Welcome to our dedicated page for Phathom Pharmaceuticals SEC filings (Ticker: PHAT), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
Phathom Pharmaceuticals, Inc. filings document financial reporting, governance, capital structure and product-development disclosures for a Nasdaq-listed biopharmaceutical company focused on gastrointestinal diseases. Form 8-K reports include quarterly and annual results, preliminary financial information, material agreements, financing-related updates, and other event disclosures tied to VOQUEZNA® commercialization and clinical development.
Proxy materials cover board matters, executive compensation, equity awards and shareholder voting items. The filing record also describes registered common stock, risk-oriented forward-looking statements, and clinical or publication updates involving VOQUEZNA in GERD, non-erosive reflux disease and eosinophilic esophagitis.
Phathom Pharmaceuticals (PHAT) reported Q3 2025 results with product revenue of $49.5 million, up from $16.4 million a year ago as VOQUEZNA sales expanded. Gross profit reached $43.3 million and operating loss narrowed to $15.3 million. Net loss was $30.0 million, or $0.41 per share, versus $85.6 million, or $1.32 per share, last year.
For the first nine months, product revenue totaled $117.5 million versus $25.6 million in 2024, and net loss improved to $200.1 million from $259.9 million. Cash and cash equivalents were $135.2 million, with stockholders’ deficit at $422.5 million. Long‑term debt, net, was $207.1 million, and the revenue interest financing liability stood at $373.3 million (including $24.3 million current). The company recorded $9.2 million of restructuring charges in May to streamline operations.
Management states it has sufficient working capital for at least the next twelve months. An at‑the‑market program for up to $150 million remains unused. Shares outstanding were 71,138,440 as of October 27, 2025.
Phathom Pharmaceuticals furnished a press release announcing financial results for the quarter ended September 30, 2025. The release was provided as Exhibit 99.1 to an Item 2.02 report.
Under General Instruction B.2, the information in the report, including Exhibit 99.1, is treated as furnished and not filed.
Phathom Pharmaceuticals (PHAT) reported that additional analyses from its pivotal Phase 3 pHalcon-NERD-301 trial of VOQUEZNA (vonoprazan) in Non-Erosive Reflux Disease were published in the American Journal of Gastroenterology. The article, “Vonoprazan Improves Nocturnal Gastroesophageal Reflux Symptoms in Non-Erosive Reflux Disease,” highlights the burden of nighttime GERD symptoms.
In the trial, 772 patients were randomized to VOQUEZNA 10 mg, 20 mg, or placebo for 4 weeks, followed by a 20-week extension with active treatment. Nighttime GERD symptoms affect up to an estimated 80% of patients and are linked to impaired sleep and productivity. The company also included standard forward-looking statement cautions about clinical performance and market acceptance.
Sanjeev Narula, Chief Financial & Business Officer of Phathom Pharmaceuticals, Inc. (PHAT), reported a grant of 144,000 restricted stock units (RSUs) on 10/06/2025. Each RSU vests in three equal installments with 33.33% vesting on each of the first three anniversaries of the 10/06/2025 vesting commencement date, subject to continued service. The filing is an amendment submitted on 10/08/2025 to correct an omission in the Form 4 originally filed on 10/07/2025. Each RSU represents a contingent right to one share of common stock, and the report shows 144,000 shares beneficially owned following the grant.
Phathom Pharmaceuticals, Inc. (PHAT) reported a Section 16 officer equity award for Chief Financial & Business Officer Sanjeev Narula. On 10/06/2025 Mr. Narula was granted a stock option to buy 200,000 shares of common stock at an exercise price of $11.61 per share. The option is exercisable through 10/05/2036.
The award vests 25% on 10/06/2026 with the remainder vesting in equal monthly installments over the following three years, subject to continued service. The Form 4 was signed on 10/07/2025.
Initial Form 3 filed for Sanjeev Narula. The filing reports a Date of Event of 10/06/2025 and identifies the reporting person as Sanjeev Narula with an address at 100 Campus Drive, Suite 102, Florham Park, NJ 07932. The form indicates the reporting person is an Officer with the title Chief Financial & Bus. Officer. The report discloses no non-derivative or derivative securities beneficially owned (listed as 0 and no securities are beneficially owned). The signature on the filing is by an attorney-in-fact dated 10/07/2025.
Phathom Pharmaceuticals appointed Sanjeev Narula as its Chief Financial and Business Officer and principal financial officer, effective October 6, 2025, replacing Robert Breedlove in the principal financial officer role while he remains principal accounting officer. Mr. Narula will receive an initial annual base salary of $550,000 and be eligible for an annual target bonus equal to 50% of base salary, with a prorated bonus opportunity for 2025.
His employment agreement provides severance if he is terminated without cause or resigns for good reason, including up to 9 months of base salary, a prorated target bonus, certain unpaid bonuses, company-paid COBRA premiums during the severance period, and partial acceleration of time-based equity awards. If such a termination occurs within the defined change in control period, the severance period increases to 18 months, the cash bonus multiple increases to 1.5x target bonus, and all unvested time-based equity awards vest in full, with performance-based awards governed by their own terms.
On October 6, 2025, Phathom granted Mr. Narula stock options to purchase 200,000 shares of common stock vesting over four years and 144,000 restricted stock units vesting in three annual installments, all under the company’s 2019 Incentive Award Plan and subject to continued employment.
Steven L. Basta, President and CEO and a director of Phathom Pharmaceuticals, Inc. (PHAT), reported stock and derivative transactions on Form 4. On 09/25/2025 he acquired 90,000 shares of common stock upon vesting of performance stock units granted 04/03/2025; those 90,000 shares were reported as acquired at $0 and increased his direct beneficial ownership to 90,000 shares. The filing also shows the surrender of 48,375 shares to the issuer to cover tax withholding at a price of $11.66 per share, leaving 41,625 shares after that disposition. The reporting person holds 270,000 shares underlying performance stock units after the reported vesting event, reflecting a grant of 360,000 PSUs on 04/03/2025 of which 90,000 vested due to achievement of a stock-price hurdle. The remaining PSUs vest upon future stock-price hurdles through four years from the grant, subject to continued service.
Insider transaction summary for Phathom Pharmaceuticals (PHAT): On 09/05/2025 Robert Charles Breedlove, listed as Principal Accounting Officer and an officer/director, disposed of 461 shares of Phathom common stock at $12.09 per share to satisfy tax withholding obligations arising from the settlement of restricted stock units. After the reported sale, Mr. Breedlove beneficially owned 47,931 shares directly and 6,945.4 shares indirectly through a 401(k) account. The Form 4 was signed on 09/09/2025 and indicates the transaction code S(1) with the provided explanation that the sale was to cover tax withholding on RSU settlement.
Phathom Pharmaceuticals (PHAT) received a joint Schedule 13G/A filed by a group of Carlyle-related entities and Abingworth entities disclosing shared beneficial ownership of 3,496,808 shares of Phathom common stock, representing 4.9% of the class based on 70,943,708 shares outstanding as of August 4, 2025. The filing lists the reporting persons, their jurisdictions, and that Abingworth Bioventures 8 LP holds 2,061,702 shares and Abingworth Bioventures VII LP holds 1,435,106 shares of record. The statement notes that, solely due to dilution from additional issuances by the issuer, the Reporting Persons no longer beneficially own more than 5% of outstanding common stock. Signatures from authorized representatives for each reporting entity and a referenced Joint Filing Agreement are included.