Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-10-08

Phathom Pharmaceuticals, Inc. (PHAT)

CEO Steven Basta was paid $6,968,070 in fiscal year 2025, the 44th percentile of its disclosed peer group (SEC filing 0001193125-26-144570 ↗): executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$6,968,070
Steven Basta total, FY2025
44th
CEO pay percentile vs peers
—
CEO-to-median pay ratio
94.61%
Say-on-pay support, latest vote

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PHAT's next annual pay disclosure, estimated March 22, 2027.est. Filing ↗

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Steven Basta$525,000$0$1,986,600$3,983,144$455,701$0$17,625$6,968,070
President and Chief Executive Officer
Terrie Curran184,0000473,4721,445,213002,834,1064,936,791
Former President and Chief Executive Officer
Sanjeev Narula131,44201,671,8401,726,00081,49407,1863,617,962
Chief Financial and Business Officer
Azmi Nabulsi219,7500532,224232,078001,730,2622,714,314
Former Chief Operating Officer
Anne Marie Cook261,4940199,9201,475,943145,914016,7312,100,002
Chief Legal Officer and Secretary

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY2024→2025
Steven Basta$6,968,070———
Terrie Curran4,936,7913,564,8833,411,022↑ +1,371,908
Sanjeev Narula3,617,962———
Azmi Nabulsi2,714,3141,566,5412,035,913↑ +1,147,773
Anne Marie Cook2,100,002———

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

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$6,968,070 Steven Basta total, FY2025

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Data as of October 8, 2026 · Source: 0001193125-26-144570 · Velarion Executive Compensation Database, deposited on Zenodo (doi:10.5281/zenodo.22283855).

Reports for PHAT

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Companies that benchmark against PHAT
5 companies name PHAT as a compensation peer

Each company listed discloses PHAT in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named PHAT in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

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01c

Board of directors

One page per director: the seat, the committees and the fee table, read for one person at a time.

DirectorRoleFY2025 total
Asit ParikhIndependent Director$182,253
David SocksFormer director (through FY2025)$28,333
Frank KarbeIndependent Director$176,420
Heidi KunzIndependent Director$186,420
James TopperIndependent Director$169,753
Mark StenhouseIndependent Director$173,920
Michael F. ColaChair of the Board$224,753
Theodore R. SchroederIndependent Director$242,309
02

Equity transactions since the proxy statement was filed

Every insider equity transaction reported on Form 4 after the 2025 proxy statement — acquisitions, dispositions, exercises, and withholdings — and therefore not reflected in any table in that document.

InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
Michael F. ColaDirector2026-05-19A24,122$0$0CommonForm 4 ↗
Mark StenhouseDirector2026-05-19A24,12200CommonForm 4 ↗
James TopperDirector2026-05-19A24,12200CommonForm 4 ↗
Frank KarbeDirector2026-05-19A24,12200CommonForm 4 ↗
Heidi FieldsDirector2026-05-19A24,12200CommonForm 4 ↗
Asit ParikhDirector2026-05-19A24,12200CommonForm 4 ↗
Theodore R. SchroederDirector2026-05-19A24,12200CommonForm 4 ↗
Asit ParikhDirector2026-05-20D17,50000Derivative, Class A CommonForm 4 ↗
Asit ParikhDirector2026-05-20A17,500586,625CommonForm 4 ↗
Asit ParikhDirector2026-05-22A28,00000CommonForm 4 ↗
Asit ParikhDirector2026-05-22D28,00000CommonForm 4 ↗
Robert Charles BreedlovePrincipal Accounting Officer2026-07-14D1,5551117,159CommonForm 4 ↗
Robert Charles BreedlovePrincipal Accounting Officer2026-09-03D46094,163CommonForm 4 ↗
Sanjeev NarulaChief Financial & Bus. Officer2026-10-06D13,485791,428CommonForm 4 ↗

Transaction codes per Form 4: A acquisition · S open-market sale · F tax withholding · M option exercise · G gift. Value = shares × price as reported. Dividend-equivalent and fractional-share accrual rows (derivative Class A, under $10,000 and under 2,000 shares) are aggregated per date; every row appears in full below.

