In This Story
BiomX Inc. (PHGE+19.70%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's financial performance, reporting a net loss of $17.7 million for the year, compared to a net loss of $26.2 million in the previous year. The decrease in net loss is attributed to a change in the fair value of Private Placement Warrants and other income.
Research and development expenses, net of grants, increased by 48% to $24.7 million, primarily due to increased expenses related to the clinical trials of BX004 and BX211, as well as increased workforce and rent expenses following the acquisition of Adaptive Phage Therapeutics, Inc.
General and administrative expenses rose by 36% to $11.8 million, driven by acquisition-related expenses and increased salary and rent expenses.
The company reported impairments of $0.8 million for goodwill and $3.2 million for in-process research and development intangible assets, resulting from a decline in stock price.
BiomX's cash, cash equivalents, and restricted cash totaled $18 million as of December 31, 2024. The company anticipates that its current funds will be sufficient to meet its working capital and capital expenditure requirements into the first quarter of 2026.
The filing also discusses the company's strategic focus on developing phage-based therapies for chronic diseases such as cystic fibrosis and diabetic foot osteomyelitis, utilizing its proprietary BOLT platform.
BiomX's financial statements contain an explanatory paragraph regarding substantial doubt about the company's ability to continue as a going concern, highlighting the need for additional funding to support operations beyond the first quarter of 2026.
The company continues to explore various financing options, including equity offerings and collaborations, to secure the necessary funds for its ongoing research and development activities.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the BiomX Inc. annual 10-K report dated March 25, 2025. To report an error, please email earnings@qz.com.