** Phathom Pharmaceuticals PHAT.O shares down 10.1% post-market at $16.25 after planned equity raise news

** Gastrointestinal (GI) diseases-focused biopharma announces offering comprised of stock and pre-funded warrants; deal size not disclosed

** Co intends to use net offering proceeds for general corporate purposes, including for working capital and commercialization and R&D expenses

** Guggenheim and Cantor Fitzgerald joint bookrunners

** Co also says expects Q4 net revenues of approx $57-$58 mln and cash of about $130 mln as of Dec 31

** With ~71.1 mln shares outstanding, it has ~$1.3 bln market cap

** PHAT shares on Weds ended up 10.4% at $18.08, up 9% to start 2026. Stock roughly doubled in 2025

** 9 of 10 analysts covering rate the stock "strong buy" or "buy", 1 "hold"; median PT $23, per LSEG data

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))