$PHAT
Phathom Pharmaceuticals, Inc.

2024 Q1 Form 10-K Financial Statement

#000095017024027910 Filed on March 07, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $1.912M $682.0K $682.0K
YoY Change
Cost Of Revenue $426.0K $167.0K $167.0K
YoY Change
Gross Profit $1.486M $515.0K $515.0K
YoY Change
Gross Profit Margin 77.72% 75.51% 75.51%
Selling, General & Admin $62.01M $57.00M $117.9M
YoY Change 233.42% 85.68% 16.76%
% of Gross Profit 4172.95% 11067.18% 22898.64%
Research & Development $9.430M $13.39M $49.90M
YoY Change -17.85% -16.0% -30.15%
% of Gross Profit 634.59% 2600.78% 9689.13%
Depreciation & Amortization $214.0K $185.0K $575.0K
YoY Change 46.58% 10.12% -7.26%
% of Gross Profit 14.4% 35.92% 111.65%
Operating Expenses $71.44M $70.39M $167.8M
YoY Change 137.52% 50.92% -2.68%
Operating Profit -$69.95M -$69.88M -$167.3M
YoY Change 132.58% -2.97%
Interest Expense $17.17M -$9.681M $41.97M
YoY Change 86.26% 16.43% 53.7%
% of Operating Profit
Other Income/Expense, Net -$12.90M -$14.00K -$34.28M
YoY Change 66.71% -84.44% 35.59%
Pretax Income -$82.85M -$79.57M -$201.6M
YoY Change 119.1% 44.55% 1.96%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$82.85M -$79.57M -$201.6M
YoY Change 119.1% 44.55% 1.96%
Net Earnings / Revenue -4333.26% -11667.16% -29558.94%
Basic Earnings Per Share -$1.42 -$3.93
Diluted Earnings Per Share -$1.42 -$1.39 -$3.93
COMMON SHARES
Basic Shares Outstanding 58.48M 57.25M 51.29M
Diluted Shares Outstanding 58.37M 51.29M

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $322.2M $381.4M $381.4M
YoY Change 148.68% 145.45% 145.45%
Cash & Equivalents $322.2M $381.4M $381.4M
Short-Term Investments
Other Short-Term Assets $12.75M $13.19M $13.19M
YoY Change 24.14% 157.34% 157.34%
Inventory $1.458M $1.208M $1.208M
Prepaid Expenses
Receivables $3.879M $1.637M $1.637M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $340.3M $397.4M $397.4M
YoY Change 143.35% 147.6% 147.6%
LONG-TERM ASSETS
Property, Plant & Equipment $1.962M $2.146M $3.621M
YoY Change 53.88% 77.8% 3.63%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.692M $1.692M $12.79M
YoY Change 465.89% 465.89% 1490.67%
Total Long-Term Assets $16.19M $16.41M $16.41M
YoY Change 288.41% 281.81% 281.81%
TOTAL ASSETS
Total Short-Term Assets $340.3M $397.4M $397.4M
Total Long-Term Assets $16.19M $16.41M $16.41M
Total Assets $356.5M $413.8M $413.8M
YoY Change 147.55% 151.1% 151.1%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $8.403M $12.60M $12.60M
YoY Change 74.88% 26.05% 26.05%
Accrued Expenses $16.54M $17.20M $19.07M
YoY Change 106.38% 17.16% 17.42%
Deferred Revenue $16.48M $7.111M
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00 $7.111M
YoY Change
Total Short-Term Liabilities $43.46M $38.78M $38.78M
YoY Change 200.9% 47.81% 47.81%
LONG-TERM LIABILITIES
Long-Term Debt $149.0M $137.8M $437.7M
YoY Change 54.21% 44.69% 113.71%
Other Long-Term Liabilities $9.700M $9.700M $10.16M
YoY Change 29.33% 29.33% 18.19%
Total Long-Term Liabilities $158.7M $147.5M $447.8M
YoY Change 52.42% 43.57% 109.86%
TOTAL LIABILITIES
Total Short-Term Liabilities $43.46M $38.78M $38.78M
Total Long-Term Liabilities $158.7M $147.5M $447.8M
Total Liabilities $505.0M $486.6M $486.6M
YoY Change 115.62% 103.07% 103.07%
SHAREHOLDERS EQUITY
Retained Earnings -$1.012B -$928.7M
YoY Change 32.24% 27.73%
Common Stock $863.0M $855.9M
YoY Change 27.91% 31.22%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$148.5M -$72.76M -$72.76M
YoY Change
Total Liabilities & Shareholders Equity $356.5M $413.8M $413.8M
YoY Change 147.55% 151.1% 151.1%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$82.85M -$79.57M -$201.6M
YoY Change 119.1% 44.55% 1.96%
Depreciation, Depletion And Amortization $214.0K $185.0K $575.0K
YoY Change 46.58% 10.12% -7.26%
Cash From Operating Activities -$69.02M -$43.80M -$137.6M
YoY Change 73.99% 7.62% -6.11%
INVESTING ACTIVITIES
Capital Expenditures $40.00K $475.0K $1.634M
YoY Change -81.31% 15.29% 56.96%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$40.00K -$475.0K -$1.634M
YoY Change -81.31% 15.29% 56.96%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 9.900M 212.0M 367.6M
YoY Change -29.65% 206.21%
NET CHANGE
Cash From Operating Activities -69.02M -43.80M -137.6M
Cash From Investing Activities -40.00K -475.0K -1.634M
Cash From Financing Activities 9.900M 212.0M 367.6M
Net Change In Cash -59.16M 167.7M 228.4M
YoY Change 129.2% -508.0% -929.55%
FREE CASH FLOW
Cash From Operating Activities -$69.02M -$43.80M -$137.6M
Capital Expenditures $40.00K $475.0K $1.634M
Free Cash Flow -$69.06M -$44.27M -$139.2M
YoY Change 73.16% 7.7% -5.66%

