Phathom Pharmaceuticals (PHAT) 10-Q 10 Aug 23 2023 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2023	Aug. 08, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes
Document Period End Date	Jun. 30, 2023
Document Fiscal Year Focus	2023
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q2
Entity Registrant Name	PHATHOM PHARMACEUTICALS, INC.
Entity Central Index Key	0001783183
Entity Tax Identification Number	82-4151574
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity File Number	001-39094
Entity Shell Company	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Small Business	true
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	100 Campus Drive
Entity Address, Address Line Two	Suite 102
Entity Address, City or Town	Florham Park
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	07932
City Area Code	877
Local Phone Number	742-8466
Entity Common Stock, Shares Outstanding		56,803,183
Title of 12(b) Security	Common Stock, $0.0001 par value per share
Trading Symbol	PHAT
Security Exchange Name	NASDAQ

Balance Sheets (Unaudited)

Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 248,847	$ 155,385
Prepaid expenses and other current assets	8,760	5,127
Inventory	111
Total current assets	257,718	160,512
Property, plant and equipment, net	1,158	1,207
Operating lease right-of-use assets	1,886	2,287
Restricted cash	528	505
Other long-term assets	3,749	299
Total assets	265,039	164,810
Current liabilities:
Accounts payable (including related party amounts of $27 and $35, respectively)	4,174	9,997
Accrued expenses (including related party amounts of $2,786 and $2,499, respectively)	15,451	14,678
Accrued interest	927	854
Operating lease liabilities, current	717	708
Current portion of revenue interest financing liability	276
Total current liabilities	21,545	26,237
Long-term debt, net of discount	97,806	95,264
Revenue interest financing liability	119,799	109,525
Operating lease liabilities	789	1,098
Other long-term liabilities	7,500	7,500
Total liabilities	247,439	239,624
Commitments and contingencies (Note 4)
Stockholders’ equity:
Preferred stock, $0.0001 par value; authorized shares - 40,000,000 at June 30, 2023 and December 31, 2022; no shares issued and outstanding at June 30, 2023 and December 31, 2022
Common stock, $0.0001 par value; authorized shares - 400,000,000 at June 30, 2023 and December 31, 2022; issued shares -56,639,085 and 41,723,308 at June 30, 2023 and December 31, 2022, respectively; outstanding shares -56,639,085 and 41,468,871 at June 30, 2023 and December 31, 2022, respectively	5	3
Treasury stock -19 shares at June 30, 2023 and December 31, 2022, respectively	0	0
Additional paid-in capital	823,467	652,276
Accumulated deficit	(805,872)	(727,093)
Total stockholders' equity (deficit)	17,600	(74,814)
Total liabilities and stockholders’ equity	$ 265,039	$ 164,810

Balance Sheets (Unaudited) (Par

Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Accounts payable, related parties	$ 4,174	$ 9,997
Accrued expenses, related parties	$ 2,786	$ 2,499
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, authorized shares	40,000,000	40,000,000
Preferred stock, issued shares	0	0
Preferred stock, outstanding shares	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, authorized shares	400,000,000	400,000,000
Common stock, issued shares	56,639,085	41,723,308
Common stock, outstanding shares	56,639,085	41,468,871
Treasury stock, shares	19	19
Related Party
Accounts payable, related parties	$ 27	$ 35

Statements of Operations and Co

Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Operating expenses:
Research and development (includes related party amounts of $233, $370, $407 and $1,800, respectively)	$ 12,764	$ 18,815	$ 24,242	$ 36,475
General and administrative (includes related party amounts of $14, $0, $17 and $0, respectively)	18,937	26,548	37,536	46,795
Total operating expenses	31,701	45,363	61,778	83,270
Loss from operations	(31,701)	(45,363)	(61,778)	(83,270)
Other income (expense):
Interest income	348	112	1,808	119
Interest expense	(9,615)	(5,667)	(18,832)	(8,426)
Other income (expense)	3	(2)	23	(8)
Total other expense	(9,264)	(5,557)	(17,001)	(8,315)
Net loss and comprehensive loss	$ (40,965)	$ (50,920)	$ (78,779)	$ (91,585)
Net loss per share, basic	$ (0.84)	$ (1.33)	$ (1.73)	$ (2.4)
Net loss per share, diluted	$ (0.84)	$ (1.33)	$ (1.73)	$ (2.4)
Weighted-average shares of common stock outstanding, basic	48,500,516	38,272,044	45,444,496	38,155,151
Weighted-average shares of common stock outstanding, diluted	48,500,516	38,272,044	45,444,496	38,155,151

Statements of Operations and _2

Statements of Operations and Comprehensive Loss (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
Research and development expenses, related party	$ 233	$ 370	$ 407	$ 1,800
General and administrative expenses, related party	$ 14	$ 0	$ 17	$ 0

Statements of Stockholders' Equ

Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Underwritten Public Offering	At-the-Market Offering Program	Common Stock	Common Stock Underwritten Public Offering	Common Stock At-the-Market Offering Program	Treasury Stock	Additional Paid-in Capital	Additional Paid-in Capital Underwritten Public Offering	Additional Paid-in Capital At-the-Market Offering Program	Accumulated Deficit
Beginning balance at Dec. 31, 2021	$ 72,156			$ 3				$ 601,523			$ (529,370)
Beginning balance, shares at Dec. 31, 2021				30,511,226			1
Cashless exercise of common stock warrants, shares				7,359,285			18
401(k) matching contribution	254							254
401(k) matching contribution, shares				16,756
Vesting of restricted shares, shares				222,595
Stock-based compensation	5,775							5,775
ESPP shares issued	515							515
ESPP shares issued, shares				39,951
Net loss	(40,665)										(40,665)
Ending balance at Mar. 31, 2022	38,035			$ 3				608,067			(570,035)
Ending balance, shares at Mar. 31, 2022				38,149,813			19
Beginning balance at Dec. 31, 2021	72,156			$ 3				601,523			(529,370)
Beginning balance, shares at Dec. 31, 2021				30,511,226			1
Net loss	(91,585)
Ending balance at Jun. 30, 2022	(7,000)			$ 3			$ 19	613,952			(620,955)
Ending balance, shares at Jun. 30, 2022				38,372,403
Beginning balance at Mar. 31, 2022	38,035			$ 3				608,067			(570,035)
Beginning balance, shares at Mar. 31, 2022				38,149,813			19
Vesting of restricted shares, shares				222,590
Stock-based compensation	5,885							5,885
Net loss	(50,920)										(50,920)
Ending balance at Jun. 30, 2022	(7,000)			$ 3			$ 19	613,952			(620,955)
Ending balance, shares at Jun. 30, 2022				38,372,403
Beginning balance at Dec. 31, 2022	$ (74,814)			$ 3				652,276			(727,093)
Beginning balance, shares at Dec. 31, 2022	41,468,871			41,468,871			19
401(k) matching contribution	$ 456							456
401(k) matching contribution, shares				52,130
Vesting of restricted shares, shares				414,119
Stock-based compensation	7,048							7,048
ESPP shares issued	856							856
ESPP shares issued, shares				121,801
Issuance of common stock, shares						1,514,219
Issuance of common stock, net			$ 14,073			$ 1				$ 14,072
Net loss	(37,814)										(37,814)
Ending balance at Mar. 31, 2023	(90,195)			$ 4				674,708			(764,907)
Ending balance, shares at Mar. 31, 2023				43,571,140			19
Beginning balance at Dec. 31, 2022	$ (74,814)			$ 3				652,276			(727,093)
Beginning balance, shares at Dec. 31, 2022	41,468,871			41,468,871			19
Net loss	$ (78,779)
Ending balance at Jun. 30, 2023	$ 17,600			$ 5			$ 19	823,467			(805,872)
Ending balance, shares at Jun. 30, 2023	56,639,085			56,639,085
Beginning balance at Mar. 31, 2023	$ (90,195)			$ 4				674,708			(764,907)
Beginning balance, shares at Mar. 31, 2023				43,571,140			19
Issuance of common stock from exercise of stock options	111							111
Issuance of common stock from exercise of stock options, shares				15,000
Vesting of restricted shares	6							6
Vesting of restricted shares, shares				259,194
Stock-based compensation	7,253							7,253
Issuance of common stock, shares					12,793,750
Issuance of common stock, net		$ 141,390			$ 1				$ 141,389
Net loss	(40,965)										(40,965)
Ending balance at Jun. 30, 2023	$ 17,600			$ 5			$ 19	$ 823,467			$ (805,872)
Ending balance, shares at Jun. 30, 2023	56,639,085			56,639,085

Statements of Cash Flows (Unaud

Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended	66 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Jun. 30, 2023
Cash flows from operating activities
Net loss	$ (78,779)	$ (91,585)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	269	277
Stock-based compensation	14,301	11,660
Issuance of PIK interest debt	1,772	1,713
Accrued interest on revenue interest financing liability	10,550	2,657
Amortization of debt discount	769	1,049
Other	1,157	874
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(3,633)	1,402
Accounts payable and accrued expenses (includes changes in related party amounts of $264 and $1,102, respectively)	(8,447)	2,865
Accrued clinical trial expenses		(1,061)
Accrued interest	73	88
Operating right-of-use assets and lease liabilities	99	(293)
Other long-term assets		(119)
Net cash used in operating activities	(61,869)	(70,473)
Cash flows from investing activities
Cash paid for property, plant and equipment	(220)	(495)
Net cash used in investing activities	(220)	(495)
Cash flows from financing activities
Proceeds from issuance of common stock from exercise of stock options	111
Net proceeds from underwritten public offering	141,390
Net proceeds from revenue interest financing transaction		95,446	$ 95,400
Net cash provided by financing activities	155,574	95,446
Net increase in cash and cash equivalents and restricted cash	93,485	24,478
Cash and cash equivalents and restricted cash - beginning of period	155,890	183,419	183,419
Cash and cash equivalents and restricted cash - end of period	249,375	207,897	$ 155,890	$ 249,375
Supplemental disclosure of cash flow information
Interest paid	5,310	2,920
Supplemental disclosure of noncash investing and financing activities
Inventory purchases included in accounts payable and accrued expenses	3,561
Property and equipment purchases included in accounts payable and accrued expenses		16
Settlement of ESPP liability in common stock	856	515
Settlement of 401(k) liability in common stock	456	254
Operating lease liabilities arising from obtaining right-of-use assets		$ 554
At-the-Market Offering Program
Cash flows from financing activities
Net proceeds from issuance of common stock	$ 14,073			$ 38,700

Statements of Cash Flows (Una_2

Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Statement of Cash Flows [Abstract]
Related parties accounts payable and accrued expenses	$ 264	$ 1,102

