Biomx Inc. (PHGE): Modelo de negócios Canvas [Jan-2025 Atualizado]

A BioMx Inc. (PHGE) está revolucionando o cenário da saúde através de terapêuticas inovadoras de microbiomas, oferecendo uma abordagem transformadora para o tratamento de condições médicas complexas. Ao alavancar a tecnologia avançada de fagos e as estratégias científicas personalizadas, a empresa está pronta para desbloquear potencial sem precedentes em medicina de precisão, visando necessidades médicas não atendidas com soluções inovadoras que prometem terapias mais eficazes e direcionadas em comparação com os métodos de tratamento tradicionais.

Biomx Inc. (PHGE) - Modelo de negócios: Parcerias -chave

Colaboração com instituições de pesquisa acadêmica

A BioMx Inc. estabeleceu parcerias com as seguintes instituições de pesquisa acadêmica:

Instituição	Foco na pesquisa	Ano de colaboração
Weizmann Institute of Science	Desenvolvimento terapêutico do microbioma	2020
Universidade de Tel Aviv	Pesquisa de bacteriófagos	2019

Parcerias estratégicas com empresas farmacêuticas

A BioMx Inc. desenvolveu parcerias estratégicas com as seguintes empresas farmacêuticas:

• Pfizer Inc. - Valor da colaboração: US $ 12,5 milhões (2022)
• Johnson & Johnson Innovation - Contrato de colaboração de pesquisa assinado em 2021

Alianças de pesquisa de terapêutica de microbioma

As alianças atuais de pesquisa de terapêutica de microbioma incluem:

Parceiro da Aliança	Área de pesquisa	Valor do contrato
GlaxoSmithKline	Doença inflamatória intestinal	US $ 15,3 milhões
Janssen Pharmaceuticals	Terapêutica de microbioma de imuno-oncologia	US $ 8,7 milhões

Parcerias em potencial com redes de ensaios clínicos

A BioMx Inc. tem envolvimento com as seguintes redes de ensaios clínicos:

• ICON PLC - Organização Global de Pesquisa Clínica
• Parexel International Corporation
• Medpace, Inc. - Parceria de gerenciamento de ensaios clínicos

Financiamento total da parceria em 2023: US $ 36,5 milhões

Biomx Inc. (PHGE) - Modelo de negócios: Atividades -chave

Desenvolvendo terapias personalizadas à base de microbioma

A BioMx Inc. enfoca o desenvolvimento terapêutico personalizado baseado em microbioma com as seguintes atividades específicas:

Área de terapia	Estágio de desenvolvimento atual	Indicação alvo
BX001	Ensaio Clínico de Fase 1/2	Infecções por Pseudomonas aeruginosa
BX003	Estágio pré -clínico	Doença inflamatória intestinal

Condução de pesquisa pré -clínica e clínica

O investimento e as atividades de pesquisa incluem:

• Despesas anuais de P&D: US $ 15,3 milhões (2023 ano fiscal)
• Pessoal de pesquisa: 42 cientistas dedicados
• Ensaios clínicos ativos: 2 ensaios em andamento

Desenvolvimento proprietário da plataforma de terapia de fagos

Componente da plataforma	Capacidade tecnológica	Características únicas
Algoritmo de seleção de fagos	Aprendizado de máquina baseado em aprendizado de máquina	90% de precisão na identificação do alvo
Mapeamento de microbioma	Sequenciamento genômico	1.500+ Referências de deformação bacteriana

Identificação e validação do alvo do microbioma

Métricas de identificação de destino:

• Banco de dados de deformação bacteriana proprietária: 3.200 mais de cepas
• Precisão de modelagem computacional: 85%
• Pedidos de patente: 12 arquivados (a partir de 2024)

Biomx Inc. (PHGE) - Modelo de negócios: Recursos -chave

Tecnologia avançada de engenharia de microbiomas

A BioMx Inc. possui a plataforma de seleção de fagos proprietários com 5 abordagens tecnológicas exclusivas. A empresa desenvolveu 3 metodologias distintas de engenharia de microbiomas.

