Slides
Page 1
FOURTH QUARTER & FULL YEAR 2025 EARNINGS CONFERENCE CALL FEBRUARY 2026 NASDAQ: PHAT
Page 2
Today’s Agenda Business Update Steven Basta, President & Chief Executive Officer Financial Update Sanjeev Narula, Chief Financial and Business Officer Closing Remarks Steven Basta, President & Chief Executive Officer Question & Answer Steven Basta, President & Chief Executive Officer Sanjeev Narula, Chief Financial and Business Officer 2
Page 3
Safe harbor This presentation contains forward-looking statements. All statements other than statements of historical facts contained in thi s presentation, including statements regarding: our plans, expectations, strategies, and goals for commercialization of VOQUEZNA and potential results of our commercialization efforts; our expectati ons regarding the potential market for our products; our guidance and other expectations regarding operating expenses, revenues and other financial metrics; our expectations with respect to potential p rofitability, cash flow positivity and ability to satisfy cash covenant obligations; our expectations regarding non-patent regulatory exclusivity and the potential timeline for entry of a generic product; our development plans and potential timelines; our business strategy, goals, mission and vision; and our other expectations, forecasts and predictions as to future performance, results and likelihood of success , are forward-looking statements. In some cases, you can identify forward- looking statements by terms such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “intend,” “target,” “pr oject,” “contemplates,” “believes,” “estimates,” “predicts,” “potential”, “guidance”, or “continue” or the negative of these terms or other similar expressions. These statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results , performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including the risk that: we may not be able to successfully commercialize VOQUEZNA or to achieve results or revenues at the levels we expect; the market opportunity for VOQUEZNA may be significantly smaller than our expectations; market acceptance for VOQUEZNA from healthcare professionals, patients, and payors in the indications for which it is approved may be significantly lower than we anticipate; we may encounter coverage, reimbursement, market access, or other issues in the course of our commercialization efforts that may negatively impact our efforts and results; the unmet need for new treatment options in GER D may not be as high as we anticipate; estimates of the number of patients with the disorders for which VOQUEZNA is approved, now or in the future, and our estimates of potential market size may not b e accurate; our decisions as to where to allocate our resources and focus our efforts may not lead to the results we expect; we may not seek, achieve or maintain the patent and regulatory exclusivity we expect or that could be available to us and may encounter generic competition sooner than we anticipate; our results may be negatively impacted by the launch of other competitive products; we may experience adverse impact as the result of our dependence on third parties in connection with commercialization, product manufacturing, research and preclinical and clinical testing; we may be negatively impacted by regulatory developments or other governmental actions in the United States and foreign countries; we may encounter unexpected adverse side effects or inadequate efficacy o f VOQUEZNA that may limit or impair market acceptance or impair current or future development or regulatory approvals, or may result in recalls, withdrawals or product liability claims; we may not be able to obtain and maintain intellectual property protection important to our business; if we were to breach our license agreement with Takeda for vonoprazan, Takeda might take action, including terminat ion, that would significantly impair our business; we may encounter issues with our ongoing or planned clinical trials, including slower than expected enrollment that affect timing or chances of success; we may receive negative or mixed results from our ongoing or future clinical trials that impact our business, goals or future opportunities; our operating expenses may be higher than we anticipate, inc luding if we decide to engage in activities not currently in our plan or if we face unexpected, or higher than anticipated, expenses, including as the result of unexpected events such as litigation; depending on our results and activities, we may not achieve profitability or cash flow positivity on the timelines we expect or at all and we may not be able to meet our cash covenant obligations or our other obl igations under our term debt or revenue interest financing agreement; in the future, we may not have sufficient cash to fund our operations at the levels we expect or to meet our obligations under certain of our agreements or to enable us to achieve profit from