Here are the 424B prospectus supplements from Phathom Pharmaceuticals, Inc. (PHAT) in our archive over the last 12 months, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 424B covers the supplement that carries the terms of a priced offering, so if you follow PHAT and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full PHAT filings page.
Phathom Pharmaceuticals is offering 6,875,000 shares of common stock and pre‑funded warrants to purchase 1,250,078 shares, at public prices of $16.00 per share and $15.999 per pre‑funded warrant. This underwritten offering is expected to generate gross proceeds of $129,999,998 and estimated net proceeds of about $121.7 million, with an underwriters’ option for 1,218,761 additional shares that could lift net proceeds to about $140.0 million. The company plans to use the cash for general corporate purposes, including working capital plus commercialization and R&D spending for its VOQUEZNA gastrointestinal products.
Phathom highlights having surpassed one million VOQUEZNA prescriptions dispensed in the United States since launch and currently anticipates reaching operating profitability in the second half of 2026, excluding stock‑based compensation. The filing cautions investors about immediate and substantial dilution from buying at $16.00 compared with a negative net tangible book value, and notes that pre‑funded warrants provide only nominal additional cash on exercise and will not have a trading market.
Phathom Pharmaceuticals is launching an underwritten public offering of common stock and pre-funded warrants. Certain investors can buy pre-funded warrants instead of shares, each with a $0.001 per-share exercise price and a 19.99% ownership cap to limit concentration. The company plans to use the net proceeds for general corporate purposes, including working capital plus commercialization and research and development spending.
Phathom reports that VOQUEZNA products have surpassed one million prescriptions dispensed in the United States since launch, highlighting growing GI franchise usage. Based on current plans, it anticipates achieving operating profitability in the second half of 2026, excluding stock-based compensation. New buyers face immediate dilution because the offering price will be above the company’s negative net tangible book value as of September 30, 2025.