03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Steven BastaPSU2025-04-01—180,000———
Anne Marie CookPSU2025-06-01—50,400———
Sanjeev NarulaRSU2025-10-01——144,000—1,769,760
Terrie CurranPSU2025-02-01—246,600———
Azmi NabulsiRSU2025-02-27—————
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Sanjeev Narula$1,769,760$0$00.0%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Steven BastaPSU180,000—$2,986,200
Sanjeev NarulaRSU144,000—2,388,960
Steven BastaPSU132,362—2,195,886
Azmi NabulsiRSU79,200—1,313,928
Anne Marie CookPSU37,061—614,842
Azmi NabulsiRSU36,667—608,306
Azmi NabulsiRSU15,000—248,850
Azmi NabulsiRSU2,500—41,475
Steven BastaOption1,085,0005.01—
Sanjeev NarulaOption200,00011.61—
Anne Marie CookOption210,0009.47—
Azmi NabulsiOption2,03215.21—
Azmi NabulsiOption20,3138.35—
Azmi NabulsiOption67,7097.6—
Azmi NabulsiOption55,0005.76—
05

Incentive-plan design — the Compensation Discussion & Analysis

The company's executive compensation philosophy is designed to attract, retain, and motivate individuals with superior ability, experience, and leadership capability to deliver on annual and long-term business objectives important to create stockholder value. The program aligns pay with company performance, ensuring a significant portion of compensation is 'at risk' based on performance to align the interests of executive officers and stockholders.

CEO STI target (% of salary)—
CEO LTI target (% of salary)—
Independent consultantPay Governance LLC
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingtrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-05-1944,449,7612,532,145165,67594.61%Passed
20252025-06-0324,584,7818,704,7391,185,04673.85%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20262026-05-1994.61%a
20252025-06-0373.85%b

a. Approved under the standard stated in the filing — “Abstentions are not an affirmative or negative vote on a proposal, so abstaining does not count as a vote cast and has no effect for purposes of determining whether our stockholders have ratified the appointment of Ernst & Young LLP, our independent registered public accounting firm, or whether our stockholders have approved the compensation of the named executive officers on a non-binding 4 advisory basis.”.

b. Approved under the standard stated in the filing — “Abstentions will not be counted toward the tabulation of votes cast on this proposal and will have no effect on the proposal.”.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

07

CEO pay ratio

Ratio (CEO : median employee)—
CEO total compensation—
Median employee compensation—
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Theodore R. SchroederIndependent · Audit · Partial-year service$44,863$88,725$108,721—$0$242,309
Michael F. ColaIndependent · Board Chair · Compensation (Chair) · Nominating and Corporate Governance · Partial-year service110,00051,97562,778—0224,753
Heidi KunzIndependent · Audit (Chair) · Partial-year service71,66751,97562,778—0186,420
Asit ParikhIndependent · Compensation · Nominating and Corporate Governance (Chair) · Partial-year service67,50051,97562,778—0182,253
Frank KarbeIndependent · Audit · Partial-year service61,66751,97562,778—0176,420
Mark StenhouseIndependent · Compensation · Partial-year service59,16751,97562,778—0173,920
James TopperIndependent · Nominating and Corporate Governance · Partial-year service55,00051,97562,778—0169,753
David SocksIndependent · Compensation · Not standing for re-election · Departed during FY28,33300—028,333
Steven BastaEmployee director · Partial-year service—————0
09

Board fee structure and ownership guideline

Annual cash retainer$50,000
Annual equity retainer$229,430
Per board meeting fee—
Committee chair fees (audit / comp / nom-gov)20,000 / 15,000 / 10,000
Stock ownership guideline—
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$498,197
Equity awards (grant-date value)$400,575
All other compensation$0
Total cost of the board$898,772

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

10a

Peer reciprocity

Of the companies Phathom Pharmaceuticals, Inc. names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including Phathom Pharmaceuticals, Inc..

