Phathom Pharmaceuticals

PHATApproved

Buffalo Grove, United StatesFounded 2018phathompharma.com

Phathom Pharmaceuticals is a biopharmaceutical company committed to developing and commercializing innovative treatments for gastrointestinal diseases, specifically those related to acid. The company holds exclusive rights in the U.S., Europe, and Canada to a novel potassium-competitive acid blocker (PCAB) and is advancing late-stage clinical programs for NERD and EoE. With a seasoned leadership team and a focus on a dormant therapeutic area, Phathom aims to disrupt the status quo and significantly improve patient lives. Its strategic direction involves progressing its pipeline through clinical trials to bring new therapeutic options to market.

Market Cap

$883.3M

Founded

2018

Focus

Small Molecules

AI Company Overview

Technology Platform

Exclusive rights to develop and commercialize a novel potassium-competitive acid blocker (PCAB), a different class of drug from standard proton pump inhibitors (PPIs), for acid-related GI disorders.

Pipeline Snapshot

16 drugs in pipeline, 3 in Phase 3

Drug	Indication	Stage
PYTEST® 14C-Urea Breath Test + VOQUEZNA® Triple Pak®	H Pylori Infection	Approved
PYTEST® 14C-Urea Capsule Breath Test (at Home) + PYTEST® 14C-Urea Capsule Breath...	H. Pylori Infection	Approved
Vonoprazan + Lansoprazole	Erosive Esophagitis	Phase 3
Vonoprazan + Placebo	Non-Erosive Gastro-Esophageal Reflux Disease	Phase 3
Vonoprazan + Amoxicillin + Clarithromycin + Lansoprazole	Helicobacter Pylori Infection	Phase 3

Funding History

Total raised: $463M

IPO$284MUndisclosedOct 2, 2020

Series B$144MRA Capital ManagementJun 15, 2019

Series A$35MFrazier Healthcare PartnersJun 15, 2018

FDA Approved Drugs

VOQUEZNANDANov 1, 2023

VOQUEZNA TRIPLE PAKNDAMay 3, 2022

VOQUEZNA DUAL PAKNDAMay 3, 2022

Opportunities

Phathom's primary growth opportunity lies in successfully developing its PCAB as a superior alternative to generic PPIs for the massive GERD market, particularly for patients with inadequate response.

A second major opportunity is establishing a new pharmacologic treatment for Eosinophilic Esophagitis (EoE), a condition with high unmet need and limited drug options.

Risk Factors

Key risks include clinical trial failure, regulatory rejection, and the formidable challenge of competing against entrenched, low-cost generic proton pump inhibitors.

The company's entire value is tied to a single drug candidate and technology platform, creating significant binary risk.

Competitive Landscape

Phathom's main competitors are the manufacturers of generic and branded proton pump inhibitors (PPIs) like omeprazole and esomeprazole. For EoE, it faces competition from dietary therapies, topical steroids, and biologics like dupilumab. Its differentiation is based on the novel PCAB mechanism, which aims to offer faster and more potent acid suppression.

Publications

Pipeline

FDA Approvals