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IncreaseDecreaseInOtherNoncurrentAssets
1394000
CY2022 us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
118000
CY2023 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-137580000
CY2022 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-146530000
CY2023 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1634000
CY2022 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1041000
CY2023 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-1634000
CY2022 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-1041000
CY2023 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
124000
CY2022 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
0
CY2023 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
39318000
CY2022 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
0
CY2023 phat Proceeds From Issuance Underwritten Public Offering
ProceedsFromIssuanceUnderwrittenPublicOffering
141390000
CY2022 phat Proceeds From Issuance Underwritten Public Offering
ProceedsFromIssuanceUnderwrittenPublicOffering
0
CY2023 phat Net Proceeds From Revenue Interest Financing Transaction
NetProceedsFromRevenueInterestFinancingTransaction
172675000
CY2022 phat Net Proceeds From Revenue Interest Financing Transaction
NetProceedsFromRevenueInterestFinancingTransaction
95446000
CY2023 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
367580000
CY2022 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
120042000
CY2023 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
228366000
CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-27529000
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
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
384256000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
155890000
CY2023 us-gaap Interest Paid Net
InterestPaidNet
11133000
CY2022 us-gaap Interest Paid Net
InterestPaidNet
7033000
CY2023 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
18000
CY2022 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
138000
CY2023 phat Non Cash Final Interest Payment Fee
NonCashFinalInterestPaymentFee
2200000
CY2022 phat Non Cash Final Interest Payment Fee
NonCashFinalInterestPaymentFee
0
CY2023 phat Non Cash Settlement Of Employee Stock Purchase Plan Liability In Common Stock
NonCashSettlementOfEmployeeStockPurchasePlanLiabilityInCommonStock
1417000
CY2022 phat Non Cash Settlement Of Employee Stock Purchase Plan Liability In Common Stock
NonCashSettlementOfEmployeeStockPurchasePlanLiabilityInCommonStock
909000
CY2023 phat Non Cash Settlement Of Defined Contribution Plan Liability In Common Stock
NonCashSettlementOfDefinedContributionPlanLiabilityInCommonStock
1612000
CY2022 phat Non Cash Settlement Of Defined Contribution Plan Liability In Common Stock
NonCashSettlementOfDefinedContributionPlanLiabilityInCommonStock
1116000
CY2022 phat Operating Lease Liabilities Arising From Obtaining Right Of Use Assets
OperatingLeaseLiabilitiesArisingFromObtainingRightOfUseAssets
554000
CY2023 us-gaap Use Of Estimates
UseOfEstimates
<p style="font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:'Calibri',sans-serif;font-style:italic;min-width:fit-content;">Use of Estimates</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:'Calibri',sans-serif;min-width:fit-content;">The preparation of the Company’s financial statements requires management to make estimates and assumptions that impact the reported amounts of assets, liabilities, revenues 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 net product revenues and research and development expenses, the valuation for the revenue interest financing liability, and various other equity instruments. In addition, management’s assessment of the Company’s ability to continue as a going concern involves the estimation of the amount and timing of future cash inflows and outflows. </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:'Calibri',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>
CY2023 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Liability Transfers Into Level3
FairValueMeasurementWithUnobservableInputsReconciliationLiabilityTransfersIntoLevel3
0
