Full Press Release Details
BiomX Reports Second Quarter
2021 Financial Results and Provides Business Update
Secured from Recent Capital Raises Extends Cash Runway to at Least Mid-2023
Clinical Data Readouts by Mid-2022
Host a Conference Call and Webcast Today at 8:00 am ET
NESS ZIONA, Israel - Aug 16, 2021 --
BiomX Inc. (NYSE American: PHGE) ("BiomX" or the "Company"), a clinical-stage microbiome company advancing novel
natural and engineered phage cocktails that target specific pathogenic bacteria, today reported financial results and provided a business
update for the second quarter ended June 30, 2021.
"BiomX is approaching several important potential
inflection points, with expected Phase 1b/2a or Phase 2 data readouts in four distinct indications by mid-2022, including a first readout
from our Phase 2 acne study of BX001 expected in October," said Jonathan Solomon, Chief Executive Officer of BiomX. "Following
our $15 million equity financing in July, which included participation by all of the members of our Board of Directors, and an up to $30
million venture debt agreement, BiomX is well-funded through these clinical data readouts, and to at least mid-2023. Entering a data-rich
period for our company, we believe BiomX remains uniquely positioned at the forefront of developing precision medicines that target pathogenic
bacteria to address the significant unmet medical need remaining in indications such as cystic fibrosis, atopic dermatitis, acne-prone
skin, and inflammatory bowel disease."
RECENT HIGHLIGHTS AND KEY UPCOMING MILESTONES
Completion of a Registered Direct Financing
in July Raising Gross Proceeds of $15 Million
On July 26, 2021, BiomX announced a registered direct
offering of the Company's common stock and warrants for gross proceeds of $15 million, before fees and expenses and assuming that
none of the warrants are exercised. The offering closed on July 28, 2021.
$30 Million Venture Debt Financing Agreement
with Hercules Capital
BiomX also announced today that it has entered into
a $30 million debt financing agreement with Hercules Capital, Inc. (NYSE: HTGC) ("Hercules"), a leader in customized debt financing
for companies in life sciences and technology-related markets.
The first $15 million tranche is available upon closing.
Two subsequent tranches of $10 million and $5 million will become available upon the achievement of certain milestones. The loan is for
a term of 48 months and, during the first 18 months, BiomX is expected to pay only interest on the principal. The loan term and the interest
only period may be extended to up to 60 and 30 months, respectively, upon satisfaction of certain milestones. No warrants were issued
in connection with the debt financing.
Clinical Program Updates
Acne-Prone Skin (BX001)
Inflammatory Bowel Disease ("IBD")
and Primary Sclerosing Cholangitis ("PSC") (BX003)
Cystic Fibrosis ("CF") (BX004)
Atopic Dermatitis (BX005)
Second Quarter 2021 Financial Results
Conference Call and Webcast Information
BiomX management will host a conference call and
webcast today at 8:00 am ET to report financial results and business updates for the second quarter 2021 ended June 30, 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 that affect the appearance of skin, as well as target
bacteria in the treatment of chronic diseases, such as inflammatory bowel disease, primary sclerosing cholangitis, cystic fibrosis, atopic
dermatitis and colorectal cancer. BiomX discovers and validates proprietary bacterial targets and customizes phage compositions against
information is available at www.biomx.com, the content of which does not form a part of this press release.
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 sufficiency of cash, cash equivalents and short-term deposits to fund the
Company's current operating plan until at least mid-2023, the ability of its products to address unmet medical needs, the
potential for up to $15 million in additional loan tranches if certain milestones are met, the potential for extensions of the loan
term and interest periods if certain milestones are met, the capabilities of the BOLT platform, the design, aim, expected timing and
results of its preclinical and clinical trials, readouts and studies, as well as its pipeline and the potential of its product
candidates, 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 June 30, 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.
CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
except share and per share data
| Three Months Ended | Six Months Ended | |||||||||||||||
| June 30, | June 30, | |||||||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||||||
| Research and development ("R&D") expenses, net | 3,824 | 3,717 | 9,494 | 7,246 | ||||||||||||
| Amortization of intangible assets | 380 | 380 | 759 | 759 | ||||||||||||
| General and administrative expenses | 3,098 | 2,297 | 5,591 | 4,355 | ||||||||||||
| Operating loss | 7,302 | 6,394 | 15,844 | 12,360 | ||||||||||||
| Financial expenses (income), net | 31 | (188 | ) | (112 | ) | (253 | ) | |||||||||
| Loss before tax | 7,333 | 6,206 | 15,732 | 12,107 | ||||||||||||
| Tax expenses | 3 | - | 6 | - | ||||||||||||
| Net Loss | 7,336 | 6,206 | 15,738 | 12,107 | ||||||||||||
| Basic and diluted loss per share of Common Stock | 0.30 | 0.27 | 0.65 | 0.53 | ||||||||||||
| Weighted average number of shares of Common Stock outstanding, basic and diluted | 24,320,259 | 22,969,075 | 24,134,065 | 22,944,482 |
CONSOLIDATED BALANCE SHEETS (unaudited)
| As of | ||||||||
| June 30, 2021 | December 31, 2020 | |||||||
| ASSETS | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | 46,271 | 36,477 | ||||||
| Restricted cash | 982 | 763 | ||||||
| Short-term deposits | - | 19,851 | ||||||
| Other current assets | 2,585 | 3,576 | ||||||
| Total current assets | 49,838 | 60,667 | ||||||
| Property and equipment, net | 5,122 | 2,228 | ||||||
| Intangible assets, net | 2,279 | 3,038 | ||||||
| Operating lease right-of-use assets | 4,410 | 4,430 | ||||||
| Total non-current assets | 11,811 | 9,696 | ||||||
| 61,649 | 70,363 |
| As of | ||||||||
| June 30, | December 31, | |||||||
| 2021 | 2020 | |||||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
| Current liabilities | ||||||||
| Trade account payables | 1,769 | 2,320 | ||||||
| Other account payables | 5,199 | 3,978 | ||||||
| Current portion of operating lease liabilities | 791 | 863 | ||||||
| Total current liabilities | 7,759 | 7,161 | ||||||
| Non-current liabilities | ||||||||
| Operating lease liabilities, net of current portion | 4,879 | 5,032 | ||||||
| Contingent considerations | 419 | 701 | ||||||
| Total non-current liabilities | 5,298 | 5,733 | ||||||
| Commitments and Contingent Considerations | ||||||||
| Stockholders' equity | ||||||||
| Preferred stock, $0.0001 par value; Authorized - 1,000,000 shares as of June 30, 2021 and December 31, 2020. No shares issued and outstanding as of June 30, 2021 and December 31, 2020. | - | - | ||||||
| Common stock, $0.0001 par value; Authorized - 60,000,000 shares as of June 30, 2021 and December 31, 2020. Issued - 24,434,776 shares as of June 30, 2021 and 23,270,337 shares as of December 31, 2020. Outstanding - 24,429,076 shares as of June 30, 2021 and 23,264,637 shares as of December 31, 2020. | 2 | 2 | ||||||
| Additional paid in capital | 136,586 | 129,725 | ||||||
| Accumulated deficit | (87,996 | ) | (72,258 | ) | ||||
| Total stockholders' equity | 48,592 | 57,469 | ||||||
| 61,649 | 70,363 |
Chief Business Officer