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Cogent Biosciences, Inc.2025Andrew Robbins$724,554$12,993,250$13,447,680$561,600$27,762,684
2Biohaven Ltd.2025Vlad Coric920,4002,202,4809,900,043013,500,438
3Protagonist Therapeutics, Inc.2025Dinesh Patel715,5005,839,2045,618,010686,88012,871,506
4Crinetics Pharmaceuticals, Inc.2025R. Scott Struthers718,5003,280,5407,160,564462,35511,628,959
5Mirum Pharmaceuticals, Inc.2025Christopher Peetz755,0003,683,9044,931,3201,057,00010,441,224
6Arcus Biosciences, Inc.2025Terry Rosen775,0002,199,4506,008,860658,7509,656,813
7Travere Therapeutics, Inc.2025Eric Dube854,2503,314,5203,309,384964,1258,457,151
8Collegium Pharmaceuticals, Inc.2025Jack Yongfeng Zhang950,9113,301,9813,302,024361,0008,309,350
9Ardelyx, Inc.2025Michael Raab797,0002,953,7243,413,948627,6387,796,171
10Arcutis Biotherapeutics, Inc.2025Todd Franklin Watanabe713,3332,067,1903,848,958579,5847,223,065
11Syndax Pharmaceuticals, Inc.2025Michael Metzger754,3002,021,9653,454,360848,5887,089,213
12Phathom Pharmaceuticals, Inc.2025Steven Basta525,0001,986,6003,983,144455,7016,968,070
13Tarsus Pharmaceuticals, Inc.2025Bobak Azamian726,3332,648,2842,651,487555,7006,617,979
14Evolus, Inc.2025David Moatazedi775,0003,886,5691,296,697429,0006,412,214
15Humacyte, Inc.2025Laura Niklason633,60604,332,72505,234,908
16KalVista Pharmaceuticals, Inc.2025Benjamin Palleiko477,2023,731,160005,094,999
17Xeris Biopharma Holdings, Inc.2025John Shannon742,3342,848,000838,615607,9715,042,584
18Kura Oncology, Inc.2025Troy Wilson700,00003,297,250630,0004,735,016
19UroGen Pharma Ltd.2025Elizabeth Barrett855,5902,122,2110516,2634,310,624
20REGENXBIO Inc.2025Curran Simpson665,510777,4482,350,302387,3274,200,712
21Nuvation Bio Inc.2025David Hung650,01602,674,636536,2503,876,736
22Esperion Therapeutics, Inc.2025Sheldon Koenig770,8331,260,000847,929639,3753,535,512
23Rocket Pharmaceuticals, Inc.2025Gaurav Shah671,076806,7511,613,377403,0483,510,241
24Aclaris Therapeutics, Inc.2025Neal Walker615,000828,4261,581,615350,5503,375,591
25Coherus Biosciences, Inc.2025Dennis Lanfear1,026,5450828,130869,2952,736,874
26Ironwood Pharmaceuticals, Inc.2025Thomas McCourt867,568411,6960650,6761,948,390
27Seres Therapeutics, Inc.2025Eric Shaff408,33301,338,87001,775,549

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Phathom Pharmaceuticals, Inc.124%not disclosedNoPay Governance LLC
Aclaris Therapeutics, Inc.not disclosednot disclosednot disclosedPearl Meyer
Arcus Biosciences, Inc.100%Options 67 · RSU 33not disclosedRadford
Arcutis Biotherapeutics, Inc.125%not disclosedNoPay Governance LLC
Ardelyx, Inc.105%Options 50 · RSU 50not disclosedPearl Meyer
Biohaven Ltd.not disclosednot disclosednot disclosedAon
Cogent Biosciences, Inc.135%not disclosedNoCompensia
Coherus Biosciences, Inc.not disclosedOption 100not disclosedAon
Collegium Pharmaceuticals, Inc.not disclosedOptions 50 · RSU 50not disclosedWillis Towers Watson (WTW)
Crinetics Pharmaceuticals, Inc.not disclosedOptions 70 · RSU 30not disclosedPearl Meyer
Esperion Therapeutics, Inc.110%not disclosednot disclosednot disclosed
Evolus, Inc.55%not disclosedNoRadford, an Aon Company
Humacyte, Inc.80%not disclosednot disclosedAon plc
Ironwood Pharmaceuticals, Inc.100%RSU 50 · PSU 50not disclosedAlpine Rewards LLC
KalVista Pharmaceuticals, Inc.not disclosednot disclosedNoAon
Kura Oncology, Inc.150%not disclosedNoAlpine Rewards
Mirum Pharmaceuticals, Inc.200%Option 47.2 · PSU 17.6 · RSU 17.6NoAlpine Rewards
Nuvation Bio Inc.not disclosednot disclosednot disclosedFW Cook
Protagonist Therapeutics, Inc.160%Options 50 · RSU 50not disclosedAon Human Capital Solutions
REGENXBIO Inc.97%Options 75 · RSU 25not disclosedWillis Towers Watson
Rocket Pharmaceuticals, Inc.not disclosednot disclosednot disclosedSemler Brossy
Seres Therapeutics, Inc.not disclosedOptions 100not disclosedAlpine Rewards, LLC
Syndax Pharmaceuticals, Inc.150%Options 34 · PSU 33 · RSU 33Yes — Company's three-year total shareholder return (TSR) as measured against the Nasdaq Biotechnology Index components TSRsAon
Tarsus Pharmaceuticals, Inc.108%Options 50 · RSU 50NoPay Governance
Travere Therapeutics, Inc.150%not disclosedNoAon
UroGen Pharma Ltd.80%RSU 50 · PSU 50NoCompensia, Inc.
Xeris Biopharma Holdings, Inc.125%not disclosednot disclosedAon Consulting, Inc.

