8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

___________________________________

FORM 8-K

___________________________________

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): March 24, 2022

___________________________________

PhaseBio Pharmaceuticals, Inc.

(Exact name of registrant as specified in its Charter)

___________________________________

Delaware	001-38697	03-0375697
(State or Other Jurisdiction of Incorporation)	(Commission  File Number)	(IRS Employer Identification No.)

1 Great Valley Parkway, Suite 30

Malvern, Pennsylvania 19355

(Address including zip code of principal executive offices)

(610) 981-6500

(Registrant’s Telephone Number, Including Area Code)

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

___________________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):

☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act.

Title of each class	Trading Symbol(s)	Name of exchange on which registered
Common Stock, par value $0.001 per share	PHAS	The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company  ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☒

Item 2.02 Results of Operations and Financial Condition.

On March 24, 2022, PhaseBio Pharmaceuticals, Inc. (the “Company”) reported financial results for the fourth quarter and year ended December 31, 2021. A copy of this press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference.

The information in this Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1, is being furnished pursuant to Item 2.02 and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as expressly set forth by specific reference in such filing to this item of this report.

Item 7.01 Regulation FD Disclosure.

On March 24, 2022, the Company updated its corporate presentation for use in meetings with investors, analysts and others. The presentation is available through the Company’s website and a copy is attached as Exhibit 99.2 to this Current Report on Form 8-K.

The information in this Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.2, is being furnished pursuant to Item 7.01 and shall not be deemed “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act or the Exchange Act, whether made before or after the date hereof, except as expressly set forth by specific reference in such filing to this item of this report.

Item 9.01 Financial Statements and Exhibits.

(d)    Exhibits

Exhibit No.	Description
99.1	Press Release, dated March 24, 2022, entitled "PhaseBio Pharmaceuticals Reports Fourth Quarter and Full-Year 2021 Financial Results and Provides Recent Business Highlights".
99.2	Corporate Presentation, dated March 24, 2022.
104	Cover page interactive data file (formatted as Inline XBRL).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	PhaseBio Pharmaceuticals, Inc.
Dated: March 24, 2022	By:	/s/ John P. Sharp
		John P. Sharp
		Chief Financial Officer

EX-99.1

Exhibit 99.1

PhaseBio Pharmaceuticals Reports Fourth Quarter and Full-Year 2021 Financial Results and Provides Recent Business Highlights

Achieved key clinical milestones for bentracimab program, with positive results from both the completed Phase 2b trial and interim analysis of the ongoing REVERSE-IT global Phase 3 trial

Company remains on track to submit Biologics License Application (BLA) for bentracimab in mid-2022 and is preparing for expected commercialization in U.S.

PB6440, the company’s aldosterone synthase inhibitor in development for resistant hypertension, on track for submission of an Investigational New Drug application (IND) in the second half of 2022

Malvern, PA and San Diego, CA, March 24, 2022 — PhaseBio Pharmaceuticals, Inc. (Nasdaq: PHAS), a clinical-stage biopharmaceutical company focused on the development and commercialization of novel therapies for cardiovascular diseases, today reported financial results for the fourth quarter and full-year ended December 31, 2021, and provided an update on corporate activities.

“Our team continues to make notable progress in advancing our lead product candidate bentracimab,” said Jonathan Mow, Chief Executive Officer of PhaseBio Pharmaceuticals. “Our progress throughout 2021 was highlighted by positive interim Phase 3 results from our bentracimab clinical program, our entry into a commercial scale supply agreement with BioVectra and a European licensing agreement with Alfasigma S.p.A, and the achievement of multiple clinical and regulatory milestones. I commend the dedication of our team, which has kept us on track for a planned Biologics License Application (BLA) submission to the U.S. Food and Drug Administration (FDA) in mid-2022. Looking ahead, we remain focused on executing on our strategic business and clinical objectives, including preparing for the expected commercial launch of bentracimab in the U.S. and submitting an IND for PB6440, our aldosterone synthase inhibitor in development for resistant hypertension and potentially other cardio-renal indications.”

Bentracimab Program Highlights

•Announced Completion of Bentracimab BLA Enabling Manufacturing: In March 2022, PhaseBio announced the completion of the drug substance and drug product Process Performance Qualification (PPQ) campaign for bentracimab. The PPQ campaign consisted of multiple commercial scale runs required for the validation of the bentracimab manufacturing process and the demonstration of batch-to-batch manufacturing consistency, at commercial scale. The inclusion of commercial-scale material in the company’s completed Phase 2b trial and ongoing Phase 3 trial for bentracimab, coupled with the completion of the PPQ campaign, positions PhaseBio to be ready to supply global demand for bentracimab at launch, once approved. PhaseBio remains on track to submit the bentracimab BLA to the FDA in mid-2022.

•Published Positive Interim Results from the Pivotal REVERSE-IT Phase 3 Trial of Bentracimab in NEJM Evidence: In December 2021, PhaseBio published interim results from REVERSE-IT (Rapid and SustainEd ReVERSal of TicagrElor – Intervention Trial) in the New England Journal of Medicine Evidence, a new digital journal from the NEJM (New England Journal of Medicine) Group. REVERSE-IT is PhaseBio’s ongoing pivotal Phase 3 trial of its lead product bentracimab, which is designed to study the reversal of the antiplatelet effects of ticagrelor in patients who present with a need for urgent surgery or an invasive procedure or who are experiencing

Exhibit 99.1

uncontrolled major or life-threatening bleeding. The results, previously presented in a Late-Breaking Science Session at the American Heart Association’s 2021 Scientific Sessions, indicated that the Phase 3 trial of bentracimab achieved both the primary reversal endpoint and the co-primary endpoint of clinical hemostasis, and had no drug-related serious adverse events.

