PHGE - Earnings call transcript Q2 2024

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Operator

Greetings, and welcome to BiomX Second Quarter 2024 Financial Results Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Ms. Marina Wilson, Chief Financial Officer. Thank you, Ms. begin. may you Wilson,

Marina Wolfson

the welcome quarter BiomX provide XXXX business Exchange we on and with Form review Securities the an call the our and filed Yesterday, program. second financial and report to you, on conference XX-Q the Commission. to update quarterly Thank results and

Investors of available available In found at website on became a.m. of this will Time be at section replay also call the the addition, release today website. Eastern on our BiomX.com. X:XX press and be our A can

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

our the are design, the forward-looking and trial, of with commercial cash, final timing and candidates efficiency aim, product the and ability safety instance, BXXXX. when we BXXXX the and regulatory value discussions opportunities opportunities, potential FDA, preclinical expected company's using for of stockholders, to conference benefits we and recruitment, and or efficacy drive the the call process discussed our on and interim the of For market results clinical statements potential of potential the

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

turn the whom Executive call our call. I the is will on Chief me Officer, Jonathan Joining morning Solomon, to over now this

Jonathan Solomon

favor company were to call. to concurrent APT for Phase milestone a month, completing with we on took financing. Therapeutics, Adaptive $XX our BiomX was update We're the respect or series momentous delighted convertible of X met merger Earlier transaction in XXX,XXX morning. shareholders and stock. of everyone. million Thank overwhelmingly who Series important preferred status joining was conversion preferred to this in voted and APT upon step concurrent with million nonvoting with to issued us stock up year, Last the this stock to Hi, merging participate excited you you this common and discuss issued . The an BiomX earnings the up a investors when to our to concurrent financing XXX certain in stockholders financing. x

preferred stock, favor, of of a X As shares result in certain the certain into beneficial investors. ownership set preferred limitations X,XXX vote BiomX company's the stockholder ownership subject over to common to company's Series each share issued XXX,XXX were to converted of stock shares Subject common XXX date, by Series to X such count. share outstanding beneficial were million over limitations the stock stocks of shares that to converted added of

to about in clinical like our are discuss combined programs I'd now the why we so pipeline. excited

allowing target and the address complementary of same with our we page believe we clinical a the resistant announced, of pipeline As testing. the advanced we companies' to integrating programs, treatment BiomX, in is moment. page related now are report lead expect phage to combined of patients these range have At which review cocktails, By the [indiscernible] strains previously we in developing the readouts our cocktail. of various anticipated results our in strength approaches. assets X XXXX. programs can for just Key X broad diversity multiple a important mechanisms, I X leading we host clinical

lung infection of diversity approaches. a fixed treatment aeruginosa. pipeline of company's advancing also chronic in cocktail can are treatment stage a by Pseudomonas cystic demonstrates given BiomX BXXXX, [indiscernible] developing diversity caused specific potentially is tailoring in or novel and CF fibrosis bacterial the page patients We our polymicrobial development address to personalized that infection, treatment of patients patient. serious the

safety During Microbe second of XXXX, BXXXX, which Ib/IIa the took place both from June. European of results including trial ASN quarter, at in Conference Phase positive and Cystic efficacy we the Fibrosis presented and the the XX

recap, of XX the only versus converted days signal arm. arm patients of As study function. aeruginosa a to culture of after patients the quick pulmonary the in BXXXX X% XX.X% of for improved Pseudomonas showed also the placebo sputum in treatment, negative Ib/IIa Phase to placebo BXXXX of compared

trial work FDA initiation regarding and We its BXXXX have preparation into the discussion progress study remaining completion Phase IIb with entered CMC finalizing clinical making protocol. and for our U.S. for the next including in of

top XXXX. of in expect this line release to from study quarter results We the third

