Company: PHAT
Filing Date: 2025-03-06
Form Type: 10-K
Source: 0000950170-25-034183
Chunk: 293

Company: Phathom Pharmaceuticals, Inc.
Filing Date: 2025-03-06
Form: 10-K
Item: Item 1B
Chunk 293
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 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

        Total
         
        $
        24,047

        $
        45,025

8. Revenue Recognition

To date, our only source of revenue has been from the U.S. sales of VOQUEZNA products, which the Company began selling during the fourth quarter of 2023. The Company records its best estimate of chargebacks, sales discounts and other reserves to which customers are likely expected to be entitled to as contra accounts receivable charges, and within accrued expenses if payable to a third-party or related to product returns on the balance sheets. During the years ended December 31, 2024 and 2023, the 

F-25

Company recognized $55.3 million and $0.7 million, respectively, of net product revenues related to sales of VOQUEZNA, VOQUEZNA DUAL PAK and VOQUEZNA TRIPLE PAK. The following table provides a summary of the