BiomX (PHGE) Q2 2024 earnings summary

Executive summary

• Completed merger with Adaptive Phage Therapeutics (APT), expanding the pipeline to two Phase 2 assets targeting serious infections and securing $50 million in financing.

• Stockholders approved conversion of Series X preferred stock to common stock, increasing outstanding shares.

• Lead clinical programs BX004 (cystic fibrosis) and BX211 (diabetic foot osteomyelitis) are advancing, with key data readouts expected in 2025.

• Paused development of atopic dermatitis and prosthetic joint infection programs to focus on CF and DFO candidates.

• Received NYSE American deficiency notice for minimum equity standards; compliance plan accepted, with deadline of November 23, 2025.

Financial highlights

• Cash, short-term deposits, and restricted cash totaled $32.7 million as of June 30, 2024, up from $30.7 million a year prior, mainly due to the $50 million private placement in March 2024.

• Research and development expenses rose to $6.9 million in Q2 2024 from $3.8 million in Q2 2023, reflecting increased clinical activity and integration of APT.

• General and administrative expenses increased to $2.8 million from $2.3 million year-over-year, due to consolidation post-merger.

• Net income for Q2 2024 was $4.5 million, compared to a net loss of $6.4 million in Q2 2023, primarily due to changes in warrant fair value.

• Net cash used in operating activities for the first half of 2024 was $22.6 million, up from $9.1 million in the prior year period.

Outlook and guidance

• Cash runway is expected to fund operations through Q4 2025, supporting upcoming clinical milestones.

• R&D expenses are expected to trend down in the coming quarters as integration efficiencies are realized.

• BX004 Phase 2b trial in CF patients to begin in Q4 2024, with results anticipated in Q3 2025.

• BX211 Phase 2 topline results expected in Q1 2025, with further readouts in Q1 2026.

• No significant product revenue expected in the next twelve months; focus remains on advancing CF and DFO clinical programs.