Breaking Down BiomX Inc. (PHGE) Financial Health: Key Insights for Investors

You're looking at BiomX Inc. (PHGE) and seeing a classic biotech dilemma: compelling clinical progress but a tight cash runway, and honestly, that's the whole story right now. The company's Q3 2025 results, released in November, show a critical near-term funding need, with cash and restricted cash sitting at just $8.1 million as of September 30, 2025, which management estimates will only fund operations into the first quarter of 2026. This is a sharp drop from the $18 million at the end of 2024, driven by a net cash burn of $22.0 million from operations over the first nine months of the year. Still, the underlying science-like the positive FDA feedback on the BX011 program for diabetic foot infections and the expected Q1 2026 topline data for the BX004 cystic fibrosis trial-represents significant, value-driving catalysts that could defintely change the financing picture, but with a net loss of $9.2 million in Q3 alone, the clock is ticking. You need to map the clinical milestones against the capital structure, because a positive data readout is their best financing option.

Revenue Analysis

You're looking at BiomX Inc. (PHGE), a clinical-stage company, so you need to shift your focus from traditional product sales revenue to non-dilutive funding-grants and collaborations-which is the lifeblood of a biotech at this stage. The headline takeaway is that while the company is making clinical progress, its financial top-line is volatile and not yet driven by commercial sales, which is defintely the norm for this sector.

For the third quarter of 2025 (Q3 2025), BiomX Inc.'s revenue, which primarily consists of grant income and collaboration revenue, was $0.4 million. This is a significant decrease from the same period last year. In Q3 2024, the company reported revenue of $1.1 million, meaning the year-over-year revenue dropped by approximately 63.6%. That's a sharp drop, and it maps directly to a reduction in grant funding.

Here's a quick breakdown of the primary funding sources that act as the company's revenue streams:

• Grant Funding: This is the largest, most consistent source of cash inflow outside of equity financing. It comes from entities like the U.S. Defense Health Agency (DHA) and the Israel Innovation Authority.
• Collaboration Revenue: Any income derived from partnerships to use their proprietary BOLT (BacteriOphage Lead to Treatment) platform.
• Equity/Debt Financing: While not revenue, this is the main source of cash for operations, evidenced by the $8.1 million cash balance as of September 30, 2025, down from $18 million at the end of 2024.

The contribution of different business segments isn't measured by product revenue yet, but by the funding tied to the development programs. For instance, the BX011 program (targeting S. aureus in Diabetic Foot Infections) has historically been supported by substantial non-dilutive funding, including approximately $40 million from the DHA for the predecessor program. This funding is what drives the work on their lead candidates, BX011 and BX004 (for Cystic Fibrosis).

The most significant change in the near-term financial picture isn't the revenue line itself, but the net result. The company swung from a Net Income of $9.6 million in Q3 2024 to a Net Loss of $9.2 million in Q3 2025. Here's the quick math: that's an $18.8 million negative change in net result. What this estimate hides is that the majority of that swing wasn't from operations, but from a one-time, non-cash change in the fair value of warrants issued in a March 2024 financing. Anyway, the core operational reality is a decrease in grant funding, which you see reflected in the lower Q3 2025 revenue number of $0.4 million.

For a deeper dive into their long-term strategy that will eventually drive commercial revenue, you should review their Mission Statement, Vision, & Core Values of BiomX Inc. (PHGE).

The drop in R&D expenses to $6.1 million in Q3 2025 from $7.3 million in Q3 2024 is partially due to that decreased grant funding and workforce reductions. This is a clear action: the company is tightening its belt while advancing its lead programs, which is a common, but risky, balancing act for a clinical-stage company with an estimated cash runway only into the first quarter of 2026.

Profitability Metrics

When you look at BiomX Inc. (PHGE), you need to remember you are analyzing a clinical-stage biotechnology company, not a firm selling a mature product. The direct takeaway is that BiomX is currently a zero-revenue, zero-profit operation, which is typical for its stage, but it means profitability margins are deeply negative and purely a function of cash burn.