CY2023 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:'Calibri',sans-serif;font-style:italic;min-width:fit-content;">Concentrations of Credit Risk</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:'Calibri',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><p style="text-indent:4.533%;font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:'Calibri',sans-serif;min-width:fit-content;">The Company is also subject to credit risk from our accounts receivable related to our product sales. The Company monitors exposure within accounts receivable and records a reserve against uncollectible accounts receivable as necessary. The Company extends credit primarily to pharmaceutical wholesale distributors. Customer creditworthiness is monitored and collateral is not required. The amount of the allowance for credit losses is determined primarily on the basis of collection experience and known financial factors regarding specific customers.</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:'Calibri',sans-serif;min-width:fit-content;">As of December 31, 2023</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:'Calibri',sans-serif;min-width:fit-content;">, </span><span style="font-size:10pt;font-family:'Calibri',sans-serif;color:#000000;white-space:pre-wrap;min-width:fit-content;">three</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:'Calibri',sans-serif;min-width:fit-content;"> customers accounted for </span><span style="font-size:10pt;font-family:'Calibri',sans-serif;color:#000000;white-space:pre-wrap;min-width:fit-content;">87</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:'Calibri',sans-serif;min-width:fit-content;">% of the accounts receivable balance, with each of these individual customers ranging from </span><span style="font-size:10pt;font-family:'Calibri',sans-serif;color:#000000;white-space:pre-wrap;min-width:fit-content;">28</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:'Calibri',sans-serif;min-width:fit-content;">% to </span><span style="font-size:10pt;font-family:'Calibri',sans-serif;color:#000000;white-space:pre-wrap;min-width:fit-content;">30</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:'Calibri',sans-serif;min-width:fit-content;">% of the accounts receivable balance. For the </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:'Calibri',sans-serif;min-width:fit-content;">year ended December 31, 2023</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:'Calibri',sans-serif;min-width:fit-content;">, </span><span style="font-size:10pt;font-family:'Calibri',sans-serif;color:#000000;white-space:pre-wrap;min-width:fit-content;">three</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:'Calibri',sans-serif;min-width:fit-content;"> customers accounted for </span><span style="font-size:10pt;font-family:'Calibri',sans-serif;color:#000000;white-space:pre-wrap;min-width:fit-content;">86</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:'Calibri',sans-serif;min-width:fit-content;">% of our product sales, with each of these individual customers ranging from </span><span style="font-size:10pt;font-family:'Calibri',sans-serif;color:#000000;white-space:pre-wrap;min-width:fit-content;">27</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:'Calibri',sans-serif;min-width:fit-content;">% to </span><span style="font-size:10pt;font-family:'Calibri',sans-serif;color:#000000;white-space:pre-wrap;min-width:fit-content;">30</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:'Calibri',sans-serif;min-width:fit-content;">% of our product sales.</span></p>
CY2023 us-gaap Impairment Of Long Lived Assets To Be Disposed Of
ImpairmentOfLongLivedAssetsToBeDisposedOf
0
CY2022 us-gaap Impairment Of Long Lived Assets To Be Disposed Of
ImpairmentOfLongLivedAssetsToBeDisposedOf
0
CY2023 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2023Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
1188000
CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
1806000
CY2023Q4 phat Long Term Debt And Interest
LongTermDebtAndInterest
170944000
CY2023Q4 phat Debt Instrument Interest And Final Payment Fee
DebtInstrumentInterestAndFinalPaymentFee
30944000
CY2023Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
4192000
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
2678000
CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2046000
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1471000
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2146000
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1207000
CY2022 us-gaap Depreciation And Amortization
DepreciationAndAmortization
600000
CY2023 us-gaap Depreciation And Amortization
DepreciationAndAmortization
600000
CY2022 us-gaap Property Plant And Equipment Disposals
PropertyPlantAndEquipmentDisposals
0
CY2023 us-gaap Property Plant And Equipment Disposals
PropertyPlantAndEquipmentDisposals
0
CY2023Q4 phat Accrued Research And Development Expenses
AccruedResearchAndDevelopmentExpenses
1009000
CY2022Q4 phat Accrued Research And Development Expenses
AccruedResearchAndDevelopmentExpenses
