Biomx Inc. ( (PHGE) ) has released its Q3 earnings. Here is a breakdown of the information Biomx Inc. presented to its investors.
Pick the best stocks and maximize your portfolio:
- Discover top-rated stocks from highly ranked analysts with Analyst Top Stocks!
- Easily identify outperforming stocks and invest smarter with Top Smart Score Stocks
BiomX Inc. is a clinical-stage biotechnology company focusing on developing phage therapies to target specific pathogenic bacteria across various chronic diseases.
In the third quarter of 2024, BiomX Inc. announced the completion of patient enrollment for the Phase 2 trial of BX211 for diabetic foot osteomyelitis (DFO) and resolved manufacturing delays for BX004 in cystic fibrosis (CF), setting the stage for upcoming trial results.
The company reported a net income of $9.6 million for Q3 2024, a significant turnaround from a net loss of $7.9 million in the previous year, primarily influenced by the change in fair value of warrants. R&D expenses rose to $7.3 million, driven by progress in BX211 and BX004 trials, while general administrative costs increased following the acquisition of Adaptive Phage Therapeutics. BiomX’s cash reserves are expected to support operations into late 2025.
Additionally, BiomX has made strategic financial moves, including a reverse stock split and the separation of its trading units, to streamline its financial structure.
Looking ahead, BiomX remains optimistic about the potential of its phage therapies in treating unmet medical needs, with forthcoming trial results anticipated to provide further insights into its clinical programs.
