Latham & Watkins Advises Phathom Pharmaceuticals on US$130 Million Public Offering of Common Stock and Pre-Funded Warrants

Phathom Pharmaceuticals, Inc. (Nasdaq: PHAT), a biopharmaceutical company focused on developing and commercializing novel treatments for gastrointestinal (GI) diseases, has announced the pricing of an underwritten public offering of 6,875,000 shares of its common stock and pre-funded warrants to purchase 1,250,078 shares of common stock. The shares of common stock are being sold to the public at a price of US$16 per share and the pre-funded warrants are being sold at a price of US$15.999 per pre-funded warrant, which represents the per share price for the common stock less the US$0.001 per share exercise price for each such pre-funded warrant. The gross proceeds to Phathom from the offering, before deducting the underwriting discounts and commissions and other offering expenses, are expected to be approximately US$130 million. In addition, Phathom has granted the underwriters a 30-day option to purchase up to an additional 1,218,761 shares of common stock at the public offering price, less underwriting discounts and commissions. The offering is expected to close on or about January 9, 2026, subject to satisfaction of customary closing conditions.

Latham & Watkins advised Phathom in the offering with a corporate team led by San Diego partner Matt Bush and counsel Anthony Gostanian, with associate Rachel Staub, and assistance from Katie Raya.