•Announced Positive Interim Results from Pivotal REVERSE-IT Phase 3 Trial of Bentracimab and Presented at the American Heart Association’s 2021 Scientific Sessions: In November 2021, PhaseBio announced positive interim results from REVERSE-IT. The prespecified interim analysis of 150 enrolled patients demonstrated that bentracimab achieved the primary endpoint of the trial by immediately and sustainably reversing the antiplatelet effects of ticagrelor, as measured by the point-of-care VerifyNow® PRUTest® platelet function assay (VerifyNow). More than 90% of eligible patients achieved the co-primary endpoint of the trial, defined as good or excellent hemostasis within 24 hours of initiation of bentracimab therapy. Non-fatal thrombotic events were reported in 5.3% of patients, with none considered by investigators to be related to bentracimab. Bentracimab appeared generally well tolerated with no drug-related serious adverse events. The most common adverse events were related to pain associated with surgical procedures and not considered related to bentracimab. The results were presented by Deepak L. Bhatt, M.D., M.P.H., Executive Director of Interventional Cardiovascular Programs at Brigham and Women’s Hospital and professor at Harvard Medical School, during a Late-Breaking Science Session at the 2021 American Heart Association Scientific Sessions.

•Announced Topline Results from Bentracimab Phase 2b Trial: In November 2021, PhaseBio announced topline data from its Phase 2b clinical trial of bentracimab, which was conducted in healthy, older volunteers 50-80 years old. The Phase 2b trial achieved its primary efficacy endpoint, which was the reversal of the antiplatelet effects of ticagrelor in actively treated subjects versus placebo, as measured using the point-of-care VerifyNow assay. Treatment with bentracimab in the Phase 2b trial had a safety profile consistent with the Phase 1 and 2a trials previously completed by the company, with no drug-related serious adverse events or thrombotic events reported in the trial. The Phase 2b results have been accepted for presentation in a Late Breaking Clinical Research session at the American College of Cardiology Annual Scientific Session & Expo being held in Washington, D.C., from April 2-4, 2022.

•Announced Approval of Bentracimab IND Application in China: In August 2021, PhaseBio announced that the Center for Drug Evaluation (CDE) of the China National Medical Products Administration (NMPA) had approved the Investigational New Drug (IND) application for bentracimab submitted by the company, in collaboration with its development partner, SFJ Pharmaceuticals (SFJ). The IND authorizes PhaseBio and SFJ to begin enrolling patients in China into the REVERSE-IT trial. PhaseBio and SFJ expect to enroll the first patients at sites in China in the first half of 2022. Additionally, bentracimab was granted Breakthrough Therapy Designation from CDE in December 2021. Breakthrough Therapy Designation from the NMPA is designed to expedite the development and review of promising new drugs for serious or life-threatening conditions when preliminary clinical evidence indicates that the drug may demonstrate substantial improvement over existing therapies on one or more clinically significant endpoints. Patients enrolled in China will contribute to the completion of full enrollment of the REVERSE-IT trial, post interim analysis. In January 2020, PhaseBio announced a financing and co-development partnership with SFJ, pursuant to which SFJ has been leading clinical development efforts in China. PhaseBio retains commercial rights to

Exhibit 99.1

bentracimab in China and is pursuing prospective commercial partners to license the marketing rights in China and other countries in the Asia-Pacific region.

•Entered European Licensing Agreement with Alfasigma S.p.A. for Commercialization of Bentracimab: In June 2021, PhaseBio entered an exclusive licensing agreement with Alfasigma S.p.A., a privately owned specialty pharmaceutical company focused on commercializing medicines in Europe and other key markets, for the commercialization of bentracimab. Under the terms of the license agreement, PhaseBio received a $20 million upfront payment and will be eligible to receive up to $35 million in pre-revenue regulatory milestones and up to $190 million in payments contingent upon the achievement of certain sales milestones. PhaseBio will also be entitled to receive tiered royalties on net sales, with percentages starting in the low double digits and escalating up to the mid-twenties. The collaboration reinforces the global bentracimab opportunity, and positions bentracimab, if approved, to be accessible to the largest pool of ticagrelor patients in the world.

•Announced Supply Agreement with BioVectra to Support Development and Commercialization of Bentracimab: In March 2021, PhaseBio announced a commercial scale supply agreement with BioVectra, an innovative global contract development and manufacturing organization (CDMO), for the production of bentracimab. Under the terms of the agreement, BioVectra will provide its integrated CDMO services for the manufacturing of the active pharmaceutical ingredient (API) of bentracimab for use in PhaseBio’s ongoing Phase 2b and Phase 3 clinical trials and for global commercial supply if bentracimab receives regulatory approval.

•Expanded REVERSE-IT Trial for Bentracimab into the European Union and Dosed First Patients: In January 2021, PhaseBio announced that, working with its financing and co-development partner SFJ Pharmaceuticals, the company had expanded the REVERSE-IT trial into the European Union, having opened trial sites for enrollment and begun dosing its first patients.

Other Pipeline Updates

•Provided Pemziviptadil (PB1046) Program Update: In December 2021, PhaseBio announced that the company voluntarily ended its Phase 2b trial of pemziviptadil (PB1046) in pulmonary arterial hypertension (PAH) due to COVID-19 impacts on manufacturing, associated drug supply and the rate of enrollment in the study. The Phase 2b trial of pemziviptadil, named the VIP trial (Vasoactive Intestinal Peptide in adult patients with PAH), successfully enrolled more than 50% of the study’s target population before ending. After a strategic review, the company has decided to stop further development of pemziviptadil in order to reprioritize resources and capital towards pre-commercialization activities for bentracimab and the advancement of other pipeline programs, including PB6440.