For current Phase clinical week the XXXX. first we the BXXXX, for expect candidate second, top II through initial XX of results advanced in quarter trial line

most Staphylococcus in with diabetic is foot DFO, evaluated being or As APT. our asset with osteomyelitis through for with placebo-controlled merger personal randomized BXXXX associated acquired a [indiscernible] know, aureus the of a trial is multicenter Phase BXXXX II subject treatment currently infection. you double-blind

phage are growing and Phase of design ongoing XX XX patients. of programs, capacitate among reports showed part in literature we clinical avoiding The the in to II amputation use was guided which of continued positive study grateful therapy, lead of scientific community. of outcome in the for by our Both see have excitement the wound and our healing

for advancing for to stockholders validation grateful key been has whose clinic. modalities has therapeutic the support into vital page-based and provided we our also free are ongoing We are

reported of readouts we have the of from potential infections. intractable anticipating the programs. significantly We the address both are change both with are BXXXX thrilled we with the lead and Overall, data our believe unmet to BXXXX we needs substantial that patients key with how already and promising

and funding in capital, the important shareholders. merger review will to driving Marina existing value the from for milestones, based have our concurrent the with As ATP with clinical expect proceeds to finance multiple continues these BiomX to on reach significant potentially sufficient

pass Marina, will Now who will back Marina? I call results. financial BiomX the to review

Marina Wolfson

Thank you, Jonathan.

through today second company's quarter release for take as our Form quarter as some the in close. yesterday information you in which XX-Q, . well market after highlights XXXX detail of financial in more earlier the is our the we financial second of reminder, the we I filed results. press issued available a As will that

June cash XXXX. cash facility. are short-term was partially by debt operations balance, operating million were $XX full of sufficient XX, XXXX. cash and XX, increase primarily $XX.X in our March As the deposits of fourth to June our which million restricted repayment to equivalents a and through fund net offset estimate used to cash The activities and of due compared in placement million of We cash, was quarter that short-term XXXX, as our $XX.X financing private XX, of deposits the

totaled preparations quarter second the compared trial was of to XXXX expenses trial our the clinical $X.X Phase net in the and million XXXX. CF DFO BXXXX. $X.X product and candidate, due clinical to candidate, expenses to related same Research in the for of our primarily IIb for increase development period BXXXX The of for million product

the This and first same $X.X merger addition, full The incorporating higher compared was XXXX, million consolidation expenses second APT received. the second combined of were In services increase XXXX of following partially represents quarter workforce. following offset $X.X the merger, the with quarter general XXXX. subcontractor professional in period the million quarter workforce, primarily the by APT, reflecting the combined full increase costs. the administrative to reflects and the first grants during of In expenses

offset for a compared loss period X XX, was million XXXX. second add months today same Net income for $X.X here of the XXXX by of for to for XX and a that XXXX, net in million operating company's The the we XXXX, market mainly the partially August of financing the activities stock for company's become $XX.X The $X.X in is the of the to was change of the I period intended Board in million $X.X approved million effective by common our should Net warrants when ended quarter XXXX. activities. in increase operating the on compared due Directors. $XX the split to XX, of was fair same reverse of June the XXXX. opens in pipe cash stockholders value issued March split part expenses stock and the as the X to million announced used

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

Jonathan Solomon

sum has and through continued present. to quarter the To excited we Marina. second are the in through Thanks, XXXX momentum see our up,

integrating to present have opportunity programs had following great additional our data merger our made the progress in key quarter. with the promising the at BXXXX, we've second We clinical during for APT. And meetings

value for current results are We the the of major cash initial vote . We readout stockholders. also company recent common continuing of the with that part our first in Phase year. first conversion BXXXX with stock runway on clinical build also for expectation The on can preferred progress. II quarter to next further the potential line of top milestones stockholder this the believe reach the track our reporting important our for is

We diversified are pipeline serious you progress. our the in further chronic infections. dedicated on keep to We'll continue stage updated to our of demonstrating advantages addressing

you us this for Thank you the open would Operator, morning. questions? joining call for

Operator

I-Eh The Laidlaw & from of the [Operator comes Jen line with Instructions] question Company. first

