Company: PHAT
Filing Date: 2025-03-06
Form Type: 10-K
Source: 0000950170-25-034183
Chunk: 294

Company: Phathom Pharmaceuticals, Inc.
Filing Date: 2025-03-06
Form: 10-K
Item: Item 1B
Chunk 294
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        Deferred tax assets:

        Net operating loss carryforwards
         
        $
        195,225

        $
        120,092

        Research credits

        13,554

        11,815

        Intangible assets

        34,749

        33,095

        Other

        11,964

        11,256

        Gross deferred tax assets

        255,492

        176,258

        Less valuation allowance

        (255,342
        )

        (175,915
        )

        Deferred tax assets, net of valuation allowance

        150

        343

        Deferred tax liabilities:

        Other

        (150
        )

        (343
        )

        Net deferred tax assets
         
        $
        —

        $
        —

      Based upon the Company’s history of operating losses, the Company is unable to conclude that it is more likely than not that the benefit of its deferred tax assets will be realized. Accordingly, the Company has provided a full valuation allowance for its deferred tax assets as of December 31, 2024 and 2023.

F-26

As of December 31, 2024 and 2023, the Company had federal net operating loss carryforwards of approximately $863.2 million and $554.7 million, respectively, which are carried over indefinitely. As of December 31, 2024, the Company had approximately $256.5 million of state net operating loss carryforwards that begins to expire in 2033. As of December 31, 2024, the Company has available federal research and development credits of $15.8 million which begin to expire in 2038. The Company has $1.5 million of state research and development credits, some of which, begin to expire in 2025. The Company has not completed a formal analysis of the potential impact of Section 382 on its deferred tax assets as of December 31, 2024. Until this analysis has been completed, the Company has not adjusted any of its deferred tax assets, including net operating losses or research and development credits. The Company will reassess the amount of net operating losses and credits subject to limitation under Section 382 when a study is complete. Due to the existence of the valuation allowance, future changes in the deferred tax assets related to these tax attributes will not impact the Company’s effective tax rate.The Company recognizes liabilities for uncertain tax positions based on a two