Operational Updates

•Expanded Executive Management Team: In November 2021, PhaseBio announced the appointment of Jonathan J. Birchall as Chief Commercial Officer. Mr. Birchall leads PhaseBio’s efforts to build a critical care focused commercial organization to support the U.S. launch of bentracimab, once approved.

Exhibit 99.1

•Appointed New Member to Board of Directors: In September 2021, PhaseBio announced the appointment of William D. Humphries to the company’s board of directors.

•Completed Underwritten Public Offering of Common Stock: In March 2021, PhaseBio closed an underwritten public offering of 18.4 million shares of its common stock at a price to the public of $3.50 per share, including the full exercise of the underwriters’ option to purchase an additional 2.4 million shares. The net proceeds to PhaseBio from the offering, after deducting the underwriting discounts and commissions and other estimated offering expenses, were approximately $60.2 million.

•SFJ Financing and Co-Development Agreement Update: In January 2020, PhaseBio entered into the SFJ Agreement, pursuant to which SFJ provides the company funding to support the global development of bentracimab. Under the agreement, SFJ agreed to pay the company up to $120.0 million to support the clinical development of bentracimab. In addition to $90.0 million of initial funding, the company has elected to receive an additional $30.0 million of funding having met specific, pre-defined clinical development milestones for bentracimab. From the inception of the SFJ Agreement through December 31, 2021, SFJ has provided funding and paid for amounts on the company’s behalf in the aggregate amount of $91.3 million. PhaseBio expects that SFJ will fund or reimburse an additional $28.7 million of clinical trial costs and other expenses.

Fourth-Quarter and Full-Year 2021 Financial Results

Cash Position

•Cash and cash equivalents at December 31, 2021, were $41.8 million, compared to $28.1 million at December 31, 2020. The increase reflects the net proceeds from the company’s March 2021 offering of common stock, offset by cash used in operating activities.

Quarter Ending Dec. 31, 2021

•Net loss for the quarter was $43.1 million, compared to a net loss of $30.4 million for the prior-year period.

•Research and development expense increased to $27.4 million, as compared to $22.4 million for the same period in 2020. The increase was primarily attributable to increases in clinical and drug production activities related to bentracimab, depreciation costs for equipment related to the manufacturing of bentracimab, personnel costs and costs associated with our general research efforts.

•General and administrative expense increased to $4.9 million, compared to $3.6 million for prior-year period.

Year Ending Dec. 31, 2021

•Net loss for the year was $131.1 million, compared to a net loss of $98.6 million for the prior-year period.

Exhibit 99.1

•Research and development expense increased to $102.1 million, as compared to $72.1 million for the same period in 2020, driven by an increase in manufacturing, clinical and nonclinical development activities related to bentracimab, pemziviptadil and PB6440.

•General and administrative expense increased to $16.1 million, compared to $13.1 million for prior-year period, primarily due to increases in professional services, personnel, and insurance-related expenses.

About Bentracimab (PB2452)

Bentracimab is a novel, recombinant, human monoclonal antibody antigen-binding fragment designed to reverse the antiplatelet activity of ticagrelor in patients who present with uncontrolled bleeding or require surgery. In a Phase 1 clinical trial, bentracimab demonstrated the potential to bring life-saving therapeutic benefit through immediate and sustained reversal of ticagrelor’s antiplatelet activity, mitigating concerns regarding bleeding risks associated with the use of this antiplatelet drug. Data from the Phase 1 clinical trial of bentracimab in healthy volunteers was published in the New England Journal of Medicine in March 2019. In April 2019, bentracimab received Breakthrough Therapy Designation from the FDA. In September 2019, PhaseBio completed a Phase 2a trial in which bentracimab was investigated in healthy, older subjects on dual antiplatelet therapy of ticagrelor and low-dose aspirin. Additionally, the Phase 2a trial investigated a bentracimab regimen for the reversal of supratherapeutic doses of ticagrelor in healthy younger subjects. In November 2021, PhaseBio completed a Phase 2b trial in which bentracimab was investigated in healthy, older subjects on dual antiplatelet therapy of ticagrelor and low-dose aspirin. In all active treatment arms in both the Phase 2a and Phase 2b trials, bentracimab achieved immediate and sustained reversal of the antiplatelet effects of ticagrelor and was generally well-tolerated, with only minor adverse events reported. These results are consistent with the results observed in healthy younger subjects treated with ticagrelor in the previously published Phase 1 trial. PhaseBio initiated REVERSE-IT, a pivotal Phase 3 clinical trial of bentracimab, in March 2020 to support a potential Biologics License Application for bentracimab to treat patients with uncontrolled bleeding or requiring surgery. Interim results from the Phase 3 REVERSE-IT trial were presented in November 2021 and subsequently published in NEJM Evidence in December 2021.

About PhaseBio

PhaseBio Pharmaceuticals, Inc. is a clinical-stage biopharmaceutical company focused on the development and commercialization of novel therapies for cardiovascular diseases. The Company’s pipeline includes: bentracimab (PB2452), a novel reversal agent for the antiplatelet therapy ticagrelor; and PB6440, an oral agent for the treatment of resistant hypertension. PhaseBio’s proprietary elastin-like polypeptide technology platform enables the development of therapies with potential for less-frequent dosing and improved pharmacokinetics, and drives both internal and partnership drug-development opportunities.

PhaseBio is located in Malvern, PA, and San Diego, CA. For more information, please visit www.phasebio.com, and follow us on Twitter @PhaseBio and LinkedIn.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “anticipates,” “believes,” “expects,” “intends,” “potential,” “projects,” “target,” “will,” “would” and “future” or similar expressions are intended to identify forward-looking statements.

