[SCHEDULE 13D/A] Phathom Pharmaceuticals, Inc. SEC Filing

Rhea-AI Filing Summary

Amendment No. 10 to a Schedule 13D updates disclosures about holdings in Phathom Pharmaceuticals, Inc. (Common Stock, CUSIP 71722W107). Multiple Frazier Life Sciences funds report shared voting and dispositive power over specified blocks of common stock, with holdings calculated using 70,943,708 shares outstanding as of August 4, 2025. Key positions disclosed include Frazier Life Sciences IX, L.P. with 5,827,415 shares (8.2%), Frazier Life Sciences Public Fund, L.P. with 4,234,991 shares (6.0%), and individual reporting persons James N. Topper and Patrick J. Heron with aggregate beneficial ownerships of 5,985,327 (8.6%) and 5,901,756 (8.4%), respectively. The amendment clarifies prior attributions of ownership to certain investment committee members and corrects overstated beneficial ownership. It also discloses warrants held by certain funds to purchase additional shares, subject to a 19.99% exercise limitation. The filing incorporates a Joint Filing Agreement as an exhibit.

Insights

Financial Analyst

TL;DR: Amendment clarifies and corrects Frazier funds' beneficial ownership in PHAT; largest disclosed stake is 8.6% (Topper aggregated).

The amendment provides updated, detailed share counts across multiple affiliated Frazier entities and individuals, recalculating percentages using 70,943,708 shares outstanding. It corrects prior misattributions to investment committee members, reducing ambiguity about who holds voting and dispositive power. Material items for investors include the concentration of ownership in Frazier-controlled funds (multiple entities holding mid-single-digit percentages) and the existence of exercisable warrants constrained by a 19.99% beneficial ownership cap. This is primarily a disclosure and housekeeping filing rather than an indication of a new acquisition or change in control strategy.

Corporate Governance Expert

TL;DR: Governance clarity improved via corrected attributions; confirms which individuals/entities actually exercise voting power.

The amendment rectifies prior overstatements by removing attributions of beneficial ownership to individual committee members where the funds' governance structure prevents such attribution. This reduces potential confusion about who can directionally influence issuer governance. The Joint Filing Agreement remains the coordinating mechanism among reporting parties. For board-level or proxy matters, the corrected disclosures better reflect the true ownership profile and who may be consulted by management or activist stakeholders.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 10)

PHATHOM PHARMACEUTICALS, INC.

(Name of Issuer)

Common Stock, $0.0001 par value per share

(Title of Class of Securities)

71722W107

(CUSIP Number)

Steve R. Bailey
601 Union Street, Suite 3200,
Seattle, WA, 98101
(206) 621-7200

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

08/18/2025

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

CUSIP No. 71722W107

1

Name of reporting person

Frazier Life Sciences Public Fund, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 4,234,991.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 4,234,991.00

11

Aggregate amount beneficially owned by each reporting person

4,234,991.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

6.0 %

14

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person:

The Aggregate Amount represents shares held by the Reporting Person and do not include any warrants held by the Reporting Person. See Item 5(a) to this Schedule 13D. The Percent of Class is calculated based on 70,943,708 shares of the Issuer's Common Stock outstanding as of August 4, 2025, as reported in the Issuer's Quarterly Report on Form 10-Q filed with the SEC on August 7, 2025.

SCHEDULE 13D

CUSIP No. 71722W107

1

Name of reporting person

FHMLSP, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 4,234,991.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 4,234,991.00

11

Aggregate amount beneficially owned by each reporting person

4,234,991.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

6.0 %

14

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person:

The Aggregate Amount represents shares held by the Reporting Person and do not include any warrants held by the Reporting Person. See Item 5(a) to this Schedule 13D. The Percent of Class is calculated based on 70,943,708 shares of the Issuer's Common Stock outstanding as of August 4, 2025, as reported in the Issuer's Quarterly Report on Form 10-Q filed with the SEC on August 7, 2025.

SCHEDULE 13D

CUSIP No. 71722W107

1

Name of reporting person

FHMLSP, L.L.C.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 4,234,991.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 4,234,991.00

11

Aggregate amount beneficially owned by each reporting person

4,234,991.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

6.0 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

The Aggregate Amount represents shares held by the Reporting Person and do not include any warrants held by the Reporting Person. See Item 5(a) to this Schedule 13D. The Percent of Class is calculated based on 70,943,708 shares of the Issuer's Common Stock outstanding as of August 4, 2025, as reported in the Issuer's Quarterly Report on Form 10-Q filed with the SEC on August 7, 2025.

