$PHAT
Phathom Pharmaceuticals, Inc.

2021 Q1 Form 10-K Financial Statement

#000156459021016682 Filed on March 30, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q4 2020 Q3
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $13.00M $10.79M $7.060M
YoY Change 188.25% 260.87% 290.06%
% of Gross Profit
Research & Development $20.58M $41.65M $25.77M
YoY Change 29.72% 227.88% 476.64%
% of Gross Profit
Depreciation & Amortization $125.0K $100.0K $88.00K
YoY Change 140.38% 900.0% 4300.0%
% of Gross Profit
Operating Expenses $33.58M $52.44M $32.83M
YoY Change 64.83% 234.16% 422.6%
Operating Profit -$33.58M -$52.44M -$32.83M
YoY Change 64.83% 234.16% 422.6%
Interest Expense $1.272M -$1.280M $1.286M
YoY Change 72.36% 166.67% -35.38%
% of Operating Profit
Other Income/Expense, Net -$1.259M -$1.282M -$1.275M
YoY Change -638.03% -98.44% -97.94%
Pretax Income -$34.84M -$53.72M -$34.11M
YoY Change 72.99% -45.19% -49.92%
Income Tax
% Of Pretax Income
Net Earnings -$34.84M -$53.72M -$34.11M
YoY Change 73.0% -45.19% -49.93%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$959.8K -$1.590M -$1.316M
COMMON SHARES
Basic Shares Outstanding 31.32M
Diluted Shares Outstanding

Balance Sheet

Concept 2021 Q1 2020 Q4 2020 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $238.0M $287.5M $226.4M
YoY Change -7.28% 17.92% 203.89%
Cash & Equivalents $238.0M $287.5M $226.4M
Short-Term Investments
Other Short-Term Assets $4.800M $3.900M $800.0K
YoY Change -7.69% -66.95% -75.0%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $242.8M $291.4M $227.2M
YoY Change -7.26% 13.99% 192.58%
LONG-TERM ASSETS
Property, Plant & Equipment $3.200M $986.0K $3.300M
YoY Change 88.24% 112.96% 8150.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $400.0K $384.0K $381.0K
YoY Change 0.0% 112.15% -81.07%
Total Long-Term Assets $3.600M $3.743M $3.689M
YoY Change 71.43% 137.35% 79.69%
TOTAL ASSETS
Total Short-Term Assets $242.8M $291.4M $227.2M
Total Long-Term Assets $3.600M $3.743M $3.689M
Total Assets $246.4M $295.1M $230.9M
YoY Change -6.63% 14.75% 189.68%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $10.90M $16.78M $4.788M
YoY Change 808.33% 2300.86% 990.66%
Accrued Expenses $18.20M $10.61M $16.59M
YoY Change 435.29% 357.35% 682.69%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $11.80M $7.353M $5.556M
YoY Change
Total Short-Term Liabilities $40.80M $55.52M $27.67M
YoY Change 791.61% 1381.43% -86.66%
LONG-TERM LIABILITIES
Long-Term Debt $35.60M $39.63M $41.06M
YoY Change -22.44% 74.01% 81.69%
Other Long-Term Liabilities $5.600M $4.125M $4.125M
YoY Change 35.76% 99.95% 99.95%
Total Long-Term Liabilities $41.20M $43.76M $45.19M
YoY Change 898.79% 76.16% 2090.35%
TOTAL LIABILITIES
Total Short-Term Liabilities $40.80M $55.52M $27.67M
Total Long-Term Liabilities $41.20M $43.76M $45.19M
Total Liabilities $82.00M $100.8M $74.50M
YoY Change 48.5% 245.07% -67.91%
SHAREHOLDERS EQUITY
Retained Earnings -$385.5M -$331.8M
YoY Change 50.33% 109.43%
Common Stock $579.8M $488.2M
YoY Change 19.69% 8101.51%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $164.3M $194.3M $156.4M
YoY Change
Total Liabilities & Shareholders Equity $246.4M $295.1M $230.9M
YoY Change -6.64% 14.75% 189.68%

Cashflow Statement

Concept 2021 Q1 2020 Q4 2020 Q3
OPERATING ACTIVITIES
Net Income -$34.84M -$53.72M -$34.11M
YoY Change 73.0% -45.19% -49.93%
Depreciation, Depletion And Amortization $125.0K $100.0K $88.00K
YoY Change 140.38% 900.0% 4300.0%
Cash From Operating Activities -$49.77M -$28.20M -$20.73M
YoY Change 335.89% 20.62% 191.56%
INVESTING ACTIVITIES
Capital Expenditures $169.0K -$120.0K -$190.0K
YoY Change -75.0% 20.0% 533.33%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$169.0K -$120.0K -$190.0K
YoY Change -75.0% 9.09% 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 412.0K 89.46M 0.000
YoY Change -98.35% -53.59% -100.0%
NET CHANGE
Cash From Operating Activities -49.77M -28.20M -20.73M
Cash From Investing Activities -169.0K -120.0K -190.0K
Cash From Financing Activities 412.0K 89.46M 0.000
Net Change In Cash -49.52M 61.14M -20.92M
YoY Change -483.68% -63.88% 148.46%
FREE CASH FLOW
Cash From Operating Activities -$49.77M -$28.20M -$20.73M
Capital Expenditures $169.0K -$120.0K -$190.0K
Free Cash Flow -$49.93M -$28.08M -$20.54M
YoY Change 312.92% 20.62% 190.11%