Forward-looking statements include statements concerning or implying the conduct or timing of our clinical trials and our research, development and regulatory plans for our product candidates, the timing

Exhibit 99.1

of availability or disclosure of data from those clinical trials and the timing of planned regulatory submissions, our expectations of additional funding from SFJ, the potential for these product candidates to receive regulatory approval from the FDA, CDE or equivalent foreign regulatory agencies, and whether, if approved, these product candidates will be successfully distributed, marketed and commercialized, including having sufficient product supply at launch. Forward-looking statements are based on management's current expectations and are subject to various risks and uncertainties that could cause actual results to differ materially and adversely from those expressed or implied by such forward-looking statements. Accordingly, these forward-looking statements do not constitute guarantees of future performance, and you are cautioned not to place undue reliance on these forward-looking statements.

Risks regarding our business are described in detail in our Securities and Exchange Commission filings, including in our Annual Report on Form 10-K for the year ended December 31, 2021. These forward-looking statements speak only as of the date hereof, and PhaseBio Pharmaceuticals, Inc. disclaims any obligation to update these statements except as may be required by law.

Investor Contact:

John Sharp

PhaseBio Pharmaceuticals, Inc.

Chief Financial Officer

(610) 981-6506

john.sharp@phasebio.com

Media Contact:

Will Zasadny

Canale Communications, Inc.

(619) 961-8848

will.zasadny@canalecomm.com

PhaseBio Pharmaceuticals, Inc.
Balance Sheets
(in thousands)
	December 31, 2021	December 31, 2020
Assets:
Cash and cash equivalents	$ 41,800	$ 28,122
Other receivables, prepaid expenses and other current assets	6,984	12,027
Property and equipment, net	10,230	8,224
Operating lease right-of-use assets	1,469	1,927
Other non-current assets	57	57
Total assets	$ 60,540	$ 50,357
Liabilities and stockholders' (deficit) equity:
Current portion of long-term debt	$ 5,413	$ 5,355
Current portion of deferred sublicense revenue	1,547	—
Accounts payable, accrued expenses and other current liabilities	20,923	9,605
Long-term debt, net	1,359	6,773
Operating lease liabilities, net	1,073	1,548
Deferred sublicense revenue, net	7,622	—

Exhibit 99.1

Development derivative liability	114,843	51,719
Other long-term liabilities	794	559
Stockholders’ (deficit) equity	(93,034)	(25,202)
Total liabilities and stockholders' (deficit) equity	$ 60,540	$ 50,357

PhaseBio Pharmaceuticals, Inc.
Statements of Operations
(in thousands, except share and per share amounts)
	Quarter Ended December 31,				Year Ended December 31,
	2021		2020		2021		2020
Revenue:
Sublicense revenue	$ 158		$ —		$ 10,831		$ —
Grant Revenue	—		—		—		320
Total revenue	158		—		10,831		320
Operating expenses:
Research and development	27,355		22,367		102,107		72,088
General and administrative	4,889		3,611		16,086		13,088
Total operating expenses	32,244		25,978		118,193		85,176
Loss from operations	(32,086)		(25,978)		(107,362)		(84,856)
Other (expense) income	(11,024)		(4,397)		(22,109)		(13,709)
Net loss before income taxes	(43,110)		(30,375)		(129,471)		(98,565)
Provision for income taxes	—		—		1,600		—
Net loss	$	(43,110)	$	(30,375)	$	(131,071)	$	(98,565)
Net loss per common share, basic and diluted	$	(0.90)	$	(1.03)	$	(2.98)	$	(3.39)
Weighted average common shares outstanding, basic and diluted	48,130,645		29,397,718		43,918,996		29,056,304

EX-99.2

Corporate Overview March 24, 2022

This presentation includes forward-looking statements. All statements contained in this presentation other than statements of historical facts, including statements regarding future results of operations and financial position of PhaseBio Pharmaceuticals, Inc. (“we,” “us” or “our”), our business strategy and plans, the preclinical and clinical development of our product candidates, the timing of availability or disclosure of data from those clinical trials and the timing of planned regulatory submissions, the potential for these product candidates to receive regulatory approval from the FDA, CDE or equivalent foreign regulatory agencies, whether, if approved, these product candidates will be successfully distributed, marketed and commercialized and our objectives for future operations, are forward-looking statements. The words “anticipate,” believe,” “continue,” “estimate,” “expect,” “intend,” “may,” “potential,” “target,” “will” and similar expressions are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, clinical development, short-term and long-term business operations and objectives and financial needs. These forward-looking statements are subject to a number of risks, uncertainties and assumptions. Risks regarding our business are described in detail in our Securities and Exchange Commission filings, including in our Annual Report on Form 10-K for the year ended December 31, 2021. Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward- looking statements we may make. In light of these risks, uncertainties and assumptions, the future events and trends discussed in this presentation may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, achievements or events and circumstances reflected in the forward-looking statements will occur. We are under no duty to update any of these forward-looking statements after the date of this presentation to conform these statements to actual results or revised expectations, except as required by law. You should, therefore, not rely on these forward-looking statements as representing our views as of any date subsequent to the date of this presentation. Moreover, except as required by law, neither we nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements contained in this presentation. Legal Disclaimer 2

