0000950170-25-061440 | 10-Q | XBRL Viewer | Phathom Pharmaceuticals INC

Print Document

Revenue Recognition - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Disaggregation of Revenue [Line Items]
Net product revenues related to sales	$ 28,519	$ 1,912
VOQUEZNA Product [Member]
Disaggregation of Revenue [Line Items]
Net product revenues related to sales	$ 28,500	$ 1,900

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 6: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-1

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

+ Details

Lease Commitments (Tables)

3 Months Ended

Mar. 31, 2025

Leases [Abstract]

Summary of Future Minimum Lease Payments Under Operating Leases

As of March 31, 2025, the future minimum annual lease payments under the operating leases were as follows (in thousands):


Year ending December 31:
2025	$	321
Total minimum lease payments		321
Less: amount representing interest		(5	)
Present value of operating lease liabilities		316
Less: operating lease liabilities, current		(316	)
Operating lease liabilities, non-current	$	—

Weighted-average remaining lease term (in years)		0.39
Weighted-average incremental borrowing rate		8.35	%

Segment Information

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Segment Information

9. Segment Information

The Company's chief operating decision maker, or CODM, the Chief Executive Officer, manages the Company’s business activities as a single reportable segment. The segment derives its current revenues from the sale of VOQUEZNA products. Accordingly, the CODM uses net loss to measure segment profit or loss, allocate resources and assess performance. Further, the CODM reviews and utilizes functional expenses (research and development, general and administrative, sales and marketing and stock-based compensation) to manage the Company’s operations. Other segment items included in net loss are interest income, interest expense and other expense, which are reflected in the condensed statements of operations and comprehensive loss. The measure of segment assets is reported on the condensed balance sheets as total assets.

The following table presents selected financial information with respect to the Company’s single operating segment for the three months ended March 31, 2025 and 2024 (in thousands):


	Three Months Ended March 31,
	2025			2024
Product revenue, net	$	28,519		$	1,912
Less:
Cost of revenue		3,724			426
Research and development		7,854			8,181
General and administrative		8,807			7,676
Sales and marketing		81,457			49,957
Stock-based compensation		5,540			5,626
Interest income		(2,640	)		(4,313	)
Interest expense		18,071			17,168
Other expense, net		22			43
Segment net loss	$	(94,316	)	$	(82,852	)

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/280/tableOfContent

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

+ Details

Debt (Tables)

3 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

Schedule of Total Debt

Total debt consists of the following (in thousands):


	March 31,			December 31,
	2025			2024
Long-term debt, current portion	$	—		$	—
Long-term debt, non-current portion		212,972			211,831
Unamortized debt discount		(9,727	)		(10,422	)
Total debt, net of debt discount	$	203,245		$	201,409

On September 17, 2021, or the Closing Date, the Company entered into a Loan and Security Agreement, or, the Loan Agreement, with Hercules Capital, Inc., in its capacity as administrative agent and collateral agent and as a lender, or, 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, or, collectively, the Lenders.

The Loan Agreement provides for term loans in an aggregate principal amount of up to $200 million, or the Term Loan, under multiple tranches. The tranches consist of (i) a first tranche consisting of term loans in an aggregate principal amount of $100 million, all of which was funded on the Closing Date, or the First Advance, (ii) a second tranche consisting of up to an additional $50 million, (iii) a third and fourth tranches consisting of an additional total $50 million, which became available in May 2022.

Schedule of Future Minimum Principal Payments Under Term Loans

Future minimum principal payments under the Term Loan, including the final payment fee, as of March 31, 2025 are as follows (in thousands):


Year ending December 31:
2025	$	—
2026		7,500
2027		229,706
Total principal and interest payments		237,206
Less: payment-in-kind and final payment fee		(37,206	)
Total term loan borrowings	$	200,000

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
-SubTopic 10
-Topic 210
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-3

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477734/942-470-50-3

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-8

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-6

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

+ Details

Revenue Interest Financing Liability - Additional Information (Details) - USD ($) $ in Thousands				3 Months Ended		12 Months Ended
	Nov. 28, 2023	Oct. 31, 2022	May 03, 2022	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024	Dec. 31, 2023
Revenue Interest Financing Liability [Line Items]
Investors right to receive royalties termination description				The investors’ right to receive royalties on net sales will terminate when the investors have aggregate payments equal to 200% of the Investment Amount. In addition, at any time after April 30, 2024, the Company has the right to make a cap payment equal to 200% of the Investment Amount less any royalties already paid, at which time the agreement will terminate.
Investors receipt description				If the investors have not received aggregate payments of at least 100% of the Investment Amount by December 31, 2028, and at least 200% of the Investment Amount by December 31, 2037, each a Minimum Amount, then the Company will be obligated to make a cash payment to the investors in an amount sufficient to gross the investors up to the applicable Minimum Amount.
Default obligation description				Upon the occurrence of an event of default taking place prior to April 1, 2025, between April 1, 2025 and April 1, 2028, and after April 1, 2028, the Company is obligated to pay 1.30 times Investment Amount, 1.65 times Investment Amount, and 2.0 times investment amount, respectively, less any amounts the Company previously paid pursuant to the agreement.
Gross proceeds				$ 0		$ 0
Transaction costs				0		0
Revenue interest financing liability				361,075		353,038	$ 306,927
Interest expense with revenue interest finance liability				11,003	$ 12,100	$ 48,738
Initial Investors NQ, Sagard, and Hercules \| Revenue Interest Financing Agreement
Revenue Interest Financing Liability [Line Items]
Funds received from initial closing			$ 100,000
Initial Investors NQ, Sagard, and Hercules \| Revenue Interest Financing Agreement Funding Commitment On During the Fourth Quarter of 2024
Revenue Interest Financing Liability [Line Items]
Investors additional funding amount upon FDA approval of vonoprazan for treatment of erosive esophagitis	$ 160,000
Initial Investors And CO Finance L V S X X X V I I L L C And Hercules [Member] \| Revenue Interest Financing Agreement
Revenue Interest Financing Liability [Line Items]
Additional funding available				$ 0
Initial Investors And CO Finance L V S X X X V I I L L C And Hercules [Member] \| Joinder Agreement
Revenue Interest Financing Liability [Line Items]
Additional funding achievement of sales milestone		$ 25,000
Initial Investors And CO Finance L V S X X X V I I L L C And Hercules [Member] \| Joinder Agreement Additional Funding Upon FDA Approval or During the Fourth Quarter of 2023
Revenue Interest Financing Liability [Line Items]
Investors additional funding amount upon FDA approval of vonoprazan for treatment of erosive esophagitis		$ 15,000
Maximum \| Initial Investors NQ, Sagard, and Hercules \| Revenue Interest Financing Agreement
Revenue Interest Financing Liability [Line Items]
Investors funding amount			$ 260,000

Revenue Recognition - Summary of Revenue Allowances and Related Accruals (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2025 USD ($)
Revenue from Contract with Customer [Line Items]
Balance as of January 1, 2025	$ 35,646
Accruals	31,914
Utilizations	(32,716)
Balance as of March 31, 2025	34,844
Customer Credits, Discounts and Allowance
Revenue from Contract with Customer [Line Items]
Balance as of January 1, 2025	5,659
Accruals	9,844
Utilizations	(10,872)
Balance as of March 31, 2025	4,631
Rebates, Returns and Co-Pay Assistance
Revenue from Contract with Customer [Line Items]
Balance as of January 1, 2025	29,987
Accruals	22,070
Utilizations	(21,844)
Balance as of March 31, 2025	$ 30,213

Balance Sheet Details - Schedule of Inventory (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Inventory Disclosure [Abstract]
Finished goods	$ 1,725	$ 1,479
Raw materials	1,441	1,729
Total inventory, current	3,166	3,208
Raw materials, non-current	23,011	11,540
Total inventory	$ 26,177	$ 14,748

Lease Commitments

3 Months Ended

Mar. 31, 2025

Leases [Abstract]

Lease Commitments

4. Lease Commitments

As of March 31, 2025, the Company had operating leases for office space in both Buffalo Grove, Illinois and Florham Park, New Jersey, with weighted average remaining lease terms of 0.1 years and 0.4 years, respectively. All operating leases contain an option to extend the term for one additional five year period, which was not considered in the determination of the right-of-use asset or lease liability as the Company did not consider it reasonably certain that it would exercise such options.

The total rent expense for each of the three months ended March 31, 2025 and 2024 was $0.3 million. Total short-term lease costs relating to leased vehicles was approximately $1.8 million and $2.2 million for the three months ended March 31, 2025 and 2024, respectively.

As of March 31, 2025, the future minimum annual lease payments under the operating leases were as follows (in thousands):


Year ending December 31:
2025	$	321
Total minimum lease payments		321
Less: amount representing interest		(5	)
Present value of operating lease liabilities		316
Less: operating lease liabilities, current		(316	)
Operating lease liabilities, non-current	$	—

Weighted-average remaining lease term (in years)		0.39
Weighted-average incremental borrowing rate		8.35	%

Operating cash flows for each of the three months ended March 31, 2025 and 2024 included cash payments for operating leases of approximately $0.2 million.

Segment Information - Additional Information (Details)	3 Months Ended
Segment Information - Additional Information (Details)	Mar. 31, 2025 Segment
Segment Reporting [Abstract]
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration]	srt:ChiefExecutiveOfficerMember
Number of reportable segment	1
Number of operating segment	1
Segment reporting, CODM, profit (loss) measure, how used, description	CODM uses net loss to measure segment profit or loss, allocate resources and assess performance. Further, the CODM reviews and utilizes functional expenses (research and development, general and administrative, sales and marketing and stock-based compensation) to manage the Company’s operations. Other segment items included in net loss are interest income, interest expense and other expense, which are reflected in the condensed statements of operations and comprehensive loss.
Segment reporting, other segment item, composition, description	Other segment items included in net loss are interest income, interest expense and other expense, which are reflected in the condensed statements of operations and comprehensive loss.