Organization, Basis of Presenta

Organization, Basis of Presentation and Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization, Basis of Presentation and Summary of Significant Accounting Policies	1. Organization, Basis of Presentation and Summary of Significant Accounting Policies Organization and Basis of Presentation Phathom Pharmaceuticals, Inc., or the Company or Phathom, was incorporated in the state of Delaware in January 2018. The Company is a biopharmaceutical company focused on developing and commercializing novel treatments for gastrointestinal diseases. The Company’s financial statements are prepared in accordance with U.S. generally accepted accounting principles, or GAAP. Liquidity and Capital Resources From inception to June 30, 2023, the Company has devoted substantially all of its efforts to organizing and staffing the Company, business planning, raising capital, in-licensing its initial product candidate, vonoprazan, meeting with regulatory authorities, managing the clinical trials of vonoprazan, preparing for commercialization of its initial products containing vonoprazan, and providing other general and administrative support for these operations. The Company has a limited operating history, has never generated any revenue, and the sales and income potential of its business is unproven. The Company has incurred net losses and negative cash flows from operating activities since its inception and expects to continue to incur additional net losses in the future as it continues to develop and prepares for commercialization of vonoprazan. From inception to June 30, 2023, the Company has funded its operations through the issuance of convertible promissory notes, commercial bank debt, revenue interest financing debt, the sale of 10,997,630 shares of common stock for net proceeds of approximately $ 191.5 million in its 2019 IPO, the sale of 2,250,000 shares of common stock for net proceeds of approximately $ 88.6 million in its December 2020 follow-on public offering, the sale of 3,929,116 shares of common stock for net proceeds of approximately $ 38.7 million in its issuances of common stock pursuant to the Open Market Sale Agreement SM , or the Sales Agreement, with Jefferies LLC, or the Sales Agent, under which the Compan y may, from time to time, sell shares of its common stock having an aggregate offering price of up to $ 125.0 million, or the ATM Offering, a nd the sale of 12,793,750 shares of common stock for net proceeds of approximately $ 141.4 million in its May 2023 public offering. The accompanying financial statements have been prepared assuming the Company will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business, and do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or amounts and classification of liabilities in accordance with GAAP. Management is required to perform a two-step analysis over the Company’s ability to continue as a going concern. Management must first evaluate whether there are conditions and events that raise substantial doubt about the Company’s ability to continue as a going concern (Step 1). If management concludes that substantial doubt is raised, management is also required to consider whether its plans alleviate that doubt (Step 2). Management believes that it has sufficient working capital on hand to fund operations through at least the next twelve months from the date these financial statements were issued. There can be no assurance that the Company will be successful in acquiring additional funding, if needed, that the Company’s projections of its future working capital needs will prove accurate, or that any additional funding would be sufficient to continue operations in future years. Use of Estimates The preparation of the Company’s financial statements requires it to make estimates and assumptions that impact the reported amounts of assets, liabilities and expenses and the disclosure of contingent assets and liabilities in the Company’s financial statements and accompanying notes. The most significant estimates in the Company’s financial statements relate to accruals for research and development expenses and the valuation of various equity instruments. Although these estimates are based on the Company’s knowledge of current events and actions it may undertake in the future, actual results could differ materially from those estimates and assumptions. Fair Value Measurements The accounting guidance defines fair value, establishes a consistent framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring or non-recurring basis. Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the accounting guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1: Observable inputs such as quoted prices in active markets. Level 2: Inputs, other than the quoted prices in active markets that are observable either directly or indirectly. Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. The carrying amounts of the Company’s financial instruments, including cash and cash equivalents, are classified within the Level 1 designation discussed above, while prepaid and other current assets, accounts payable, and accrued liabilities, approximate fair value due to their short maturities. The Company has no financial assets measured at fair value on a recurring basis. None of the Company’s non-financial assets or liabilities are recorded at fair value on a non-recurring basis. No transfers between levels have occurred during the periods presented. As of June 30, 2023, the estimated fair value of the Company’s long-term debt approximated the carrying amount given its floating interest rate basis. The fair value of the Company’s long-term debt was estimated for disclosure purposes only and was determined based on quoted market data for valuation, and thus categorized as Level 2 in the fair value hierarchy. Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less when purchased to be cash equivalents. Cash and cash equivalents include cash in readily available checking accounts and money market funds. Concentrations of Credit Risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents. The Company maintains deposits in federally insured financial institutions in excess of federally insured limits. The Company has not experienced any losses in such accounts and management believes that the Company is not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held. Property, Plant, and Equipment, Net Property, plant and equipment are recorded at cost, less accumulated depreciation. Depreciation expense is recognized using the straight-line method over the useful life of the asset. Computer equipment and related software are depreciated over two to three years . Furniture and fixtures are depreciated over three years . Leasehold improvements are amortized over the lesser of the lease term or the estimated useful lives of the related assets. Expenditures for repairs and maintenance of assets are charged to expense as incurred. Upon retirement or sale, the cost and related accumulated depreciation of assets disposed of are removed from the accounts and any resulting gain or loss is included in loss from operations. Inventory The Company capitalizes inventory costs related to products to be sold in the ordinary course of business. The Company makes a determination of capitalizing inventory costs for a product based on, among other factors, status of regulatory approval, information regarding safety, efficacy and expectations relating to commercial sales and recoverability of costs. Current inventory consists of bulk active pharmaceutical ingredient that will be used to manufacture vonoprazan tablets. Inventory related to indications prior to regulatory approval has been included in research and development expense in the period of purchase. The Company values its inventory at the lower of cost or net realizable value. The Company measures inventory approximating actual cost under a first-in, first-out basis. The Company assesses recoverability of inventory each reporting period to determine any write down to net realizable value resulting from excess or obsolete inventories . Impairment of Long-Lived Assets T he Company reviews long-lived assets, including property, plant and equipment, for impairment whenever events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable. An impairment loss would be recognized when estimated undiscounted future cash flows expected to result from the use of the asset and its eventual disposition are less than the carrying amount. The impairment loss, if recognized, would be based on the excess of the carrying value of the impaired asset over its respective fair value. No impairment losses have been recorded through June 30, 2023. Leases At the inception of a contractual arrangement, the Company determines whether the contract contains a lease by assessing whether there is an identified asset and whether the contract conveys the right to control the use of the identified asset in exchange for consideration over a period of time. If both criteria are met, the Company records the associated lease liability and corresponding right-of-use asset upon commencement of the lease using the implicit rate or a discount rate based on a credit-adjusted secured borrowing rate commensurate with the term of the lease. The Company additionally evaluates leases at their inception to determine if they are to be accounted for as an operating lease or a finance lease. A lease is accounted for as a finance lease if it meets one of the following five criteria: the lease has a purchase option that is reasonably certain of being exercised, the present value of the future cash flows is substantially all of the fair market value of the underlying asset, the lease term is for a significant portion of the remaining economic life of the underlying asset, the title to the underlying asset transfers at the end of the lease term, or if the underlying asset is of such a specialized nature that it is expected to have no alternative uses to the lessor at the end of the term. Leases that do not meet the finance lease criteria are accounted for as an operating lease. Operating lease assets represent a right to use an underlying asset for the lease term and operating lease liabilities represent an obligation to make lease payments arising from the lease. Operating lease liabilities with a term greater than one year and their corresponding right-of-use assets are recognized on the balance sheet at the commencement date of the lease based on the present value of lease payments over the expected lease term. Certain adjustments to the right-of-use asset may be required for items such as initial direct costs paid or incentives received. As the Company’s leases do not typically provide an implicit rate, the Company utilizes the appropriate incremental borrowing rate, determined as the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term and in a similar economic environment. Lease cost is recognized on a straight-line basis over the lease term and variable lease payments are recognized as operating expenses in the period in which the obligation for those payments is incurred. Variable lease payments primarily include common area maintenance, utilities, real estate taxes, insurance, and other operating costs that are passed on from the lessor in proportion to the space leased by the Company. The Company has elected the practical expedient to not separate between lease and non-lease components. Revenue Interest Financing Liability The Company entered into a revenue interest financing agreement, or the Revenue Interest Financing Agreement, with entities managed or advised by NovaQuest Capital Management, or NQ, Sagard Holdings Manager LP, or Sagard, and Hercules Capital, Inc., or Hercules, together with NQ and Sagard, the Initial Investors, in which the Company received funds in return for royalties on net sales of products containing vonoprazan. The net proceeds received under the transaction were recognized as short-term and long-term liabilities with interest expense based on an imputed effective rate derived from the expected future payments. The Company recalculates the effective interest rate each period based on the current carrying value and the revised estimated future payments. Changes in future payments from previous estimates are included in current and future financing expense. Research and Development Expenses and Accruals All research and development costs are expensed in the period incurred and consist primarily of salaries, payroll taxes, employee benefits, stock-based compensation charges for those individuals involved in research and development efforts, external research and development costs incurred under agreements with contract research organizations, or CROs, and consultants to conduct and support the Company’s ongoing clinical trials of vonoprazan, and costs related to manufacturing vonoprazan for clinical trials. The Company has entered into various research and development contracts with clinical research organizations, clinical manufacturing organizations and other companies. Payments for these activities are based on the terms of the individual agreements, which may differ from the pattern of costs incurred, and payments made in advance of or after performance are reflected in the accompanying balance sheets as prepaid expenses or accrued liabilities, respectively. The Company records accruals for estimated costs incurred for ongoing research and development activities. When evaluating the adequacy of the accrued liabilities, the Company analyzes progress of the services, including the phase or completion of events, invoices received and contracted costs. Significant judgments and estimates may be made in determining the prepaid or accrued balances at the end of any reporting period. Actual results could differ from the Company’s estimates. In-Process Research and Development The Company evaluates whether acquired intangible assets are a business under applicable accounting standards. Additionally, the Company evaluates whether the acquired assets have a future alternative use. Intangible assets that do not have future alternative use are considered acquired in-process research and development. When the acquired in-process research and development assets are not part of a business combination, the value of the consideration paid is expensed on the acquisition date. Future costs to develop these assets are recorded to research and development expense as they are incurred. General and Administrative Expenses General and administrative expenses consist of salaries, stock-based compensation, facilities and third-party expenses. General and administrative expenses are associated with the activities of the commercial, executive, finance, accounting, information technology, legal, medical affairs and human resource functions. Stock-Based Compensation Stock-based compensation expense represents the cost of the grant date fair value of equity awards recognized over the requisite service period of the awards (generally the vesting period) on a straight-line basis with forfeitures recognized as they occur. The Company also maintains an employee stock purchase program, or ESPP, under which it may issue shares. The Company estimates the fair value of shares that will be issued under the ESPP, and of stock options using the Black-Scholes valuation model, which requires the use of estimates. The Company recognizes stock-based compensation cost for shares that it will issue under the ESPP on a straight-line basis over the requisite service period of the award . Income Taxes The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined on the basis of the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in the statement of operations in the period that includes the enactment date. The Company recognizes net deferred tax assets to the extent that the Company believes these assets are more likely than not to be realized. In making such a determination, management considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. If management determines that the Company would be able to realize its deferred tax assets in the future in excess of their net recorded amount, management would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes. The Company records uncertain tax positions on the basis of a two-step process whereby (i) management determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (ii) for those tax positions that meet the more-likely-than-not recognition threshold, management recognizes the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. The Company recognizes interest and penalties related to unrecognized tax benefits within income tax expense. Any accrued interest and penalties are included within the related tax liability. Beginning in 2022, the Tax Cuts and Jobs Act, or TCJA, eliminates the option to deduct research and development expenditures currently and requires taxpayers to amortize domestic and foreign research and development expenditures over 5 years and 15 years , respectively. The requirement did not impact cash from operations in the current period. Comprehensive Loss Comprehensive loss is defined as a change in equity during a period from transactions and other events and circumstances from non-owner sources. The Company’s comprehensive loss was the same as its reported net loss for all periods presented. Segment Reporting Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision maker in making decisions on how to allocate resources and assess performance. The Company views its operations and manages its business as one operating segment. Net Loss Per Share Basic net loss per share is computed by dividing the net loss by the weighted-average number of common shares outstanding for the period, without consideration for potentially dilutive securities. For the three and six months ended June 30, 2023, the Company has excluded weighted-average unvested shares of 7,334 and 69,578 , respectively, from the weighted-average number of common shares outstanding, compared to 800,002 and 910,828 , respectively for the same periods in 2022. D iluted net loss per share is computed by dividing the net loss by the weighted-average number of common shares and dilutive common stock equivalents outstanding for the period determined using the treasury-stock and if-converted methods. Dilutive common stock equivalents are comprised of unvested common stock, options and warrants. For the periods presented, there is no difference in the number of shares used to calculate basic and diluted shares outstanding as inclusion of the potentially dilutive securities (warrants, stock options, and common shares subject to repurchase) would be antidilutive . Recently Adopted Accounting Standards There were no recently adopted accounting standards which would have a material impact on the Company's financial statements. Recently Issued Accounting Pronouncements The Company assesses the adoption impacts of recently issued accounting standards by the Financial Accounting Standards Board or other standard setting bodies on the Company's financial statements as well as material updates to previous assessments, if any, from the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. There were no new material accounting standards issued in the second quarter of 2023 that impacted the Company.

Balance Sheet Details

Balance Sheet Details	6 Months Ended
	Jun. 30, 2023
Balance Sheet Related Disclosures [Abstract]
Balance Sheet Details	2. Balance Sheet Details Property, Plant and Equipment, net Property, plant and equipment, net, consist of the following (in thousands): June 30, December 31, 2023 2022 Computer equipment and software $ 1,090 $ 1,078 Furniture and fixtures 1,089 1,086 Leasehold improvements 115 115 Construction in process 604 399 Total property, plant and equipment, gross 2,898 2,678 Less: accumulated depreciation ( 1,740 ) ( 1,471 ) Total property, plant and equipment, net $ 1,158 $ 1,207 Depreciation expense for each of the three months ended June 30, 2023 and 2022 was approximately $ 0.1 million. Depreciation expense for each of the six months ended June 30, 2023 and 2022 was approximately $ 0.3 million. No property, plant or equipment was disposed of during the six months ended June 30, 2023 or the year ended December 31, 2022. Accrued Expenses Accrued expenses consist of the following (in thousands): June 30, December 31, 2023 2022 Accrued research and development expenses $ 6,716 $ 3,080 Accrued compensation expenses 6,531 8,447 Accrued professional & consulting expenses 2,183 3,000 Accrued other 21 151 Total accrued expenses $ 15,451 $ 14,678 Inventory Inventory consist of the following (in thousands): June 30, December 31, 2023 2022 Raw materials $ 111 $ — Total inventory, current $ 111 $ — Raw materials, noncurrent 3,450 — Total inventory $ 3,561 $ — Raw materials consist of materials, including active pharmaceutical ingredients, to be consumed in the production of inventory related to the FDA approved products. $ 3.5 million of raw materials are included within other long-term assets as of June 30, 2023.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2023
Related Party Transactions [Abstract]
Related Party Transactions	3. Related Party Transactions Frazier is a principal stockholder of the Company with representation on the Board of Directors. Frazier is compensated for their participation on the Board of Directors and as of June 30, 2023 and December 31, 2022, the Company had $ 27,000 and $ 15,000 , respectively, outstanding accounts payable and accrued expenses related to these services. For the three months ended June 30, 2023 and 2022, the Company incurred $ 14,000 and $ 0 , respectively, of expenses related to participation on the Board of Directors. For the six months ended June 30, 2023 and 2022, the Company incurred $ 31,000 and $ 0 , respectively of expenses related to participation on the Board of Directors. Frazier is also a principal stockholder in PCI Pharma Services, or PCI. In the third quarter of 2019, the Company engaged PCI for clinical manufacturing services. As of June 30, 2023 and December 31, 2022, the Company had $ 1.3 million and $ 1.1 million, respectively, outstanding accounts payable and accrued expenses related to these manufacturing services. For the three months ended June 30, 2023 and 2022, the Company incurred $ 0.2 million and $ 0.1 million, respectively, of expenses related to services performed by PCI. For the six months ended June 30, 2023 and 2022, the Company incurred $ 0.3 million and $ 0.4 million, respectively, of expenses related to services performed by PCI. Takeda became a common stockholder of the Company in connection with the May 2019 license agreement (see Note 4). In conjunction with this license, Takeda provides proprietary supplies for the Company’s ongoing clinical development of vonoprazan in addition to the exclusive license for the commercialization of vonoprazan in the United States, Canada and Europe. On May 5, 2020, the Company entered into a Commercial Supply Agreement, or the Commercial Supply Agreement, with Takeda, pursuant to which Takeda will supply commercial quantities of vonoprazan bulk drug product or drug substance. Pursuant to the Commercial Supply Agreement, Takeda has agreed to supply the Company with, and the Company has agreed to purchase from Takeda, certain quantities of vonoprazan bulk drug product according to approved specifications at a fixed price per batch of bulk drug product in order to commercialize vonoprazan in accordance with the Takeda License. Unless terminated earlier, the term of the Commercial Supply Agreement extends for a period of two years from the date the Company places an order for bulk drug product or drug substance for the first commercial launch of vonoprazan in any jurisdiction in the licensed territory, provided that this two-year period will expire no later than December 31, 2023. The Commercial Supply Agreement will terminate immediately upon the termination of the Takeda License in accordance with its terms. In connection with the Takeda License, the Company entered into a temporary services agreement, or the Temporary Services Agreement, with Takeda on November 24, 2020. Pursuant to the Temporary Services Agreement, Takeda agreed to provide or procure the provision of services related to the ongoing clinical development of vonoprazan. The Temporary Services Agreement will terminate immediately upon termination of the Takeda License in accordance with its terms. As of June 30, 2023 and December 31, 2022, the Company had $ 1.5 million and $ 1.4 mil lion, respectively, in outstanding accounts payable and accrued expenses related to these agreements. For the three months ended June 30, 2023 and 2022, the Company incurred $ 0.1 million and $ 0.2 million, respectively, of expenses related to these agreements. For the six months ended June 30, 2023 and 2022, the Company incurred $ 0.1 million and $ 1.3 million, respectively, of expenses related to these agreements. The Company has no remaining minimum purchase obligation related to these agreements.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	4. Commitments and Contingencies License Agreement On May 7, 2019, the Company entered into a license agreement with Takeda pursuant to which it was granted an exclusive license to commercialize vonoprazan fumarate in the United States, Canada and Europe, or, the Takeda License. The Company also has the right to sublicense its rights under the agreement, subject to certain conditions. The agreement will remain in effect, on a country-by-country and product-by-product basis, until the later of (i) the expiration of the last to expire valid patent claim covering vonoprazan fumarate alone or in combination with at least one other therapeutically active ingredient, (ii) the expiration of the applicable regulatory exclusivity and (iii) 15 years from the date of first commercial sale, unless earlier terminated. The Company may terminate the Takeda License upon six months’ written notice. The Company and Takeda may terminate the Takeda License in the case of the other party’s insolvency or material uncured breach. Takeda may terminate the Takeda License if the Company challenges, or assists in challenging, licensed patents. In consideration of the Takeda License, the Company (i) paid Takeda $ 25.0 million in cash, (ii) issued Takeda 1,084,000 shares of its common stock at a fair value of $ 5.9 million, (iii) issued the Takeda Warrant to purchase 7,588,000 shares of its common stock at an exercise price of $ 0.00004613 per share at an initial fair value of $ 47.9 million, and (iv) issued a right to receive an additional common stock warrant, or, the Takeda Warrant Right, should Takeda’s fully-diluted ownership of the Company represent less than a certain specified percentage of the fully-diluted capitalization, including shares issuable upon conversion of then outstanding convertible promissory notes, calculated immediately before the closing of the Company’s IPO, with a nominal initial fair value due to the low probability of issuance. The Takeda Warrant Right expired without effect since no fair value had been allocated to it upon completion of the IPO, and no additional warrant was issued. In addition, the Company is obligated to pay Takeda up to an aggregate of $ 250.0 million in sales milestones upon the achievement of specified levels of product sales, and a low double-digit royalty rate on aggregate net sales of licensed products, subject to certain adjustments. The Takeda Warrant had an exercise price of $ 0.00004613 per share, and was to expire on May 7, 2029 and became exercisable upon the consummation of the IPO. As of June 30, 2023, all Takeda Warrants have been exercised. Purchase Commitments In December 2020, the Company entered into a supply agreement with Sandoz pursuant to which Sandoz will supply commercial quantities of amoxicillin capsules and clarithromycin tablets, package these antibiotics with vonoprazan, and provide in finished convenience packs. The supply agreement commits the Company to a minimum purchase obligation of approximately $ 3.8 million in the first 24-month period following the launch of the final product. The Company has no t incurred any expenses under the agreement during the six months ended June 30, 2023 and 2022. Contingencies In the event the Company becomes subject to claims or suits arising in the ordinary course of business, the Company would accrue a liability for such matters when it is probable that future expenditures will be made and such expenditures can be reasonably estimated.

