Earnings call transcript Q1 2023

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Operator

Good morning, and welcome to the BiomX First Quarter 2023 Financial Results and Corporate Update Conference Call. Currently, all participants are in a listen-only mode. There will be a question-and-answer session at the end of this call.

I would now like to turn the call over to Marina Wolfson, Chief Financial Officer of BiomX. Please proceed.

Marina Wolfson

to update first conference welcome results XXXX and corporate and call. you, the quarter BiomX financial Thank The news release became available just after X:XX a.m. and today at Time can on found Eastern our biomx.com. be website the this be call A of replay available of on website. our Investors will section

like are we that safe harbor this factual forward-looking statements. historic statements review provision. Before to the statements All I'd on deemed begin, not call may be

timing on are the sufficiency the cash forward-looking clinical we interim expected conference design, our and deposits, potential we statements and using and potential instance, equivalents results discuss For of final benefits product opportunities, call, market aim, preclinical cash, of of and and when candidates. short-term the our our existing the trials,

provision, these full as future indicative, update do by are to compassionate use In as could of from preclinical differ success law, undertake release, website. addition, Except is past press are not harbor we and well and forward-looking as noted cause The guarantee to clinical as which, earlier, including clinical on statements. trials. our not forward-looking in required risks today's do not our results that safe outlined statements actual results

this of Jonathan morning the Chief Executive Solomon, Officer on me Joining BiomX. call is

over With that, to the I will turn call Jonathan.

Jonathan Solomon

and morning, Thank you, Marina, good everyone.

with PsA, in infections BiomX product continues fibrosis progress patients treatment or aeruginosa to with make our the CF. lead of or the development Pseudomonas significant candidate, BXXXX of cystic for

and third PsA in to anticipated, of X with bacterial results in expect Part positive better Part announced results of ongoing notable had we from quarter results report the progress continues XXXX, to in the Enrollment reductions XXXX. respect trial. particularly February were well X Phase our In we than burden. we to observed Xb/Xa These

Part BXXXX safety data in Part other to in at a and day treatment Part PsA with bacteria study is provide a twice endpoints. X we with additional X on burden As to patients designed period the a longer of compared XX-day X. along of dosing over study, CF are the reminder, reduction exploratory

even infections of of treatment. over and a are CF. and few PsA his of unmet CF. infections the in designed fully exceptionally infection lung begins As with cause After highly often it wane a treatment PsA function a over with leading infected lungs, the years. represent to her been is of address in courses a pathogenic to PsA, time. with is patients multiple antibiotic need Unfortunately, BXXXX persist reminder, eradicate difficult to period several or in directly people antibiotics therapy a with loss medical significant

existing note to the private we to would I'm our Foundation, On to and proceeds opportunity $X.X placement, pleased Fibrosis of total after the that the Part results. million. announcing We second thank of Xth, sheet we which which OrbiMed had this quarter led like strengthen closed who part Cystic X the include balance our altogether during approximately raised gross shareholders, financing. this May

Part that X funded funding As together time period, announce through expect we remain our of when cash this we’ll results. expect this reserves, we a result well to existing with

is Directors our science In Michael and sheet, M. Directors. Dambach the addition experience Michael executive these to opportunity corporate balance as Friday, the to E. Last served also strengthening in-depth Corporate life accomplished individuals Both to announced Jason of Marks and appointment leaders expand Officer Compliance most Board our Legal highly Board Chief Secretary our Vice Board Biogen. the Amarin Treasurer President of VP, of had industry. and BiomX. within with the as we Executive Corporation; we of Jason to and seasoned recently bring of of

regulatory, on and grow and a invaluable legal guide Michael clinical perspective of to Jason undoubtedly bring will continues plans the decision-making help financial, program, its BXXXX to issues. BiomX our As expand wide and range

now to the first the to review financial quarter for Marina to like of results XXXX. call I'd turn over our

Marina Wolfson

Jonathan. you, Thank

press is expect form reminder, to through our today. in I'll a of our file information later available earlier we detail also financial the walk the issued release today and you which more XX-Q, brief some As in highlights. in