Yale Jen

some $X.X little as And I'll count. calculate questions terms the I housekeeping little basic this other have basis net just with both question. bit diluted per And million to then I well have earnings of follow-up to use fully a then that these of that of maybe numbers? a how as just would income in the bit what of reported you today share start share terms the get or in that calculate the color that want figures net as a and

Jonathan Solomon

Marina the I'll first. Sure. handle tough let questions

her let the responsibility. do So

Marina Wolfson

morning. good and you, Thank you for question. your Thank

release full the that have financial share. in please for in calculation And the the of So income and full income the statements. from per the yes, earnings they are yes, obviously, . but the calculation, to to going do our we we're net note note XX-Q, quarter net this included

Yale Jen

[indiscernible] we the R&D of the combined helpful. at year? be next it's trending expenses -- the guided with company, and will the runway just given but anticipate end as Obviously, the for over much that remaining this which for thing of Okay. on probably at should Great. few quarter? quarters, is the -- of year R&D this the higher That's Maybe you one next down. the So expenses least

And cash able so achieve runway. the the of in be terms you'll to goal

Jonathan Solomon

implementing we excellent all to cash still year. time Yes, hold of we That's keen operating. true. but and very you're behind We're we're question, guidance and and it. until This it, is the is do the runway that's end first obviously, the very give redundancies that next observe the an

you'll accordingly, of reducing kind to the budget So see burn. trying of in terms

Yale Jen

Okay. a the question pipeline. Great. then on just And I have

XXX in of Phase IIb start of terms you just the year. that trial will next third quarter In indicated the

things here. X So

one this have you And pushed from to reasons, First secondly, our or meeting all, little to seems later estimate already in there out be [indiscernible]. meeting guys comparison of this sort to conducted? FDA is bit a of -- of year expecting any was that are prior this strategic cost

Jonathan Solomon

Yes, yes.

another excellent yes, question. So another -- excellent

BXXXX to haven't seen limitation meeting, did So FDA plan. was We we CF ahead on the quarter -- a of think I XXXX. report we track. a meeting. third is with successful moving have It original are expected the any to and

So that's on track.

Yale Jen

Maybe the Great. here. question last Okay.

data of before Was in the XX-week data the of terms will the you In about and what XXX, between top weeks the which that have of outcome have first next a the quarter something after line outcome positive contemplated that a -- might side. [indiscernible] let's you step the change talk next waiting [indiscernible]. or terms XX And step? year, next the be assume after of positive you have for is readout you

Jonathan Solomon

that view a So study more the look is important point. shrinkage of the because to that at data is the the is powered at [indiscernible] XX-week our data

more move talk agency as the in government XX, You the supporters is a have forward. think we're partners and patients. the to we we will we'll of But right? lot a signal descriptive good obviously, at and in as our kind I require if and both investors follow-up amputations, to more as see looking well week to want

right? What happens week For item, us, the is XX. gating in that

right? you weeks, learn can for see what But much think happens can something in and it's the as in metal. XX, I as we us, XX [indiscernible] more week the XX if in from we

Operator

comes question the of Joseph from line Pantginis H.C. Next with Wainwright. .

Unknown Analyst

I the enrollment status just challenges? Have regarding is Joe. Or Sarah if as enrollment, is in expected it any the can for on progressing provide any on now. question BXXXX you a study? you of update had seen This

Jonathan Solomon

the majority to study enrollment. of give we've getting the to Obviously, time. the said, of morning. Thank kind quarter. status Sarah, over as than be and overall, in the good patients forward X you, specific of spanning of has years. guidance complete We look more and [indiscernible] we so study I on recruit a been on right didn't this the challenging first passed will study mean kind

Operator

line comes question Next of from Michael Thalmann. with Ladenburg the Higgins

Unknown Analyst

on [indiscernible] on that BXXXX's your Any to can us? up meeting. of Michael. is wanted This follow feedback I share on just behalf you with comment FDA

Jonathan Solomon

we Obviously, unchanged say sensitive about so what our can But successful was can that remain plans moving meeting is it's forward. a it can very provide. careful all and we I a be

