BiomX Inc. reported its financial results for the third quarter ended September 30, 2024, on November 14, 2024. The company's cash balance, short-term deposits, and restricted cash stood at $24.7 million as of September 30, 2024, a decrease from $30.7 million at December 31, 2023.
Research and development expenses, net, increased to $7.3 million for Q3 2024 from $5.6 million for Q3 2023, primarily due to preparations for the BX004 Phase 2b trial and increased expenses for the BX211 Phase 2 trial, partially offset by higher grants. General and administrative expenses rose to $3.2 million from $2.2 million, mainly due to the full quarter consolidation of expenses following the March 2024 acquisition of Adaptive Phage Therapeutics (APT).
The company reported a net income of $9.6 million for Q3 2024, compared to a net loss of $7.9 million for Q3 2023, primarily due to a change in the fair value of warrants issued in the March 2024 financing. BiomX estimates its cash, cash equivalents, and short-term deposits are sufficient to fund operations into the fourth quarter of 2025. The company also announced that BX211 Phase 2 patient enrollment was completed with topline results expected in Q1 2025, and BX004 Phase 2b topline results are now expected in H1 2026 due to resolved manufacturing delays.
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