Slides
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Corporate Overview January 2026 CHANGING THE LANDSCAPE IN GI Going beyond to advance treatments for patients with acid-related disorders
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2 This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 . All statements other than statements of historical facts contained in this presentation, including statements regarding: our plans, expectations, strategies, and goals for commercialization of VOQUEZNA and potential results of our commercialization efforts; our expectations regarding operating expenses and revenues; our expectations with respect to potential profitability; 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,” “project,” “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 risks 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 GERD may not be as high as we anticipa te; 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 be 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 en counter generic competition sooner than we anticipate; we may not successfully execute our commercial strategies and/or market expansion plans for VOQUEZNA; 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 in adequate efficacy of 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; we may not be able to meet all of the covenants set out in our loan or financing agreements; if we were to brea ch our license agreement with Takeda for vonoprazan, Takeda might take action, including termination, that would significantly impair our business; we may encounter issues with our ongoing or planned clin ical 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, including 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 on the timelines we expect or at all; 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 addition al 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 with 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 event s 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 preliminary financial information for the three months and the year ended December 31, 2025. This information is based upon our estimates and is subject to the completion of our financial closing procedures. Our actual results may differ from these estimates due to the completion of our financial closing procedures and final adjustments and other developments that may arise between now and the time our final quarterly and annual financial statements are completed. There can be no assurance that these estimate s will be realized, and estimates are subject to risks and uncertainties, many of which are not within our control. 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, and may be different from similarly titled metrics or measures presented by other companies. Refer to slide 14 of this presentation for a reconciliation of the non-GAAP operating expense to GAAP operating expense. Safe harbor statement
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Going beyond to advance treatments for patients with acid related disorders Rights to vonoprazan licensed from Takeda for the US, Europe, and Canada VOQUEZNA® (vonoprazan) : Belongs to a novel class of therapies called PCABs (Potassium Competitive Acid Blockers) Formed In 2019 Listed on NASDAQ: PHAT Locations HQ: Florham Park, NJ Buffalo Grove, IL THREE FDA APPROVED PRODUCTS 3 >1 Million filled prescriptions1 Targeting operating profitability in H2 20263 1 IQVIA + BlinkRx as of 12/26/25 2 Q4 ‘25 & FY25 estimates are preliminary and unaudited 3 Assumes anticipated future product sales, based on the operating plan and excluding stock -based compensation 2025 Revenues2 Q4 estimate: $57-58M FY estimate: $174.5-175.5M
