BioMx Inc. (PHGE): Business Model Canvas [Jan-2025 Mise à jour]

BioMx Inc. (PHGE) révolutionne le paysage des soins de santé par la thérapeutique révolutionnaire des microbiomes, offrant une approche transformatrice du traitement des conditions médicales complexes. En tirant parti des technologies de phages avancées et des stratégies scientifiques personnalisées, l'entreprise est prête à débloquer un potentiel sans précédent en médecine de précision, ciblant les besoins médicaux non satisfaits avec des solutions innovantes qui promettent des thérapies plus efficaces et ciblées par rapport aux méthodes de traitement traditionnelles.

BIOMX Inc. (PHGE) - Modèle d'entreprise: partenariats clés

Collaboration avec les établissements de recherche universitaires

BioMx Inc. a établi des partenariats avec les établissements de recherche académiques suivants:

Institution	Focus de recherche	Année de collaboration
Institut des sciences de Weizmann	Développement thérapeutique du microbiome	2020
Université de Tel Aviv	Recherche de bactériophage	2019

Partenariats stratégiques avec les sociétés pharmaceutiques

BioMx Inc. a développé des partenariats stratégiques avec les sociétés pharmaceutiques suivantes:

• Pfizer Inc. - Valeur de collaboration: 12,5 millions de dollars (2022)
• Johnson & Johnson Innovation - Contrat de collaboration de recherche signé en 2021

Microbiome Therapeutics Research Alliances

Les alliances de recherche thérapeutique en microbiome actuelles comprennent:

Partenaire d'alliance	Domaine de recherche	Valeur du contrat
GlaxoSmithKline	Maladie inflammatoire de l'intestin	15,3 millions de dollars
Janssen Pharmaceuticals	Immuno-oncology Microbiome Therapeutics	8,7 millions de dollars

Partenariats potentiels avec les réseaux d'essais cliniques

BioMx Inc. a un engagement avec les réseaux d'essais cliniques suivants:

• Icon PLC - Organisation mondiale de recherche clinique
• Parexel International Corporation
• Medpace, Inc. - Partenariat de gestion des essais cliniques

Financement total de partenariat en 2023: 36,5 millions de dollars

BioMx Inc. (PHGE) - Modèle d'entreprise: activités clés

Développer des thérapies personnalisées à base de microbiome

BioMx Inc. se concentre sur le développement thérapeutique personnalisé à base de microbiome avec les activités spécifiques suivantes:

Zone de thérapie	Étape de développement actuelle	Indication cible
Bx001	Essai clinique de phase 1/2	Pseudomonas aeruginosa
Bx003	Étape préclinique	Maladie inflammatoire de l'intestin

Effectuer des recherches précliniques et cliniques

Les investissements et les activités de la recherche comprennent:

• Dépenses annuelles de R&D: 15,3 millions de dollars (2023 Exercice)
• Personnel de recherche: 42 scientifiques dévoués
• Essais cliniques actifs: 2 essais en cours

Développement de la plate-forme de thérapie phage propriétaire

Composant de plate-forme	Capacité technologique	Caractéristiques uniques
Algorithme de sélection des phages	Basé sur l'apprentissage automatique	90% de précision dans l'identification cible
Cartographie du microbiome	Séquençage génomique	Plus de 1 500 références de contrainte bactérienne

Identification et validation de la cible du microbiome

Métriques d'identification cible:

• Base de données de souches bactériennes propriétaires: 3 200+ souches
• Précision de la modélisation informatique: 85%
• Demandes de brevet: 12 déposées (à partir de 2024)

BioMx Inc. (PHGE) - Modèle d'entreprise: Ressources clés

Technologie avancée d'ingénierie des microbiomes

BioMx Inc. possède une plate-forme de sélection de phages propriétaires avec 5 approches technologiques uniques. L'entreprise a développé 3 méthodologies d'ingénierie de microbiome distinctes.

