BiomX Posts Q2 Loss With 14% Cost Drop

Key Points

• EPS (GAAP) matched estimates at $(0.26), reflecting cost controls but ongoing net losses and no revenue.

• Positive clinical milestones achieved for BX211 (diabetic foot osteomyelitis) and BX004 (cystic fibrosis), with substantial efficacy signals and trial progression.

• Cash runway extends into early 2026, but no product revenue means future financing needs are acute.

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BiomX (NYSEMKT:PHGE), a clinical-stage biotechnology firm specializing in bacteriophage therapies to address antibiotic-resistant bacterial infections, released its second-quarter fiscal 2025 results on August 13, 2025. The company reported no revenue during the period and a GAAP earnings per share loss of $(0.26), which matched estimates. Operating expenses, including research and development costs, declined from last year. Despite positive clinical milestones in its lead programs, the continued absence of revenue highlights the company’s ongoing reliance on external financing. Overall, the quarter showed tangible R&D progress and cautious financial management, but no change yet to the underlying cash burn profile or overall early-stage status.

Source: BiomX. Note: Analysts' consensus estimates provided by FactSet.

Understanding BiomX’s Business and Recent Focus

BiomX develops bacteriophage-based therapies, which use viruses that specifically target and kill harmful bacteria, as a new way to treat infections that resist antibiotics. Its platform technology, BOLT, enables agile and efficient development of optimized phage cocktails. This approach positions BiomX to address difficult medical problems where existing antibiotics no longer work.

In recent quarters, BiomX has focused on advancing pipeline candidates like BX211 for diabetic foot osteomyelitis—a serious infection linked to diabetes and increased risk of amputation—and BX004 for cystic fibrosis with chronic lung infections. Progress in clinical trials and close engagement with regulators are key to bringing new products to market. Collaboration with institutions such as the U.S. Defense Health Agency provides additional research and funding support. For BiomX, sustained success depends on pipeline advancement, securing non-dilutive funding, and achieving regulatory milestones.

Quarter in Review: Clinical, Financial, and Operational Updates

During the quarter, BiomX marked notable progress in both its lead clinical programs. For BX211, which targets diabetic foot osteomyelitis, the company announced positive phase 2 results in March 2025, including a difference greater than 40% in ulcer size reduction versus placebo by week 10. According to management, “BX211 was safe and well-tolerated and produced sustained and statistically significant percentage area reduction (PAR) of ulcer size in the phase 2 trial reported in March 2025.” The study achieved a difference greater than 40% from placebo at week 10, with significant improvements in ulcer depth and area—important efficacy signals for a condition with few existing therapies. Planning for a potential registrational study is now underway and will depend on further discussions with the U.S. Food and Drug Administration (FDA).

In parallel, the BX004 program—designed for cystic fibrosis patients facing chronic Pseudomonas aeruginosa infections—moved into phase 2b testing. The trial, enrolling roughly 60 patients and using a double-blind controlled design, began dosing during the period. Past studies have shown about a 500-fold (2.7 log₁₀) bacterial reduction without observable resistance in the BX004 Phase 1b/2a trial, published in July 2025, which management says sets the stage for further regulatory dialogue and upcoming readouts. The FDA has granted both Fast Track and Orphan Drug designations, reflecting recognition of unmet needs. Topline results from this trial are expected in Q1 2026.

Research and development spending (GAAP) declined materially, falling to $5.0 million from $6.9 million year-over-year. This drop results from reduced workforce and rent expenses, partially offset by higher costs to initiate the new BX004 trial. General and administrative costs (GAAP) decreased to $2.4 million, mainly due to lower professional fees. The company ended the period with a net loss of $6.0 million (GAAP), a reversal from last year’s net income, which was impacted by one-time warrant valuation changes following recent financing events.

BiomX’s cash position stood at $15.2 million as of June 30, 2025, down from $18.0 million at December 31, 2024. The company estimates this balance is enough to fund operations into the first quarter of 2026. Operating cash burn for the first half of 2025 was $14.8 million, an improvement from $22.6 million in the first half of 2024. Cash management improvements were attributed to efficiency moves and one-time grant receipts, but the company remains reliant on new funding.

Outlook: What Lies Ahead for BiomX

Looking ahead, BiomX expects its current cash to last into the first quarter of 2026, aligning with key clinical milestones such as the BX004 topline readout. Management has not provided formal guidance for revenue or expenses for the coming quarters. All financial sustainability depends on advancing lead programs, clearing regulatory hurdles, and attracting additional, preferably non-dilutive, capital. Any delays in trial results or setbacks in regulatory feedback could accelerate the need for new financing or result in dilution for current shareholders.

Other near-term catalysts include FDA feedback on registrational trial design for BX211, as well as additional data presentations at scientific meetings. The company remains pre-revenue, and product commercialization would require successful outcomes in these ongoing trials and favorable regulatory decisions. PHGE does not currently pay a dividend.

Revenue and net income presented using U.S. generally accepted accounting principles (GAAP) unless otherwise noted.

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