Revenue Interest Financing Liability - Schedule of Total Revenue Interest Financing Liability (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024
Contract with Customer, Liability [Abstract]
Beginning liability balance	$ 353,038	$ 306,927	$ 306,927
Proceeds from the Revenue Interest Financing Agreement	0		0
Less: transaction costs	0		0
Less: royalty payments and payables	(2,966)		(2,627)
Plus: interest expense	11,003	$ 12,100	48,738
Ending liability balance	361,075		353,038
Less: current portion	(17,268)		(19,777)
Long-term liability ending balance	$ 343,807		$ 333,261

Debt - Additional Information (Details) - USD ($)							3 Months Ended
Debt - Additional Information (Details) - USD ($)	Dec. 14, 2024	Jun. 14, 2024	Mar. 15, 2024	Dec. 14, 2023	May 09, 2023	Sep. 17, 2021	Mar. 31, 2025	Mar. 31, 2024	Sep. 27, 2022
Debt Instrument [Line Items]
Term loans aggregate principal amount							$ 200,000,000
Three Months Trailing
Debt Instrument [Line Items]
Financial convenants, Projected revenue				$ 120,000,000
Loan Agreement
Debt Instrument [Line Items]
Debt instrument, final payment fee or end of term charge				11,500,000
Minimum market capitalization amount				$ 900,000,000
Warrants exercise price				$ 33.43
Warrants expire term				7 years
Fair value of warrants				$ 1,300,000
Debt issuance costs				$ 4,600,000
Loan Agreement \| Common Stock
Debt Instrument [Line Items]
Warrants issued to purchase shares				74,782
Loan Agreement \| Maximum
Debt Instrument [Line Items]
Warrants exercise price				$ 11.6783
Loan Agreement \| Term Loan
Debt Instrument [Line Items]
Term loans aggregate principal amount				$ 200,000,000		$ 200,000,000
Debt instrument, maturity date						Dec. 01, 2027
Debt instrument, basis spread on variable rate				3.00%
Debt instrument, interest rate				9.85%
Debt instrument, Amendment fee				$ 250,000
Debt instrument, final payment fee or end of term charge				1,000,000
Loan Agreement \| Term Loan \| Maximum
Debt Instrument [Line Items]
Term loans aggregate principal amount				$ 300,000,000
Loan Agreement \| Term Loan \| Minimum
Debt Instrument [Line Items]
Debt instrument, interest rate				5.50%
Loan Agreement \| Term Loan \| Floor Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate				9.85%
Debt instrument, interest rate				10.75%
Loan Agreement \| Term Loan \| Floor Rate \| Maximum
Debt Instrument [Line Items]
Debt instrument, interest rate				10.35%
Loan Agreement \| Term Loan \| Prime Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate				1.35%
Loan Agreement \| Term Loan \| Prime Rate \| Maximum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate				9.85%
Loan Agreement \| Term Loan \| Prime Rate \| Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate				2.25%
Loan Agreement \| Term Loan \| Payment In Kind PIK Interest Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate				2.15%
Loan Agreement \| Term Loan \| Payment In Kind PIK Interest Rate \| Maximum
Debt Instrument [Line Items]
Debt instrument, interest rate				2.15%
Loan Agreement \| Term Loan \| Payment In Kind PIK Interest Rate \| Minimum
Debt Instrument [Line Items]
Debt instrument, interest rate				3.35%
Loan Agreement \| Term Loans, Aggregate Principal Amount Tranches One
Debt Instrument [Line Items]
Term loans aggregate principal amount						$ 100,000,000
Loan Agreement \| Term Loans, Aggregate Principal Amount Tranches Two
Debt Instrument [Line Items]
Term loans aggregate principal amount				$ 50,000,000		50,000,000
Proceeds from remaining line of credit			$ 10,000,000
Loan Agreement \| Term Loans, Aggregate Principal Funded Amount Tranches Two
Debt Instrument [Line Items]
Term loans aggregate principal amount				40,000,000
Loan Agreement \| Term Loans, Aggregate Principal Amount Tranches Three
Debt Instrument [Line Items]
Term loans aggregate principal amount				25,000,000
Proceeds from remaining line of credit		$ 25,000,000
Loan Agreement \| Term Loans, Aggregate Principal Amount Tranches Four
Debt Instrument [Line Items]
Term loans aggregate principal amount				25,000,000
Proceeds from remaining line of credit	$ 25,000,000
Loan Agreement \| Term Loans, Aggregate Principal Amount Tranches Five
Debt Instrument [Line Items]
Term loans aggregate principal amount				50,000,000
Loan Agreement \| Term Loans, Aggregate Principal Amount Tranches Six
Debt Instrument [Line Items]
Term loans aggregate principal amount				50,000,000
Loan Agreement \| Term Loans, Aggregate Principal Amount Tranches Three and Four
Debt Instrument [Line Items]
Term loans aggregate principal amount						$ 50,000,000
Loan Agreement \| Term Loans Aggregate Five Additional Tranches
Debt Instrument [Line Items]
Term loans aggregate principal amount				$ 200,000,000
Loan Agreement \| Term Loan Advance
Debt Instrument [Line Items]
Debt instrument, final payment fee or end of term charge							11,500,000
Loan Agreement \| Term Loan First Advance
Debt Instrument [Line Items]
Debt instrument, final payment fee or end of term charge							7,500,000
Loan Agreement \| Term Loan Second Advance
Debt Instrument [Line Items]
Debt instrument, final payment fee or end of term charge							2,500,000
Loan Agreement \| Term Loan Third Advance
Debt Instrument [Line Items]
Debt instrument, final payment fee or end of term charge							800,000
Loan Agreement \| Term Loan Four Advance
Debt Instrument [Line Items]
Debt instrument, final payment fee or end of term charge							700,000
Loan Agreement \| Prior to Three Months Trailing
Debt Instrument [Line Items]
Trailing Net Product Revenue, Period				3 months
Loan Agreement \| Prior to Three Months Trailing \| Maximum
Debt Instrument [Line Items]
Financial convenants, Projected revenue				$ 35,000,000
Loan Agreement \| Three Months Trailing
Debt Instrument [Line Items]
Trailing Net Product Revenue, Period				3 months
Hercules Term Loan
Debt Instrument [Line Items]
Term loans aggregate principal amount							213,000,000
Accrued interest							1,800,000
Hercules Loan Agreement
Debt Instrument [Line Items]
Interest expense							$ 7,100,000	$ 5,000,000
Amendment to Loan Agreement
Debt Instrument [Line Items]
Term loans aggregate principal amount									$ 50,000,000
Tranche extension amendment fee					$ 150,000
Covenant extension amendment fee					$ 100,000

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2025	Apr. 29, 2025
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes
Document Period End Date	Mar. 31, 2025
Document Fiscal Year Focus	2025
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q1
Entity Registrant Name	PHATHOM PHARMACEUTICALS, INC.
Entity Central Index Key	0001783183
Entity Tax Identification Number	82-4151574
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity File Number	001-39094
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Small Business	true
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	100 Campus Drive
Entity Address, Address Line Two	Suite 102
Entity Address, City or Town	Florham Park
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	07932
City Area Code	877
Local Phone Number	742-8466
Entity Common Stock, Shares Outstanding		69,814,121
Title of 12(b) Security	Common Stock, $0.0001 par value per share
Trading Symbol	PHAT
Security Exchange Name	NASDAQ

Stockholders' Equity - Summary of Common Stock Reserved for Future Issuance (Details) - shares	Mar. 31, 2025	Oct. 31, 2019
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Common stock reserved for future issuance (in shares)	19,778,277
Common Stock Warrants
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Common stock reserved for future issuance (in shares)	2,700,150
Stock Options Performance Stock Units and Restricted Stock Units
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Common stock reserved for future issuance (in shares)	10,944,804
2019 Incentive Award Plan
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Common stock reserved for future issuance (in shares)	2,091,621
ESPP Plan
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Common stock reserved for future issuance (in shares)	1,541,702	270,000
Inducement Plan
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Common stock reserved for future issuance (in shares)	2,500,000

Organization, Basis of Presentation and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization, Basis of Presentation and Summary of Significant Accounting Policies	1. Organization, Basis of Presentation and Summary of Significant Accounting Policies Organization Phathom Pharmaceuticals, Inc., or the Company or Phathom, was incorporated in the state of Delaware in January 2018. The Company is a biopharmaceutical company focused on developing and commercializing novel treatments for gastrointestinal diseases. On October 27, 2023, the U.S. Food and Drug Administration, or FDA, approved the prior approval supplements to the Company's new drug applications, or NDAs, for VOQUEZNA TRIPLE PAK and VOQUEZNA DUAL PAK. Additionally, on November 1, 2023, the FDA approved the Company's NDA for VOQUEZNA tablets. The Company initiated commercial launch for VOQUEZNA for both the Erosive GERD and H. pylori indications, and VOQUEZNA TRIPLE PAK and VOQUEZNA DUAL PAK for treatment of H. pylori infection in the fourth quarter of 2023. Additionally, on July 17, 2024, the FDA approved VOQUEZNA 10 mg tablets for the relief of heartburn associated with Non-Erosive GERD. Liquidity and Capital Resources From inception to March 31, 2025, the Company has devoted substantially all of its efforts to organizing and staffing the Company, business planning, raising capital, in-licensing its initial and approved product candidate, vonoprazan, meeting with regulatory authorities, managing the clinical trials of vonoprazan, preparing for commercialization of its initial products containing vonoprazan, commercially launching its approved products, and providing other selling, general and administrative support for these operations. The Company has a limited operating history as a commercial company, has generated limited product revenue to date, and the sales and income potential of its business remains uncertain. The Company has incurred net losses and negative cash flows from operating activities since its inception and expects to continue to incur additional net losses in the future. The Company has funded its operations primarily through commercial bank debt, the revenue interest financing debt and various equity offerings, including the Company's at-the-market, or ATM, offerings. From inception through March 31, 2025, the Company sold 34,737,032 shares of common stock and 2,608,922 pre-funded warrants, generating net proceeds of approximately $543.3 million, after deducting underwriting discounts, commissions and offering costs. The accompanying unaudited condensed financial statements have been prepared assuming the Company will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business, and do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or amounts and classification of liabilities in accordance with U.S. generally accepted accounting principles, or GAAP. Management is required to perform a two-step analysis over the Company’s ability to continue as a going concern. Management must first evaluate whether there are conditions and events that raise substantial doubt about the Company’s ability to continue as a going concern (Step 1). If management concludes that substantial doubt is raised, management is also required to consider whether its plans alleviate that doubt (Step 2). Management believes that it has sufficient working capital on hand to fund operations through at least the next twelve months from the date these unaudited condensed financial statements were issued. There can be no assurance that the Company will be successful in acquiring additional funding, if needed, that the Company’s projections of its future working capital needs will prove accurate, or that any additional funding would be sufficient to continue operations in future years. Basis of Presentation The unaudited condensed financial statements included herein have been prepared by the Company in accordance with GAAP, and pursuant to the rules and regulations of the Securities and Exchange Commission, or the SEC. In the opinion of management, the accompanying unaudited interim condensed financial statements include all adjustments, consisting of normal recurring adjustments, which are necessary to present fairly the Company’s financial position, results of operations, and cash flows. The interim results of operations are not necessarily indicative of the results that may occur for the full fiscal year. Certain information in the footnote disclosures of the financial statements has been condensed or omitted where it substantially duplicates information provided in the Company’s latest audited financial statements, in accordance with the rules and regulations of the SEC. These unaudited condensed financial statements should be read in conjunction with the Company’s audited financial statements and footnotes included in its Annual Report on Form 10-K for the fiscal year ended December 31, 2024, or the 2024 Form 10-K, filed with the SEC on March 7, 2025. During the three months ended March 31, 2025, there were no significant changes to the Company’s summary of significant accounting policies contained in the Company’s 2024 Form 10-K. The Company’s complete listing of significant accounting policies is set forth in Note 1 of the notes to the audited financial statements in the Company's 2024 Form 10-K. Selected significant accounting policies are discussed in detail below. Use of Estimates The preparation of the Company’s unaudited condensed interim financial statements requires management to make estimates and assumptions that impact the reported amounts of assets, liabilities, revenues and expenses, and the disclosure of contingent assets and liabilities in the Company’s unaudited condensed interim financial statements and accompanying notes. The most significant estimates in the Company’s unaudited condensed interim financial statements relate to accruals for net product revenues and the valuation for the revenue interest financing liability. In addition, management’s assessment of the Company’s ability to continue as a going concern involves the estimation of the amount and timing of future cash inflows and outflows. Although these estimates are based on the Company’s knowledge of current events and actions it may undertake in the future, actual results could differ materially from those estimates and assumptions. Fair Value Measurements The accounting guidance defines fair value, establishes a consistent framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring or non-recurring basis. Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the accounting guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1: Observable inputs such as quoted prices in active markets. Level 2: Inputs, other than the quoted prices in active markets that are observable either directly or indirectly. Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. The carrying amounts of the Company’s financial instruments, including cash and cash equivalents, are classified within the Level 1 designation discussed above, while accounts receivable, prepaid and other current assets, accounts payable, and accrued liabilities, approximate fair value due to their short maturities. The Company has no financial assets measured at fair value on a recurring basis. None of the Company’s non-financial assets or liabilities are recorded at fair value on a non-recurring basis. No transfers between levels have occurred during the periods presented. As of March 31, 2025 and December 31, 2024, the estimated fair value of the Company’s long-term debt approximated the carrying amount given its floating interest rate basis. The fair value of the Company’s long-term debt was estimated for disclosure purposes only and was determined based on quoted market data for valuation, and thus categorized as Level 2 in the fair value hierarchy. Concentrations of Credit Risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents. The Company maintains deposits in federally insured financial institutions in excess of federally insured limits. The Company has not experienced any losses in such accounts and management believes that the Company is not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held. The Company is also subject to credit risk from our accounts receivable related to our product sales. The Company monitors exposure within accounts receivable and records an allowance for credit losses as necessary. The Company extends credit primarily to wholesale distributors. Customer creditworthiness is monitored and collateral is not required. The allowance for credit losses reflects the best estimate of expected credit losses of the accounts receivable portfolio determined on the basis of historical experience, current information, and forecasts of future economic conditions. The Company determines its allowance methodology by pooling receivable balances at the customer level. The Company considers various factors, including its previous loss history, individual credit risk associated to each customer, and the current and future conditions of the general economy. These credit risk factors are monitored on a quarterly basis and updated as necessary. To the extent that any individual debtor is identified whose credit quality has deteriorated, the Company establishes allowances based on the individual risk characteristics of such customer. The Company makes concerted efforts to collect all outstanding balances due from customers; however, account balances are charged off against the allowance when management believes it is probable the receivable will not be recovered. The Company does not have any off-balance-sheet credit exposure related to customers. As of March 31, 2025, three customers accounted for 87% of the accounts receivable balance, with each of these individual customers ranging from 27% to 30% of the accounts receivable balance. As of December 31, 2024, three customers accounted for 81% of the accounts receivable balance, with each of these individual customers ranging from 25% to 31% of the accounts receivable balance. For the three months ended March 31, 2025 and 2024, three customers accounted for 76% and 70% of the product sales in each period, with each of these individual customers ranging from 24% to 27% and 20% to 25% of the product revenues, respectively. Net Loss Per Share Basic net loss per share is computed by dividing the net loss by the weighted-average number of common shares outstanding and pre-funded warrants for the period, without consideration for other potentially dilutive securities. For the three months ended March 31, 2025, basic shares outstanding includes the weighted average effect of the Company’s outstanding pre-funded warrants, the exercise of which requires little or no consideration for the delivery of shares of common stock. For the three months ended March 31, 2025 and 2024, the Company had no weighted-average unvested shares to exclude from the weighted-average number of common shares outstanding. Diluted net loss per share is computed by dividing the net loss by the weighted-average number of common shares and dilutive common stock equivalents outstanding for the period determined using the treasury-stock and if-converted methods. Dilutive common stock equivalents are comprised of unvested common stock, options and warrants. For the periods presented, there is no difference in the number of shares used to calculate basic and diluted shares outstanding as inclusion of the potentially dilutive securities (warrants, stock options, and restricted stock units) would be antidilutive. Recently Adopted Accounting Standards In December 2023, the FASB issued ASU 2023-09 – Income Taxes (Topic 740) – Improvements to Income Tax Disclosures, which improves income tax disclosures primarily relating to the rate reconciliation and income taxes paid information. This includes a tabular reconciliation using both percentages and reporting currency amounts, covering various tax and reconciling items, and disaggregated summaries of income taxes paid during the period. For public business entities, the guidance is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The update will be effective for the Company beginning with its 2025 annual financial statements. The Company currently expects that this standard will not have a material impact on the footnote disclosures to its annual financial statements. Recently Issued Accounting Pronouncements The Company assesses the adoption impacts of recently issued accounting standards by the Financial Accounting Standards Board or other standard setting bodies on the Company's financial statements as well as material updates to previous assessments, if any, from the Company’s 2024 Form 10-K. There were no new material accounting standards issued in the first quarter of 2025 that impacted the Company.