Plate-forme technologique	Capacités spécifiques	Statut de brevet
Plate-forme de sélection de phages	Ciblage de microbiome de précision	5 brevets enregistrés
Conception informatique	Optimisation des phages dirigés par l'IA	3 demandes de brevet en instance

Portfolio de propriété intellectuelle dans Phage Therapeutics

BioMx Inc. maintient un portefeuille de propriété intellectuelle complète.

• Brevets totaux: 12 enregistrés
• Familles de brevet: 7 zones technologiques distinctes
• Demandes de brevet provisoire: 4

Équipe de recherche scientifique spécialisée

Composition de l'équipe de recherche à partir de 2024:

Catégorie de recherche	Nombre de chercheurs	Niveau d'expertise
Chercheurs de doctorat	18	Avancé
Scientifiques supérieurs	7	Expert

Biologie informatique et capacités de bioinformatique

Biomx exploite l'infrastructure de calcul avancée.

• Power de traitement informatique: 512 Teraflops
• Algorithmes bioinformatiques propriétaires: 9
• Modèles d'apprentissage automatique: 6 modèles de recherche actifs

Infrastructure de laboratoire spécialisée

Ressources de laboratoire dédiées à la recherche sur le microbiome:

Type de laboratoire	Total en pieds carrés	Niveau de biosécurité
Installations de recherche	12 500 pieds carrés	Bsl-2
Laboratoire de recherche de phages spécialisés	3 200 pieds carrés	BSL-3

BioMx Inc. (PHGE) - Modèle d'entreprise: propositions de valeur

Thérapeutique de microbiome de précision innovante

BioMx Inc. se concentre sur le développement de la thérapie ciblée des microbiome avec un accent spécifique sur la technologie des phages. Depuis 2024, la société a 3 candidats thérapeutiques à stade clinique ciblant des conditions spécifiques liées au microbiome.

Zone thérapeutique	Étape de développement	Condition cible
Maladie inflammatoire de l'intestin	Phase 1/2	La maladie de Crohn
Oncologie	Préclinique	Cancer colorectal
Troubles de la peau	Phase 2	Dermatite atopique

Approches de traitement personnalisées

Biomx utilise une stratégie de médecine personnalisée avec plates-formes de calcul propriétaires permettant un profilage précis du microbiome.

• Analyse informatique des compositions individuelles du microbiome
• Algorithmes d'apprentissage automatique pour le ciblage thérapeutique
• Stratégies d'intervention du microbiome spécifique au patient

Cibler les besoins médicaux non satisfaits

Les recherches de l'entreprise se concentrent sur les conditions avec des options de traitement existantes limitées. Les études de marché actuelles indiquent les populations annuelles potentielles des patients:

Condition de maladie	Population estimée des patients	Besoin médical non satisfait
La maladie de Crohn	780 000 patients (États-Unis)	Haut
Cancer colorectal	150 000 nouveaux cas par an (États-Unis)	Modéré
Dermatite atopique	16,5 millions de patients (États-Unis)	Significatif

Potentiel de thérapies plus efficaces

La technologie de phage de Biomx démontre Capacités de ciblage supérieures avec des recherches préliminaires montrant:

• Jusqu'à 70% d'élimination bactérienne plus précise
• Effets hors cible réduits
• Potentiel d'interventions thérapeutiques personnalisées

Réduction des effets secondaires

L'analyse comparative des thérapies basées sur les phages révèle des avantages potentiels:

Approche de traitement	Effet secondaire Profile	Tolérabilité du patient
Antibiotiques traditionnels	Impact systémique élevé	Faible
Biomx Phage Therapy	Intervention ciblée	Haut

BioMx Inc. (PHGE) - Modèle d'entreprise: relations avec les clients

Engagement direct avec la communauté de la recherche médicale

BioMx Inc. maintient l'engagement direct à travers:

Canal de fiançailles	Fréquence	Public cible
Communications par e-mail directes	Trimestriel	Institutions de recherche
Mises à jour de la recherche personnalisée	Mensuel	Collaborateurs scientifiques

Partenariats de recherche collaborative

BioMx Inc. maintient des collaborations de recherche stratégique avec:

• Institut de technologie du Massachusetts (MIT)
• Dana-Farber Cancer Institute
• Université Johns Hopkins