Lease Commitments

Lease Commitments	6 Months Ended
	Jun. 30, 2023
Leases [Abstract]
Lease Commitments	5. Lease Commitments As of June 30, 2023, the Company had operating leases for office space in both Buffalo Grove, Illinois and Florham Park, New Jersey, with remaining lease terms of 1.8 years and 2.2 years, respectively. All operating leases contain an option to extend the term for one additional five year period , which was not considered in the determination of the right-of-use asset or lease liability as the Company did not consider it reasonably certain that it would exercise such options. The total rent expense for the three months ended June 30, 2023 and 2022 was $ 0.3 million and $ 0.2 million, respectively. The total rent expense for the six months ended June 30, 2023 and 2022 was $ 0.6 million and $ 0.4 million, respectively. The following table summarizes supplemental balance sheet information related to the operating leases (in thousands): June 30, December 31, 2023 2022 Assets: Operating lease right-of-use assets $ 1,886 $ 2,287 Total right-of-use assets 1,886 2,287 Liabilities: Operating lease liabilities, current 717 708 Operating lease liabilities, non-current 789 1,098 Total operating lease liabilities $ 1,506 $ 1,806 As of June 30, 2023, the future minimum annual lease payments under the operating leases were as follows (in thousands): 2023 369 2024 753 2025 513 Total minimum lease payments 1,635 Less: amount representing interest ( 129 ) Present value of operating lease liabilities 1,506 Less: operating lease liabilities, current ( 717 ) Operating lease liabilities $ 789 Weighted-average remaining lease term (in years) 2.1 Weighted-average incremental borrowing rate 8.21 % Operating cash flows for the six months ended June 30, 2023 and 2022 included cash payments for operating leases of approximately $ 0.5 million and $ 0.7 million, respectively.

Debt

Debt	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Debt	6 . Debt Total debt consists of the following (in thousands): June 30, Long-term debt, current portion $ — Long-term debt, non-current portion 106,246 Unamortized debt discount ( 8,440 ) Total debt, net of debt discount $ 97,806 On September 17, 2021, or the Closing Date, the Company entered into a Loan and Security Agreement, or, the Loan Agreement, with Hercules Capital, Inc., in its capacity as administrative agent and collateral agent and as a lender, or, in such capacity, the Agent or Hercules, and the other financial institutions that from time to time become parties to the Loan Agreement as lenders, or, collectively, the Lenders. On September 27, 2022, the Company entered into an amendment to the Loan Agreement, or the Second Loan Amendment, pursuant to which the date the second tranche of funding of $ 50 million will remain available to the Company has been moved until May 15, 2023, rather than December 15, 2022. On May 9, 2023, the Company entered into the Third Amendment to Loan and Security Agreement, or the Third Loan Amendment, with the lenders thereunder and Hercules Capital, Inc., in its capacity as administrative agent and collateral agent and as a lender (in such capacity, the “Agent” or “Hercules”), pursuant to which, among other things, (i) the second tranche availability was extended from May 15, 2023, to December 15, 2023, and will become will become available upon the earliest to occur of (a) October 1, 2023, (b) the FDA’s approval of Company’s new drug application (or supplemental new drug application) for vonoprazan for an indication relating to the healing and maintenance of healing of erosive esophagitis with an approved indication on the label that is generally consistent with that sought in Company’s new drug application submission (or Company’s supplemental new drug application submission, or the EE Milestone, and (c) upon the determination by the Agent’s investment committee in its sole and unfettered discretion, (ii) the third tranche availability was extended from September 30, 2023, to December 15, 2023, to become available upon the earliest to occur of (a) October 1, 2023, (b) the EE Milestone, and (c) upon the determination by the Agent’s investment committee in its sole and unfettered discretion, (iii) the effective date of the Performance Covenants was amended to provide an option to extend the covenant trigger date to May 15, 2024, subject to the achievement of the EE Milestone prior to February 15, 2024, and (iv) the warrant agreement with Hercules was amended as described below. In connection with the Third Loan Amendment, a tranche extension amendment fee of $ 150,000 and a covenant extension amendment fee of $ 100,000 was paid to the Agent. The Loan Agreement provides for term loans in an aggregate principal amount of up to $ 200.0 million, or the Term Loan, under multiple tranches. The tranches consist of (i) a first tranche consisting of term loans in an aggregate principal amount of $ 100.0 million, all of which was funded to the Company on the Closing Date, or First Advance, (ii) a second tranche consisting of up to an additional $ 50.0 million, available in minimum of $ 25.0 million per draw, which will become available to the Company through December 15, 2023, upon the earliest to occur of (a) October 1, 2023, (b) the EE Milestone, and (c) upon the determination by the Agent’s investment committee in its sole and unfettered discretion, (iii) a third tranche consisting of an additional $ 25.0 million, which will become available to the Company through December 15, 2023, upon the earliest to occur of (a) October 1, 2023, (b) the EE Milestone, and (c) upon the determination by the Agent’s investment committee in its sole and unfettered discretion, and (iv) a fourth tranche consisting of up to an additional $ 25.0 million, which will be available, if specified conditions are met, through March 31, 2024, upon achievement of (a) FDA approval of the Company's NDA for vonoprazan and amoxicillin, or its NDA for vonoprazan, amoxicillin and clarithromycin, in each case for an indication relating to the treatment of H. pylori with an approved indication on the claim that is generally consistent with that sought in the Company's NDA submission; and (b) filing of an NDA or supplemental NDA for vonoprazan for indications relating to the healing and maintenance of healing of erosive GERD (milestones (a) and (b), or, together, the Second Performance Milestone). The fourth tranche is currently available as the Second Perfomance Milestone has been achieved. The Company paid a $ 1.25 million facility charge in connection with the closing of the Loan Agreement and would need to pay 0.5 % of any advances made under the third and fourth tranches. T he Term Loan will mature on October 1, 2026 , or the Maturity Date. The Term Loan bears (i) cash interest at a variable annual rate equal to the greater of (a) 5.50 % and (b) the Prime Rate (as reported in the Wall Street Journal) plus 2.25 %, or the Interest Rate, and (ii) payment-in-kind interest at a per annum rate of interest equal to 3.35 %. Phathom may make payments of interest only through October 1, 2024, which was extended to October 1, 2025, upon the achievement of the Second Performance Milestone in May 2022 and met the condition that no default or event of default exists, and which is further extendable to October 1, 2026, subject to FDA approval of the Company’s NDA (or supplemental NDA) for vonoprazan for an indication relating to the healing and maintenance of healing of erosive esophagitis with an approved indication on the label that is generally consistent with that sought in the Company’s NDA submission (or supplemental NDA submission), or the Third Performance Milestone, on or prior to September 30, 2025 and no default or event of default exists, or the interest only period. After the interest-only period, the principal balance and related interest will be required to be repaid in equal monthly installments and continuing until the Maturity Date . In addition, the Company is obligated to pay a final payment fee of 7.50 % of the original principal amount of amounts actually advanced under the Term Loan, or, each a Term Loan Advance and together, the Term Loan Advances. As of June 30, 2023, the aggregate final payment fee for the first Term Loan Advance of $ 7.5 million has been recorded as an other long-term liability. T he Company may elect to prepay all or a portion of the Term Loan Advances prior to maturity, subject to a prepayment fee of up to 1.25 % of the then outstanding principal balance of the Term Loan Advances being prepaid. After repayment, no Term Loan amounts may be borrowed again. As collateral for the obligations, the Company has granted Hercules a senior security interest in all of the Company’s right, title, and interest in, to and under substantially all of Company’s property, inclusive of intellectual property. The Loan Agreement contains customary closing fees, prepayment fees and provisions, events of default, and representations, warranties and covenants, including a financial covenant requiring the Company to maintain certain levels of cash subject to a control agreement in favor of the Agent (minus accounts payable not paid within 120 days of invoice), or Qualified Cash, and commencing on November 15, 2023, if the outstanding loan amount is greater than $ 100.0 million, trailing three-month net product revenue from the sale of vonoprazan and products containing vonoprazan. The revenue covenant will be waived at any time in which the Company maintains Qualified Cash equal to at least 65.0 % (prior to the Third Performance Milestone), and 4 5 % (following the Third Performance Milestone) of the total outstanding Term Loan principal amount, or the Company’s market capitalization is at least $ 900.0 million. Upon the occurrence of an event of default, subject to any specified cure periods, all amounts owed by the Company may be declared immediately due and payable by Hercules, as collateral agent. As of June 30, 2023, the Company was in compliance with all applicable covenants under the Loan Agreement. Pursuant to the Third Loan Amendment, the effective date of the Performance Covenants will be extended from November 15, 2023, to May 15, 2024, if the Company achieves the EE Milestone prior to February 15, 2024. In connection with the entry into the Loan Agreement, the Company issued to Hercules a warrant, or, the Warrant, to purchase a number of shares of the Company’s common stock equal to 2.5 % of the aggregate amount of the Term Loan advances funded, and will issue to Hercules additional warrants when future Term Loan advances are funded. On the Closing Date, the Company issued a Warrant for 74,782 shares of common stock. The Warrant will be exercisable for a period of seven years from the date of issuance at a per-share exercise price equal to $ 33.43 , which was the closing price of the Company’s common stock on September 16, 2021. The Warrant is exercisable any time until September 17, 2028 and had an initial fair value of approximately $ 1.3 million. In connection with the entry into the Third Loan Amendment, the Company amended the form of warrant agreement, the Revised Warrant Agreement, to purchase shares of the Company’s common stock, par value $ 0.0001 per share, the Common Stock, to be issued upon drawdowns of future tranches under the Term Loan. The exercise price under the Revised Warrant Agreement shall be equal to the lesser of (i) $ 11.6783 , which was the trailing ten-day volume-weighted average price, or VWAP, prior to entering into the Third Loan Amendment, and (ii) the trailing ten-day VWAP preceding the date on which the Company drawdown future tranches. The number of shares of Common Stock shall continue to be equal to 2.5 % of the amount of the Term Loan advances funded, as such amounts are funded. The warrants shall be exercisable for a period of seven years from the date of issuance. The exercise price and terms of the outstanding warrants to purchase 74,783 shares of our Common Stock previously issued to Hercules remain unchanged. The Company entered into the First Amendment to Warrant, or the Warrant Amendment, to make technical changes to the defined terms to provide that the outstanding warrant only covers the initial $ 100.0 million advance already drawn under the Term Loan. The initial $ 1.3 million fair value of the Warrant, the $ 7.5 million final interest payment fee and $ 3.1 million of debt issuance costs have been recorded as debt discount and are being amortized to interest expense using the effective interest method over the term of the Term Loan . Future minimum principal payments under the Term Loan, including the final payment fee, as of June 30, 2023 are as follows (in thousands): Year ending December 31: 2023 — 2024 — 2025 29,707 2026 94,764 Total principal and interest payments 124,471 Less payment-in-kind and final payment fee ( 24,471 ) Total term loan borrowings $ 100,000 During the three months ended June 30, 2023 and 2022, the Company recognized $ 4.2 million and $ 3.0 million, respectively, of interest expense, including amortization of the debt discount, in connection with the Hercules Loan Agreement . During the six months ended June 30, 2023 and 2022, the Company recognized $ 8.2 million and $ 5.8 million, respectively, of interest expense, including amortization of the debt discount, in connection with the Hercules Loan Agreement. As of June 30, 2023, the Company had an outstanding loan balance of $ 106.2 million and accrued interest of $ 0.9 million.