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<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:5.24%;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>
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<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:5.24%;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>
CY2019 us-gaap Property Plant And Equipment Disposals
PropertyPlantAndEquipmentDisposals
0
CY2019Q4 phat Accrued Research And Development Expenses
AccruedResearchAndDevelopmentExpenses
384000
CY2019Q4 us-gaap Accrued Employee Benefits Current
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1052000
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478000
CY2019Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
405000
CY2019Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
50000000
CY2020 phat Purchase Commitment Expense
PurchaseCommitmentExpense
0
CY2020Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
2031000
CY2019Q4 us-gaap Fair Value Liabilities Level1 To Level2 Transfers Amount
FairValueLiabilitiesLevel1ToLevel2TransfersAmount
0
CY2019Q4 us-gaap Fair Value Liabilities Level2 To Level1 Transfers Amount
FairValueLiabilitiesLevel2ToLevel1TransfersAmount
0
CY2019 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Liability Transfers Into Level3
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0
CY2019 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Liability Transfers Out Of Level3
FairValueMeasurementWithUnobservableInputsReconciliationLiabilityTransfersOutOfLevel3
0
CY2020 us-gaap Impairment Of Long Lived Assets To Be Disposed Of
ImpairmentOfLongLivedAssetsToBeDisposedOf
0
CY2020 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2020Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1317000
CY2020Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
331000
CY2019 us-gaap Depreciation
Depreciation
8000
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
490000
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
21.36
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
8.98
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
529000
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
342000
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
2380000
CY2020Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
349000
CY2020Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y6M21D
CY2020Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0725
CY2020 us-gaap Operating Lease Payments
OperatingLeasePayments
900000
CY2020Q4 phat Long Term Debt Noncurrent Excluding Unamortized Debt Discount
LongTermDebtNoncurrentExcludingUnamortizedDebtDiscount
42647000
CY2020Q4 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
3013000
CY2020Q4 us-gaap Long Term Debt
LongTermDebt
46987000
CY2020Q4 phat Long Term Debt Maturities Repayments Of Principal And Interest Due Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalAndInterestDueNextTwelveMonths
10938000
CY2020Q4 phat Long Term Debt Maturities Repayments Of Principal And Interest In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalAndInterestInYearTwo
20187000
CY2020Q4 phat Long Term Debt Maturities Repayments Of Principal And Interest In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalAndInterestInYearThree
18889000
CY2020Q4 phat Long Term Debt Maturities Repayments Of Principal And Interest In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalAndInterestInYearFour
11614000
CY2020Q4 phat Long Term Debt And Interest
LongTermDebtAndInterest
61628000
CY2020Q4 phat Debt Instrument Interest And Final Payment Fee
DebtInstrumentInterestAndFinalPaymentFee
11628000
CY2020Q4 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
CY2020 phat Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Share Vesting
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsShareVesting
1489489
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
2746759
CY2020Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
13374936
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1400528
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
1376477
CY2020 phat Share Based Compensation Arrangement By Share Based Payment Award Stock Options Exercised And Shares Vested
ShareBasedCompensationArrangementByShareBasedPaymentAwardStockOptionsExercisedAndSharesVested
-48263
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2728742
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
345043
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
2728742
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
9.10
CY2020 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
33.55
CY2020 phat Share Based Compensation Arrangements By Share Based Payment Award Options Exercises And Shares Vested In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesAndSharesVestedInPeriodWeightedAverageExercisePrice
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CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
21.36
CY2019 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P9Y8M8D
CY2020 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P9Y1M6D
CY2020 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P8Y8M4D
CY2020 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P9Y1M6D
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
30874000
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
34432000
CY2020Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
8362000
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
34432000
CY2020 phat Closing Market Price Of Common Stock
ClosingMarketPriceOfCommonStock
33.22
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
1500000
CY2019 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0
CY2020Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
28200000
CY2020 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P3Y9M18D
CY2020 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y21D
CY2019 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y25D
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.6507
CY2019 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.6017
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0051
CY2019 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0158
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00
CY2020 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5840000
CY2019 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
406000
CY2020 phat Income Tax Reconciliation Change In Fair Value Of Warrants And Convertible Debt
IncomeTaxReconciliationChangeInFairValueOfWarrantsAndConvertibleDebt
-20000
CY2020 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2019 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2019 phat Income Tax Reconciliation Change In Fair Value Of Warrants And Convertible Debt
IncomeTaxReconciliationChangeInFairValueOfWarrantsAndConvertibleDebt
30622000
CY2020 us-gaap Income Tax Reconciliation Tax Credits Research
IncomeTaxReconciliationTaxCreditsResearch
3047000
CY2020 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
-27105000
CY2019 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
-53578000
