-Term Assets $4.167M $4.298M $4.298M
YoY Change 25.97% 47.95% 47.95%
TOTAL ASSETS
Total Short-Term Assets $139.8M $160.5M $160.5M
Total Long-Term Assets $4.167M $4.298M $4.298M
Total Assets $144.0M $164.8M $164.8M
YoY Change -3.38% -13.0% -13.0%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.805M $9.997M $9.997M
YoY Change 68.12% 94.12% 94.12%
Accrued Expenses $8.015M $14.68M $16.24M
YoY Change 5.95% 28.7% 17.93%
Deferred Revenue $0.00
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change
Total Short-Term Liabilities $14.44M $26.24M $26.24M
YoY Change 26.76% 38.67% 38.67%
LONG-TERM LIABILITIES
Long-Term Debt $96.64M $95.26M $204.8M
YoY Change 6.15% 6.24% 128.38%
Other Long-Term Liabilities $7.500M $7.500M $8.598M
YoY Change 0.0% 0.0% -0.98%
Total Long-Term Liabilities $104.1M $102.8M $213.4M
YoY Change 5.68% 5.76% 116.96%
TOTAL LIABILITIES
Total Short-Term Liabilities $14.44M $26.24M $26.24M
Total Long-Term Liabilities $104.1M $102.8M $213.4M
Total Liabilities $234.2M $239.6M $239.6M
YoY Change 110.97% 104.33% 104.33%
SHAREHOLDERS EQUITY
Retained Earnings -$764.9M -$727.1M
YoY Change 34.19% 37.35%
Common Stock $674.7M $652.3M
YoY Change 10.96% 8.44%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$90.20M -$74.81M -$74.81M
YoY Change
Total Liabilities & Shareholders Equity $144.0M $164.8M $164.8M
YoY Change -3.38% -13.0% -13.0%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$37.81M -$55.05M -$197.7M
YoY Change -7.01% 53.65% 37.42%
Depreciation, Depletion And Amortization $146.0K $168.0K $620.0K
YoY Change 14.06% 24.44% 19.0%
Cash From Operating Activities -$39.67M -$40.70M -$146.5M
YoY Change -12.05% -1.75% -1.4%
INVESTING ACTIVITIES
Capital Expenditures $214.0K $412.0K $1.041M
YoY Change 219.4% -512.0% 217.38%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$214.0K -$412.0K -$1.041M
YoY Change 219.4% 312.0% 217.38%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 14.07M 0.000 120.0M
YoY Change -100.0% 168.5%
NET CHANGE
Cash From Operating Activities -39.67M -40.70M -146.5M
Cash From Investing Activities -214.0K -412.0K -1.041M
Cash From Financing Activities 14.07M 0.000 120.0M
Net Change In Cash -25.81M -41.11M -27.53M
YoY Change -42.86% -0.61% -73.59%
FREE CASH FLOW
Cash From Operating Activities -$39.67M -$40.70M -$146.5M
Capital Expenditures $214.0K $412.0K $1.041M
Free Cash Flow -$39.88M -$41.11M -$147.6M
YoY Change -11.7% -0.52% -0.92%

Facts In Submission

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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-27529000
CY2021 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-104077000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
183419000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
287496000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
155890000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
183419000
CY2022 us-gaap Interest Paid Net
InterestPaidNet
7033000
CY2021 us-gaap Interest Paid Net
InterestPaidNet
4069000
CY2021 phat Noncash Issuance Of Common Stock Warrants In Connection With Long Term Debt
NoncashIssuanceOfCommonStockWarrantsInConnectionWithLongTermDebt
1290000
CY2022 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
138000
CY2021 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
2000
CY2021 phat Non Cash Final Interest Payment Fee
NonCashFinalInterestPaymentFee
7500000
CY2022 phat Non Cash Settlement Of Employee Stock Purchase Plan Liability In Common Stock
NonCashSettlementOfEmployeeStockPurchasePlanLiabilityInCommonStock
909000
CY2021 phat Non Cash Settlement Of Employee Stock Purchase Plan Liability In Common Stock
NonCashSettlementOfEmployeeStockPurchasePlanLiabilityInCommonStock
819000
CY2022 phat Non Cash Settlement Of Defined Contribution Plan Liability In Common Stock
NonCashSettlementOfDefinedContributionPlanLiabilityInCommonStock
1116000
CY2021 phat Non Cash Settlement Of Defined Contribution Plan Liability In Common Stock
NonCashSettlementOfDefinedContributionPlanLiabilityInCommonStock
903000
CY2022 phat Operating Lease Liabilities Arising From Obtaining Right Of Use Assets
OperatingLeaseLiabilitiesArisingFromObtainingRightOfUseAssets
554000
CY2022 us-gaap Use Of Estimates
UseOfEstimates