SCHEDULE 13D

CUSIP No. 71722W107

1

Name of reporting person

Frazier Life Sciences Public Overage Fund, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 1,088,365.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 1,088,365.00

11

Aggregate amount beneficially owned by each reporting person

1,088,365.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

1.6 %

14

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person:

The Aggregate Amount represents shares held by the Reporting Person and do not include any warrants held by the Reporting Person. See Item 5(a) to this Schedule 13D. The Percent of Class is calculated based on 70,943,708 shares of the Issuer's Common Stock outstanding as of August 4, 2025, as reported in the Issuer's Quarterly Report on Form 10-Q filed with the SEC on August 7, 2025.

SCHEDULE 13D

CUSIP No. 71722W107

1

Name of reporting person

FHMLSP Overage, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 1,088,365.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 1,088,365.00

11

Aggregate amount beneficially owned by each reporting person

1,088,365.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

1.6 %

14

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person:

The Aggregate Amount represents shares held by the Reporting Person and do not include any warrants held by the Reporting Person. See Item 5(a) to this Schedule 13D. The Percent of Class is calculated based on 70,943,708 shares of the Issuer's Common Stock outstanding as of August 4, 2025, as reported in the Issuer's Quarterly Report on Form 10-Q filed with the SEC on August 7, 2025.

SCHEDULE 13D

CUSIP No. 71722W107

1

Name of reporting person

FHMLSP Overage, L.L.C.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 1,088,365.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 1,088,365.00

11

Aggregate amount beneficially owned by each reporting person

1,088,365.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

1.6 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

The Aggregate Amount represents shares held by the Reporting Person and do not include any warrants held by the Reporting Person. See Item 5(a) to this Schedule 13D. The Percent of Class is calculated based on 70,943,708 shares of the Issuer's Common Stock outstanding as of August 4, 2025, as reported in the Issuer's Quarterly Report on Form 10-Q filed with the SEC on August 7, 2025.

SCHEDULE 13D

CUSIP No. 71722W107

1

Name of reporting person

Frazier Life Sciences X, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 59,403.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 59,403.00

11

Aggregate amount beneficially owned by each reporting person

59,403.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0.1 %

14

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person:

The Percent of Class is calculated based on 70,943,708 shares of the Issuer's Common Stock outstanding as of August 4, 2025, as reported in the Issuer's Quarterly Report on Form 10-Q filed with the SEC on August 7, 2025.

SCHEDULE 13D

CUSIP No. 71722W107

1

Name of reporting person

FHMLS X, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 59,403.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 59,403.00

11

Aggregate amount beneficially owned by each reporting person

59,403.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0.1 %

14

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person:

The Percent of Class is calculated based on 70,943,708 shares of the Issuer's Common Stock outstanding as of August 4, 2025, as reported in the Issuer's Quarterly Report on Form 10-Q filed with the SEC on August 7, 2025.

SCHEDULE 13D

CUSIP No. 71722W107

1

Name of reporting person

FHMLS X, L.L.C.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 59,403.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 59,403.00

11

Aggregate amount beneficially owned by each reporting person

59,403.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0.1 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

The Percent of Class is calculated based on 70,943,708 shares of the Issuer's Common Stock outstanding as of August 4, 2025, as reported in the Issuer's Quarterly Report on Form 10-Q filed with the SEC on August 7, 2025.

SCHEDULE 13D

CUSIP No. 71722W107

1

Name of reporting person

Frazier Life Sciences XI, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 980,286.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 980,286.00

11

Aggregate amount beneficially owned by each reporting person

980,286.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

1.4 %

14

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person:

The Percent of Class is calculated based on 70,943,708 shares of the Issuer's Common Stock outstanding as of August 4, 2025, as reported in the Issuer's Quarterly Report on Form 10-Q filed with the SEC on August 7, 2025.

SCHEDULE 13D

CUSIP No. 71722W107

1

Name of reporting person

FHMLS XI, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 980,286.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 980,286.00

11

Aggregate amount beneficially owned by each reporting person

980,286.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

1.4 %

14

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person:

The Percent of Class is calculated based on 70,943,708 shares of the Issuer's Common Stock outstanding as of August 4, 2025, as reported in the Issuer's Quarterly Report on Form 10-Q filed with the SEC on August 7, 2025.