Revenue Interest Financing Liab

Revenue Interest Financing Liability	6 Months Ended
	Jun. 30, 2023
Contract with Customer, Liability [Abstract]
Revenue Interest Financing Liability	7. Revenue Interest Financing Liability On May 3, 2022, Phathom entered into a Revenue Interest Financing Agreement with Initial Investors NQ, Sagard, and Hercules pursuant to which the Company will receive up to $ 260 million in funding from the Initial Investors. Under the terms of the Revenue Interest Financing Agreement, the Company received $ 100 million at the initial closing and can receive an additional $ 160 million upon FDA approval of vonoprazan for treatment of Erosive GERD on or before March 31, 2024. At any time prior to December 31, 2022, the Company also had the right to obtain a written commitment from a third party for up to $ 15 million of funding upon FDA approval of vonoprazan for Erosive GERD. In addition, the Company has the right at any time prior to June 30, 2024, to obtain a written commitment from a third party for up to $ 25 million of funding upon achievement of a sales milestone. The Initial Investors have a right of first offer if the Company seeks to obtain such additional funding. The total amount funded by the Initial Investors and any subsequent investors is referred to herein as the Investment Amount. On October 31, 2022, the Company entered into a Joinder Agreement with the Initial Investors and CO Finance LVS XXXVII LLC, or the Additional Investor, and Hercules Capital, Inc. Under the terms of the Joinder Agreement, the Initial Investors waived their rights of first offer regarding the Additional Investor Funding and the Additional Investor joined the Revenue Interest Financing Agreement to extend commitments for the Additional Investor Funding. Under the Revenue Interest Financing Agreement, the investors are entitled to receive a 10 % royalty on net sales of products containing vonoprazan. The royalty rate is subject to a step-down on net sales exceeding certain annual thresholds and if the Company receives FDA approval for vonoprazan for an indication relating to the treatment of heartburn associated with Non-Erosive GERD. The investors’ right to receive royalties on net sales will terminate when the investors have aggregate payments equal to 200 % of the Investment Amount. In addition, at any time after the earlier of (i) April 30, 2024 and (ii) the date that the payment for Erosive GERD regulatory approval is made, the Company has the right to make a cap payment equal to 200 % of the Investment Amount less any royalties already paid, at which time the agreement will terminate. If the investors have not received aggregate payments of at least 100 % of the Investment Amount by December 31, 2028, and at least 200 % of the Investment Amount by December 31, 2037, each a Minimum Amount, then the Company will be obligated to make a cash payment to the investors in an amount sufficient to gross the investors up to the applicable Minimum Amount. Upon the occurrence of an event of default taking place prior to April 1, 2025, between April 1, 2025, and April 1, 2028, and after April 1, 2028, the Company is obligated to pay 1.30 times Investment Amount, 1.65 times Investment Amount, and 2.0 times investment amount, respectively, less any amounts the Company previously paid pursuant to the agreement. Upon the occurrence of a change in control event taking place prior to the earlier of April 1, 2024, or FDA approval of vonoprazan for Erosive GERD, the Company is obligated to pay 200 % of the Investment Amount plus either 15 % of the Investment Amount if occurrence prior to May 3, 2023, or plus 30 % of the Investment Amount if occurrence thereafter. During the year ended December 31, 2022, the Company received gross proceeds of $ 100.0 million before deducting transaction costs of $ 4.6 million, which resulted in net proceeds of $ 95.4 million. The Company has evaluated the terms of the Revenue Interest Financing Agreement and concluded that the features of the Investment Amount are similar to those of a debt instrument. Accordingly, the Company has accounted for the transaction as a debt obligation with interest expense based on an imputed effective rate derived from the initial carrying value of the obligation and the expected future payments. The Company recalculates the effective interest rate each period based on the current carrying value and the revised estimated future payments. Changes in future payments from previous estimates are included in the current and future financing expense. The carrying value of the revenue interest financing liability was $ 120.1 million as of June 30, 2023. Total revenue interest financing liability consists of the following (in thousands): June 30, Proceeds from the Revenue Interest Financing Agreement $ 100,000 Less: transaction costs ( 4,554 ) Less: royalty payments and payables — Plus: interest expense 24,629 Ending liability balance $ 120,075 During the three and six months ended June 30, 2023, the Company recognized $ 5.4 million and $ 10.6 million, respectively, of interest expense in connection with the revenue interest financing liability. The Company will record liabilities associated with additional funding upon FDA approval of vonoprazan for Erosive GERD and achievement of the sales milestone when such contingent events occur. To determine the accretion of the liability related to the Revenue Interest Financing Agreement, the Company is required to estimate the total amount of future royalty payments and estimated timing of such payments based on the Company’s revenue projections. As royalty payments are made, the balance of the debt obligation will be effectively repaid. Based on the Company’s periodic review, the exact timing of repayment is likely to be different in each reporting period as compared to those estimated in the Company’s initial revenue projections. A significant increase or decrease in actual net sales of vonoprazan compared to the Company’s revenue projections could impact the interest expense associated with the revenue interest financing liability. Also, the Company’s total obligation can vary depending on change in control or default events and the achievement of FDA approval of vonoprazan for Erosive GERD and achievement of the sales milestone.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Stockholders' Equity	8. Stockholders’ Equity Common Stock In March 2019, subsequent to the Merger, the Company sold 1,491,072 shares of the Company’s common stock to Frazier. In March 2019, the founders granted the Company a repurchase right for the 3,373,408 shares of common stock originally purchased in 2018. The Company has the right, but not the obligation, to repurchase unvested shares in the event the founder’s relationship with the Company is terminated, subject to certain limitations, at the original purchase price of the stock. The repurchase right lapsed for 843,352 shares in March 2019 and the repurchase right for the remaining 2,530,056 shares lapses in equal monthly amounts over the following 48 -month period ending in March 2023 . The fair value of the founder shares at the date the repurchase right was granted is being recognized as stock-based compensation expense on a straight-line basis over the vesting period. As of June 30, 2023, no shares of common stock were subject to repurchase by the Company and there is no associated repurchase liability. The amount of recognized and unrecognized stock-based compensation related to the founder stock was immaterial for all periods presented. In May 2019, the Company issued Takeda 1,084,000 shares of common stock in connection with the Takeda License. For the period from January 1, 2019 to May 6, 2019, the Company issued 2,524,852 shares of common stock to various employees and consultants of the Company for aggregate proceeds of approximately $ 1,000 . Upon issuance, these shares were subject to a repurchase option by the Company at the original purchase price of the shares. The repurchase rights generally lapse as to 25 % of the shares on the first anniversary of the vesting commencement date, and the repurchase right lapses as to 1/48th of the shares each one-month period thereafter, subject to the purchaser remaining continuously an employee, consultant or director of the Company. In November 2019, the Company repurchased 17,560 shares at the original purchase price for an aggregate purchase price of $ 5.20 . As of June 30, 2023, no shares remain available for repurchase by the Company. On October 29, 2019, upon completion of the IPO, the Company sold 10,997,630 shares of common stock, which included the exercise in full by the underwriters of their option to purchase 1,434,473 additional shares at a public offering price of $ 19.00 per share. The net proceeds were approximately $ 191.5 million, after deducting underwriting discounts, commissions and offering costs. In November 2020, the Company entered into the Sales Agreement, pursuant to which, the Company will pay the Sales Agent a commission for its services in acting as an agent in the sale of common stock in an amount equal to 3 % of the gross sales price per share sold. In September 2022, the Company sold 2,414,897 shares for net proceeds of approximately $ 24.6 million under the ATM Offering after deducting $ 0.8 million of issuance costs. In February 2023, the Company sold 1,514,219 shares for net proceeds of approximately $ 14.1 million under the ATM Offering after deducting $ 0.4 million of issuance costs. As of June 30, 2023, the Company has utilized $ 39.9 million of the available $ 125.0 million under the ATM Offering. On December 16, 2020, the Company completed an underwritten public offering, in which it sold 2,250,000 shares of its common stock at a price of $ 42.00 per share for total gross proceeds of $ 94.5 million. The net purchase price after deducting underwriting discounts and commissions was $ 39.48 per share, which generated net proceeds of $ 88.8 million. The Company incurred an additional $ 0.2 million of offering expenses in connection with this public offering. On May 23, 2023, the Company completed an underwritten public offering, in which it sold 12,793,750 shares of its common stock, which included the exercise in full by the underwriters of their option to purchase 1,668,750 shares, at a price of $ 11.75 per share for total gross proceeds of $ 150.3 million. The net purchase price after deducting underwriting discounts and commissions was $ 11.08 per share, which generated net proceeds of $ 141.8 million. The Company incurred an additional $ 0.4 million of offering expenses in connection with this public offering. A summary of the Company’s unvested shares is as follows: Balance at December 31, 2022 254,437 Share vesting ( 254,437 ) Balance at June 30, 2023 — For accounting purposes, unvested awards are considered issued, but not outstanding until they vest. Common stock reserved for future issuance consists of the following: June 30, Common stock warrants 91,228 Stock options and performance-based awards outstanding 8,965,607 Shares available for issuance under the 2019 Incentive Plan 520,803 Shares available for issuance under the ESPP Plan 1,048,370 Balance at June 30, 2023 10,626,008 Preferred Stock The Company is authorized to issue up to 40 million shares of preferred stock. As of June 30, 2023 and December 31, 2022, there were no shares of preferred stock issued or outstanding. Equity Incentive Plan The Company’s 2019 Equity Incentive Plan, or the Existing Incentive Plan, provides for the grant of incentive stock options, non-statutory stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards, and other stock awards to eligible recipients, including employees, directors or consultants of the Company. The Company had 2,231,739 shares of common stock authorized for issuance under the Existing Incentive Plan, of which, 1,400,528 stock options and 16,260 restricted stock awards were granted. As a result of the adoption of the 2019 Incentive Award Plan, or the 2019 Plan, in October 2019, no further shares are available for issuance under the Existing Incentive Plan. 2019 Incentive Award Plan In October 2019, the board of directors adopted, and the Company’s stockholders approved, the 2019 Plan, which became effective in connection with the IPO. Under the 2019 Plan, the Company may grant stock options, stock appreciation rights, restricted stock, restricted stock units and other awards to individuals who are then employees, officers, non-employee directors or consultants of the Company or its subsidiaries. The number of shares initially available for issuance will be increased by (i) the number of shares subject to stock options or similar awards granted under the Existing Incentive Plan that expire or otherwise terminate without having been exercised in full after the effective date of the 2019 Plan and unvested shares issued pursuant to awards granted under the Existing Incentive Plan that are forfeited to or repurchased by the Company after the effective date of the 2019 Plan, with the maximum number of shares to be added to the 2019 Plan pursuant to clause (i) above equal to 1,416,788 shares, and (ii) an annual increase on January 1 of each calendar year beginning in 2020 and ending in 2029, equal to the lesser of (a) 5 % of the shares of common stock outstanding on the final day of the immediately preceding calendar year and (b) such smaller number of shares as determined by the board of directors. As of June 30, 2023, 520,803 shares remain available for issuance, which reflects 2,559,070 of stock option, performance-based unit, or PSU, and restricted stock unit, or RSU, awards granted, and 35,823 of awards cancelled or forfeited, during the six months ended June 30, 2023 as well as an annual increase of 2,086,165 shares authorized on January 1, 2023. Performance-based Units During 2020, the Company granted the initial PSUs whereby vesting depends upon the approval by the FDA of vonoprazan for H. pylori and then, or concurrent with, Erosive GERD. In 2022, the Company granted an additional 37,500 PSUs to employees. In 2023, the Company granted an additional 597,650 PSUs to employees. As of June 30, 2023, the PSU milestones had not been achieved and no related compensation cost had been recognized. The following table summarizes PSU activity under the 2019 Incentive Award Plan during the six months ended June 30, 2023. Number of Weighted- Unvested balance at December 31, 2022 412,300 $ 30.97 Granted 597,650 10.89 Vested — — Forfeited — — Unvested balance at June 30, 2023 1,009,950 $ 19.09 As of June 30, 2023, there was approximately $ 19.3 million of related unrecognized stock-based compensation expense, which will begin to be recognized upon vesting. Restricted Stock Units The following table summarizes RSU activity under the 2019 Incentive Award Plan during the six months ended June 30, 2023. Number of Weighted- Unvested balance at December 31, 2022 877,467 $ 11.03 Granted 812,760 8.62 Vested ( 418,877 ) 10.04 Forfeited ( 2,817 ) 10.26 Unvested balance at June 30, 2023 1,268,533 $ 9.82 As of June 30, 2023, the Company had $ 10.3 million of unrecognized stock-based compensation expense, which is expected to be recognized over a weighted-average period of 2.1 years. Employee Stock Purchase Plan In 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 June 30, 2023, 1,048,370 shares of common stock remain available for issuance, which includes the 121,801 shares sold to employees during the six months ended June 30, 2023 as well as an annual increase of 417,233 shares authorized on January 1, 2023. The ESPP is considered a compensatory plan, and for the three and six month period ended June 30, 2023 the Company recorded related stock-based compensation of $ 0.2 million and $ 0.3 million respectively, compared to $ 0.1 million and $ 0.1 million respectively, for the same periods in 2022. The weighted-average assumptions used to estimate the fair value of ESPP awards using the Black-Scholes option valuation model were as follows: Six Months Ended 2023 2022 Assumptions: Expected term (in years) 0.49 0.49 Expected volatility 69.10 % 72.41 % Risk free interest rate 4.77 % 0.37 % Dividend yield — — The estimated weighted-average fair value of ESPP awards for the six months ended June 30, 2023 and 2022, were $ 2.87 and $ 5.31 , respectively. As of June 30, 2023, the total unrecognized compensation expense related to the ESPP was less than $ 0.1 million, which is expected to be recognized over a weighted-average period of approximately 0.1 years. 401(k) Plan The Company established a 401(k) savings plan during the year ended December 31, 2020. The Company’s contributions to the plan are discretionary. During the three and six months ended June 30, 2023, the Company incurred $ 0.4 million and $ 1.2 million, respectively, of expense related to estimated employer contribution liabilities, which was based on a 75 % match of employees’ contributions during the periods, compared to $ 0.3 million and $ 0.9 million, respectively, for the same periods in 2022. In August 2021, the Board of Directors approved a semi-annual discretionary match for 2021, which was settled by contributing 18,394 shares. In January 2022, the Board of Directors approved a second semi-annual discretionary match for 2021, which was settled by contributing 16,756 shares. In July 2022, the Board of Directors approved a semi-annual match for 2022, which was settled by contributing 84,784 shares. In January 2023, the Board of Directors approved a semi-annual match for 2022, which was settled by contribution 52,130 shares. In July 2023, the Board of Directors approved a semi-annual match for 2023, which was settled by contributing 83,826 shares. Stock Options The fair value of each employee and non-employee stock option grant is estimated on the date of grant using the Black-Scholes option-pricing model. The Company, prior to the IPO on October 29, 2019, was a private company and lacked company-specific historical and implied volatility information. Therefore, it estimated its expected volatility based on the historical volatility of a publicly traded set of peer companies. Due to the lack of historical exercise history, the expected term of the Company’s stock options for employees was determined utilizing the “simplified” method for awards. The expected term of stock options granted to non-employees was equal to the contractual term of the option award. The risk-free interest rate was determined by reference to the U.S. Treasury yield curve in effect at the time of grant of the award for time periods approximately equal to the expected term of the award. Expected dividend yield was zero based on the fact that the Company has never paid cash dividends and does not expect to pay any cash dividends in the foreseeable future. A summary of the Company’s stock option activity and related information is as follows: Options Weighted- Weighted- Aggregate Balance at December 31, 2022 5,586,470 $ 23.40 7.90 $ 4,476 Options granted 1,148,660 8.68 Options exercised ( 15,000 ) 7.40 Options cancelled ( 33,006 ) 34.28 Balance at June 30, 2023 6,687,124 $ 20.85 7.79 $ 14,936 Options exercisable as of June 30, 2023 3,441,791 23.53 7.06 6,680 The estimated weighted-average fair value of employee and nonemployee director stock options granted during 2023 was $ 5.31 per option. As of June 30, 2023, the Company had $ 33.2 million of unrecognized stock-based compensation expense, which is expected to be recognized over a weighted-average period of 1.9 years. The weighted-average assumptions used to estimate the fair value of stock options using the Black-Scholes option valuation model were as follows: Six Months Ended 2023 2022 Assumptions: Expected term (in years) 6.03 6.05 Expected volatility 64.02 % 66.04 % Risk free interest rate 3.48 % 1.89 % Dividend yield — — Stock-Based Compensation Expense Stock-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): Three Months Ended Six Months Ended 2023 2022 2023 2022 Research and development expense $ 1,803 $ 1,319 $ 3,580 $ 2,458 General and administrative expense 5,450 4,566 10,721 9,202 Total $ 7,253 $ 5,885 $ 14,301 $ 11,660

