Release Date: November 14, 2024
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
- BiomX Inc (PHGE, Financial) completed patient enrollment for the phase two trial of BX 201 for diabetic foot osteomyelitis, with topline results expected in Q1 2025.
- The company received additional funding from the US Defense Health Agency, bringing total non-dilutive funding for the DFO trial to $36.8 million.
- BX 201 has the potential to transform treatment for diabetic foot osteomyelitis, addressing antibiotic resistance and biofilm challenges.
- Positive safety and efficacy results for BX 004 were presented at major conferences, strengthening confidence in its potential for cystic fibrosis treatment.
- BiomX Inc (PHGE) has sufficient cash reserves to fund operations into Q4 2025, supported by a $50 million private placement financing in March 2024.
Negative Points
- Manufacturing delays for BX 004 have pushed the expected topline results for the phase two B study to the first half of 2026.
- Research and development expenses increased to $7.3 million in Q3 2024, up from $5.6 million in the same period in 2023.
- General and administrative expenses rose to $3.2 million in Q3 2024, compared to $2.2 million in Q3 2023, due to the acquisition of Adaptive Phage Therapeutics.
- The company recognized a goodwill impairment expense of $801,000 related to the 2024 acquisition of Adaptive Phage Therapeutics.
- Net cash used in operating activities increased significantly to $30.7 million for the nine months ended September 30, 2024, compared to $15 million in the same period in 2023.
Q & A Highlights
Q: Can you provide more details on the manufacturing delay for BX 004? Was it a one-off issue?
A: Jonathan Solomon, CEO: The delay was primarily due to scaling up production from 10 liters to 50 liters, which required recalibrating our systems. We view this as a one-off issue and are confident in our revised timeline.
Q: What are the expected timelines for the BX 201 and BX 004 trials?
A: Jonathan Solomon, CEO: We expect to report top-line results for the BX 201 Phase 2 trial in the first quarter of 2025. For BX 004, due to manufacturing delays, we anticipate results in the first half of 2026.
Q: How is the funding situation for BiomX, and how long will current resources last?
A: Marina Wolfson, CFO: As of September 30, 2024, we have $24.7 million in cash and equivalents, which we estimate will fund operations into the fourth quarter of 2025.
Q: Can you elaborate on the financial results for the third quarter of 2024?
A: Marina Wolfson, CFO: We reported a net income of $9.6 million, primarily due to non-cash income from warrant revaluation. R&D expenses increased to $7.3 million, reflecting trial preparations and increased clinical activity.
Q: What are the key milestones achieved in the last quarter?
A: Jonathan Solomon, CEO: We completed patient enrollment for the BX 201 Phase 2 trial and presented positive data for BX 004 at major conferences. We also revised the timeline for BX 004's Phase 2B study.
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
