Company: PHAT
Filing Date: 2025-03-06
Form Type: 10-K
Source: 0000950170-25-034183
Chunk: 275

Company: Phathom Pharmaceuticals, Inc.
Filing Date: 2025-03-06
Form: 10-K
Item: Item 1B
Chunk 275
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659

        $
        13,318

        Accrued professional & consulting expenses

        1,203

        1,771

        Accrued research and development expenses

        2,339

        1,009

        Accrued revenue allowances

        29,987

        982

        Accrued other

        3,044

        117

        Total accrued expenses
         
        $
        53,232

        $
        17,197

F-15

InventoryInventory consist of the following (in thousands):

        December 31,

        2024

        2023

        Finished goods
         
        $
        1,479

        $
        647

        Raw materials

        1,729

        561

        Total inventory, current

        3,208

        1,208

        Raw materials, non-current

        11,540

        8,234

        Total inventory
         
        $
        14,748

        $
        9,442

      Raw materials consist of materials, including active pharmaceutical ingredients, to be consumed in the production of inventory related to FDA-approved products. Inventory that is used for clinical development purposes is expensed to research and development expense when consumed. Inventory, noncurrent includes inventory expected to remain on-hand beyond one year from the balance sheet dates presented.

3. Commitments and Contingencies License Agreement On May 7, 2019, the Company entered into a license agreement with Takeda pursuant to which it was granted an exclusive license to commercialize vonoprazan fumarate in the United States, Canada and Europe, or the Takeda License. The Company also has the right to sublicense its rights under the agreement, subject to certain conditions. The agreement will remain in effect, on a country-by-country and product-by-product basis, until the later of (i) the expiration of the last to expire valid patent claim covering vonoprazan fumarate alone or in combination with at least one other therapeutically active ingredient, (ii) the expiration of the applicable regulatory exclusivity and (iii) 15 years from the date of first commercial sale, unless earlier terminated. The Company may terminate the Takeda License upon six months’ written notice. The Company and Takeda may terminate the Takeda License in the case of the other party’s insolvency or material uncured breach