Segment Information - Schedule of Segment Reporting Financial Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Segment Reporting Information [Line Items]
Product revenue, net	$ 28,519	$ 1,912
Cost of revenue	3,724	426
Stock-based compensation	5,540	5,626
Interest income	2,640	4,313
Interest expense	(18,071)	(17,168)
Other expense, net	(22)	(43)
Net loss and comprehensive loss	(94,316)	(82,852)
Reportable Segment, Aggregation before Other Operating Segment
Segment Reporting Information [Line Items]
Product revenue, net	28,519	1,912
Cost of revenue	3,724	426
Research and development	7,854	8,181
General and administrative	8,807	7,676
Sales and marketing	81,457	49,957
Stock-based compensation	5,540	5,626
Interest income	(2,640)	(4,313)
Interest expense	(18,071)	(17,168)
Other expense, net	22	43
Net loss and comprehensive loss	$ (94,316)	$ (82,852)

Lease Commitments - Summary of Future Annual Minimum Lease Payments Under Operating Leases (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Leases [Abstract]
2025	$ 321
Total minimum lease payments	321
Less: amount representing interest	(5)
Total operating lease liabilities	316
Less: operating lease liabilities, current	(316)	$ (501)
Operating lease liabilities, non-current	$ 0
Weighted-average remaining lease term (in years)	4 months 20 days
Weighted-average incremental borrowing rate	8.35%

Stockholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands				1 Months Ended	3 Months Ended		12 Months Ended	73 Months Ended
	Mar. 30, 2025	Aug. 20, 2024	Nov. 09, 2023	Oct. 31, 2019	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2019	Mar. 31, 2025	Jan. 01, 2025	Dec. 31, 2024
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Preferred stock, shares authorized					40,000,000			40,000,000		40,000,000
Preferred stock, shares issued					0			0		0
Preferred stock, shares outstanding					0			0		0
Stock options, granted					954,077
Stock-based compensation cost					$ 5,540	$ 5,626
Common stock initially reserved for issuance					19,778,277			19,778,277
Unrecognized stock-based compensation expense					$ 17,100			$ 17,100
Unrecognized stock-based compensation expense, weighted-average period for recognition					2 years 6 months
Defined contribution plan employer contribution liabilities expense					$ 1,800	$ 1,700
Defined contribution plan, employer matching contribution, percentage					75.00%
Employer discretionary match number of shares settled					290,165	93,736
Performance-Based Stock Units (PSU)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation cost					$ 0
Unrecognized stock-based compensation expense					$ 3,300			$ 3,300
Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Dividend yield					0.00%	0.00%
Stock Options, RSUs nad PSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock initially reserved for issuance					10,944,804			10,944,804
Restricted Stock Units (RSUs)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total fair value of vested					$ 4,600
Unrecognized stock-based compensation expense					$ 23,400			$ 23,400
Unrecognized stock-based compensation expense, weighted-average period for recognition					1 year 10 months 24 days
2019 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock, shares authorized for issuance							2,231,739
Stock options, granted							1,400,528
Number of shares available for issuance				0
2019 Equity Incentive Plan \| Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock awards, granted							16,260
2025 Employment Inducement Incentive Award Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock options, granted	2,500,000
Common stock initially reserved for issuance					2,500,000			2,500,000
2019 Incentive Award Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Annual increase to shares available for issuance percentage of outstanding common stock				5.00%
Equity plan, description					The number of shares initially available for issuance will be increased by (i) the number of shares subject to stock options or similar awards granted under the Existing Incentive Plan that expire or otherwise terminate without having been exercised in full after the effective date of the 2019 Plan and unvested shares issued pursuant to awards granted under the Existing Incentive Plan that are forfeited to or repurchased by the Company after the effective date of the 2019 Plan, with the maximum number of shares to be added to the 2019 Plan pursuant to clause (i) above or equal to 1,416,788 shares, and (ii) an annual increase on January 1 of each calendar year beginning in 2020 and ending in 2029, equal to the lesser of (a) 5% of the shares of common stock outstanding on the final day of the immediately preceding calendar year and (b) such smaller number of shares as determined by the Board of Directors.
Number of shares remain available for issuance, annual increase									3,425,913
Common stock initially reserved for issuance					2,091,621			2,091,621
2019 Incentive Award Plan \| Performance-Based Stock Units (PSU)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
PSUs outstanding					583,800			583,800		0
Stock awards, granted					585,400
2019 Incentive Award Plan \| Stock Options and RSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares, cancelled or forfeited					138,635
2019 Incentive Award Plan \| Stock Options, RSUs nad PSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares, granted					3,051,815
2019 Incentive Award Plan \| Restricted Stock Units (RSUs)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
PSUs outstanding					3,313,627			3,313,627		2,382,660
Stock awards, granted					1,512,338
Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares available for issuance					1,541,702			1,541,702
Annual increase to shares available for issuance percentage of outstanding common stock				1.00%
Equity plan, description					In addition, the number of shares available for issuance under the ESPP will be annually increased on January 1 of each calendar year beginning in 2020 and ending in 2029, by an amount equal to the lesser of: (i) 1% of the shares outstanding on the final day of the immediately preceding calendar year and (ii) such smaller number of shares as is determined by the Board of Directors. As of March 31, 2025, 1,541,702 shares of common stock remain available for issuance, which includes the 321,099 shares sold to employees during the three months ended March 31, 2025 as well as an annual increase of 685,183 shares authorized on January 1, 2025.
Number of shares remain available for issuance, annual increase									685,183
Stock-based compensation cost					$ 300	$ 500
Common stock initially reserved for issuance				270,000	1,541,702			1,541,702
Number of shares issued					321,099
Estimated weighted-average fair value					$ 2.81	$ 3.59
Unrecognized stock-based compensation expense					$ 500			$ 500
Unrecognized stock-based compensation expense, weighted-average period for recognition					3 months 18 days
Dividend yield					0.00%	0.00%
Underwritten Public Offering
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Proceeds from issuance of common stock and pre-funded warrant gross		$ 130,000
Pre-funded warrants amount allocated to additional paid-in capital		28,200
Warrant exercised					0
Net proceeds after deducting underwriters commission		$ 121,800
Underwritten Public Offering \| Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Warrants exercise price		$ 0.001
At-the-Market Offering Program
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares issued					0	0
2023 At-the-Market Offering Program
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Available equity financing amount					$ 150,000
Employee and Nonemployee Director
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Estimated weighted-average fair value					$ 4.23	$ 5.31
Open Market Sale Agreement with Jefferies LLC \| 2023 At-the-Market Offering Program \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Aggregate offering price through equity financing			$ 150,000
Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Employer discretionary match number of shares settled					290,165	93,736
Common Stock \| 2019 Incentive Award Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Additional number of shares available for issuance				1,416,788
Common Stock \| Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Maximum percentage of eligible compensation contributed by participants				20.00%
Common Stock \| IPO and ATM
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares issued								34,737,032
Warrants issued to purchase shares					2,608,922			2,608,922
Proceeds from issuance of shares								$ 543,300
Common Stock \| Underwritten Public Offering
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares issued		8,695,652
Warrants issued to purchase shares		2,608,922
Common stock, price per share		$ 11.5

Stockholders' Equity - Summary of Weighted-Average Assumptions Used to Estimate Fair Value of Stock Options Granted and ESPP Awards (Details)	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Stock Options
Assumptions:
Expected term (in years)	6 years 29 days	6 years 25 days
Expected volatility	83.38%	74.61%
Risk free interest rate	4.16%	4.05%
Dividend yield	0.00%	0.00%
Employee Stock Purchase Plan
Assumptions:
Expected term (in years)	5 months 26 days	5 months 26 days
Expected volatility	86.93%	119.08%
Risk free interest rate	4.26%	5.16%
Dividend yield	0.00%	0.00%

Debt - Schedule of Total Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Debt Disclosure [Abstract]
Long-term debt, current portion	$ 0	$ 0
Long-term debt, non-current portion	212,972	211,831
Unamortized debt discount	(9,727)	(10,422)
Total debt, net of debt discount	$ 203,245	$ 201,409

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Condensed Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2025	Dec. 31, 2024
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, authorized shares	40,000,000	40,000,000
Preferred stock, issued shares	0	0
Preferred stock, outstanding shares	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, authorized shares	400,000,000	400,000,000
Common stock, issued shares	69,638,070	68,518,238
Common stock, outstanding shares	69,638,070	68,518,238
Treasury stock, shares	19	19

Debt

3 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

Debt

5. Debt

Total debt consists of the following (in thousands):


	March 31,			December 31,
	2025			2024
Long-term debt, current portion	$	—		$	—
Long-term debt, non-current portion		212,972			211,831
Unamortized debt discount		(9,727	)		(10,422	)
Total debt, net of debt discount	$	203,245		$	201,409

On September 27, 2022, the Company entered into an amendment to the Loan Agreement, or the Second Loan Amendment, pursuant to which the date the second tranche of funding of $50 million was available to the Company and has been moved until May 15, 2023, rather than December 15, 2022.