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High unmet need & attractive commercial dynamics • ~22M+ patients with GERD are treated annually • ~40% of GERD patients experience inadequate symptom relief from PPI therapy3 1st new MOA in GERD in over 30 years • Approved for Erosive & Non-Erosive GERD, and H. pylori • VOQUEZNA demonstrated superiority to a PPI in Erosive GERD1 & H. pylori 2 #1 prescribed acid suppressant in Japan4 For US prescribing information, including important safety information: https://www.phathompharma.com/wp-content/uploads/VOQUEZNA-tablets-Prescriber-Information.pdf 1 Laine, Loren et al. Vonoprazan Versus Lansoprazole for Healing and Maintenance of Healing of Erosive Esophagitis: A Randomized Trial. Gastroenterology. 2023 Jan 2 Chey, William D. et al. Vonoprazan Triple and Dual Therapy for Helicobacter pylori Infection in the United States and Europe: Randomized Clinical Trial. Gastroenterology. 2022 Sep 3 Yadlapati R, DeLay K. Proton Pump Inhibitor-Refractory Gastroesophageal Reflux Disease. Med Clin North Am. 2019 Jan 4 IQVIA MIDAS as of March 31, 2024, amongst all PPI and PCAB molecules Only FDA-approved Potassium Competitive Acid Blocker (PCAB) VOQUEZNA 4 VOQUEZNA has blockbuster potential
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The US GERD market has generated several >$3B brands 5 ~40% of GERD patients experience inadequate symptom relief from PPI therapy2 H2 ANTAGONISTS ~$3.5b peak US sales ANTACIDS Marketed OTC PPIs ~$12.5B peak US sales Prilosec, Nexium, and Prevacid all generated >$3B at peak Introduced in 1970s First Introduced in 1989 Introduced in 2023 Introduced in 1930s PCAB 1 IQVIA + BlinkRx as of 12/26/25 2 Yadlapati R, DeLay K. Proton Pump Inhibitor-Refractory Gastroesophageal Reflux Disease. Med Clin North Am. 2019 Jan >1M TRx filled1 Blockbuster opportunity in GI, with potential upside from PCP
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® Potent Rapid Durable Day 1 mean pH 4.6 Increased pH in 2-3 hours 24 hour acid suppression 6 VOQUEZNA is the only approved PCAB in the United States 1 Study performed in healthy volunteers Acid suppression profile demonstrated by VONO-1031
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15M treated Non-Erosive GERD patients1 7M treated Erosive GERD patients1 Commercial Launch Sequence 1 Diagnosed and treated adults; company estimates based on its market research7 VOQUEZNA has broad approved commercial indications GERD US Rx Market ~ ~ 22M total treated patients1 ~ First Launch Q4 2023 Expanded Launch Q3 2024 H. pylori infection (or HP) Non-Erosive GERD Daily dosing Erosive GERD (Erosive Esophagitis / EE) GERD
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8 Current launch focus is to target adult patients experiencing significant and continued heartburn who are typically referred to a GI Source: Visual represents a summary of patient journey qualitative market research, May 2020 Trial of OTCs, including PPIs Visit to PCP and Rx PPI GERD patients with continued heartburn are typically referred to GIs then revert to their PCP for ongoing care Managed by GI or PCP Erosive GERD Rx PPI Non-Erosive GERD Rx PPI Progress to GI for endoscopy
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9 1 IQVIA trailing 12 months as of October 2025 (including nurse practitioners and physician assistants) Executing strategy to generate depth with GI writers Total US GI Market Annual PPI Prescriptions1 ~20M Annual PPI Writers1 ~24K Announced new GI-focused call point strategy MAY ‘25 Rolled out new target lists including nearly all GIs JUL ‘25 Realignment of sales territories focusing on GI accounts OCT ‘25 Q1 ‘26 Full strength sales force anticipated by March 2026 (~300)
