Schedule 13G/A: Carlyle-linked group and Abingworth report 3,496,808 PHAT shares

Rhea-AI Filing Summary

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.

Positive

• Clear identification of reporting entities with exact share counts and jurisdictions
• Disclosure of record holders within Abingworth Bioventures 8 LP and VII LP with precise share numbers
• Joint Filing Agreement referenced, indicating coordinated and compliant joint disclosure

Negative

• Combined ownership fell below 5% (to 4.9%) solely due to dilution from additional issuer stock issuances
• No new transactions disclosed — the filing is informational and does not indicate fresh stake increases or strategic actions

Insights

Securities Analyst

TL;DR: Routine beneficial ownership disclosure showing a 4.9% combined stake, reduced below 5% by issuer dilution.

The Schedule 13G/A is a standard passive-investor disclosure that identifies each reporting entity, the exact share counts, and voting/dispositive power as shared rather than sole. The filing clarifies record holders within the Abingworth funds and the cascading ownership/control structure among Carlyle-related entities. For investors, the primary material facts are the 3,496,808 shares reported and the reduction below the 5% reporting threshold caused by additional shares outstanding. This filing does not present new transactions, change-of-control intent, or operational developments.

Corporate Governance Specialist

TL;DR: Clear, compliant joint filing that documents shared voting/dispositive power across multiple related entities.

The document appropriately discloses the governance chain linking Carlyle Group Inc. through multiple subsidiaries to Abingworth LLP and the two Abingworth funds, and it states delegated investment/dispositive authority. Signatures and a previously filed Joint Filing Agreement are provided, meeting SEC procedural requirements. No indications of coordinated control actions or group dissolution are reported.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 2)

Phathom Pharmaceuticals, Inc.

(Name of Issuer)

Common Stock, par value $0.0001 per share

(Title of Class of Securities)

71722W107

(CUSIP Number)

08/28/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 71722W107

1

Names of Reporting Persons

Carlyle Group Inc.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 3,496,808.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 3,496,808.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,496,808.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.9 %

12

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13G

CUSIP No. 71722W107

1

Names of Reporting Persons

Carlyle Holdings I GP Inc.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 3,496,808.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 3,496,808.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,496,808.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.9 %

12

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13G

CUSIP No. 71722W107

1

Names of Reporting Persons

Carlyle Holdings I GP Sub L.L.C.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 3,496,808.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 3,496,808.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,496,808.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.9 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: Limited Liability Company

SCHEDULE 13G

CUSIP No. 71722W107

1

Names of Reporting Persons

Carlyle Holdings I L.P.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 3,496,808.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 3,496,808.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,496,808.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.9 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP No. 71722W107

1

Names of Reporting Persons

CG Subsidiary Holdings L.L.C.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 3,496,808.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 3,496,808.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,496,808.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.9 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: Limited Liability Company

SCHEDULE 13G

CUSIP No. 71722W107

1

Names of Reporting Persons

TC Group, L.L.C.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 3,496,808.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 3,496,808.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,496,808.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.9 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: Limited Liability Company

SCHEDULE 13G

CUSIP No. 71722W107

1

Names of Reporting Persons

Carlyle Investment Management L.L.C.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 3,496,808.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 3,496,808.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,496,808.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.9 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: Limited Liability Company

SCHEDULE 13G

CUSIP No. 71722W107

1

Names of Reporting Persons

Carlyle Genesis UK LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 3,496,808.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 3,496,808.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,496,808.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.9 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: Limited Liability Company

SCHEDULE 13G

CUSIP No. 71722W107

1

Names of Reporting Persons

Abingworth LLP

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED KINGDOM

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 3,496,808.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 3,496,808.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,496,808.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.9 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP No. 71722W107

1

Names of Reporting Persons

Abingworth Bioventures 8 LP

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED KINGDOM

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 2,061,702.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,061,702.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,061,702.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

2.9 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP No. 71722W107

1

Names of Reporting Persons

Abingworth Bioventures VII LP

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED KINGDOM

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,435,106.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,435,106.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,435,106.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