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

10d

Frequently asked questions

Who was the highest-paid executive at Phathom Pharmaceuticals, Inc. in fiscal 2025?
As disclosed, Steven Basta (President and Chief Executive Officer) was the highest-paid executive at Phathom Pharmaceuticals, Inc. in fiscal 2025, with total compensation of $6,968,070.
How does Phathom Pharmaceuticals, Inc.'s chief executive pay compare to its disclosed peer group?
As disclosed, Steven Basta's total compensation ranked at the 44th percentile of Phathom Pharmaceuticals, Inc.'s disclosed peer group.
How did shareholders vote on Phathom Pharmaceuticals, Inc.'s executive compensation?
As disclosed, 94.61% of shareholders supported Phathom Pharmaceuticals, Inc.'s executive compensation in the latest say-on-pay vote.
How much does Phathom Pharmaceuticals, Inc. spend in total on board compensation for fiscal 2025?
As disclosed, Phathom Pharmaceuticals, Inc. reported total board compensation of $898,772 for fiscal 2025.

Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Steven BastaDEF 14A2026-04-070001193125-26-144570Section “Executive Compensation”. As printed: 6,968,070. Filing ↗machine: r2 · c21 · span 619155–619164
2Section 01, Terrie CurranDEF 14A2026-04-070001193125-26-144570Section “Executive Compensation”. As printed: 4,936,791. Filing ↗machine: r11 · c21 · span 675346–675355
3Section 01, Sanjeev NarulaDEF 14A2026-04-070001193125-26-144570Section “Executive Compensation”. As printed: 3,617,962. Filing ↗machine: r5 · c21 · span 637886–637895
4Section 01, Azmi NabulsiDEF 14A2026-04-070001193125-26-144570Section “Executive Compensation”. As printed: 2,714,314. Filing ↗machine: r14 · c21 · span 697070–697079
5Section 01, Anne Marie CookDEF 14A2026-04-070001193125-26-144570Section “Executive Compensation”. As printed: 2,100,002. Filing ↗machine: r8 · c21 · span 656617–656626
6Section 03, Steven Basta PSUDEF 14A2026-04-070001193125-26-144570Section “LOSED IN THIS PROXY STATEMENT PURSUANT TO THE COMPENSATION DISCLOSURE RULES OF THE SEC. &” · grants of plan-based awards table. Filing ↗machine: span 856694–856701
7Section 03, Anne Marie Cook PSUDEF 14A2026-04-070001193125-26-144570Section “LOSED IN THIS PROXY STATEMENT PURSUANT TO THE COMPENSATION DISCLOSURE RULES OF THE SEC. &” · grants of plan-based awards table. Filing ↗machine: span 856820–856826
8Section 03, Sanjeev Narula RSUDEF 14A2026-04-070001193125-26-144570Section “LOSED IN THIS PROXY STATEMENT PURSUANT TO THE COMPENSATION DISCLOSURE RULES OF THE SEC. &” · grants of plan-based awards table. Filing ↗machine: span 855358–855365
9Section 03, Terrie Curran PSUDEF 14A2026-04-070001193125-26-144570Section “LOSED IN THIS PROXY STATEMENT PURSUANT TO THE COMPENSATION DISCLOSURE RULES OF THE SEC. &” · grants of plan-based awards table. Filing ↗machine: span 856536–856543
10Section 03, Azmi Nabulsi RSUDEF 14A——Section “Executive Compensation” · grants of plan-based awards table.
11Section 07, pay ratio10-K2026-02-260001193125-26-073379Section “CEO Pay Ratio”. As printed: —. Filing ↗
12Section 08, Theodore R. SchroederDEF 14A2026-04-070001193125-26-144570Section “Director Compensation”. As printed: 242,309. Filing ↗machine: span 380509–380718
13Section 08, Michael F. ColaDEF 14A2026-04-070001193125-26-144570Section “Director Compensation”. As printed: 224,753. Filing ↗machine: span 328711–328920
14Section 08, Heidi KunzDEF 14A2026-04-070001193125-26-144570Section “Director Compensation”. As printed: 186,420. Filing ↗machine: span 343420–343629
15Section 08, Asit ParikhDEF 14A2026-04-070001193125-26-144570Section “Director Compensation”. As printed: 182,253. Filing ↗machine: span 350788–350997