For the 2025 fiscal year, the company's profitability is defined by its research and development (R&D) expenses. Since BiomX has no commercialized products, its total revenue is negligible, meaning its Gross Profit is effectively $0. Consequently, its Gross Profit Margin is 0%.

The operating and net profitability paint a clear picture of cash utilization to advance its phage therapy pipeline. In the third quarter of 2025 alone, BiomX reported a Net Loss of $9.2 million. Analyst forecasts project the full-year 2025 Net Income to be a loss of approximately $34 million. With no revenue to divide this loss by, the operating and net profit margins are heavily negative, reflecting the cost of clinical trials and corporate overhead.

Here's the quick math on the key loss drivers for Q3 2025:

• Research and Development (R&D) expenses were $6.1 million.
• General and Administrative (G&A) expenses were $2.4 million.
• The total net loss was $9.2 million.

Operational Efficiency and Cost Management

You should focus less on the negative margins and more on the trend in operational efficiency (OpEx) and the cash runway. The company has shown a defintely positive trend in cost management, which is a clear action for a clinical-stage biotech.

Comparing Q3 2025 to Q3 2024, both R&D and G&A expenses decreased, which is a good sign of expense control. The R&D expense drop, from $7.3 million in Q3 2024 to $6.1 million in Q3 2025, was specifically attributed to workforce reductions and lower manufacturing costs related to the cystic fibrosis product candidate (BX004). This is a concrete move to preserve capital, which is critical when your cash and restricted cash stood at only $8.1 million as of September 30, 2025.

Profitability Comparison: Biotech Industry Reality

To be fair, comparing BiomX Inc.'s margins to a commercial-stage biotech is like comparing apples to a seed. Established, profitable biotech firms have massive positive margins. For instance, large-cap peers in the biotechnology space often show Operating Margins in the positive 30% to 39% range. BiomX is nowhere near that, and won't be until a product hits the market.

What this estimate hides is the one-time volatility. The Q3 2025 Net Loss of $9.2 million compares to a Net Income of $9.6 million in Q3 2024, but that prior-year income was largely a non-cash accounting gain due to a change in the fair value of warrants. Look at the cash used in operations instead: net cash used for the first nine months of 2025 was $22.0 million, a significant improvement from the $30.7 million used in the same period in 2024. That's the real operational efficiency story.

For a deeper dive into who is funding this research, you should check out Exploring BiomX Inc. (PHGE) Investor Profile: Who's Buying and Why?

The table below summarizes the core financial reality for the nine months ended September 30, 2025:

Debt vs. Equity Structure

For a clinical-stage biotech like BiomX Inc. (PHGE), the balance sheet tells a story less about stable revenue and more about capital burn. The key takeaway for you right now is that the company leans heavily on equity for funding, which is typical, but its current debt load is still notable against its cash reserves.

As of the latest trailing twelve months (TTM) data, BiomX Inc. (PHGE) carries a total debt of approximately $9.38 million. This debt, likely composed of various short-term liabilities and potential non-dilutive funding obligations, is critical to watch because the company's cash and restricted cash stood at only $8.1 million as of September 30, 2025, following the Q3 2025 report. That's a tight squeeze.

The Debt-to-Equity (D/E) ratio, which measures how much a company is financed by debt versus shareholder funds, is currently sitting at 0.49. This is a manageable figure, especially when compared to capital-intensive industries. Biotech companies often have D/E ratios below 1.0 because they rely on venture capital, grants, and public offerings (equity) to fund high-risk research and development (R&D) before a product is approved. A low D/E ratio defintely gives the company flexibility to take on debt later, but for now, the focus is on conserving cash and raising equity.

Here's the quick math on their financing strategy:

• Debt Financing: Used primarily for operational needs or specific asset purchases, totaling $9.38 million (TTM).
• Equity Funding: The primary source of capital. In February 2025, the company announced a $12 million financing, which was later approved by shareholders in April 2025 through the exercise of warrants.
• Non-Dilutive Funding: The BX211 program has been supported by significant non-dilutive funding from the U.S. Defense Health Agency (DHA), which is a major positive.

