---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-22-274514"
form_type: "8-K"
ticker: "PHAT"
cik: "0001783183"
company_name: "Phathom Pharmaceuticals, Inc."
filed_at: "2022-11-01T23:59:59+00:00"
generated_at: "2026-06-22T19:01:32.423591+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.55
calibrated_materiality_score: 0.55
confidence: "high"
source: SEC EDGAR
---

# Phathom secures $40M additional non-dilutive funding via revenue interest financing; total available up to $300M

## Summary
- Up to $40M committed: $15M on FDA approval of vonoprazan for EE and $25M on sales milestone.
- Total financing available under the agreement increases to up to $300M.
- Investors receive 10% royalty on net sales of vonoprazan products; reduced to 1% after certain annual thresholds following NERD approval.
- Total royalties capped at 2.0x payments received from investors; agreement terminates upon cap.
- New additional investor CO Finance LVS XXXVII LLC joined; existing investors include Sagard, NovaQuest, and Hercules (NYSE: HTGC).

## SEC filing metadata
- accession: 0001193125-22-274514
- form_type: 8-K
- ticker: PHAT
- cik: 0001783183
- company_name: Phathom Pharmaceuticals, Inc.
- filed_at: 2022-11-01T23:59:59+00:00
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.55
- calibrated_materiality_score: 0.55
- confidence: high
- sec_items: 1.01, 2.03, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1783183/000119312522274514/0001193125-22-274514-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1783183/000119312522274514/d392042d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-22-274514
- JSON: https://secwatch.observer/filing/0001193125-22-274514.json
- Plain text: https://secwatch.observer/filing/0001193125-22-274514.txt

## Key facts
- Material Agreements
  Phathom Pharmaceuticals, Inc. amended Joinder and Waiver Agreement with entities managed or advised by NovaQuest Capital Management, Sagard Holdings Manager LP, Hercules Capital, Inc., and CO Finance LVS XXXVII LLC (effective 2022-10-31).
  - Action: amendment
  - Agreement: credit facility
  - Counterparty: entities managed or advised by NovaQuest Capital Management, Sagard Holdings Manager LP, Hercules Capital, Inc., and CO Finance LVS XXXVII LLC
  - Effective: 2022-10-31
  source text: On October 31, 2022, Phathom Pharmaceuticals, Inc. (the “Company”) entered into a Joinder and Waiver Agreement with (a) entities managed or advised by NovaQuest Capital Management (“NQ”), Sagard Holdings Manager LP (“Sagard”), and Hercules Capital, Inc. (“Hercules,” together with NQ and Sagard, the “Initial Investors”), (b) CO Finance LVS XXXVII LLC (the “Additional Investor”), (c) Hercules Capital, Inc. in its capacity as administrative agent and collateral agent for itself and the lenders under that certain Loan and Security Agreement, dated as of September 17, 2021, and the other entities set forth on the signature pages thereto (the “Joinder and Waiver Agreement”) in respect of the Revenue Interest Financing Agreement, entered into on May 3, 2022 (the “Revenue Interest Financing Agreement”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1783183/000119312522274514/0001193125-22-274514-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.