BiomX Inc. Turns the Corner: Strong Q3 2024 Results and Key Business Updates
BiomX Reports Positive Q3 2024: $9.6 Million Net Income Surpasses 2023 Losses
BiomX Inc. has announced a remarkable turnaround for the third quarter of 2024, reporting a net income of $9.6 million, compared to a net loss of $7.9 million during the same period in 2023. The significant improvement was driven by the changes in the fair value of warrants from its March 2024 financing. The company's cash balance stood at $24.7 million as of September 30, 2024, down from $30.7 million at the end of 2023, due to operating activities and debt repayment.
Key Milestone: BX211 Phase 2 Trial for Diabetic Foot Osteomyelitis Nears Completion
BiomX has successfully completed patient enrollment for its BX211 Phase 2 trial targeting Diabetic Foot Osteomyelitis (DFO). The company anticipates topline results by Q1 2025. This is a major step forward in addressing the critical medical needs of diabetic foot ulcer patients and potentially preventing amputations.
BX004 in Cystic Fibrosis: Overcoming Manufacturing Delays with Optimism for 2026
The company also made strides in its BX004 Phase 2b study for Cystic Fibrosis (CF), overcoming previous manufacturing delays. Topline results are now expected in the first half of 2026, with positive feedback consistently coming from major scientific conferences regarding this program.
Strategic Steps: Reverse Stock Split and Separation of Units
In a significant corporate move, BiomX implemented a 1-for-10 reverse stock split in August 2024, consolidating its share capital. In October 2024, the company also announced the mandatory separation of its units, which involved shares of Common Stock and warrants. Notably, the warrants expired on October 28, 2024.
Looking Ahead: Key Developments on the Horizon for BiomX
BiomX remains optimistic about the future, with topline results for the BX211 Phase 2 trial expected in Q1 2025, and for BX004 Phase 2b study in H1 2026. The company has sufficient funds to continue operations into Q4 2025, thanks to its $50 million private placement financing in March 2024.
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