This balance shows a clear preference for equity funding to fuel their clinical pipeline, which you can read more about in their Mission Statement, Vision, & Core Values of BiomX Inc. (PHGE). The equity raises are necessary to cover the net cash used in operating activities, which was $22.0 million for the first nine months of 2025. The $12 million raise helped, but the cash runway is only estimated to last into the first quarter of 2026.

What this estimate hides is the need for another significant financing event very soon to keep the Phase 2b trial for BX004 and the new BX011 program moving forward. They are burning cash, so expect more equity dilution.

Action for Investors: Monitor the next earnings call for any announcements regarding a new financing round or a major partnership, as the current cash position necessitates a capital injection within the next few months to avoid a severe liquidity crunch.

Liquidity and Solvency

You're looking at BiomX Inc. (PHGE) and asking the right question: can this company fund its clinical pipeline long enough to hit those critical milestones? The direct takeaway here is that while the balance sheet shows a positive working capital position, the cash burn rate is high, creating a very tight near-term liquidity profile. Simply put, they are running lean.

As of September 30, 2025, BiomX Inc.'s liquidity ratios show a healthy buffer, but these numbers hide the reality of a clinical-stage biotech. The Current Ratio sits at approximately 1.70 ($8.862 million in current assets divided by $5.226 million in current liabilities). This means the company has $1.70 in short-term assets for every dollar of short-term debt. The Quick Ratio (or acid-test ratio), which strips out less liquid assets like inventory, is also strong at around 1.54. A ratio above 1.0 is generally good, but for a company with no significant revenue, this is a snapshot, not a long-term guarantee.

Here's the quick math on the key liquidity positions (amounts in thousands of USD as of September 30, 2025):

Still, the trend in working capital is a major concern. The working capital (current assets minus current liabilities) has dropped significantly from approximately $12.25 million at the end of 2024 to about $3.64 million by Q3 2025. This nearly 70% reduction in working capital over nine months shows how quickly the company is consuming its readily available capital to fund its research and development (R&D) efforts.

Looking at the cash flow statement for the nine months ended September 30, 2025, tells the real story. The company burned through a net $22.0 million in cash from operating activities. This is the cost of doing business-funding those crucial clinical trials like the BX004 and BX011 programs. To be fair, this burn rate is actually an improvement from the $30.7 million used in the same period a year prior, reflecting efforts to cut costs, including a reduction in R&D and general and administrative (G&A) expenses.

The financing cash flow is the only thing keeping the lights on. The nine-month period saw inflows of roughly $11.938 million from financing activities, primarily through capital actions in February 2025 and modest at-the-market (ATM) equity sales. Investing cash flow is minimal, which is typical as a clinical-stage biotech is focused on R&D, not capital expenditures. The company's strategy is clear: raise cash to fund operations until a product hits a major milestone. You can read more about their focus here: Mission Statement, Vision, & Core Values of BiomX Inc. (PHGE).

This brings us to the core liquidity concern. BiomX Inc. management estimates their current cash and restricted cash of $8.1 million is only sufficient to fund operations into the first quarter of 2026. This short cash runway is why the company's own SEC filings disclose a substantial doubt about the ability to continue as a going concern. The need for fresh capital is defintely urgent.

• Burn $22.0M in nine months.
• Cash runway ends in Q1 2026.
• New financing is mandatory.

The action item for you is clear: any investment decision must be predicated on a successful, non-dilutive financing event (like a major partnership) or a very large, successful equity raise in the next three months. Absent that, the risk of significant shareholder dilution, or worse, a halt in clinical progress, is extremely high.

Valuation Analysis

You're looking at BiomX Inc. (PHGE) and trying to figure out if the current market price reflects its true potential. For a clinical-stage biotech company like this, traditional valuation metrics often fall apart, but we still need to check them to understand the market's view. The short answer is that, based on near-term financials, the stock appears significantly undervalued if the pipeline catalysts hit, but it's defintely not cheap on a book-value basis.

Is BiomX Inc. (PHGE) Overvalued or Undervalued?

