Full Press Release Details
Reports Fourth Quarter and Full Year 2021 Financial Results and Provides Business Update
Expecting Readouts from Part I of the Phase
1b/2a Cystic Fibrosis Study in the Third Quarter of 2022 and the Phase 1/2 Atopic Dermatitis Study
in the Fourth Quarter of 2022
Strong Balance Sheet with Cash Runway Through
Key Program Readouts
Company Will Host a Conference Call and Webcast
BRANFORD, Conn. and NESS ZIONA, Israel - Mar 30, 2022 -
BiomX Inc. (NYSE American: PHGE) ("BiomX" or the "Company"), a clinical-stage
microbiome company advancing novel natural and engineered phage therapies that target specific pathogenic bacteria, today reported financial
results, and provided a business update for the fourth quarter and full year ended December 31, 2021.
"BiomX is now entering
the most exciting period in its history, with proof-of-concept clinical data readouts expected in the cystic fibrosis and atopic dermatitis
programs within the next 12 months," said Jonathan Solomon, Chief Executive Officer of BiomX. "We are also approaching this
data-rich period in good financial condition, as our existing cash runway is expected to take us until at least the end of 2023, and additional
tranches that might become available to us under our venture debt facility may further extend
our cash runway to the first half of 2024. We are also pleased that both the atopic dermatitis (AD) and cystic fibrosis (CF) programs
have attracted equity investments in BiomX common stock from Maruho Co. Ltd. and the Cystic Fibrosis Foundation, respectively."
"Looking ahead, investors
can expect our first data readout from the Phase 1b/2a cystic fibrosis program in the third quarter of 2022, which should provide valuable
insights into the safety, tolerability and potential treatment effects of BX004. We also anticipate initial clinical data in the fourth
quarter of this year for our Phase 1/2 atopic dermatitis product candidate, BX005. Recall that our core mission at BiomX is to develop
innovative treatments with the potential to advance the current standard of care. Both our CF and AD programs reflect this potential,
and we look forward to providing updates from the BX004 and BX005 programs later this year."
RECENT CORPORATE HIGHLIGHTS
Clinical Program Updates
Cystic Fibrosis ("CF")
Atopic Dermatitis ("AD")
Inflammatory Bowel Disease
("IBD") and Colorectal Cancer Programs
Fourth Quarter and Full Year 2021 Financial
Conference Call and Webcast Information
will host a conference call and webcast today at 8:00 am ET to report financial results and business updates for the fourth quarter and
full year ended December 31, 2021. To participate in the conference, please dial 1-877-407-0724 (U.S.), 1-809-406-247 (Israel), or 1-201-389-0898
(International). A live and archived webcast of the call will be available on the Investors section of the Company's website at www.biomx.com.
BiomX is a clinical-stage microbiome company
developing both natural and engineered phage cocktails designed to target and destroy bacteria in the treatment of chronic diseases, such
as cystic fibrosis, atopic dermatitis, inflammatory bowel disease, primary sclerosing cholangitis, and colorectal cancer. BiomX discovers
and validates proprietary bacterial targets and customizes phage compositions against these targets.
Additional information is available at www.biomx.com,
the content of which does not form a part of this press release.
This press release contains express or implied
"forward-looking statements" within the meaning of the "safe harbor" provisions of the U.S. Private Securities
Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: "target," "believe,"
"expect," "will," "may," "anticipate," "estimate," "would," "positioned,"
"future," and other similar expressions that predict or indicate future events or trends or that are not statements of historical
matters. For example, when BiomX discusses its expectations regarding the timing and design of its pre-clinical and clinical trials and
reporting the results thereof, the potential safety, tolerability and potential treatment effect
of its product candidates, the potential to achieve the applicable clinical milestones required to receive an additional $2 million investment
from CFF and additional tranches under its venture debt facility, and its cash runway and financial condition, BiomX is making forward-looking
statements. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only
on BiomX management's current beliefs, expectations and assumptions. Because forward-looking statements relate to the future, they
are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside
of BiomX control. Actual results and outcomes may differ materially from those indicated in the forward-looking statements. Therefore,
investors should not rely on any of these forward-looking statements and should review the risks and uncertainties described under the
caption "Risk Factors" in BiomX's Annual Report on Form 10-K filed with the Securities and Exchange Commission (the
"SEC") on March 31, 2021 and additional disclosures BiomX makes in its other filings with the SEC, which are available on
the SEC's website at www.sec.gov. Forward-looking statements are made as of the date of this press release, and except as provided
by law BiomX expressly disclaims any obligation or undertaking to update forward-looking statements.
