$PHAT
Phathom Pharmaceuticals, Inc.

2021 Q3 Form 10-Q Financial Statement

#000156459021055073 Filed on November 08, 2021

View on sec.gov

Income Statement

Concept 2021 Q3 2020 Q3 2020 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 $16.53M $7.060M $5.160M
YoY Change 134.12% 290.06% 282.22%
% of Gross Profit
Research & Development $16.61M $25.77M $14.86M
YoY Change -35.55% 476.64% 436.04%
% of Gross Profit
Depreciation & Amortization $130.0K $88.00K $77.00K
YoY Change 47.73% 4300.0%
% of Gross Profit
Operating Expenses $33.14M $32.83M $20.02M
YoY Change 0.94% 422.6% -75.88%
Operating Profit -$33.14M -$32.83M -$20.02M
YoY Change 0.94% 422.6% -75.88%
Interest Expense $1.485M $1.286M $1.262M
YoY Change 15.47% -35.38% -221.35%
% of Operating Profit
Other Income/Expense, Net -$2.048M -$1.275M -$1.080M
YoY Change 60.63% -97.94% -77.25%
Pretax Income -$36.66M -$34.11M -$21.10M
YoY Change 7.48% -49.92% -75.96%
Income Tax
% Of Pretax Income
Net Earnings -$36.66M -$34.11M -$21.10M
YoY Change 7.5% -49.93% -75.96%
Net Earnings / Revenue
Basic Earnings Per Share -$0.98
Diluted Earnings Per Share -$1.220M -$1.316M -$823.9K
COMMON SHARES
Basic Shares Outstanding 37.30M
Diluted Shares Outstanding 37.30M

Balance Sheet

Concept 2021 Q3 2020 Q3 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $224.6M $226.4M $247.3M
YoY Change -0.79% 203.89% 198.31%
Cash & Equivalents $224.6M $226.4M $247.3M
Short-Term Investments
Other Short-Term Assets $695.0K $800.0K $1.400M
YoY Change -13.13% -75.0% -12.5%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $225.3M $227.2M $248.7M
YoY Change -0.83% 192.58% 194.32%
LONG-TERM ASSETS
Property, Plant & Equipment $692.0K $3.300M $3.400M
YoY Change -79.03% 8150.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $341.0K $381.0K $400.0K
YoY Change -10.5% -81.07% 33.33%
Total Long-Term Assets $3.064M $3.689M $3.700M
YoY Change -16.94% 79.69% 825.0%
TOTAL ASSETS
Total Short-Term Assets $225.3M $227.2M $248.7M
Total Long-Term Assets $3.064M $3.689M $3.700M
Total Assets $228.4M $230.9M $252.4M
YoY Change -1.09% 189.68% 197.29%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.582M $4.788M $4.900M
YoY Change 16.58% 990.66% 880.0%
Accrued Expenses $11.04M $16.59M $7.000M
YoY Change -33.47% 682.69% 250.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
Long-Term Debt Due $0.00 $5.556M $1.400M
YoY Change -100.0%
Total Short-Term Liabilities $27.81M $27.67M $13.30M
YoY Change 0.51% -86.66% -90.81%
LONG-TERM LIABILITIES
Long-Term Debt $88.31M $41.06M $44.90M
YoY Change 115.05% 81.69% 100.45%
Other Long-Term Liabilities $8.780M $4.125M $5.900M
YoY Change 112.85% 99.95% 180.95%
Total Long-Term Liabilities $97.09M $45.19M $50.80M
YoY Change 114.85% 2090.35% 107.35%
TOTAL LIABILITIES
Total Short-Term Liabilities $27.81M $27.67M $13.30M
Total Long-Term Liabilities $97.09M $45.19M $50.80M
Total Liabilities $124.9M $74.50M $64.00M
YoY Change 67.64% -67.91% -62.2%
SHAREHOLDERS EQUITY
Retained Earnings -$493.5M -$331.8M
YoY Change 48.76% 109.43%
Common Stock $597.0M $488.2M
YoY Change 22.3% 8101.51%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $103.5M $156.4M $188.4M
YoY Change
Total Liabilities & Shareholders Equity $228.4M $230.9M $252.4M
YoY Change -1.09% 189.68% 197.29%