Therapeutic Focus Clinical-stage biopharma company focused on the development and commercialization of novel therapies to treat cardiovascular diseases Product Candidates Bentracimab (PB2452) Novel agent in Phase 3 development for immediate and sustained reversal of ticagrelor, the preferred antiplatelet therapy of the American College of Cardiology, the American Heart Association and the European Society of Cardiology PB6440 Oral aldosterone synthase inhibitor in development for treatment-resistant hypertension and potentially other cardio-renal- metabolic indications, currently in Investigational New Drug application (IND) enabling studies Platform Technology ELP Technology • Extends circulating half-life of proteins and peptides, enhances solubility, stability and bioavailability while providing a sustained-release mechanism • Enables product candidates that are straightforward to manufacture and administer Recent Achievements & Upcoming Milestone Targets1 Bentracimab Mid 2021 First 100 patients in REVERSE-IT Phase 3 trial Bentracimab Mid-2022 Planned BLA Submission Bentracimab Q4 2021 Topline results from Phase 2b trial PB6440 2H 2022 Planned IND submission Bentracimab Q4 2021 Topline results from interim analysis of REVERSE-IT PB6440 Late 2022 Target initiating first-in-human clinical trial Company Overview 31. Targeted timelines could be impacted by the continued scope and duration of the COVID-19 pandemic

Program Pre-Clinical Phase 1 Phase 2 Phase 3 Commercial Rights Upcoming Milestone Target2 Bentracimab Reversal of Ticagrelor Antiplatelet Activity Mid 2022 Planned BLA submission PB6440 Resistant Hypertension 2H 2022 Planned submission of Investigational New Drug application (IND) Partnering Opportunities Pemziviptadil Pulmonary Arterial Hypertension (PAH) GLP2-ELP Short Bowel Syndrome CNP-ELP Achondroplasia Early Programs PROPRIETARY LONG-ACTING INJECTABLE RECOMBINANT BIOPOLYMERS (Elastin-like Polypeptides – ELPs) A Clinical Stage, Cardiovascular Focused Biopharmaceutical Company 4 REVERSE-IT1 Phase 3 ongoing Interim completed, targeting to submit BLA in Mid 20222 Phase 2b3 Late research Late research 1. REVERSE-IT: Rapid and SustainEd ReVERSal of TicagrElor – Intervention Trial 2. Targeted timeline could be impacted by the continued scope and duration of the COVID-19 pandemic 3. Phase 2b trial voluntarily stopped early due to COVID-19 impacts on manufacturing, associated drug supply and the rate of enrollment in the study; PhaseBio has elected to stop further development after a strategic review and will reprioritize resources towards pre-commercialization activities for bentracimab and the advancement of other pipeline programs, including PB6440 for resistant hypertension Pre-Clinical

Corporate

6 Experienced Management Team JONATHAN MOW Chief Executive Officer SUSAN ARNOLD, PhD SVP Technical Operations GLEN BURKHARDT SVP Human Resources KRIS HANSON General Counsel JOHN LEE, MD, PhD, FACC Chief Medical Officer JOHN SHARP Chief Financial Officer JONATHAN BIRCHALL Chief Commercial Officer Despite the ongoing challenges posed by the ongoing COVID-19 pandemic, 2021 has been a year of significant progress for PhaseBio. In addition to refining our mission, advancing our pipeline programs and kicking off the REVERSE-IT Phase 3 clinical trial for our lead program, bentracimab, we have evolved our corporate logo and the overall look and feel of our website, drawing inspiration for the PhaseBio brand from our prospective patients, healthcare providers and our people. The new PhaseBio logo is defined by a patient-friendly representation of the heart composed of the letters ‘P’ and ‘B’ from the PhaseBio name. This shows that cardiovascular disease is not just what PhaseBio does – it is who we are. Dedicated to transforming patients’ lives through science and excellence LAUREN RICHARDSON VP Regulatory & Quality

• Sub-license revenue: $0.1M • Operating expense: $32.2M  R&D: $27.4M  SG&A: $4.9M • Loss from operations: ($32.1M) • Net Loss of ($43.1M) or ($0.90) per share, basic and diluted  48.1M shares used for computing Q4 2021 net loss per share • Cash and cash equivalents as of 12/31/2021: $41.8M • Available SFJ funding as of 12/31/2021: $28.7M Q4 2021 Financial Highlights 7

Bentracimab (PB2452) Reversal Agent for Ticagrelor

Bentracimab 9 URGENT SURGERY OR INTERVENTION • Currently oral P2Y12 agents, including ticagrelor, require a 5-day washout prior to surgery1,2  Urgent surgery often cannot wait 5 days  Higher thrombotic risk during washout • In Phase 1 and Phase 2a studies, bentracimab observed to immediately and sustainably reverse ticagrelor inhibition of platelet activation  Enables immediate surgery • Ticagrelor has proven superior efficacy vs. clopidogrel and has a unique reversible binding profile  Clopidogrel and prasugrel both permanently bind to the receptor and cannot be reversed • Bentracimab is the only specific reversal agent in development for ticagrelor for both surgical and active bleed indications  Bentracimab clinical data to date have demonstrated both immediate (<5 min) and sustained (~24 hours) reversal of ticagrelor antiplatelet effects • Believe approval would differentiate ticagrelor on safety vs. other oral antiplatelet agents  Differentiation would drive increased ticagrelor utilization Bentracimab: Novel Reversal Agent for Brilinta (Ticagrelor) 1. Plavix/clopidogrel Prescribing Information: https://packageinserts.bms.com/pi/pi_plavix.pdf , https://www.ema.europa.eu/en/documents/product - information/plavix -epar-product - information_en.pdf 2. Brilinta/Brilique/ticagrelor Prescribing Information: https://www.azpicentral.com/brilinta/brilinta.pdf#page=1 , https://www.ema.europa.eu/en/documents/product - information/brilique -epar-product - information_en.pdf MAJOR BLEEDING • Intracranial Haemorrhage (ICH), GI, Trauma • All oral antiplatelet agents have the potential to cause major bleeding, which can be severe or even fatal • Bentracimab designed to immediately and sustainably reverse the antiplatelet effects of ticagrelor Significant unmet need for antiplatelet agent reversal

