PHAT — what changed in the latest 10-Q
A section-by-section comparison of PHAT's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-10-29 vs the prior 10-Q · 2026-07-30
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +32 | −23 | ~19 | 49 |
| Market risk (Item 3) | No paragraph-level changes | 0 | 0 | 0 | 0 |
| Controls & procedures | Text added/removed | 0 | 0 | ~1 | 3 |
| Legal proceedings | Text added/removed | +1 | 0 | ~1 | 0 |
| Risk factors | Some risk factors updated | +6 | 0 | 0 | 0 |
| Other information | Text added/removed | 0 | 0 | ~1 | 0 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-10-29
In the fourth quarter of 2025, we initiated a Phase 2 clinical trial evaluating vonoprazan in the treatment of adults with eosinophilic esophagitis, or EoE. In June 2026, we announced that we completed enrollment ahead of schedule in the Phase 2 EoE clinical trial study. The study has enrolled 95 pa…
In September 2026, we announced the initiation of pHalcon-NERD-302, a registrational Phase 3 study evaluating an as-needed (PRN or on-demand) investigational dosing regimen of VOQUEZNA tablets in adults with Non-Erosive Gastroesophageal Reflux Disease, or Non-Erosive GERD (NERD). Topline results are…
While our current focus is on continued U.S. commercialization of VOQUEZNA products for GERD and H. pylori, we are also selectively evaluating other life-cycle management opportunities for vonoprazan. We may also explore the potential for vonoprazan in Europe and Canada, as well as opportunities to …
We commenced our operations in 2018 and have devoted substantially all of our resources to date to organizing and staffing our company, business planning, raising capital, in-licensing vonoprazan, meeting with regulatory authorities, managing our clinical trials of vonoprazan, preparing for commerci…
As of September 30, 2026, we had cash and cash equivalents of $184.6 million. Based on our current operating plan, we believe that our existing cash and cash equivalents together with our anticipated product revenues, are sufficient to fund operations for at least the next twelve months. We have bas…
Text removed vs the prior filing · source: 10-Q · 2026-07-30
In the fourth quarter of 2025, we initiated a Phase 2 clinical trial evaluating vonoprazan in the treatment of adults with eosinophilic esophagitis, or EoE. In June 2026, we announced that we completed enrollment ahead of schedule in the Phase 2 EoE clinical trial study. The study has enrolled 95 pa…
We commenced our operations in 2018 and have devoted substantially all of our resources to date to organizing and staffing our company, business planning, raising capital, in-licensing vonoprazan, meeting with regulatory authorities, managing our clinical trials of vonoprazan, preparing for commerci…
As of June 30, 2026, we had cash and cash equivalents of $182.5 million. Based on our current operating plan, we believe that our existing cash and cash equivalents together with our anticipated product revenues, are sufficient to fund operations for at least the next twelve months. We have based th…
Since inception, we have incurred significant operating losses. Our net losses were $48.0 million and $170.1 million for the six months ended June 30, 2026 and 2025, respectively. As of June 30, 2026, we had an accumulated deficit of $1.5 billion. If we do not achieve our operating plan or, if our r…
In May 2025, we implemented a cost reduction and organizational restructuring plan to reduce cash burn and focus resources on commercial execution. In connection with the restructuring, our workforce was reduced by 26 employees, or approximately 6%, including certain leadership changes all designed …
Legal proceedings
Text added vs the prior filing · source: 10-Q · 2026-10-29
On October 21, 2026, BDR Pharmaceuticals International Pvt. Ltd., or BDR, sued the FDA and related federal defendants in the U.S. District Court for the District of Columbia. The suit mainly challenges the FDA's alleged refusal to receive BDR's abbreviated new drug application, or ANDA, referencing …
Risk factors
Text added vs the prior filing · source: 10-Q · 2026-10-29
There have been no material changes to the risk factors disclosed in Part I, Item 1A, “Risk Factors” of our 2025 Form 10-K, other than as set forth below.
An adverse outcome in litigation challenging FDA's recognition of GAIN Act-extended NCE exclusivity for VOQUEZNA tablets, or in related FDA proceedings, could result in earlier generic competition than expected and adversely affect our business.
As previously disclosed, in June 2025, the FDA granted our Citizen Petition and updated the Orange Book to reflect NCE exclusivity for VOQUEZNA (vonoprazan) tablets through May 3, 2032, based on the extension provided under the GAIN Act. All three of our VOQUEZNA products have NCE exclusivity throug…
In October 2026, BDR Pharmaceuticals International Pvt. Ltd., or BDR, filed a lawsuit against the FDA and related federal defendants challenging the FDA's application of the GAIN Act to extend NCE exclusivity for VOQUEZNA tablets and its alleged refusal to receive BDR's ANDA. We have intervened in t…
We believe the FDA correctly determined VOQUEZNA's exclusivity, but there can be no assurance that the FDA will maintain its determination or that a court will uphold it. An adverse outcome could shorten VOQUEZNA tablets' regulatory exclusivity, permit earlier submission and potential approval of AN…
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice