Company: PHAT
Filing Date: 2025-03-06
Form Type: 10-K
Source: 0000950170-25-034183
Chunk: 290

Company: Phathom Pharmaceuticals, Inc.
Filing Date: 2025-03-06
Form: 10-K
Item: Item 1B
Chunk 290
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 2023. No stock-based compensation cost  was recognized within the statements of operations and comprehensive loss during the year ended December 31, 2024. No PSUs were outstanding as of December 31, 2024 and 2023.Restricted Stock UnitsThe following table summarizes RSU activity under the 2019 Plan during the year ended December 31, 2024: 

        Number ofStock Units

        Weighted-Average GrantDate Fair ValuePer Share

        Unvested balance at January 1, 2024

        2,653,592

        $
        11.91

        Granted

        911,912

        8.52

        Vested

        (965,881
        )

        12.79

        Forfeited

        (216,963
        )

        11.23

        Unvested balance at December 31, 2024

        2,382,660

        $
        10.32

      As of December 31, 2024, the Company had $18.7 million of unrecognized stock-based compensation expense related to RSUs, which is expected to be recognized over a weighted-average period of 1.6 years. The total fair value of RSUs vested during the year ended December 31, 2024, was approximately $12.4 million.

F-23

Employee Stock Purchase PlanIn October 2019, the Board of Directors adopted, and the Company’s stockholders approved, the Employee Stock Purchase Plan, or the ESPP, which became effective in connection with the IPO. The ESPP permits participants to purchase common stock through payroll deductions of up to 20% of their eligible compensation, which includes a participant’s gross base compensation for services to the Company, including overtime payments and excluding sales commissions, incentive compensation, bonuses, expense reimbursements, fringe benefits and other special payments. A total of 270,000 shares of common stock were initially reserved for issuance under the ESPP. In addition, the number of shares available for issuance under the ESPP will be annually increased on January 1 of each calendar year beginning in 2020 and ending in 2029, by an amount equal to the lesser of: (i) 1% of the shares outstanding on the final day of the immediately preceding calendar year and (ii) such smaller number of shares as is determined by the Board of Directors. As of December 31, 2024,