$PHAT
Phathom Pharmaceuticals, Inc.

2024 Q4 Form 10-Q Financial Statement

#000095017024123264 Filed on November 07, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3 2023 Q3
Revenue $16.35M $0.00
YoY Change
Cost Of Revenue $2.356M $0.00
YoY Change
Gross Profit $14.00M $0.00
YoY Change
Gross Profit Margin 85.59%
Selling, General & Admin $76.10M $23.40M
YoY Change 225.21% -0.46%
% of Gross Profit 543.72%
Research & Development $8.693M $12.26M
YoY Change -29.11% -35.53%
% of Gross Profit 62.11%
Depreciation & Amortization $191.0K $100.0K
YoY Change 91.0% -42.86%
% of Gross Profit 1.36%
Operating Expenses $84.79M $35.66M
YoY Change 137.79% -16.15%
Operating Profit -$70.80M -$35.66M
YoY Change 98.54% -16.15%
Interest Expense -$14.77M $10.11M
YoY Change -246.17% 8.95%
% of Operating Profit
Other Income/Expense, Net -$14.78M -$7.584M
YoY Change 94.9% -11.42%
Pretax Income -$85.58M -$43.24M
YoY Change 97.91% -15.37%
Income Tax
% Of Pretax Income
Net Earnings -$85.58M -$43.24M
YoY Change 97.9% -15.36%
Net Earnings / Revenue -523.34%
Basic Earnings Per Share -$1.32 -$0.76
Diluted Earnings Per Share -$1.32 -$0.76
COMMON SHARES
Basic Shares Outstanding 68.38M 59.59M 56.80M
Diluted Shares Outstanding 64.63M 56.78M

Balance Sheet

Concept 2024 Q4 2024 Q3 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $334.7M $213.7M
YoY Change 56.61% 8.57%
Cash & Equivalents $334.7M $213.7M
Short-Term Investments
Other Short-Term Assets $14.98M $12.90M
YoY Change 16.12% 1223.08%
Inventory $3.111M $111.0K
Prepaid Expenses
Receivables $21.05M
Other Receivables $0.00
Total Short-Term Assets $373.8M $226.7M
YoY Change 64.88% 14.62%
LONG-TERM ASSETS
Property, Plant & Equipment $1.655M $1.976M
YoY Change -16.24% 137.79%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.692M $3.750M
YoY Change -54.88% 365.84%
Total Long-Term Assets $13.22M $10.27M
YoY Change 28.8% 149.3%
TOTAL ASSETS
Total Short-Term Assets $373.8M $226.7M
Total Long-Term Assets $13.22M $10.27M
Total Assets $387.0M $237.0M
YoY Change 63.32% 17.36%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.133M $5.794M
YoY Change 23.11% -18.79%
Accrued Expenses $35.76M $13.46M
YoY Change 165.77% 1.25%
Deferred Revenue $20.19M $2.391M
YoY Change 744.58%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $2.400M
YoY Change -100.0% 153.97%
Total Short-Term Liabilities $65.29M $23.98M
YoY Change 172.27% 4.81%
LONG-TERM LIABILITIES
Long-Term Debt $175.7M $99.26M
YoY Change 77.04% 5.73%
Other Long-Term Liabilities $10.75M $7.500M
YoY Change 43.33% 0.0%
Total Long-Term Liabilities $186.5M $106.8M
YoY Change 74.67% 5.31%
TOTAL LIABILITIES
Total Short-Term Liabilities $65.29M $23.98M
Total Long-Term Liabilities $186.5M $106.8M
Total Liabilities $574.2M $254.8M
YoY Change 125.37% 11.57%
SHAREHOLDERS EQUITY
Retained Earnings -$1.189B -$849.1M
YoY Change 39.98% 26.35%
Common Stock $1.001B $831.3M
YoY Change 20.46% 28.77%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$187.1M -$17.77M
YoY Change
Total Liabilities & Shareholders Equity $387.0M $237.0M
YoY Change 63.32% 17.36%

Cashflow Statement

Concept 2024 Q4 2024 Q3 2023 Q3
OPERATING ACTIVITIES
Net Income -$85.58M -$43.24M
YoY Change 97.9% -15.36%
Depreciation, Depletion And Amortization $191.0K $100.0K
YoY Change 91.0% -42.86%
Cash From Operating Activities -$63.57M -$31.91M
YoY Change 99.23% -8.87%
INVESTING ACTIVITIES
Capital Expenditures $44.00K $940.0K
YoY Change -95.32% -801.49%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$44.00K -$940.0K
YoY Change -95.32% 601.49%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 122.1M 20.00K
YoY Change 610185.0% -99.92%
NET CHANGE
Cash From Operating Activities -63.57M -31.91M
Cash From Investing Activities -44.00K -940.0K
Cash From Financing Activities 122.1M 20.00K
Net Change In Cash 58.44M -32.83M
YoY Change -278.01% 211.07%
FREE CASH FLOW
Cash From Operating Activities -$63.57M -$31.91M
Capital Expenditures $44.00K $940.0K
Free Cash Flow -$63.62M -$32.85M
YoY Change 93.66% -5.83%

Facts In Submission

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1311000
us-gaap Inventory Write Down
InventoryWriteDown
716000
us-gaap Inventory Write Down
InventoryWriteDown
0
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-4202000
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-1468000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
1784000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
7813000
us-gaap Increase Decrease In Accounts Receivable
