NASDAQ$PHAT
Phathom Pharmaceuticals Inc · Q4 2023 earnings
Q4 2023 earnings · · Investor relations
Briefing
Phathom reported fourth quarter and full year 2023 financial results and provided a business update.
Phathom Pharmaceuticals reported Q4 2023 financial results, highlighted by the launch of VOQUEZNA and net revenues of $0.7 million from its sales. The company also secured expanded commercial coverage and strengthened its financial position with an expanded term loan facility.
- Launched VOQUEZNA in November 2023, achieving $0.7 million in net revenues for the fourth quarter.
- Early physician prescribing indicated strong demand for VOQUEZNA.
- Secured expanded commercial coverage for VOQUEZNA, growing commercial access to approximately 60 million covered lives.
- Strengthened financial position with access up to an additional $160 million under expanded term loan facility, extending cash runway through 2026.
Headline financials
Revenue & EPS history
Phathom · Revenue · Quarterly
$682K
Forward guidance
Phathom is on track to initiate a Phase 3 Non-Erosive GERD trial in 2024 to investigate As Needed dosing of VOQUEZNA for active heartburn episodes, a dosing regimen for which proton pump inhibitors (PPIs) are not approved in the U.S.
Tailwinds
- Potential approval of VOQUEZNA for Non-Erosive GERD in Q3 is expected to unlock the largest segment of the GERD market.
- VOQUEZNA national salesforce completed onboarding and were in their territories by early January 2024.
- Amendment and expansion of its existing loan and security agreement with Hercules Capital, Inc., (Hercules) increasing the total term loan facility to up to $300 million with more favorable terms
- Company estimates the amended terms will result in cash savings of approximately $20 million based upon the original maturity date of the loan and $200 million in advances.
- Access of up to $160 million remains potentially available under the expanded loan facility.
Headwinds
- Commercialization of VOQUEZNA depends on coverage and reimbursement levels from governmental authorities and health insurers as well as market acceptance by healthcare providers
- Company may use capital resources sooner than expected, or operating plan may overestimate expected product revenues, which could require to reduce expenses or raise additional capital sooner than expected
- Inherent risks of clinical development of vonoprazan
- Dependence on third parties in connection with product manufacturing, research and preclinical and clinical testing
- Unexpected adverse side effects or inadequate efficacy of vonoprazan that may limit its development, regulatory approval and/or commercialization, or may result in recalls or product liability claims
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q4 2023
-2.2%
Avg return
Earnings day
-5.3%
Avg return
5 days after
-0.4%
Avg return
30 days after
42%
11 / 26 earnings
Positive
+10.0%
Q1 2023
Best reaction
-22.8%
Q2 2022
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -4.9% | +6.9% | -18.6% | |
| Q4 2025 | +9.9% | -10.3% | -14.1% | |
| Q3 2025 | -1.8% | +8.1% | +9.8% | |
| Q1 2025 | -21.7% | -44.1% | -0.9% | |
| Q4 2024 | -3.0% | -21.2% | -19.7% | |
| Q3 2024 | -6.3% | -47.1% | -50.0% | |
| Q2 2024 | +8.7% | +12.6% | +63.9% | |
| Q1 2024 | -5.6% | +2.9% | +5.0% | |
| Q4 2023 | -8.7% | -16.0% | +13.4% | |
| Q3 2023 | -4.0% | -9.2% | +7.8% | |
| Q2 2023 | +3.0% | +2.0% | -15.8% | |
| Q1 2023 | +10.0% | +5.0% | +8.3% | |
| Q4 2022 | -7.1% | -10.0% | -29.9% | |
| Q3 2022 | -9.8% | +4.0% | +5.3% | |
| Q2 2022 | -22.8% | -20.1% | -3.6% | |
| Q1 2022 | -6.3% | -10.5% | -19.7% | |
| Q4 2021 | +2.0% | -4.2% | -24.9% | |
| Q3 2021 | +1.7% | -2.4% | -13.7% | |
| Q2 2021 | +1.5% | -0.1% | +6.6% | |
| Q1 2021 | +6.4% | +0.9% | +5.9% | |
| Q4 2020 | +3.6% | +1.9% | +9.8% | |
| Q3 2020 | -8.6% | -3.0% | +12.6% | |
| Q2 2020 | +5.1% | +12.2% | +5.3% | |
| Q1 2020 | -0.9% | -1.4% | +24.1% | |
| Q4 2019 | -3.2% | -3.2% | +13.5% | |
| Q3 2019 | +6.5% | +9.1% | +9.0% | |
| Q1 2019 | — | — | — | |
| Q4 2018 | — | — | — | |
| Q3 2018 | — | — | — | |
| Q2 2018 | — | — | — | |
| Q1 2018 | — | — | — |
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