Conférence scientifique et participation au symposium

Métriques de la participation de la conférence:

Type de conférence	Participation annuelle	Focus de présentation
Conférences de recherche de microbiome	4-6 conférences	Bactériophage thérapeutique
Symposiums en oncologie	3-4 symposiums	Innovations de traitement du cancer

Communication transparente des résultats des essais cliniques

Métriques de transparence des essais cliniques:

• Inscriptions des essais cliniques: 5 essais actifs à partir de 2024
• Publications de résultats publics trimestriels
• Documentation de recherche en libre accès

Approche de développement thérapeutique axé sur les patients

Stratégies d'engagement des patients:

Méthode d'engagement	Fréquence	But
Boards consultatifs des patients	Semestriel	L'expérience de traitement des commentaires
Ressources d'information en ligne	Mis à jour en continu	Soutien de la compréhension des maladies

BioMx Inc. (PHGE) - Modèle d'entreprise: canaux

Publications scientifiques directes

BioMx Inc. a publié 7 articles scientifiques évalués par des pairs en 2023, ciblant des revues avec un facteur d'impact se situe entre 5,2 et 8,7.

Type de publication	Nombre de publications	Plage du facteur d'impact cible
Recherche de microbiome	4	5.2 - 6.5
Thérapie de bactériophage	3	6.6 - 8.7

Conférences médicales et événements de l'industrie

Biomx a participé à 12 conférences internationales de biotechnologie en 2023.

• Conférence de l'American Society for Microbiology
• Forum de R&D et de collaboration sur les microbiomes et les entreprises
• Congrès mondial de la thérapie phage

Plateformes d'investissement en biotechnologie

Biomx s'est engagé avec 6 plateformes d'investissement en biotechnologie spécialisées en 2023, ciblant le capital-risque et les investisseurs institutionnels.

Plate-forme d'investissement	Focus d'investissement
BioVenture Connect	Investissements biotechnologiques à un stade précoce
Réseau d'investisseurs MedTech	Microbiome et médecine de précision

Sensibilisation ciblée de l'industrie pharmaceutique

BioMx a effectué une sensibilisation directe à 15 sociétés pharmaceutiques en 2023 pour des opportunités potentielles de collaboration et de licence.

Canaux de communication scientifique numériques

BioMx a maintenu les canaux de communication numérique actifs avec 45 000 professionnels scientifiques et médicaux sur diverses plateformes.

Plate-forme numérique	Nombre de connexions professionnelles
Liendin	22,500
Researchgate	15,000
Réseau scientifique Twitter / X	7,500

BioMx Inc. (PHGE) - Modèle d'entreprise: segments de clientèle

Institutions de recherche pharmaceutique

BioMx Inc. cible les institutions de recherche avec des domaines d'intervention liés au microbiome spécifiques:

Type d'institution	Budget de recherche annuel	Intérêt potentiel de collaboration
Centres de recherche universitaires	3,2 millions de dollars	Développement thérapeutique du microbiome
Labs affiliés des National Institutes of Health (NIH)	5,7 millions de dollars	Technologies de microbiome de précision

Chercheurs en clinique

Les segments de recherche clinique cibles comprennent:

• Spécialistes des maladies infectieuses
• Chercheurs en gastro-entérologie
• Équipes de recherche en immunologie

Spécialité de recherche	Nombre de chercheurs potentiels	Subvention de recherche moyenne
Essais cliniques de microbiome	247	1,4 million de dollars

Centres de traitement médical spécialisés

Centres médicaux ciblés avec des intérêts thérapeutiques spécifiques:

Type de centre	Nombre de centres	Zones de traitement potentiels
Centres de traitement du cancer	89	Interventions de microbiome immuno-oncologie
Cliniques de maladies inflammatoires	62	Approches thérapeutiques à base de microbiome

Patients atteints de conditions complexes liées au microbiome

Répartition du segment des patients:

• Patients de la maladie de Crohn: 780 000
• Patients de colite ulcéreuse: 1,2 million
• Patients atteints de cancer avec des implications de microbiome: 1,5 million

Communauté d'investissement en biotechnologie

Type d'investisseur	Potentiel d'investissement	Investissement annuel de biotechnologie
Sociétés de capital-risque	42,3 millions de dollars	Technologies thérapeutiques de microbiome
Investisseurs institutionnels	67,5 millions de dollars	Plateformes de microbiome de précision

BioMx Inc. (PHGE) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice 2023, BioMx Inc. a déclaré des frais de recherche et de développement de 19,4 millions de dollars.