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19415000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
0
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
14993000
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-3857000
phat Increase Decrease In Accrued Clinical Trial Expenses
IncreaseDecreaseInAccruedClinicalTrialExpenses
0
phat Increase Decrease In Accrued Clinical Trial Expenses
IncreaseDecreaseInAccruedClinicalTrialExpenses
661000
us-gaap Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
376000
us-gaap Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
103000
phat Increase Decrease In Operating Right Of Use Asset And Lease Liabilities
IncreaseDecreaseInOperatingRightOfUseAssetAndLeaseLiabilities
134000
phat Increase Decrease In Operating Right Of Use Asset And Lease Liabilities
IncreaseDecreaseInOperatingRightOfUseAssetAndLeaseLiabilities
147000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
566000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
111000
us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
0
us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
3450000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-203314000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-93783000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
130000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1159000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-130000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-1159000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
303000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
124000
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
34650000
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
0
phat Proceeds From Issuance Underwritten Public Offering
ProceedsFromIssuanceUnderwrittenPublicOffering
121775000
phat Proceeds From Issuance Underwritten Public Offering
ProceedsFromIssuanceUnderwrittenPublicOffering
141390000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
0
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
14073000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
156728000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
155587000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-46716000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
60645000
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
CY2024Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
337540000
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
216535000
us-gaap Interest Paid Net
InterestPaidNet
12478000
us-gaap Interest Paid Net
InterestPaidNet
8222000
phat Non Cash Final Interest Payment Fee
NonCashFinalInterestPaymentFee
1050000
phat Non Cash Final Interest Payment Fee
NonCashFinalInterestPaymentFee
0
phat Non Cash Settlement Of Employee Stock Purchase Plan Liability In Common Stock
NonCashSettlementOfEmployeeStockPurchasePlanLiabilityInCommonStock
2401000
phat Non Cash Settlement Of Employee Stock Purchase Plan Liability In Common Stock
NonCashSettlementOfEmployeeStockPurchasePlanLiabilityInCommonStock
1417000
phat Non Cash Settlement Of Defined Contribution Plan Liability In Common Stock
NonCashSettlementOfDefinedContributionPlanLiabilityInCommonStock
3683000
phat Non Cash Settlement Of Defined Contribution Plan Liability In Common Stock
NonCashSettlementOfDefinedContributionPlanLiabilityInCommonStock
1612000
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, research and development expenses, and the valuation for the revenue interest financing liability. 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>
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Liability Transfers Into Level3
FairValueMeasurementWithUnobservableInputsReconciliationLiabilityTransfersIntoLevel3
0
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 wholesale distributors. Customer creditworthiness is monitored and collateral is not required. The allowance for credit losses reflects the best estimate of expected credit losses of the accounts receivable portfolio determined on the basis of historical experience, current information, and forecasts of future economic conditions. The Company determines its allowance methodology by pooling receivable balances at the customer level. The Company considers various factors, including its previous loss history, individual credit risk associated to each customer, and the current and future conditions of the general economy. These credit risk factors are monitored on a quarterly basis and updated as necessary. To the extent that any