BiomX(US:PHGE)2025-08-13 13:12Part I. Financial Information Financial Statements This section presents BiomX Inc.'s unaudited condensed consolidated financial statements as of June 30, 2025, reflecting a net loss of $13.7 million for the first six months and a cash position of $14.0 million Condensed Consolidated Balance Sheet Data (USD in thousands) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Assets | | | | Cash and cash equivalents | $14,046 | $16,856 | | Total current assets | $16,635 | $20,520 | | Total assets | $38,050 | $43,233 | | Liabilities & Equity | | | | Total current liabilities | $6,262 | $8,267 | | Total liabilities | $18,890 | $19,085 | | Total stockholders' equity | $19,160 | $24,148 | Condensed Consolidated Statements of Operations (USD in thousands) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | R&D expenses, net | $5,014 | $6,897 | $10,264 | $11,002 | | General and administrative expenses | $2,419 | $2,828 | $4,925 | $5,508 | | Operating loss | $7,433 | $9,725 | $15,189 | $16,510 | | Net loss (income) | $6,037 | $(4,471) | $13,696 | $12,856 | | Basic loss (earnings) per share | $0.19 | $(0.14) | $0.50 | $1.95 | Condensed Consolidated Statements of Cash Flows (USD in thousands) | Cash Flow Activity | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | $(14,821) | $(22,593) | | Net cash provided by investing activities | $109 | $717 | | Net cash provided by financing activities | $11,884 | $38,772 | | Net (decrease) increase in cash | $(2,828) | $16,896 | - The company has incurred significant losses, with an accumulated deficit of $194.4 million as of June 30, 2025, raising substantial doubt about its ability to continue as a going concern51 - On March 6, 2024, BiomX acquired Adaptive Phage Therapeutics (APT), expanding its pipeline with two Phase 2 assets4552 Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A) This section provides management's perspective on the company's financial condition and results of operations, detailing business strategy, operational results, liquidity, and financial outlook, including a going concern warning Business Overview and Clinical Developments BiomX is a clinical-stage company developing phage therapies for chronic diseases, primarily focusing on cystic fibrosis (BX004) and diabetic foot osteomyelitis (BX211), and has discontinued its atopic dermatitis program - The company's primary focus is on developing phage therapies for chronic diseases, specifically cystic fibrosis (CF) with product candidate BX004 and diabetic foot osteomyelitis (DFO) with BX211126 - A Phase 2b study for BX004 in CF patients was initiated, with the first patient dosed on July 14, 2025, and topline results expected in the first quarter of 2026138 - The Phase 2 trial for BX211 in DFO patients showed positive results, with statistically significant improvement in ulcer size reduction (p=0.046 at week 12), and the company is planning a potential registrational study142144147 - The development of BX005 for atopic dermatitis was discontinued in 2024 to focus resources on the CF and DFO programs150 Results of Operations This subsection compares the company's operating results for the three and six-month periods ended June 30, 2025, and 2024, highlighting decreased R&D and G&A expenses and a net loss in Q2 2025 Comparison of Operating Results (USD in thousands) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | R&D expenses, net | $5,014 | $6,897 | $10,264 | $11,002 | | G&A expenses | $2,419 | $2,828 | $4,925 | $5,508 | | Operating loss | $7,433 | $9,725 | $15,189 | $16,510 | | Net loss (income) | $6,037 | $(4,471) | $13,696 | $12,856 | - R&D expenses for Q2 2025 decreased by $1.9 million (28%) year-over-year, primarily due to workforce reduction and lower rent expenses, partially offset by costs for the new Phase 2b CF trial152159 - G&A expenses for Q2 2025 decreased by $0.4 million (14%) year-over-year, driven by a reduction in legal and professional service fees153 - For the six months ended June 30, 2025, R&D expenses decreased by $0.7 million (6%) and G&A expenses decreased by $0.6 million (11%) compared to the same period in 2024160161 Liquidity and Capital Resources As of June 30, 2025, the company had $15.2 million in cash, expected to fund operations into Q1 2026, but faces substantial doubt about its going concern ability due to recurring losses and future funding needs - The company's cash, cash equivalents, and restricted cash of $15.2 million as of June 30, 2025, are expected to fund operations into the first quarter of 2026169184 - Management has expressed substantial doubt about the company's ability to continue as a going concern and is exploring additional financing options, including equity or debt financing, grants, and collaborations169185 - Net cash used in operating activities was $14.8 million for the first six months of 2025, a decrease from $22.6 million in the same period of 2024170171 - The company raised gross proceeds of approximately $50 million from the March 2024 PIPE and a total of $12.0 million from the February 2025 SPA and concurrent warrant exercise180181183 Quantitative and Qualitative Disclosures About Market Risk As a smaller reporting company, BiomX is exempt from providing disclosures regarding market risk under this item - As a smaller reporting company, BiomX is not required to make disclosures under Item 3 regarding market risk186 Controls and Procedures Management concluded that the company's disclosure controls and procedures were effective as of June 30, 2025, with no material changes in internal control over financial reporting during the quarter - Based on an evaluation as of the end of the reporting period, the Principal Executive Officer and Principal Financial Officer concluded that the company's disclosure controls and procedures were effective188 - There were no changes in the company's internal control over financial reporting during the quarter ended June 30, 2025, that have materially affected, or are reasonably likely to materially affect, internal controls189 Part II. Other Information Exhibits This section lists all exhibits filed with the Form 10-Q, including certifications by the Principal Executive Officer and Principal Financial Officer, and XBRL data files - This section provides a list of all exhibits filed as part of the quarterly report, including officer certifications and Inline XBRL documents191 Part III. Signatures Signatures The report is duly signed and authorized by the company's Chief Executive Officer and Chief Financial Officer as of August 13, 2025 - The Form 10-Q report was signed on August 13, 2025, by Jonathan Solomon, Chief Executive Officer, and Marina Wolfson, Chief Financial Officer197198