Company: PHAT
Filing Date: 2025-03-06
Form Type: 10-K
Source: 0000950170-25-034183
Chunk: 104

Company: Phathom Pharmaceuticals, Inc.
Filing Date: 2025-03-06
Form: 10-K
Item: Item 16
Chunk 104
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.  As of December 31, 2024, the future minimum annual lease payments under the operating leases were as follows (in thousands): 

        Year ending December 31:

        2025
         
        $
        513

        Total minimum lease payments

        513

        Less: amount representing interest

        (12
        )

        Present value of operating lease liabilities

        501

        Less: operating lease liabilities, current

        (501
        )

        Operating lease liabilities, non-current
         
        $
        —

        Weighted-average remaining lease term (in years)

        0.61

        Weighted-average incremental borrowing rate

        8.28
        %
       
       Operating cash flows for the years ended December 31, 2024 and 2023 included cash payments for operating leases of $1.0 million and $1.1 million, respectively, of which $0.1 million as of December 31, 2024 and 2023 were prepaid lease payments.

5. Debt Total debt consists of the following (in thousands): 

        December 31,

        2024

        2023

        Long-term debt, current portion
         
        $
        —

        $
        —

        Long-term debt, non-current portion

        211,831

        148,057

        Unamortized debt discount

        (10,422
        )

        (10,215
        )

        Total debt, net of debt discount
         
        $
        201,409

        $
        137,842

      On September 17, 2021, or the Closing Date, the Company entered into a Loan and Security Agreement, or, the Loan Agreement, with Hercules Capital, Inc., in its capacity as administrative agent and collateral agent and as a lender, or, in such capacity, the Agent or Hercules, and the other financial institutions that from time to time become parties to the Loan Agreement as lenders, or, collectively, the Lenders. The Loan Agreement provides for term loans in an aggregate principal amount of up to $200 million, or the Term Loan, under multiple tranches. The tranches consist of (i) a first tranche consisting of term loans in an aggregate principal amount of $100 million, all of which was funded on the Closing Date, or the First Advance, (ii) a second tranche consisting of up to an additional $50 million,