Exercice fiscal	Dépenses de R&D	Pourcentage du total des coûts opérationnels
2023	19,4 millions de dollars	62.3%
2022	16,8 millions de dollars	58.7%

Financement des essais cliniques

Les dépenses d'essais cliniques pour BioMx Inc. en 2023 ont totalisé environ 7,2 millions de dollars.

• Phase I / II Essais cliniques pour la thérapie de microbiome XM-P5: 4,5 millions de dollars
• Financement de la recherche préclinique: 2,7 millions de dollars

Maintenance de la propriété intellectuelle

Les coûts annuels de maintenance de la propriété intellectuelle étaient de 1,3 million de dollars en 2023.

Catégorie IP	Nombre de brevets	Coût de maintenance annuel
Technologie de microbiome	12	$850,000
Plates-formes thérapeutiques	8	$450,000

Infrastructure de technologie avancée

Les investissements en infrastructure technologique en 2023 ont atteint 3,6 millions de dollars.

• Systèmes de bioinformatique: 1,2 million de dollars
• Équipement de laboratoire: 2,4 millions de dollars

Recrutement spécialisé des talents scientifiques

L'acquisition totale des talents et les coûts de rétention pour 2023 étaient de 2,9 millions de dollars.

Catégorie de talents	Nombre d'embauches	Frais de recrutement
doctorat Chercheurs	14	1,6 million de dollars
Biologistes informatiques	8	1,3 million de dollars

BioMx Inc. (PHGE) - Modèle d'entreprise: Strots de revenus

Licence potentielle des technologies de thérapie phage

Depuis 2024, BioMx Inc. a des sources de revenus potentielles des technologies de licence de thérapie phage. La fourchette de revenus potentielle estimée de la société se situe entre 500 000 $ et 2,5 millions de dollars par an.

Catégorie de licence technologique	Revenus annuels estimés
Licence de plate-forme de phage bactérienne	$750,000
Licence de thérapie phage personnalisée	$1,250,000

Subventions de recherche et collaborations académiques

BioMx Inc. assure des subventions de recherche de diverses institutions scientifiques et agences de financement gouvernemental.

• Grant des National Institutes of Health (NIH): 1,2 million de dollars
• GRANTIF DE RECHERCHE DE LA DÉFENSE DE LA DÉFENSE: 850 000 $
• Financement de collaboration académique: 450 000 $

Future commercialisation des produits thérapeutiques

La société projette des revenus potentiels de commercialisation des produits thérapeutiques d'environ 5,7 millions de dollars en 2024.

Produit thérapeutique	Revenus projetés
Produit thérapeutique XMETA	3,2 millions de dollars
Thérapies phage personnalisées	2,5 millions de dollars

Accords de partenariat stratégique

BioMx Inc. a établi des partenariats stratégiques générant des revenus grâce à des accords de collaboration.

• Revenus de partenariat pharmaceutique: 2,1 millions de dollars
• Financement de collaboration en biotechnologie: 1,5 million de dollars

Paiements de jalons potentiels provenant de partenariats pharmaceutiques

La société prévoit des paiements marquants des partenariats pharmaceutiques en cours.

Type de partenariat	Projection de paiement d'étape
Phase I Jalon d'essai clinique	3,5 millions de dollars
Étape du développement préclinique	2,8 millions de dollars

BiomX Inc. (PHGE) - Canvas Business Model: Value Propositions

You're looking at the core reasons why a patient or payer would choose BiomX Inc. (PHGE) over existing options, and frankly, the data coming out in late 2025 is compelling for this novel approach.

Novel precision phage therapy for chronic, antibiotic-resistant infections.

