---
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"
generated_at: "2026-06-07T12:57:46.466518+00:00"
event_type: "debt"
sentiment: "positive"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# Phathom Pharma amends loan agreement, boosts facility to $300M, lowers rate

## Summary
- 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.

## SEC filing metadata
- 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
- event_type: debt
- sentiment: positive
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 1.01, 2.03
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-23-294942
- JSON: https://secwatch.observer/filing/0001193125-23-294942.json
- Plain text: https://secwatch.observer/filing/0001193125-23-294942.txt

## Key facts
- Debt Financings
  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.
  - Instrument: credit facility
  - Principal: increases the aggregate principal amount of the term loans from $200,000,000 to $300,000,000
  - Counterparty: Hercules Capital, Inc.
  - Rate: reduces the cash interest rate from 10.75% ... to 9.85% (floating rate based on
  - Maturity: extends ... the maturity date from October 2026 to December 2027
  - Event: amendment
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/1783183/000119312523294942/0001193125-23-294942-index.htm
- Material Agreements
  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).
  - Action: amendment
  - Agreement: credit facility
  - Counterparty: Hercules Capital, Inc., as administrative agent, collateral agent and a lender, and the other lenders party thereto
  - Value: increases the aggregate principal amount of the term loans from $200,000,000 to $300,000,000
  - Effective: 2023-12-14
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/1783183/000119312523294942/0001193125-23-294942-index.htm

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