Filing Details
- Accession Number:
- 0001193125-20-170625
- Form Type:
- 13D Filing
- Publication Date:
- 2020-06-16 19:37:03
- Filed By:
- Frazier Life Sciences Ix, L.p.
- Company:
- Phathom Pharmaceuticals Inc. (NASDAQ:PHAT)
- Filing Date:
- 2020-06-17
- SEC Url:
- 13D Filing
Please notice the below summary table is generated without human intervention and may contain errors. Please refer to the complete filing displayed below for exact figures.
| Name | Sole Voting Power | Shared Voting Power | Sole Dispositive Power | Shared Dispositive Power | Aggregate Amount Owned Power | Percent of Class |
|---|---|---|---|---|---|---|
| Frazier Life Sciences IX | 0 | 5,827,415 | 0 | 5,827,415 | 5,827,415 | 20.1% |
| FHMLS IX | 0 | 5,827,415 | 0 | 5,827,415 | 5,827,415 | 20.1% |
| FHMLS IX | 0 | 5,827,416 | 0 | 5,827,416 | 5,827,416 | 20.1% |
| James Topper | 16,508 | 5,827,416 | 16,508 | 5,827,416 | 5,843,924 | 20.2% |
| Patrick Heron | 14,937 | 5,827,416 | 14,937 | 5,827,416 | 5,842,353 | 20.2% |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 1)*
Phathom Pharmaceuticals, Inc.
(Name of Issuer)
Common Stock
(Title of Class of Securities)
71722W107
(CUSIP Number)
Steve R. Bailey
Frazier Healthcare Partners
601 Union Street, Suite 3200
Seattle, WA 98101
Telephone: (206) 621-7200
(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)
June 12, 2020
(Date of Event Which Requires Filing of This Statement)
If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. ☐
Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See §240.13d-7 for other parties to whom copies are to be sent.
| * | The remainder of this cover page shall be filled out for a reporting persons initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page. |
The information required on the remainder of this cover page shall not be deemed to be filed for the purpose of Section 18 of the Securities Exchange Act of 1934 (Act) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).
CUSIP No. 71722W107
| 1. | Name of Reporting Persons.
Frazier Life Sciences IX, L.P. | |||||
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions) (a) ☐ (b) ☒
| |||||
| 3. | SEC USE ONLY
| |||||
| 4. | Source of Funds (See Instructions)
WC | |||||
| 5. | Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)
☐ | |||||
| 6. | Citizenship or Place of Organization
Delaware | |||||
| Number of Shares Beneficially Owned by Each Reporting Person With:
| 7. | Sole Voting Power
0 shares | ||||
| 8. | Shared Voting Power
5,827,415 shares (1) | |||||
| 9. | Sole Dispositive Power
0 shares | |||||
| 10. | Shared Dispositive Power
5,827,415 shares (1) | |||||
| 11. | Aggregate Amount Beneficially Owned by Each Reporting Person
5,827,415 shares (1) | |||||
| 12. | Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)
☐ | |||||
| 13. | Percent of Class Represented by Amount in Row (11)
20.1% (2) | |||||
| 14. | Type of Reporting Person (See Instructions)
PN | |||||
| (1) | Consists of 5,827,415 shares of Common Stock held directly by Frazier Life Sciences IX, L.P. FHMLS IX, L.P. is the general partner of Frazier Life Sciences IX, L.P. and FHMLS IX, L.L.C. is the general partner of FHMLS IX, L.P. Patrick Heron and James Topper are the members of FHMLS IX, L.L.C. and therefore share voting and investment power over the shares held by Frazier Life Sciences IX, L.P. |
| (2) | Based on 28,964,506 shares of Common Stock that were outstanding as of May 5, 2020 as set forth in the Issuers Form 10-Q filed with the SEC on May 12, 2020. |
Page 2
CUSIP No. 71722W107
| 1. | Name of Reporting Persons.
