Phathom Pharmaceuticals (PHAT) — Stock, Pipeline & Market Cap

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PHAT · Stock Price

USD 12.23+9.09 (+289.49%)

Market Cap: $971.8M

Historical price data

Market Cap: $971.8MPipeline: 16 drugs (3 Phase 3)Founded: 2018HQ: Buffalo Grove, United States

Sector Ranking#176 in Small Molecule Drugs

Overview

Phathom Pharmaceuticals is a focused, late-stage biotech dedicated to revolutionizing care for acid-related GI disorders through its novel PCAB technology. Founded in 2018, the company is progressing multiple Phase 2/3 clinical programs targeting significant unmet needs in Non-Erosive GERD and Eosinophilic Esophagitis. Its strategy centers on demonstrating superior efficacy and speed of onset compared to legacy proton pump inhibitors, with the goal of capturing substantial market share in a multi-billion dollar therapeutic landscape.

GastroenterologyAcid-Related Disorders

Technology Platform

Proprietary potassium-competitive acid blocker (PCAB) platform, a novel, reversible, and potent mechanism for inhibiting gastric acid secretion, distinct from traditional proton pump inhibitors.

Pipeline

16

16 drugs in pipeline3 in Phase 3

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

Funding History

3

Total raised:$463M

IPO$284MUndisclosedOct 2, 2020

Series B$144MRA Capital ManagementJun 15, 2019

Series A$35MFrazier Healthcare PartnersJun 15, 2018

FDA Approved Drugs

3

VOQUEZNANDANov 1, 2023

VOQUEZNA TRIPLE PAKNDAMay 3, 2022

VOQUEZNA DUAL PAKNDAMay 3, 2022

Opportunities

Phathom targets a multi-billion dollar market for acid-related disorders where current standard-of-care PPIs leave many patients with inadequate symptom relief.

Success in its Phase 3 NERD program could establish its PCAB as a new, superior first-line therapy, while expansion into EoE opens an adjacent, high-growth market with significant unmet need.

Risk Factors

The primary risks are clinical failure in pivotal trials, regulatory hurdles for approval, and the formidable commercial challenge of displacing entrenched, low-cost generic PPIs.

As a pre-revenue company, Phathom also faces financial risk and potential dilution from future capital raises.

Competitive Landscape

Phathom's main competitors are generic proton pump inhibitors (PPIs), which dominate the market. Its PCAB must demonstrate clear clinical superiority to gain share. In EoE, it faces competition from off-label PPIs, topical steroids, and newer biologic therapies, where its oral formulation could be a key differentiator.