Subsequent Event

Subsequent Event	6 Months Ended
	Jun. 30, 2023
Subsequent Events [Abstract]
Subsequent Event	9. Subsequent Event On July 14, 2023, the Company completed a voluntary, one-time stock option exchange program, or the Option Exchange, pursuant to which eligible employees were able to exchange certain outstanding stock options granted under Phathom’s 2019 Incentive Award Plan, or the 2019 Plan, for a lesser amount of new restricted stock units issued under the 2019 Plan. Participants in the Option Exchange received one restricted stock unit for every two shares of Phathom common stock underlying the eligible options surrendered. This exchange ratio was applied on a grant by grant basis. The Option Exchange resulted in 2,406,622 options being exchanged for 1,203,341 restricted stock units. The Company is evaluating the accounting impact of the Option Exchange.

Organization, Basis of Presen_2

Organization, Basis of Presentation and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	Organization and Basis of Presentation Phathom Pharmaceuticals, Inc., or the Company or Phathom, was incorporated in the state of Delaware in January 2018. The Company is a biopharmaceutical company focused on developing and commercializing novel treatments for gastrointestinal diseases. The Company’s financial statements are prepared in accordance with U.S. generally accepted accounting principles, or GAAP.
Liquidity and Capital Resources	Liquidity and Capital Resources From inception to June 30, 2023, the Company has devoted substantially all of its efforts to organizing and staffing the Company, business planning, raising capital, in-licensing its initial product candidate, vonoprazan, meeting with regulatory authorities, managing the clinical trials of vonoprazan, preparing for commercialization of its initial products containing vonoprazan, and providing other general and administrative support for these operations. The Company has a limited operating history, has never generated any revenue, and the sales and income potential of its business is unproven. The Company has incurred net losses and negative cash flows from operating activities since its inception and expects to continue to incur additional net losses in the future as it continues to develop and prepares for commercialization of vonoprazan. From inception to June 30, 2023, the Company has funded its operations through the issuance of convertible promissory notes, commercial bank debt, revenue interest financing debt, the sale of 10,997,630 shares of common stock for net proceeds of approximately $ 191.5 million in its 2019 IPO, the sale of 2,250,000 shares of common stock for net proceeds of approximately $ 88.6 million in its December 2020 follow-on public offering, the sale of 3,929,116 shares of common stock for net proceeds of approximately $ 38.7 million in its issuances of common stock pursuant to the Open Market Sale Agreement SM , or the Sales Agreement, with Jefferies LLC, or the Sales Agent, under which the Compan y may, from time to time, sell shares of its common stock having an aggregate offering price of up to $ 125.0 million, or the ATM Offering, a nd the sale of 12,793,750 shares of common stock for net proceeds of approximately $ 141.4 million in its May 2023 public offering. The accompanying financial statements have been prepared assuming the Company will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business, and do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or amounts and classification of liabilities in accordance with GAAP. Management is required to perform a two-step analysis over the Company’s ability to continue as a going concern. Management must first evaluate whether there are conditions and events that raise substantial doubt about the Company’s ability to continue as a going concern (Step 1). If management concludes that substantial doubt is raised, management is also required to consider whether its plans alleviate that doubt (Step 2). Management believes that it has sufficient working capital on hand to fund operations through at least the next twelve months from the date these financial statements were issued. There can be no assurance that the Company will be successful in acquiring additional funding, if needed, that the Company’s projections of its future working capital needs will prove accurate, or that any additional funding would be sufficient to continue operations in future years.
Use of Estimates	Use of Estimates The preparation of the Company’s financial statements requires it to make estimates and assumptions that impact the reported amounts of assets, liabilities and expenses and the disclosure of contingent assets and liabilities in the Company’s financial statements and accompanying notes. The most significant estimates in the Company’s financial statements relate to accruals for research and development expenses and the valuation of various equity instruments. Although these estimates are based on the Company’s knowledge of current events and actions it may undertake in the future, actual results could differ materially from those estimates and assumptions.
Fair Value Measurements	Fair Value Measurements The accounting guidance defines fair value, establishes a consistent framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring or non-recurring basis. Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the accounting guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1: Observable inputs such as quoted prices in active markets. Level 2: Inputs, other than the quoted prices in active markets that are observable either directly or indirectly. Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. The carrying amounts of the Company’s financial instruments, including cash and cash equivalents, are classified within the Level 1 designation discussed above, while prepaid and other current assets, accounts payable, and accrued liabilities, approximate fair value due to their short maturities. The Company has no financial assets measured at fair value on a recurring basis. None of the Company’s non-financial assets or liabilities are recorded at fair value on a non-recurring basis. No transfers between levels have occurred during the periods presented. As of June 30, 2023, the estimated fair value of the Company’s long-term debt approximated the carrying amount given its floating interest rate basis. The fair value of the Company’s long-term debt was estimated for disclosure purposes only and was determined based on quoted market data for valuation, and thus categorized as Level 2 in the fair value hierarchy.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less when purchased to be cash equivalents. Cash and cash equivalents include cash in readily available checking accounts and money market funds.
Concentrations of Credit Risk	Concentrations of Credit Risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents. The Company maintains deposits in federally insured financial institutions in excess of federally insured limits. The Company has not experienced any losses in such accounts and management believes that the Company is not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held.
Property, Plant, and Equipment, Net	Property, Plant, and Equipment, Net Property, plant and equipment are recorded at cost, less accumulated depreciation. Depreciation expense is recognized using the straight-line method over the useful life of the asset. Computer equipment and related software are depreciated over two to three years . Furniture and fixtures are depreciated over three years . Leasehold improvements are amortized over the lesser of the lease term or the estimated useful lives of the related assets. Expenditures for repairs and maintenance of assets are charged to expense as incurred. Upon retirement or sale, the cost and related accumulated depreciation of assets disposed of are removed from the accounts and any resulting gain or loss is included in loss from operations.
Inventory	Inventory The Company capitalizes inventory costs related to products to be sold in the ordinary course of business. The Company makes a determination of capitalizing inventory costs for a product based on, among other factors, status of regulatory approval, information regarding safety, efficacy and expectations relating to commercial sales and recoverability of costs. Current inventory consists of bulk active pharmaceutical ingredient that will be used to manufacture vonoprazan tablets. Inventory related to indications prior to regulatory approval has been included in research and development expense in the period of purchase. The Company values its inventory at the lower of cost or net realizable value. The Company measures inventory approximating actual cost under a first-in, first-out basis. The Company assesses recoverability of inventory each reporting period to determine any write down to net realizable value resulting from excess or obsolete inventories .
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets T he Company reviews long-lived assets, including property, plant and equipment, for impairment whenever events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable. An impairment loss would be recognized when estimated undiscounted future cash flows expected to result from the use of the asset and its eventual disposition are less than the carrying amount. The impairment loss, if recognized, would be based on the excess of the carrying value of the impaired asset over its respective fair value. No impairment losses have been recorded through June 30, 2023.
Leases	Leases At the inception of a contractual arrangement, the Company determines whether the contract contains a lease by assessing whether there is an identified asset and whether the contract conveys the right to control the use of the identified asset in exchange for consideration over a period of time. If both criteria are met, the Company records the associated lease liability and corresponding right-of-use asset upon commencement of the lease using the implicit rate or a discount rate based on a credit-adjusted secured borrowing rate commensurate with the term of the lease. The Company additionally evaluates leases at their inception to determine if they are to be accounted for as an operating lease or a finance lease. A lease is accounted for as a finance lease if it meets one of the following five criteria: the lease has a purchase option that is reasonably certain of being exercised, the present value of the future cash flows is substantially all of the fair market value of the underlying asset, the lease term is for a significant portion of the remaining economic life of the underlying asset, the title to the underlying asset transfers at the end of the lease term, or if the underlying asset is of such a specialized nature that it is expected to have no alternative uses to the lessor at the end of the term. Leases that do not meet the finance lease criteria are accounted for as an operating lease. Operating lease assets represent a right to use an underlying asset for the lease term and operating lease liabilities represent an obligation to make lease payments arising from the lease. Operating lease liabilities with a term greater than one year and their corresponding right-of-use assets are recognized on the balance sheet at the commencement date of the lease based on the present value of lease payments over the expected lease term. Certain adjustments to the right-of-use asset may be required for items such as initial direct costs paid or incentives received. As the Company’s leases do not typically provide an implicit rate, the Company utilizes the appropriate incremental borrowing rate, determined as the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term and in a similar economic environment. Lease cost is recognized on a straight-line basis over the lease term and variable lease payments are recognized as operating expenses in the period in which the obligation for those payments is incurred. Variable lease payments primarily include common area maintenance, utilities, real estate taxes, insurance, and other operating costs that are passed on from the lessor in proportion to the space leased by the Company. The Company has elected the practical expedient to not separate between lease and non-lease components.
Revenue Interest Financing Liability	Revenue Interest Financing Liability The Company entered into a revenue interest financing agreement, or the Revenue Interest Financing Agreement, with entities managed or advised by NovaQuest Capital Management, or NQ, Sagard Holdings Manager LP, or Sagard, and Hercules Capital, Inc., or Hercules, together with NQ and Sagard, the Initial Investors, in which the Company received funds in return for royalties on net sales of products containing vonoprazan. The net proceeds received under the transaction were recognized as short-term and long-term liabilities with interest expense based on an imputed effective rate derived from the expected future payments. The Company recalculates the effective interest rate each period based on the current carrying value and the revised estimated future payments. Changes in future payments from previous estimates are included in current and future financing expense.
Research and Development Expenses and Accruals	Research and Development Expenses and Accruals All research and development costs are expensed in the period incurred and consist primarily of salaries, payroll taxes, employee benefits, stock-based compensation charges for those individuals involved in research and development efforts, external research and development costs incurred under agreements with contract research organizations, or CROs, and consultants to conduct and support the Company’s ongoing clinical trials of vonoprazan, and costs related to manufacturing vonoprazan for clinical trials. The Company has entered into various research and development contracts with clinical research organizations, clinical manufacturing organizations and other companies. Payments for these activities are based on the terms of the individual agreements, which may differ from the pattern of costs incurred, and payments made in advance of or after performance are reflected in the accompanying balance sheets as prepaid expenses or accrued liabilities, respectively. The Company records accruals for estimated costs incurred for ongoing research and development activities. When evaluating the adequacy of the accrued liabilities, the Company analyzes progress of the services, including the phase or completion of events, invoices received and contracted costs. Significant judgments and estimates may be made in determining the prepaid or accrued balances at the end of any reporting period. Actual results could differ from the Company’s estimates.
In-Process Research and Development	In-Process Research and Development The Company evaluates whether acquired intangible assets are a business under applicable accounting standards. Additionally, the Company evaluates whether the acquired assets have a future alternative use. Intangible assets that do not have future alternative use are considered acquired in-process research and development. When the acquired in-process research and development assets are not part of a business combination, the value of the consideration paid is expensed on the acquisition date. Future costs to develop these assets are recorded to research and development expense as they are incurred.
General and Administrative Expenses	General and Administrative Expenses General and administrative expenses consist of salaries, stock-based compensation, facilities and third-party expenses. General and administrative expenses are associated with the activities of the commercial, executive, finance, accounting, information technology, legal, medical affairs and human resource functions.
Stock-Based Compensation	Stock-Based Compensation Stock-based compensation expense represents the cost of the grant date fair value of equity awards recognized over the requisite service period of the awards (generally the vesting period) on a straight-line basis with forfeitures recognized as they occur. The Company also maintains an employee stock purchase program, or ESPP, under which it may issue shares. The Company estimates the fair value of shares that will be issued under the ESPP, and of stock options using the Black-Scholes valuation model, which requires the use of estimates. The Company recognizes stock-based compensation cost for shares that it will issue under the ESPP on a straight-line basis over the requisite service period of the award .
Income Taxes	Income Taxes The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined on the basis of the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in the statement of operations in the period that includes the enactment date. The Company recognizes net deferred tax assets to the extent that the Company believes these assets are more likely than not to be realized. In making such a determination, management considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. If management determines that the Company would be able to realize its deferred tax assets in the future in excess of their net recorded amount, management would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes. The Company records uncertain tax positions on the basis of a two-step process whereby (i) management determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (ii) for those tax positions that meet the more-likely-than-not recognition threshold, management recognizes the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. The Company recognizes interest and penalties related to unrecognized tax benefits within income tax expense. Any accrued interest and penalties are included within the related tax liability. Beginning in 2022, the Tax Cuts and Jobs Act, or TCJA, eliminates the option to deduct research and development expenditures currently and requires taxpayers to amortize domestic and foreign research and development expenditures over 5 years and 15 years , respectively. The requirement did not impact cash from operations in the current period.
Comprehensive Loss	Comprehensive Loss Comprehensive loss is defined as a change in equity during a period from transactions and other events and circumstances from non-owner sources. The Company’s comprehensive loss was the same as its reported net loss for all periods presented.
Segment Reporting	Segment Reporting Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision maker in making decisions on how to allocate resources and assess performance. The Company views its operations and manages its business as one operating segment.
Net Loss Per Share	Net Loss Per Share Basic net loss per share is computed by dividing the net loss by the weighted-average number of common shares outstanding for the period, without consideration for potentially dilutive securities. For the three and six months ended June 30, 2023, the Company has excluded weighted-average unvested shares of 7,334 and 69,578 , respectively, from the weighted-average number of common shares outstanding, compared to 800,002 and 910,828 , respectively for the same periods in 2022. D iluted net loss per share is computed by dividing the net loss by the weighted-average number of common shares and dilutive common stock equivalents outstanding for the period determined using the treasury-stock and if-converted methods. Dilutive common stock equivalents are comprised of unvested common stock, options and warrants. For the periods presented, there is no difference in the number of shares used to calculate basic and diluted shares outstanding as inclusion of the potentially dilutive securities (warrants, stock options, and common shares subject to repurchase) would be antidilutive .
Recently Adopted and Issued Accounting Pronouncements	Recently Adopted Accounting Standards There were no recently adopted accounting standards which would have a material impact on the Company's financial statements. Recently Issued Accounting Pronouncements The Company assesses the adoption impacts of recently issued accounting standards by the Financial Accounting Standards Board or other standard setting bodies on the Company's financial statements as well as material updates to previous assessments, if any, from the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. There were no new material accounting standards issued in the second quarter of 2023 that impacted the Company.