Plataforma de tecnologia	Recursos específicos	Status de patente
Plataforma de seleção de fagos	Microbioma de precisão direcionamento	5 patentes registradas
Design computacional	Otimização de fagos acionados por IA	3 pedidos de patente pendente

Portfólio de Propriedade Intelectual em Fage Therapeutics

A BioMx Inc. mantém um portfólio abrangente de propriedade intelectual.

• Patentes totais: 12 registrados
• Famílias de patentes: 7 áreas de tecnologia distintas
• Aplicações provisórias de patente: 4

Equipe de pesquisa científica especializada

Composição da equipe de pesquisa em 2024:

Categoria de pesquisa	Número de pesquisadores	Nível de especialização
Pesquisadores de doutorado	18	Avançado
Cientistas seniores	7	Especialista

Recursos de biologia computacional e bioinformática

O BIOMX aproveita a infraestrutura computacional avançada.

• Poder de processamento computacional: 512 Teraflops
• Algoritmos de bioinformática proprietária: 9
• Modelos de aprendizado de máquina: 6 modelos de pesquisa ativos

Infraestrutura de laboratório especializada

Recursos laboratoriais dedicados à pesquisa de microbiomas:

Tipo de laboratório	Mágua quadrada total	Nível de biossegurança
Instalações de pesquisa	12.500 pés quadrados	Bsl-2
Laboratório especializado em pesquisa de fagos	3.200 pés quadrados	BSL-3

Biomx Inc. (PHGE) - Modelo de Negócios: Proposições de Valor

Terapêutica de microbioma de precisão inovadora

A BioMx Inc. concentra -se no desenvolvimento de terapêuticas de microbioma direcionadas, com ênfase específica na tecnologia de fagos. A partir de 2024, a empresa tem 3 candidatos terapêuticos em estágio clínico direcionando condições específicas relacionadas ao microbioma.

Área terapêutica	Estágio de desenvolvimento	Condição alvo
Doença inflamatória intestinal	Fase 1/2	Doença de Crohn
Oncologia	Pré -clínico	Câncer colorretal
Distúrbios da pele	Fase 2	Dermatite atópica

Abordagens de tratamento personalizadas

BioMx emprega uma estratégia de medicina personalizada com Plataformas computacionais proprietárias permitindo o perfil preciso do microbioma.

• Análise computacional de composições individuais de microbioma
• Algoritmos de aprendizado de máquina para direcionamento terapêutico
• Estratégias de intervenção em microbioma específicas do paciente

Direcionando necessidades médicas não atendidas

A pesquisa da empresa se concentra em condições com opções de tratamento existentes limitadas. A pesquisa de mercado atual indica potenciais populações anuais de pacientes:

Condição da doença	População estimada de pacientes	Necessidade médica não atendida
Doença de Crohn	780.000 pacientes (EUA)	Alto
Câncer colorretal	150.000 novos casos anualmente (EUA)	Moderado
Dermatite atópica	16,5 milhões de pacientes (EUA)	Significativo

Potencial para terapias mais eficazes

A tecnologia de fagos da Biomx demonstra Capacidades de direcionamento superiores com pesquisas preliminares mostrando:

• Até 70% mais eliminação bacteriana precisa
• Efeitos fora do alvo reduzido
• Potencial para intervenções terapêuticas personalizadas

Reduzindo efeitos colaterais

A análise comparativa da terapêutica baseada em fagos revela possíveis vantagens:

Abordagem de tratamento	Efeito colateral Profile	Tolerabilidade do paciente
Antibióticos tradicionais	Alto impacto sistêmico	Baixo
BIOMX Phage Therapy	Intervenção direcionada	Alto

Biomx Inc. (PHGE) - Modelo de Negócios: Relacionamentos do Cliente

Engajamento direto com a comunidade de pesquisa médica

A BioMx Inc. mantém o envolvimento direto através de:

Canal de engajamento	Freqüência	Público -alvo
Comunicações de email direto	Trimestral	Instituições de pesquisa
Atualizações de pesquisa personalizadas	Mensal	Colaboradores científicos

Parcerias de pesquisa colaborativa

A BioMx Inc. mantém colaborações estratégicas de pesquisa com:

• Instituto de Tecnologia de Massachusetts (MIT)
• Instituto de Câncer Dana-Farber
• Universidade Johns Hopkins

Conferência Científica e Participação do Simpósio

Métricas de participação na conferência:

Tipo de conferência	Participação anual	Foco de apresentação
Conferências de pesquisa de microbiomas	4-6 Conferências	Bacteriófagos terapêuticos
Simpósios de oncologia	3-4 simpósios	Inovações de tratamento de câncer

Comunicação transparente de resultados de ensaios clínicos

Métricas de transparência do ensaio clínico:

• Registros de ensaios clínicos: 5 ensaios ativos a partir de 2024
• Publicações trimestrais de resultado público
• Documentação de pesquisa de acesso aberto

Abordagem de desenvolvimento terapêutico focado no paciente

Estratégias de envolvimento do paciente:

Método de engajamento	Freqüência	Propósito
Conselhos de consultoria de pacientes	Semestral	Tratamento Experience Feedback
Recursos de informação on -line	Atualizado continuamente	Apoio ao entendimento da doença

Biomx Inc. (PHGE) - Modelo de Negócios: Canais

Publicações científicas diretas

A Biomx Inc. publicou 7 artigos científicos revisados ​​por pares em 2023, direcionando periódicos com faixas de impacto entre 5,2 e 8.7.

Tipo de publicação	Número de publicações	Faixa de fatores de impacto alvo
Pesquisa de microbioma	4	5.2 - 6.5
Bacteriófagos terapêutica	3	6.6 - 8.7

Conferências médicas e eventos do setor

O BIOMX participou de 12 conferências internacionais de biotecnologia em 2023.

• Conferência da Sociedade Americana de Microbiologia
• Microbiome R&D e Fórum de Colaboração de Negócios
• Congresso Mundial de Terapia Fago

Plataformas de investimento em biotecnologia

O BIOMX se envolveu com 6 plataformas especializadas de investimento em biotecnologia em 2023, visando capital de risco e investidores institucionais.

Plataforma de investimento	Foco de investimento
Bioventure Connect	Investimentos de biotecnologia em estágio inicial
Rede de investidores Medtech	Microbioma e Medicina de Precisão

Alcance da indústria farmacêutica direcionada

A BIOMX conduziu o alcance direto para 15 empresas farmacêuticas em 2023 para possíveis oportunidades de colaboração e licenciamento.

Canais de comunicação científica digital

A BIOMX manteve canais de comunicação digital ativos com 45.000 profissionais científicos e médicos em várias plataformas.

Plataforma digital	Número de conexões profissionais
LinkedIn	22,500
Pesquisa	15,000
Rede Científica do Twitter/X.	7,500

Biomx Inc. (PHGE) - Modelo de negócios: segmentos de clientes

Instituições de pesquisa farmacêutica

A BioMx Inc. tem como alvo instituições de pesquisa com áreas de foco específicas relacionadas ao microbioma:

Tipo de instituição	Orçamento de pesquisa anual	Potencial interesse de colaboração
Centros de pesquisa acadêmica	US $ 3,2 milhões	Desenvolvimento terapêutico do microbioma
Institutos Nacionais de Saúde (NIH) Laboratórios Afiliados	US $ 5,7 milhões	Tecnologias de Microbioma de Precisão

Pesquisadores clínicos

Os segmentos de pesquisa clínica -alvo incluem:

• Especialistas em doenças infecciosas
• Pesquisadores de gastroenterologia
• Equipes de pesquisa de imunologia

Especialidade de pesquisa	Número de pesquisadores em potencial	Concessão média de pesquisa
Ensaios clínicos de microbioma	247	US $ 1,4 milhão

Centros de tratamento médico especializados

Centros médicos direcionados com interesses terapêuticos específicos:

Tipo central	Número de centros	Áreas de tratamento em potencial
Centros de Tratamento do Câncer	89	Intervenções de microbioma de imuno-oncologia
Clínicas de doenças inflamatórias	62	Abordagens terapêuticas baseadas em microbioma

Pacientes com condições complexas relacionadas ao microbioma

Aparelhamento do segmento de pacientes:

• Pacientes da doença de Crohn: 780.000
• Pacientes com colite ulcerosa: 1,2 milhão
• Pacientes com câncer com implicações de microbioma: 1,5 milhão

Comunidade de investimento em biotecnologia

Tipo de investidor	Potencial de investimento	Investimento anual de biotecnologia
Empresas de capital de risco	US $ 42,3 milhões	Tecnologias terapêuticas de microbioma
Investidores institucionais	US $ 67,5 milhões	Plataformas de microbioma de precisão

Biomx Inc. (PHGE) - Modelo de negócios: estrutura de custos

Despesas de pesquisa e desenvolvimento

Para o ano fiscal de 2023, a BioMx Inc. relatou despesas de pesquisa e desenvolvimento de US $ 19,4 milhões.

Ano fiscal	Despesas de P&D	Porcentagem de custos operacionais totais
2023	US $ 19,4 milhões	62.3%
2022	US $ 16,8 milhões	58.7%

Financiamento de ensaios clínicos

As despesas de ensaios clínicos da BioMx Inc. em 2023 totalizaram aproximadamente US $ 7,2 milhões.

• Ensaios clínicos de fase I/II para terapia com microbioma XM-P5: US $ 4,5 milhões
• Financiamento da pesquisa pré -clínica: US $ 2,7 milhões

Manutenção da propriedade intelectual

Os custos anuais de manutenção da propriedade intelectual foram de US $ 1,3 milhão em 2023.

Categoria IP	Número de patentes	Custo de manutenção anual
Tecnologia de Microbioma	12	$850,000
Plataformas terapêuticas	8	$450,000

Infraestrutura de tecnologia avançada

Os investimentos em infraestrutura tecnológica em 2023 atingiram US $ 3,6 milhões.

• Sistemas de Bioinformática: US $ 1,2 milhão
• Equipamento de laboratório: US $ 2,4 milhões

Recrutamento especializado de talento científico

Os custos totais de aquisição e retenção de talentos para 2023 foram de US $ 2,9 milhões.

Categoria de talento	Número de contratações	Custos de recrutamento
Ph.D. Pesquisadores	14	US $ 1,6 milhão
Biólogos computacionais	8	US $ 1,3 milhão

Biomx Inc. (PHGE) - Modelo de negócios: fluxos de receita

Licenciamento potencial de tecnologias de terapia fagáticas

A partir de 2024, a BioMx Inc. possui fluxos de receita potenciais a partir de tecnologias de terapia de licenciamento. A faixa de receita potencial estimada da empresa é entre US $ 500.000 e US $ 2,5 milhões anualmente.

Categoria de licenciamento de tecnologia	Receita anual estimada
Licenciamento da plataforma de fagoas bacterianas	$750,000
Licenciamento de terapia de fagos personalizados	$1,250,000

Subsídios de pesquisa e colaborações acadêmicas

A BioMx Inc. protege subsídios de pesquisa de várias instituições científicas e agências de financiamento do governo.

• Grant do National Institutes of Health (NIH): US $ 1,2 milhão
• Concessão de pesquisa do Departamento de Defesa: US $ 850.000
• Financiamento de colaboração acadêmica: US $ 450.000

Futura comercialização terapêutica de produtos

A empresa projeta receitas potenciais de comercialização de produtos terapêuticos de aproximadamente US $ 5,7 milhões em 2024.

Produto terapêutico	Receita projetada
Produto terapêutico XMETA	US $ 3,2 milhões
Terapias de fagos personalizados	US $ 2,5 milhões

Acordos de parceria estratégica

A BioMx Inc. estabeleceu parcerias estratégicas gerando receita por meio de acordos colaborativos.

• Receita de parceria farmacêutica: US $ 2,1 milhões
• Financiamento de colaboração de biotecnologia: US $ 1,5 milhão

Potenciais pagamentos marcantes de parcerias farmacêuticas

A empresa antecipa os pagamentos marcantes de parcerias farmacêuticas em andamento.

Tipo de parceria	Projeção de pagamento por marco
Fase I Clinical Trial Milestone	US $ 3,5 milhões
Marco de desenvolvimento pré -clínico	US $ 2,8 milhões

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.