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10 1 Per MMIT formulary lookup tool as of 10/24/25 2 Eligible, commercially insured patients may pay as little as $25 per prescription fill of VOQUEZNA; Offer not valid for patient s enrolled in Medicare, Medicaid, or other federal or state healthcare programs; See VOQUEZNA.com for full program eligibility terms and conditions Strong commercial coverage secured for VOQUEZNA Utilization management largely defined by a generic PPI step edit via PA which aligns with targeting PPI patients experiencing continued heartburn • Hub lite PA support – intended to improve fulfillment for GERD and HP patients regardless of coverage status • Designed to help covered patients pay the lowest price possible • Provides cash-pay option to eligible patients denied coverage (i.e., comm. & govt.) Patient Co-Pay Assistance2 Enhanced Patient Access commercial coverage1 >80% commercial lives covered1 120M> BlinkRx Benefits
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11 1 IQVIA + BlinkRx as of 10/17/25 (includes all IQVIA restatements to date) All TRx channels are displaying healthy growth Q1 2025 Q2 2025 Q3 2025 ~88,000 ~117,000 ~144,000 ~23% Covered Prescriptions1 Q1 2025 Q2 2025 Q3 2025 ~37,000 ~56,000 ~77,000 ~38% Cash-Pay Prescriptions1 ~221,000 Total Prescriptions Filled in Q3 2025
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12 Vision for evolving the VOQUEZNA commercial strategy Current GI Focus Future PCP Plans ⊲ GI oriented realignment ⊲ High GI call frequency ⊲ Depth of GI writing ~20M 20-30% ~4-6Mx = Path to ~$1B/yr revenue potential in GI Annual PPI scripts written by GIs & GI APPs1 Positive signal: ~20% average share today among top 300 VOQUEZNA GI writers2 PPI TRx potential market share VOQUEZNA TRx 1 IQVIA trailing 12 months as of October 2025 (including Advanced Practice Providers (APPs) = nurse practitioners and physician assistants) 2 Average of individual shares of writing demonstrated by the top 300 GI VOQUEZNA writers during the 13 -week period ending 11/28/25 (based on VOQUEZNA + PPI TRx) Patients cycle back to primary care Synergistic & efficient DTC advertising Potential primary care sales force expansion
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13 1 https://www.fda.gov/drugs/abbreviated-new-drug-application-anda/generic-drugs-program-activities-report-fy-2025-monthly-performance – actual FDA review timelines may be longer or shorter 2 Subject to successful completion of Phase 2 EoE study and agreement with the FDA on studies to be conducted under a written r equest, decision to proceed, and completion of the studies prior to expiration of the applicable exclusivity 3 If there is an unexpired Orange Book listed patent to certify against, an ANDA filing could occur one year prior to NCEE expi ry Extended exclusivity based on FDA’s confirmation of GAIN Act application … 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 … FDA data shows FY25 median ANDA approval times of 20-30 months1 (min. = 10 months) Assessing potential for future protections related to additional patents, if any Orange Book NCE exclusivity (NCEE) extended to May 2032 for all VOQUEZNA products An ANDA is not expected to be filed until NCEE fully expires (May 2032) if the Orange Book has no unexpired patents for paragraph IV certification 1 year prior to NCEE expiry3 Assessing potential for: 6-month pediatric exclusivity2 + possible future patent- related protections Key Considerations & Expectations NCE exclusivity as extended by GAIN Act NCE exclusivity NCE exclusivity as extended by GAIN Act NCE exclusivity PED2 Potential ANDA review Potential ANDA review