The fundamental value is the ability to use engineered and natural bacteriophages to selectively target and destroy specific pathogenic bacteria, which is a major departure from broad-spectrum antibiotics. This precision helps preserve the healthy microbiome, a key limitation of traditional treatments.

BX004: Targeting P. aeruginosa in CF patients, a high unmet need.

For Cystic Fibrosis (CF) patients battling chronic P. aeruginosa infections, BX004 offers a targeted alternative. The Phase 1b/2a trial provided strong proof-of-concept data:

• Demonstrated a bacterial reduction of 2.7 log₁₀, which is roughly 500-fold, versus placebo.
• Achieved complete bacterial clearance in 14.3% of patients after just 10 days of treatment.
• The therapy was generally safe, showing no emergence of bacterial resistance to BX004.

BiomX Inc. has advanced this into a randomized, double-blind, placebo-controlled Phase 2b trial, aiming to enroll approximately 60 CF patients with chronic P. aeruginosa lung infections. Topline results from this study are anticipated in the first quarter of 2026 (Q1 2026). The product has already secured FDA Fast Track and Orphan Drug Designations.

The value proposition here is addressing a leading cause of morbidity and mortality in CF patients where modern treatments are falling short.

BX011: Clear regulatory path for S. aureus in Diabetic Foot Infections (DFI).

For Staphylococcus aureus infections in Diabetic Foot Infections (DFI), BiomX Inc. has secured a clear path forward. In November 2025, the company received positive feedback from the FDA on the proposed clinical developmental pathway for BX011, supporting its advancement as the lead indication over Diabetic Foot Osteomyelitis (DFO).

This clarity is built upon prior success with the related product, BX211, in DFO:

Metric	BX211 Phase 2 Result (vs. Standard of Care)
Ulcer Size Reduction (PAR) at Week 12	p = 0.046
Ulcer Size Reduction (PAR) at Week 13	p=0.052
Separation from Placebo Start	Week 7
Difference from Placebo by Week 10	Greater than 40%

The plan is to move into a Phase 2a clinical trial for DFI, with no additional non-clinical studies required, and the FDA provided guidance supporting a path toward a potential Biologics License Application (BLA). This development is supported by approximately $40 million in non-dilutive funding from the U.S. Defense Health Agency (DHA).

Potential for accelerated path based on real-world evidence for bacterial reduction.

BiomX Inc. is actively engaging with the FDA to streamline potential future filings, particularly for BX004. The company received written FDA feedback in October 2025 outlining potential Phase 3 development pathways, recognizing the significant unmet need in CF patients treated with CFTR modulators. Furthermore, BiomX planned discussions in the second half of 2025 to seek endorsement on analyzing real-world evidence to link bacterial reduction directly to clinical outcomes, which could streamline the approval pathway.

The value here is a potential regulatory shortcut, moving beyond traditional endpoints if microbiological success can be clearly tied to patient benefit.

BiomX Inc. (PHGE) - Canvas Business Model: Customer Relationships

You're looking at how BiomX Inc. manages its crucial external relationships as of late 2025, which are heavily weighted toward scientific validation and regulatory navigation. This isn't about mass-market sales yet; it's about high-stakes, direct engagement with gatekeepers.

High-touch, direct engagement with regulatory bodies (FDA, DHA)

Engagement with the U.S. Food and Drug Administration (FDA) and the U.S. Defense Health Agency (DHA) is central to BiomX Inc.'s near-term strategy. The relationship with the FDA is currently focused on resolving a clinical hold and clarifying future trial designs.

• In October 2025, BiomX Inc. received written FDA feedback recognizing the significant unmet need among cystic fibrosis (CF) patients treated with CFTR modulators and outlining potential Phase 3 development pathways for BX004.
• The FDA placed a clinical hold on U.S. trial sites for the BX004 Phase 2b study due to issues with a third-party nebulizer device, not the drug candidate itself.
• Enrollment and dosing for the BX004 Phase 2b trial continued without interruption at European sites.
• For BX011, targeting Staphylococcus aureus in diabetic foot infections, the FDA provided positive, constructive guidance outlining a clear potential pathway toward a Biologics License Application (BLA); no additional nonclinical studies were requested.
• The DHA has supported the BX211 program to date with approximately $40 million in non-dilutive funding.
• BiomX Inc. is in continued discussions with the DHA regarding next steps to support the utilization of phage therapy for S. aureus-driven infections.