SCHEDULE 13D

CUSIP No. 71722W107

1

Name of reporting person

FHMLS XI, L.L.C.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 980,286.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 980,286.00

11

Aggregate amount beneficially owned by each reporting person

980,286.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

1.4 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

The Percent of Class is calculated based on 70,943,708 shares of the Issuer's Common Stock outstanding as of August 4, 2025, as reported in the Issuer's Quarterly Report on Form 10-Q filed with the SEC on August 7, 2025.

SCHEDULE 13D

CUSIP No. 71722W107

1

Name of reporting person

Frazier Life Sciences IX, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 5,827,415.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 5,827,415.00

11

Aggregate amount beneficially owned by each reporting person

5,827,415.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

8.2 %

14

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person:

The Percent of Class is calculated based on 70,943,708 shares of the Issuer's Common Stock outstanding as of August 4, 2025, as reported in the Issuer's Quarterly Report on Form 10-Q filed with the SEC on August 7, 2025.

SCHEDULE 13D

CUSIP No. 71722W107

1

Name of reporting person

FHMLS IX, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 5,827,415.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 5,827,415.00

11

Aggregate amount beneficially owned by each reporting person

5,827,415.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

8.2 %

14

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person:

The Percent of Class is calculated based on 70,943,708 shares of the Issuer's Common Stock outstanding as of August 4, 2025, as reported in the Issuer's Quarterly Report on Form 10-Q filed with the SEC on August 7, 2025.

SCHEDULE 13D

CUSIP No. 71722W107

1

Name of reporting person

FHMLS IX, L.L.C.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 5,827,416.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 5,827,416.00

11

Aggregate amount beneficially owned by each reporting person

5,827,416.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

8.2 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

The Percent of Class is calculated based on 70,943,708 shares of the Issuer's Common Stock outstanding as of August 4, 2025, as reported in the Issuer's Quarterly Report on Form 10-Q filed with the SEC on August 7, 2025.

SCHEDULE 13D

CUSIP No. 71722W107

1

Name of reporting person

Frazier Life Sciences XII, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 276,029.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 276,029.00

11

Aggregate amount beneficially owned by each reporting person

276,029.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0.4 %

14

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person:

The Percent of Class is calculated based on 70,943,708 shares of the Issuer's Common Stock outstanding as of August 4, 2025, as reported in the Issuer's Quarterly Report on Form 10-Q filed with the SEC on August 7, 2025.

SCHEDULE 13D

CUSIP No. 71722W107

1

Name of reporting person

FHMLS XII, L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 276,029.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 276,029.00

11

Aggregate amount beneficially owned by each reporting person

276,029.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0.4 %

14

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person:

The Percent of Class is calculated based on 70,943,708 shares of the Issuer's Common Stock outstanding as of August 4, 2025, as reported in the Issuer's Quarterly Report on Form 10-Q filed with the SEC on August 7, 2025.

SCHEDULE 13D

CUSIP No. 71722W107

1

Name of reporting person

FHMLS XII, L.L.C.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 276,029.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 276,029.00

11

Aggregate amount beneficially owned by each reporting person

276,029.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0.4 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

The Percent of Class is calculated based on 70,943,708 shares of the Issuer's Common Stock outstanding as of August 4, 2025, as reported in the Issuer's Quarterly Report on Form 10-Q filed with the SEC on August 7, 2025.

SCHEDULE 13D

CUSIP No. 71722W107

1

Name of reporting person

James N. Topper

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 98,508.00
8	Shared Voting Power 5,886,819.00
9	Sole Dispositive Power 98,508.00
10	Shared Dispositive Power 5,886,819.00

11

Aggregate amount beneficially owned by each reporting person

5,985,327.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

8.6 %

14

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person:

The Aggregate Amount represents (i) 32,096 shares of Common Stock held directly by the Reporting Person, (ii) 3,912 shares of Common Stock held by Topper Group III LLC, (iii) 62,500 shares of Common Stock that are issuable upon the exercise of options held directly by the Reporting Person, (iv) 5,827,415 shares of Common Stock held directly by Frazier Life Sciences IX, L.P., (v) 1 share of Common Stock held directly by FHMLS IX, L.L.C., and (vi) 48,203 shares of Common Stock held directly by Frazier Life Sciences X, L.P. The Aggregate Amount does not include any warrants held by the Reporting Person. See Item 5(a) to this Schedule 13D. The Percent of Class is calculated based on (i) 70,943,708 shares of the Issuer's Common Stock outstanding as of August 4, 2025, as reported in the Issuer's Quarterly Report on Form 10-Q filed with the SEC on August 7, 2025. and (ii) 62,500 shares of Common Stock that are issuable upon the exercise of options held directly by the Reporting Person.

