Phathom Pharmaceuticals Inc Q4 2024 Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Yatin Suneja - Guggenheim Securities LLC - Analyst : Two questions from me. First one is on the Citizen Petition. Could you maybe help us understand the timelines around it? I think our understanding is in June. But given some of the political stuff happening at the FDA, just curious if FDA has to sort of give you an opinion by June. So that's one. And then if in a scenario, the decision doesn't go in your favor, what are certain options that you have? The second one is on Q1 specifically. Thank you for flagging the inventory on hand and other dynamics. But just to confirm, are you -- you do expect growth in Q1 relative to Q4? Or are you sort of trying to imply that it could be a down quarter?

Question: Joseph Stringer - Needham & Company Inc. - Analyst : For the Phase 3 on-demand trial, when do you think you'll have enough real-world data to make a go/no-go decision there? And when could we potentially anticipate an announcement on this?

Question: Annabel Samimy - Stifel Nicolaus and Company, Incorporated - Analyst : Great quarter. I want to, I guess, talk about the DTC a little bit. You shared some metrics on DTC. Is that what's driving the significant increase in prescribing physicians? And is this something that's primarily patient driven? Or is it your education of physicians? Just I guess, help us understand the metrics around that balance with the decision to make another campaign and then think about the cash and, I guess, runway to profitability and how this is all balanced? At what point do you pull back on some of the DTC to sort of drive the profitability, I guess, and some timing around that, if possible?

Question: Kristen Kluska - Cantor Fitzgerald - Analyst : Can you please speak to some of the early metrics you're seeing on refill trends and usage for NERD specifically now that you have a few more months of sales under your belt and how you might also anticipate that moving forward as more awareness is out there?

Question: Chengxiang Liu - Evercore ISI - Analyst : This is Chengxiang on for Umer. And also thank you for providing additional data points. It's really helpful. I think just want to focus on the new patient starts number. So if you look at the NBRx data, it's kind of stabilized around 2,000 every week since, I think, October last year. And with the new consumer campaign, what should we expect going into this year in 2025? And on that point, how important is the BlinkRx right now considering the coverage has improved over 80%? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MARCH 06, 2025 / 1:30PM, PHAT.OQ - Q4 2024 Phathom Pharmaceuticals Inc Earnings Call

Question: Chengxiang Liu - Evercore ISI - Analyst : The importance of Blink?

Question: Paul Choi - Goldman Sachs - Analyst : I want to ask about the ODT formulation that you're developing and just with regard to the IP strategy, would you initially seek the pediatric extension that would come with that potentially first? Or would you likely see the formulation patent issued first there? Just any clarity on sort of the sequencing of how that would be developed would be helpful. And then my second question is Molly's earlier comment on the roughly 57% gross to net. Can you maybe just remind us which channels are being included in that calculation? Is that excluding free drug? Any other specific channels? Just helping us understand that relative to your guidance range of 55% to 65% would be helpful.

Question: Paul Choi - Goldman Sachs - Analyst : Okay. Great. If I could just ask a quick follow-up for the ODT, what that in your best estimate would sort of potentially take the IP out to?

Question: Matthew Caufield - H.C. Wainwright & Co., LLC - Analyst : Just quickly from our end. For those new prescriptions, would you say any greater potential resistance comes from prescriber acceptance of the novel mechanism itself or any remaining initial coverage pushback at this stage?