Phathom Pharmaceuticals Inc (NASDAQ: PHAT) has been on an uptrend since it went public in October. This follows a series of financial and technical news from the company since it went public.
On the 25th of November, it released Q3 results in which, it announced a net loss of $68.1 million. This included $57.8 million in a non-cash charge value of liabilities. It also included a liability of $2.5 million in a non-cash value of promissory notes.
The company also announced that research and development expenses for the quarter stood at $4.5 million. In the same period in the last financial year, the company had no amount attributable to R&D. The company also announced that in the quarter, it had about $74.5 million in cash & cash equivalents. This amount was independent of the $191.4 million that it raised in the IPO.
The company also announced some progress related to its treatment for H. Pylon infection. In October, it got a fast track designation from the FDA for its treatment called Vonoprazan. With this designation, the company’s drug program is eligible for a number of benefits. One of the key benefits is that it is eligible for priority review. Another benefit is that, if it gets FDA approval for Vonoprazan, it would be eligible for an extra 5 years for any non-patent exclusivity. The company also announced that it had achieved investigational clearance for Vonoprazan erosive esophagitis and its H.Pyroli programs.
It also announced that it had appointed a new board of directors. The new board brought in, experienced leaders with a record of building top companies, and in successfully launching new products.
Looking at the charts, the stock was in a correction in Friday’s session. It closed the day lower by 9.38%. In the day, it was trading between $28.48 and $23.70 before closing the day at $24.24. Volumes in the day stood at 138.18k.
About Phathom Pharmaceuticals Inc
Phathom Pharmaceuticals Inc is a biopharma that develops and sells gastrointestinal treatments. It is headquartered in Buffalo Grove, Illinois.