$PHAT
Phathom Pharmaceuticals, Inc.

2020 Q3 Form 10-Q Financial Statement

#000156459020052962 Filed on November 10, 2020

View on sec.gov

Income Statement

Concept 2020 Q3 2019 Q3 2019 Q2
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $7.060M $1.810M $1.350M
YoY Change 290.06% 596.15%
% of Gross Profit
Research & Development $25.77M $4.469M $2.772M
YoY Change 476.64% 74383.33%
% of Gross Profit
Depreciation & Amortization $88.00K $2.000K
YoY Change 4300.0%
% of Gross Profit
Operating Expenses $32.83M $6.282M $83.01M
YoY Change 422.6% 2244.03% 32454.51%
Operating Profit -$32.83M -$6.282M -$83.01M
YoY Change 422.6% 2244.03% 32454.51%
Interest Expense $1.286M $1.990M -$1.040M
YoY Change -35.38% 49650.0%
% of Operating Profit
Other Income/Expense, Net -$1.275M -$61.83M -$4.748M
YoY Change -97.94% 280945.45% 94860.0%
Pretax Income -$34.11M -$68.11M -$87.76M
YoY Change -49.92% 23386.21%
Income Tax
% Of Pretax Income
Net Earnings -$34.11M -$68.11M -$87.76M
YoY Change -49.93% 23386.9% 33654.62%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$1.316M -$2.777M -$3.391M
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q3 2019 Q3 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $226.4M $74.50M $82.90M
YoY Change 203.89%
Cash & Equivalents $226.4M $74.48M $82.92M
Short-Term Investments
Other Short-Term Assets $800.0K $3.200M $1.600M
YoY Change -75.0%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $227.2M $77.65M $84.50M
YoY Change 192.58%
LONG-TERM ASSETS
Property, Plant & Equipment $3.300M $40.00K
YoY Change 8150.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $381.0K $2.013M $300.0K
YoY Change -81.07%
Total Long-Term Assets $3.689M $2.053M $400.0K
YoY Change 79.69%
TOTAL ASSETS
Total Short-Term Assets $227.2M $77.65M $84.50M
Total Long-Term Assets $3.689M $2.053M $400.0K
Total Assets $230.9M $79.71M $84.90M
YoY Change 189.68%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.788M $439.0K $500.0K
YoY Change 990.66%
Accrued Expenses $16.59M $2.120M $2.000M
YoY Change 682.69%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $95.20M $92.70M
YoY Change -100.0%
Long-Term Debt Due $5.556M
YoY Change
Total Short-Term Liabilities $27.67M $207.5M $144.8M
YoY Change -86.66%
LONG-TERM LIABILITIES
Long-Term Debt $41.06M $22.60M $22.40M
YoY Change 81.69%
Other Long-Term Liabilities $4.125M $2.063M $2.100M
YoY Change 99.95%
Total Long-Term Liabilities $45.19M $2.063M $24.50M
YoY Change 2090.35%
TOTAL LIABILITIES
Total Short-Term Liabilities $27.67M $207.5M $144.8M
Total Long-Term Liabilities $45.19M $2.063M $24.50M
Total Liabilities $74.50M $232.2M $169.3M
YoY Change -67.91%
SHAREHOLDERS EQUITY
Retained Earnings -$331.8M -$158.4M
YoY Change 109.43%
Common Stock $488.2M $5.952M
YoY Change 8101.51%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $156.4M -$152.5M -$84.39M
YoY Change
Total Liabilities & Shareholders Equity $230.9M $79.71M $84.90M
YoY Change 189.68%

Cashflow Statement

Concept 2020 Q3 2019 Q3 2019 Q2
OPERATING ACTIVITIES
Net Income -$34.11M -$68.11M -$87.76M
YoY Change -49.93% 23386.9% 33654.62%
Depreciation, Depletion And Amortization $88.00K $2.000K
YoY Change 4300.0%
Cash From Operating Activities -$20.73M -$7.110M -$5.210M
YoY Change 191.56% 2533.33% 1057.78%
INVESTING ACTIVITIES
Capital Expenditures -$190.0K -$30.00K
YoY Change 533.33%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$25.12M
YoY Change
Cash From Investing Activities -$190.0K -$20.00K -$25.12M
YoY Change 850.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 -1.290M 113.2M
YoY Change -100.0% -530.0% 20476.36%
NET CHANGE
Cash From Operating Activities -20.73M -7.110M -5.210M
Cash From Investing Activities -190.0K -20.00K -25.12M
Cash From Financing Activities 0.000 -1.290M 113.2M
Net Change In Cash -20.92M -8.420M 82.84M
YoY Change 148.46% -28166.67% 82740.0%
FREE CASH FLOW
Cash From Operating Activities -$20.73M -$7.110M -$5.210M
Capital Expenditures -$190.0K -$30.00K
Free Cash Flow -$20.54M -$7.080M
YoY Change 190.11% 2522.22%