On May 9, 2023, the Company entered into the Third Amendment to Loan and Security Agreement, or the Third Loan Amendment, with the lenders, pursuant to which, among other things, (i) the second tranche availability was extended from through May 15, 2023, to through December 15, 2023, and became available on October 1, 2023, (ii) the third tranche availability was extended from through September 30, 2023, to through December 15, 2023, and became available on October 1, 2023, (iii) the effective date of the performance covenants was amended to provide an option to extend the covenant trigger date to May 15, 2024, subject to the achievement of the FDA approval of vonoprazan for Erosive GERD or the EE Milestone, prior to February 15, 2024, and (iv) the warrant agreement with Hercules was amended as described below. On November 1, 2023, the EE Milestone was achieved and the covenant trigger date was extended to May 15, 2024. In connection with the Third Loan Amendment, a tranche extension amendment fee of $150,000 and a covenant extension amendment fee of $100,000 was paid to the Agent. These fees have been recorded as debt discount and are being amortized to interest expense using the effective interest method over the remaining term of the Term Loan.

On December 14, 2023, the Company entered into a Fourth Amendment to Loan and Security Agreement, or the Fourth Loan Amendment, with the lenders, which, among other things, (i) increases the aggregate principal amount of the term loans from $200 million to $300 million; (ii) provides for the possibility of accessing the remaining $200 million commitment through five tranches referred to as the second through sixth tranches, which are available subject to certain milestones and conditions: (a) Second Tranche: $50 million, $40 million of which was funded on December 14, 2023, available through March 15, 2024, (b) Third Tranche: $25 million available through June 15, 2024, (c) Fourth Tranche: $25 million available through December 15, 2024, (d) Fifth Tranche: $50 million available, subject to the achievement of a specified revenue milestone, or the Fifth Tranche milestone, through June 30, 2025, and (e) Sixth Tranche: $50 million available, subject to the achievement of a specific revenue milestone, or the Sixth Tranche milestone, through December 31, 2025; (iii) extends the interest only period and the maturity date from October 2026 to December 2027, (iv) reduces the cash interest rate from 10.75% (floating annual rate equal to the greater of (a) 5.50% and (b) the Prime Rate (as reported in the Wall Street Journal) plus 2.25% to 9.85% (floating rate based on the greater of (a) 9.85% or (b) US WSJ Prime + 1.35%), provided that the cash interest rate shall be capped at 10.35% and upon the Company achieving the Sixth Tranche milestone, the cash interest floating rated shall be decreased by 0.35% to 9.50%, and (v) decreases the payment-in-kind interest rate from 3.35% per annum to 2.15% per annum. In connection with the Fourth Loan Amendment, an amendment fee of $250,000 was paid to the Agent and was recorded as a debt discount and is being amortized to interest expense using the effective interest method over the remaining term of the Term Loan.

On March 15, 2024, the Company drew down on the remaining $10 million available under the Second Tranche. On June 14, 2024, the Company drew down the $25 million available under the Third Tranche. In addition, on December 14, 2024, the Company drew down the $25 million available under the Fourth Tranche.

The Term Loan will mature on December 1, 2027, or the Maturity Date. The Term Loan bears (i) cash interest at a variable annual rate equal to the greater of (a) 9.85% and (b) the Prime Rate (as reported in the Wall Street Journal) plus 1.35%, or the Interest Rate, and (ii) payment-in-kind interest at a per annum rate of interest equal to 2.15%. The Company may make payments of interest only through the Maturity Date. After the interest-only period, the principal balance and related interest will be required to be repaid in full on the Maturity Date.

In addition, the Company is obligated to pay a final payment fee of 7.50% of the original principal amount of amounts actually advanced under the Term Loan, or each a Term Loan Advance and together, the Term Loan Advances. In connection with the Fourth Loan Amendment, the final payment fee was amended to be $1 million plus 3.00% of any future tranche drawdowns under the agreement, due upon final maturity. Additionally, the initial final payment fee for the first Term Loan Advance was amended to become payable on October 1, 2026. As of March 31, 2025, the aggregate $11.5 million of final payment fees includes the first Term Loan Advance of $7.5 million, $2.5 million for the second Term Loan Advance, $0.8 million for the third Term Loan Advance, and $0.7 million for the fourth Term Loan Advance have been recorded within other long-term liabilities.

Under the Fourth Loan Amendment the Company may elect to prepay all or a portion of the Term Loan Advances prior to maturity, subject to a prepayment fee of up to 1.25% of the then outstanding principal balance of the Term Loan Advances being prepaid when such prepayment occurs prior to October 1, 2026, or 0.50% if such prepayment occurs on or after October 1, 2026. After repayment, no Term Loan amounts may be borrowed again.

As collateral for the obligations, the Company has granted to Hercules a senior security interest in all of Company’s right, title, and interest in, to and under substantially all of Company’s property, inclusive of intellectual property.

The Loan Agreement contains customary closing fees, prepayment fees and provisions, events of default, and representations, warranties and covenants, including financial covenants. The financial covenants under the Fourth Loan Amendment include (i) a minimum cash covenant and (ii) a performance covenant as follows:

(i)

Minimum cash covenant - The Company must maintain a minimum cash balance of 20% of the outstanding principal balance at all times. The minimum cash balance may be increased to 35% or 50% under performance covenant (b) below if the performance covenants (a) or (c) are not met beginning September 30, 2024 and all times thereafter.

(ii)

Performance covenant - Beginning September 30, 2024 and all times thereafter the Company must satisfy any one of the following:

Market capitalization exceeding $900 million;

Minimum cash balance exceeding (x) outstanding principal amount of term loans, multiplied by (y) (A) 50%, prior to achieving trailing three months net product revenue of greater than $35 million, and (B) 35% thereafter; or

Trailing three months net product revenue of at least (x) 30% of agreed upon projected net revenues for periods in the calendar year 2024 and 25% for all periods thereafter or (y) $120 million.

Upon the occurrence of an event of default, subject to any specified cure periods, all amounts owed by the Company may be declared immediately due and payable by Hercules, as collateral agent.

As of March 31, 2025, the Company was in compliance with all applicable covenants under the Loan Agreement. Based on the Company’s current revenue projections, the Company does not expect to meet the revenue threshold to draw the Fifth Tranche or Sixth Tranche. The Company’s current operating plan does not anticipate a need to draw any additional amounts under the Loan Agreement.

In connection with the entry into the Loan Agreement, the Company issued to Hercules a warrant, or the Warrant, to purchase a number of shares of the Company’s common stock equal to 2.5% of the aggregate amount of the Term Loan advances funded, and will issue to Hercules additional warrants when future Term Loan advances are funded. On the Closing Date, the Company issued a Warrant for 74,782 shares of common stock. The Warrant will be exercisable for a period of seven years from the date of issuance at a per-share exercise price equal to $33.43, which was the closing price of the Company’s common stock on September 16, 2021. In connection with the entry into the Third Loan Amendment, the Company amended the form of warrants to be issued upon

drawdowns of future tranches such that the exercise price of such warrants shall be equal to the lesser (i) of $11.6783, which was the trailing ten-day VWAP prior to entering into the Third Loan Amendment and (ii) the trailing ten-day VWAP preceding the date on which the Company drawdown future tranches. In connection with the entry into the Fourth Loan Amendment, the Company eliminated the warrant agreement for all future tranches. The Warrant issued with the initial tranche was not modified as part of this amendment. The exercise price and terms of the outstanding Warrant remain unchanged.

The initial $1.3 million fair value of the Warrant, the $11.5 million final interest payment fees and $4.6 million of debt issuance costs have been recorded as debt discount and are being amortized to interest expense using the effective interest method over the term of the Loan Agreement.

Future minimum principal payments under the Term Loan, including the final payment fee, as of March 31, 2025 are as follows (in thousands):


Year ending December 31:
2025	$	—
2026		7,500
2027		229,706
Total principal and interest payments		237,206
Less: payment-in-kind and final payment fee		(37,206	)
Total term loan borrowings	$	200,000

During the three months ended March 31, 2025 and 2024, the Company recognized $7.1 million and $5.0 million, respectively, of interest expense, including amortization of the debt discount, in connection with the Loan Agreement. As of March 31, 2025, the Company had an outstanding loan balance of $213.0 million and accrued interest of $1.8 million.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Subsequent Event - Additional Information (Details) $ in Millions	Apr. 30, 2025 Employee	Apr. 29, 2025	Jun. 30, 2025 USD ($)
Employee Severance \| Subsequent Event
Subsequent Event [Line Items]
Restructuring approved date		Apr. 29, 2025
Restructuring expected reduction in number of employees \| Employee	28
Minimum \| Ms. Curran's \| Forecast
Subsequent Event [Line Items]
Separation agreement and estimated expense			$ 2
Minimum \| Employee Severance \| Forecast
Subsequent Event [Line Items]
Separation agreement and estimated expense			7
Maximum \| Ms. Curran's \| Forecast
Subsequent Event [Line Items]
Separation agreement and estimated expense			3
Maximum \| Employee Severance \| Forecast
Subsequent Event [Line Items]
Separation agreement and estimated expense			$ 10

Segment Information (Tables)

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Schedule of Segment Reporting Financial Information

The following table presents selected financial information with respect to the Company’s single operating segment for the three months ended March 31, 2025 and 2024 (in thousands):


	Three Months Ended March 31,
	2025			2024
Product revenue, net	$	28,519		$	1,912
Less:
Cost of revenue		3,724			426
Research and development		7,854			8,181
General and administrative		8,807			7,676
Sales and marketing		81,457			49,957
Stock-based compensation		5,540			5,626
Interest income		(2,640	)		(4,313	)
Interest expense		18,071			17,168
Other expense, net		22			43
Segment net loss	$	(94,316	)	$	(82,852	)