FHMLS IX, L.P. | |||||
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions) (a) ☐ (b) ☒
| |||||
| 3. | SEC USE ONLY
| |||||
| 4. | Source of Funds (See Instructions)
AF | |||||
| 5. | Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)
☐ | |||||
| 6. | Citizenship or Place of Organization
Delaware | |||||
| Number of Shares Beneficially Owned by Each Reporting Person With:
| 7. | Sole Voting Power
0 shares | ||||
| 8. | Shared Voting Power
5,827,415 shares (1) | |||||
| 9. | Sole Dispositive Power
0 shares | |||||
| 10. | Shared Dispositive Power
5,827,415 shares (1) | |||||
| 11. | Aggregate Amount Beneficially Owned by Each Reporting Person
5,827,415 shares (1) | |||||
| 12. | Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)
☐ | |||||
| 13. | Percent of Class Represented by Amount in Row (11)
20.1% (2) | |||||
| 14. | Type of Reporting Person (See Instructions)
PN | |||||
| (1) | Consists of 5,827,415 shares of Common Stock held directly by Frazier Life Sciences IX, L.P. FHMLS IX, L.P. is the general partner of Frazier Life Sciences IX, L.P. and FHMLS IX, L.L.C. is the general partner of FHMLS IX, L.P. Patrick Heron and James Topper are the members of FHMLS IX, L.L.C. and therefore share voting and investment power over the shares held by Frazier Life Sciences IX, L.P. |
| (2) | Based on 28,964,506 shares of Common Stock that were outstanding as of May 5, 2020 as set forth in the Issuers Form 10-Q filed with the SEC on May 12, 2020. |
Page 3
CUSIP No. 71722W107
| 1. | Name of Reporting Persons.
FHMLS IX, L.L.C. | |||||
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions) (a) ☐ (b) ☒
| |||||
| 3. | SEC USE ONLY
| |||||
| 4. | Source of Funds (See Instructions)
AF | |||||
| 5. | Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)
☐ | |||||
| 6. | Citizenship or Place of Organization
Delaware | |||||
| Number of Shares Beneficially Owned by Each Reporting Person With: | 7. | Sole Voting Power
0 shares | ||||
| 8. | Shared Voting Power
5,827,416 shares (1) | |||||
| 9. | Sole Dispositive Power
0 | |||||
| 10. | Shared Dispositive Power
5,827,416 shares (1) | |||||
| 11. | Aggregate Amount Beneficially Owned by Each Reporting Person
5,827,416 shares (1) | |||||
| 12. | Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)
☐ | |||||
| 13. | Percent of Class Represented by Amount in Row (11)
20.1% (2) | |||||
| 14. | Type of Reporting Person (See Instructions)
OO | |||||
| (1) | Consists of (i) 5,827,415 shares of Common Stock held directly by Frazier Life Sciences IX, L.P and (ii) 1 share of Common Stock held directly by FHMLS IX, L.L.C. FHMLS IX, L.P. is the general partner of Frazier Life Sciences IX, L.P. and FHMLS IX, L.L.C. is the general partner of FHMLS IX, L.P. Patrick Heron and James Topper are the members of FHMLS IX, L.L.C. and therefore share voting and investment power over the shares held by Frazier Life Sciences IX, L.P. and FHMLS IX, L.L.C. |
| (2) | Based on 28,964,506 shares of Common Stock that were outstanding as of May 5, 2020 as set forth in the Issuers Form 10-Q filed with the SEC on May 12, 2020. |
Page 4
CUSIP No. 71722W107
| 1. | Name of Reporting Persons.
