10-Q · May 20, 2026
BiomX Inc. faced significant financial struggles in Q1 2026, posting a net loss of $19.1 million compared to a loss of $7.7 million in Q1 2025. The company's transition to a new strategic focus on defense technologies…
Earnings analysis · 10-Q
PHGE earnings analysis
Filed August 19, 2026 · Our reading of the company's report
The latest report
The filing does not provide revenue, margin, EPS, segment, balance-sheet, or cash-flow results needed to assess operating trends against the prior period or prior year. Liquidity was supplemented by approximately $2.4…
Read full summary
The filing does not provide revenue, margin, EPS, segment, balance-sheet, or cash-flow results needed to assess operating trends against the prior period or prior year. Liquidity was supplemented by approximately $2.4 million of ATM proceeds from 8,902,611 shares issued after quarter-end, but the financing is substantially dilutive. The most material developments are ineffective disclosure controls as of June 30, 2026, continued capital deficiency and NYSE American delisting risk, and the expected APT Chapter 7 filing alongside BiomX Ltd.’s insolvency.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
What stood out
-
NYSE compliance plan accepted
The NYSE American accepted the Company’s compliance plan on June 10, 2026, providing a plan period through September 25, 2027.
-
Additional capital raised
The Company sold 8,902,611 shares under its at-the-market program from July 1 through August 12, 2026, generating approximately $2.4 million in net proceeds.
-
Quarterly ATM proceeds
During the second quarter of 2026, the Company sold 793,005 shares under its at-the-market program for approximately $0.3 million in net proceeds.
-
Credit line secured
The Company issued a five-year warrant to purchase up to 2,000,000 shares at an exercise price of $12.00 per share in connection with the May 13, 2026 line of credit agreement.
What to watch
-
Ineffective disclosure controls
Management concluded that disclosure controls and procedures were not effective as of June 30, 2026, and stated that it intends to consult third-party consultants regarding remedial measures.
-
Delisting risk
The Company reported a stockholders’ deficit of $(1.3) million as of December 31, 2025 and remains subject to NYSE American compliance requirements; failure to regain compliance by September 25, 2027 could lead to delisting.
-
Severe equity dilution
The Company sold 8,902,611 shares for approximately $2.4 million from July 1 through August 12, 2026, after selling 793,005 shares for approximately $0.3 million in the second quarter; continued ATM issuance is substantially dilutive.
-
Former subsidiary insolvency
BiomX Ltd. entered insolvency proceedings on December 16, 2025, and the consolidated balance sheet includes approximately $1.3 million due to BiomX Israel that may become subject to trustee claims.
-
APT bankruptcy and litigation
APT is being wound down and is expected to file for Chapter 7 bankruptcy shortly after the filing date; an Emmes action seeks approximately $333,000 for legacy clinical-trial services.
-
Potential asset deconsolidation
The Company expects to deconsolidate APT after commencement of its Chapter 7 case, while the amount and outcome of the approximately $333,000 Emmes claim remain disputed.
Management's outlook
The filing provides no quantitative revenue or EPS guidance; no updated operating outlook was disclosed.
Earlier filings 2
10-K · April 30, 2026
BiomX Inc. has outlined a 12-month agreement with Israel Railways for AI-powered animal detection stations, following a successful pilot. The company reported a continued lack of revenue, with Q4 FY2025 showing a…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.