individual</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:'Calibri',sans-serif;min-width:fit-content;"> </span></p><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-size:10pt;font-family:'Calibri',sans-serif;min-width:fit-content;">debtor is identified whose credit quality has deteriorated, the Company establishes allowances based on the individual risk characteristics of such customer. The Company makes concerted efforts to collect all outstanding balances due from customers; however, account balances are charged off against the allowance when management believes it is probable the receivable will not be recovered. The Company does not have any off-balance-sheet credit exposure related to customers.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:'Calibri',sans-serif;min-width:fit-content;"> </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 September 30, 2024</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;">90</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;">31</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. As of </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:'Calibri',sans-serif;min-width:fit-content;">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;">three and nine months ended September 30, 2024</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;">70</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:'Calibri',sans-serif;min-width:fit-content;">% and </span><span style="font-size:10pt;font-family:'Calibri',sans-serif;color:#000000;white-space:pre-wrap;min-width:fit-content;">68</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:'Calibri',sans-serif;min-width:fit-content;">% of the product sales in both periods, 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;">23</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;">24</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:'Calibri',sans-serif;min-width:fit-content;">% and </span><span style="font-size:10pt;font-family:'Calibri',sans-serif;color:#000000;white-space:pre-wrap;min-width:fit-content;">22</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;">24</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:'Calibri',sans-serif;min-width:fit-content;">% of the product sales, respectively.</span></p>
CY2024Q3 us-gaap Inventory Stated Above Cost
InventoryStatedAboveCost
false
CY2024Q3 phat Charges For Inventory Not Expected To Be Sold Prior To Its Expiration Date
ChargesForInventoryNotExpectedToBeSoldPriorToItsExpirationDate
300000
phat Charges For Inventory Not Expected To Be Sold Prior To Its Expiration Date
ChargesForInventoryNotExpectedToBeSoldPriorToItsExpirationDate
700000
CY2023Q3 us-gaap Inventory Adjustments
InventoryAdjustments
0
phat Charges For Inventory Not Expected To Be Sold Prior To Its Expiration Date
ChargesForInventoryNotExpectedToBeSoldPriorToItsExpirationDate
0
us-gaap Impairment Of Long Lived Assets To Be Disposed Of
ImpairmentOfLongLivedAssetsToBeDisposedOf
0
us-gaap Impairment Of Long Lived Assets To Be Disposed Of
ImpairmentOfLongLivedAssetsToBeDisposedOf
0
CY2024Q3 us-gaap Marketing And Advertising Expense
MarketingAndAdvertisingExpense
17500000
us-gaap Marketing And Advertising Expense
MarketingAndAdvertisingExpense
41000000
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2024Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
4303000
CY2023Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
4192000
CY2024Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2648000
CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2046000
CY2024Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1655000
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2146000
CY2024Q3 us-gaap Depreciation And Amortization
DepreciationAndAmortization
200000
CY2023Q3 us-gaap Depreciation And Amortization
DepreciationAndAmortization
100000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
600000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
400000
us-gaap Property Plant And Equipment Disposals
PropertyPlantAndEquipmentDisposals
0
CY2023 us-gaap Property Plant And Equipment Disposals
PropertyPlantAndEquipmentDisposals
0
CY2024Q3 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
14183000
CY2023Q4 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
13318000
CY2024Q3 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1433000
CY2023Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1771000
CY2024Q3 phat Accrued Research And Development Expenses
AccruedResearchAndDevelopmentExpenses
2871000