Condensed Statements of Stockholders' Deficit (Unaudited) - USD ($) $ in Thousands	Total	At-the-Market Offering Program	Common Stock	Additional Paid-in Capital	Accumulated Deficit
Beginning balance at Dec. 31, 2023	$ (72,759)		$ 5	$ 855,921	$ (928,685)
Beginning balance, shares at Dec. 31, 2023			57,970,044
Beginning balance, shares at Dec. 31, 2023	19
401(k) matching contribution	$ 712			712
401(k) matching contribution, shares	93,736		93,736
Vesting of restricted shares, shares			340,542
Stock-based compensation	$ 5,626			5,626
ESPP shares issued	770			770
ESPP shares issued, shares			119,779
Issuance of common stock, shares		0
Net loss	(82,852)				(82,852)
Ending balance at Mar. 31, 2024	$ (148,503)		$ 5	863,029	(1,011,537)
Ending balance, shares at Mar. 31, 2024			58,524,101
Ending balance, shares at Mar. 31, 2024	19
Beginning balance at Dec. 31, 2024	$ (253,580)		$ 6	1,009,425	(1,263,011)
Beginning balance, shares at Dec. 31, 2024	68,518,238		68,518,238
Beginning balance, shares at Dec. 31, 2024	19
401(k) matching contribution	$ 2,127			2,127
401(k) matching contribution, shares	290,165		290,165
Vesting of restricted shares, shares			508,568
Stock-based compensation	$ 5,540			5,540
ESPP shares issued	1,853			1,853
ESPP shares issued, shares			321,099
Issuance of common stock, shares		0
Net loss	(94,316)				(94,316)
Ending balance at Mar. 31, 2025	$ (338,376)		$ 6	$ 1,018,945	$ (1,357,327)
Ending balance, shares at Mar. 31, 2025	69,638,070		69,638,070
Ending balance, shares at Mar. 31, 2025	19

Stockholders' Equity - Summary of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 5,540	$ 5,626
Research and Development Expense
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	1,330	1,249
Selling, General and Administrative Expense
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 4,210	$ 4,377

Balance Sheet Details - Schedule of Property and Equipment, net (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Property Plant And Equipment [Line Items]
Total property and equipment, net	$ 1,354	$ 1,476

Commitments and Contingencies

3 Months Ended

Mar. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

3. Commitments and Contingencies

License Agreement

On May 7, 2019, the Company entered into a license agreement with Takeda pursuant to which it was granted an exclusive license to commercialize vonoprazan fumarate in the United States, Canada and Europe, or the Takeda License. The Company also has the right to sublicense its rights under the agreement, subject to certain conditions. The agreement will remain in effect, on a country-by-country and product-by-product basis, until the later of (i) the expiration of the last to expire valid patent claim covering vonoprazan fumarate alone or in combination with at least one other therapeutically active ingredient, (ii) the expiration of the applicable regulatory exclusivity and (iii) 15 years from the date of first commercial sale, unless earlier terminated. The Company may terminate the Takeda License upon six months’ written notice. The Company and Takeda may terminate the Takeda License in the case of the other party’s insolvency or material uncured breach. Takeda may terminate the Takeda License if the Company challenges, or assists in challenging, licensed patents.

In consideration of the Takeda License, the Company (i) paid Takeda $25 million in cash, (ii) issued Takeda 1,084,000 shares of its common stock at a fair value of $5.9 million, (iii) issued the Takeda Warrant to purchase 7,588,000 shares of its common stock at an exercise price of $0.00004613 per share at an initial fair value of $47.9 million, and (iv) issued a right to receive an additional common stock warrant, or the Takeda Warrant Right, should Takeda’s fully-diluted ownership of the Company represent less than a certain specified percentage of the fully-diluted capitalization, including shares issuable upon conversion of then outstanding convertible promissory notes, calculated immediately before the closing of the Company’s initial public offering, or IPO, with a nominal initial fair value due to the low probability of issuance. The Takeda Warrant Right expired without effect since no fair value had been allocated to it upon completion of the IPO, and no additional warrant was issued. In addition, the Company is obligated to pay Takeda up to an aggregate of $250 million in sales milestones upon the achievement of specified levels of product sales, and a low double-digit royalty rate on aggregate net sales of licensed products, subject to certain adjustments. The Takeda Warrant had an

exercise price of $0.00004613 per share, and was to expire on May 7, 2029 and became exercisable upon the consummation of the IPO. All Takeda Warrants were exercised by March 2022.

During the three months ended March 31, 2025 and 2024, the Company recorded $2.9 million and $0.2 million, respectively, of royalty expense under the Takeda License, of which $2.9 million is included within accrued expenses as of March 31, 2025.

Purchase Commitments

In December 2020, the Company entered into a supply agreement with Sandoz pursuant to which Sandoz will supply commercial quantities of amoxicillin capsules and clarithromycin tablets, package these antibiotics with vonoprazan, and provide in finished convenience packs. The supply agreement commits the Company to a minimum purchase obligation of €2.9 million, or approximately $3.2 million, in the first 24-month period following the launch of the final product. The Company incurred $0.1 million and no expenses under the agreement during the three months ended March 31, 2025 and 2024, respectively. As of March 31, 2025, €1.7 million, or approximately $1.9 million, remains of the minimum purchase obligation and the Company has not recorded any liability related to the minimum purchase obligation.

Sandoz has notified the Company of a potential disruption in the supply of VOQUEZNA TRIPLE PAKs. The Company has not experienced any commercial disruptions to date, nor does it anticipate any material impact to revenues or operations if a supply disruption to the VOQUEZNA TRIPLE PAK occurs. VOQUEZNA DUAL PAK is not impacted.

Contingencies

In the event the Company becomes subject to claims or suits arising in the ordinary course of business, the Company would accrue a liability for such matters when it is probable that future expenditures will be made and such expenditures can be reasonably estimated.

Commitments and Contingencies - Additional Information (Details)		3 Months Ended
	May 07, 2019 USD ($) $ / shares shares	Mar. 31, 2025 USD ($)	Mar. 31, 2024 USD ($)	Mar. 31, 2025 EUR (€) shares	Mar. 31, 2025 USD ($) shares	Dec. 31, 2024 USD ($) shares
Commitments And Contingencies [Line Items]
Common stock fair value					$ 6,000	$ 6,000
Common stock, shares issued \| shares				69,638,070	69,638,070	68,518,238
Expenses incurred related to purchase commitments		$ 100,000	$ 0
Minimum purchase obligation				€ 1,700,000	$ 1,900,000
Minimum
Commitments And Contingencies [Line Items]
Purchase obligation in the first 24-month period				€ 2,900,000	3,200,000
Takeda License
Commitments And Contingencies [Line Items]
Royalty expense		$ 2,900,000	$ 200,000
Royalty expense included in accrued expenses					$ 2,900,000
Takeda License \| Takeda
Commitments And Contingencies [Line Items]
License agreement description		On May 7, 2019, the Company entered into a license agreement with Takeda pursuant to which it was granted an exclusive license to commercialize vonoprazan fumarate in the United States, Canada and Europe, or the Takeda License. The Company also has the right to sublicense its rights under the agreement, subject to certain conditions. The agreement will remain in effect, on a country-by-country and product-by-product basis, until the later of (i) the expiration of the last to expire valid patent claim covering vonoprazan fumarate alone or in combination with at least one other therapeutically active ingredient, (ii) the expiration of the applicable regulatory exclusivity and (iii) 15 years from the date of first commercial sale, unless earlier terminated. The Company may terminate the Takeda License upon six months’ written notice. The Company and Takeda may terminate the Takeda License in the case of the other party’s insolvency or material uncured breach. Takeda may terminate the Takeda License if the Company challenges, or assists in challenging, licensed patents.
Agreement expiration term from date of first commercial sale	15 years
Cash consideration paid for license	$ 25,000,000
Common stock fair value	$ 5,900,000
Common stock, shares issued \| shares	1,084,000
Warrants exercise price \| $ / shares	$ 0.00004613
Initial fair value of warrants	$ 47,900,000
Additional warrant issued \| shares	0
Maximum amount payable in sales milestones upon achievement of specified levels of product sales	$ 250,000,000
Warrants expiration date	May 07, 2029
Takeda License \| Takeda \| Common Stock
Commitments And Contingencies [Line Items]
Warrants issued to purchase shares \| shares	7,588,000

Balance Sheet Details - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Accrued Liabilities, Current [Abstract]
Accrued compensation expenses	$ 8,949	$ 16,659
Accrued professional & consulting expenses	627	1,203
Accrued research and development expenses	426	2,339
Accrued revenue allowances	30,213	29,987
Accrued other	2,813	3,044
Total accrued expenses	$ 43,028	$ 53,232

Stockholders' Equity

3 Months Ended

Mar. 31, 2025

Share-Based Payment Arrangement [Abstract]

Stockholders' Equity

7. Stockholders’ Equity

Common Stock

Underwritten Public Offerings

In August 2024, the Company sold 8,695,652 shares of common stock at a price of $11.50 per share and pre-funded warrants to purchase 2,608,922 shares of common stock at a price of $11.499 per pre-funded warrant for total gross proceeds of $130.0 million. The net purchase price after deducting the underwriting discounts and commissions and other offering expenses, was $10.77 per share, which generated net proceeds of $121.8 million. Certain affiliates of Frazier Life Sciences IX, L.P. (collectively, "Frazier"), a significant stockholder and Dr. James Topper, who currently serves on the Company's Board of Directors, shares voting and investment power of the securities held by Frazier. Frazier participated in the offering by purchasing pre-funded warrants on the

same terms as all other investors at a purchase price of $11.499, which represents the per share public offering price for the common stock less the $0.001 per share exercise price for each pre-funded warrant. Each pre-funded warrant became exercisable upon issuance and will not expire until exercised in full. The pre-funded warrants may not be exercised if the aggregate number of ordinary shares beneficially owned by the holders thereof immediately following such exercise would exceed a specified beneficial ownership limitation.

The pre-funded warrants were classified as a component of equity in the Company's balance sheets as they are freestanding financial instruments that are immediately exercisable, do not embody an obligation for the Company to repurchase its own shares and permit the holders to receive a fixed number of shares of common stock upon exercise. The Company valued the pre-funded warrants at issuance, concluding that their sales price approximated their fair value, and allocated net proceeds from the sale proportionately to the common stock and pre-funded warrants, of which $28.2 million was allocated to the pre-funded warrants and recorded as a component of additional paid-in capital. As of March 31, 2025, none of the pre-funded warrants have been exercised.

ATM Offerings

In November 2020, the Company entered into an Open Market Sale AgreementSM, or the Sales Agreement, with Jefferies LLC, or the Sales Agent, under which the Company may, from time to time, sell shares of common stock having an aggregate offering price of up to an amount registered under an effective registration statement through the Sales Agent.

In November 2023, the Company filed a shelf registration statement on Form S-3 which was declared effective by the SEC on November 17, 2023, which included an at-the-market prospectus pursuant to which the Company may, from time to time, sell up to an aggregate of $150 million of the Company's common stock through the Sales Agent, or the 2023 ATM Offering. The Company is not obligated to, and cannot provide any assurances that the Company will, make any sales of the shares under the Sales Agreement. The Sales Agreement may be terminated by the Sales Agent or the Company at any time. No shares were sold during the three months ended March 31, 2025 and 2024. As of March 31, 2025, all of the available $150 million under the 2023 ATM Offering remains available.

