Slides
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SECOND QUARTER 2026 EARNINGS CONFERENCE CALL JULY 2026 NASDAQ: PHAT
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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
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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, forecasts and goals for commercialization of VOQUEZNA and potential results of our commercialization efforts; our expectations regarding the revenue opportunity and potential market for VOQUEZNA; our guidance and other expectations regarding revenues, operating expenses, and other financial metrics; our expect ations with respect to operating profitability, cash flow positivity and our ability, based on our current plans and revenue forecasts, to fund our business and meet outstanding debt obligations without additional equity or debt financing; our development plans and potential timelines; our business strategy, goals, mission and vision; and our other expectations, forecasts and predictions as to futu re 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,” “can”, “could,” “intend,” “target,” “project,” “contemplates,” “believes,” "outlook", “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 continue 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 ou r expectations or we may not realize the potential; 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; our ongoing and planned commercial activities may not have the impact on results we expect; we may encounter coverage, reimbursement, market access, or other issues in the cou rse 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 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 be accurate; our decisions as to where to allocate our resourc es 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 thi rd 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 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; if we were to breach our license agreement with Takeda for vonoprazan, Takeda might take action, including termination, that would significantly impair our business; we may encounter p otential delays in the commencement, recruitment, enrollment, data readouts and completion of our clinical trials; we may receive negative or mixed results from our ongoing or future clinical trials t hat 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 unexpect ed, 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 obligations 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 maintain profit from operations; despite our current expectations, 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 ach ieve 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 A nnual 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 11 of this presentation for a reconciliation of the non -GAAP operating expense to GAAP operating expense. 3
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Business Update 4 Steven Basta, President & Chief Executive Officer
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VOQUEZNA delivered strong Q2 performance 5 Executed successful pivot in operations and strategy Updated FY26 revenue guidance: $310M - $325M Continued confidence in $1B potential from GI-first strategy and second $1B from potential PCP expansion +88% y/y revenue growth from Q2 2025 to Q2 2026
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Q2 2026 key financial results 6 net revenues operating expenses1 $56.4M $1.6M net cash generated $74.3M 1 Reflective of non-GAAP cash operating expenses which exclude stock-based compensation. 2 As of 6/30/26. ~$182M cash and cash equivalents2
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7 Q2 2025 Q3 2025 Q4 2025 Q1 2026 ~117,000 ~144,000 ~174,000 ~168,000 Q2 2026 ~209,000 ~79% Covered Prescriptions1 1 IQVIA + BlinkRx as of 7/17/26. Covered TRx grew ~79% from Q2 2025 to Q2 2026 Q2 2025 Q3 2025 Q4 2025 Q1 2026 ~56,000 ~77,000 ~99,000 ~100,000 Q2 2026 ~116,000 ~107% Cash-Pay Prescriptions1 ~325,000 Total Prescriptions Filled in Q2 2026
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Advancing potential new indications for VOQUEZNA 8 Eosinophilic Esophagitis (EoE) As-Needed Dosing for Non-Erosive GERD P.R.N Ph2 trial enrollment completed Potential to fill important unmet need Potential path to extend exclusivity Building on successful Ph2 data Significant commercial opportunity Plan to initiate Ph3 trial in Q4 2026
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10 Financial Update Sanjeev Narula, Chief Financial and Business Officer
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11 1 As of 6/30/26. 2 The summation of non-GAAP SG&A, non-GAAP R&D, and stock-based compensation expenses equates to reported GAAP operating expenses. Strong Q2: revenue growth + expense discipline $39.5 $49.5 $57.6 $58.3 $74.3 $0M $20M $40M $60M $80M $100M Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 ~88% $78.7 $44.3 $44.6 $49.3 $49.7 $7.4 $5.0 $5.7 $7.0 $6.7 $0M $20M $40M $60M $80M $100M Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 $94.4 $58.6 $55.9 $61.8 $63.1 Net Revenue Operating Expenses2 Non-GAAP SG&A Non-GAAP R&D Stock-based compensation ~(34%) ~$182M cash and cash equivalents1$1.6M net cash generated
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Updated 2026 financial guidance 12 Net Revenues Operating Expenses1 1 Reflective of non-GAAP cash operating expenses which exclude stock-based compensation. GTN Discount $310M $325M to 55% 59% to $235M $245M to We continue to expect to achieve operating profitability for the remainder of 2026 and for the full year, excluding stock-based compensation We believe we will achieve cash flow positivity in 2027 2026: 2027: Path to Profitability Previously: $320M - $345M Previously: $235M - $255M- no change -
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Closing Remarks 14 Steven Basta, President & Chief Executive Officer
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Question & Answer 15 Steven Basta, President & Chief Executive Officer Sanjeev Narula, Chief Financial and Business Officer