PHAXIAM Therapeutics (PHXM) Q2 2024 earnings summary

Executive summary

• Focused on becoming a global leader in phage therapies for severe, resistant bacterial infections, with a primary emphasis on Prosthetic Joint Infections (PJI) caused by Staphylococcus aureus.

• Key clinical milestones include imminent IND/CTA filings for the GLORIA Phase II study and expected clinical readouts from the PhagoDAIR pilot study by end of 2024.

• Over 120 patients treated under compassionate use, showing promising infection control rates in hard-to-treat populations.

Financial highlights

• H1 2024 revenues were €1.1 million, up from €0.3 million in H1 2023.

• Operating expenses decreased 7% year-over-year to €11.7 million, driven by a 42% reduction in G&A expenses, including non-recurring merger costs and Nasdaq delisting savings.

• R&D expenses increased by €1.4 million (+41%) due to the S. aureus program; an impairment charge of €1.5 million was recorded on endocarditis IP.

• Net loss for H1 2024 was €10.6 million, an improvement from €12.2 million in H1 2023.

• Cash and cash equivalents were €1.5 million as of June 30, 2024, not including €6.8 million net proceeds from a capital increase settled in July 2024.

Outlook and guidance

• GLORIA Phase II study approval expected in Q4 2024, with first patient enrollment in Q1 2025.

• PhagoDAIR pilot study data expected by end of 2024; Endocarditis Phase I PK study readout anticipated mid-2025.

• Current cash position expected to fund operations into March 2025; company exploring cost reductions and non-dilutive financing options.