16Section 08, Frank KarbeDEF 14A2026-04-070001193125-26-144570Section “Director Compensation”. As printed: 176,420. Filing ↗machine: span 336066–336275
17Section 08, Mark StenhouseDEF 14A2026-04-070001193125-26-144570Section “Director Compensation”. As printed: 173,920. Filing ↗machine: span 365500–365709
18Section 08, James TopperDEF 14A2026-04-070001193125-26-144570Section “Director Compensation”. As printed: 169,753. Filing ↗machine: span 373028–373237
19Section 08, David SocksDEF 14A2026-04-070001193125-26-144570Section “Director Compensation”. As printed: 28,333. Filing ↗machine: span 352626–352834
20Section 08, Steven BastaDEF 14A2026-04-070001193125-26-144570Section “Director Compensation”. As printed: 0. Filing ↗
21Section 02, Michael F. Cola 2026-05-19Form 42026-05-210001193125-26-234566Insider equity transaction reported since the proxy statement. Filing ↗
22Section 02, Mark Stenhouse 2026-05-19Form 42026-05-210001193125-26-234568Insider equity transaction reported since the proxy statement. Filing ↗
23Section 02, James Topper 2026-05-19Form 42026-05-210001193125-26-234572Insider equity transaction reported since the proxy statement. Filing ↗
24Section 02, Frank Karbe 2026-05-19Form 42026-05-210001193125-26-234564Insider equity transaction reported since the proxy statement. Filing ↗
25Section 02, Heidi Fields 2026-05-19Form 42026-05-210001193125-26-234567Insider equity transaction reported since the proxy statement. Filing ↗
26Section 02, Asit Parikh 2026-05-19Form 42026-05-210001193125-26-234891Insider equity transaction reported since the proxy statement. Filing ↗
27Section 02, Theodore R. Schroeder 2026-05-19Form 42026-05-210001193125-26-234563Insider equity transaction reported since the proxy statement. Filing ↗
28Section 02, Asit Parikh 2026-05-20Form 42026-05-210001193125-26-234891Insider equity transaction reported since the proxy statement. Filing ↗
29Section 02, Asit Parikh 2026-05-20Form 42026-05-210001193125-26-234891Insider equity transaction reported since the proxy statement. Filing ↗
30Section 02, Asit Parikh 2026-05-22Form 42026-05-270001193125-26-241984Insider equity transaction reported since the proxy statement. Filing ↗
31Section 02, Asit Parikh 2026-05-22Form 42026-05-270001193125-26-241984Insider equity transaction reported since the proxy statement. Filing ↗
32Section 02, Robert Charles Breedlove 2026-07-14Form 42026-07-160001193125-26-306165Insider equity transaction reported since the proxy statement. Filing ↗
33Section 02, Robert Charles Breedlove 2026-09-03Form 42026-09-080001193125-26-385250Insider equity transaction reported since the proxy statement. Filing ↗
34Section 02, Sanjeev Narula 2026-10-06Form 42026-10-080001193125-26-418114Insider equity transaction reported since the proxy statement. Filing ↗
35Section 06, 2026 voteForm 8-K2026-05-210001193125-26-234379Item 5.07 · say-on-pay result. As reported: 94.61% (votes for as printed: 44,449,761). Filing ↗
36Section 06, 2025 voteForm 8-K2025-06-090001193125-25-137800Item 5.07 · say-on-pay result. As reported: 73.85% (votes for as printed: 24,584,781). Filing ↗
37Section 01 trend, Δ column (computed)Computed——Δ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
38Section 03b vehicle mix (computed)Computed——RSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
39Section 09b board cost (computed)Computed——Cash 498,197 + equity 400,575 + all other 0 = 898,772, summed across the director compensation table rows.machine: formula: Σ = 898,772
40Cogent Biosciences, Inc., Section 10b CEO totalDEF 14A2026-04-230001193125-26-173834CEO total compensation as printed in Cogent Biosciences, Inc.'s own proxy. As printed: 27,762,684. Filing ↗machine: r2 · c39 · span 369353–369363
