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BiomX Reports Fourth Quarter and Full Year 2024 Financial Results and Provides Business and Program Updates
PHGEBiomX(PHGE) Newsfilter·2025-03-25 10:30

Core Insights - BiomX Inc. reported financial results for Q4 and full year 2024, highlighting progress in clinical trials and financing activities [1][6][5] - The company is finalizing the analysis of topline results from the Phase 2 trial of BX211, with results expected by the end of March 2025 [2][7] - BiomX completed a financing round in Q1 2025, generating 12millioningrossproceedstosupportongoingclinicaltrialsandregulatorydiscussions[2][5]ClinicalProgramUpdates−BX211isbeingevaluatedforthetreatmentofdiabeticfootosteomyelitis(DFO)associatedwithStaphylococcusaureus,withtoplineresultsexpectedbytheendofMarch2025[3][7]−BX004isafixedphagecocktailtargetingcysticfibrosispatientswithchronicpulmonaryinfectionscausedbyPseudomonasaeruginosa,withtoplineresultsanticipatedinQ12026[4][15]FinancialPerformance−AsofDecember31,2024,thecashbalancewas12 million in gross proceeds to support ongoing clinical trials and regulatory discussions [2][5] Clinical Program Updates - BX211 is being evaluated for the treatment of diabetic foot osteomyelitis (DFO) associated with Staphylococcus aureus, with topline results expected by the end of March 2025 [3][7] - BX004 is a fixed phage cocktail targeting cystic fibrosis patients with chronic pulmonary infections caused by Pseudomonas aeruginosa, with topline results anticipated in Q1 2026 [4][15] Financial Performance - As of December 31, 2024, the cash balance was 18 million, an increase from 15.9millionin2023,primarilyduetofundsraisedinMarch2024[6]−Researchanddevelopmentexpensesfor2024were15.9 million in 2023, primarily due to funds raised in March 2024 [6] - Research and development expenses for 2024 were 24.7 million, up from 16.7millionin2023,drivenbypreparationsforclinicaltrialsandincreasedoperationalcosts[9]−Thenetlossfor2024was16.7 million in 2023, driven by preparations for clinical trials and increased operational costs [9] - The net loss for 2024 was 17.7 million, a decrease from 26.2millionintheprioryear,attributedtochangesinthefairvalueofwarrants[13]BusinessUpdate−BiomXenteredintoasecuritiespurchaseagreementinFebruary2025,raisingapproximately26.2 million in the prior year, attributed to changes in the fair value of warrants [13] Business Update - BiomX entered into a securities purchase agreement in February 2025, raising approximately 12 million to fund its clinical studies [5] - The company expects to have sufficient funding to reach significant milestones, including topline results for BX004 in Q1 2026 [5][8] Impairments and Expenses - Goodwill impairment for 2024 was 0.8million,andin−processresearchanddevelopmentimpairmentwas0.8 million, and in-process research and development impairment was 3.2 million, both resulting from the acquisition of Adaptive Phage Therapeutics [11][12] - General and administrative expenses increased to 11.8millionin2024from11.8 million in 2024 from 8.7 million in 2023, mainly due to the consolidation of expenses following the acquisition [10]