BiomX (PHGE) Q3 2024 earnings summary

Executive summary

• Completed patient enrollment for BX211 phase II trial in diabetic foot osteomyelitis (DFO); topline results expected Q1 2025, with secondary readout in Q1 2026.

• BX004 phase II-B in cystic fibrosis (CF) delayed to H1 2026 due to manufacturing issues; positive phase I-B/2A data presented at major conferences.

• Completed acquisition of Adaptive Phage Therapeutics (APT) in March 2024, expanding pipeline to two phase II assets.

• Raised $50 million in gross proceeds through a private placement (PIPE) concurrent with the APT acquisition.

• Discontinued BX005 (atopic dermatitis) program to focus on CF and DFO candidates.

Financial highlights

• Cash, short-term deposits, and restricted cash were $24.7 million as of September 30, 2024, down from $30.7 million at year-end 2023.

• Net income of $9.6 million for Q3 2024, compared to a net loss of $7.9 million in Q3 2023, mainly due to warrant revaluation.

• Research and development expenses rose to $7.3 million in Q3 2024 from $5.6 million in Q3 2023, driven by clinical trial activity and APT acquisition.

• General and administrative expenses increased to $3.2 million in Q3 2024 from $2.2 million in Q3 2023, reflecting APT integration.

• Net cash used in operating activities for the nine months ended September 30, 2024, was $30.7 million, up from $15 million in the prior year period.

Outlook and guidance

• Cash reserves of $24.7 million expected to fund operations into Q4 2025.

• BX211 phase II topline results anticipated in Q1 2025; BX004 phase II-B results expected in H1 2026.

• No significant product revenue expected in the next twelve months; continued losses anticipated as R&D activities progress.