SCHEDULE 13D

CUSIP No. 71722W107

1

Name of reporting person

Patrick J. Heron

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 14,937.00
8	Shared Voting Power 5,886,819.00
9	Sole Dispositive Power 14,937.00
10	Shared Dispositive Power 5,886,819.00

11

Aggregate amount beneficially owned by each reporting person

5,901,756.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

8.4 %

14

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person:

The Aggregate Amount represents (i)14,937 shares of Common Stock held by The Heron Living Trust 11/30/2004, (ii) 5,827,415 shares of Common Stock held directly by Frazier Life Sciences IX, L.P., (iii) 1 share of Common Stock held directly by FHMLS IX, L.L.C., and (iv) 48,203 shares of Common Stock held directly by Frazier Life Sciences X, L.P. The Aggregate Amount does not include any warrants held by the Reporting Person. See Item 5(a) to this Schedule 13D. The Percent of Class is calculated based on 70,943,708 shares of the Issuer's Common Stock outstanding as of August 4, 2025, as reported in the Issuer's Quarterly Report on Form 10-Q filed with the SEC on August 7, 2025.

SCHEDULE 13D

CUSIP No. 71722W107

1

Name of reporting person

Albert Cha

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

0.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0.0 %

14

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13D

CUSIP No. 71722W107

1

Name of reporting person

James Brush

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

0.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0.0 %

14

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13D

CUSIP No. 71722W107

1

Name of reporting person

Daniel Estes

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

0.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0.0 %

14

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Stock, $0.0001 par value per share
(b)	Name of Issuer: PHATHOM PHARMACEUTICALS, INC.
(c)	Address of Issuer's Principal Executive Offices: 100 CAMPUS DRIVE,, SUITE 102, FLORHAM PARK, NEW JERSEY , 07932.
Item 1 Comment: This Amendment No. 10 ("Amendment No. 10") to Schedule 13D amends the statement on Schedule 13D filed on November 6, 2019 (the "Original Schedule 13D"), as amended on June 17, 2020, December 23, 2020, August 11, 2022, September 26, 2022, May 5, 2023, May 26, 2023, June 6, 2024, August 22, 2024 and May 13, 2025 (the "Prior Amendments", and together with the Original Schedule 13D and this Amendment No. 10, the "Schedule 13D"). Except as otherwise specified in Amendment No. 10, all items in the Original Schedule 13D, as amended by the Prior Amendments, are unchanged. All capitalized terms used in this Amendment No. 10 and not otherwise defined herein have the meanings ascribed to such terms in the Original Schedule 13D, as amended by the Prior Amendments.
Item 2.	Identity and Background
(e)
Item 5.	Interest in Securities of the Issuer
(a)	The information contained in Rows 7, 8, 9, 10, 11, and 13 of each Reporting Person's cover page to this Schedule 13D (including the footnotes thereto) is incorporated by reference into this Item 5. FLSPF directly holds 4,234,991 shares of the Issuer's Common Stock (the "FLSPF Shares"). FHMLSP, L.P. is the general partner of FLSPF and the general partner of FHMLSP, L.P. is FHMLSP, L.L.C., which is managed by an investment committee of four that acts by majority vote. Accordingly, no members of such committee are attributed beneficial ownership of the securities directly held by FLSPF, and this Schedule 13D corrects any previous attribution to, and overstatement of beneficial ownership by, such members as reflected in any prior Statements. FLSPOF directly holds 1,088,365 shares of this Issuer's Common Stock (the "FLSPOF Shares"). FHMLSP Overage, L.P. is the general partner of FLSPOF and the general partner of FHMLSP Overage, L.P. is FHMLSP Overage, L.L.C., which is managed by an investment committee of four that acts by majority vote. Accordingly, no members of such committee are attributed beneficial ownership of the securities directly held by FLSPOF, and this Schedule 13D corrects any previous attribution to, and overstatement of beneficial ownership by, such members as reflected in any prior Statements. FLS IX directly holds 