• Early surgery = Bleed risk Current Dilemma in Managing Surgical Patients 10 5d - Ticagrelor washout Risk of bleeding Risk of thrombosis and procedural delay Bentracimab Bentracimab has to potential to eliminate this dilemma • Later surgery = Thrombosis risk

BentracimabBentracimab: Well-Characterized Mechanism of Reversal of Ticagrelor 11 1. 2. 3. 4. 5. 6. ADP binds to P2Y12 receptor causing platelet aggregation Ticagrelor binds to P2Y12, inhibiting ADP-induced platelet aggregation Bentracimab binds to free ticagrelor with very high affinity This is a reversible process with ticagrelor cycling on/off the P2Y12 receptors Bentracimab-ticagrelor binding is preferential to ticagrelor-P2Y12 binding due to 100x higher affinity (Ki 20 pM vs 2nM) As free ticagrelor is eliminated, ADP can again activate the P2Y12 receptor, restoring platelet activity Bentracimab-ticagrelor is cleared from the bloodstream Bentracimab

Bentracimab Phase 2A Data 12 Adverse Events PBO (N=6) Bentracimab (N=17) Any AE – no. 13 20 Subjects with AE – no. (%) 5 (83%) 10 (59%) Dry mouth 1 0 Infrequent bowel movements 1 0 Nausea 1 1 Feeling hot (r) 0 2 Infusion site bruising 1 0 Infusion site erythema 1 0 Infusion site extravasation 0 1 Vessel puncture site bruise 1 4 Bronchitis 0 1 Folliculitis 0 1 Arthropod sting 1 0 Contusion 0 1 ECG T wave inversion (SAE) 0 1 Back pain 1 1 Muscle twitching 0 1 Pain in extremity 0 1 Dizziness (r) 2 1 Dyspnea (r) 0 2 Blood blister 1 0 Macule 0 1 Pruritus 0 1 Bentracimab 18 g in 50-80 year-olds with DAPT All Treatment Emergent Adverse Events 0 4 8 12 16 20 24 48 PR U 10 0 20 0 Time post-dose (hours) -48 PR U Time post-dose (hours) Bentracimab 36 g to reverse ticagrelor 180 BID 10 0 20 0 30 0 0 4 8 12 16 20 24 48 -48 P < 0.001 across all timepoints 5 min - 24 hrs, Bonferroni adjusted P < 0.001 across all timepoints 5 min - 24 hrs, Bonferroni adjusted Bentracimab (N=12) Placebo (N=4) Placebo (N=2) Bentracimab (N=5) 30 0 Bentracimab

Bentracimab 13 Pivotal Program for Bentracimab 2019 2020 2021 2022 2023 Phase 2B: 50-80 year old volunteers CompletedPhase 2APhase 1 NEJM FDA Breakthrough Therapy FDA EOP1 EMA PRIME Designation N=200, 150 randomized to receive bentracimab N=150, major bleeding + urgent surgery patients Final N=200 PMC Completion of Phase 3Phase 3 REVERSE-IT trial ticagrelor patients Interim analysis completed Targeted BLA Submission Mid-2022 Potential BLA Approval August 2021 Last patient for interim Targeted timelines could be impacted by the continued scope and duration of the COVID-19 pandemic NEJM= New England Journal of Medicine, EOP1=End-of-Phase 1 Meeting, BLA=Biologics License Application • Phase 1 study published in NEJM (Bhatt DL, Pollack CV, Weitz JI, et al. N Engl J Med. 2019; 380:1825-1833) • Phase 2B study enrollment completed results to be presented at ACC April 2022 • Interim analysis of REVERSE-IT Phase 3 trial complete November 2021, published NEJM Evidence January 2022 • US BLA on track for mid-2022 Breakthrough designation in US, PRIME designation in EU and Breakthrough designation in China (NMPA) Presentation at ACC

Bentracimab 14 • Bentracimab achieved primary PRU endpoint of ticagrelor reversal Statistically significant reduction in % inhibition of PRU within 4 hours Speed of action and duration of response reversal similar to Phase 1 and 2A studies • Safety profile in the Phase 2B study consistent with Phase 1 and 2A studies No treatment emergent AEs or SAEs considered related to bentracimab No thrombotic events observed • Phase 2B results accepted for presentation in a Late Breaking Clinical Research session at the American College of Cardiology Annual Scientific Session & Expo being held in Washington, D.C., April 2-4, 2022 Phase 2B: Reversal of Ticagrelor and Safety

bentracimab 15 REVERSE-IT: Bentracimab Pivotal Phase 3 Trial Overview • REVERSE-IT: Rapid and SustainEd ReVERSal of TicagrElor – Intervention Trial • Open-label, single-arm study in patients with uncontrolled major or life-threatening bleeding or who require urgent surgery or invasive procedure • Total of 200 patients targeted for total enrollment First 150 patients to form the basis of accelerated BLA filing in US and MAA in EU Accelerated BLA endpoint is restoration of platelet function based on VerifyNow® PRUTest® platelet function assay • Additional endpoints related to hemostasis captured as part of the primary outcome analysis • US FDA Breakthrough Therapy designation, EMA PRIME designation and Breakthrough designation in China

