NYSE:PHGE
BiomX Inc.
A pre-revenue clinical-stage biotech firm specializing in immune cell therapy platforms for cancer treatment.
Key Metrics
Investment Thesis
Bull Case
BiomX offers high-risk, high-reward potential for investors seeking exposure to breakthrough cancer therapies with a differentiated immune cell platform backed by prestigious academic partnerships. If any of its clinical candidates achieve success and secure FDA approval, the company could realize substantial value from commercialization in the multi-billion dollar oncology market.
Bear Case
The stock is currently trading at high risk given the complete absence of revenue, a massive accumulated deficit, and negative cash flow that threatens solvency before any product launch. Investors should avoid the stock unless they are prepared for potential dilution or bankruptcy scenarios associated with pre-revenue biotechnology companies burning through limited cash reserves.
About BiomX Inc.
BiomX Inc. (PHGE) is a biotechnology company focused on developing novel therapies for cancer, primarily leveraging its proprietary immune cell therapy platform. The company operates in the specialized pharmaceutical sector, targeting oncology patients with innovative treatments aimed at enhancing the body's natural defense mechanisms against tumors.
Analysis
Management Discussion
Despite a slight improvement in net loss from -$28.3M in 2022 to -$17.7M in 2024, the company recorded a sharp deterioration to a net loss of -$36.2M in 2025, signaling increased burn rates as it expands its clinical programs. Operating expenses surged to $41.5M with research and development consuming over half at $21.3M, while cash flow from operations turned significantly negative at -$26.4M against only $4.4M in ending cash reserves.
Industry Overview
The global biotechnology industry is rapidly evolving with a focus on immunotherapy, particularly cell and gene therapies which represent a high-growth segment within oncology. While the market is lucrative, it is highly competitive and capital-intensive, requiring significant investment to navigate long clinical development timelines before achieving profitability.
Financial Statements
Income Statement
Balance Sheet
Cash Flow
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | $0 | $0 | $0 | $0 |
| Cost of Revenue | $26.8M | $0 | $0 | $0 |
| Gross Profit | $-26.8M | $0 | $0 | $0 |
| Operating Expenses | $376.0K | $25.3M | $44.5M | $41.5M |
| Operating Income | $-27.2M | $-25.3M | $-44.5M | $-41.5M |
| R&D | $16.2M | $16.7M | $24.7M | $21.3M |
| G&A | $9.5M | $8.7M | $11.8M | $9.6M |
| Stock-Based Comp | $1.5M | $1.1M | $1.8M | $2.1M |
| D&A | $2.5M | $871.0K | — | — |
| Depreciation | $909.0K | — | $1.8M | $2.9M |
| Amortization | $1.5M | — | — | — |
| Other OpEx | $-26.4M | $0 | $8.1M | $10.5M |
| Non-Operating Income | $-1.0M | $-798.0K | $26.8M | $5.3M |
| Interest Expense | $2.1M | $2.4M | — | — |
| Pre-Tax Income | $-28.3M | $-26.1M | $-17.7M | $-36.2M |
| Income Tax | $65.0K | $23.0K | $13.0K | $7.0K |
| Continuing Ops | $-28.3M | $-26.2M | $-17.7M | $-36.2M |
| Discontinued Ops | $0 | $0 | $0 | $0 |
| Net Income | $-28.3M | $-26.2M | $-17.7M | $-36.2M |
| Minority Interest | $0 | $0 | $0 | $0 |
| Net to Common | $-28.3M | $-26.2M | $-17.7M | $-36.2M |
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Current Assets | $36.9M | $17.6M | $20.5M | $5.6M |
| Cash & Equivalents | $31.3M | $14.9M | $16.9M | $4.4M |
| Marketable Securities | $2.0M | — | — | — |
| Other Current Assets | $3.5M | $2.7M | $3.7M | $1.2M |
| Long-Term Assets | $8.7M | $7.4M | $22.7M | $208.0K |