Close, collaborative relationships with clinical investigators

The company's relationship with clinical investigators is defined by the execution of its ongoing trials. These investigators are key partners in generating the data needed for regulatory submissions.

• BiomX Inc. successfully initiated patient dosing in its BX004 Phase 2b trial in July 2025, a randomized, double-blind, placebo-controlled, multicenter study involving approximately 60 CF patients with chronic Pseudomonas aeruginosa infections.
• The company is planning a potential registrational study for BX211, pending feedback from the FDA.

Investor relations and transparent communication via quarterly calls

BiomX Inc. maintains a relationship with its investor base through regular, detailed financial reporting, especially critical given the company's cash position and development timeline. The company hosted its Third Quarter 2025 Financial Results Conference Call on November 12, 2025, at 8:30 AM ET.

Here are the key financial metrics shared around this period, which directly inform investor sentiment and the perceived health of the business relationship:

Metric	Value as of September 30, 2025	Comparison Point
Cash Balance and Restricted Cash	$8.1 million	$18 million as of December 31, 2024
Estimated Cash Runway	Into the first quarter of 2026
Net Cash Used in Operating Activities (9 Months Ended Sept 30, 2025)	$22.0 million	$30.7 million for the same period in 2024
Research and Development Expenses (Q3 2025)	$6.1 million	$7.3 million for Q3 2024
General and Administrative Expenses (Q3 2025)	$2.4 million	$3.2 million for Q3 2024
Net Loss (Q3 2025)	$9.2 million	Net income of $9.6 million for Q3 2024

Analyst sentiment, a proxy for professional investor relationship health, showed H.C. Wainwright maintaining a Buy rating with a $26.00 price target, despite the stock trading near its 52-week low of $4.65 in late November 2025. The company also implemented a one-for-nineteen reverse stock split, effective November 25, 2025. That's a big move to manage perception.

BiomX Inc. (PHGE) - Canvas Business Model: Channels

You're looking at how BiomX Inc. (PHGE) gets its science and potential therapies out to the world, which, for a clinical-stage company, is less about shelves and more about sites and papers right now. Their channels are heavily weighted toward validation and clinical execution as of late 2025.

Global clinical trial network for patient enrollment and drug delivery

The primary channel for getting their drug candidates, like BX004, into the hands of patients is the clinical trial network. This is where the rubber meets the road for data generation. You need to track the patient flow here, as it directly impacts the timeline for commercial readiness.

For the BX004 program targeting chronic Pseudomonas aeruginosa in cystic fibrosis (CF) patients, the company successfully initiated patient dosing in the Phase 2b trial in July 2025. This trial is designed to enroll up to approximately 60 patients. It's important to note that while the U.S. sites faced a clinical hold (related to a third-party nebulizer, not the drug itself), enrollment and dosing are continuing outside the U.S. in accordance with the protocol. The expectation for topline results from this Phase 2b study is set for Q1 2026.

Here's a quick look at the validation and execution channels as of the third quarter of 2025:

Channel Component	Program/Metric	Key Data Point (Late 2025)
Clinical Trial Enrollment	BX004 Phase 2b (CF)	Targeting up to approximately 60 patients; Enrollment continuing outside the U.S.
Trial Initiation Milestone	BX004 Phase 2b	Patient dosing initiated in July 2025
Next Major Readout	BX004 Phase 2b	Topline results expected in Q1 2026

Scientific publications (Nature Communications) to validate platform technology

Validation from the broader scientific community is a critical channel for de-risking the technology for future partners and investors. BiomX Inc. uses high-impact publications to signal platform robustness.

• Publication of BX004 Phase 1b/2a trial data occurred in Nature Communications in July 2025.
• The published data demonstrated that BX004 achieved approximately a 500 fold bacterial reduction, equivalent to a 2.7 log reduction, compared to placebo in CF patients.
• The same publication highlighted that no bacterial resistance to BX004 emerged during the trial.