Balance Sheet Details (Tables)

Balance Sheet Details (Tables)	6 Months Ended
	Jun. 30, 2023
Balance Sheet Related Disclosures [Abstract]
Schedule of Property, Plant and Equipment, Net	Property, plant and equipment, net, consist of the following (in thousands): June 30, December 31, 2023 2022 Computer equipment and software $ 1,090 $ 1,078 Furniture and fixtures 1,089 1,086 Leasehold improvements 115 115 Construction in process 604 399 Total property, plant and equipment, gross 2,898 2,678 Less: accumulated depreciation ( 1,740 ) ( 1,471 ) Total property, plant and equipment, net $ 1,158 $ 1,207
Schedule of Accrued Expenses	Accrued expenses consist of the following (in thousands): June 30, December 31, 2023 2022 Accrued research and development expenses $ 6,716 $ 3,080 Accrued compensation expenses 6,531 8,447 Accrued professional & consulting expenses 2,183 3,000 Accrued other 21 151 Total accrued expenses $ 15,451 $ 14,678
Schedule Of Inventory	Inventory consist of the following (in thousands): June 30, December 31, 2023 2022 Raw materials $ 111 $ — Total inventory, current $ 111 $ — Raw materials, noncurrent 3,450 — Total inventory $ 3,561 $ —

Lease Commitments (Tables)

Lease Commitments (Tables)	6 Months Ended
	Jun. 30, 2023
Leases [Abstract]
Summary of Supplemental Balance Sheet Information Related to the Operating Leases	The following table summarizes supplemental balance sheet information related to the operating leases (in thousands): June 30, December 31, 2023 2022 Assets: Operating lease right-of-use assets $ 1,886 $ 2,287 Total right-of-use assets 1,886 2,287 Liabilities: Operating lease liabilities, current 717 708 Operating lease liabilities, non-current 789 1,098 Total operating lease liabilities $ 1,506 $ 1,806
Summary of Future Minimum Lease Payments Under Operating Leases	As of June 30, 2023, the future minimum annual lease payments under the operating leases were as follows (in thousands): 2023 369 2024 753 2025 513 Total minimum lease payments 1,635 Less: amount representing interest ( 129 ) Present value of operating lease liabilities 1,506 Less: operating lease liabilities, current ( 717 ) Operating lease liabilities $ 789 Weighted-average remaining lease term (in years) 2.1 Weighted-average incremental borrowing rate 8.21 %

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Schedule of Total Debt	Total debt consists of the following (in thousands): June 30, Long-term debt, current portion $ — Long-term debt, non-current portion 106,246 Unamortized debt discount ( 8,440 ) Total debt, net of debt discount $ 97,806
Schedule of Future Minimum Principal and Interest Payments Under Term Loan	Future minimum principal payments under the Term Loan, including the final payment fee, as of June 30, 2023 are as follows (in thousands): Year ending December 31: 2023 — 2024 — 2025 29,707 2026 94,764 Total principal and interest payments 124,471 Less payment-in-kind and final payment fee ( 24,471 ) Total term loan borrowings $ 100,000

Revenue Interest Financing Li_2

Revenue Interest Financing Liability (Tables)	6 Months Ended
	Jun. 30, 2023
Contract with Customer, Liability [Abstract]
Schedule of Total Revenue Interest Financing Liability	Total revenue interest financing liability consists of the following (in thousands): June 30, Proceeds from the Revenue Interest Financing Agreement $ 100,000 Less: transaction costs ( 4,554 ) Less: royalty payments and payables — Plus: interest expense 24,629 Ending liability balance $ 120,075

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2023
Summary of Unvested Shares	A summary of the Company’s unvested shares is as follows: Balance at December 31, 2022 254,437 Share vesting ( 254,437 ) Balance at June 30, 2023 —
Summary of Common Stock Reserved for Future Issuance	Common stock reserved for future issuance consists of the following: June 30, Common stock warrants 91,228 Stock options and performance-based awards outstanding 8,965,607 Shares available for issuance under the 2019 Incentive Plan 520,803 Shares available for issuance under the ESPP Plan 1,048,370 Balance at June 30, 2023 10,626,008
Summary of PSU Activity Under the 2019 Incentive Award Plan	The following table summarizes PSU activity under the 2019 Incentive Award Plan during the six months ended June 30, 2023. Number of Weighted- Unvested balance at December 31, 2022 412,300 $ 30.97 Granted 597,650 10.89 Vested — — Forfeited — — Unvested balance at June 30, 2023 1,009,950 $ 19.09
Summary of Weighted-Average Assumptions Used to Estimate Fair Value of Stock Options Granted and ESPP Awards	The weighted-average assumptions used to estimate the fair value of ESPP awards using the Black-Scholes option valuation model were as follows: Six Months Ended 2023 2022 Assumptions: Expected term (in years) 0.49 0.49 Expected volatility 69.10 % 72.41 % Risk free interest rate 4.77 % 0.37 % Dividend yield — —
Summary of Stock Option Activity	A summary of the Company’s stock option activity and related information is as follows: Options Weighted- Weighted- Aggregate Balance at December 31, 2022 5,586,470 $ 23.40 7.90 $ 4,476 Options granted 1,148,660 8.68 Options exercised ( 15,000 ) 7.40 Options cancelled ( 33,006 ) 34.28 Balance at June 30, 2023 6,687,124 $ 20.85 7.79 $ 14,936 Options exercisable as of June 30, 2023 3,441,791 23.53 7.06 6,680
Summary of Weighted-Average Assumptions Used to Estimate Fair Value of Stock Options	The weighted-average assumptions used to estimate the fair value of stock options using the Black-Scholes option valuation model were as follows: Six Months Ended 2023 2022 Assumptions: Expected term (in years) 6.03 6.05 Expected volatility 64.02 % 66.04 % Risk free interest rate 3.48 % 1.89 % Dividend yield — —
Summary of Stock-Based Compensation Expense	Stock-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): Three Months Ended Six Months Ended 2023 2022 2023 2022 Research and development expense $ 1,803 $ 1,319 $ 3,580 $ 2,458 General and administrative expense 5,450 4,566 10,721 9,202 Total $ 7,253 $ 5,885 $ 14,301 $ 11,660
Restricted Stock Units (RSUs)
Summary of Unvested Shares	The following table summarizes RSU activity under the 2019 Incentive Award Plan during the six months ended June 30, 2023. Number of Weighted- Unvested balance at December 31, 2022 877,467 $ 11.03 Granted 812,760 8.62 Vested ( 418,877 ) 10.04 Forfeited ( 2,817 ) 10.26 Unvested balance at June 30, 2023 1,268,533 $ 9.82

Organization, Basis of Presen_3

Organization, Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Details)

1 Months Ended

3 Months Ended

4 Months Ended

6 Months Ended

66 Months Ended

Oct. 29, 2019 USD ($) shares

May 31, 2023 USD ($) shares

Feb. 28, 2023 USD ($) shares

Sep. 30, 2022 USD ($) shares

Dec. 31, 2020 USD ($) shares

May 31, 2019 shares

Jun. 30, 2023 shares

Mar. 31, 2023 shares

Jun. 30, 2022 shares

May 06, 2019 USD ($) shares

Jun. 30, 2023 USD ($) Segment shares

Jun. 30, 2022 shares

Jun. 30, 2023 USD ($) shares

Organization Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]

Impairment losses | $

$ 0

Number of operating segment | Segment

1

Domestic

Organization Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]

Research and development expenditures, amortization period

5 years

Foreign

Organization Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]

Research and development expenditures, amortization period

15 years

Unvested Shares

Organization Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]

Unvested shares excluded from computation of weighted average earnings per share

7,334

800,002

69,578

910,828

Furniture and Fixtures

Organization Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]

Property and equipment, useful life

3 years

3 years

3 years

Minimum | Computer Equipment and Related Software

Organization Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]

Property and equipment, useful life

2 years

2 years

2 years

Maximum | Computer Equipment and Related Software

Organization Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]

Property and equipment, useful life

3 years

3 years

3 years

Common Stock

Organization Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]

Common stock shares issued

2,524,852

Net proceeds from issuance of common stock | $

$ 1,000

Common Stock | Takeda License

Organization Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]

Common stock shares issued

1,084,000

IPO | Common Stock

Organization Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]

Common stock shares issued

10,997,630

Proceeds from Initial Public Offering (IPO) | $

$ 191,500,000

Follow-on Public Offering | Common Stock

Organization Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]

Common stock shares issued

12,793,750

2,250,000

Net proceeds from issuance of common stock | $

$ 141,400,000

$ 88,600,000

At-the-Market Offering Program

Organization Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]

Common stock shares issued

1,514,219

2,414,897

3,929,116

Net proceeds from issuance of common stock | $

$ 14,100,000

$ 24,600,000

$ 14,073,000

$ 38,700,000

At-the-Market Offering Program | Maximum | Open Market Sale Agreement with Jefferies LLC

Organization Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]

Aggregate offering price through equity financing | $

$ 125,000,000

At-the-Market Offering Program | Common Stock

Organization Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]

Common stock shares issued

1,514,219

Balance Sheet Details - Schedul

Balance Sheet Details - Schedule of Property, Plant and Equipment, net (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 2,898	$ 2,678
Less: accumulated depreciation and amortization	(1,740)	(1,471)
Total property, plant and equipment, net	1,158	1,207
Computer equipment and software
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	1,090	1,078
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	1,089	1,086
Leasehold Improvements
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	115	115
Construction In Progress
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 604	$ 399

Balance Sheet Details - Additio

Balance Sheet Details - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Inventory [Line Items]
Depreciation expense	$ 100,000	$ 100,000	$ 300,000	$ 300,000
Disposal of property, plant or equipment			0		$ 0
Raw materials	111,000		111,000
other long-term assets
Inventory [Line Items]
Raw materials	$ 3,500,000		$ 3,500,000

Balance Sheet Details - Sched_2

Balance Sheet Details - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Accrued Liabilities, Current [Abstract]
Accrued research and development expenses	$ 6,716	$ 3,080
Accrued compensation expenses	6,531	8,447
Accrued professional & consulting expenses	2,183	3,000
Accrued other	21	151
Total accrued expenses	$ 15,451	$ 14,678

Balance Sheet Details - Sched_3

Balance Sheet Details - Schedule of Inventory (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Inventory Disclosure [Abstract]
Raw materials	$ 111
Total inventory, current	111
Raw materials, noncurrent	3,450
Total inventory	$ 3,561