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14 Revenue growth and expense discipline demonstrated through 2025 Net Revenue & Operating Expenses2 1 FY25 and Q4 2025 estimated results shown are preliminary, unaudited and subject to change; FY25 guidance was provided in thir d quarter earnings release on 10/30/25 2 The summation of non-GAAP SG&A, non-GAAP R&D, and stock-based compensation expenses equates to reported GAAP operating expenses $28.5 $39.5 $49.5 $0M $20M $40M $60M $80M $100M $120M $57-58 $90.3 $78.7 $44.3 $7.9 $7.4 $5.0 $103.7 $94.4 $58.6 $59-61 Q1 2025 Q2 2025 Q3 2025 Est. Q4 20251 Revenue Non-GAAP SG&A Non-GAAP R&D Stock-based compensation ~$130M in cash and cash equivalents as of December 31, 2025 FY25 Revenue Estimate1 $174.5-175.5M FY25 Revenue Guidance1 $170-175M $51-53 Net Cash Usage: $84.9M $62.7M $14.4M ~$6M
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16 APPENDIX: SUPPLEMENTAL CLINICAL DATA
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17 VONO-103: Phase 1 Study Evaluating PK/PD
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18 VOQUEZNA has shown rapid, potent, and durable acid control Day 1 Time from dosing (hr) pH 7.0 6.0 5.0 4.0 3.0 2.0 1.0 0.0 0 12 18 246 Day 7 0 6 12 18 24 VOQUEZNA raised gastric pH higher than PREVACID (lansoprazole) in VONO-1031 TIME ABOVE pH 4.0 (%) VOQUEZNA 20 mg 62% 88% PREVACID (lansoprazole) 30 mg 23% 42% Baseline 4% 4% 1 VONO-103: Mean 0-24 hour gastric pH profiles; Phase 1 study evaluating the PK, PD, safety and tolerability of vonoprazan in com parison to PREVACID (lansoprazole) in 41 healthy adult subjects (out of 44 total subjects enrolled)
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19 PHALCON-HP: Phase 3 Trial for H. pylori Infection
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Patients with H. pylori infection1 (n = 992) vonoprazan dual therapy3 (n = 324) vonoprazan triple therapy2 (n = 338) lansoprazole triple therapy4 (n = 330) 14 Day Treatment Period 4 Weeks Post-Treatment Primary Endpoint: non-inferiority eradication rate, excluding subjects with infection resistant to clarithromycin and amoxicillin Secondary Endpoint #1: superiority eradication rate in subjects with clarithromycin resistant strains Secondary Endpoint #2: superiority eradication rate in all subjects 20 PHALCON-HP Phase 3 study design 1 Diagnosis of infection and test of cure confirmed by 13C -urea breath test 2 Vonoprazan triple therapy = vonoprazan 20 mg BID + amoxicillin 1 g BID + clarithromycin 500 mg BID 3 Vonoprazan dual therapy = vonoprazan 20 mg BID + amoxicillin 1 g TID 4 Lansoprazole triple therapy = lansoprazole 30 mg BID + amoxicillin 1 g BID + clarithromycin 500 mg BID
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90.40% 81.20% 82.10% vonoprazan 20mg vonoprazan 20mg lansoprazole 30mg 84.70% 60% 70% 80% 90% 100% Eradication Rate vonoprazan 20mg vonoprazan 20mg lansoprazole 30mg 78.50% 78.80% mITT population Per-protocol population p < 0.00011 vonoprazan triple therapy lansoprazole triple therapy vonoprazan dual therapy p = 0.0073 p = 0.01551 Eradication rates (%) among patients without clarithromycin- or amoxicillin-resistant strains 1 Not adjusted for multiple comparisons p < 0.0001 21 PHALCON-HP met primary endpoints
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% (n) with adverse event Vonoprazan triple therapy (n=346) Vonoprazan dual therapy (n=348) Lansoprazole triple therapy (n=345) Diarrhea 4.0% (14) 5.2% (18) 9.6% (33) Nausea 1.7% (6) 1.7% (6) 2.6% (9) Dysgeusia 4.3% (15) 0.6% (2) 6.1% (21) Headache 2.6% (9) 1.4% (5) 1.4% (5) Vaginal infection 2.3% (8) 0.9% (3) 0.3% (1) Safety Set: All subjects who received at least one dose of study medication Most frequent (>2.0%) adverse events in PHALCON-HP subjects 22 Safety profile Vonoprazan-based regimens generally well tolerated; comparable to lansoprazole triple therapy
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23 PHALCON-EE: Phase 3 Trial for Erosive GERD