Common Stock Reserves

Common stock reserved for future issuance consists of the following:


	March 31, 2025
Common stock warrants including pre-funded warrants		2,700,150
Stock options, performance stock units and restricted stock units outstanding		10,944,804
Shares available for issuance under the 2019 Incentive Plan		2,091,621
Shares available for issuance under the ESPP Plan		1,541,702
Shares available for issuance under the Inducement Plan		2,500,000
Balance at March 31, 2025		19,778,277

Preferred Stock

The Company is authorized to issue up to 40 million shares of preferred stock. As of March 31, 2025 and December 31, 2024, there were no shares of preferred stock issued or outstanding.

Equity Incentive Plan

The Company’s 2019 Equity Incentive Plan, or the Existing Incentive Plan, provided for the grant of incentive stock options, non-statutory stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards, and other stock awards to eligible recipients, including employees, directors or consultants of the Company. The Company had 2,231,739 shares of common stock authorized for issuance under the Existing Incentive Plan, of which, 1,400,528 stock options and 16,260 restricted stock awards were granted in 2019. As a result of the adoption of the 2019 Incentive Award Plan, or the 2019 Plan, in October 2019, no further shares are available for issuance under the Existing Incentive Plan.

2019 Incentive Award Plan

In October 2019, the Board of Directors adopted, and the Company’s stockholders approved, the 2019 Plan, which became effective in connection with the IPO. Under the 2019 Plan, the Company may grant stock options, stock appreciation rights, restricted stock, restricted stock units and other awards to individuals who are then employees, officers, non-employee directors or consultants of the Company or its subsidiaries. The number of shares initially available for issuance will be increased by (i) the number of shares subject to stock options or similar awards granted under the Existing Incentive Plan that expire or otherwise terminate without having been exercised in full after the effective date of the 2019 Plan and unvested shares issued pursuant to awards granted under the Existing Incentive Plan that are forfeited to or repurchased by the Company after the effective date of the 2019 Plan, with the maximum number of shares to be added to the 2019 Plan pursuant to clause (i) above or equal to 1,416,788 shares, and (ii) an annual increase on January 1 of each calendar year beginning in 2020 and ending in 2029, equal to the lesser of (a) 5% of the shares of common stock outstanding on the final day of the immediately preceding calendar year and (b) such smaller number of shares as determined by the Board of Directors.

As of March 31, 2025, 2,091,621 shares remain available for issuance, which reflects 3,051,815 stock options, RSUs and PSUs granted, and 138,635 of awards cancelled or forfeited, during the three months ended March 31, 2025 as well as an annual increase of 3,425,913 shares authorized on January 1, 2025.

2025 Employment Inducement Incentive Award Plan

On March 30, 2025, the Board of Directors adopted the 2025 Employment Inducement Incentive Award Plan, or the Inducement Plan, and reserved 2,500,000 shares of the Company’s common stock for issuance pursuant to equity awards granted under the Inducement Plan to individuals not previously employees or non-employee directors of the Company (or following such individuals’ bona fide period of non-employment with the Company) as an inducement to join the Company. The Inducement Plan provides for the grant of equity-based awards, including nonstatutory stock options, restricted stock units, restricted stock, stock appreciation rights, performance shares and performance stock units, and its terms are substantially similar to the Company’s 2019 Incentive Award Plan, but with such other terms and conditions intended to comply with the Nasdaq inducement award exception or to comply with the Nasdaq acquisition and merger exception. As of March 31, 2025, all of the 2,500,000 shares remain available for issuance.

Performance-Based Units

In February 2025, the Board of Directors approved a performance-based unit, or PSU, grant whereby vesting depends on certain revenue performance milestones each year and over the next three years. The Company estimates the likelihood of achievement of performance milestones for all PSU awards at the end of each reporting period. To the extent those awards or portions thereof are considered probable of being achieved, such awards or portions thereof are expensed over the performance period. As of March 31, 2025, the Company did not deem the achievement of any performance milestones to be probable.

The following table summarizes PSU activity under the 2019 Plan during the three months ended March 31, 2025:


	Number of Stock Units			Weighted- Average Grant Date Fair Value Per Share
Unvested balance at January 1, 2025		—		$	—
Granted		585,400			5.76
Vested		—			—
Forfeited		(1,600	)		5.76
Unvested balance at March 31, 2025		583,800		$	5.76

Stock-based compensation expense is recorded based on the market price of the Company's common stock on the grant date and is recognized if and when the achievement of such performance milestones are determined to be probable by the Company. As of March 31, 2025, no expense has been recognized and there was approximately $3.3 million of related unrecognized stock-based compensation expense.

Restricted Stock Units

The following table summarizes RSU activity under the 2019 Plan during the three months ended March 31, 2025:


	Number of Stock Units			Weighted- Average Grant Date Fair Value Per Share
Unvested balance at January 1, 2025		2,382,660		$	10.32
Granted		1,512,338			5.76
Vested		(508,568	)		8.98
Forfeited		(72,803	)		10.81
Unvested balance at March 31, 2025		3,313,627		$	8.43

As of March 31, 2025, the Company had $23.4 million of unrecognized stock-based compensation expense related to RSUs, which is expected to be recognized over a weighted-average period of 1.9 years. The total fair value of RSUs vested during the three months ended March 31, 2025, was approximately $4.6 million.

Employee Stock Purchase Plan

In October 2019, the Board of Directors adopted, and the Company’s stockholders approved, the Employee Stock Purchase Plan, or the ESPP, which became effective in connection with the IPO. The ESPP permits participants to purchase common stock through payroll deductions of up to 20% of their eligible compensation, which includes a participant’s gross base compensation for services to the Company, including overtime payments and excluding sales commissions, incentive compensation, bonuses, expense reimbursements, fringe benefits and other special payments. A total of 270,000 shares of common stock were initially reserved for issuance under the ESPP. In addition, the number of shares available for issuance under the ESPP will be annually increased on January 1 of each calendar year beginning in 2020 and ending in 2029, by an amount equal to the lesser of: (i) 1% of the shares outstanding on the final day of the immediately preceding calendar year and (ii) such smaller number of shares as is determined by the Board of Directors. As of March 31, 2025, 1,541,702 shares of common stock remain available for issuance, which includes the 321,099 shares sold to employees during the three months ended March 31, 2025 as well as an annual increase of 685,183 shares authorized on January 1, 2025.

The ESPP is considered a compensatory plan, and for the three months ended March 31, 2025 and 2024, the Company recorded related stock-based compensation of $0.3 million and $0.5 million, respectively. The weighted-average assumptions used to estimate the fair value of ESPP awards using the Black-Scholes option valuation model were as follows:


	Three Months Ended March 31,
	2025	2024
Assumptions:
Expected term (in years)	0.49	0.49
Expected volatility	86.93%	119.08%
Risk free interest rate	4.26%	5.16%
Dividend yield	—	—

The estimated weighted-average fair value of ESPP awards for the three months ended March 31, 2025 and 2024, was $2.81 and $3.59, respectively. As of March 31, 2025, the total unrecognized compensation expense related to the ESPP was $0.5 million, which is expected to be recognized over a weighted-average period of approximately 0.3 years.

401(k) Plan

During 2020, the Company established a 401(k) savings plan. The Company’s contributions to the plan are discretionary. During the three months ended March 31, 2025 and 2024, the Company incurred $1.8 million and $1.7 million, respectively, of expense related to estimated employer contribution liabilities, which was based on a 75% match of employees’ contributions during the periods. During the three months ended March 31, 2025 and 2024, the Board of Directors approved employer matching contributions settled by contributing 290,165 and 93,736, respectively, shares of common stock.

Stock Options

The fair value of each employee and non-employee stock option grant is estimated on the date of grant using the Black-Scholes option-pricing model. The Company, prior to the IPO on October 29, 2019, was a private company and lacked company-specific historical and implied volatility information. Therefore, the Company estimated its expected volatility based on the historical volatility of a publicly traded set of peer companies. Due to the lack of historical exercise history, the expected term of the Company’s stock options for employees was determined utilizing the “simplified” method for awards. The expected term of stock options granted to non-employees was equal to the contractual term of the option award. The risk-free interest rate was determined by reference to the U.S. Treasury yield curve in effect at the time of grant of the award for time periods approximately equal to the expected term of the award. Expected dividend yield was zero based on the fact that the Company has never paid cash dividends and does not expect to pay any cash dividends in the foreseeable future.

A summary of the Company’s stock option activity and related information is as follows:


	Options Outstanding			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term		Aggregate Intrinsic Value (in thousands)
Balance at January 1, 2025		6,157,532		$	10.29		7.59	$	2,133
Options granted		954,077			5.77
Options exercised		—			—
Options cancelled		(64,232	)		9.76
Balance at March 31, 2025		7,047,377		$	9.68		7.66	$	489
Options exercisable as of March 31, 2025		3,562,844		$	11.15		6.50	$	—
Vested and expected to vest as of March 31, 2025		7,047,377		$	9.68		7.66	$	489

The estimated weighted-average fair value of employee and nonemployee director stock options granted for the three months ended March 31, 2025 and 2024 was $4.23 and $5.31, respectively. As of March 31, 2025, the Company had $17.1 million of unrecognized stock-based compensation expense related to stock options, which is expected to be recognized over a weighted-average period of 2.5 years.

The weighted-average assumptions used to estimate the fair value of stock options using the Black-Scholes option valuation model were as follows:


	Three Months Ended March 31,
	2025	2024
Assumptions:
Expected term (in years)	6.08	6.07
Expected volatility	83.38%	74.61%
Risk free interest rate	4.16%	4.05%
Dividend yield	—	—

Stock-Based Compensation Expense

Stock-based compensation expense recognized for all equity awards has been reported in the condensed statements of operations and comprehensive loss as follows (in thousands):


	Three Months Ended March 31,
	2025		2024
Research and development expense	$	1,330	$	1,249
Selling, general and administrative expense		4,210		4,377
Total	$	5,540	$	5,626

Stockholders' Equity - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2025	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Options Outstanding, Beginning Balance	6,157,532
Options Outstanding, Options granted	954,077
Options Outstanding, Options exercised	0
Options Outstanding, Options cancelled	(64,232)
Options Outstanding, Ending Balance	7,047,377	6,157,532
Options Outstanding, Options exercisable as of March 31, 2025	3,562,844
Options Outstanding, Options vested and expected to vest as of March 31, 2025	7,047,377
Weighted-Average Exercise Price, Beginning Balance	$ 10.29
Weighted-Average Exercise Price, Options granted	5.77
Weighted-Average Exercise Price, Options cancelled	9.76
Weighted-Average Exercise Price, Ending Balance	9.68	$ 10.29
Weighted-Average Exercise Price, Options exercisable as of March 31, 2025	11.15
Weighted-Average Exercise Price, Options vested and expected to vest as of March 31, 2025	$ 9.68
Weighted-Average Remaining Contractual Term	7 years 7 months 28 days	7 years 7 months 2 days
Weighted-Average Remaining Contractual Term, Options exercisable as of March 31, 2025	6 years 6 months
Weighted-Average Remaining Contractual Term, Options vested and expected to vest as of March 31, 2025	7 years 7 months 28 days
Aggregate Intrinsic Value, Balance	$ 489	$ 2,133
Aggregate Intrinsic Value, Options exercisable as of March 31, 2025	0
Aggregate Intrinsic Value, Options vested and expected to vest as of March 31, 2025	$ 489