XX, March December offset proceeds million of XXXX. closing to using of activities, XXXX, financing. balance and was As decrease were The PIPE cash million $XX.X deposits net as cash first our short-term the from operating to by compared due of $XX.X XX, partially primarily

March due for of part deprioritizing, expenses of trial pre-clinical May to and BXXXX, atopic well XXXX, related period in the conducting partially restructuring by to reduction as Research corporate of same XXXX, and for expenses dermatitis resulting decrease and workforce, our net $X.X related related activities as was XXXX. salaries product and as stock-based were the development primarily the expenses offset clinical reduced ended to candidate, compensation expenses compared XX, three million a the we in Phase BXXXX. $X.X product our clinical months in announced million The candidate, from Xb/Xa to CF

Company’s compensation related the premium. to as period directors’ reduced and $X.X reduction General and in million for and stock-based restructuring, corporate XX, expenses The three workforce $X.X as salaries ended XXXX the the expenses decrease well months of the the XXXX. due million in decrease March officers’ and in same to primarily was as for compared were administrative expenses part the due insurance to

million in first million $X.X $X.X XXXX of was quarter to loss XXXX. for compared same Net the for the period

short-term the to XXXX, the cash plan current Net to million Company's be quarter third ended for cash, million operating in XXXX. XXXX. XX, existing months the $X for will operating We the compared $X.X into equivalents of estimate March that period fund used in three sufficient was same activities and deposits cash

Jonathan? over call Jonathan for back And remarks. turn now, closing his to I'll the

Jonathan Solomon

Marina. you, Thank

BXXXX the As second key to positioned we is well clinical enter XXXX, program. of half our on BiomX milestones in deliver

of in encouraged trial. results of believe a to obviously X the the which by hope Part X serve Part We’re for as positive trial, the we could we the from indicator results achieve

patient expectancies we also last patients, While to increase in been know great strides over life and chronic CF number one population. that the morbidity and made infections remain this the have significantly life-threatening of of mortality few cause decades

addressing is the program we new CF significant to to BXXXX expanding for at forward this squarely medical need. community. treatment program important an look option Our forward And the help bring unmet aimed

be take and With would Operator? your I happy questions. that, to Marina

Operator

[Operator first Please Instructions] Our line questions H.C. with questions. Wainwright. the proceed come Pantginis Joe with from your of

Joe Pantginis

the everybody. for questions. morning, taking Hey, Thanks good afternoon. Good

a of questions, Jonathan. So, couple

getting towards X a the it's as First, Part we more cocktail longer lot as patients phage dosing, look are well. data,

to guess, is for be enough it I we an anticipated FEV? bacterial how And impacts link Part see the on impact? can reductions long treatment to So, able potential possibly with load X

Jonathan Solomon

a of Part The twice effectively X was raised four a you dosing. think important right? really XX days only a I dosing, right? question, is day twice Part So, day And X of days

Part X definitely is So, longer.

you surprised. as and we X of quite Part think I were kind not know, in pleasantly much signal expecting a of

to Part designed actually that think mostly X reduction. was I see bacterial

terms seen I think of response of Part a our replication So in that X of the is effect what and expectations, we in kind of we've reduction. want significant see to a get bacterial robust

missed I'm In right? answer. very the time very of period Hey think you sorry. of terms Joe, don't I I patients, So, if short still FEVX, of my expectations know a do few and -- still relatively it's

it you question. if of your to know me want you repeat the part want to go let So, or second for

Joe Pantginis

can me? you Actually, hear

Jonathan Solomon

can. I

that. about Sorry

Joe Pantginis

Okay, No. great.

were of when to impact short FEV you you I see able a talking be treatment or about in to So, the not. time relatively potential lost

Jonathan Solomon

Yes.

are studies, X, do still see patients want you in think signals longer months. longer X, you look I FEV to We usually it's Part they're the in So, antibiotic than and look much dosed the at short. rather -- at when for

