Phathom Pharmaceuticals, Inc. Common Stock 12th Annual Cantor Fitzgerald Global Healthcare Conference

Thank you for the invitation.

Well, for many of our investors who know the company, but for anyone who's new to Phathom, we are the leaders in introducing a new class of therapy for gastroesophageal reflux. We've launched the first available PCAB, potassium-competitive acid blocker, which is a new mechanism of action for inhibiting acid production and raising pH in the stomach. That's important for patients who have gastroesophageal reflux, so they're experiencing reflux pain. Obviously, the prior generation of therapies, the PPIs, were significantly effective for a significant number of patients. But for something on the order of 30%-40% of patients with reflux who have been on traditional proton pump inhibitor therapies, they're still experiencing significant pain. They need better acid suppression, better pH elevation. That's what our drug, VOQUEZNA, provides.

Our drug can raise pH in the stomach more effectively, can manage symptoms, reduce pain, improve healing in erosive esophagitis, versus the traditional therapies that had previously been available. We are treating that 30%-40% of gastroesophageal reflux patients that are still experiencing significant pain. At a high level, what that turns into in terms of economics, we are going to be delivering or we've guided to revenue this year of $310 million-$325 million. That is up substantially from $175 million last year. We're growing very nicely year-over-year. We just reported our first quarterly operating profit, excluding stock comp. That's a significant milestone internally in terms of the company's financial operations. We have really turned the corner financially to now generating cash, to now generating profits.

Obviously, not committing to generate cash every quarter because there are going to be some working capital needs, et cetera. But by next year, we will be generating positive cash flow for the year and on a really nice growth trajectory as an organization. Lots of commercial success, lots of commercial growth, and a product that makes a fundamental improvement in the lives of many patients.

The balance sheet is very strong with the cash raise that we did beginning of the year, and the cash on hand that we have, and the cash that we're going to be generating next year. Not only allows us to meet our obligation, we have flexibility to start investing in our business, which is what we plan to do starting next year onwards.

Yeah. It's really not my place to figure out what the right stock price is or what the right valuation is. That's actually your job, not mine in this process.

Yeah. My job is to figure out how do we grow this business, and how do we grow it as effectively as possible.

We are very pleased with the fact that we're growing 70% year-over-year this year. What we've guided, in terms of peak revenue as a framework for investors to consider, is that we believe that there's an opportunity that's north of $1 billion in peak revenue, specifically in prescribing by gastroenterologists and the associated providers, so the nurses and PAs that are in gastroenterology practices. Then there's another $1 billion of potential revenue available to us that would come from primary care physicians, and that comes from several different sources. Just to sort of talk through how you get to both of those numbers.