41Biohaven Ltd., Section 10b CEO totalDEF 14A2026-03-130001935979-26-000028CEO total compensation as printed in Biohaven Ltd.'s own proxy. As printed: 13,500,438. Filing ↗machine: r3 · c21 · span 423429–423439
42Protagonist Therapeutics, Inc., Section 10b CEO totalDEF 14A2026-04-280001104659-26-050429CEO total compensation as printed in Protagonist Therapeutics, Inc.'s own proxy. As printed: 12,871,506. Filing ↗machine: r1 · c47 · span 613195–613205
43Crinetics Pharmaceuticals, Inc., Section 10b CEO totalDEF 14A2026-04-290001658247-26-000030CEO total compensation as printed in Crinetics Pharmaceuticals, Inc.'s own proxy. As printed: 11,628,959. Filing ↗machine: r2 · c48 · span 589450–589460
44Mirum Pharmaceuticals, Inc., Section 10b CEO totalDEF 14A2026-04-230001759425-26-000027CEO total compensation as printed in Mirum Pharmaceuticals, Inc.'s own proxy. As printed: 10,441,224. Filing ↗machine: r2 · c21 · span 580200–580210
45Arcus Biosciences, Inc., Section 10b CEO totalDEF 14A2026-04-210001724521-26-000025CEO total compensation as printed in Arcus Biosciences, Inc.'s own proxy. As printed: 9,656,813. Filing ↗machine: r2 · c48 · span 403740–403749
46Travere Therapeutics, Inc., Section 10b CEO totalDEF 14A2026-04-060001438533-26-000027CEO total compensation as printed in Travere Therapeutics, Inc.'s own proxy. As printed: 8,457,151. Filing ↗machine: span 558514–558523
47Collegium Pharmaceuticals, Inc., Section 10b CEO totalDEF 14A2026-04-130001297184-26-000023CEO total compensation as printed in Collegium Pharmaceuticals, Inc.'s own proxy. As printed: 8,309,350. Filing ↗machine: span 722923–722932
48Ardelyx, Inc., Section 10b CEO totalDEF 14A2026-04-290001140361-26-017800CEO total compensation as printed in Ardelyx, Inc.'s own proxy. As printed: 7,796,171. Filing ↗machine: r2 · c25 · span 677112–677121
49Arcutis Biotherapeutics, Inc., Section 10b CEO totalDEF 14A2026-04-210001787306-26-000028CEO total compensation as printed in Arcutis Biotherapeutics, Inc.'s own proxy. As printed: 7,223,065. Filing ↗machine: r2 · c42 · span 646815–646824
50Syndax Pharmaceuticals, Inc., Section 10b CEO totalDEF 14A2026-04-300001193125-26-197859CEO total compensation as printed in Syndax Pharmaceuticals, Inc.'s own proxy. As printed: 7,089,213. Filing ↗machine: span 936322–936331
51Phathom Pharmaceuticals, Inc. (subject), Section 10b CEO totalDEF 14A2026-04-070001193125-26-144570CEO total compensation as printed in Phathom Pharmaceuticals, Inc.'s own proxy. As printed: 6,968,070. Filing ↗machine: r2 · c21 · span 619155–619164
52Tarsus Pharmaceuticals, Inc., Section 10b CEO totalDEF 14A2026-04-280001819790-26-000028CEO total compensation as printed in Tarsus Pharmaceuticals, Inc.'s own proxy. As printed: 6,617,979. Filing ↗machine: span 448592–448601
53Evolus, Inc., Section 10b CEO totalDEF 14A2026-04-290001570562-26-000059CEO total compensation as printed in Evolus, Inc.'s own proxy. As printed: 6,412,214. Filing ↗machine: span 499358–499367
54Humacyte, Inc., Section 10b CEO totalDEF 14A2026-04-280001193125-26-187449CEO total compensation as printed in Humacyte, Inc.'s own proxy. As printed: 5,234,908. Filing ↗machine: span 346967–346976
55KalVista Pharmaceuticals, Inc., Section 10b CEO total10-K/A2026-04-300001193125-26-197556CEO total compensation as printed in KalVista Pharmaceuticals, Inc.'s own proxy. As printed: 5,094,999. Filing ↗
56Xeris Biopharma Holdings, Inc., Section 10b CEO totalDEF 14A2026-04-230001867096-26-000021CEO total compensation as printed in Xeris Biopharma Holdings, Inc.'s own proxy. As printed: 5,042,584. Filing ↗machine: r3 · c42 · span 463532–463541
