Company: PHAT
Filing Date: 2025-03-06
Form Type: 10-K
Source: 0000950170-25-034183
Chunk: 116

Company: Phathom Pharmaceuticals, Inc.
Filing Date: 2025-03-06
Form: 10-K
Item: Item 16
Chunk 116
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1,578,888 shares remain available for issuance, which reflects 3,194,437 stock options and RSUs awards granted, and 762,646 of awards cancelled or forfeited, during the year ended December 31, 2024 as well as an annual increase of 2,898,503 shares authorized on January 1, 2024. Performance-Based UnitsDuring 2020, the Company granted the initial performance-based units, or PSUs, whereby vesting depended upon the approval by the FDA of vonoprazan for H. pylori and then, or concurrent with, Erosive GERD. The PSU milestones were achieved upon FDA approval of vonoprazan for H. pylori and Erosive GERD during the fourth quarter of 2023. As a result, stock-based compensation cost of $19.3 million was recognized within the statements of operations and comprehensive loss during the year ended December 31, 2023. No stock-based compensation cost  was recognized within the statements of operations and comprehensive loss during the year ended December 31, 2024. No PSUs were outstanding as of December 31, 2024 and 2023.Restricted Stock UnitsThe following table summarizes RSU activity under the 2019 Plan during the year ended December 31, 2024: 

        Number ofStock Units

        Weighted-Average GrantDate Fair ValuePer Share

        Unvested balance at January 1, 2024

        2,653,592

        $
        11.91

        Granted

        911,912

        8.52

        Vested

        (965,881
        )

        12.79

        Forfeited

        (216,963
        )

        11.23

        Unvested balance at December 31, 2024

        2,382,660

        $
        10.32

      As of December 31, 2024, the Company had $18.7 million of unrecognized stock-based compensation expense related to RSUs, which is expected to be recognized over a weighted-average period of 1.6 years. The total fair value of RSUs vested during the year ended December 31, 2024, was approximately $12.4 million.

F-23

Employee Stock Purchase PlanIn October 2019, the Board of Directors adopted, and the Company’s stockholders approved, the Employee Stock Purchase