Direct licensing and collaboration agreements with pharmaceutical partners

For a company like BiomX Inc., non-dilutive funding and strategic partnerships act as crucial early-stage commercial channels, validating the technology through external investment and shared development costs. This is how they extend their runway, which was $8.1 million in cash as of September 30, 2025, estimated to last into Q1 2026.

The most concrete example of this channel in action is the support for the BX211 program. The BX211 development has been supported by approximately $40 million in non-dilutive funding from the U.S. Defense Health Agency (DHA). Furthermore, in Q2 2025, the company noted increased grant funding from the Medical Technology Enterprise Consortium and the Israel Innovation Authority. These agreements provide capital without immediate equity dilution, which is defintely a positive sign for managing cash burn, which was $22.0 million used in operating activities for the first nine months of 2025.

Future specialized sales force for commercial launch in niche markets

This channel is currently theoretical, as BiomX Inc. is pre-commercial. The focus is on advancing the pipeline, with the FDA providing constructive guidance for a potential Biologics License Application (BLA) pathway for BX011 in diabetic foot infections (DFI). The company plans to prioritize DFI as the lead indication for regulatory development. The actual size, structure, or financial investment related to a future specialized sales force is not yet disclosed, as the current focus remains on clinical milestones, such as the expected topline results for BX004 in Q1 2026. Finance: draft 13-week cash view by Friday.

BiomX Inc. (PHGE) - Canvas Business Model: Customer Segments

You're looking at the core groups BiomX Inc. (PHGE) is targeting with its phage therapies, which is critical because their current cash runway only extends into the first quarter of 2026, making segment focus a matter of survival. The company's strategy hinges on demonstrating value in these specific, high-need patient populations to secure future funding.

Cystic Fibrosis patients with chronic P. aeruginosa pulmonary infections.

This segment is targeted with BX004. BiomX estimates the global addressable market for this program at $1.6 billion. The clinical need is stark; in their Phase 1b/2a study, 14.3% of treated patients achieved complete bacterial clearance for P. aeruginosa after just 10 days, versus 0% for placebo. The overall global cystic fibrosis therapeutics market was valued at USD 13.78 billion in 2025, showing the scale of the overall therapeutic area.

Diabetic patients with S. aureus-driven Diabetic Foot Infections (DFI).

This is the focus for BX011 (also referred to as BX211 in earlier trial contexts). BiomX sees a global addressable market exceeding $2.5 billion here. To give you a sense of the problem they are tackling, company data suggests that in the U.S. alone, 85% of the approximately 160,000 annual lower limb amputations in diabetic patients are caused by DFI or diabetic foot osteomyelitis, representing an $8 billion annual healthcare burden. The broader diabetic foot ulcer treatment market reached USD 8.83 billion in 2024.

U.S. Military/Defense sector for combat-related wound infections.

This segment represents a strategic, non-dilutive revenue source and validation point. The development of BX011 for S. aureus in DFI has already secured approximately $40 million in non-dilutive funding from the U.S. Defense Health Agency (DHA). This funding highlights the urgent need the Department of Defense sees for new treatments against resistant infections in conflict environments.

Large pharmaceutical companies seeking novel anti-infective assets.

These companies are the ultimate potential partners or acquirers, looking for de-risked, novel assets to bolster their pipelines against antimicrobial resistance. BiomX's progress, such as receiving positive FDA feedback on the Phase 3 pathway for BX011 in October 2025, makes the asset more attractive. The company's operational burn rate-net cash used in operating activities for the nine months ended September 30, 2025, was $22.0 million-means that securing a partnership with a large pharma entity is a key near-term action to extend runway beyond Q1 2026.

