BiomX (PHGE) Q2 Earnings call transcript Aug 15, 2024

In the recent earnings call for BiomX, the company's financial health and growth prospects were outlined, along with updates on their clinical programs. Here are some key takeaways from the call.

Financial Highlights

BiomX reported a net income of $4.5 million for the second quarter of 2024, a significant improvement from the net loss of $6.4 million in the same period last year. The increase was mainly due to the change in the fair value of warrants issued in the private placement financing. The company's cash balance, short-term deposits, and restricted cash were reported at $32.7 million, sufficient to fund operations through the fourth quarter of 2025.

Clinical Programs

BiomX is currently focusing on two lead clinical assets: BX004 and BX211. BX004, a novel fixed stage cocktail, is being developed for the treatment of serious chronic lung infections in cystic fibrosis patients caused by Pseudomonas aeruginosa. Positive safety and efficacy results were presented in the Phase Ib/IIa trial, showing a 14.3% conversion rate to sputum culture negative for Pseudomonas aeruginosa compared to 0% in the placebo arm. Discussions with the U.S. FDA are underway for the initiation of the Phase IIb study, with top-line results expected in the third quarter of 2025.

BX211, acquired through the merger with Adaptive Phase Therapeutics, is a personalized phage treatment currently in a randomized double-blind placebo-controlled multicenter Phase II trial for diabetic foot osteomyelitis associated with Staphylococcus aureus infection. Initial top-line results are expected through week 13 in the first quarter of 2025.

Growth Opportunities

The merger with Adaptive Phase Therapeutics has significantly expanded BiomX's pipeline, making it the leading phage-related pipeline in advanced clinical testing. The diversity of complementary approaches, including six phage cocktails and personalized phage treatment, positions BiomX well to address various resistant mechanisms and polymicrobial infections. The company's goal is to significantly change how intractable infections are addressed, with both BX004 and BX211 having the potential to drive significant value for shareholders.

Investor Confidence

Investor confidence in BiomX has been high, with the recent stockholder vote overwhelmingly in favor of converting up to 256,000 series x nonvoting convertible preferred stock to upwards of 256 million BiomX common stock. This conversion has added significant shares to the company's outstanding share count, reflecting investors' belief in BiomX's strategic direction and potential for growth.

In conclusion, BiomX's earnings call painted a positive picture of the company's financial health and promising clinical programs. With a strong focus on addressing unmet needs in serious chronic infections, BiomX is well-positioned to make a significant impact in the healthcare sector. The company's strategic merger and investor support underscore its potential for continued growth and value creation for shareholders.