BiomX Inc. (PHGE)·Q4 2024 Earnings Summary

Executive Summary

• BiomX reported Q4 and full-year 2024 results with no product revenue disclosed, higher R&D and G&A spend tied to BX004 and BX211, and a year-end cash and restricted cash balance of $18.0M; subsequent February 2025 financings added $12M gross proceeds, extending runway into Q1 2026 .
• Q4 2024 EPS was -$1.15 vs consensus -$0.30 (2 ests), indicating a miss amid continued clinical investment; revenue consensus was $0.0 (2 ests) and no Q4 revenue was reported (pre-revenue biotech) (values from S&P Global)*.
• Clinical execution remains the core catalyst: management flagged BX211 Phase 2 topline by end of March 2025 in the Q4 materials, then announced positive, statistically significant outcomes on March 31; a Phase 2/3 path is being planned pending FDA feedback .
• BX004 Phase 2b remains on track for topline in Q1 2026 after Q4 2024 manufacturing scale-up delays were resolved; regulatory discussions are expected in H2 2025 .

What Went Well and What Went Wrong

• What Went Well

  • Positive BX211 Phase 2 topline demonstrated statistical significance in ulcer size reduction (PAR) at week 12 (p=0.046) with >40% separation from placebo by week 10; also significant in ulcer depth and reduced ulcer area expansion, with favorable trends across other clinical parameters .
  • Management signaled Phase 2/3 planning for BX211, framing results as a “watershed moment for phage therapy” and one of the strongest demonstrations of phage efficacy in a chronic bacterial infection .
  • Liquidity improved with $12M February 2025 raises, supporting BX004 Phase 2b through topline and analyses to inform H2 2025 regulatory discussions; cash runway guided into Q1 2026 .

• What Went Wrong

  • BX004 Phase 2b timeline slipped due to Q4 2024 manufacturing scale-up delays (10L to 50L), shifting topline from earlier guidance to Q1 2026 (from H1 2026 previously) .
  • FY24 operating loss expanded ($44.5M) as R&D rose to $24.7M and G&A to $11.8M, reflecting program advancement and APT integration; impairments (goodwill $0.8M, IPR&D $3.2M, long-lived assets $4.0M) also weighed on operating results .
  • Q4 EPS missed consensus (limited coverage), reflecting continued opex and fair-value/non-cash items (warrant revaluation swings across 2024) (values from S&P Global)* .

Financial Results

EPS vs. Consensus (Q4 2024)

Note: Values retrieved from S&P Global.*

Cash & Liquidity (Quarter-end)

Operating Expenses Trend (Quarterly and Annual)

Notes: Company’s Q4 2024 press release provided full-year figures; quarterly Q4 opex not separately disclosed .

Other FY 2024 Items (Selected)

KPIs (Programs/Corporate)

• Non-dilutive funding to date for BX211: $36.8M
• February 2025 equity/related financings: $12M gross proceeds
• Reverse 1-for-10 stock split effective Aug 26, 2024; unit separation/warrants expired Oct 28, 2024; NYSE American compliance regained Dec 16, 2024 .

Guidance Changes

Earnings Call Themes & Trends

Management Commentary

• “We believe these data represent one of the strongest demonstrations to date of the therapeutic potential of phage therapy.” – Jonathan Solomon, on BX211 Phase 2 results and Phase 2/3 planning .
• “Patients treated with BX211 demonstrate sustained and statistically significant PAR… separation from placebo starting at week 7 with a difference greater than 40% by week 10.” – Management on efficacy magnitude .
• “During the fourth quarter of 2024, BiomX encountered manufacturing delays… These challenges have since been resolved, supporting continued progress [for BX004].” .
• “Aggregate gross proceeds were approximately $12 million… [supporting] topline results of its Phase 2b study of BX004 in the first quarter of 2026.” .

Q&A Highlights

• Non-dilutive funding outlook: DHA/Navy support tied to resistant infections and battlefield wound care; management sees ongoing interest in phage, potentially providing “substantial non-dilutive funding” .
• Placebo performance and trajectory: Placebo improvement early reflects standard-of-care debridement/antibiotics and trial attention; separation emerged after week ~6–7 as phage effect compounded (biofilm, accessibility), consistent with expected ~40% placebo ulcer shrinkage baseline .
• Dosing learnings: Response dynamics differ by route/site (lungs vs bone/soft tissue); DFO showed gradual improvement consistent with biofilm breakdown; rigorous screening ensured phage susceptibility .
• Statistical robustness: Week 12 PAR significant (p=0.046), week 13 near-threshold; depth and ulcer worsening endpoints also significant, reinforcing totality of evidence .

Estimates Context

• Q4 2024 EPS: -$1.15 vs -$0.30 consensus; Revenue consensus $0.0 (2 estimates each). Coverage is limited and volatility in warrant fair-value remeasurement can impact GAAP results (values from S&P Global).*
• Implications: Street models may adjust expense run-rate and timing assumptions for BX004 (shift to Q1’26 topline) and incorporate accelerated BX211 path post-positive data (trial design, timing) .

Key Takeaways for Investors

• BX211 is now a validated clinical asset with statistically significant Phase 2 efficacy and safety; Phase 2/3 planning is underway—FDA feedback is the next value inflection .
• BX004’s Phase 2b path is intact post-manufacturing resolution; timeline is pushed to Q1’26 with H2’25 FDA interactions—watch for RWE analyses that could inform endpoints and regulatory dialogue .
• Liquidity is adequate into Q1’26, bolstered by the Feb-25 $12M raise and prior $50M financing; non-dilutive BX211 support ($36.8M to date) is strategically important .
• Corporate risk profile improved with NYSE American compliance regained and cap structure cleanup (reverse split, unit separation/warrant expiry) .
• Near-term trading catalysts: detailed BX211 dataset presentations, FDA guidance on Phase 2/3, BX004 regulatory interactions in H2’25; medium-term: BX004 Phase 2b execution toward Q1’26 topline .

Footnote: *Values retrieved from S&P Global.