So clinical it we I longer. know improvement, see but bacterial usually need longer takes think effect. there's the and much do correlation do strong period reduction between you a to And

kind I moderate So, to on expectations of think FEVX. want we --

Jonathan Solomon

key And course. was I and that about you it. Of ask was a hoping to thing hit

the part statements. second is of forward-looking realm the in my certainly of So, --

So I us you would don't like strokes today. even potential to take with if broad know

you trial might my steps, medical designs, be I'm X sense regard you based candidate a be potential on designation this regulatory with breakthrough to what need? carefully the assuming would next things give of So, positive, Part like can clinical steps, for considering, us using words a is unmet

Jonathan Solomon

I the try venture given without I a the to looks where can right, forward-looking So, But counsel. being I'll think on is it key dirty -- go, statement.

options. with as So, the I these X this key agency, partnership agency. strategic on you as do right, I we think, our as that it are have to right? data treatment think to expect treatment. talk said, think right? is unmet need, chronic are the after two well we in already the the the patients Part antibiotic receive I go CF They regulatory, don't I Foundation the dialogue Foundation, any the that CF key with parties is these an that think the on with actually are Remember, hand-in-hand with

orphan So, approval. hand-in-hand the indication, gets approval, all look to And pursue these faster I that forward agency, things the working consider. we think, that the try anything we to accelerated and again, breakthrough, Foundation with should of course, to CF us a to are

Joe Pantginis

fair. still and of could call on I especially No, a then, remains it in And completely guess, focused cognizant age, logistical you this. you and very have resources, been everything guys day this question, because

atopic look So, such would with or when pipeline resource-based as up to ramp that you said, just your to still like is it and assets beyond?

Jonathan Solomon

that. Yes. It's exactly

right? It we right, are and peers. was are up data to economist see seeing our we from phage, more run interest seeing think great and I on in -- piece generally seeing major biotech phage the

as we and -- we there are because more to getting So, it's from pursue patients these kind think indications as disciplined. additional well to I I additional coming in more also use. of we So data and compassionate need be picking that interest is are right? incoming indications, we -- think But with get want up from interest

we expand pipeline. So, eagerly X finance, Part we'll progress kind think we better of make hopefully, I as will and on the

Joe Pantginis

Great. Thank you, Jonathan.

Jonathan Solomon

please always. as bet, You

Operator

you. Thank

line Higgins questions. Thalmann. of next Ladenburg come with Please your questions with from Michael Our proceed the

Michael Higgins

results. Thanks for the Part you, Congrats guys Jonathan. questions. the on afternoon X taking to again Good

here Part you duration us up Can in detail saw that escalation to you getting highest the that? of here in relates exactly be dose, As X? getting any an walk patients how we a in helpful. treatment. looking the questions are and there X would more that there dose what through -- investors. longer coming we the talked on as is That back bit part on said on are Is QX, to to that call You about Thanks. the what still Part from that We X? at Part are

Jonathan Solomon

Sure.

morning, and you joining for call, thank good Mike. First,

the two patients seven study placebo. Basically, on were the same dosing the that on was Part treatment were all was kind It nine and of for had planned regime. safety. got in short. So, We was X, patients, a treatment on

So placebo. on they all got day one,

dose. low a got they day, second the On

got they it from they cases day, third high in a day the right? then, past the compassionate if you that And a dosing, that the dose. day was days a consecutive we four to -- of On twice roughly go of reduction. treatment, a twice XX-day led bacterial And got knew sort that back,

Kind in So, expectations low I days, look, think versus the many XX days very had Part only that's the why patients. four we X. said, it's not of

effect are low. of likelihood Part X:X, days expecting randomized patients the robust compassionate X. the seeing the see replication day the in a signal So, XX dosed Part And actually right? cases, twice we is use is So kind XX of was to X, of which

an extremely what X, log saw, we was X.X and encouraging surprising again, average Part reduction. was of

reduction from XX% baseline. a like that's So,

X.X with that a a within log. to have two is XX%. reduction, accepted. the XX.XX% which reduction, placebo with We up like to was with X one of log, XX%, X.X in what's seen reduction patients noise log Compared the and that's reduction, patient We half X patients the seeing the around count know assays log bacterial log like

the So a well-behaved quite in placebo, dramatic kind it effect was a of treatment.