2.0 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Phathom Pharmaceuticals, Inc.
(b)	Address of issuer's principal executive offices: 100 Campus Drive, Suite 102, Florham Park, NJ, 07932
Item 2.
(a)	Name of person filing: Each of the following is hereinafter individually referred to as a "Reporting Person" and collectively as the "Reporting Persons." This statement is filed on behalf of: The Carlyle Group Inc. Carlyle Holdings I GP Inc. Carlyle Holdings I GP Sub L.L.C. Carlyle Holdings I L.P. CG Subsidiary Holdings L.L.C. TC Group, L.L.C. Carlyle Investment Management L.L.C. Carlyle Genesis UK LLC Abingworth LLP Abingworth Bioventures 8 LP Abingworth Bioventures VII LP
(b)	Address or principal business office or, if none, residence: The principal business address of each of Abingworth LLP, Abingworth Bioventures 8 LP and Abingworth Bioventures VII LP is 1 St James's Market, London SW1Y 4AH United Kingdom. The principal business address of each of the other Reporting Persons is c/o The Carlyle Group, 1001 Pennsylvania Ave. NW, Suite 220 South, Washington, DC 20004-2505.
(c)	Citizenship: Each of Abingworth LLP, Abingworth Bioventures 8 LP and Abingworth Bioventures VII LP is organized under the laws of England and Wales. Each of the other Reporting Persons is organized under the laws of the State of Delaware.
(d)	Title of class of securities: Common Stock, par value $0.0001 per share
(e)	CUSIP No.: 71722W107
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: The ownership information presented herein represents beneficial ownership of Common Stock of the Issuer as of the date hereof, based upon 70,943,708 shares of Common Stock outstanding on August 4, 2025, as disclosed in the Issuer's Quarterly Report on Form 10-Q as filed with the Securities and Exchange Commission on August 7, 2025. Solely due to dilution caused by the Issuer's issuance of additional Common Stock from time to time, and not in connection with a disposition of any Common Stock by the Reporting Persons, as of the date hereof, the Reporting Persons no longer beneficially own more than 5% of the outstanding Common Stock of the Issuer. Abingworth Bioventures 8 LP is the record holder of 2,061,702 shares of Common Stock and Abingworth Bioventures VII LP is the record holder of 1,435,106 shares of Common Stock. The Carlyle Group Inc., which is a publicly traded entity listed on Nasdaq, is the sole shareholder of Carlyle Holdings I GP Inc., which is the sole member of Carlyle Holdings I GP Sub L.L.C., which is the general partner of Carlyle Holdings I L.P., which, with respect to the securities reported herein, is the managing member of CG Subsidiary Holdings L.L.C., which is the managing member of TC Group, L.L.C., which is the managing member of Carlyle Investment Management L.L.C., which is the sole member of Carlyle Genesis UK LLC, which is the principal member of Abingworth LLP. Each of Abingworth Bioventures 8 LP and Abingworth Bioventures VII LP has delegated to Abingworth LLP all investment and dispositive power over the securities held of record by them. Accordingly, each of the foregoing entities may be deemed to share beneficial ownership of the securities held of record by Abingworth Bioventures 8 LP and Abingworth Bioventures VII LP, but each disclaims beneficial ownership of such securities.
(b)	Percent of class: See Item 11 of each of the cover pages hereto.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: See Item 5 of each of the cover pages hereto.
	(ii) Shared power to vote or to direct the vote: See Item 6 of each of the cover pages hereto.
	(iii) Sole power to dispose or to direct the disposition of: See Item 7 of each of the cover pages hereto.
	(iv) Shared power to dispose or to direct the disposition of: See Item 8 of each of the cover pages hereto.
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

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.

Carlyle Group Inc.

Signature:	/s/ Anne Frederick, Attorney-in-fact
Name/Title:	John C. Redett, Chief Financial Officer
Date:	08/28/2025

Carlyle Holdings I GP Inc.

Signature:	/s/ Anne Frederick, Attorney-in-fact
Name/Title:	John C. Redett, Managing Director and Chief Financial Officer
Date:	08/28/2025

Carlyle Holdings I GP Sub L.L.C.

Signature:	By: Carlyle Holdings I GP Inc., its sole member, By: /s/ Anne Frederick, Attorney-in-fact
Name/Title:	John C. Redett, Managing Director and Chief Financial Officer
Date:	08/28/2025

Carlyle Holdings I L.P.

Signature:	/s/ Anne Frederick, Attorney-in-fact
Name/Title:	John C. Redett, Managing Director
Date:	08/28/2025

CG Subsidiary Holdings L.L.C.

Signature:	/s/ Anne Frederick, Attorney-in-fact
Name/Title:	John C. Redett, Managing Director
Date:	08/28/2025

TC Group, L.L.C.

Signature:	/s/ Anne Frederick, Attorney-in-fact
Name/Title:	John C. Redett, Managing Director
Date:	08/28/2025

Carlyle Investment Management L.L.C.

Signature:	By: /s/ Anne Frederick, Attorney-in-fact
Name/Title:	John C. Redett, Chief Financial Officer
Date:	08/28/2025

Carlyle Genesis UK LLC

Signature:	By: Carlyle Investment Management L.L.C., its sole member, By: /s/ Anne Frederick, Attorney-in-fact
Name/Title:	John C. Redett, Chief Financial Officer
Date:	08/28/2025

Abingworth LLP

Signature:	By: /s/ Emma O'Reilly
Name/Title:	Emma O'Reilly, Authorized Signatory
Date:	08/28/2025

Abingworth Bioventures 8 LP

Signature:	By: /s/ Emma O'Reilly
Name/Title:	Emma O'Reilly, Authorized Signatory
Date:	08/28/2025

Abingworth Bioventures VII LP

Signature:	By: /s/ Emma O'Reilly
Name/Title:	Emma O'Reilly, Authorized Signatory
Date:	08/28/2025

Exhibit Information

Exhibit 99: Joint Filing Agreement (previously filed).

FAQ

How many Phathom (PHAT) shares do the reporting persons disclose owning?

The reporting persons disclose beneficial ownership of 3,496,808 shares of Phathom common stock.

What percent of PHAT does the disclosed holding represent?

The disclosed amount represents 4.9% of Phathom's common stock based on 70,943,708 shares outstanding as of August 4, 2025.

Which entities hold the Phathom shares of record?

Abingworth Bioventures 8 LP is the record holder of 2,061,702 shares and Abingworth Bioventures VII LP is the record holder of 1,435,106 shares; Carlyle-related entities are reported as sharing beneficial ownership.

Did the filing indicate an intent to influence control of Phathom?

No. The certification states the securities were not acquired or held to change or influence control of the issuer.

Does this filing report a group formation or dissolution?

No. The filing marks Item 8 and Item 9 as Not Applicable and does not report dissolution of any group.