| PP&E (Net) | $4.8M | $3.9M | $5.0M | — |
| Goodwill | — | — | $801.0K | — |
| Operating Leases | $3.9M | $3.5M | $5.5M | — |
| Other LT Assets | $0 | $0 | $11.4M | — |
| Total Assets | $45.5M | $25.0M | $43.2M | $5.8M |
| Current Liabilities | $7.9M | $11.2M | $8.3M | $6.4M |
| Accounts Payable | $820.0K | — | — | — |
| Current Debt | $4.3M | $5.8M | — | — |
| Current Leases | — | $666.0K | $1.1M | $1.4M |
| Other Current Liab | $2.8M | $4.7M | $7.1M | $4.2M |
| Long-Term Liabilities | $16.6M | $10.8M | $10.8M | $706.0K |
| Long-Term Debt | $10.6M | $5.4M | — | — |
| LT Operating Leases | $3.8M | $3.2M | $8.5M | — |
| Other LT Liab | $188.0K | $155.0K | $2.4M | — |
| Total Liabilities | $24.5M | $21.9M | $19.1M | $7.1M |
| Shareholders' Equity | $21.0M | $3.1M | $24.1M | $-1.3M |
| Paid-In Capital | $157.8M | $166.0M | $186.2M | $197.0M |
| Retained Earnings | — | $-163.0M | $-180.7M | $-216.9M |
| AOCI | $-136.8M | — | — | — |
| Total L&E | $45.5M | $25.0M | $43.2M | $5.8M |
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Net Income (CFO) | $-28.3M | $-26.2M | $-17.7M | $-36.2M |
| Non-Cash Adjustments | $5.6M | $4.0M | $-14.6M | $14.3M |
| Working Capital Changes | $-6.4M | $838.0K | $-4.7M | $-4.5M |
| Cash from Operations | $-29.1M | $-21.3M | $-37.0M | $-26.4M |
| Capital Expenditures | $112.0K | $50.0K | $30.0K | $2.0K |
| Cash from Investing | $-2.1M | $2.0M | $715.0K | $108.0K |
| Debt Repayments | — | — | $10.7M | — |
| Cash from Financing | $292.0K | $2.9M | $38.4M | $13.2M |
| FX Effect | $106.0K | $6.0K | $1.0K | $73.0K |
| Net Change in Cash | $-30.9M | $-16.4M | $2.1M | $-13.1M |
| Beginning Cash | $63.1M | $32.3M | $15.9M | $18.0M |
| Ending Cash | $32.3M | $15.9M | $18.0M | $5.0M |
Frequently Asked Questions
How does BiomX Inc. make money?
The company's operations are currently driven by research and development expenditures focused on its core immune cell therapy platform, with general administrative functions supporting its global clinical trial infrastructure. Revenue generation is pending the successful advancement of its lead candidates through clinical phases and potential regulatory approval.
What are the main risks for PHGE?
The company faces significant financial risk due to a net loss of $36.2M in 2025 and a substantial retained earnings deficit of -$216.9M, indicating a heavy reliance on external capital funding. There is no current revenue stream, creating uncertainty regarding the timeline for commercial product launches and the ability to sustain operations without further dilutive financing. Clinical trial failures or regulatory hurdles could halt development of its lead assets, rendering the significant R&D spend of $21.3M ineffective. High cash burn rates combined with limited cash reserves of $4.4M present a liquidity risk if additional funding rounds are delayed.
What is PHGE's competitive advantage?
BiomX possesses a unique proprietary technology platform that enables the engineering of patient-specific immune cells to target solid tumors more effectively than standard CAR-T approaches. The company benefits from strategic partnerships with major academic institutions like Harvard, providing access to deep biological insights and reducing early-stage R&D risks. Its focus on manufacturing scalable cell therapies positions it well for potential future commercialization in the lucrative oncology market.
Related Companies
Not financial advice. All content is for informational purposes only. Data may contain errors. Consult a qualified financial advisor before making investment decisions.