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:10.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Calibri&quot;, sans-serif;font-style:italic;min-width:fit-content;">Use of Estimates</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:10.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Calibri&quot;, sans-serif;min-width:fit-content;">The preparation of the Company’s financial statements requires it to make estimates and assumptions that impact the reported amounts of assets, liabilities and expenses and the disclosure of contingent assets and liabilities in the Company’s financial statements and accompanying notes. The most significant estimates in the Company’s financial statements relate to accruals for research and development expenses, and the valuation of warrant liabilities and various other equity instruments</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Calibri&quot;, sans-serif;min-width:fit-content;">. Although these estimates are based on the Company’s knowledge of current events and actions it may undertake in the future, actual results could differ materially from those estimates and assumptions.</span></p>
CY2022 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Liability Transfers Into Level3
FairValueMeasurementWithUnobservableInputsReconciliationLiabilityTransfersIntoLevel3
0
CY2022 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:10.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Calibri&quot;, sans-serif;font-style:italic;min-width:fit-content;">Concentrations of Credit Risk</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:10.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Calibri&quot;, sans-serif;min-width:fit-content;">Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents. The Company maintains deposits in federally insured financial institutions in excess of federally insured limits. The Company has not experienced any losses in such accounts and management believes that the Company is not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held.</span></p>
CY2022 us-gaap Impairment Of Long Lived Assets To Be Disposed Of
ImpairmentOfLongLivedAssetsToBeDisposedOf
0
CY2022 us-gaap Operating Lease Payments
OperatingLeasePayments
1100000
CY2021 us-gaap Operating Lease Payments
OperatingLeasePayments
700000
CY2022 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
2678000
CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1502000
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1471000
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
852000
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1207000
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
650000
CY2022 us-gaap Depreciation
Depreciation
600000
CY2021 us-gaap Depreciation
Depreciation
500000
CY2022 us-gaap Property Plant And Equipment Disposals
PropertyPlantAndEquipmentDisposals
0
CY2021 us-gaap Property Plant And Equipment Disposals
PropertyPlantAndEquipmentDisposals
0
CY2022Q4 phat Accrued Research And Development Expenses
AccruedResearchAndDevelopmentExpenses
3080000
CY2021Q4 phat Accrued Research And Development Expenses
AccruedResearchAndDevelopmentExpenses
3165000
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AccruedEmployeeBenefitsCurrent
8447000
CY2021Q4 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
6344000
CY2022Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
3000000
CY2021Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1855000
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
151000
CY2021Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
41000
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
14678000
CY2021Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
11405000
CY2022Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P2Y7M6D
CY2022 phat Purchase Commitment Expense
PurchaseCommitmentExpense
0
CY2021 phat Purchase Commitment Expense
PurchaseCommitmentExpense
0
CY2022 us-gaap Operating Lease Expense
OperatingLeaseExpense
1000000.0
CY2021 us-gaap Operating Lease Expense
OperatingLeaseExpense
700000
CY2022Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
2287000
CY2021Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
1914000
CY2022Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
2287000
CY2021Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
1914000
