Company: PHAT
Filing Date: 2025-03-06
Form Type: 10-K
Source: 0000950170-25-034183
Chunk: 291

Company: Phathom Pharmaceuticals, Inc.
Filing Date: 2025-03-06
Form: 10-K
Item: Item 1B
Chunk 291
---
 1,177,618 shares of common stock remain available for issuance, which includes the 375,381 shares sold to employees during the year ended December 31, 2024 as well as an annual increase of 579,701 shares authorized on January 1, 2024. The ESPP is considered a compensatory plan, and the Company recorded related stock-based compensation of $1.8 million and $0.6 million for the years ended December 31, 2024 and 2023, respectively. The weighted-average assumptions used to estimate the fair value of ESPP awards using the Black-Scholes option valuation model were as follows: 

        Years EndedDecember 31,

        2024

        2023

        Assumptions:

        Expected term (in years)

        0.49

        0.49

        Expected volatility

        105.23
        %

        69.73
        %

        Risk free interest rate

        5.19
        %

        5.03
        %

        Dividend yield

        —

        —

      The estimated weighted-average fair value of ESPP awards during 2024 and 2023 was $4.03 and $3.64, respectively. As of December 31, 2024, the total unrecognized compensation expense related to the ESPP was less than $0.1 million, which is expected to be recognized over a weighted-average period of approximately 0.5 months.  401(k) PlanDuring 2020, the Company established a 401(k) savings plan. The Company’s contributions to the plan are discretionary. During the years ended December 31, 2024 and 2023, the Company incurred $5.1 million and $1.9 million, respectively, of expense related to estimated employer contribution liabilities, which was based on a 75% match of employees’ contributions during the periods. During the years ended December 31, 2024 and 2023, the Board of Directors approved employer matching contributions settled by contributing 383,589 and 135,956, respectively, shares of common stock.Stock OptionsThe fair value of each employee and non-employee stock option grant is estimated on the date of grant using the Black-Scholes option-pricing model. The Company, prior to the IPO on October 29, 2019, was a private company and lacked company-specific historical and implied volatility information. Therefore, the Company estimated its