Phathom Pharmaceuticals, Inc. (NASDAQ: PHAT)

Phathom Pharmaceuticals, Inc. is a commercial stage biopharmaceutical company focused on the development and commercialization of novel treatments for gastrointestinal diseases. The company’s lead products are VOQUEZNA, VOQUEZNA DUAL PAK and VOQUEZNA TRIPLE PAK, which contain vonoprazan, a potassium competitive acid blocker that suppresses gastric acid secretion without requiring acid mediated activation. Vonoprazan is the first and only drug of its class approved for marketing and sale in the United States, providing a differentiated mechanism compared to traditional proton pump inhibitors. Phathom Pharmaceuticals, Inc. holds exclusive U. S., European and Canadian rights to vonoprazan from Takeda Pharmaceutical Company Limited and is independently commercializing its products in the United States. In addition to its commercial focus, the company is evaluating life cycle opportunities for vonoprazan, including a Phase 2 trial for eosinophilic esophagitis and potential formulations for over the counter use.

The company generates revenue solely from the sale of its three FDA approved products in the United States: VOQUEZNA tablets for erosive and non erosive gastroesophageal reflux disease, and VOQUEZNA DUAL PAK and VOQUEZNA TRIPLE PAK for Helicobacter pylori infection. Sales are made to pharmaceutical wholesale distributors and retail pharmacies, which then distribute the medicines to patients and healthcare providers. In 2025 the majority of revenue came from VOQUEZNA, reflecting continued growth in prescription volume and prescriber adoption since the product launch in late 2023. As of February 13, 2026, over 1.1 million prescriptions for VOQUEZNA, VOQUEZNA DUAL PAK and VOQUEZNA TRIPLE PAK have been filled since launch. The company also reports broad commercial payer coverage, with access for over 120 million covered lives, representing more than 80% of the U. S. commercially insured population.

Phathom Pharmaceuticals, Inc. occupies a niche position as the sole provider of a potassium competitive acid blocker in the U. S. market, distinguishing itself from traditional proton pump inhibitors. Its products compete with generic PPIs such as omeprazole, esomeprazole and lansoprazole, as well as with other PPIs in development and emerging PCAB compounds like tegoprazan and fexuprazan. For H. pylori therapy, VOQUEZNA DUAL PAK and VOQUEZNA TRIPLE PAK face competition from generic PPI based regimens and branded alternatives such as Talicia, which combines omeprazole with antibiotics. The company’s competitive advantages include the novel mechanism of vonoprazan, its rapid onset and durable acid control, and the fact that it does not require acid activation for activity. Additionally, vonoprazan benefits from ten year new chemical entity exclusivity running through May 3, 2032, following the grant of QIDP designation and the subsequent extension under the GAIN Act. Phathom Pharmaceuticals, Inc. also maintains broad payer coverage, with its therapies accessible to over 120 million covered lives, supporting its commercial reach.

The company’s customers are primarily physicians who prescribe acid suppressive therapies, including gastroenterologists and primary care doctors, and the patients receiving treatment for GERD or H. pylori infection. Products reach end users through wholesale distributors and retail pharmacies, and the company also works with third party pharmacy support service providers to facilitate patient access, prior authorization and home delivery. Phathom Pharmaceuticals, Inc. maintains a targeted national sales force of approximately 300 representatives focused on high prescribing healthcare providers to promote its products. The company does not disclose specific customer names in its filing, but notes that its therapies are covered by national and regional health plans providing access to more than 80% of commercially insured individuals in the United States. Additionally, the firm offers patient support programs that help reduce out of pocket costs and improve adherence to therapy.