5,827,415 shares of the Issuer's Common Stock (the "FLS IX Shares"). FHMLS IX, L.P. is the general partner of FLS IX and FHMLS IX, L.L.C. is the general partner of FHMLS IX, L.P. Heron and Topper are the members of FHMLS IX, L.L.C. and therefore share voting and investment power over the FLS IX Shares. FHMLS IX, L.L.C. directly holds 1 share of the Issuer's Common Stock (the "FHMLS IX, L.L.C. Share"). Heron and Topper are the members of FHMLS IX, L.L.C. and therefore share voting and investment power over the FHMLS IX, L.L.C. Share. FLS X directly holds 59,403 shares of the Issuer's Common Stock (the "FLS X Shares"). FHMLS X, L.P. is the general partner of FLS X and FHMLS X, L.L.C. is the general partner of FHMLS X, L.P. Heron and Topper are the members of FHMLS X, L.L.C. and therefore share voting and investment power over the FLS X Shares. FLS XI directly holds the FLS XI Shares. FHMLS XI, L.P. is the general partner of FLS XI and the general partner of FHMLS XI, L.P. is FHMLS XI, L.L.C., which is managed by an investment committee of three that acts by majority vote. Accordingly, no members of such committee are attributed beneficial ownership of the securities directly held by FLS XI, and this Schedule 13D corrects any previous attribution to, and overstatement of beneficial ownership by, such members as reflected in any prior Statements. FLS XII directly holds FLS XI holds 980,286 shares of this Issuer's Common Stock (the "FLS XI Shares"). FHMLS XII, L.P. is the general partner of FLS XII and the general partner of FHMLS XII, L.P. is FHMLS XII, L.L.C., which is managed by an investment committee of three that acts by majority vote. Accordingly, no members of such committee are attributed beneficial ownership of the securities directly held by FLS XII, and this Schedule 13D corrects any previous attribution to, and overstatement of beneficial ownership by, such members as reflected in any prior Statements. The above referenced beneficial ownership and amounts reflected on the cover pages hereto do not include certain warrants and prefunded warrants to acquire shares of Common Stock (the "Warrants"), the exercise of which is subject to certain beneficial ownership limitations. In this regard, (i) FLSPF holds Warrants to purchase 2,004,956 shares of Common Stock, (ii) FLSPOF holds Warrants to purchase 591,443 shares of Common Stock, and (iii) FLS XII holds Warrants to purchase 12,523 shares of Common Stock, each of which cannot be exercised, if, upon giving effect to such exercise, the aggregate number of shares of Common Stock beneficially owned by the holder of such Warrant (together with its affiliates or any other persons acting as a group together with such holder) would exceed 19.99% of the number of shares of Common Stock outstanding immediately after giving effect to such exercise. Except as specifically stated herein, the filing of this Schedule 13D shall not be construed as an admission that any Reporting Person or any of the foregoing is, for the purposes of Section 13(d) and/or Section 13(g) of the Act or otherwise, the beneficial owner of any securities covered by this Schedule 13D or a member of a "group" with any other person.
Item 7.	Material to be Filed as Exhibits.
	EX-99.1 Joint Filing Agreement, dated as of May 13, 2025, incorporated by reference into this Schedule 13D.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Frazier Life Sciences Public Fund, L.P.

Signature:	/s/ Steve R. Bailey
Name/Title:	By Steve R. Bailey, CFO of FHMLSP, L.L.C., GP of FHMLSP, L.P., GP of Frazier Life Sciences Public Fund, L.P.
Date:	08/20/2025

FHMLSP, L.P.

Signature:	/s/ Steve R. Bailey
Name/Title:	By Steve R. Bailey, CFO of FHMLSP, L.L.C., GP of FHMLSP, L.P.
Date:	08/20/2025

FHMLSP, L.L.C.

Signature:	/s/ Steve R. Bailey
Name/Title:	By Steve R. Bailey, CFO of FHMLSP, L.L.C.
Date:	08/20/2025

Frazier Life Sciences Public Overage Fund, L.P.

Signature:	/s/ Steve R. Bailey
Name/Title:	By Steve R. Bailey, CFO of FHMLSP Overage, L.L.C., GP of FHMLSP Overage, L.P., GP of Frazier Life Sciences Public Overage Fund, L.P.
Date:	08/20/2025

FHMLSP Overage, L.P.

Signature:	/s/ Steve R. Bailey
Name/Title:	By Steve R. Bailey, CFO of FHMLSP Overage, L.L.C., GP of FHMLSP Overage, L.P.
Date:	08/20/2025

FHMLSP Overage, L.L.C.