James Topper | |||||
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions) (a) ☐ (b) ☒
| |||||
| 3. | SEC USE ONLY
| |||||
| 4. | Source of Funds (See Instructions)
AF | |||||
| 5. | Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)
☐ | |||||
| 6. | Citizenship or Place of Organization
United States Citizen | |||||
| Number of Shares Beneficially Owned by Each Reporting Person With: | 7. | Sole Voting Power
16,508 shares (1) | ||||
| 8. | Shared Voting Power
5,827,416 shares (1) | |||||
| 9. | Sole Dispositive Power
16,508 shares (1) | |||||
| 10. | Shared Dispositive Power
5,827,416 shares (1) | |||||
| 11. | Aggregate Amount Beneficially Owned by Each Reporting Person
5,843,924 shares (1) | |||||
| 12. | Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)
☐ | |||||
| 13. | Percent of Class Represented by Amount in Row (11)
20.2% (2) | |||||
| 14. | Type of Reporting Person (See Instructions)
IN | |||||
| (1) | Consists of (i) 5,827,415 shares of Common Stock held directly by Frazier Life Sciences IX, L.P, (ii) 1 share of Common Stock held directly by FHMLS IX, L.L.C., (iii) 12,596 shares of Common Stock held directly by James Topper and (iv) 3,912 shares of Common Stock held by Topper Group III LLC. FHMLS IX, L.P. is the general partner of Frazier Life Sciences IX, L.P. and FHMLS IX, L.L.C. is the general partner of FHMLS IX, L.P. Patrick Heron and James Topper are the members of FHMLS IX, L.L.C. and therefore share voting and investment power over the shares held by Frazier Life Sciences IX, L.P. and FHMLS IX, L.L.C. Dr. Topper is a manager of Topper Group III LLC and shares voting and investment power over the shares held by Topper Group III LLC. |
| (2) | Based on 28,964,506 shares of Common Stock that were outstanding as of May 5, 2020 as set forth in the Issuers Form 10-Q filed with the SEC on May 12, 2020. |
Page 5
CUSIP No. 71722W107
| 1. | Name of Reporting Persons.
Patrick Heron | |||||
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions) (a) ☐ (b) ☒
| |||||
| 3. | SEC USE ONLY
| |||||
| 4. | Source of Funds (See Instructions)
AF | |||||
| 5. | Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)
☐ | |||||
| 6. | Citizenship or Place of Organization
United States Citizen | |||||
| Number of Shares Beneficially Owned by Each Reporting Person With: | 7. | Sole Voting Power
14,937 shares (1) | ||||
| 8. | Shared Voting Power
5,827,416 shares (1) | |||||
| 9. | Sole Dispositive Power
14,937 shares (1) | |||||
| 10. | Shared Dispositive Power
5,827,416 shares (1) | |||||
| 11. | Aggregate Amount Beneficially Owned by Each Reporting Person
5,842,353 shares (1) | |||||
| 12. | Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)
☐ | |||||
| 13. | Percent of Class Represented by Amount in Row (11)
20.2% (2) | |||||
| 14. | Type of Reporting Person (See Instructions)
IN | |||||
| (1) | Consists of (i) 5,827,415 shares of Common Stock held directly by Frazier Life Sciences IX, L.P, (ii) 1 share of Common Stock held directly by FHMLS IX, L.L.C. and (iii) 14,937 shares of Common Stock held by The Heron Living Trust 11/30/2004. FHMLS IX, L.P. is the general partner of Frazier Life Sciences IX, L.P. and FHMLS IX, L.L.C. is the general partner of FHMLS IX, L.P. Patrick Heron and James Topper are the members of FHMLS IX, L.L.C. and therefore share voting and investment power over the shares held by Frazier Life Sciences IX, L.P. and FHMLS IX, L.L.C. Dr. Heron is the co-trustee of The Heron Living Trust 11/30/2004 and has voting and investment power over the shares held by The Heron Living Trust 11/30/2004. |
| (2) | Based on 28,964,506 shares of Common Stock that were outstanding as of May 5, 2020 as set forth in the Issuers Form 10-Q filed with the SEC on May 12, 2020. |
Page 6
CUSIP No. 71722W107
| Item 1. | Security and Issuer. |
This Amendment No. 1 (Amendment No. 1) to Schedule 13D amends the statement on Schedule 13D filed on November 6, 2019 (the Original Schedule 13D and together with this Amendment No. 1, the Schedule 13D) with respect to the Common Stock of Phathom Pharmaceuticals, Inc. (the Issuer), having its principal executive office at 2150 E. Lake Cook Road, Suite 800, Buffalo Grove, Illinois 60089. Except as otherwise specified in this Amendment No. 1, all items in the Original Schedule 13D are unchanged. All capitalized terms used in this Amendment No. 1 and not otherwise defined herein have the meanings ascribed to such terms in the Original Schedule 13D.
