Full Press Release Details
UNAUDITED PRO FORMA CONDENSED CONSOLIDATED FINANCIAL
December 8, 2025, BiomX Israel, a wholly owned subsidiary of BiomX Inc (the "Company")., announced the discontinuation of
its ongoing Phase 2b clinical trial evaluating nebulized phage therapy BX004 in patients with cystic fibrosis associated with chronic
Pseudomonas aeruginosa infections. Following the announcement, BiomX Israel commenced insolvency proceedings in Israel (the "Proceedings").
On January 25, 2026, the District Court of the Central District in Lod, Israel, appointed a trustee (the "Trustee") to manage
and administer the Proceedings. On February 4, 2026, the Trustee notified BiomX Ltd.'s Chief Executive Officer and Chief Financial
Officer that their roles as officers of BiomX Ltd. had been terminated. The Company determined that the termination is considered as
a change of control as of February 4, 2026, and that BiomX Ltd. should be deconsolidated from the Company's consolidated financial
a result of the initiation of the Proceedings and the loss of control over BiomX Israel in accordance with applicable accounting guidance,
BiomX Inc. prepared the following unaudited pro forma condensed consolidated financial information (the "Pro Forma Financial Statements").
The Pro Forma Financial Statements are presented as if BiomX Israel had not been consolidated with the Company during the relevant reporting
periods and are intended to illustrate the impact on the Company's financial position and results of operations assuming deconsolidation
of BiomX Israel as of the beginning of the periods presented.
accompanying unaudited pro forma condensed consolidated balance sheet as of September 30, 2025, is presented as if the deconsolidation
of BiomX Israel and related events had occurred on September 30, 2025. The unaudited pro forma condensed consolidated statements of operations
for the nine months ended September 30, 2025, and the year ended December 31, 2024, are presented as if such deconsolidation had occurred
on January 1, 2024, for purposes of the statements of operations.
unaudited Pro Forma Financial Statements have been prepared in accordance with Regulation S-X Article 11, Pro Forma Financial Information.
They are intended for informational purposes only and do not purport to represent what the Company's financial position or operating
results would have been had the deconsolidation occurred on the dates indicated. Likewise, they do not project the Company's financial
performance for any future period. The significant accounting policies applied in these unaudited Pro Forma Financial Statements are
consistent with those applied in preparing the Company's unaudited interim consolidated financial statements as of September 30, 2025,
and for the nine months period then ended, which are consistent with those followed in the preparation of the Company's annual consolidated
financial statements as of December 31, 2024, and for the year then ended.
PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET
| BIOMX INC. Historical | Transaction Accounting Adjustments | BIOMX INC. Pro Forma | ||||||||||
| ASSETS | ||||||||||||
| Current assets | ||||||||||||
| Cash and cash equivalents | 6,923 | (1,481 | ) | 5,442 | ||||||||
| Restricted cash | 985 | (985 | ) | - | ||||||||
| Other current assets | 954 | 6 | 960 | |||||||||
| Total current assets | 8,862 | (2,460 | ) | 6,402 | ||||||||
| Non-current assets | ||||||||||||
| Non-current restricted cash | 161 | - | 161 | |||||||||
| Operating lease right-of-use assets | 2,091 | (150 | ) | 1,941 | ||||||||
| Property and equipment, net | 3,004 | (1,488 | ) | 1,516 | ||||||||
| In-process Research and development asset ("IPR&D") | 12,050 | - | 12,050 | |||||||||
| Total non-current assets | 17,306 | (1,638 | ) | 15,668 | ||||||||
| 26,168 | (4,098 | ) | 22,070 |
PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET
| BIOMX INC. Historical | Transaction Accounting Adjustments | BIOMX INC. Pro Forma | ||||||||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||||
| Current liabilities | ||||||||||||
| Trade accounts payable | 1,508 | 576 | 2,084 | |||||||||
| Current portion of lease liabilities | 1,296 | (755 | ) | 541 | ||||||||
| Other accounts payable | 2,422 | (1,875 | ) | 547 | ||||||||
| Total current liabilities | 5,226 | (2,054 | ) | 3,172 | ||||||||
| Non-current liabilities | ||||||||||||
| Operating lease liabilities, net of current portion | 5,287 | - | 5,287 | |||||||||
| Other liabilities | 34 | (34 | ) | - | ||||||||
| Warrants | 5,135 | - | 5,135 | |||||||||
| Total non-current liabilities | 10,456 | (34 | ) | 10,422 | ||||||||
| Stockholders' equity | ||||||||||||
| Preferred Stock | 18,617 | - | 18,617 | |||||||||
| Common Stock | 7 | - | 7 | |||||||||
| Additional paid in capital | 195,421 | 195,421 | ||||||||||
| Accumulated deficit | (203,559 | ) | (2,010 | ) | (205,569 | ) | ||||||
| Total stockholders' equity | 10,486 | (2,010 | ) | 8,476 | ||||||||
| 26,168 | (4,098 | ) | 22,070 |
PRO FORMA CONDENSED CONSOLIDATED STATEMENTS OF INCOME
Months Ended September 30, 2025
| BIOMX INC. Historical | Transaction Accounting Adjustments | BIOMX INC. Pro Forma | ||||||||||
| Research and development ("R&D") expenses, net | 16,386 | (13,131 | ) | 3,255 | ||||||||
| General and administrative expenses | 7,339 | (3,574 | ) | 3,765 | ||||||||
| Operating loss | 23,725 | (16,705 | ) | 7,020 | ||||||||
| Other expenses (income) | 52 | (19 | ) | 33 | ||||||||
| Interest expenses | 15 | - | 15 | |||||||||
| Loss (income) from change in fair value of warrants | (1,682 | ) | - | (1,682 | ) | |||||||
| Finance expense (income), net | 746 | (190 | ) | 556 | ||||||||
| Loss before tax | 22,856 | (16,914 | ) | 5,942 | ||||||||
| Tax expenses | 6 | (6 | ) | - | ||||||||
| Net loss | 22,862 | (16,920 | ) | 5,942 |
PRO FORMA CONDENSED CONSOLIDATED STATEMENTS OF INCOME
Ended December 31, 2024
| BIOMX INC. Historical | Transaction Accounting Adjustments | BIOMX INC. Pro Forma | ||||||||||
| R&D expenses, net | 24,663 | (16,939 | ) | 7,724 | ||||||||
| General and administrative expenses | 11,776 | (4,886 | ) | 6,890 | ||||||||
| Goodwill impairment | 801 | - | 801 | |||||||||
| IPR&D impairment | 3,237 | - | 3,237 | |||||||||
| Long-lived assets impairment | 4,046 | - | 4,046 | |||||||||
| Operating loss | 44,523 | (21,825 | ) | 22,698 | ||||||||
| Other income | (2,143 | ) | 274 | (1,869 | ) | |||||||
| Interest expenses | 873 | - | 873 | |||||||||
| Finance expense (income), net | 919 | (40 | ) | 879 | ||||||||
| Income from change in fair value of private placement warrants | (26,458 | ) | - | (26,458 | ) | |||||||
| Loss on disposition | - | 1,827 | 1,827 | |||||||||
| Loss before tax | 17,714 | (19,764 | ) | (2,050 | ) | |||||||
| Tax expenses | 13 | (13 | ) | - | ||||||||
| Net Loss | 17,727 | (19,777 | ) | (2,050 | ) |