Operator

Next Laidlaw & of Jen I-Eh with Company. question comes from line the

Yale Jen

you I'd just Phase a color like for patient XXX in happens? be when when that IIb to more you that announce bit enrolling get first study, terms may little would of the the

Jonathan Solomon

of something Yes. just Traditionally, we we I think didn't if there's kind that announce, was -- dramatic.

usually consider. have it of didn't so patient traditionally far, ahead kind to something didn't plan. according enrolled look we can we to We first moving So announce, into but

Yale Jen

of the outcome terms you bit What as you a aggressively move the of data. think terms guys in the in little weeks to size do propel a and the that follow-up again just maybe program XX XXX And more reduction of forward. good for will of consider Okay. to

Jonathan Solomon

So you usually of We're that because a care we'll our something I they page as XX% something for looking something sig, like antibiotics exciting much. talk think to the a on placebo be But don't top something about. that So top of be think analysis, right, patients and the in of on in [indiscernible] stack could will excited then that These this right? around reduction looking small view, that, are I the interested the like improve think is of at be in you're arm, on again, trends. we still if arm study. KOLs XX% standard antibiotics be and I we'll not see general,

XX%. dramatic So see along you quite move. a a link something that That's pushes by

Yale Jen

expanding XX given -- could in at which words, different by of lastly, level And XX a achieve would terms about weeks anticipate effect a or just in the is that the you point, data weeks, maybe just time year, the efficacy. of other

Jonathan Solomon

an the data to XX-week I So challenge what we'll be you effect. the again, what care about the of -- we is point, and The at that's much about to again, -- really want is of And patients XX a right, amputations. your looking much week that, bigger That's the right? heal, really mostly think is number need XX. what patients but amputations, to see amputations,

be is happening we'll like general something looking I if sort think high-level of there. at trends,

data Because use, think exciting, The the our say, be from like XX must in of guidance. But to amputations. I we prevented [indiscernible] cases treatment very was right? in XX I want has out cautious [indiscernible]

look amputations. at we'll So

where that's ulcer the also focusing healing week that that's will exploratory is. on that's as where be when -- indication think else infection at will the an bone, XX, the because it note resolved everything I XX for bonus. I week a data been also we're the ulcer ulcer heels looking usually shrinkage into that look in at So but has study is powered we'll again, and right? we're

Yale Jen

more, be to just available bit anticipate to other for consultants, for been maybe spoken or just you is on in a that kind of as top this simply sufficient other ultimately will that reduction has obviously whether the is the tag endpoint this. amputation with indication, few as or some simply potential And you be approval, for very which do have that drugs and will the approval the treat metrics well little potentially

Jonathan Solomon

Yes.

we'll as I study properly. study, imaging in is try a a and need I at There do it's conservatively, right? what more to amputation, looking and the amputations, experts about the modalities, So But like potentially, is most course. sophisticated. conservative think a estimate it more That's other you with talk all of think to some but pivotal explore well, bit et endpoints work cetera, be XXX-patient

Yale Jen

Okay. one questions. is And Maybe Great. last probably the Again, for Thanks here. congrats progress. follow-up the question on Marina. for This

indicated or back are from the shares in basic outstanding million release, -- diluted? reverse fully to press that's share million shares the of these about total In the terms split you XX.X of XXX the

Marina Wolfson

I'm for happy thank the to clarify. you Actually, question. So

the effective [indiscernible] the just of of of note is only first XXX reverse the reflected was It not It is filing will August XX. And the please all, numbers So queue. the be number shares, the split it. in that million outstanding. announced

a not that's fully dilutive. So

Operator

questions this Jonathan no have closing comments. are there Solomon over As to question-and-answer would further at the now gentlemen, ladies time, floor of we and the to end for session. reached I like turn

Jonathan Solomon

and progress. day. of make with you as all to for again us good forward We the joining providing updates to wanted this I questions. you, Thank we thank additional So have morning you look and great a

Operator

Thank teleconference. you. This concludes today's

your time. Thank you this may at You participation. lines for disconnect your

BiomX (PHGE) 15 Aug 242024 Q2 Earnings call transcript