BiomX (PHGE) Q2 2026 earnings summary

Executive summary

• Transitioned from legacy biopharma to defense, security, and critical infrastructure technology markets after discontinuing clinical programs and deconsolidating BiomX Israel in early 2026.

• Acquired 100% of ZorroNet and 60% of DFSL in April 2026, consolidating their results for the first time this quarter.

• First period recognizing revenue from defense and security operations, with new subsidiaries focused on AI-powered detection, perimeter security, and command-and-control technologies.

Financial highlights

• Revenue for Q2 and H1 2026 was $332,000, attributable to DFSL and ZorroNet; no revenue in comparable 2025 periods.

• Net loss was $3.8M for Q2 2026 and $23.0M for H1 2026, compared to $6.0M and $13.7M in Q2 and H1 2025.

• Operating loss decreased to $5.4M in Q2 2026 from $7.4M in Q2 2025, and to $6.7M in H1 2026 from $15.2M in H1 2025.

• Significant non-cash charges: $5.2M Day 1 loss on warrants/derivatives and $12.5M loss from change in fair value of liability-classified warrants.

• Cash, cash equivalents, and restricted cash were $347,000 at June 30, 2026, down from $4.96M at December 31, 2025.

Outlook and guidance

• Management expects continued operating losses and negative cash flows as integration of new subsidiaries proceeds.

• Current funds, ATM proceeds, and subsidiary revenues expected to fund operations for only several months post-report.

• Substantial doubt exists about ability to continue as a going concern without additional financing.

• Revenue growth anticipated from defense and security operations, but no assurance 2026 revenue will exceed costs.