BiomX Inc. is a pre-revenue, clinical-stage company, so standard profitability ratios like Price-to-Earnings (P/E) are largely meaningless or negative. The company reported a net loss of $9.2 million in the third quarter of 2025, which means the P/E ratio is not applicable. This is common for biotechs focused on R&D, not sales.

What does matter is the Price-to-Book (P/B) ratio and the massive implied upside from analysts. The P/B ratio stands at approximately 20.03, which is extremely high. Here's the quick math: investors are paying over 20 times the company's net asset value, betting heavily on the success of its phage therapy pipeline, particularly the BX004 and BX011 programs. The Enterprise Value-to-EBITDA (EV/EBITDA) is negative, at around -0.8x (LTM 2024), which is expected given the operating losses.

• P/E Ratio: Not Applicable (Due to net losses in Q3 2025).
• P/B Ratio: 20.03 (High, reflects pipeline speculation).
• EV/EBITDA: Approx. -0.8x (LTM 2024).

Stock Price Trends and Analyst Consensus

The stock has been under significant pressure over the last year. The 52-week trading range for BiomX Inc. (PHGE) is wide, from a low of about $0.31 to a high of $1.16. As of mid-November 2025, the price is hovering around $0.27. This represents a sharp decline of nearly -50% over the last 52 weeks, a clear signal of market skepticism and volatility, which is typical for a stock with a $9.08 million market capitalization.

Still, Wall Street analysts see a massive opportunity here. The consensus rating is a strong Buy. The average 12-month price target is about $15.81, with a range from $15.15 to $16.80. That implies a potential upside of over 4,000% from the current price. This huge disconnect tells you the market is pricing in a high probability of failure, while analysts are pricing in a high probability of clinical success and subsequent commercialization.

It's important to note that BiomX Inc. is a non-dividend-paying stock, with a dividend yield of 0.00% and no payout ratio to track, as is the norm for companies reinvesting all capital into clinical development.

To dig deeper into who is making these bets, you should check out Exploring BiomX Inc. (PHGE) Investor Profile: Who's Buying and Why?

Risk Factors

You need to be a trend-aware realist when looking at a clinical-stage biotech like BiomX Inc. (PHGE). The biggest near-term risks are simple: cash and the FDA. Your investment thesis hinges on the company's ability to clear regulatory hurdles and raise more capital before its current funds run dry.

The core financial risk is a short cash runway. As of September 30, 2025, BiomX Inc. reported a cash balance and restricted cash of only $8.1 million. Here's the quick math: with a net loss of $9.2 million in the third quarter of 2025 alone, the company estimates this cash is only sufficient to fund operations into the first quarter of 2026. That means a significant financing event is defintely required in the next few months to avoid a severe liquidity crisis.

This is a capital-intensive business, and the cash burn is real.

• Financing Risk: Need to raise capital in a challenging market.
• Clinical Hold: Delays for the flagship BX004 program.
• Regulatory Risk: Phage therapy (using viruses to kill bacteria) is a novel field for the FDA.

Operational and Financial Headwinds

The operational risks are tightly linked to the regulatory landscape. The U.S. Phase 2b study for the cystic fibrosis candidate, BX004, is under a clinical hold by the FDA. The good news is the hold relates to the third-party nebulizer used for drug delivery, not the drug candidate itself. Still, it's a delay that pushes back key U.S. milestones. In the meantime, the company is continuing patient enrollment for BX004 outside the U.S., with topline results still expected in the first quarter of 2026.

To be fair, management has taken clear actions to mitigate the cash burn. Research and development expenses were reduced to $6.1 million in Q3 2025, down from $7.3 million in the prior year period. This was achieved through workforce reductions and securing additional grant funding. Also, the company announced a 1-for-19 reverse stock split on November 14, 2025, a governance move to maintain its listing compliance on the NYSE American, which is an important step to keep institutional investors interested for that next financing round.

External and Strategic Risks

BiomX Inc. operates in the highly competitive and fast-evolving field of microbiome and phage therapy. The success of its pipeline-BX004 for cystic fibrosis and the newly prioritized BX011 for diabetic foot infections-is binary. A negative trial result or a prolonged regulatory review could tank the stock, regardless of its financial health. What this estimate hides is that the entire valuation is tied to the success of these two clinical programs.