bentracimab Bentracimab for Ticagrelor Reversal in Patients Undergoing Urgent Surgery Deepak L. Bhatt, MD, MPH, Charles V. Pollack, Jr., MD, C. David Mazer, MD, Dominick J. Angiolillo, MD, PhD, Ph. Gabriel Steg, MD, Stefan K. James, MD, PhD, Jeffrey I. Weitz, MD, Rohit Ramnath, PhD, Susan E. Arnold, PhD, Michael C. Mays, BS, Bret R. Umstead, MS, Barbara White, MD, Lisa L. Hickey, MS, Lisa K. Jennings, PhD, Benjamin J. Curry, PhD, John S. Lee MD, PhD, Subodh Verma, MD, PhD, on Behalf of the REVERSE-IT Investigators Digital journal from the New England Journal of Medicine Group. First issue, January, 2022. Article is posted at https://evidence.nejm.org/ REVERSE-IT Interim Phase 3 Published in NEJM Evidence 16

bentracimab REVERSE-IT: Baseline Characteristics 17https://evidence.nejm.org/doi/pdf/10.1056/EVIDoa2100047

bentracimab PRU analysis in surgical vs bleeding patients REVERSE-IT: Platelet Reversal 18 PRU analysis in all patients (N=150) (N=8) (N=142) https://evidence.nejm.org/doi/pdf/10.1056/EVIDoa2100047

bentracimab Adjudicated and Investigator-Reported Surgical Outcomes REVERSE-IT: Adjudicated Surgical Hemostasis 19https://evidence.nejm.org/doi/pdf/10.1056/EVIDoa2100047

bentracimab Adjudicated and Investigator-Reported Bleeding Outcomes REVERSE-IT: Adjudicated Bleeding Hemostasis 20https://evidence.nejm.org/doi/pdf/10.1056/EVIDoa2100047

bentracimab P-selectin in surgical and bleeding patients Mean platelet volume in surgical and bleeding patients Effect of Bentracimab Treatment on P-Selectin and Mean Platelet Volume (MPV). Soluble P-selectin and MPV were measured pre-dose and at multiple timepoints post-initiation of bentracimab treatment to assess for a potentially prothrombotic rebound increase in platelet reactivity post-reversal. Shown are the soluble P-selectin levels in surgical and bleeding patients treated with bentracimab (left). MPV was measured in surgical and bleeding patients treated with bentracimab (right). REVERSE-IT: No Platelet Rebound Activity 21https://evidence.nejm.org/doi/pdf/10.1056/EVIDoa2100047

bentracimab Adjudicated Thrombotic Events Occurring Post-Reversal REVERSE-IT: Adjudicated Thrombotic Events 22https://evidence.nejm.org/doi/pdf/10.1056/EVIDoa2100047

bentracimab Post-Reversal Thrombotic Events within 30 Days REVERSE-IT: Bentracimab vs. Other Reversal Agents Thrombotic Events 23 1. https://evidence.nejm.org/doi/pdf/10.1056/EVIDoa2100047 2. Pollack CV Jr, Reilly PA, van Ryn J, Eikelboom JW, Glund S, Bernstein RA, et al. Idarucizumab for dabigatran reversal: Full cohort analysis. N Engl J Med 2017; 377: 431–441. https://www.nejm.org/doi/full/10.1056/nejmoa1707278 3. Connolly SJ, Crowther M, Eikelboom JW. et al; ANNEXA-4 Investigators. Full study report of andexanet alfa for bleeding associated with factor Xa inhibitors. N Engl J Med 2019; 380 (14) 1326-1335 https://www.nejm.org/doi/full/10.1056/NEJMoa1814051#article_citing_articles 1 2 3

Bentracimab Expect Continued Long-Term Rx Growth of Ticagrelor Bentracimab approval has the potential to drive continued positive momentum • Brilinta/Brilique sales in 2021 were approximately $1.5B  Pandemic impact dampened 2020 and 2021 growth • In February 2019, Brilinta Phase 3 THEMIS1 trial met primary endpoint in patients with established coronary artery disease and type-2 diabetes; in May 2020, FDA approved a label update2 for BRILINTA in the US to include the reduction of the risk of a first heart attack or stroke in high-risk patients with coronary artery disease • In January 2020, Brilinta Phase III THALES3 trial met primary endpoint in patients with acute ischemic stroke or patients with high-risk transient ischemic attack; in November 20204, FDA approved a label update for Brilinta in the US to include the reduction of the risk of stroke in patients with acute ischemic stroke or high-risk transient ischemic attack 241. https://www.astrazeneca.com/media -centre/press-releases/2019/brilintas -phase-iii- themis -trial -met-primary -endpoint -in-patients -w ith-established -coronary -artery -disease-and-type-2-diabetes -25022019.html 2. https://www.astrazeneca.com/content/astraz/media -centre/press-releases/2020/brilinta -approved -in-the-us-to-reduce-the-risk-of-a-first -heart -attack -or-stroke-in-high-risk-patients -with -coronary -artery -disease.html 3. https://www.astrazeneca.com/media -centre/press-releases/2020/brilinta -met-primary -endpoint -in-phase-iii- thales -trial - in-stroke-27012020.html 4. https://www.astrazeneca.com/media -centre/press-releases/2020/brilinta -approved -in-the-us-in-stroke.html#:~:text=AstraZeneca's%20 Brilinta%20(ticagrelor)%20has%20been,transient%20ischaemic%20attack%20(TIA) . Ticagrelor Differentiation vs. clopidogrel Now Post Bentracimab Launch Post LOE of ticagrelor Efficacy Safety (no reversal agent) Price (branded vs. generic) (branded vs. generic)

Lipitor Analog Points to Potential ~2.5X Increase in Post-LOE Ticagrelor Market Share Within the P2Y12 Inhibitor Class 25 51.1% 0% 10% 20% 30% 40% 50% 60% M ol ec ul e St an da rd U ni ts S ha re Atorvastatin/Lipitor Fluvastatin/Lescol Lovastatin/Altoprev Pitavastatin/Livalo Pravastatin/Pravachol Rosuvastatin/Crestor Simvastatin/Zocor Lipitor LOE Analogue Selection Rationale: Lipitor Oral-administered product At the time of LOE, Zocor and Pravachol were generic Best-in-class statin at the time of LOE Mix of prescribing physicians In the cardiovascular market Iqvia® Analysis of MIDAS Data US Statin Standard Unit Share Trends Bentracimab

