BiomX(PHGE) - 2024 Q4 - Annual Results

Financial Performance - BiomX reported a net loss of $17.7 million for the year ended December 31, 2024, a decrease from a net loss of$26.2 million in 2023, primarily due to changes in the fair value of warrants[16]. - The company reported an operating loss of $44.523 million in 2024, compared to a loss of$25.348 million in 2023, reflecting a 75.6% increase in losses[26]. - Net loss for the year was $17.727 million in 2024, down from$26.169 million in 2023, indicating a 32.5% improvement[26]. - Basic loss per share decreased to $1.47 in 2024 from$5.10 in 2023, a reduction of 72.8%[26]. - Diluted loss per share also improved to $3.36 in 2024, compared to$5.10 in 2023, a decrease of 34.1%[26]. - Loss before tax improved to $17.714 million in 2024 from$26.146 million in 2023, a 32.8% decrease in losses[26]. Cash and Funding - Cash balance and restricted cash as of December 31, 2024, were $18.0 million, up from$15.9 million as of December 31, 2023, reflecting funds raised in March 2024 financing[9]. - BiomX's cash, cash equivalents, and short-term deposits are estimated to be sufficient to fund operations into the first quarter of 2026[9]. - BiomX completed a financing round in February 2025, generating approximately $12 million in gross proceeds to support ongoing clinical trials[3]. - Total non-dilutive funding received for the BX211 Phase 2 trial has reached$36.8 million, including a milestone payment from the U.S. Defense Health Agency[6]. Research and Development - Research and development expenses for 2024 were $24.7 million, an increase from$16.7 million in 2023, driven by preparations for Phase 2b clinical trials and increased expenses related to the Phase 2 trial of BX211[10]. - Research and development (R&D) expenses increased to $24.663 million in 2024 from$16.698 million in 2023, representing a 47.5% increase[26]. General and Administrative Expenses - General and administrative expenses rose to $11.8 million in 2024 from$8.7 million in 2023, attributed to the consolidation of expenses following the acquisition of Adaptive Phage Therapeutics[11]. - General and administrative expenses rose to $11.776 million in 2024, up from$8.650 million in 2023, a 36.8% increase[26]. Impairments - The company reported an impairment of $0.8 million in goodwill for the year ended December 31, 2024, following the acquisition of Adaptive Phage Therapeutics[12]. - The company incurred a goodwill impairment of$801 million in 2024, with additional impairments totaling 7.283 million for IPR&D and long-lived assets[26]. Clinical Trials - Topline results for the Phase 2 trial of BX211 in diabetic foot osteomyelitis (DFO) are expected by the end of March 2025[6]. - The company anticipates topline results from the Phase 2b study of BX004 in cystic fibrosis patients in the first quarter of 2026[8]. Interest Expenses - Interest expenses decreased to 873 thousand in 2024 from $2.404 million in 2023, a reduction of 63.7%[26]. Share Information - The weighted average number of shares used for computing basic loss per share increased significantly from 5,133,093 in 2023 to 12,019,401 in 2024 due to a reverse share split[26].