3080000
CY2023Q4 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
13318000
CY2022Q4 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
8447000
CY2023Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1771000
CY2022Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
3000000
CY2023Q4 us-gaap Accrued Sales Commission Current
AccruedSalesCommissionCurrent
982000
CY2022Q4 us-gaap Accrued Sales Commission Current
AccruedSalesCommissionCurrent
0
CY2023Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
117000
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
151000
CY2023Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
17197000
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
14678000
CY2023Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
647000
CY2023Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
561000
CY2023Q4 us-gaap Inventory Net
InventoryNet
1208000
CY2023Q4 phat Inventory Raw Materials Noncurrent
InventoryRawMaterialsNoncurrent
8234000
CY2023Q4 phat Inventory Current And Noncurrent
InventoryCurrentAndNoncurrent
9442000
CY2023Q4 phat Accounts Payable And Accrued Expenses Related Parties Current
AccountsPayableAndAccruedExpensesRelatedPartiesCurrent
28000
CY2022Q4 phat Accounts Payable And Accrued Expenses Related Parties Current
AccountsPayableAndAccruedExpensesRelatedPartiesCurrent
15000
CY2023 phat Purchase Commitment Expense
PurchaseCommitmentExpense
300000
CY2022 phat Purchase Commitment Expense
PurchaseCommitmentExpense
0
CY2023 us-gaap Operating Lease Expense
OperatingLeaseExpense
1100000
CY2022 us-gaap Operating Lease Expense
OperatingLeaseExpense
1000000
CY2023Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
1475000
CY2022Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
2287000
CY2023Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
1475000
CY2022Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
2287000
CY2023Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
726000
CY2022Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
708000
CY2023Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
462000
CY2022Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
1098000
CY2023Q4 phat Long Term Debt Maturities Repayments Of Principal And Interest In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalAndInterestInYearThree
7500000
CY2023Q4 phat Long Term Debt Maturities Repayments Of Principal And Interest In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalAndInterestInYearFour
163444000
CY2023Q4 phat Long Term Debt Maturities Repayments Of Principal And Interest In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAndInterestInYearFive
0
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
752000
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
513000
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
1265000
CY2023Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
77000
CY2023Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
1188000
CY2023Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
726000
CY2023Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
462000
CY2023Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P1Y7M6D
CY2023Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0821
CY2022 us-gaap Operating Lease Payments
OperatingLeasePayments
1100000
CY2023 us-gaap Operating Lease Payments
OperatingLeasePayments
1100000
CY2023Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
0
CY2022Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
0
CY2023Q4 phat Long Term Debt Noncurrent Excluding Unamortized Debt Discount
LongTermDebtNoncurrentExcludingUnamortizedDebtDiscount
148057000
CY2022Q4 phat Long Term Debt Noncurrent Excluding Unamortized Debt Discount
LongTermDebtNoncurrentExcludingUnamortizedDebtDiscount
104474000
CY2023Q4 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
10215000
CY2022Q4 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
9210000
CY2023Q4 us-gaap Long Term Debt
LongTermDebt
137842000
CY2022Q4 us-gaap Long Term Debt
LongTermDebt
95264000
CY2023Q4 phat Long Term Debt Maturities Repayments Of Principal And Interest Due Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalAndInterestDueNextTwelveMonths
0
CY2023Q4 phat Long Term Debt Maturities Repayments Of Principal And Interest In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalAndInterestInYearTwo
0
CY2023Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
140000000
CY2023 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.
CY2023 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.
CY2023 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.