| Item 3. | Source and Amount of Funds or Other Consideration |
Prior to the Issuers initial public offering (the IPO), FLS IX purchased from the Issuer (including shares purchased from YamadaCo IIA, Inc., which merged with and into the Issuer on March 13, 2019) in a series of private transactions, 4,877,998 shares of Common Stock and unsecured convertible promissory notes representing a principal amount of $20,000,000, such that the aggregate purchase price for both the shares of Common Stock and the unsecured convertible promissory notes is equal to $20,001,442.92. Upon closing of the IPO, the principal amount and accrued interest owed under the unsecured convertible promissory notes held by FLS IX automatically converted into 1,353,640 shares of Common Stock of the Issuer, resulting in FLS IX holding a total of 6,231,638 shares of Common Stock at such time. In addition, at the time of the IPO, FLS IX purchased an aggregate of 1,052,631 shares of Common Stock of the Issuer at the IPO price of $19.00 per share, resulting in FLS holding a total of 7,284,269 shares of the Issuers Common Stock at such time. On June 12, 2020, FLS IX effected an in-kind pro rata stock distribution, pursuant to which it distributed a total of 1,456,854 shares of the Issuers Common Stock to its limited partners and general partner, including FHMLS IX, L.L.C., Topper and Heron. FLS IX holds 5,827,415 shares of Common Stock of the Issueras of the date of this filing (the FLS Shares), FHMLS IX, L.L.C. holds 1 share of Common Stock of the Issueras of the date of this filing (the FHMLS IX, L.L.C. Share), Heron holds 14,937 shares of Common Stock of the Issueras of the date of this filing, which shares are held by The Heron Living Trust 11/30/2004, of which Heron is the co-trustee (the Heron Shares), and Topper holds 16,508 shares of Common Stock of the Issueras of the date of this filing, 12,596 of such shares are held directly by Topper and the remaining 3,912 shares are held by Topper Group III LLC, of which Topper is a manager (the Topper Shares).
The working capital of FLS IX was the source of the funds for the purchase of the FLS Shares. No part of the purchase price of the FLS Shares was represented by funds or other consideration borrowed or otherwise obtained for the purpose of acquiring, holding, trading or voting the FLS Shares, the FHMLS IX, L.L.C. Shares, the Heron Shares or the Topper Shares.
| Item 5. | Interest in Securities of the Issuer |
| (a) | FLS IX is the record owner of the FLS Shares. As the sole general partner of FLS IX, FHMLS IX, L.P. may be deemed to beneficially own the FLS Shares. As the sole general partner of FHMLS IX, L.P., FHMLS IX, L.L.C. may be deemed to beneficially own the FLS Shares. As members of FHMLS IX, L.L.C., each of the Members may be deemed to beneficially own the FLS Shares. |
FHMLS IX, L.L.C. is the record owner of the FHMLS IX, L.L.C. Share. As members of FHMLS IX, L.L.C., each of the Members may be deemed to beneficially own the FHMLS IX, L.L.C. Share.
Heron is the beneficial owner of the Heron Shares.
Page 7
Topper is the beneficial owner of the Topper Shares.
The percentage of outstanding Common Stock of the Issuer, which may be deemed to be beneficially owned by each Reporting Person, is set forth on Line 13 of such Reporting Persons cover sheet. Such percentage was calculated based on the 28,964,506 shares of Common Stock outstanding on May 5, 2020 as set forth in the Issuers Form 10-Q filed with the SEC on May 12, 2020.