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Part 1: Healing Phase Part 2: Maintenance Phase Patients with Erosive GERD (n = 1,0241) 2 to 8 week Treatment Period vonoprazan 20 mg QD (n = 514) % of patients who maintain complete healing Re- randomize healed patients (n = 8781) vonoprazan 10 mg QD (n= 293) vonoprazan 20 mg QD (n = 291) lansoprazole 15 mg QD (n =294) 24 week Treatment Period lansoprazole 30 mg QD (n = 510) % of patients with healed Erosive GERD 24 PHALCON-EE Phase 3 study design US/Europe study in Erosive GERD 1 Represents modified intent to treat (mITT) population
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All Erosive GERD Patients LA Grades C/D (Moderate-to-Severe) Erosive GERD Patients 74% 93% 68% 85% Patients with healed Erosive GERD (%) Week 2 Week 8 70% 92% 53% 72% Week 2 Week 8 n=514 n=510 n=514 n=510 n=177 n=174 n=177 n=174 Primary Endpoint100% 90% 80% 70% 60% 50% 40% p<0.0001* p=0.0348^ p<0.0001^ p=0.0008# ^ nominal p-value presented, superiority comparison, not formally tested based on pre- specified testing hierarchy * p-value for both primary non-inferiority endpoint and unadjusted p-value for exploratory superiority comparison # p-value for pre-specified secondary endpoint superiority comparison lansoprazole 30 mg vonoprazan 20 mg 25 PHALCON-EE Phase 3 met primary and key secondary healing endpoints
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Patients with maintained healing Erosive GERD (%) vonoprazan 10 mg lansoprazole 15 mg vonoprazan 20 mg 77% 75% 61% 81% 79% 72% n=291 n=293 n=294 n=92 n=95 n=96 100% 90% 80% 70% 60% 50% Primary Endpoint p<0.0001* p=0.0136# p<0.0001* p=0.0436# p=0.0196# p=0.0490# * p-value for primary endpoint non-inferiority comparison # p-value for pre-specified secondary endpoint superiority comparison All Erosive GERD Patients LA Grades C/D (Moderate-to-Severe) Erosive GERD Patients 26 PHALCON-EE Phase 3 met all maintenance of healing endpoints
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Overall, the safety results observed in PHALCON-EE were consistent with those observed in prior clinical studies of vonoprazan % (n) Vonoprazan 20 mg Lansoprazole 30 mg Diarrhea 2.1% (11) 2.5% (13) % (n) Vonoprazan 20 mg Vonoprazan 10 mg Lansoprazole 15 mg Abdominal Pain 5.4% (16) 4.1% (12) 2.4% (7) Gastritis 2.7% (8) 6.4% (19) 2.7% (8) COVID-19 10.1% (30) 6.1% (18) 6.7% (20) Most Common Adverse Events Healing Phase Maintenance Phase Serious Adverse Events (>1 patient) Most Common Adverse Events (≥ 5%) Vonoprazan 20 mg Vonoprazan 10 mg Lansoprazole 15 mg COVID-191 (n) 5 2 0 Both Phases 27 1 No COVID-19 SAEs were deemed related to the study drug by the investigator | Safety Set: All subjects who received at least one dose of study medication Summary of PHALCON-EE Phase 3 safety data
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28 PHALCON-NERD-301: Phase 3 Trial for Non-Erosive GERD Daily Dosing
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vonoprazan 20 mg vonoprazan 10 mg Non-Erosive GERD patients (n=772)1 vonoprazan 20 mg (n=257) vonoprazan 10 mg (n=257) placebo (n=258) 4-week double blind treatment Week 4 Primary Endpoint vonoprazan 10 mg Week 24 End of Treatment 20-week long-term double-blind safety and efficacy evaluation period vonoprazan 20 mg Blinded extension period for further safety and long-term efficacy evaluation Mean % 24-hr heartburn-free days through week 4 Daily dosing x 4 week Controlled Daily dosing efficacy data through 6 months 29 PHALCON-NERD-301 Phase 3 Daily dosing trial design Vonoprazan 10 mg dose was submitted in sNDA for treatment of Non- Erosive GERD 1 A total of 772 patients with Non-Erosive GERD were randomized and dosed