CY2022Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
708000
CY2021Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
487000
CY2022Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
1098000
CY2021Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
1183000
CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
1806000
CY2021Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
1670000
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
734000
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
753000
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
513000
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
2000000
CY2022Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
194000
CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
1806000
CY2022Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
708000
CY2022Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
1098000
CY2022Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0820
CY2022Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards Research
DeferredTaxAssetsTaxCreditCarryforwardsResearch
8897000
CY2021Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards Research
DeferredTaxAssetsTaxCreditCarryforwardsResearch
6694000
CY2022Q4 phat Long Term Debt Noncurrent Excluding Unamortized Debt Discount
LongTermDebtNoncurrentExcludingUnamortizedDebtDiscount
104474000
CY2022Q4 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
9210000
CY2022Q4 us-gaap Long Term Debt
LongTermDebt
95264000
CY2022Q4 phat Long Term Debt Maturities Repayments Of Principal And Interest Due Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalAndInterestDueNextTwelveMonths
0
CY2022Q4 phat Long Term Debt Maturities Repayments Of Principal And Interest In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalAndInterestInYearTwo
0
CY2022Q4 phat Long Term Debt Maturities Repayments Of Principal And Interest In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalAndInterestInYearThree
29707000
CY2022Q4 phat Long Term Debt Maturities Repayments Of Principal And Interest In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalAndInterestInYearFour
94764000
CY2022Q4 phat Long Term Debt And Interest
LongTermDebtAndInterest
124471000
CY2022Q4 phat Debt Instrument Interest And Final Payment Fee
DebtInstrumentInterestAndFinalPaymentFee
24471000
CY2022Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
100000000
CY2022 phat Investors Right To Receive Royalties Termination Description
InvestorsRightToReceiveRoyaltiesTerminationDescription
The investors’ right to receive royalties on net sales will terminate when the investors have aggregate payments equal to 200% of the Investment Amount. In addition, at any time after the earlier of (i) April 30, 2024 and (ii) the date that the payment for erosive GERD regulatory approval is made, the Company has the right to make a cap payment equal to 200% of the Investment Amount less any royalties already paid, at which time the agreement will terminate.
CY2022 phat Investors Receipt Description
InvestorsReceiptDescription
If the investors have not received aggregate payments of at least 100% of the Investment Amount by December 31, 2028, and at least 200% of the Investment Amount by December 31, 2037, each a Minimum Amount, then the Company will be obligated to make a cash payment to the investors in an amount sufficient to gross the investors up to the applicable Minimum Amount.
CY2022 phat Default Obligation Description
DefaultObligationDescription
Upon the occurrence of an event of default taking place prior to April 1, 2025, between April 1, 2025, and April 1, 2028, and after April 1, 2028, the Company is obligated to pay 1.30 times Investment Amount, 1.65 times Investment Amount, and 2.0 times investment amount, respectively, less any amounts the Company previously paid pursuant to the agreement.
CY2022 phat Change In Control Description
ChangeInControlDescription
Upon the occurrence of a change in control event taking place prior to the earlier of April 1, 2024, or FDA approval of vonoprazan for erosive GERD, the Company is obligated to pay 200% of the Investment Amount plus either 15% of the Investment Amount if occurrence prior to May 3, 2023, or plus 30% of the Investment Amount if occurrence thereafter.
