BiomX Inc. reported significant financial developments in its latest 10-Q filing for the quarter ending September 30, 2024. The company, which focuses on developing phage-based therapies for chronic diseases, has seen a notable increase in cash reserves, with cash and cash equivalents rising to $23.5 million from $14.9 million at the end of 2023. Total current assets also increased to $28.3 million, up from $17.6 million.

The company’s total stockholders’ equity surged to $37.9 million, a substantial increase from $3.1 million at the end of 2023, primarily due to the issuance of Redeemable Convertible Preferred Shares and the acquisition of Adaptive Phage Therapeutics LLC (APT) in March 2024. This acquisition has enhanced BiomX's pipeline with two Phase 2 assets targeting serious infections.

Despite these positive developments, BiomX reported an operating loss of $11.3 million for the third quarter of 2024, compared to a loss of $7.8 million in the same period of 2023. The net loss for the quarter was $9.6 million, an increase from $7.9 million year-over-year. For the nine months ended September 30, 2024, the net loss was $3.2 million, a significant improvement from a loss of $20.7 million in the same period of 2023. The basic loss per share for the third quarter was $(0.31), a notable decrease from $(1.30) in the prior year.

Research and development (R&D) expenses rose to $7.3 million for the third quarter, up from $5.6 million in 2023, driven by preparations for the Phase 2b clinical trial of the CF product candidate BX004 and increased costs associated with the APT acquisition. General and administrative expenses also increased to $3.2 million, reflecting the full consolidation of APT's expenses and higher professional service costs.

BiomX's financing activities were robust, with net cash provided by financing activities reaching $38.8 million for the nine months ended September 30, 2024, compared to $4.2 million in the same period of 2023. The company plans to continue funding operations through equity and debt securities, loans, and potential grants.

The company has not generated any revenue from operations to date and does not expect significant revenue in the next twelve months. As of September 30, 2024, BiomX had an accumulated deficit of $166.2 million, indicating ongoing challenges in achieving profitability. Management believes that current liquidity resources are sufficient to fund operations into Q4 2025, although additional funding may be necessary in the future.