BiomX Inc.

Cash and restricted cash were $8.1 million as of September 30, 2025, versus $18 million at December 31, 2024. Research and development expense was $6.1 million in Q3 2025, down from $7.3 million a year ago, and general and administrative expense was $2.4 million, down from $3.2 million. Net loss was $9.2 million in Q3 2025 versus net income of $9.6 million in Q3 2024, with the year-over-year swing mainly tied to the fair value of warrants from the March 2024 financing. Net cash used in operating activities for the first nine months of 2025 was $22 million versus $30.7 million in the same period of 2024. BiomX said its cash, cash equivalents and restricted cash are sufficient to fund operations into Q1 2026. No revenue or EPS was reported on the call. Forward-looking items included expecting FDA feedback on the BX004 hold imminently, continuing European enrollment, reporting BX004 Phase IIb data in Q1 2026, and advancing BX011 subject to additional financing and DHA discussions.

Jonathan Solomon framed the quarter as one of clinical and regulatory progress, with the biggest headline being BX004’s move into Phase IIb followed by an FDA hold limited to the nebulizer device rather than the drug candidate. He emphasized that the FDA’s later written feedback on BX004 was constructive, including discussion of unmet need and possible ways to enrich the study population, which he said supports the path toward Phase III. On BX011, he said the FDA feedback was encouraging for diabetic foot infection and reinforced BiomX’s plan to pursue an off-the-shelf phage product, while also noting that future progress depends on funding and potentially partnerships.

Marina Wolfson highlighted a reduced cost structure and the company’s limited cash runway. She said cash and restricted cash were $8.1 million at September 30, 2025, down from $18 million at year-end 2024, and that BiomX expects this to last into Q1 2026. She also cited lower R&D expenses of $6.1 million versus $7.3 million last year, lower G&A of $2.4 million versus $3.2 million, and nine-month operating cash use of $22 million versus $30.7 million in 2024. The main drivers were workforce reductions, lower rent and legal costs, and lower CF product-related manufacturing spend compared with 2024.

Analysts focused on the practical path for BX011 in diabetic foot infection and whether DHA support could be parallel to, or independent of, the commercial development plan. Management said DHA appears willing to back the fastest path to approval, with commercial DFI first and combat-wound expansion later. On BX004, questions centered on the FDA hold, population enrichment, and Phase III design; management said the hold appears tied only to technical nebulizer requirements, while FDA feedback suggested enriching for patients not on CFTR modulators or those with more exacerbations. They also said the Phase III path is still rough, but relatively well defined if Phase IIb data are positive.