{"schema_version":"secwatch.filing_event.v1","accession":"0001193125-23-294942","form_type":"8-K","ticker":"PHAT","cik":"0001783183","company_name":"Phathom Pharmaceuticals, Inc.","filed_at":"2023-12-14T23:59:59+00:00","discovered_at":"2026-05-14T18:03:30.410346+00:00","generated_at":"2026-06-07T12:57:46.466518+00:00","sec_items":["1.01","2.03"],"event_type":"debt","sentiment":"positive","materiality_score":0.7,"calibrated_materiality_score":0.7,"confidence":"high","headline":"Phathom Pharma amends loan agreement, boosts facility to $300M, lowers rate","bullets":["Fourth Amendment with Hercules Capital increases aggregate loan from $200M to $300M; $40M of Tranche 2 funded at closing.","New tranches 2-6 total up to $160M undrawn; maturity extended from October 2026 to December 2027.","Cash interest reduced from 10.75% to 9.85% (capped at 10.35%); PIK interest cut from 3.35% to 2.15%.","Minimum cash covenant lowered to 20% of outstanding principal; revenue performance covenant starts September 30, 2024.","Revenue covenant waived if cash >50% (later 35%) of outstanding or market cap exceeds $900M."],"urls":{"canonical":"https://secwatch.observer/filing/0001193125-23-294942","json":"https://secwatch.observer/filing/0001193125-23-294942.json","markdown":"https://secwatch.observer/filing/0001193125-23-294942.md","text":"https://secwatch.observer/filing/0001193125-23-294942.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1783183/000119312523294942/0001193125-23-294942-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1783183/000119312523294942/d31590d8k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-06-07T12:57:46.466518+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"32cc9e87c154bae2cc58c602e62e177cf4d8dda4","claim":"Phathom Pharmaceuticals, Inc. amended credit facility of increases the aggregate principal amount of the term loans from $200,000,000 to $300,000,000 with Hercules Capital, Inc. at reduces the cash interest rate from 10.75% ... to 9.85% (floating rate based on maturing extends ... the maturity date from October 2026 to December 2027.","evidence_excerpt":"and the Lenders (the “Loan Agreement”). Amendments to Amount and Interest Rate . The Fourth Amendment, (i) increases the aggregate principal amount of the term loans from $200,000,000 to $300,000,000; (ii) provides for the possibility of accessing the $160 million currently undrawn commitment through five additional tranches referred to as tranches 2 through 6,","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/1783183/000119312523294942/0001193125-23-294942-index.htm","confidence":0.9,"family_label":"Debt Financings","details":[{"label":"Instrument","value":"credit facility"},{"label":"Principal","value":"increases the aggregate principal amount of the term loans from $200,000,000 to $300,000,000"},{"label":"Counterparty","value":"Hercules Capital, Inc."},{"label":"Rate","value":"reduces the cash interest rate from 10.75% ... to 9.85% (floating rate based on"},{"label":"Maturity","value":"extends ... the maturity date from October 2026 to December 2027"},{"label":"Event","value":"amendment"}],"fact_type":"debt_financing"},{"claim_id":"ff0a673255e5956ec9e209cdb7e82a2fa9a068f7","claim":"Phathom Pharmaceuticals, Inc. amended Fourth Amendment to Loan and Security Agreement with Hercules Capital, Inc., as administrative agent, collateral agent and a lender, and the other lenders party thereto valued at increases the aggregate principal amount of the term loans from $200,000,000 to $300,000,000 (effective 2023-12-14).","evidence_excerpt":"Phathom Pharmaceuticals, Inc. (the “Company”) entered into a Fourth Amendment to Loan and Security Agreement (the “Fourth Amendment”) with Hercules Capital, Inc., in its capacity as administrative agent and collateral agent and as a lender (in such capacity, the “Agent” or “Hercules”) and the other financial institutions that from time to time become parties to the Loan Agreement as lenders (collectively, the “Lenders”).","evidence_source":"SEC 8-K Item 1.01/1.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1783183/000119312523294942/0001193125-23-294942-index.htm","confidence":0.9,"family_label":"Material Agreements","details":[{"label":"Action","value":"amendment"},{"label":"Agreement","value":"credit facility"},{"label":"Counterparty","value":"Hercules Capital, Inc., as administrative agent, collateral agent and a lender, and the other lenders party thereto"},{"label":"Value","value":"increases the aggregate principal amount of the term loans from $200,000,000 to $300,000,000"},{"label":"Effective","value":"2023-12-14"}],"fact_type":"material_agreement"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}