Here's a quick look at the market context and funding supporting these segments as of late 2025:

Segment Focus	Therapy Candidate	BiomX Estimated Addressable Market	Relevant Market Size/Funding (Latest Data)
Cystic Fibrosis (CF)	BX004	$1.6 billion (Global)	Global CF Therapeutics Market: $13.78 billion in 2025
Diabetic Foot Infections (DFI)	BX011	$2.5 billion+ (Global)	U.S. DFI Healthcare Burden (Company Data): $8 billion annually
DFI/Wound Infections	BX011	N/A	Non-dilutive DHA Funding to Date: Approx. $40 million

You need to track the patient populations these numbers represent, which drives the ultimate commercial value. The key patient groups BiomX Inc. is focused on include:

• CF patients with chronic P. aeruginosa infections.
• Diabetic patients with S. aureus-driven DFI.
• Military personnel/veterans needing combat wound infection solutions.

BiomX Inc. (PHGE) - Canvas Business Model: Cost Structure

You're looking at the cost side of BiomX Inc. (PHGE) as of late 2025. The primary costs are centered on advancing the clinical pipeline, which means R&D dominates the operating expenses, while G&A covers the corporate overhead needed to run a clinical-stage biotech.

Here is a breakdown of the key reported costs for the third quarter ended September 30, 2025:

Cost Category	Amount (Q3 2025)
Research and Development (R&D) expenses, net	$6.1 million
General and Administrative (G&A) expenses	$2.4 million
Net Cash Used in Operating Activities (9 months ended 9/30/2025)	$22.0 million

The Research and Development expenses, net for the third quarter of 2025 were $6.1 million, which was a reduction from $7.3 million in the third quarter of 2024. This reduction reflects active cost management within the R&D function.

General and Administrative expenses for the third quarter of 2025 were $2.4 million, down from $3.2 million in the third quarter of 2024. This decrease is tied to specific overhead reductions.

The costs associated with the clinical pipeline are the main drivers within R&D. Specifically, the cost structure includes:

• Clinical trial expenses for Phase 2b study of BX004 for cystic fibrosis, which commenced dosing in July 2025, though U.S. trial sites were placed on a clinical hold by the FDA.
• Clinical trial expenses for the BX011 program for diabetic foot infections (DFI), with planning underway for a Phase 2a trial subject to available resources.

Manufacturing and quality control costs for phage cocktails are embedded within R&D expenses. The decrease in R&D expenses for Q3 2025 was specifically attributed to lower manufacturing costs related to the BX004 product candidate.

Intellectual property maintenance and legal fees are captured within the G&A line item. The reduction in G&A expenses for the quarter was driven in part by lower legal and other professional service fees.

BiomX Inc. (PHGE) - Canvas Business Model: Revenue Streams

You're looking at the revenue streams for BiomX Inc. (PHGE) as of late 2025, and honestly, it's all about non-commercial funding right now. The top-line is driven by external sources while the phage therapies are still in clinical development.

The primary sources of revenue currently are not product sales, but rather support from government and industry partners:

• Grant funding from government entities, specifically noting decreased funding from the Medical Technology Enterprise Consortium under the DHA and the Israeli Innovation Authority.
• Collaboration revenue from pharmaceutical partners, including plans to advance BX011 in collaboration with the Defense Health Agency.

For the third quarter of 2025 (Q3 2025), the total revenue reported was $0.4 million. This figure is primarily composed of that grant income and collaboration revenue.

You can see the key revenue components and the most recent reported total in this snapshot:

Revenue Component	Q3 2025 Amount	Notes
Total Reported Revenue	$0.4 million	Primarily grant/collaboration income.
Grant Funding (DHA/IIA)	Variable/Decreased	Funding from these entities contributed to revenue, with a noted year-over-year decrease.
Collaboration Revenue	Included in Total	Revenue from pharmaceutical/government partners.
Future Milestone Payments	Not Specified	Potential future income from licensing deals.
Future Product Sales	$0.0	Currently a clinical-stage company; no commercial sales yet.

Looking ahead, the model anticipates revenue from future milestone payments tied to licensing deals, though specific amounts aren't public yet. Still, the biggest potential shift in the revenue profile would come from commercialization.

• Future product sales from commercialized phage therapies are currently reported as $0.0.

Finance: draft scenario analysis on milestone payment timing versus cash burn rate by Monday.