BiomX(PHGE) - 2024 Q3 - Quarterly Results

Clinical Trials - Patient enrollment for the BX211 Phase 2 trial in Diabetic Foot Osteomyelitis (DFO) has been completed, with topline results expected in Q1 2025[2] - In the BX004 Phase 1b/2a trial, 14.3% of patients converted to sputum culture negative for Pseudomonas aeruginosa after 10 days of treatment, compared to 0% in the placebo arm[6] - The company expects to report topline results for the BX004 Phase 2b study in the first half of 2026 following resolved manufacturing delays[2] Financial Performance - BiomX reported a net income of $9.6 million for Q3 2024, compared to a net loss of$7.9 million in Q3 2023, primarily due to changes in the fair value of warrants[14] - Operating loss for the nine months ended September 30, 2024, was $27,838 million, compared to$20,076 million for the same period in 2023, indicating a 38.5% increase in losses[26] - Net loss for the three months ended September 30, 2024, was $9,642 million, compared to a net income of$7,906 million in the same period last year, marking a significant shift in performance[26] - Basic loss per share for the three months ended September 30, 2024, was $(0.31), compared to earnings of$1.30 per share in the same period last year[26] Expenses - Research and development expenses increased to $7.3 million in Q3 2024 from$5.6 million in Q3 2023, driven by preparations for the Phase 2b clinical trial of BX004 and increased expenses related to BX211[11] - General and administrative expenses rose to $3.2 million in Q3 2024 from$2.2 million in Q3 2023, attributed to the consolidation of expenses after the acquisition of Adaptive Phage Therapeutics[12] - Research and development (R&D) expenses for the three months ended September 30, 2024, were $7,279 million, up from$5,641 million in the same period last year, reflecting a 29% increase[26] Cash and Assets - Cash balance as of September 30, 2024, was $24.7 million, down from$30.7 million as of December 31, 2023, due to net cash used in operating activities[9] - BiomX estimates its cash and equivalents are sufficient to fund operations into the fourth quarter of 2025[9] - Total current assets increased to $28,316 million as of September 30, 2024, compared to$17,632 million as of December 31, 2023, representing a growth of 60.5%[24] - Total non-current assets rose to $31,664 million as of September 30, 2024, from$7,397 million as of December 31, 2023, an increase of 327%[24] - Total current liabilities decreased to $8,944 million as of September 30, 2024, from$11,176 million as of December 31, 2023, a reduction of 19.8%[25] Stock and Shareholder Information - The company conducted a 1-for-10 reverse stock split in August 2024, consolidating every ten shares into one[7] - The weighted average number of shares used in computing basic loss per share increased to 16,366,122 for the three months ended September 30, 2024, from 6,058,774 in the same period last year[26] Liabilities - The company reported a significant increase in operating lease liabilities, which rose to $8,651 million as of September 30, 2024, compared to$3,239 million as of December 31, 2023[25] - The company recorded a loss from the change in fair value of Private Placement Warrants amounting to $(20,559) million for the three months ended September 30, 2024[26]