Company: PHAT
Filing Date: 2025-03-06
Form Type: 10-K
Source: 0000950170-25-034183
Chunk: 216

Company: Phathom Pharmaceuticals, Inc.
Filing Date: 2025-03-06
Form: 10-K
Item: Item 1A
Chunk 216
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 but unsuccessful efforts have been made to grant licenses on similar terms to potential licensees that would be likely to manufacture substantially in the United States or that under the circumstances domestic manufacture is not commercially feasible. This preference for U.S. industry may limit our ability to contract with non-U.S. product manufacturers for products covered by such intellectual property.

Risks Related to Our Common Stock

The trading price of the shares of our common stock has been, and is likely to continue to be, highly volatile, and purchasers of our common stock could incur substantial losses.

The stock market in general and the market for stock of biopharmaceutical companies in particular have experienced extreme volatility that has often been unrelated to the operating performance of particular companies. As a result of this volatility, investors may not be able to sell their common stock at or above the price at which they paid. Our common stock has a limited trading history and the market price has fluctuated widely, and may in the future fluctuate widely, depending upon many factors such as those discussed in this “Risk Factors” section and many others, some of which are beyond our control, including the following:

•a relatively low-volume trading market for our shares of common stock that could cause trades of small blocks of shares to have a significant impact on the price of our shares of common stock;

•market conditions in the biopharmaceutical sector and issuance of securities analysts’ reports or recommendations;

•establishment of short positions by holders or non-holders of our common stock;

•an inability to obtain additional funding;

•sales of our stock by insiders and stockholders, including Takeda;

•our ability to enroll patients in our ongoing and any future clinical trials;

•results of our clinical trials and preclinical studies, the results of clinical trials conducted by Takeda and others for vonoprazan, and the results of trials of our competitors or those of other companies in our market sector;

•additional regulatory approvals of vonoprazan and approvals of any future product candidates, or limitations to specific label indications or patient populations for use of any approved products, or changes or delays in the regulatory review process;

•any termination or loss of rights under the Takeda License;

•regulatory developments in the United States and foreign countries;

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•changes in the structure of healthcare payment systems, especially in light of reforms to the U.S. healthcare system;

•the success or failure of our efforts to acquire, license or develop additional product candidates;

•innovations or new products developed by us or