BiomX Announces Third Quarter 2024 Financial Results and Clinical Program Updates

BiomX Inc., a clinical-stage company listed on NYSE American under the symbol PHGE, recently released its financial results for the third quarter ending September 30, 2024, along with significant updates on its clinical programs. The company, which specializes in advancing novel natural and engineered phage therapies targeting specific pathogenic bacteria, shared key highlights from its ongoing BX211 and BX004 programs.

BX211, aimed at treating Diabetic Foot Osteomyelitis (DFO) associated with Staphylococcus aureus, completed its Phase 2 patient enrollment. The company is on track to report topline results in the first quarter of 2025. Additionally, BiomX secured additional funding from the US Defense Health Agency in October 2024 to support the BX211 program.

The BX004 Phase 2b study for the treatment of Cystic Fibrosis (CF) encountered manufacturing delays, which have now been resolved. Topline results for this study are now expected in the first half of 2026. BiomX expressed confidence in the potential of the BX004 program to address the significant medical needs of CF patients.

In terms of financial performance during the third quarter of 2024, BiomX reported a net income of $9.6 million compared to a net loss of $7.9 million in the same period of the previous year. The increase was primarily attributed to changes in the fair value of warrants issued as part of financing activities in March 2024.

Research and development expenses totaled $7.3 million for the third quarter, reflecting an increase from the previous year due to ongoing clinical trial preparations. General and administrative expenses also rose to $3.2 million in the same period, primarily driven by post-acquisition consolidation expenses.

BiomX highlighted its cash balance, short-term deposits, and restricted cash as of September 30, 2024, amounting to $24.7 million, indicative of sufficient funds to sustain operations until the fourth quarter of 2025.

The company plans to discuss these financial results and provide further corporate updates in a conference call and webcast scheduled for November 14, 2024, at 8:00 a.m. ET. Interested parties can join the call by using the provided dial-in numbers.

BiomX continues to advance its clinical programs with a focus on personalized phage treatments, aiming to address critical unmet medical needs in patients with various infections. For more information on BiomX’s ongoing developments, visit their official website.

The press release contained forward-looking statements, subject to risks and uncertainties detailed in BiomX’s filings with the SEC. The company disclaims any obligation to update these forward-looking statements.

These updates provide a comprehensive overview of BiomX’s recent activities, financial performance, and ongoing commitment to advancing innovative treatments for challenging medical conditions.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read BiomX’s 8K filing here.

About BiomX

BiomX Inc, a clinical-stage biopharmaceutical company, develops products using natural and engineered phage technologies designed to target and kill specific harmful bacteria associated with chronic disease. It is developing BX211, a phage therapy, which is in phase 2 clinical study for the treatment of diabetic foot osteomyelitis.