Condensed Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Cash flows from operating activities
Net loss	$ (94,316)	$ (82,852)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	177	214
Stock-based compensation	5,540	5,626
Issuance of PIK interest debt	1,141	806
Accrued interest on revenue interest financing liability	8,037	12,079
Amortization of debt discount	696	474
Inventory reserve	899	0
Other	1,810	1,654
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	7,810	447
Accounts receivable, net	2,433	(2,243)
Accounts payable and accrued expenses	(6,961)	(5,015)
Accrued interest	92	161
Operating right-of-use assets and lease liabilities	40	45
Inventory	(12,328)	(416)
Net cash used in operating activities	(84,930)	(69,020)
Cash flows from investing activities
Cash paid for property and equipment	(18)	(40)
Net cash used in investing activities	(18)	(40)
Cash flows from financing activities
Net proceeds from issuance of debt	0	9,900
Net cash provided by financing activities	0	9,900
Net decrease in cash and cash equivalents and restricted cash	(84,948)	(59,160)
Cash and cash equivalents and restricted cash - beginning of period	300,125	384,256
Cash and cash equivalents and restricted cash - end of period	215,177	325,096
Supplemental disclosure of cash flow information
Interest paid	5,226	3,740
Supplemental disclosure of noncash investing and financing activities
Property and equipment purchases included in accounts payable and accrued expenses	44	7
Settlement of ESPP liability in common stock	1,853	770
Settlement of 401(k) liability in common stock	$ 2,127	$ 712

Balance Sheet Details (Tables)

3 Months Ended

Mar. 31, 2025

Balance Sheet Related Disclosures [Abstract]

Schedule of Accrued Expenses

Accrued expenses consist of the following (in thousands):


	March 31,		December 31,
	2025		2024
Accrued compensation expenses	$	8,949	$	16,659
Accrued professional & consulting expenses		627		1,203
Accrued research and development expenses		426		2,339
Accrued revenue allowances		30,213		29,987
Accrued other		2,813		3,044
Total accrued expenses	$	43,028	$	53,232

Schedule of Inventory

Inventory consist of the following (in thousands):


	March 31,		December 31,
	2025		2024
Finished goods	$	1,725	$	1,479
Raw materials		1,441		1,729
Total inventory, current		3,166		3,208
Raw materials, non-current		23,011		11,540
Total inventory	$	26,177	$	14,748

Raw materials consist of materials, including active pharmaceutical ingredients, to be consumed in the production of inventory related to FDA-approved products. Inventory that is used for clinical development purposes is expensed to research and development expense when consumed. Inventory, noncurrent includes inventory expected to remain on-hand beyond one year from the balance sheet dates presented.

Condensed Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 212,315	$ 297,263
Prepaid expenses and other current assets	13,055	20,866
Accounts receivable, net	36,364	38,797
Inventory	3,166	3,208
Total current assets	264,900	360,134
Property and equipment, net	1,354	1,476
Operating lease right-of-use assets	388	613
Restricted cash	2,862	2,862
Inventory, non-current	23,011	11,540
Other long-term assets	1,693	1,693
Total assets	294,208	378,318
Current liabilities:
Accounts payable	11,617	10,507
Accrued expenses	43,028	53,232
Accrued interest	1,803	1,711
Operating lease liabilities, current	316	501
Current portion of revenue interest financing liability	17,268	19,777
Total current liabilities	74,032	85,728
Long-term debt, net of discount	203,245	201,409
Revenue interest financing liability	343,807	333,261
Other long-term liabilities	11,500	11,500
Total liabilities	632,584	631,898
Commitments and contingencies (Note 3)
Stockholders' deficit:
Preferred stock, $0.0001 par value; authorized shares - 40,000,000 at March 31, 2025 and December 31, 2024; no shares issued and outstanding at March 31, 2025 and December 31, 2024
Common stock, $0.0001 par value; authorized shares - 400,000,000 at March 31, 2025 and December 31, 2024; issued and outstanding shares - 69,638,070 and 68,518,238 at March 31, 2025 and December 31, 2024, respectively	6	6
Treasury stock - 19 shares at March 31, 2025 and December 31, 2024	0	0
Additional paid-in capital	1,018,945	1,009,425
Accumulated deficit	(1,357,327)	(1,263,011)
Total stockholders' deficit	(338,376)	(253,580)
Total liabilities and stockholders' deficit	$ 294,208	$ 378,318

Debt - Schedule of Future Minimum Principal and Interest Payments Under Term Loans (Details) $ in Thousands	Mar. 31, 2025 USD ($)
Debt Disclosure [Abstract]
2025	$ 0
2026	7,500
2027	229,706
Total principal and interest payments	237,206
Less: payment-in-kind and final payment fee	(37,206)
Total term loan borrowings	$ 200,000

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2025	Mar. 31, 2024
Pay vs Performance Disclosure
Net Income (Loss)	$ (94,316)	$ (82,852)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-6

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-4

Reference 17: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-10

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479105/946-220-45-7

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 23: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-7

Reference 34: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 37: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Stockholders' Equity - Summary of PSU and RSUs Activity Under the 2019 Incentive Award Plan (Details) - 2019 Incentive Award Plan	3 Months Ended
	Mar. 31, 2025 $ / shares shares
Performance-Based Stock Units (PSU)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested Beginning Balance \| shares	0
Stock awards, granted \| shares	585,400
Number of Stock Units, Vested \| shares	0
Number of Stock Units, Forfeited \| shares	(1,600)
Unvested Ending Balance \| shares	583,800
Weighted Average Grant Date Fair Value Per Share, Unvested Beginning Balance \| $ / shares	$ 0
Weighted Average Grant Date Fair Value Per Share, Granted \| $ / shares	5.76
Weighted Average Grant Date Fair Value Per Share, Vested \| $ / shares	0
Weighted Average Grant Date Fair Value Per Share, Forfeited \| $ / shares	5.76
Weighted Average Grant Date Fair Value Per Share, Unvested Ending Balance \| $ / shares	$ 5.76
Restricted Stock Units (RSUs)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested Beginning Balance \| shares	2,382,660
Stock awards, granted \| shares	1,512,338
Number of Stock Units, Vested \| shares	(508,568)
Number of Stock Units, Forfeited \| shares	(72,803)
Unvested Ending Balance \| shares	3,313,627
Weighted Average Grant Date Fair Value Per Share, Unvested Beginning Balance \| $ / shares	$ 10.32
Weighted Average Grant Date Fair Value Per Share, Granted \| $ / shares	5.76
Weighted Average Grant Date Fair Value Per Share, Vested \| $ / shares	8.98
Weighted Average Grant Date Fair Value Per Share, Forfeited \| $ / shares	10.81
Weighted Average Grant Date Fair Value Per Share, Unvested Ending Balance \| $ / shares	$ 8.43

Lease Commitments - Additional Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2025 USD ($) Option	Mar. 31, 2024 USD ($)
Lessee Lease Description [Line Items]
Operating leases, rent expense	$ 0.3	$ 0.3
Cash payments for operating lease costs	0.2	0.2
Short-term lease costs	$ 1.8	$ 2.2
Buffalo Grove, Illinois
Lessee Lease Description [Line Items]
Operating leases, remaining lease terms	1 month 6 days
Operating lease number of option to extend \| Option	1
Operating lease, option to extend description	operating leases contain an option to extend the term for one additional five year period
Operating lease, renewal term	5 years
Florham Park, New Jersey
Lessee Lease Description [Line Items]
Operating leases, remaining lease terms	4 months 24 days
Operating lease number of option to extend \| Option	1
Operating lease, option to extend description	operating leases contain an option to extend the term for one additional five year period
Operating lease, renewal term	5 years

Organization, Basis of Presentation and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The unaudited condensed financial statements included herein have been prepared by the Company in accordance with GAAP, and pursuant to the rules and regulations of the Securities and Exchange Commission, or the SEC. In the opinion of management, the accompanying unaudited interim condensed financial statements include all adjustments, consisting of normal recurring adjustments, which are necessary to present fairly the Company’s financial position, results of operations, and cash flows. The interim results of operations are not necessarily indicative of the results that may occur for the full fiscal year. Certain information in the footnote disclosures of the financial statements has been condensed or omitted where it substantially duplicates information provided in the Company’s latest audited financial statements, in accordance with the rules and regulations of the SEC. These unaudited condensed financial statements should be read in conjunction with the Company’s audited financial statements and footnotes included in its Annual Report on Form 10-K for the fiscal year ended December 31, 2024, or the 2024 Form 10-K, filed with the SEC on March 7, 2025. During the three months ended March 31, 2025, there were no significant changes to the Company’s summary of significant accounting policies contained in the Company’s 2024 Form 10-K. The Company’s complete listing of significant accounting policies is set forth in Note 1 of the notes to the audited financial statements in the Company's 2024 Form 10-K. Selected significant accounting policies are discussed in detail below.
Use of Estimates	Use of Estimates The preparation of the Company’s unaudited condensed interim financial statements requires management to make estimates and assumptions that impact the reported amounts of assets, liabilities, revenues and expenses, and the disclosure of contingent assets and liabilities in the Company’s unaudited condensed interim financial statements and accompanying notes. The most significant estimates in the Company’s unaudited condensed interim financial statements relate to accruals for net product revenues and the valuation for the revenue interest financing liability. In addition, management’s assessment of the Company’s ability to continue as a going concern involves the estimation of the amount and timing of future cash inflows and outflows. Although these estimates are based on the Company’s knowledge of current events and actions it may undertake in the future, actual results could differ materially from those estimates and assumptions.
Fair Value Measurements	Fair Value Measurements The accounting guidance defines fair value, establishes a consistent framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring or non-recurring basis. Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the accounting guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1: Observable inputs such as quoted prices in active markets. Level 2: Inputs, other than the quoted prices in active markets that are observable either directly or indirectly. Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. The carrying amounts of the Company’s financial instruments, including cash and cash equivalents, are classified within the Level 1 designation discussed above, while accounts receivable, prepaid and other current assets, accounts payable, and accrued liabilities, approximate fair value due to their short maturities. The Company has no financial assets measured at fair value on a recurring basis. None of the Company’s non-financial assets or liabilities are recorded at fair value on a non-recurring basis. No transfers between levels have occurred during the periods presented. As of March 31, 2025 and December 31, 2024, the estimated fair value of the Company’s long-term debt approximated the carrying amount given its floating interest rate basis. The fair value of the Company’s long-term debt was estimated for disclosure purposes only and was determined based on quoted market data for valuation, and thus categorized as Level 2 in the fair value hierarchy.
Concentrations of Credit Risk	Concentrations of Credit Risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents. The Company maintains deposits in federally insured financial institutions in excess of federally insured limits. The Company has not experienced any losses in such accounts and management believes that the Company is not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held. The Company is also subject to credit risk from our accounts receivable related to our product sales. The Company monitors exposure within accounts receivable and records an allowance for credit losses as necessary. The Company extends credit primarily to wholesale distributors. Customer creditworthiness is monitored and collateral is not required. The allowance for credit losses reflects the best estimate of expected credit losses of the accounts receivable portfolio determined on the basis of historical experience, current information, and forecasts of future economic conditions. The Company determines its allowance methodology by pooling receivable balances at the customer level. The Company considers various factors, including its previous loss history, individual credit risk associated to each customer, and the current and future conditions of the general economy. These credit risk factors are monitored on a quarterly basis and updated as necessary. To the extent that any individual debtor is identified whose credit quality has deteriorated, the Company establishes allowances based on the individual risk characteristics of such customer. The Company makes concerted efforts to collect all outstanding balances due from customers; however, account balances are charged off against the allowance when management believes it is probable the receivable will not be recovered. The Company does not have any off-balance-sheet credit exposure related to customers. As of March 31, 2025, three customers accounted for 87% of the accounts receivable balance, with each of these individual customers ranging from 27% to 30% of the accounts receivable balance. As of December 31, 2024, three customers accounted for 81% of the accounts receivable balance, with each of these individual customers ranging from 25% to 31% of the accounts receivable balance. For the three months ended March 31, 2025 and 2024, three customers accounted for 76% and 70% of the product sales in each period, with each of these individual customers ranging from 24% to 27% and 20% to 25% of the product revenues, respectively.
Net Loss Per Share	Net Loss Per Share Basic net loss per share is computed by dividing the net loss by the weighted-average number of common shares outstanding and pre-funded warrants for the period, without consideration for other potentially dilutive securities. For the three months ended March 31, 2025, basic shares outstanding includes the weighted average effect of the Company’s outstanding pre-funded warrants, the exercise of which requires little or no consideration for the delivery of shares of common stock. For the three months ended March 31, 2025 and 2024, the Company had no weighted-average unvested shares to exclude from the weighted-average number of common shares outstanding. Diluted net loss per share is computed by dividing the net loss by the weighted-average number of common shares and dilutive common stock equivalents outstanding for the period determined using the treasury-stock and if-converted methods. Dilutive common stock equivalents are comprised of unvested common stock, options and warrants. For the periods presented, there is no difference in the number of shares used to calculate basic and diluted shares outstanding as inclusion of the potentially dilutive securities (warrants, stock options, and restricted stock units) would be antidilutive.
Recently Adopted and Issued Accounting Pronouncements	Recently Adopted Accounting Standards In December 2023, the FASB issued ASU 2023-09 – Income Taxes (Topic 740) – Improvements to Income Tax Disclosures, which improves income tax disclosures primarily relating to the rate reconciliation and income taxes paid information. This includes a tabular reconciliation using both percentages and reporting currency amounts, covering various tax and reconciling items, and disaggregated summaries of income taxes paid during the period. For public business entities, the guidance is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The update will be effective for the Company beginning with its 2025 annual financial statements. The Company currently expects that this standard will not have a material impact on the footnote disclosures to its annual financial statements. Recently Issued Accounting Pronouncements The Company assesses the adoption impacts of recently issued accounting standards by the Financial Accounting Standards Board or other standard setting bodies on the Company's financial statements as well as material updates to previous assessments, if any, from the Company’s 2024 Form 10-K. There were no new material accounting standards issued in the first quarter of 2025 that impacted the Company.