Signature:	/s/ Steve R. Bailey
Name/Title:	By Steve R. Bailey, CFO of FHMLSP Overage, L.L.C.
Date:	08/20/2025

Frazier Life Sciences X, L.P.

Signature:	/s/ Steve R. Bailey
Name/Title:	By Steve R. Bailey, CFO of FHMLS X, L.L.C., GP of FHMLS X, L.P., GP of Frazier Life Sciences X, L.P.
Date:	08/20/2025

FHMLS X, L.P.

Signature:	/s/ Steve R. Bailey
Name/Title:	By Steve R. Bailey, CFO of FHMLS X, L.L.C., GP of FHMLS X, L.P.
Date:	08/20/2025

FHMLS X, L.L.C.

Signature:	/s/ Steve R. Bailey
Name/Title:	By Steve R. Bailey, CFO of FHMLS X, L.L.C.
Date:	08/20/2025

Frazier Life Sciences XI, L.P.

Signature:	/s/ Steve R. Bailey
Name/Title:	By Steve R. Bailey, CFO of FHMLS XI, L.L.C., GP of FHMLS XI, L.P., GP of Frazier Life Sciences XI, L.P.
Date:	08/20/2025

FHMLS XI, L.P.

Signature:	/s/ Steve R. Bailey
Name/Title:	By Steve R. Bailey, CFO of FHMLS XI, L.L.C., GP of FHMLS XI, L.P.
Date:	08/20/2025

FHMLS XI, L.L.C.

Signature:	/s/ Steve R. Bailey
Name/Title:	By Steve R. Bailey, CFO of FHMLS XI, L.L.C.
Date:	08/20/2025

Frazier Life Sciences IX, L.P.

Signature:	/s/ Steve R. Bailey
Name/Title:	By Steve R. Bailey, CFO of FHMLS IX, L.L.C., GP of FHMLS IX, L.P., GP of Frazier Life Sciences IX, L.P.
Date:	08/20/2025

FHMLS IX, L.P.

Signature:	/s/ Steve R. Bailey
Name/Title:	By Steve R. Bailey, CFO of FHMLS IX, L.L.C., GP of FHMLS IX, L.P.
Date:	08/20/2025

FHMLS IX, L.L.C.

Signature:	/s/ Steve R. Bailey
Name/Title:	By Steve R. Bailey, CFO of FHMLS IX, L.L.C.
Date:	08/14/2025

Frazier Life Sciences XII, L.P.

Signature:	/s/ Gordon Empey
Name/Title:	By Gordon Empey, General Counsel of FHMLS XII, L.L.C., GP of FHMLS XII, L.P., GP of Frazier Life Sciences XII, L.P.
Date:	08/20/2025

FHMLS XII, L.P.

Signature:	/s/ Gordon Empey
Name/Title:	By Gordon Empey, General Counsel of FHMLS XII, L.L.C., GP of FHMLS XII, L.P.
Date:	08/20/2025

FHMLS XII, L.L.C.

Signature:	/s/ Gordon Empey
Name/Title:	By Gordon Empey, General Counsel of FHMLS XII, L.L.C.
Date:	08/20/2025

James N. Topper

Signature:	/s/ Steve R. Bailey
Name/Title:	By Steve R. Bailey, Attorney-in-Fact for James N. Topper, pursuant to a Power of Attorney, a copy of which was filed with the SEC on July 31, 2017
Date:	08/20/2025

Patrick J. Heron

Signature:	/s/ Steve R. Bailey
Name/Title:	By Steve R. Bailey, Attorney-in-Fact for Patrick J. Heron, pursuant to a Power of Attorney, a copy of which was filed with the SEC on July 31, 2017
Date:	08/20/2025

Albert Cha

Signature:	/s/ Steve R. Bailey
Name/Title:	By Steve R. Bailey, Attorney-in-Fact for Albert Cha, pursuant to a Power of Attorney, a copy of which was filed with the SEC on August 16, 2021
Date:	08/20/2025

James Brush

Signature:	/s/ Steve R. Bailey
Name/Title:	By Steve R. Bailey, Attorney-in-Fact for James Brush, pursuant to a Power of Attorney, a copy of which was filed with the SEC on August 16, 2021
Date:	08/20/2025

Daniel Estes

Signature:	/s/ Steve R. Bailey
Name/Title:	By Steve R. Bailey, Attorney-in-Fact for Daniel Estes, pursuant to a Power of Attorney, a copy of which was filed with the SEC on April 18, 2022
Date:	08/20/2025