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1. CRISPR Therapeutics, but for precisely targeting and eliminating specific bacteria in the microbiome.

2. Genentech for the microbiome, developing highly targeted phage therapies.

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• BX004 (Phage Therapy for Atopic Dermatitis): A proprietary phage cocktail designed to selectively target and eradicate *Cutibacterium acnes* in the skin, aiming to treat moderate-to-severe atopic dermatitis.
• BX005 (Phage Therapy for Primary Sclerosing Cholangitis and Chronic Liver Diseases): A proprietary phage cocktail engineered to selectively target and eradicate *Klebsiella pneumoniae*, a bacterium implicated in primary sclerosing cholangitis and other chronic liver conditions.
• Colorectal Cancer Phage Program (Preclinical): A preclinical program developing phage therapies to selectively target bacteria implicated in the progression and development of colorectal cancer.

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BiomX (PHGE) is a clinical-stage biotechnology company focused on developing bacteriophage therapies. As a company in the research and development phase, BiomX does not have traditional "major customers" that purchase commercially available products.

Instead, its business model primarily involves developing its drug candidates through clinical trials and seeking strategic partnerships and collaborations with larger pharmaceutical companies. These collaborations can provide funding, expertise, and represent a potential pathway for the future development, commercialization, or acquisition of BiomX's therapeutic programs.

Therefore, if we consider entities that engage in significant collaborative efforts which could lead to future commercialization, the company primarily "sells" its intellectual property and development capabilities to other companies rather than individuals.

Its most significant current corporate collaboration that could be considered a "customer-like" relationship is with:

• Janssen Pharmaceuticals, Inc. (a subsidiary of Johnson & Johnson (NYSE: JNJ)) - BiomX has a collaboration with Janssen to discover and validate phage-based drug candidates for Inflammatory Bowel Disease (IBD).

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Jonathan Solomon, CEO & Board Member

Prior to his role at BiomX, Mr. Solomon was a co-founder, president, and CEO of ProClara (formerly NeuroPhage), where he led the company in raising over $100 million and initiating a clinical trial for Alzheimer's disease. He holds a B.Sc. magna cum laude in Physics and Mathematics from the Hebrew University, an M.Sc. summa cum laude in Electrical Engineering from Tel Aviv University, and an M.B.A. with honors from the Harvard Business School. Earlier in his career, he served for 10 years in a classified military unit after graduating from the elite Israeli Defense Forces 'Talpiot' program.

Marina Wolfson, Chief Financial Officer

Ms. Wolfson joined BiomX in December 2019. Before that, she served as Vice President of Finance at BioView Ltd. (TASE) from 2010 to 2019 and as a senior auditor at Ernst & Young from 2007 to 2010. She is a certified public accountant in Israel and holds a B.A. in Economics and Accounting (with honors) and an M.B.A. (with honors, specializing in finance) from Ben-Gurion University.

Merav Bassan, PhD, Chief Development Officer

Dr. Bassan's previous roles include Vice President Head of Translational Sciences at Teva Pharmaceutical Industries, Inc., where she was responsible for early stages of clinical development, and Vice President of Project Leadership, managing end-to-end drug development across various therapeutic areas. She has over 20 years of leadership experience with clinical and drug development teams at Teva Pharmaceutical and other smaller biotech companies. Dr. Bassan holds a Ph.D. in Neuroscience from Tel-Aviv University Sackler School of Medicine and completed a post-doctoral fellowship in Neuroscience at Harvard University.

Assaf Oron, Chief Business Officer

Mr. Oron has previously served as EVP of Strategy and Business Development at Evogene, Ltd., and as CEO of ChondroSite, Ltd. He holds a Master of Science in Genetics from Tel Aviv University.

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The key risks to BiomX (PHGE) are primarily financial solvency, clinical development setbacks, and the concentrated reliance on its remaining pipeline.

1. Financial Solvency and Going Concern: BiomX faces a critical financial risk due to its short cash runway and significant cash burn rate. As of September 30, 2025, the company reported a cash balance of $8.1 million, which is projected to fund operations only into the first quarter of 2026, necessitating a substantial financing event in the near future to avoid a liquidity crisis. The company is currently operating at a loss, with a net loss of $9.2 million in the third quarter of 2025 alone and projected full-year 2025 net loss of approximately $34 million. BiomX's auditors have issued a "going concern" qualification, indicating substantial doubt about the company's ability to continue operations.
2. Clinical Trial Discontinuation and Regulatory Challenges: BiomX recently discontinued its Phase 2b clinical trial for BX004, a nebulized phage therapy for cystic fibrosis, due to unexpectedly high rates of adverse events and resource constraints. This setback highlights the inherent uncertainties and risks in pharmaceutical research and development, particularly for a clinical-stage biotechnology company. Regulatory hurdles with the FDA are also a significant near-term risk, as evidenced by previous clinical holds related to drug-delivery devices.
3. Pipeline Concentration: Following the discontinuation of the BX004 program, BiomX's strategy is now heavily focused on advancing its BX011 program for diabetic foot infections. The success of the company's entire valuation is tied to the outcomes of its limited clinical pipeline. A negative trial result or a prolonged regulatory review for BX011 could severely impact the company's prospects.