CY2023Q4 phat Accrued Research And Development Expenses
AccruedResearchAndDevelopmentExpenses
1009000
CY2024Q3 phat Accrued Revenue Allowances Current
AccruedRevenueAllowancesCurrent
15479000
CY2023Q4 phat Accrued Revenue Allowances Current
AccruedRevenueAllowancesCurrent
982000
CY2024Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1793000
CY2023Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
117000
CY2024Q3 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
35759000
CY2023Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
17197000
CY2024Q3 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
1094000
CY2023Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
647000
CY2024Q3 us-gaap Inventory Raw Materials
InventoryRawMaterials
2017000
CY2023Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
561000
CY2024Q3 us-gaap Inventory Net
InventoryNet
3111000
CY2023Q4 us-gaap Inventory Net
InventoryNet
1208000
CY2024Q3 phat Inventory Raw Materials Noncurrent
InventoryRawMaterialsNoncurrent
6181000
CY2023Q4 phat Inventory Raw Materials Noncurrent
InventoryRawMaterialsNoncurrent
8234000
CY2024Q3 phat Inventory Current And Noncurrent
InventoryCurrentAndNoncurrent
9292000
CY2023Q4 phat Inventory Current And Noncurrent
InventoryCurrentAndNoncurrent
9442000
phat Purchase Commitment Expense
PurchaseCommitmentExpense
300000
CY2024Q3 us-gaap Purchase Commitment Remaining Minimum Amount Committed
PurchaseCommitmentRemainingMinimumAmountCommitted
1800000
CY2024Q3 us-gaap Purchase Commitment Remaining Minimum Amount Committed
PurchaseCommitmentRemainingMinimumAmountCommitted
2000000
CY2024Q3 us-gaap Operating Lease Expense
OperatingLeaseExpense
300000
CY2023Q3 us-gaap Operating Lease Expense
OperatingLeaseExpense
300000
us-gaap Operating Lease Expense
OperatingLeaseExpense
800000
us-gaap Operating Lease Expense
OperatingLeaseExpense
800000
CY2024Q3 us-gaap Short Term Lease Cost
ShortTermLeaseCost
2100000
us-gaap Short Term Lease Cost
ShortTermLeaseCost
7100000
CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
190000
CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
513000
CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
703000
CY2024Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
23000
CY2024Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
680000
CY2024Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
680000
CY2024Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
0
CY2024Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P0Y10M9D
CY2024Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0825
us-gaap Operating Lease Payments
OperatingLeasePayments
700000
us-gaap Operating Lease Payments
OperatingLeasePayments
700000
CY2024Q3 us-gaap Long Term Debt Current
LongTermDebtCurrent
0
CY2023Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
0
CY2024Q3 phat Long Term Debt Noncurrent Excluding Unamortized Debt Discount
LongTermDebtNoncurrentExcludingUnamortizedDebtDiscount
185780000
CY2023Q4 phat Long Term Debt Noncurrent Excluding Unamortized Debt Discount
LongTermDebtNoncurrentExcludingUnamortizedDebtDiscount
148057000
CY2024Q3 us-gaap Debt Instrument Unamortized Discount
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CY2023Q4 us-gaap Debt Instrument Unamortized Discount
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10215000
CY2024Q3 us-gaap Long Term Debt
LongTermDebt
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CY2023Q4 us-gaap Long Term Debt
LongTermDebt
137842000
CY2024Q3 phat Long Term Debt Maturities Repayments Of Principal And Interest Due Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalAndInterestDueNextTwelveMonths
0
CY2024Q3 phat Long Term Debt Maturities Repayments Of Principal And Interest In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalAndInterestInYearTwo
0
CY2024Q3 phat Long Term Debt Maturities Repayments Of Principal And Interest In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalAndInterestInYearThree
7500000
CY2024Q3 phat Long Term Debt Maturities Repayments Of Principal And Interest In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalAndInterestInYearFour
202287000
CY2024Q3 phat Long Term Debt And Interest
LongTermDebtAndInterest
209787000
CY2024Q3 phat Debt Instrument Interest And Final Payment Fee
DebtInstrumentInterestAndFinalPaymentFee
34787000
CY2024Q3 us-gaap Debt Instrument Carrying Amount
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175000000
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 was 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.