| (b) | Regarding the number of shares as to which such person has: |
| a. | Sole power to vote or to direct the vote: See line 7 of cover sheets. |
| b. | Shared power to vote or to direct the vote: See line 8 of cover sheets. |
| c. | Sole power to dispose or to direct the disposition: See line 9 of cover sheets. |
| d. | Shared power to dispose or to direct the disposition: See line 10 of cover sheets. |
| (c) | Information with respect to transactions in the Securities which were effected within the past sixty days or since the most recent filing on Schedule 13D, whichever is less, by the Reporting Persons is set forth below. |
FLS IX:
| Date of Transaction | Type of Transaction | Quantity | Class of Stock | Price Per Share (excluding commissions) | ||||
| 6/12/2020 | In-Kind Stock Distribution* | 1,456,854 | Common Stock | N/A |
| * | FLS IX effected an in-kind pro rata stock distribution, pursuant to which it distributed a total of 1,456,854 shares of the Issuers Common Stock to its limited partners and general partner. |
FHMLS IX, L.P.:
| Date of Transaction | Type of Transaction | Quantity | Class of Stock | Price Per Share (excluding commissions) | ||||
| N/A | N/A | N/A | N/A | N/A |
FHMLS IX, L.L.C:
| Date of Transaction | Type of Transaction | Quantity | Class of Stock | Price Per Share (excluding commissions) | ||||
| 6/12/2020 | In-Kind Stock Distribution** | 1 | Common Stock | N/A |
| ** | Received 1 share of the Issuers Common Stock from FLS IX as a result of its in-kind stock distribution. |
Heron:
Page 8
| Date of Transaction | Type of Transaction | Quantity | Class of Stock | Price Per Share (excluding commissions) | ||||
| 6/12/2020 | In-Kind Stock Distribution*** | 14,937 | Common Stock | N/A |
| *** | Received 14,937 shares of the Issuers Common Stock from FLS IX as a result of its in-kind stock distribution. These shares are held by The Heron Living Trust 11/30/2004, of which Heron is the co-trustee. |
Topper:
| Date of Transaction | Type of Transaction | Quantity | Class of Stock | Price Per Share (excluding commissions) | ||||
| 6/12/2020 | In-Kind Stock Distribution**** | 16,508 | Common Stock | N/A |
| **** | Received 16,508 shares of the Issuers Common Stock from FLS IX as a result of its in-kind stock distribution. 12,596 of such shares are held directly by Topper and the remaining 3,912 shares are held by Topper Group III LLC, of which Topper is a manager. |
| (d) | No other person is known to have the right to receive or the power to direct the receipt of dividends from, or any proceeds from the sale of, the FLS Shares, the FHMLS IX, L.L.C. Share, the Heron Shares or the Topper Shares beneficially owned by any of the Reporting Persons, other than the respective limited partners, general partners, members and/or beneficiaries of such Reporting Persons. |
| (e) | Not applicable. |
Page 9
SIGNATURES
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
| Date: June 16, 2020 | FRAZIER LIFE SCIENCES IX, L.P. | |||||
| By FHMLS IX, L.P., its general partner | ||||||
| By FHMLS IX, L.L.C., its general partner | ||||||
| By: | /s/ Steve R. Bailey | |||||
| Steve R. Bailey, Chief Financial Officer | ||||||
| Date: June 16, 2020 | FHMLS IX, L.P. | |||||
| By FHMLS IX, L.L.C., its general partner | ||||||
| By: | /s/ Steve R. Bailey | |||||
| Steve R. Bailey, Chief Financial Officer | ||||||
| Date: June 16, 2020 | FHMLS IX, L.L.C. | |||||
| By: | /s/ Steve R. Bailey | |||||
| Steve R. Bailey, Chief Financial Officer | ||||||
| Date: June 16, 2020 | By: | * | ||||
| James Topper | ||||||
| Date: June 16, 2020 | By: | * | ||||
| Patrick Heron | ||||||
| Date: June 16, 2020 | *By: | /s/ Steve R. Bailey | ||||
| Steve R. Bailey, as Attorney-in-Fact | ||||||
This Schedule 13D was executed by Steve R. Bailey on behalf of the individuals listed above pursuant to a Power of Attorney, a copy of which was filed with the SEC on July 31, 2017.
Page 10