57Kura Oncology, Inc., Section 10b CEO totalDEF 14A2026-04-100001193125-26-151335CEO total compensation as printed in Kura Oncology, Inc.'s own proxy. As printed: 4,735,016. Filing ↗machine: span 1018180–1018189
58UroGen Pharma Ltd., Section 10b CEO totalDEF 14A2026-04-300001437749-26-014237CEO total compensation as printed in UroGen Pharma Ltd.'s own proxy. As printed: 4,310,624. Filing ↗machine: r1 · c29 · span 562926–562935
59REGENXBIO Inc., Section 10b CEO totalDEF 14A2026-04-140001193125-26-155058CEO total compensation as printed in REGENXBIO Inc.'s own proxy. As printed: 4,200,712. Filing ↗machine: r2 · c16 · span 436444–436453
60Nuvation Bio Inc., Section 10b CEO totalDEF 14A2026-04-100001140361-26-014157CEO total compensation as printed in Nuvation Bio Inc.'s own proxy. As printed: 3,876,736. Filing ↗machine: r2 · c21 · span 357088–357098
61Esperion Therapeutics, Inc., Section 10b CEO totalDEF 14A2026-04-160001628280-26-025499CEO total compensation as printed in Esperion Therapeutics, Inc.'s own proxy. As printed: 3,535,512. Filing ↗machine: span 423838–423847
62Rocket Pharmaceuticals, Inc., Section 10b CEO totalDEF 14A2026-04-060001140361-26-013335CEO total compensation as printed in Rocket Pharmaceuticals, Inc.'s own proxy. As printed: 3,510,241. Filing ↗machine: r2 · c24 · span 348766–348775
63Aclaris Therapeutics, Inc., Section 10b CEO totalDEF 14A2026-04-230001104659-26-047262CEO total compensation as printed in Aclaris Therapeutics, Inc.'s own proxy. As printed: 3,375,591. Filing ↗machine: r2 · c14 · span 317880–317889
64Coherus Biosciences, Inc., Section 10b CEO totalDEF 14A2026-04-200001104659-26-045251CEO total compensation as printed in Coherus Biosciences, Inc.'s own proxy. As printed: 2,736,874. Filing ↗
65Ironwood Pharmaceuticals, Inc., Section 10b CEO totalDEF 14A2026-04-280001104659-26-050325CEO total compensation as printed in Ironwood Pharmaceuticals, Inc.'s own proxy. As printed: 1,948,390. Filing ↗machine: r1 · c48 · span 584182–584191
66Seres Therapeutics, Inc., Section 10b CEO totalDEF 14A2026-04-270001193125-26-182036CEO total compensation as printed in Seres Therapeutics, Inc.'s own proxy. As printed: 1,775,549. Filing ↗machine: r2 · c29 · span 928055–928064
67Section 10a, Arcutis Biotherapeutics, Inc. reciprocityDEF 14A—0001787306-26-000028Arcutis Biotherapeutics, Inc. names Phathom Pharmaceuticals, Inc. in its own disclosed peer group (read from its most recent proxy). Filing ↗
68Section 10a, Ardelyx, Inc. reciprocityDEF 14A—0001140361-26-017800Ardelyx, Inc.'s most recent proxy was read; its disclosed peer group does not include Phathom Pharmaceuticals, Inc.. Filing ↗
69Section 10a, Cogent Biosciences, Inc. reciprocityDEF 14A—0001193125-26-173834Cogent Biosciences, Inc.'s most recent proxy was read; its disclosed peer group does not include Phathom Pharmaceuticals, Inc.. Filing ↗
70Section 10a, Ironwood Pharmaceuticals, Inc. reciprocityDEF 14A—0001104659-26-050325Ironwood Pharmaceuticals, Inc.'s most recent proxy was read; its disclosed peer group does not include Phathom Pharmaceuticals, Inc.. Filing ↗
71Section 10a, Mirum Pharmaceuticals, Inc. reciprocityDEF 14A—0001759425-26-000027Mirum Pharmaceuticals, Inc.'s most recent proxy was read; its disclosed peer group does not include Phathom Pharmaceuticals, Inc.. Filing ↗
72Section 10a, Protagonist Therapeutics, Inc. reciprocityDEF 14A—0001104659-26-050429Protagonist Therapeutics, Inc.'s most recent proxy was read; its disclosed peer group does not include Phathom Pharmaceuticals, Inc.. Filing ↗