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.
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
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2300000
CY2023 phat Net Proceeds From Revenue Interest Financing Transaction
NetProceedsFromRevenueInterestFinancingTransaction
172700000
CY2024Q3 phat Revenue Interest Financing Liability Effective Interest Rate
RevenueInterestFinancingLiabilityEffectiveInterestRate
0.1426
CY2024Q3 phat Revenue Interest Financing Liability
RevenueInterestFinancingLiability
342600000
CY2023Q4 phat Revenue Interest Financing Liability
RevenueInterestFinancingLiability
306900000
CY2022Q4 phat Revenue Interest Financing Liability
RevenueInterestFinancingLiability
109525000
CY2023 phat Gross Proceeds From Revenue Interest Financing Agreement
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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
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24727000
CY2023Q4 phat Revenue Interest Financing Liability
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306927000
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7111000
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299816000
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306927000
phat Gross Proceeds From Revenue Interest Financing Agreement
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0
phat Payment Of Transaction Costs
PaymentOfTransactionCosts
0
phat Royalty Payments And Payables
RoyaltyPaymentsAndPayables
991000
phat Interest Expense Related To Revenue Interest Financing Liability
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36647000
CY2024Q3 phat Revenue Interest Financing Liability
RevenueInterestFinancingLiability
342583000
phat Revenue Interest Liability Current
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20194000
CY2024Q3 phat Revenue Interest Financing Liability Noncurrent
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322389000
CY2024Q3 phat Interest Expense Related To Revenue Interest Financing Liability
InterestExpenseRelatedToRevenueInterestFinancingLiability
12200000
CY2023Q3 phat Interest Expense Related To Revenue Interest Financing Liability
InterestExpenseRelatedToRevenueInterestFinancingLiability
5700000
phat Interest Expense Related To Revenue Interest Financing Liability
InterestExpenseRelatedToRevenueInterestFinancingLiability
36600000
phat Interest Expense Related To Revenue Interest Financing Liability
InterestExpenseRelatedToRevenueInterestFinancingLiability
16300000
CY2024Q3 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
14191348
CY2024Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
40000000
CY2024Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2024Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2023Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2023Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2024Q3 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
1200000
us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
4200000
us-gaap Defined Contribution Plan Employer Matching Contribution Percent Of Match
DefinedContributionPlanEmployerMatchingContributionPercentOfMatch
0.75
CY2023Q3 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
300000
us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
1500000
phat Defined Contribution Plan Employer Discretionary Match Number Of Shares Settled
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383589
phat Defined Contribution Plan Employer Discretionary Match Number Of Shares Settled
DefinedContributionPlanEmployerDiscretionaryMatchNumberOfSharesSettled
135956
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
4550081
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
11.75
CY2023 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
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P7Y6M
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
3379000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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2242400
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
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8.11
phat Share Based Compensation Arrangement By Share Based Payment Award Stock Options Exercised And Shares Vested
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30235
phat Share Based Compensation Arrangements By Share Based Payment Award Options Exercises And Shares Vested In Period Weighted Average Exercise Price
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10.01
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
313412
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
13.72
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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6448834
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
10.4
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y6M7D
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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51605000
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
2975481
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
11.91
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
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P5Y11M4D
CY2024Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
20402000
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
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6448834
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
10.4
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P7Y6M7D
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
51605000
CY2024Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
18100000
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y4M24D
CY2024Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5635000
CY2023Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6140000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
17360000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
20441000
CY2024Q3 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q3 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q3 phat Rule10 B51 Arr Modified Flag
Rule10B51ArrModifiedFlag
false
CY2024Q3 phat Non Rule10 B51 Arr Modified Flag
NonRule10B51ArrModifiedFlag
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CY2024Q3 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q3 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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