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27.7% 44.8% 44.4% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% Placebo (n= 258)1 Vonoprazan 10 mg (n= 257)1 Vonoprazan 20 mg (n= 257)1 Mean percentage (%) of 24-hour heartburn free days over 4-week period p<0.00012 p<0.00012 1 Intent-to-Treat Set: All subjects who received at least one dose of study medication, randomized treatment 2 p-values from general linear model with treatment group as a factor and severity and frequency of heartburn at baseline as covariates30 PHALCON-NERD-301 met the primary endpoint for both doses
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1 Intent-to-Treat Set: All subjects who received at least one dose of study medication, randomized treatment 2 The 20-week extension period was not placebo-controlled; descriptive analysis only; no statistical comparisons were conducted 0 10 20 30 40 50 60 70 80 Study Day Percentage of Subjects w/o Daytime or Nighttime Heartburn 1 7 14 21 28 35 42 49 56 63 70 77 84 91 98 105 112 119 126 133 140 147 154 161 168 Placebo --> Vonoprazan 10 mg QD Placebo --> Vonoprazan 20 mg QD Vonoprazan 10 mg QD Vonoprazan 20 mg QD placebo-controlled 4-week period Exploratory 20-Week Extension Period (Not Placebo-Controlled): Mean % of 24-hr Heartburn Free Days2 Placebo Vonoprazan 10 mg Placebo Vonoprazan 20 mg Vonoprazan 10 mg Vonoprazan 20 mg 61.9% 62.9% 62.6% 60.7% All patients were switched to VOQUEZNA for the extension period 31 PHALCON-NERD-301 percentage of subjects without heartburn Over both treatment periods: Intent-To-Treat Set1
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4-week placebo-controlled period % (n) Placebo (n=256) Vonoprazan 10 mg (n=259) Vonoprazan 20 mg (n=257) Abdominal Pain 0.8% (2) 1.5% (4) 2.3% (6) Constipation 0.8% (2) 2.3% (6) 0.8% (2) Diarrhea 1.2% (3) 2.3% (6) 0.4% (1) Nausea 0.4% (1) 2.3% (6) 3.1% (8) Serious Adverse Events1 from the Safety Set2 (n): • Placebo: n/a (--) • Vonoprazan 10 mg: viral pericarditis (1) • Vonoprazan 20 mg: salivary gland calculus (1), fibula/tibia fracture (1) Overall, the safety results observed in PHALCON-NERD-301 were consistent with those observed in prior clinical studies of vonoprazan % (n) Placebo Vonoprazan 10 mg (n = 118) Placebo Vonoprazan 20 mg (n = 121) Vonoprazan 10 mg (n = 248) Vonoprazan 20 mg (n = 236) Upper Respiratory Tract Infection 1.7% (2) 0.8% (1) 4.8% (12) 2.1% (5) Sinusitis 1.7% (2) 1.7% (2) 3.2% (8) 1.3% (3) Influenza 3.4% (4) 1.7% (2) 2.0% (5) 1.3% (3) Urinary Tract Infection 1.7% (2) -- 2.0% (5) 2.5% (6) Nasopharyngitis 1.7% (2) -- -- 2.1% (5) Gastroenteritis 1.7% (2) 0.8% (1) 0.4% (1) 2.1% (5) Nausea 0.8% (1) 0.8% (1) 1.2% (3) 2.1% (%) 20-week extension period 32 Summary of PHALCON-NERD-301 safety data Most Common Adverse Events1 (≥ 2%), Safety Set2 1 Summary results only include adverse events that are treatment emergent (i.e., started after treatment) 2 Among all subjects who received at least one dose of study medication, actual treatment received
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33 PHALCON-EOE-201: Phase 2 Trial for Eosinophilic Esophagitis
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34 PHALCON-EOE-201 Phase 2 study design Week 12 Efficacy Endpoints Primary • Proportion of subjects achieving peak esophageal intraepithelial eosinophil count <15 eosinophils per high-power field (eos/hpf) Secondary • Mean change from baseline in dysphagia days • Mean change from baseline in EoE Endoscopic Reference Score (EREFS) • Mean change from baseline in peak esophageal intraepithelial eosinophil count Follow-upAdults (N=80) Excludes PPI non-responders Evaluate entry criteria Vonoprazan 20mg QD (N=40) Placebo QD (N=40) Vonoprazan 20mg QD Screening Period (≤ 6 weeks) Placebo-Controlled Treatment Period (12 weeks) Follow-up Period (2 weeks) Safety Extension Open Label (12 weeks) Week 12: Primary Endpoint Analysis FSI: Nov. 2025 Topline Data Expected: 2027