What Phathom Pharmaceuticals, Inc. told the SEC could break it.

Three wholesale-distributor customers combined for ~69% of FY2025 product sales, each individually 22-23%; loss of any could materially reduce revenue.

“Three of our customers combined provided approximately 69% of our product sales during the year ended December 31, 2025, with each of these individual customers ranging from 22% to 23% of our product sales.”

Phathom engages third-party manufacturers for all commercial and clinical supplies and warns that loss of these or future single-source suppliers could harm the business.

“We currently engage third-party manufacturers for all of our commercial and clinical supplies. The loss of any of these suppliers, or any future single source suppliers, could harm our business;”

Phathom commercializes its products exclusively in the United States with no approved products marketed abroad, concentrating revenue in one market.

“We currently commercialize our products exclusively in the United States and do not have approved products marketed outside the United States.”

Hercules holds a senior security interest in substantially all of Phathom's property including IP, and royalty investors take 10% of vonoprazan net sales up to a 200% cap — heavy secured-debt and royalty obligations against a single product.

“we granted Hercules a senior security interest in all of our right, title, and interest in, to and under substantially all of our property, inclusive of intellectual property.”

Phathom's business rests on vonoprazan (VOQUEZNA); termination of the Takeda License would strip its rights to develop and commercialize the compound.

“If the license agreement is terminated, we would lose our rights to develop and commercialize products containing vonoprazan, which in turn would have a material adverse effect on our business, operating results and prospects.”