BiomX(US:PHGE)2022-11-12 11:41Financial Data and Key Metrics Changes - As of September 30, 2022, cash balance and short-term deposits were $41.5 million, down from $63.1 million as of December 31, 2021, primarily due to net cash used in operating activities [13] - Net loss for Q3 2022 was $6.8 million, compared to $10 million for the same period in 2021 [16] - Net cash used in operating activities for the nine months ended September 30, 2022, was $21.9 million, compared to $18.5 million for the same period in 2021 [16] Business Line Data and Key Metrics Changes - Research and development expenses were $3.5 million for Q3 2022, down from $6.6 million for the same period in 2021, reflecting a decrease in salaries and related expenses due to corporate restructuring and paused development of certain product candidates [14] - General and administrative expenses were $2.6 million for Q3 2022, compared to $2.8 million for the same period in 2021, also reflecting a decrease in salaries and related expenses due to corporate restructuring [15] Market Data and Key Metrics Changes - The company is focused on the ongoing Phase Ib/IIa trial of BX004 in cystic fibrosis, with an expected completion of enrollment in Part 1 by year-end 2022 and results anticipated in Q1 2023 [9][10] Company Strategy and Development Direction - The company aims to advance the BX004 program as a treatment for cystic fibrosis patients with chronic respiratory infections caused by Pseudomonas aeruginosa, emphasizing the importance of ongoing research and development efforts [10][18] - The company is also pursuing preclinical activities for BX005 in atopic dermatitis, working with Maruho on formulation and planning for future clinical trials [30] Management's Comments on Operating Environment and Future Outlook - Management acknowledged challenges in patient enrollment due to COVID-19 and the holiday season but noted an uptick in enrollment trends due to improved mechanisms and increased site numbers [22][23] - The company remains optimistic about the future of phage therapy and its potential impact on cystic fibrosis treatment [27][34] Other Important Information - The company estimates that existing cash, cash equivalents, and short-term deposits are sufficient to fund its current operating plan at least through mid-2024 [16] Q&A Session Summary Question: Can you define the enrollment-enhancing mechanisms discussed? - Management noted initial enrollment was slower than anticipated due to COVID-19 and holidays, but they have implemented mechanisms to improve interaction with CROs and increased the number of sites [22][23] Question: What is the real-world impact from the holidays on scheduling and analyses? - Management indicated that the holidays had some impact, but they are optimistic about the recent uptick in enrollment [22] Question: Were there any amendments made to the trial? - Management confirmed no significant amendments were made, focusing instead on adding additional sites [26] Question: Is the atopic dermatitis program still a priority? - Management stated that while the focus is currently on cystic fibrosis, they are working with Maruho on the atopic dermatitis program and will reassess once progress is made [30]