73Section 10a, Rocket Pharmaceuticals, Inc. reciprocityDEF 14A—0001140361-25-016656Rocket Pharmaceuticals, Inc.'s most recent proxy was read; its disclosed peer group does not include Phathom Pharmaceuticals, Inc.. Filing ↗
74Section 10a, Tarsus Pharmaceuticals, Inc. reciprocityDEF 14A—0001819790-26-000028Tarsus Pharmaceuticals, Inc.'s most recent proxy was read; its disclosed peer group does not include Phathom Pharmaceuticals, Inc.. Filing ↗
75Section 10a, Travere Therapeutics, Inc. reciprocityDEF 14A—0001438533-26-000027Travere Therapeutics, Inc. names Phathom Pharmaceuticals, Inc. in its own disclosed peer group (read from its most recent proxy). Filing ↗
76Section 10a, UroGen Pharma Ltd. reciprocityDEF 14A—0001437749-26-014237UroGen Pharma Ltd.'s most recent proxy was read; its disclosed peer group does not include Phathom Pharmaceuticals, Inc.. Filing ↗
77Section 10a, Aclaris Therapeutics, Inc. reciprocityDEF 14A—0001558370-24-005677Aclaris Therapeutics, Inc.'s most recent proxy was read; its disclosed peer group does not include Phathom Pharmaceuticals, Inc.. Filing ↗
78Section 10a, Coherus Biosciences, Inc. reciprocityDEF 14A—0001104659-26-045251Coherus Biosciences, Inc.'s most recent proxy was read; its disclosed peer group does not include Phathom Pharmaceuticals, Inc.. Filing ↗
79Section 10a, Crinetics Pharmaceuticals, Inc. reciprocityDEF 14A—0001658247-26-000030Crinetics Pharmaceuticals, Inc.'s most recent proxy was read; its disclosed peer group does not include Phathom Pharmaceuticals, Inc.. Filing ↗
80Section 10a, Seres Therapeutics, Inc. reciprocityDEF 14A—0001193125-26-182036Seres Therapeutics, Inc.'s most recent proxy was read; its disclosed peer group does not include Phathom Pharmaceuticals, Inc.. Filing ↗
81Section 10a, Xeris Biopharma Holdings, Inc. reciprocityDEF 14A—0001867096-26-000021Xeris Biopharma Holdings, Inc.'s most recent proxy was read; its disclosed peer group does not include Phathom Pharmaceuticals, Inc.. Filing ↗
82Section 10a, Kura Oncology, Inc. reciprocityDEF 14A—0001193125-26-151335Kura Oncology, Inc.'s most recent proxy was read; its disclosed peer group does not include Phathom Pharmaceuticals, Inc.. Filing ↗
83Section 10a, Biohaven Ltd. reciprocityDEF 14A—0001935979-26-000028Biohaven Ltd.'s most recent proxy was read; its disclosed peer group does not include Phathom Pharmaceuticals, Inc.. Filing ↗
84Section 10a, REGENXBIO Inc. reciprocityDEF 14A—0000950170-25-052069REGENXBIO Inc.'s most recent proxy was read; its disclosed peer group does not include Phathom Pharmaceuticals, Inc.. Filing ↗
85Section 10a, Esperion Therapeutics, Inc. reciprocityDEF 14A—0001628280-25-018229Esperion Therapeutics, Inc.'s most recent proxy was read; its disclosed peer group does not include Phathom Pharmaceuticals, Inc.. Filing ↗
86Section 10a, Collegium Pharmaceuticals, Inc. reciprocityDEF 14A—0001297184-26-000023Collegium Pharmaceuticals, Inc.'s most recent proxy was read; its disclosed peer group does not include Phathom Pharmaceuticals, Inc.. Filing ↗
87Section 10a, Syndax Pharmaceuticals, Inc. reciprocityDEF 14A—0001193125-26-197859Syndax Pharmaceuticals, Inc.'s most recent proxy was read; its disclosed peer group does not include Phathom Pharmaceuticals, Inc.. Filing ↗
88Section 10a, Evolus, Inc. reciprocityDEF 14A—0001570562-26-000059Evolus, Inc.'s most recent proxy was read; its disclosed peer group does not include Phathom Pharmaceuticals, Inc.. Filing ↗
89Section 10a, Humacyte, Inc. reciprocityDEF 14A—0001193125-26-187449Humacyte, Inc.'s most recent proxy was read; its disclosed peer group does not include Phathom Pharmaceuticals, Inc.. Filing ↗

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