STATEMENTS OF OPERATIONS
(USD in Thousands, Except Share and Per Share Data)
| Year ended December 31, | ||||||||
| 2021 | 2020 | |||||||
| Research and development ("R&D") expenses, net | 22,676 | 19,417 | ||||||
| Amortization of intangible assets | 1,519 | 1,518 | ||||||
| General and administrative expenses | 11,267 | 9,323 | ||||||
| Operating loss | 35,462 | 30,258 | ||||||
| Interest expenses | 699 | - | ||||||
| Financial income, net | (2 | ) | (172 | ) | ||||
| Loss before tax | 36,159 | 30,086 | ||||||
| Tax expenses | 67 | - | ||||||
| Net Loss | 36,226 | 30,086 | ||||||
| Basic and diluted loss per share of Common Stock | 1.39 | 1.30 | ||||||
| Weighted average number of shares of Common Stock outstanding, basic and diluted | 26,007,947 | 23,062,216 |
CONSOLIDATED BALANCE SHEETS
Except Share and Per Share Data)
| As of December 31, | ||||||||
| 2021 | 2020 | |||||||
| ASSETS | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | 62,099 | 36,477 | ||||||
| Restricted cash | 996 | 763 | ||||||
| Short-term deposits | - | 19,851 | ||||||
| Other current assets | 3,543 | 3,576 | ||||||
| Total current assets | 66,638 | 60,667 | ||||||
| Non-current assets | ||||||||
| Operating lease right-of-use asset | 4,139 | 4,430 | ||||||
| Property and equipment, net | 5,694 | 2,228 | ||||||
| Intangible assets, net | 1,519 | 3,038 | ||||||
| Total non-current assets | 11,352 | 9,696 | ||||||
| 77,990 | 70,363 |
| As of December 31, | ||||||||
| 2021 | 2020 | |||||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
| Current liabilities | ||||||||
| Trade account payables | 2,795 | 2,320 | ||||||
| Current portion of lease liabilities | 819 | 863 | ||||||
| Contract liability | 1,976 | - | ||||||
| Other account payables | 5,453 | 3,978 | ||||||
| Total current liabilities | 11,043 | 7,161 | ||||||
| Non-current liabilities | ||||||||
| Long-term debt | 14,410 | - | ||||||
| Operating lease liabilities, net of current portion | 4,787 | 5,032 | ||||||
| Other liabilities | 215 | 701 | ||||||
| Total non-current liabilities | 19,412 | 5,733 | ||||||
| Commitments and Collaborations | ||||||||
| Stockholders' equity | ||||||||
| Preferred Stock, $0.0001 par value; Authorized - 1,000,000 shares as of December 31, 2021 and December 31, 2020. No shares issued and outstanding as of December 31, 2021 and December 31, 2020. | - | - | ||||||
| Common stock, $0.0001 par value; Authorized -60,000,000 shares as of December 31, 2021 and 2020. Issued - 29,753,238 and 23,270,337 as of December 31,2021 and 2020, respectively. Outstanding - 29,747,538 and 23,264,637 as of December 31, 2021 and 2020, respectively. | 2 | 2 | ||||||
| Additional paid in capital | 156,017 | 129,725 | ||||||
| Accumulated deficit | (108,484 | ) | (72,258 | ) | ||||
| Total Stockholders' equity | 47,535 | 57,469 | ||||||
| 77,990 | 70,363 |
LifeSci Advisors, LLC
Corporate Project Manager
Released March 30, 2022