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BiomX (PHGE) is developing phage therapies for several indications, with key products targeting chronic bacterial infections. The addressable markets for their main product candidates are as follows:

• BX211 for Diabetic Foot Osteomyelitis (DFO) and Diabetic Foot Infections (DFI): The addressable market for BX211 for DFO is estimated to be greater than $2 billion worldwide. This global market potential includes over $1 billion from regions outside the U.S., based on a higher incidence of lower limb amputations in OECD countries and an assumption of 50% U.S. pricing in these regions.
• BX004 for Cystic Fibrosis (CF) and Non-CF Bronchiectasis (NCFB) with Pseudomonas aeruginosa infections:
  • The global market for *Pseudomonas aeruginosa* infection treatment, which includes CF and NCFB, was valued at approximately $2.18 billion in 2025 and is projected to reach $2.86 billion by 2030. Another estimate places the global market at $1.31 billion in 2022, growing to $2.11 billion by 2030.
  • The inhaled segment of the *Pseudomonas aeruginosa* infection treatment market, relevant to BiomX's inhaled BX004 therapy, is forecast to exceed $0.61 billion by 2030.
  • For Non-Cystic Fibrosis Bronchiectasis (NCFB), the market size in the U.S. was approximately $762 million in 2023. The market size for NCFB in the EU4 (Germany, Spain, Italy, France) and the UK combined was estimated at around $524 million in 2023. Across the 7MM (U.S., EU4, UK, and Japan), the NCFB market was valued at approximately $1.725 billion in 2023 and is projected to reach $7.4635 billion by 2035, growing at a CAGR of 14.62% between 2025 and 2035. Globally, the Non-Cystic Fibrosis Bronchiectasis market was valued at $3.71 billion in 2024 and is projected to reach $5.06 billion by 2030.

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BiomX Inc. (PHGE), a clinical-stage biotechnology company, is primarily focused on developing and commercializing its phage therapy candidates. As a company in the clinical stage, its future revenue growth over the next 2-3 years will be driven by the successful progression and potential market entry of its lead product candidates. Here are 3-5 expected drivers:

1. Advancement and Potential Approval of BX004 for Cystic Fibrosis (CF): BiomX's lead product candidate, BX004, is currently in a Phase 2b trial for the treatment of chronic pulmonary infections caused by *Pseudomonas aeruginosa* in CF patients. Positive topline results from the Phase 1b/2a trial showed clinically meaningful improvements in pulmonary function and a significant reduction in bacterial load. The company initiated patient dosing in the Phase 2b trial with topline results expected in Q1 2026. The successful completion of this trial and subsequent regulatory discussions could pave the way for an accelerated path to approval, representing a significant future revenue stream.
2. Development and Potential Approval of BX211 for Diabetic Foot Osteomyelitis (DFO): BX211 is another key phage therapy candidate, targeting *Staphylococcus aureus* infections associated with Diabetic Foot Osteomyelitis (DFO). BiomX announced positive topline results from its Phase 2 trial in March 2025, demonstrating sustained and statistically significant ulcer-area reduction and improved infection-related endpoints. The company is currently planning a Phase 2/3 trial pending discussions with regulatory agencies and continues to receive substantial non-dilutive support from the U.S. Defense Health Agency. Successful progression through these trials and eventual market approval would unlock another significant revenue opportunity.
3. Expansion of BX004 into Non-CF Bronchiectasis (NCFB): Beyond cystic fibrosis, BiomX is also exploring the use of BX004 for treating Non-CF Bronchiectasis (NCFB) patients who suffer from similar chronic respiratory infections caused by *Pseudomonas aeruginosa*. While currently in preclinical activities for this indication, positive results and advancement into clinical trials for NCFB could broaden the market for BX004 and contribute to future revenue growth within the next 2-3 years.
4. Strategic Partnerships and Collaborations: As a clinical-stage biotechnology company, strategic partnerships and collaborations can be crucial drivers of future revenue, particularly through licensing agreements, milestone payments, and co-development deals. BiomX's business model emphasizes advancing its therapies through clinical trials and securing partnerships with healthcare and pharmaceutical firms. Continued or new collaborations, such as the ongoing support from the U.S. Defense Health Agency for BX211, could provide non-dilutive funding and potential commercialization pathways, contributing to revenue growth.

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Share Issuance

• BiomX's shares outstanding increased by 252.22% in one year.
• The company completed a Follow-on Equity Offering of $0.020374 million and filed for another in the amount of $3.381268 million in February 2025.
• Shares issued on a quarterly basis were reported at $4.5 million for March 2025.

Inbound Investments

• BiomX Inc. is owned by 22 institutional shareholders who collectively hold 9,270,947 shares.
• Institutional ownership accounts for 40.57% of BiomX's stock.
• Significant institutional shareholders include Deerfield Management Company, Nantahala Capital Management, Morgan Stanley, Ikarian Capital, and JPMorgan Chase & Co.

Capital Expenditures

• Capital expenditures for BiomX were -$21,000 in the last 12 months.
• Over the past 5 years, the average capital expenditure has been approximately $1.12 million.