CY2023 phat Gross Proceeds From Revenue Interest Financing Agreement
GrossProceedsFromRevenueInterestFinancingAgreement
175000000
CY2023 phat Payment Of Transaction Costs
PaymentOfTransactionCosts
2300000
CY2023 phat Net Proceeds From Revenue Interest Financing Transaction
NetProceedsFromRevenueInterestFinancingTransaction
172700000
CY2022 phat Gross Proceeds From Revenue Interest Financing Agreement
GrossProceedsFromRevenueInterestFinancingAgreement
100000000
CY2022 phat Payment Of Transaction Costs
PaymentOfTransactionCosts
4600000
CY2022 phat Net Proceeds From Revenue Interest Financing Transaction
NetProceedsFromRevenueInterestFinancingTransaction
95400000
CY2023Q4 phat Revenue Interest Financing Liability
RevenueInterestFinancingLiability
306900000
CY2022Q4 phat Revenue Interest Financing Liability
RevenueInterestFinancingLiability
109500000
CY2021Q4 phat Revenue Interest Financing Liability
RevenueInterestFinancingLiability
0
CY2022 phat Gross Proceeds From Revenue Interest Financing Agreement
GrossProceedsFromRevenueInterestFinancingAgreement
100000000
CY2022 phat Payment Of Transaction Costs
PaymentOfTransactionCosts
4554000
CY2022 phat Royalty Payments And Payables
RoyaltyPaymentsAndPayables
0
CY2022 phat Interest Expense Related To Revenue Interest Financing Liability
InterestExpenseRelatedToRevenueInterestFinancingLiability
14079000
CY2022Q4 phat Revenue Interest Financing Liability
RevenueInterestFinancingLiability
109525000
CY2022Q4 phat Revenue Interest Financing Liability
RevenueInterestFinancingLiability
109525000
CY2023 phat Gross Proceeds From Revenue Interest Financing Agreement
GrossProceedsFromRevenueInterestFinancingAgreement
175000000
CY2023 phat Payment Of Transaction Costs
PaymentOfTransactionCosts
2325000
CY2023 phat Royalty Payments And Payables
RoyaltyPaymentsAndPayables
0
CY2023 phat Interest Expense Related To Revenue Interest Financing Liability
InterestExpenseRelatedToRevenueInterestFinancingLiability
24727000
CY2023Q4 phat Revenue Interest Financing Liability
RevenueInterestFinancingLiability
306927000
CY2023 phat Revenue Interest Liability Current
RevenueInterestLiabilityCurrent
7111000
CY2023Q4 phat Revenue Interest Financing Liability Noncurrent
RevenueInterestFinancingLiabilityNoncurrent
299816000
CY2023 phat Interest Expense Related To Revenue Interest Financing Liability
InterestExpenseRelatedToRevenueInterestFinancingLiability
24700000
CY2022 phat Interest Expense Related To Revenue Interest Financing Liability
InterestExpenseRelatedToRevenueInterestFinancingLiability
14100000
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
254437
CY2023 phat Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Share Vesting
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsShareVesting
254437
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
0
CY2023Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
9378875
CY2023Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
40000000
CY2023Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2022Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2023Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2022Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2023 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
1900000
CY2022 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
1300000
CY2023 us-gaap Defined Contribution Plan Employer Matching Contribution Percent Of Match
DefinedContributionPlanEmployerMatchingContributionPercentOfMatch
0.75
CY2023 phat Defined Contribution Plan Employer Discretionary Match Number Of Shares Settled
DefinedContributionPlanEmployerDiscretionaryMatchNumberOfSharesSettled
135956
CY2022 phat Defined Contribution Plan Employer Discretionary Match Number Of Shares Settled
DefinedContributionPlanEmployerDiscretionaryMatchNumberOfSharesSettled
101540
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 phat Share Based Compensation Arrangement By Share Based Payment Award Stock Options Exercised And Shares Vested
ShareBasedCompensationArrangementByShareBasedPaymentAwardStockOptionsExercisedAndSharesVested
0
CY2022 phat Share Based Compensation Arrangements By Share Based Payment Award Options Exercises And Shares Vested In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesAndSharesVestedInPeriodWeightedAverageExercisePrice
0
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
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29.32
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ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
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CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
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P5Y10M17D
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
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CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
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CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0365
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0206
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2023 us-gaap Allocated Share Based Compensation Expense
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CY2022 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
24133000
CY2023 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2022 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
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-42334000
CY2022 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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CY2022 us-gaap Income Tax Reconciliation State And Local Income Taxes
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CY2022 phat Income Tax Reconciliation Permanent Items
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CY2022 us-gaap Income Tax Reconciliation Tax Credits Research
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CY2022 us-gaap Income Tax Reconciliation Change In Enacted Tax Rate
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CY2022 us-gaap Income Tax Reconciliation Other Adjustments
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343000
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0
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0
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0

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