Phathom Pharmaceuticals appoints new board member

Phathom Pharmaceuticals, Inc. (PHAT), a Delaware-incorporated pharmaceutical company with a market capitalization of $326 million, announced the appointment of Theodore R. Schroeder to its board of directors as a Class I director, effective today. According to InvestingPro data, the company maintains strong liquidity with a current ratio of 4.2, though it faces profitability challenges. This decision was made public through a filing with the U.S. Securities and Exchange Commission.

Schroeder joins the board with a wealth of experience spanning over 30 years in the pharmaceutical industry, with a focus on drug development and commercialization. His tenure includes leadership roles at Nabriva (OTC:NBRVF) Therapeutics, Zavante Therapeutics, and Cadence Pharmaceuticals, among others. His appointment comes as Phathom’s stock shows recent momentum, with InvestingPro reporting a 7.67% gain over the past week, despite facing significant cash burn challenges. His appointment to Phathom’s board includes serving on the audit committee, and his term is set to expire at the company’s 2026 annual meeting of stockholders.

In recognition of his board appointment, Schroeder has been granted an option to purchase 35,000 shares of common stock and awarded 21,000 restricted stock units (RSUs) as part of the company’s Non-Employee Director Compensation Program. These equity awards are subject to vesting over three years, contingent upon his ongoing service on the board. Schroeder will also receive cash compensation in line with the company’s compensation program for non-employee directors.

Phathom Pharmaceuticals has confirmed that Schroeder’s appointment did not result from any arrangements or understandings with other persons, and he has no related person transactions with the company. The board has determined that Schroeder meets the independence requirements of the Nasdaq Stock Market. With the company’s next earnings report due on May 13, 2025, investors seeking deeper insights can access comprehensive analysis and additional ProTips through InvestingPro’s detailed research reports.

This announcement is based on a press release statement.

In other recent news, Phathom Pharmaceuticals has announced the appointment of Steven Basta as its new CEO, following Terrie Curran’s resignation for personal reasons. This leadership change is accompanied by the introduction of the 2025 Employment Inducement Incentive Award Plan, reserving 2,500,000 shares for equity awards. Meanwhile, Phathom has partnered with comedian Kenan Thompson to promote awareness of gastroesophageal reflux disease (GERD) through the GERD IS NO JOKE campaign, highlighting the benefits of their product, VOQUEZNA.

Analyst Glen Santangelo from Jefferies has revised Phathom’s price target to $13, maintaining a Buy recommendation, citing potential positive developments such as a Citizen Petition that could extend exclusivity for their treatment until 2032. In contrast, H.C. Wainwright analyst Matthew Caufield reaffirmed a $28 price target, focusing on the increased adoption of VOQUEZNA among primary care physicians and its commercial growth. The company has reported a significant rise in filled prescriptions for VOQUEZNA, with over 300,000 prescriptions filled, marking a 110% increase since the last quarter. These developments are part of Phathom’s strategy to expand its market presence and drive commercial growth.

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