operations; we may need to or decide to raise additional capital; we may not be able to raise cash on acceptable terms; and any of the foregoing or other factors may negatively impact our ability to achieve our plans, goals, mission, vision and potential. For additional discussion of these and other risks, see the risk disclosure in our filings wit h the Securities and Exchange Commission (SEC), including our Annual Report on Form 10-K and any subsequent filings with the SEC. You are cautioned not to place undue reliance on these forward -looking statements, which speak only as of the date hereof, and we undertake no obligation to revise or update this presentation to reflect events or circumstances after the date hereof. All forward -looking statements are qualified in their entirety by this cautionary statement, which is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. This presentation also contains estimates and other statistical data made by independent parties and by us. This data involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. In addition, projections, assumptions, and estimates of our future performance and the future performance of the markets in which we operate are necessarily subject to a high degree of uncertainty and risk. This presentation contains non-GAAP operating expense, which excludes stock-based compensation and should be considered only a supplement to, and not a substitute for or superior to, GAAP measures. Refer to slide 10 of this presentation for a reconciliation of the non-GAAP operating expense to GAAP operating expense. 3
Page 4
Business Update 4 Steven Basta, President & Chief Executive Officer
Page 5
Key messages for today’s earnings call 5 Q4 & FY25 Results Commercial Strategy Capital Structure 2026 Financial Guidance We delivered successful Q4 and full year 2025 results We are guiding to solid revenue growth and to reach operating profitability by Q3 and for full year 2026 We have aligned our sales organization to our GI focus We have taken steps to enhance our capital structure We believe our current cash & expected future cash flows will meet our obligations
Page 6
Continued revenue growth + expense discipline 6 1 Reflective of non-GAAP cash operating expenses which exclude stock-based compensation. 2 Guidance provided as part of third quarter earnings release on 10/30/25. $57.6M +16% Q/Q $283.8M -6% Y/Y$175.1M +217% Y/Y Compared to Guidance2: $170M - $175M Compared to Guidance2: $280M - $290M $50.3M +2% Q/Q Compared to Guidance2: <$55M 2025 Net Revenues 2025 Operating Expenses 1 Q4 FY Q4 FY
Page 7
7 Q1 2025 Q2 2025 Q3 2025 Q4 2025 ~88,000 ~117,000 ~144,000 ~174,000 ~21% Covered Prescriptions1 1 IQVIA + BlinkRx as of 2/13/26. All TRx channels continue to display healthy growth Q1 2025 Q2 2025 Q3 2025 Q4 2025 ~37,000 ~56,000 ~77,000 ~99,000 ~29% Cash-Pay Prescriptions1 ~273,000 Total Prescriptions Filled in Q4 2025
Page 8
8
Page 9
9 Financial Update Sanjeev Narula, Chief Financial and Business Officer
Page 10
10 1 The summation of non-GAAP SG&A, non-GAAP R&D, and stock-based compensation expenses equates to reported GAAP operating expenses. Revenue growth + expense discipline through 2025 Net Cash Usage: $84.9M $62.7M $14.4M $5.2M $28.5 $39.5 $49.5 $57.6 $0M $20M $40M $60M $80M $100M $120M Net Revenue & Operating Expenses1 $90.3 $78.7 $44.3 $44.6 $7.9 $7.4 $5.0 $5.7 $103.7 $94.4 $58.6 $55.9 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Revenue Non-GAAP SG&A Non-GAAP R&D Stock-based compensation $175.1M FY25 Revenues ~$130M Cash & Cash Equivalents as of 12/31/25
Page 11
11 Enhanced capital structure + financial flexibility Equity Offering 1 Oversubscribed equity offering in January raised $130M in gross proceeds Anticipated Covenant Coverage 3 Revenue Interest Financing Agreement represents the highest liquidity covenant, requiring cash holdings of ~$120M beginning in October 2026 We believe our current cash on hand of ~$190M, following our term loan modification, and our anticipated cash generated from operations beginning in 2027, will be sufficient to satisfy all covenants, at all times Modified Term Debt 2 Successfully modified the terms of the outstanding term loan facility which we believe will benefit the company going forward Modified terms: reduced principal, lowered interest rate, extended maturity
Page 12
2026 financial guidance 12 Net Revenues Operating Expenses1 1 Reflective of non-GAAP cash operating expenses which exclude stock-based compensation. GTN Discount $320M $345M to 55% 59% to $235M $255M to We anticipate we will achieve operating profitability by Q3 and in total for the full year 2026, excluding stock-based compensation We believe we will achieve cash flow positivity in 2027 2026: 2027: Path to Profitability
Page 13
13
Page 14
Closing Remarks 14 Steven Basta, President & Chief Executive Officer
Page 15
Question & Answer 15 Steven Basta, President & Chief Executive Officer Sanjeev Narula, Chief Financial and Business Officer