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - USD ($)		3 Months Ended		6 Months Ended
	May 05, 2020	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Related Party Transaction [Line Items]
Outstanding accounts payable and accrued expenses		$ 27,000,000		$ 27,000,000		$ 15,000,000
Commercial Supply and Temporary Services Agreement
Related Party Transaction [Line Items]
Minimum purchase obligation		0		0
Commercial Supply Agreement
Related Party Transaction [Line Items]
Agreement extends period for termination	2 years
PCI Pharma Services | Related Party
Related Party Transaction [Line Items]
Expense related to services		14,000,000	$ 0	31,000,000	$ 0
PCI Pharma Services | Clinical Manufacturing Services
Related Party Transaction [Line Items]
Outstanding accounts payable and accrued expenses		1,300,000		1,300,000		1,100,000
PCI Pharma Services | Clinical Manufacturing Services | Related Party
Related Party Transaction [Line Items]
Expense related to services		200,000	100,000	300,000	400,000
Takeda | Commercial Supply and Temporary Services Agreement
Related Party Transaction [Line Items]
Outstanding accounts payable and accrued expenses		1,500,000		1,500,000		$ 1,400,000
Takeda | Related Party | Commercial Supply and Temporary Services Agreement
Related Party Transaction [Line Items]
Expense related to services		$ 100,000	$ 200,000	$ 100,000	$ 1,300,000

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - USD ($)		6 Months Ended
	May 07, 2019	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Commitments And Contingencies [Line Items]
Common stock fair value		$ 5,000		$ 3,000
Common stock, shares issued		56,639,085		41,723,308
Expenses incurred related to purchase commitments		$ 0	$ 0
Minimum
Commitments And Contingencies [Line Items]
Purchase obligation in the first 24-month period		$ 3,800,000
Takeda License | Takeda
Commitments And Contingencies [Line Items]
License agreement description		The agreement will remain in effect, on a country-by-country and product-by-product basis, until the later of (i) the expiration of the last to expire valid patent claim covering vonoprazan fumarate alone or in combination with at least one other therapeutically active ingredient, (ii) the expiration of the applicable regulatory exclusivity and (iii) 15 years from the date of first commercial sale, unless earlier terminated. The Company may terminate the Takeda License upon six months’ written notice. The Company and Takeda may terminate the Takeda License in the case of the other party’s insolvency or material uncured breach. Takeda may terminate the Takeda License if the Company challenges, or assists in challenging, licensed patents.
Agreement expiration term from date of first commercial sale	15 years
Cash consideration paid for license	$ 25,000,000
Common stock fair value	$ 5,900,000
Common stock, shares issued	1,084,000
Warrants exercise price	$ 0.00004613
Initial fair value of warrants	$ 47,900,000
Additional warrant issued	0
Maximum amount payable in sales milestones upon achievement of specified levels of product sales	$ 250,000,000
Warrants expiration date	May 07, 2029
Takeda License | Takeda | Common Stock
Commitments And Contingencies [Line Items]
Warrants issued to purchase shares	7,588,000

Lease Commitments - Additional

Lease Commitments - Additional Information (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) Option	Jun. 30, 2022 USD ($)
Lessee Lease Description [Line Items]
Operating leases, rent expense | $	$ 0.3	$ 0.2	$ 0.6	$ 0.4
Cash payments for operating lease costs | $			$ 0.5	$ 0.7
Buffalo Grove, Illinois
Lessee Lease Description [Line Items]
Operating leases, remaining lease terms	1 year 9 months 18 days		1 year 9 months 18 days
Operating lease number of option to extend | Option			1
Operating lease, option to extend description			operating leases contain an option to extend the term for one additional five year period
Operating lease, renewal term	5 years		5 years
Florham Park, New Jersey
Lessee Lease Description [Line Items]
Operating leases, remaining lease terms	2 years 2 months 12 days		2 years 2 months 12 days
Operating lease number of option to extend | Option			1
Operating lease, option to extend description			operating leases contain an option to extend the term for one additional five year period
Operating lease, renewal term	5 years		5 years

Lease Commitments - Summary of

Lease Commitments - Summary of Supplemental Balance Sheet Information Related to the Operating Leases (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Assets:
Operating lease right-of-use assets	$ 1,886	$ 2,287
Liabilities:
Operating lease liabilities, current	717	708
Operating lease liabilities, non-current	789	1,098
Total operating lease liabilities	$ 1,506	$ 1,806

Lease Commitments - Summary o_2

Lease Commitments - Summary of Future Annual Minimum Lease Payments Under Operating Leases (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Leases [Abstract]
2023	$ 369
2024	753
2025	513
Total minimum lease payments	1,635
Less: amount representing interest	(129)
Total operating lease liabilities	1,506	$ 1,806
Less: operating lease liabilities, current	(717)	(708)
Operating lease liabilities	$ 789	$ 1,098
Weighted-average remaining lease term (in years)	2 years 1 month 6 days
Weighted-average incremental borrowing rate	8.21%

Debt - Schedule of Total Debt (

Debt - Schedule of Total Debt (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Debt Disclosure [Abstract]
Long-term debt, non-current portion	$ 106,246
Unamortized debt discount	(8,440)
Total debt, net of debt discount	$ 97,806

Debt - Additional Information (

Debt - Additional Information (Details) - USD ($)			3 Months Ended		6 Months Ended
	May 09, 2023	Sep. 17, 2021	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Sep. 27, 2022
Debt Instrument [Line Items]
Term loans aggregate principal amount			$ 100,000,000		$ 100,000,000
Common stock, par value			$ 0.0001		$ 0.0001		$ 0.0001
Loan Agreement
Debt Instrument [Line Items]
Debt instrument, final payment fee or end of term charge		$ 7,500,000
Percentage of qualified cash prior to Third performance milestone		65%
Minimum percentage of qualified cash following third performance milestone		5%
Minimum market capitalization amount		$ 900,000,000
Percentage of debt funded to be issued as warrants to purchase common stock		2.50%
Warrants exercise price		$ 33.43
Warrants expire term		7 years
Warrants expiration date		Sep. 17, 2028
Fair value of warrants		$ 1,300,000
Debt issuance costs		$ 3,100,000
Loan Agreement | Common Stock
Debt Instrument [Line Items]
Warrants issued to purchase shares		74,782
Loan Agreement | Term Loan
Debt Instrument [Line Items]
Term loans aggregate principal amount		$ 200,000,000
Payment for facility charge		$ 1,250,000
Debt instrument, facility charge percentage		0.50%
Debt instrument, maturity date		Oct. 01, 2026
Loan Agreement | Term Loan | Floor Rate
Debt Instrument [Line Items]
Debt instrument interest rate		5.50%
Loan Agreement | Term Loan | Prime Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		2.25%
Loan Agreement | Term Loan | Payment In Kind PIK Interest Rate
Debt Instrument [Line Items]
Debt instrument, interest rate		3.35%
Loan Agreement | Term Loans, Aggregate Principal Amount Tranches One
Debt Instrument [Line Items]
Term loans aggregate principal amount		$ 100,000,000
Loan Agreement | Term Loans, Aggregate Principal Amount Tranches Two
Debt Instrument [Line Items]
Term loans aggregate principal amount			$ 50,000,000		$ 50,000,000
Debt instrument minimum per draw amountd			25,000,000		25,000,000
Loan Agreement | Term Loans, Aggregate Principal Amount Tranches Three
Debt Instrument [Line Items]
Term loans aggregate principal amount			25,000,000		25,000,000
Loan Agreement | Term Loans, Aggregate Principal Amount Tranches Four
Debt Instrument [Line Items]
Term loans aggregate principal amount			25,000,000		25,000,000
Loan Agreement | Term Loan Advance
Debt Instrument [Line Items]
Debt instrument, final payment fee percentage		7.50%
Debt instrument, final payment fee or end of term charge			7,500,000		7,500,000
Loan Agreement | Term Loan Advance | Maximum
Debt Instrument [Line Items]
Debt instrument, prepayment fee percentage of outstanding principal amount		1.25%
Hercules and SVB Term Loan
Debt Instrument [Line Items]
Term loans aggregate principal amount			106,200,000		106,200,000
Accrued interest			900,000		900,000
Hercules Loan Agreement
Debt Instrument [Line Items]
Interest expense			$ 4,200,000	$ 3,000,000	$ 8,200,000	$ 5,800,000
Amendment to Loan Agreement
Debt Instrument [Line Items]
Term loans aggregate principal amount								$ 50,000,000
Tranche extension amendment fee	$ 150,000
Covenant extension amendment fee	100,000
Amendment to Warrants
Debt Instrument [Line Items]
Term loans aggregate principal amount	$ 100,000,000
Percentage of debt funded to be issued as warrants to purchase common stock	2.50%
Warrants exercise price	$ 11.6783
Warrants expire term	7 years
Common stock, par value	$ 0.0001
Amendment to Warrants | Common Stock
Debt Instrument [Line Items]
Warrants issued to purchase shares	74,783

Debt - Schedule of Future Minim

Debt - Schedule of Future Minimum Principal and Interest Payments Under Term Loans (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Debt Disclosure [Abstract]
2023	$ 0
2024	0
2025	29,707
2026	94,764
Total principal and interest payments	124,471
Less payment-in-kind and final payment fee	(24,471)
Total term loan borrowings	$ 100,000

Revenue Interest Financing Li_3

Revenue Interest Financing Liability - Additional Information (Details) - USD ($) $ in Thousands		3 Months Ended	6 Months Ended		12 Months Ended	14 Months Ended
	May 03, 2022	Jun. 30, 2023	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Jun. 30, 2023
Revenue Interest Financing Liability [Line Items]
Investors right to receive royalties termination description			The investors’ right to receive royalties on net sales will terminate when the investors have aggregate payments equal to 200% of the Investment Amount. In addition, at any time after the earlier of (i) April 30, 2024 and (ii) the date that the payment for Erosive GERD regulatory approval is made, the Company has the right to make a cap payment equal to 200% of the Investment Amount less any royalties already paid, at which time the agreement will terminate.
Investors receipt description			If the investors have not received aggregate payments of at least 100% of the Investment Amount by December 31, 2028, and at least 200% of the Investment Amount by December 31, 2037, each a Minimum Amount, then the Company will be obligated to make a cash payment to the investors in an amount sufficient to gross the investors up to the applicable Minimum Amount.
Default obligation description			Upon the occurrence of an event of default taking place prior to April 1, 2025, between April 1, 2025, and April 1, 2028, and after April 1, 2028, the Company is obligated to pay 1.30 times Investment Amount, 1.65 times Investment Amount, and 2.0 times investment amount, respectively, less any amounts the Company previously paid pursuant to the agreement.
Change in control description			Upon the occurrence of a change in control event taking place prior to the earlier of April 1, 2024, or FDA approval of vonoprazan for Erosive GERD, the Company is obligated to pay 200% of the Investment Amount plus either 15% of the Investment Amount if occurrence prior to May 3, 2023, or plus 30% of the Investment Amount if occurrence thereafter.
Gross proceeds			$ 100,000		$ 100,000
Transaction costs			4,554		4,600
Net proceeds				$ 95,446	$ 95,400
Revenue interest financing liability		$ 120,075	120,075			$ 120,075
Interest expense with revenue interest finance liability		$ 5,400	$ 10,600			$ 24,629
Revenue Interest Financing Agreement
Revenue Interest Financing Liability [Line Items]
Percentage of investor share of royalty in net sales	10%
Percentage of aggregate payments on investment amount to investors on net sales	200%
Revenue Interest Financing Agreement Upon Occurrence of Event of Default Prior to April 1, 2025
Revenue Interest Financing Liability [Line Items]
Percentage of aggregate payment on investment amount to investors	1.30%
Revenue Interest Financing Agreement Upon Occurrence of Event of Default between April 1, 2025, and April 1, 2028
Revenue Interest Financing Liability [Line Items]
Percentage of aggregate payment on investment amount to investors	1.65%
Revenue Interest Financing Agreement Upon Occurrence of Event of Default after April 1, 2028
Revenue Interest Financing Liability [Line Items]
Percentage of aggregate payments on investment amount to investors on net sales	2%
Revenue Interest Financing Agreement Upon Occurrence of a Change in Control Event Earlier of April 1, 2024 or FDA Approval If Occurrence Prior May 3, 2023
Revenue Interest Financing Liability [Line Items]
Percentage of aggregate payments on investment amount to investors on net sales	200%
Revenue Interest Financing Agreement Upon Occurrence of a Change in Control Event Earlier of April 1, 2024 or FDA Approval If Occurrence Prior May 3, 2023
Revenue Interest Financing Liability [Line Items]
Additional percentage to be paid with obligated payment on investment amount	15%
Revenue Interest Financing Agreement Upon Occurrence of a Change in Control Event Earlier of April 1, 2024 or FDA approval If occurrence is Thereafter to May 3, 2023
Revenue Interest Financing Liability [Line Items]
Additional percentage to be paid with obligated payment on investment amount	30%
Initial Investors NQ, Sagard, and Hercules | Revenue Interest Financing Agreement
Revenue Interest Financing Liability [Line Items]
Funds received from initial closing	$ 100,000
Initial Investors NQ, Sagard, and Hercules | Revenue Interest Financing Agreement, Funding Commitment On or Before March 31, 2024
Revenue Interest Financing Liability [Line Items]
Investors additional funding amount upon FDA approval of vonoprazan for treatment of erosive esophagitis	160,000
Initial Investors NQ, Sagard, and Hercules | Revenue Interest Financing Agreement Funding upon FDA Approval at any Time Prior to December 31, 2022
Revenue Interest Financing Liability [Line Items]
Potential additional investor funding amount	15,000
Initial Investors NQ, Sagard, and Hercules | Revenue Interest Financing Agreement Funding upon Achievement of Sales Milestone at any Time Prior to June 30, 2024
Revenue Interest Financing Liability [Line Items]
Investors funding commitment potential amount available upon achievement of sales milestone	$ 25,000
Minimum | Revenue Interest Financing Agreement Percentage on Investment Amount On December December 31, 2028
Revenue Interest Financing Liability [Line Items]
Percentage of aggregate payment on investment amount to investors	100%
Minimum | Revenue Interest Financing Agreement Percentage On Investment Amount by December 31, 2037
Revenue Interest Financing Liability [Line Items]
Percentage of aggregate payment on investment amount to investors	200%
Maximum | Initial Investors NQ, Sagard, and Hercules | Revenue Interest Financing Agreement
Revenue Interest Financing Liability [Line Items]
Investors funding amount	$ 260,000