CY2020 phat Income Tax Reconciliation Permanent Items
IncomeTaxReconciliationPermanentItems
291000
CY2019 phat Income Tax Reconciliation Permanent Items
IncomeTaxReconciliationPermanentItems
552000
CY2019 us-gaap Income Tax Reconciliation Tax Credits Research
IncomeTaxReconciliationTaxCreditsResearch
697000
CY2020 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
29949000
CY2019 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
23046000
CY2020 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
-68000
CY2019 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
55000
CY2020Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
33162000
CY2019Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
6322000
CY2020Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards Research
DeferredTaxAssetsTaxCreditCarryforwardsResearch
3744000
CY2019Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards Research
DeferredTaxAssetsTaxCreditCarryforwardsResearch
697000
CY2020Q4 us-gaap Deferred Tax Assets Goodwill And Intangible Assets
DeferredTaxAssetsGoodwillAndIntangibleAssets
14929000
CY2019Q4 us-gaap Deferred Tax Assets Goodwill And Intangible Assets
DeferredTaxAssetsGoodwillAndIntangibleAssets
16050000
CY2020Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
1914000
CY2019Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
428000
CY2020Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
53749000
CY2019Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
23497000
CY2020Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
53250000
CY2019Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
23301000
CY2020Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
499000
CY2019Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
196000
CY2020Q4 us-gaap Deferred Tax Liabilities Other
DeferredTaxLiabilitiesOther
499000
CY2019Q4 us-gaap Deferred Tax Liabilities Other
DeferredTaxLiabilitiesOther
196000
CY2019Q4 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
0
CY2019Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
176000
CY2020 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
762000
CY2019 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
176000
CY2020Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
938000
CY2020Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
0
CY2020 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
0
CY2020Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0
CY2020 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
300000
CY2020Q4 phat Defined Contribution Plans Liabilities
DefinedContributionPlansLiabilities
300000
CY2020 us-gaap Defined Contribution Plan Employer Matching Contribution Percent Of Match
DefinedContributionPlanEmployerMatchingContributionPercentOfMatch
0.75
CY2020Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
15865000
CY2020Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
14859000
CY2020Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
25770000
CY2020Q4 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
41654000
CY2020Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
4510000
CY2020Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
5162000
CY2020Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
7060000
CY2020Q4 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
10785000
CY2020Q1 us-gaap Operating Expenses
OperatingExpenses
20375000
CY2020Q2 us-gaap Operating Expenses
OperatingExpenses
20021000
CY2020Q3 us-gaap Operating Expenses
OperatingExpenses
32830000
CY2020Q4 us-gaap Operating Expenses
OperatingExpenses
52439000
CY2020Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-20375000
CY2020Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-20021000
CY2020Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-32830000
CY2020Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
-52439000
CY2020Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
234000
CY2020Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-1080000
CY2020Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-1275000
CY2020Q4 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-1282000
CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
-20141000
CY2020Q2 us-gaap Net Income Loss
NetIncomeLoss
-21101000
CY2020Q3 us-gaap Net Income Loss
NetIncomeLoss
-34105000
CY2020Q4 us-gaap Net Income Loss
NetIncomeLoss
-53721000
CY2020Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.62
CY2020Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.64
CY2020Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-1.02
CY2020Q4 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-1.58
CY2020Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
32470402
CY2020Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
32997099
CY2020Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
33366237
CY2020Q4 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
34060291
CY2019Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
429000
CY2019Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2772000
CY2019Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
4469000
CY2019Q4 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
12704000
CY2019Q2 phat Process Research And Development
ProcessResearchAndDevelopment
78897000
CY2019Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
797000
CY2019Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
1345000
CY2019Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
1813000
CY2019Q4 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
2989000
CY2019Q1 us-gaap Operating Expenses
OperatingExpenses
1226000
CY2019Q2 us-gaap Operating Expenses
OperatingExpenses
83014000
CY2019Q3 us-gaap Operating Expenses
OperatingExpenses
6282000
CY2019Q4 us-gaap Operating Expenses
OperatingExpenses
15693000
CY2019Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-1226000
CY2019Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-83014000
CY2019Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-6282000
CY2019Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
-15693000
CY2019Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-25000
CY2019Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-4748000
CY2019Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-61830000
CY2019Q4 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-82313000
CY2019Q1 us-gaap Net Income Loss
NetIncomeLoss
-1251000
CY2019Q2 us-gaap Net Income Loss
NetIncomeLoss
-87762000
CY2019Q3 us-gaap Net Income Loss
NetIncomeLoss
-68112000
CY2019Q4 us-gaap Net Income Loss
NetIncomeLoss
-98006000
CY2019Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.19
CY2019Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-13.11
CY2019Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-9.30
CY2019Q4 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-3.97
CY2019Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
6585503
CY2019Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
6694682
CY2019Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
7326090
CY2019Q4 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
24706661

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