Cashflow Statement

Concept 2021 Q3 2020 Q3 2020 Q2
OPERATING ACTIVITIES
Net Income -$36.66M -$34.11M -$21.10M
YoY Change 7.5% -49.93% -75.96%
Depreciation, Depletion And Amortization $130.0K $88.00K $77.00K
YoY Change 47.73% 4300.0%
Cash From Operating Activities -$29.07M -$20.73M -$9.340M
YoY Change 40.21% 191.56% 79.27%
INVESTING ACTIVITIES
Capital Expenditures -$14.00K -$190.0K -$50.00K
YoY Change -92.63% 533.33%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$14.00K -$190.0K -$50.00K
YoY Change -92.63% 850.0% -99.8%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 44.03M 0.000 0.000
YoY Change -100.0% -100.0%
NET CHANGE
Cash From Operating Activities -29.07M -20.73M -9.340M
Cash From Investing Activities -14.00K -190.0K -50.00K
Cash From Financing Activities 44.03M 0.000 0.000
Net Change In Cash 14.95M -20.92M -9.390M
YoY Change -171.46% 148.46% -111.34%
FREE CASH FLOW
Cash From Operating Activities -$29.07M -$20.73M -$9.340M
Capital Expenditures -$14.00K -$190.0K -$50.00K
Free Cash Flow -$29.05M -$20.54M -$9.290M
YoY Change 41.44% 190.11%

Facts In Submission

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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: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’s financial statements requires it to make estimates and assumptions that impact the reported amounts of assets, liabilities and expenses and the disclosure of contingent assets and liabilities in the Company’s financial statements and accompanying notes. The most significant estimates in the Company’s financial statements relate to accruals for research and development expenses, and the valuation of convertible promissory notes, warrant liabilities and various other equity instruments. 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.</p>
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1764000
CY2020Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
2031000
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
123000
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
503000
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
516000
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
529000
CY2021Q3 phat Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
342000
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
2013000
CY2021Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
249000
CY2021Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
1764000
CY2021Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
484000
CY2021Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
1280000
CY2021Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0725
us-gaap Operating Lease Payments
OperatingLeasePayments
500000
us-gaap Operating Lease Payments
OperatingLeasePayments
800000
CY2021Q3 phat Long Term Debt Noncurrent Excluding Unamortized Debt Discount
LongTermDebtNoncurrentExcludingUnamortizedDebtDiscount
100130000
CY2021Q3 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
11825000
CY2021Q3 us-gaap Long Term Debt
LongTermDebt
88305000
CY2021Q3 phat Long Term Debt Maturities Repayments Of Principal And Interest Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalAndInterestRemainderOfFiscalYear
1625000
CY2021Q3 phat Long Term Debt Maturities Repayments Of Principal And Interest Due Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalAndInterestDueNextTwelveMonths
5720000
CY2021Q3 phat Long Term Debt Maturities Repayments Of Principal And Interest In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalAndInterestInYearTwo
5918000
CY2021Q3 phat Long Term Debt Maturities Repayments Of Principal And Interest In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalAndInterestInYearThree
21040000
CY2021Q3 phat Long Term Debt Maturities Repayments Of Principal And Interest In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalAndInterestInYearFour
50912000
CY2021Q3 phat Long Term Debt Maturities Repayments Of Principal And Interest In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAndInterestInYearFive
62705000
CY2021Q3 phat Long Term Debt And Interest
LongTermDebtAndInterest
147920000
CY2021Q3 phat Debt Instrument Interest And Final Payment Fee
DebtInstrumentInterestAndFinalPaymentFee
47920000
CY2021Q3 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
100000000
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
2746759
phat Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Share Vesting
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsShareVesting
1379360
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
1367399
CY2021Q3 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
14887549
CY2021Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
40000000
CY2021Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2021Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2020Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2020Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2020 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
300000
CY2020 us-gaap Defined Contribution Plan Employer Matching Contribution Percent Of Match
DefinedContributionPlanEmployerMatchingContributionPercentOfMatch
0.75
CY2021Q1 phat Defined Contribution Plan Employer Discretionary Match Number Of Shares Settled
DefinedContributionPlanEmployerDiscretionaryMatchNumberOfSharesSettled
8356
CY2021Q3 phat Defined Contribution Plan Employer Discretionary Match Number Of Shares Settled
DefinedContributionPlanEmployerDiscretionaryMatchNumberOfSharesSettled
18394
CY2021Q3 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
100000
us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
700000
us-gaap Defined Contribution Plan Employer Matching Contribution Percent Of Match
DefinedContributionPlanEmployerMatchingContributionPercentOfMatch
0.75
CY2021Q3 us-gaap Defined Contribution Plan Employer Matching Contribution Percent Of Match
DefinedContributionPlanEmployerMatchingContributionPercentOfMatch
0.75
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 Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
21.36
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
34432000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
1568250
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
38.61
phat Share Based Compensation Arrangement By Share Based Payment Award Stock Options Exercised And Shares Vested
ShareBasedCompensationArrangementByShareBasedPaymentAwardStockOptionsExercisedAndSharesVested
95071
phat Share Based Compensation Arrangements By Share Based Payment Award Options Exercises And Shares Vested In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesAndSharesVestedInPeriodWeightedAverageExercisePrice
18.73
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
107605
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
34.07
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
4094316
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
27.70
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
30591000
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
941254
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
18.73
CY2021Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
13122000
CY2021Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
49400000
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y10M24D
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.6737
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 Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0065
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 Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2021Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4419000
CY2020Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2070000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
12474000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3461000

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