Schroeder Theodore R 4

What Happened
Theodore R. Schroeder, a member of Phathom Pharmaceuticals' board of directors, was granted 24,122 restricted stock units (RSUs) on May 19, 2026. The Form 4 reports an acquisition price of $0.00 for these RSUs (transaction code A), meaning this was a compensation award, not a cash purchase or sale.

Key Details

• Transaction date: May 19, 2026 (Form 4 filed May 21, 2026 — timely filing).
• Securities granted: 24,122 RSUs; price reported: $0.00.
• Vesting: 100% of RSUs vest on the earlier of (A) the first anniversary of the grant or (B) the next annual meeting of stockholders, subject to continued board service (per footnote).
• Each RSU represents a contingent right to receive one share of common stock upon vesting.
• Shares owned after the transaction: not reported in the provided filing details.
• Transaction code: A = Award/Grant (non-cash compensation).

Context
This is a standard non-employee director compensation award. Awards signal ongoing compensation rather than a personal market bet; vesting is service- and time-based. For investors, purchases or open-market sales are typically more informative about insider sentiment than routine grants.