PHAXIAM Therapeutics S.A.

PHAXIAM reported cash and cash equivalents of €15.6 million at September 30, 2023, versus €38.8 million at December 31, 2022. Net cash used in operating and investing activities was €20.5 million, financing uses were €2.6 million, and currency exchange had a €0.1 million negative impact. Operating expenses in the first nine months of 2023 were €18.6 million, down 40% year over year, with R&D expenses down 67% and G&A up €1 million, or 9%, due to merger-related costs. Net loss for the first nine months of 2023 was €17.9 million, compared with a €6.2 million net loss in the same period of 2022, though the prior-year period included a €24.4 million gain on the sale of the Princeton facility. Management said current cash should fund planned operating expenses into Q2 2024. Forward-looking milestones include EMA scientific advice in January, first patient in the endocarditis Phase 1 PK study by year-end, data around mid-2024, and a planned global Phase 2 PJI study in the second half of 2024.

Thibaut du Fayet framed the company’s strategy as building a global phage-therapy leader through clinical execution, partnering, and market access. He emphasized high-value indications such as prosthetic joint infection and endocarditis, noting the large unmet need and the ability to charge premium prices in severe infections. He was notably optimistic about FDA feedback and said PHAXIAM is now preparing for a first global Europe-U.S. trial in phage therapy.

Eric Soyer focused on the financial reset after the merger, highlighting a strong reduction in operating expenses to €18.6 million for the first nine months of 2023, 40% lower year over year. He attributed the drop mainly to a 67% cut in R&D after closing ex-ERYTECH Princeton operations, while G&A rose €1 million, or 9%, from merger costs. On liquidity, he said cash of €15.6 million at September 30, 2023 should fund current programs into Q2 2024, consistent with prior guidance.

There was no analyst Q&A, as the operator noted no questions were queued. The most notable management responses were effectively the closing remarks: FDA feedback was described as a key regulatory de-risking event, EMA advice is still pending for January, and the company is already preparing the global Phase 2 PJI study. Management also reiterated the near-term clinical catalyst of the endocarditis PK study, with first patient expected by year-end and data around mid-2024.