Phathom Pharmaceuticals resubmitted its FDA application for vonoprazan, addressing concerns raised by the FDA in a Complete Response Letter. This is a positive development for the company, as it shows progress in addressing regulatory concerns. However, the stock price is down 11.23% at $11.60, which may be due to the dilutive effect of the equity offering. The company raised $131M through the offering, which could be used to fund further development and commercialization of vonoprazan if approved. The short-term impact on the stock price is negative, but the long-term prospects may improve if the FDA approves the drug.