Clinical Trial Success and Regulatory Approval Risk: Phathom's ability to continue clinical development for new indications or formulations, as well as to secure and maintain regulatory approvals for its drug candidates, particularly Voquenza (vonoprazan), is subject to the successful completion of trials, positive results, and favorable regulatory review.

Commercialization and Market Adoption Risk: The successful commercialization and market uptake of Phathom's approved products, such as Voquenza, depends on its ability to effectively market and distribute, achieve favorable reimbursement from payers, and gain widespread acceptance among physicians and patients in a competitive market.

Funding and Liquidity Risk: Phathom has incurred significant losses and will require substantial additional capital to fund its operations, commercialization efforts, and continued research and development, and there is no guarantee that such funding will be available on favorable terms or at all.