The company's strategy is now focused on advancing BX011, which received positive FDA feedback confirming a clear clinical pathway. This pivot is smart, but it means the company is dependent on a new lead indication. You should track the progress of this program closely, especially as they look to secure the resources needed to launch a Phase 2a study.

For a deeper dive into the entities betting on BiomX Inc.'s success, you should check out Exploring BiomX Inc. (PHGE) Investor Profile: Who's Buying and Why?

Finance: draft a 13-week cash view by Friday, assuming no new financing, to model the exact runway end date.

Growth Opportunities

You need to see a clear path to commercialization, and for BiomX Inc. (PHGE), that path is tied directly to their clinical pipeline, specifically their phage therapy programs. The core of their future growth isn't a revenue projection-analysts forecast $0 in revenue for the 2025 fiscal year, which is typical for a clinical-stage biotech-but rather the successful de-risking of their lead drug candidates. The real opportunity is in their product innovations, which are moving closer to Phase 3 trials.

The company's strategic focus is now on BX011, a fixed multi-phage cocktail for treating Staphylococcus aureus (S. aureus) in Diabetic Foot Infections (DFI). They received positive FDA feedback in November 2025, confirming a clear clinical development pathway for a planned Phase 2a trial. This is a smart move because it targets a large patient population, building on the positive Phase 2 results from the related program, BX211, which showed a statistically significant reduction in ulcer size.

Here's the quick math on their burn rate, which is the near-term risk you must track. As of September 30, 2025, BiomX Inc. reported cash and restricted cash of only $8.1 million. Net cash used in operating activities for the first nine months of 2025 was $22.0 million. That cash balance is only expected to fund operations into the first quarter of 2026. This means a financing event or a partnership is defintely a near-term necessity to advance their programs.

• Prioritize DFI (BX011) over DFO.
• Expect BX004 Phase 2b results in Q1 2026.
• Need new financing by Q1 2026.

Pipeline Progress and Earnings Estimates

The other major growth driver is BX004, a phage cocktail for P. aeruginosa infections in Cystic Fibrosis (CF) patients. The FDA provided supportive guidance in October 2025, outlining potential Phase 3 development pathways, which is a big signal of regulatory recognition for the unmet need in this patient group. While there is a temporary U.S. clinical hold on the Phase 2b trial related to a third-party nebulizer, non-U.S. enrollment continues, and topline results are still anticipated in Q1 2026.

What this estimate hides is the potential for a non-dilutive funding win. The predecessor program to BX011 received approximately $40 million in non-dilutive funding from the U.S. Defense Health Agency (DHA), which shows external validation for their technology. Look for similar government or strategic partnership announcements to shore up their balance sheet.

The analyst consensus for the full 2025 fiscal year projects a net loss of approximately -$42.9 million. This is a clinical-stage company, so the focus is entirely on the value created by positive clinical data, not current earnings. The market is pricing in a massive upside if the pipeline delivers, with one analyst setting a $15.00 price target as of August 2025. You can learn more about who is betting on this future in Exploring BiomX Inc. (PHGE) Investor Profile: Who's Buying and Why?

Competitive Advantages: The BOLT Platform

BiomX Inc.'s competitive edge is their proprietary BOLT (BacteriOphage Lead to Treatment) platform. This platform allows them to discover and validate specific bacterial targets, then customize phage compositions-essentially, creating a personalized, targeted therapy to destroy harmful bacteria. Phage therapy (bacteriophage therapy) is an emerging field, and their advanced platform positions them as a leader in creating both natural and engineered phage cocktails.

The platform's success is what enabled the positive Phase 2 results for the DFI program and the constructive FDA guidance for the CF program. Their ability to rapidly customize and advance these therapies is a significant barrier to entry for competitors. The company is in a race to be one of the first to bring a commercially viable phage cocktail to market for chronic, antibiotic-resistant infections, and the BOLT platform is their engine.