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us-gaap Use Of Estimates
UseOfEstimates
<p style="margin-top:10pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="margin-top:10pt;margin-bottom:0pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of the Company&#8217;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&#8217;s financial statements and accompanying notes. The most significant estimates in the Company&#8217;s financial statements relate to accruals for research and development expenses, and the valuation of convertible promissory notes, warrant liabilities and various other equity instruments. Although these estimates are based on the Company&#8217;s knowledge of current events and actions it may undertake in the future, actual results could differ materially from those estimates and assumptions.</p>
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="margin-bottom:0pt;margin-top:10pt;text-indent:0%;font-style:italic;font-size:10pt;font-weight:bold;font-family:Times New Roman;text-transform:none;font-variant: normal;">Concentrations of Credit Risk</p> <p style="text-align:left;margin-bottom:0pt;margin-top:10pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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.</p>
CY2019Q4 us-gaap Stockholders Equity Note Stock Split
StockholdersEquityNoteStockSplit
2.168-for-1
CY2019Q4 us-gaap Stockholders Equity Note Stock Split Conversion Ratio1
StockholdersEquityNoteStockSplitConversionRatio1
2.168
CY2019Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
50000000
CY2020Q3 us-gaap Fair Value Liabilities Level1 To Level2 Transfers Amount
FairValueLiabilitiesLevel1ToLevel2TransfersAmount
0
CY2019Q4 us-gaap Fair Value Liabilities Level1 To Level2 Transfers Amount
FairValueLiabilitiesLevel1ToLevel2TransfersAmount
0
CY2020Q3 us-gaap Fair Value Liabilities Level2 To Level1 Transfers Amount
FairValueLiabilitiesLevel2ToLevel1TransfersAmount
0
CY2019Q4 us-gaap Fair Value Liabilities Level2 To Level1 Transfers Amount
FairValueLiabilitiesLevel2ToLevel1TransfersAmount
0
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Liability Transfers Into Level3
FairValueMeasurementWithUnobservableInputsReconciliationLiabilityTransfersIntoLevel3
0
CY2019 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Liability Transfers Into Level3
FairValueMeasurementWithUnobservableInputsReconciliationLiabilityTransfersIntoLevel3
0
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Liability Transfers Out Of Level3
FairValueMeasurementWithUnobservableInputsReconciliationLiabilityTransfersOutOfLevel3
0
CY2019 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Liability Transfers Out Of Level3
FairValueMeasurementWithUnobservableInputsReconciliationLiabilityTransfersOutOfLevel3
0
us-gaap Impairment Of Long Lived Assets To Be Disposed Of
ImpairmentOfLongLivedAssetsToBeDisposedOf
0
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2020Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1087000
CY2019Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
471000
CY2020Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
225000
CY2019Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
8000
CY2020Q3 us-gaap Depreciation
Depreciation
88000
us-gaap Depreciation
Depreciation
217000
us-gaap Depreciation
Depreciation
2000
CY2019Q3 us-gaap Depreciation
Depreciation
2000
us-gaap Property Plant And Equipment Disposals
PropertyPlantAndEquipmentDisposals
0
CY2019 us-gaap Property Plant And Equipment Disposals
PropertyPlantAndEquipmentDisposals
0
CY2020Q3 phat Accrued Research And Development Expenses
AccruedResearchAndDevelopmentExpenses
13361000
CY2019Q4 phat Accrued Research And Development Expenses
AccruedResearchAndDevelopmentExpenses
384000
CY2020Q3 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
2468000
CY2019Q4 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
1052000
CY2020Q3 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
762000
CY2019Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
478000
CY2020Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
2000
CY2019Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
405000
CY2020Q3 us-gaap Operating Lease Expense
OperatingLeaseExpense
200000
us-gaap Operating Lease Expense
OperatingLeaseExpense
400000
CY2019Q3 us-gaap Operating Lease Expense
OperatingLeaseExpense
0
us-gaap Operating Lease Expense
OperatingLeaseExpense
0
CY2020Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
2075000
CY2019Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
796000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
120000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
490000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
503000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
516000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
529000
CY2020Q3 phat Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
342000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
2500000
CY2020Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
425000
CY2020Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y9M21D
CY2020Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0725
us-gaap Operating Lease Payments
OperatingLeasePayments
800000
us-gaap Operating Lease Payments
OperatingLeasePayments
0
CY2020Q3 phat Long Term Debt Noncurrent Excluding Unamortized Debt Discount
LongTermDebtNoncurrentExcludingUnamortizedDebtDiscount
44444000
CY2020Q3 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
3382000
CY2020Q3 us-gaap Long Term Debt
LongTermDebt
46618000
CY2020Q3 phat Long Term Debt Maturities Repayments Of Principal And Interest Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalAndInterestRemainderOfFiscalYear
916000
CY2020Q3 phat Long Term Debt Maturities Repayments Of Principal And Interest Due Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalAndInterestDueNextTwelveMonths
13219000
CY2020Q3 phat Long Term Debt Maturities Repayments Of Principal And Interest In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalAndInterestInYearTwo
19065000
CY2020Q3 phat Long Term Debt Maturities Repayments Of Principal And Interest In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalAndInterestInYearThree
17840000
CY2020Q3 phat Long Term Debt Maturities Repayments Of Principal And Interest In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalAndInterestInYearFour
11198000
CY2020Q3 phat Long Term Debt And Interest
LongTermDebtAndInterest
62238000
CY2020Q3 phat Debt Instrument Interest And Final Payment Fee
DebtInstrumentInterestAndFinalPaymentFee
12238000
CY2020Q3 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
50000000
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
4236248
phat Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Share Vesting
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsShareVesting
1187835
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
3048413
CY2020Q3 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
13423199
CY2020Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
40000000
CY2020Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2019Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2020Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2019Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1400528
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
1134977
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2535505
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
141367
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
9.10
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
32.14
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
19.41
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
12.58
CY2019 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P9Y8M8D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P9Y3M7D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P8Y11M23D
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
30874000
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
43767000
CY2020Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
3405000
CY2020Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
24700000
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P3Y9M18D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y2M23D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y25D
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.5624
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.6017
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0036
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0158
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00
CY2020Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2070000
CY2019Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
37000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3461000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
66000

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