CY2022 phat Gross Proceeds From Revenue Interest Financing Agreement
GrossProceedsFromRevenueInterestFinancingAgreement
100000000.0
CY2022 phat Payment Of Transaction Costs
PaymentOfTransactionCosts
4600000
CY2022 phat Net Proceeds From Revenue Interest Financing Transaction
NetProceedsFromRevenueInterestFinancingTransaction
95400000
CY2022Q4 phat Revenue Interest Financing Liability
RevenueInterestFinancingLiability
109500000
CY2022Q4 us-gaap Deferred Tax Assets Goodwill And Intangible Assets
DeferredTaxAssetsGoodwillAndIntangibleAssets
25319000
CY2022 phat Gross Proceeds From Revenue Interest Financing Agreement
GrossProceedsFromRevenueInterestFinancingAgreement
100000000
CY2022 phat Payment Of Transaction Costs
PaymentOfTransactionCosts
4554000
CY2022 phat Interest Expense Related To Revenue Interest Financing Liability
InterestExpenseRelatedToRevenueInterestFinancingLiability
14079000
CY2022Q4 phat Revenue Interest Financing Liability
RevenueInterestFinancingLiability
109525000
CY2022 phat Interest Expense Related To Revenue Interest Financing Liability
InterestExpenseRelatedToRevenueInterestFinancingLiability
14100000
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
1144809
CY2022 phat Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Share Vesting
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsShareVesting
890372
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
254437
CY2022Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
8678288
CY2022Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
40000000
CY2022Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2021Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2022Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2021Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2021Q4 us-gaap Deferred Tax Assets Goodwill And Intangible Assets
DeferredTaxAssetsGoodwillAndIntangibleAssets
13809000
CY2022Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
6517000
CY2021Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
3996000
CY2022Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
126651000
CY2021Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
85435000
CY2022 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
1300000
CY2021 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
800000
CY2022 us-gaap Defined Contribution Plan Employer Matching Contribution Percent Of Match
DefinedContributionPlanEmployerMatchingContributionPercentOfMatch
0.75
CY2021Q3 phat Defined Contribution Plan Employer Discretionary Match Number Of Shares Settled
DefinedContributionPlanEmployerDiscretionaryMatchNumberOfSharesSettled
18394
CY2022Q1 phat Defined Contribution Plan Employer Discretionary Match Number Of Shares Settled
DefinedContributionPlanEmployerDiscretionaryMatchNumberOfSharesSettled
16756
CY2022Q3 phat Defined Contribution Plan Employer Discretionary Match Number Of Shares Settled
DefinedContributionPlanEmployerDiscretionaryMatchNumberOfSharesSettled
84784
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
4186729
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
27.53
CY2021 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y10M28D
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
13973000
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
1741931
CY2022 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
14.62
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
342190
CY2022 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
29.32
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
5586470
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
23.40
CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y10M24D
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
4476000
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
2455735
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
25.00
CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
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CY2022Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
2867000
CY2022Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
37300000
CY2022 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
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CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
126170000
CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
85033000
CY2022Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
481000
CY2021Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
402000
CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y10M17D
CY2021 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y11M4D
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.6600
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.6746
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0206
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0068
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2022 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
24133000
CY2021 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
16812000
CY2022 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2021 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2022 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
-41522000
CY2021 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
-30216000
CY2022 phat Income Tax Reconciliation Permanent Items
IncomeTaxReconciliationPermanentItems
2713000
CY2021 phat Income Tax Reconciliation Permanent Items
IncomeTaxReconciliationPermanentItems
1387000
CY2022 us-gaap Income Tax Reconciliation Tax Credits Research
IncomeTaxReconciliationTaxCreditsResearch
2453000
CY2021 us-gaap Income Tax Reconciliation Tax Credits Research
IncomeTaxReconciliationTaxCreditsResearch
2950000
CY2022 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
41137000
CY2021 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
31783000
CY2022 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
125000
CY2021 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
-4000
CY2022 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2021 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2022Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
85918000
CY2022Q4 us-gaap Deferred Tax Liabilities Other
DeferredTaxLiabilitiesOther
481000
CY2021Q4 us-gaap Deferred Tax Liabilities Other
DeferredTaxLiabilitiesOther
402000
CY2022Q4 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
0
CY2021Q4 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
0
CY2021Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
1704000
CY2020Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
938000
CY2022 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
0
CY2021 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
64000
CY2022 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
623000
CY2021 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
702000
CY2022Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
2327000
CY2021Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
1704000
CY2022Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
2327000
CY2022Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
0
CY2022Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0
CY2022 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
0

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Financial_Report.xlsx Edgar Link pending
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phat-20221231.xsd Edgar Link pending
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