Phathom Pharmaceuticals Reports $334.3 Million Net Loss for 2024 Amid Commercial Launch of VOQUEZNA

Phathom Pharmaceuticals, Inc. reported a net loss of $334.3 million for the year ended December 31, 2024, compared to a net loss of $201.6 million in 2023. This increase in net loss is primarily attributable to a significant rise in selling, general, and administrative expenses, totaling $290.7 million in 2024, up from $117.9 million in 2023. This increase reflects the commercial launch of VOQUEZNA, VOQUEZNA TRIPLE PAK, and VOQUEZNA DUAL PAK in the fourth quarter of 2023, which included substantial commercial expenses and the hiring of a national sales force. Product revenue, net of rebates and other adjustments, reached $55.3 million in 2024, a substantial increase from $0.7 million in 2023.

The company's commercial launch of its vonoprazan-based products showed strong early results. As of February 21, 2025, over 300,000 prescriptions had been filled by more than 20,000 prescribers. Furthermore, over 80% of total U.S. commercial lives (approximately 120 million) have access to VOQUEZNA tablets due to secured commercial coverage. The FDA approved VOQUEZNA 10 mg tablets for the relief of heartburn associated with Non-Erosive GERD on July 17, 2024, expanding the drug's approved indications. Phathom continues to evaluate potential commercial partnerships for vonoprazan in Europe and Canada.

Significant developments during the year included the FDA approval of VOQUEZNA for Erosive GERD and H. pylori infection in November 2023, and the subsequent approval for Non-Erosive GERD in July 2024. The company also submitted a citizen petition in December 2024 requesting that the FDA update the Orange Book listings to reflect a ten-year period of new chemical entity (NCE) exclusivity for VOQUEZNA, consistent with the exclusivity granted to VOQUEZNA TRIPLE PAK and VOQUEZNA DUAL PAK. Phathom's full-time employee count increased to 427 by the end of 2024, reflecting the expansion of commercial operations.

The company's financial position as of December 31, 2024, included $297.3 million in cash and cash equivalents. Funding for operations is expected to be supported by existing cash, the drawdown of remaining funds under a loan agreement with Hercules Capital, Inc., and anticipated product revenues. The company anticipates continued operating losses for the foreseeable future, and plans to finance future operations through equity offerings, debt financing, or other capital sources. The company's financial statements include details on its loan agreement with Hercules Capital, Inc., and a revenue interest financing agreement.

Phathom Pharmaceuticals' outlook is focused on continued commercialization efforts for its approved vonoprazan products in the United States, expansion into other indications such as eosinophilic esophagitis (EoE), and exploration of alternative formulations and packaging. The company also plans to evaluate potential commercial partnerships for vonoprazan outside the United States and explore opportunities to in-license or acquire additional product candidates for the treatment of GI diseases. The company acknowledges significant risks related to its limited operating history, reliance on third parties, competition, regulatory approvals, and market acceptance of its products.