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BiomX Inc. (PHGE+0.67%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing research and development expenses of $7.3 million, an increase from $5.6 million in the same quarter the previous year. This increase is attributed to preparations for Phase 2b of the clinical trial for the CF product candidate, BX004, and increased expenses related to the DFO product candidate, BX211.
General and administrative expenses increased to $3.2 million from $2.2 million, primarily due to the consolidation of expenses following the Acquisition of Adaptive Phage Therapeutics LLC.
The company reported a goodwill impairment of $0.8 million for the quarter, resulting from the Acquisition.
Other income was $0.1 million, consistent with the previous year, and consisted of proceeds from a sublease agreement.
Interest expenses decreased significantly to $5,000 from $574,000 due to the repayment of the loan under the Loan and Security Agreement with Hercules Capital, Inc. (HTGC-0.74%)
Income from change in fair value of Private Placement Warrants was recorded at $20.6 million, reflecting the revaluation of warrants issued under the March 2024 PIPE.
Net loss for the quarter was $9.6 million, compared to $7.9 million in the previous year. Basic and diluted loss per share was $0.31, compared to $1.30 in the previous year.
Cash used in operating activities was $30.7 million for the nine months ended September 30, 2024, primarily driven by R&D and administrative expenses.
Net cash provided by financing activities was $38.8 million, mainly from the issuance of Redeemable Convertible Preferred Shares and Private Placement Warrants in the March 2024 PIPE.
The company acknowledges substantial doubt about its ability to continue as a going concern, citing the need for additional funding to support ongoing operations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the BiomX Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.