BentracimabUS Patients on P2Y12 Inhibitors: Potential for Significant Long-Term Ticagrelor Patient 26 0.4 3.8 0.2 2.02.2 0.2 Clopidogrel Prasugrel Ticagrelor US Patients on P2Y12 Inhibitors (millions) 2019 2029 (est.) Continued AZ Promotion Bentracimab Launch Brilinta Patent Expiry Potential Drivers of Ticagrelor Volume Growth Iqvia® Analysis of MIDAS Data

Bentracimab Bentracimab Patient Opportunity 27 1. 2019 P2Y12 class patient count analysis: Iqvia, MIDAS tablet volume 2. Bleeding events are defined as an inpatient admission with a diagnosis code for a bleed 3. Urgent surgery/procedure is defined as an emergency room visit where a surgery/procedure was performed or an inpatient admission with surgery/procedure that had an ambulance service on the same day as admission 4. Semi-elective surgery/procedure is defined as any inpatient surgery/procedure without an ambulance service on the same day 5. Based on estimated $10,000-$20,000 per dose 6. 2029 market: assumes ticagrelor achieves ~50% of US P2Y12 patient volume by 2031, 7 years after loss of exclusivity Bentracimab Addressable Market: Current and Future Estimates Rates 2019 2029 Total number of P2Y12 patients per year 4.46m 4.61m Total number of Ticagrelor patients per year 439k 1.93m Inpatient Bleed2 3.9% 17.0k 74.8k ICH 0.4% 1.7k 7.5k GI 1.5% 6.6k 29.2k Trauma 0.8% 3.4k 15.0k Other 1.2% 5.3k 23.2k Inpatient Urgent3 Surgery Rate 6.0% 26.5k 116.5k Urgent/Emergent CABG 2.6% 11.4k 50.0k Other 3.4% 15.1k 66.5k Inpatient Semi-Elective4 Surgery Rate 11.0% 48.4k 213.2k Addressable Patient Totals 91.9k 404.6 Totals may not foot due to rounding 91.9k Pts ~$1-2B5 2019 Bentracimab Addressable Market:

PB6440 Aldosterone Synthase Inhibitor for Resistant Hypertension

PB6440 Resistant Hypertension: Large, growing patient population, coupled with a high unmet need, creates an attractive opportunity for a novel therapy • Upwards of 10 million patients in the United States have resistant hypertension and are at risk for serious, costly medical consequences (stroke, heart attack, kidney failure, etc.)1 • Physicians currently prescribe numerous combinations of antihypertensives to lower blood pressure • Blocking aldosterone has been shown to be an effective mechanism for treating resistant hypertension  Currently available aldosterone blockers suffer from poor potency and pharmacokinetics (eplerenone) or poor tolerability (spironolactone) and thus are rarely used • Recent draft guidance from the FDA outlines a streamlined regulatory path for novel drugs to treat resistant hypertension without the need for large outcomes studies2 • Market research indicates that payors aware of high medical costs associated with resistant hypertension 29 1. the United Sta tes : compa rison of the 2008 a nd 2018 America n hea rt a ssocia tion scientific s ta tements on res is ta nt hypertens ion. - 2. to -informa tion/sea rch-fda - -documents/hypertens ion- -s tudies - - trea t-pa tients - - - -

PB6440 CYP11B Potency and Selectivity (IC50, μM) Human Monkey CYP11B2 CYP11B1# Selectivity CYP11B2 CYP11B1 Selectivity PB6440 0.024 4.859 202 0.016 5.802 363 LCI699* 0.0007 0.013 19 0.016 0.059 3.7 PB6440 Is Highly Selective for Aldosterone Synthase (CYP11B2) Selectivity and Potency Demonstrated in Primate Chronic Oral Dosing Model 30 In a primate model, oral PB6440 demonstrated a sustainable reduction in aldosterone without a significant increase in steroids upstream of CYP11B1, suggesting no significant inhibition of CYP11B1 in vivo # Steroid 11 -hydroxylase *Discontinued Novartis compound; active in Phase 2 studies, but blocked cortisol production, likely due to inadequate selectivity

PB6440: A Promising CYP11B2 Inhibitor 31 Characteristics Of PB6440 Potential for multiple, high-value indications High in vitro selectivity for CYP11B2 over CYP11B1 High in vitro selectivity for CYP11B2 over drug metabolizing/other steroidal CYPs High oral bioavailability Long half-life in vivo consistent with once-daily dosing Oral PK and selectivity profiles yield a large therapeutic index in vivo Suppression of plasma aldosterone levels >90% in ACTH-challenge model No significant effect on cortisol, DOC or 11-b deoxycortisol levels in ACTH-challenge model PB6440 An oral, once-daily dosing regimen with a potentially best-in-class profile from a safety and efficacy perspective

XML

Cover	Mar. 24, 2022
Cover [Abstract]
Document Type	8-K
Document Period End Date	Mar. 24, 2022
Entity Registrant Name	PhaseBio Pharmaceuticals, Inc.
Entity Incorporation, State or Country Code	DE
Entity File Number	001-38697
Entity Tax Identification Number	03-0375697
Entity Address, Address Line One	1 Great Valley Parkway
Entity Address, Address Line Two	Suite 30
Entity Address, City or Town	Malvern
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19355
City Area Code	610
Local Phone Number	981-6500
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	PHAS
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Amendment Flag	false
Entity Central Index Key	0001169245