Subsequent Event

3 Months Ended

Mar. 31, 2025

Subsequent Events [Abstract]

Subsequent Event

10. Subsequent Event

On April 1, 2025, Steven Basta was appointed as the new Chief Executive Officer, President and as a Class I director of the Company, replacing Terrie Curran who resigned as President and Chief Executive Officer, on March 31, 2025. In connection with Mr. Basta's appointment, he entered into an employment letter agreement with the Company, setting forth the terms of his employment. The equity awards that were granted to Mr. Basta in connection with his appointment were made under the Inducement Plan as described further in Note 7 above. In connection with Ms. Curran’s separation, the Company entered into a separation agreement and estimated expense between $2 million and $3 million relating to Ms. Curran's departure will be incurred during the second quarter of 2025.

On April 29, 2025, the Company’s board of directors approved a restructuring to reduce cash burn and focus on commercial execution. The Company has decided to reduce investment in direct-to-consumer promotion and will suspend, defer, or slow several clinical and product development programs, including deferring the start of the Phase 2 eosinophilic esophagitis (EoE) trial. In connection with this restructuring, the Company expects to reduce its workforce by 28 employees or approximately 6%. In conjunction with the restructuring, Azmi Nabulsi, M.D., Chief Operating Officer, Martin Gilligan, Chief Commercial Officer, and Molly Henderson, Chief Financial and Business Officer, ceased serving in these positions at the Company, effective April 30, 2025. The Company expects to incur one-time costs of approximately $7 million to $10 million in connection with the workforce reduction. The majority of these costs will be recognized in the second quarter of 2025. These costs consist primarily of cash expenditures related to one-time termination benefits (some of which are contractual), including severance, healthcare and related benefits, and other estimated non-cash expense. The Company estimates that the workforce reduction will be substantially completed in the second quarter of 2025. The estimate of costs that the Company expects to incur and the timing thereof are subject to a number of assumptions, and actual results may differ materially. The Company may also incur additional costs not currently contemplated due to events that may occur as a result of, or that are associated with, the actions described above.

Condensed Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Gross Profit [Abstract]
Product revenue, net	$ 28,519	$ 1,912
Cost of revenue	3,724	426
Gross profit	24,795	1,486
Operating expenses:
Research and development	9,184	9,430
Selling, general and administrative	94,474	62,010
Total operating expenses	103,658	71,440
Loss from operations	(78,863)	(69,954)
Other (expense) income:
Interest income	2,640	4,313
Interest expense	(18,071)	(17,168)
Other expense, net	(22)	(43)
Total other expense	(15,453)	(12,898)
Net loss and comprehensive loss	$ (94,316)	$ (82,852)
Net loss per share, basic	$ (1.31)	$ (1.42)
Net loss per share, diluted	$ (1.31)	$ (1.42)
Weighted Average Number of Shares Outstanding, Basic	71,969,411	58,371,480
Weighted-average shares of common stock outstanding, diluted	71,969,411	58,371,480

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Rule 10b5-1 Arrangement Modified	false
Non-Rule 10b5-1 Arrangement Modified	false

Organization, Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Details)		3 Months Ended		12 Months Ended	73 Months Ended
	Aug. 20, 2024 USD ($) shares	Mar. 31, 2025 USD ($) Customers Segment shares	Mar. 31, 2024 Customers shares	Dec. 31, 2024 Customers	Mar. 31, 2025 USD ($) shares
Organization Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Fair value liability, transfers into level 3		$ 0
Number of operating segment \| Segment		1
Unvested Shares
Organization Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Unvested shares excluded from computation of weighted average earnings per share \| shares		0	0
Accounts Receivable
Organization Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Number of customers accounted for accounts receivable \| Customers		3		3
Product Sales
Organization Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Number of customers accounted for product sales \| Customers		3	3
Customer Concentration Risk \| Minimum \| Accounts Receivable
Organization Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Concentration of risk percentage		27.00%		25.00%
Customer Concentration Risk \| Minimum \| Product Sales
Organization Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Concentration of risk percentage		24.00%	20.00%
Customer Concentration Risk \| Maximum \| Accounts Receivable
Organization Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Concentration of risk percentage		30.00%		31.00%
Customer Concentration Risk \| Maximum \| Product Sales
Organization Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Concentration of risk percentage		27.00%	25.00%
Employee One \| Customer Concentration Risk \| Accounts Receivable
Organization Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Concentration of risk percentage		87.00%		81.00%
Employee Two \| Customer Concentration Risk \| Product Sales
Organization Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Concentration of risk percentage		76.00%	70.00%
Fair Value, Nonrecurring
Organization Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Non-financial assets fair value disclosure		$ 0			$ 0
Non-financial liabilities fair value disclosure		0			0
Fair Value, Recurring
Organization Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Financial assets fair value disclosure		$ 0			$ 0
IPO and ATM \| Common Stock
Organization Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Common stock shares issued \| shares					34,737,032
Warrants issued to purchase shares \| shares		2,608,922			2,608,922
Net proceeds from issuance of common stock					$ 543,300,000
Underwritten Public Offering
Organization Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Net proceeds after deducting underwriters commission	$ 121,800,000
Underwritten Public Offering \| Common Stock
Organization Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Common stock shares issued \| shares	8,695,652
Warrants issued to purchase shares \| shares	2,608,922

Revenue Recognition

3 Months Ended

Mar. 31, 2025

Revenue from Contract with Customer [Abstract]

Revenue Recognition

8. Revenue Recognition

To date, our only source of revenue has been from the U.S. sales of VOQUEZNA products, which the Company began selling during the fourth quarter of 2023. The Company records its best estimate of chargebacks, sales discounts and other reserves to which customers are likely expected to be entitled to as contra accounts receivable charges, and within accrued expenses if payable to a third-party or related to product returns on the condensed balance sheets. During the three months ended March 31, 2025 and 2024, the Company recognized $28.5 million and $1.9 million, respectively, of net product revenues related to sales of VOQUEZNA, VOQUEZNA DUAL PAK and VOQUEZNA TRIPLE PAK.

The following table provides a summary of the Company's revenue allowances and related accruals for the three months ended March 31, 2025 which have been deducting in arriving at product revenues, net (in thousands):


	Customer Credits, Discounts and Allowance			Rebates, Returns and Co-Pay Assistance
	(contra accounts receivable)			(accrued expenses)			Total
Balance as of January 1, 2025	$	5,659		$	29,987		$	35,646
Accruals		9,844			22,070			31,914
Utilizations		(10,872	)		(21,844	)		(32,716	)
Balance as of March 31, 2025	$	4,631		$	30,213		$	34,844

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2025

Summary of PSU Activity Under the 2019 Incentive Award Plan

The following table summarizes PSU activity under the 2019 Plan during the three months ended March 31, 2025:


	Number of Stock Units			Weighted- Average Grant Date Fair Value Per Share
Unvested balance at January 1, 2025		—		$	—
Granted		585,400			5.76
Vested		—			—
Forfeited		(1,600	)		5.76
Unvested balance at March 31, 2025		583,800		$	5.76

Summary of Weighted-Average Assumptions Used to Estimate Fair Value of Stock Options Granted and ESPP Awards

The weighted-average assumptions used to estimate the fair value of ESPP awards using the Black-Scholes option valuation model were as follows:


	Three Months Ended March 31,
	2025	2024
Assumptions:
Expected term (in years)	0.49	0.49
Expected volatility	86.93%	119.08%
Risk free interest rate	4.26%	5.16%
Dividend yield	—	—

Summary of Stock Option Activity

A summary of the Company’s stock option activity and related information is as follows:


	Options Outstanding			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term		Aggregate Intrinsic Value (in thousands)
Balance at January 1, 2025		6,157,532		$	10.29		7.59	$	2,133
Options granted		954,077			5.77
Options exercised		—			—
Options cancelled		(64,232	)		9.76
Balance at March 31, 2025		7,047,377		$	9.68		7.66	$	489
Options exercisable as of March 31, 2025		3,562,844		$	11.15		6.50	$	—
Vested and expected to vest as of March 31, 2025		7,047,377		$	9.68		7.66	$	489

Summary of Weighted-Average Assumptions Used to Estimate Fair Value of Stock Options

The weighted-average assumptions used to estimate the fair value of stock options using the Black-Scholes option valuation model were as follows:


	Three Months Ended March 31,
	2025	2024
Assumptions:
Expected term (in years)	6.08	6.07
Expected volatility	83.38%	74.61%
Risk free interest rate	4.16%	4.05%
Dividend yield	—	—

Summary of Stock-Based Compensation Expense

Stock-based compensation expense recognized for all equity awards has been reported in the condensed statements of operations and comprehensive loss as follows (in thousands):


	Three Months Ended March 31,
	2025		2024
Research and development expense	$	1,330	$	1,249
Selling, general and administrative expense		4,210		4,377
Total	$	5,540	$	5,626

Restricted Stock Units (RSUs)

Summary of Unvested Shares

The following table summarizes RSU activity under the 2019 Plan during the three months ended March 31, 2025:


	Number of Stock Units			Weighted- Average Grant Date Fair Value Per Share
Unvested balance at January 1, 2025		2,382,660		$	10.32
Granted		1,512,338			5.76
Vested		(508,568	)		8.98
Forfeited		(72,803	)		10.81
Unvested balance at March 31, 2025		3,313,627		$	8.43