UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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| Item 1.01 | Entry into a Material Definitive Agreement. |
On September 27, 2022, Phathom Pharmaceuticals, Inc. (the “Company”) entered into an amendment to that certain Loan and Security Agreement, dated as of September 17, 2021, as amended, by and among the Company, the lenders thereunder, and Hercules Capital, Inc., in its capacity as administrative agent and collateral agent for itself and the lenders thereunder (the “Second Loan Amendment”), pursuant to which the date the second tranche of funding of $50 million under the Loan and Security Agreement will remain available to the Company, if specified conditions are met, has been moved until either February 15, 2023 or, if the Prescription Drug User Fee Act (PDUFA) target action date for the Company’s pending New Drug Application is extended beyond the current PDUFA target action date, May 15, 2023, rather than December 15, 2022. In addition, under the Second Loan Amendment the date on which the revenue covenant is set to commence, which covenant requires the Company to achieve a certain level of trailing three-month net product revenue from the sale of vonoprazan and products containing vonoprazan, has been moved from May 15, 2023, to November 15, 2023.
The foregoing description of the Second Loan Amendment is a summary, is not complete, and is qualified in its entirety by the full text of the Second Loan Amendment, a copy of which the Company intends to file as an exhibit to its Quarterly Report on Form 10-Q for the quarter ended September 30, 2022.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| PHATHOM PHARMACEUTICALS, INC. | ||||||
| Date: September 29, 2022 | By: | /s/ Larry Miller | ||||
| Larry Miller | ||||||
| General Counsel and Secretary | ||||||
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