Revenue Interest Financing Li_4

Revenue Interest Financing Liability - Schedule of Total Revenue Interest Financing Liability (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended	12 Months Ended	14 Months Ended
	Jun. 30, 2023	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2023
Contract with Customer, Liability [Abstract]
Proceeds from the Revenue Interest Financing Agreement		$ 100,000	$ 100,000
Less: transaction costs		(4,554)	$ (4,600)
Plus: interest expense	$ 5,400	10,600		$ 24,629
Ending liability balance	$ 120,075	$ 120,075		$ 120,075

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details)				1 Months Ended												3 Months Ended				4 Months Ended	6 Months Ended		12 Months Ended		66 Months Ended
	May 23, 2023 USD ($) $ / shares shares	Dec. 16, 2020 USD ($) $ / shares shares	Oct. 29, 2019 USD ($) $ / shares shares	Jul. 31, 2023 shares	Feb. 28, 2023 USD ($) shares	Jan. 31, 2023 shares	Sep. 30, 2022 USD ($) shares	Jul. 31, 2022 shares	Jan. 31, 2022 shares	Aug. 31, 2021 shares	Nov. 30, 2020	Nov. 30, 2019 $ / shares shares	Oct. 31, 2019 shares	May 31, 2019 shares	Mar. 31, 2019 shares	Jun. 30, 2023 USD ($) shares	Mar. 31, 2023 USD ($) shares	Jun. 30, 2022 USD ($)	Mar. 31, 2022 shares	May 06, 2019 USD ($) shares	Jun. 30, 2023 USD ($) $ / shares shares	Jun. 30, 2022 USD ($) $ / shares	Dec. 31, 2022 shares	Dec. 31, 2019 shares	Jun. 30, 2023 USD ($) shares	Jan. 01, 2023 shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Preferred stock, shares authorized																40,000,000					40,000,000		40,000,000		40,000,000
Preferred stock, shares issued																0					0		0		0
Preferred stock, shares outstanding																0					0		0		0
Stock options, granted																					1,148,660
Stock-based compensation cost | $																$ 7,253,000		$ 5,885,000			$ 14,301,000	$ 11,660,000
Unrecognized stock-based compensation expense | $																$ 10,300,000					$ 10,300,000				$ 10,300,000
Common stock reserved for issuance																10,626,008					10,626,008				10,626,008
Unrecognized stock-based compensation expense | $																$ 33,200,000					$ 33,200,000				$ 33,200,000
Unrecognized stock-based compensation expense, weighted-average period for recognition																					1 year 10 months 24 days
Defined contribution plan employer contribution liabilities expense | $																$ 400,000		300,000			$ 1,200,000	$ 900,000
Defined contribution plan, employer matching contribution, percentage																					75%
Employer discretionary match number of shares settled						52,130		84,784	16,756	18,394
Dividend yield																					0%	0%
Subsequent Event
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Employer discretionary match number of shares settled				83,826
Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Dividend yield																					0%
Restricted Stock Units (RSUs)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized stock-based compensation expense, weighted-average period for recognition																					2 years 1 month 6 days
2019 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock, shares authorized for issuance																								2,231,739
Stock options, granted																								1,400,528
Number of shares available for issuance													0
2019 Equity Incentive Plan | Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock awards, granted																								16,260
2019 Incentive Award Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Annual increase to shares available for issuance percentage of outstanding common stock													5%
Equity plan, description																					The number of shares initially available for issuance will be increased by (i) the number of shares subject to stock options or similar awards granted under the Existing Incentive Plan that expire or otherwise terminate without having been exercised in full after the effective date of the 2019 Plan and unvested shares issued pursuant to awards granted under the Existing Incentive Plan that are forfeited to or repurchased by the Company after the effective date of the 2019 Plan, with the maximum number of shares to be added to the 2019 Plan pursuant to clause (i) above equal to 1,416,788 shares, and (ii) an annual increase on January 1 of each calendar year beginning in 2020 and ending in 2029, equal to the lesser of (a) 5% of the shares of common stock outstanding on the final day of the immediately preceding calendar year and (b) such smaller number of shares as determined by the board of directors. As of June 30, 2023, 520,803 shares remain available for issuance, which reflects 2,559,070 of stock option, performance-based unit, or PSU, and restricted stock unit, or RSU, awards granted, and 35,823 of awards cancelled or forfeited, during the six months ended June 30, 2023 as well as an annual increase of 2,086,165 shares authorized on January 1, 2023.
Number of shares remain available for issuance, annual increase																2,086,165					2,086,165				2,086,165
Common stock reserved for issuance																520,803					520,803				520,803
2019 Incentive Award Plan | Performance-Based Stock Units (PSU)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock awards, granted																					597,650		37,500
Stock-based compensation cost | $																					$ 0
Unrecognized stock-based compensation expense | $																$ 19,300,000					$ 19,300,000				$ 19,300,000
2019 Incentive Award Plan | Stock options, PSUs and RSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of awards, granted																					2,559,070
Number of awards, cancelled or forfeited																					35,823
2019 Incentive Award Plan | Restricted Stock Units (RSUs)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock awards, granted																					812,760
Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares available for issuance																1,048,370					1,048,370				1,048,370
Annual increase to shares available for issuance percentage of outstanding common stock													1%
Equity plan, description																					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 June 30, 2023, 1,048,370 shares of common stock remain available for issuance, which includes the 121,801 shares sold to employees during the six months ended June 30, 2023 as well as an annual increase of 417,233 shares authorized on January 1, 2023.
Number of shares remain available for issuance, annual increase																										417,233
Stock-based compensation cost | $																$ 200,000		$ 100,000			$ 300,000	$ 100,000
Common stock reserved for issuance													270,000			1,048,370					1,048,370				1,048,370
Number of shares issued																					121,801
Estimated weighted-average fair value | $ / shares																					$ 2.87	$ 5.31
Unrecognized stock-based compensation expense | $																$ 100,000					$ 100,000				$ 100,000
Unrecognized stock-based compensation expense, weighted-average period for recognition																					1 month 6 days
Underwritten Public Offering
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock shares issued	12,793,750	2,250,000
Stock Issued During Period, Value, New Issues | $																$ 141,390,000
Common stock, price per share | $ / shares	$ 11.75	$ 42
Proceeds from issuance initial public offering gross | $	$ 150,300	$ 94,500,000
Purchase price per share after deducting underwriting discounts and commissions | $ / shares	$ 11.08	$ 39.48
Net proceeds after deducting underwriters commission | $	$ 141,800	$ 88,800,000
Purchase of additional offering expenses | $	$ 400	$ 200,000
At-the-Market Offering Program
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock shares issued					1,514,219		2,414,897																		3,929,116
Stock Issued During Period, Value, New Issues | $																	$ 14,073,000
Proceeds from issuance of shares | $					$ 14,100,000		$ 24,600,000														$ 14,073,000				$ 38,700,000
Stock issuance costs | $					$ 400,000		$ 800,000
Amount utilized of equity financing | $																					39,900,000
Available equity financing amount | $																					$ 125,000,000
Employee and Nonemployee Director
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Estimated weighted-average fair value | $ / shares																					$ 5.31
Open Market Sale Agreement with Jefferies LLC | At-the-Market Offering Program
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Sales commission payable as a percentage of sale of gross sales price per share											3%
Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock shares issued																				2,524,852
Number of shares authorized to repurchase															3,373,408
Stock repurchase program, number of shares right lapse															843,352
Remaining number of shares to be repurchased															2,530,056
Stock repurchase program, period in force															48 months
Stock repurchase program expiration period															2023-03
Proceeds from issuance of shares | $																				$ 1,000
Repurchase right lapse each month after first anniversary, shares																				0.000208
Repurchases of shares												17,560
Shares aggregate repurchase price | $ / shares												$ 5.20
Employer discretionary match number of shares settled																	52,130		16,756
Common Stock | 2019 Incentive Award Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Additional number of shares available for issuance													1,416,788
Common Stock | Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Maximum percentage of eligible compensation contributed by participants													20%
Common Stock | IPO
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock shares issued			10,997,630
Common stock, price per share | $ / shares			$ 19
Proceeds from Initial Public Offering (IPO) | $			$ 191,500,000
Common Stock | Underwritten Public Offering
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock shares issued	1,668,750		1,434,473													12,793,750
Stock Issued During Period, Value, New Issues | $																$ 1,000
Common Stock | At-the-Market Offering Program
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock shares issued																	1,514,219
Stock Issued During Period, Value, New Issues | $																	$ 1,000
Common Stock | Employees
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Remaining number of shares to be repurchased																0					0				0
Common Stock | First Anniversary
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Initial repurchase right lapse rate																				25%
Common Stock | Takeda License
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock shares issued														1,084,000
Common Stock | Founders
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Remaining number of shares to be repurchased																0					0				0
Common Stock | Frazier
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock shares issued															1,491,072

Stockholders' Equity - Summary

Stockholders' Equity - Summary of Unvested Shares (Details)	6 Months Ended
	Jun. 30, 2023 shares
Share-Based Payment Arrangement [Abstract]
Balance at December 31, 2022	254,437
Share vesting	(254,437)
Balance at June 30, 2023	0

Stockholders' Equity - Summar_2

Stockholders' Equity - Summary of Common Stock Reserved for Future Issuance (Details) - shares	Jun. 30, 2023	Oct. 31, 2019
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Common stock reserved for future issuance (in shares)	10,626,008
Common stock warrants
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Common stock reserved for future issuance (in shares)	91,228
Stock Option Performance Based Awards Outstanding
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Common stock reserved for future issuance (in shares)	8,965,607
2019 Incentive Award Plan
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Common stock reserved for future issuance (in shares)	520,803
ESPP Plan
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Common stock reserved for future issuance (in shares)	1,048,370	270,000

Stockholders' Equity - Summar_3

Stockholders' Equity - Summary of PSU and RSUs Activity Under the 2019 Incentive Award Plan (Details) - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Balance at December 31, 2022	254,437
Balance at June 30, 2023	0	254,437
2019 Incentive Award Plan | Performance-Based Stock Units (PSU)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Balance at December 31, 2022	412,300
Stock awards, granted	597,650	37,500
Balance at June 30, 2023	1,009,950	412,300
Weighted Average Grant Date Fair Value Per Share, Unvested Beginning Balance	$ 30.97
Weighted Average Grant Date Fair Value Per Share, Granted	10.89
Weighted Average Grant Date Fair Value Per Share, Unvested Ending Balance	$ 19.09	$ 30.97
2019 Incentive Award Plan | Restricted Stock Units (RSUs)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Balance at December 31, 2022	877,467
Stock awards, granted	812,760
Number of Stock Units, Vested	(418,877)
Number of Stock Units, Forfeited	(2,817)
Balance at June 30, 2023	1,268,533	877,467
Weighted Average Grant Date Fair Value Per Share, Unvested Beginning Balance	$ 11.03
Weighted Average Grant Date Fair Value Per Share, Granted	8.62
Weighted Average Grant Date Fair Value Per Share, Vested	10.04
Weighted Average Grant Date Fair Value Per Share, Forfeited	10.26
Weighted Average Grant Date Fair Value Per Share, Unvested Ending Balance	$ 9.82	$ 11.03

Stockholders' Equity - Summar_4

Stockholders' Equity - Summary of Weighted-Average Assumptions Used to Estimate Fair Value of Stock Options Granted and ESPP Awards (Details)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Assumptions:
Expected term (in years)	6 years 10 days	6 years 18 days
Expected volatility	64.02%	66.04%
Risk free interest rate	3.48%	1.89%
Dividend yield	0%	0%
Employee Stock Purchase Plan
Assumptions:
Expected term (in years)	5 months 26 days	5 months 26 days
Expected volatility	69.10%	72.41%
Risk free interest rate	4.77%	0.37%

Stockholders' Equity - Summar_5

Stockholders' Equity - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Options Outstanding, Beginning Balance	5,586,470
Options Outstanding, Options granted	1,148,660
Options Outstanding, Options exercised	(15,000)
Options Outstanding, Options cancelled	(33,006)
Options Outstanding, Ending Balance	6,687,124	5,586,470
Options Outstanding, Options exercisable as of March 31, 2022	3,441,791
Weighted-Average Exercise Price, Beginning Balance	$ 23.4
Weighted-Average Exercise Price, Options granted	8.68
Weighted-Average Exercise Price, Options exercised	7.4
Weighted-Average Exercise Price, Options cancelled	34.28
Weighted-Average Exercise Price, Ending Balance	20.85	$ 23.4
Weighted-Average Exercise Price, Options exercisable as of March 31, 2022	$ 23.53
Weighted-Average Remaining Contractual Term	7 years 9 months 14 days	7 years 10 months 24 days
Weighted-Average Remaining Contractual Term, Options exercisable as of March 31, 2022	7 years 21 days
Aggregate Intrinsic Value, Balance	$ 14,936	$ 4,476
Aggregate Intrinsic Value, Options exercisable as of March 31, 2022	$ 6,680

Stockholders' Equity - Summar_6

Stockholders' Equity - Summary of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 7,253	$ 5,885	$ 14,301	$ 11,660
Research and Development Expense
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	1,803	1,319	3,580	2,458
General and Administrative Expense
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 5,450	$ 4,566	$ 10,721	$ 9,202

Subsequent Event - Additional I

Subsequent Event - Additional Information (Details) - Subsequent Event - 2019 Incentive Award Plan	Jul. 14, 2023 shares
Subsequent Event [Line Items]
Description of stock option exchange program	Participants in the Option Exchange received one restricted stock unit for every two shares of Phathom common stock underlying the eligible options surrendered. This exchange ratio was applied on a grant by grant basis.
Stock option exchange program conversion ratio	1
Option exchange shares issued	2,406,622
Restricted Stock Units (RSUs)
Subsequent Event [Line Items]
Options exchange shares converted	1,203,341