we're very hopefully X, longer gives signal. confidence replication, that encouraged, robust move kind duration. of a forward And So, And is where to where to we're expecting which Part a I right? more think a that's us that's

Michael Higgins

dose. now. happens four X are you I But a it's detail one the so how how X, all efficacy with thanks do for look X.X? said, get X days the XX-days and question the days with too, BID, two four couple We look the there, dose Part you as of get of it's investors where, is of you from do we're a but to of to and it's to excited guess, want dose reduction, what X, in Part testing more of increasing X, just out we same for hard guiding log and this, of what -- seems not less with a about you part our those it days or dose BID skis, don't for the had

Jonathan Solomon

Right.

-- dosing time. for think it we of period I is a So, are longer

and we want think, like [indiscernible] sort to the a we right? completely understand when the antibiotics effect of what think the is I what we to logs, saw in antibiotics phage dynamics So effective benchmark all I X.X don't see. of X the resistance saying, an and log before the that's they're with

can we'll take the if think, we bacteria actually kind well in were X times be content these of I clock where to patients back the responding antibiotics.

a with the So, think we've we we're that's I can effect. think Hopefully threshold. seen happy, more to one, if we I already what hopefully patients in So, longer a get of a even right? get replication, want duration greater put where pretty part

Michael Higgins

sit We'll and enough. wait. Fair

long question. apologize. of So, I that one kind was

put try I'll So, this…

Jonathan Solomon

You're but question, on. the No, right? spot big totally that's

Again, kind of see I in X. expecting the think big that's Part this question. to data weren't we

of not I right? we we And lot think to surprised. we have responding replicate hope for And data. opportunity again, I such have dramatic the kind to clock They're that these see can, reductions opens said, patients patients. encouraging. we of and these want anymore. back really all are extremely a and we're kind can If take been think Because chronically right, as the up antibiotics, optionality of it's the that

Michael Higgins

does this of my you've pretty just system, proper with quickly. it this and which I'll with the to approach phage is Yes. identification happen in delivery here add on color got site infection,

So, know collecting we'll Part to But see points possible And February you then, much but if Thanks. difference to there? going Are don't any at of samples? see here, Part mentioned there in over that X time I what we're obviously. a you are during changes X.

Jonathan Solomon

so is far, This good. Sure. so

planned. Patient proceeding is think we're very as going well. I enrollment

of of data there think in a we is it's broad X that phage think the community I appreciation had Part potential and I the general, in in therapy.

guidance keeping the as our we're So data in with quarter. planned to third

Michael Higgins

samples? At do then of Obviously what baseline, during X Part what the points sort after collect that? but often and you points how

Jonathan Solomon

dosing. a So we it's -- had XX-day

days longer and So, like XX we after treatment. that, after months treatment we a and do treatment, after then week follow-up. later a mandate, And after have phone do after like before duration treatment. six We and a then, call

Michael Higgins

Okay.

there's days, date and then, it's split during So additional baseline on XX collect, the no just XX, correct?

Jonathan Solomon

Correct.

-- I'm me -- also be we're think correct. I let

Part terms think we're comparability, of four in I looking just at kind are also day we well, looking -- as X. of benchmark the

Operator

I hand There you. at to are would this for back call Thank time. now Solomon like closing remarks. to the no any further over questions Jonathan

Jonathan Solomon

Thank you.

wanted good time you thank luck Thank a just wish us morning you taking to your I and for all So, you. and all this good day all. to

Operator

participation. conclude does today's We Thank appreciate you. your This teleconference.

may day. You your disconnect your time. this lines the rest at Enjoy of

BiomX (PHGE) 15 May 232023 Q1 Earnings call transcript