Company: PHAT
Filing Date: 2025-03-06
Form Type: 10-K
Source: 0000950170-25-034183
Chunk: 119

Company: Phathom Pharmaceuticals, Inc.
Filing Date: 2025-03-06
Form: 10-K
Item: Item 16
Chunk 119
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        $
        10.29

        7.59

        $
        2,133

        Options exercisable as of December 31, 2024

        2,904,886

        $
        11.71

        6.37

        $
        1,144

        Vested and expected to vest as of December 31, 2024

        6,157,532

        $
        10.29

        7.59

        $
        2,133

      The aggregate intrinsic value of stock options is calculated as the difference between the exercise price of the stock options and the fair value of the Company's common stock for those stock options that had exercise prices lower than the fair value of the Company's common stock at December 31, 2024. The total intrinsic value of stock options exercised for the years ended December 31, 2024 and 2023 was approximately $0.6 million and $0.1 million, respectively.The estimated weighted-average fair value of employee and nonemployee director stock options granted during 2024 was $5.61 and during 2023 was $5.34 per option. As of December 31, 2024, the Company had $15.3 million of unrecognized stock-based compensation expense related to stock options, which is expected to be recognized over a weighted-average period of 2.4 years.The weighted-average assumptions used to estimate the fair value of stock options using the Black-Scholes option valuation model were as follows: 

        Years EndedDecember 31,

        2024

        2023

        Assumptions:

        Expected term (in years)

        6.04

        6.04

        Expected volatility

        74.78
        %

        66.05
        %

        Risk free interest rate

        4.14
        %

        3.65
        %

        Dividend yield

        —

        —

      Stock-Based Compensation ExpenseStock-based compensation expense recognized for all equity awards, including founder stock, has been reported in the statements of operations and comprehensive loss as follows (in thousands): 

        Years EndedDecember 31,

        2024

        2023

        Research and development expense
         
        $
        5,567

        $
        12,302

        Selling, general and administrative expense

        18,480

        32,723