BiomX (NYSEMKT:PHGE) stock is rising on Wednesday following the release of the company’s earnings report for the fourth quarter of 2022.
Starting off that earnings report is the company’s net loss of $28.3 million, or 95 cents per share. That’s an improvement over the $36.2 million net loss, $1.39 per share, reported by BiomX in the fourth quarter of 2021.
Investors will note that BiomX is a clinical-stage pharmaceutical company. That means it hasn’t yet brought a product to market, which explains the lack of revenue reported in the most recent earnings report.
PHGE Stock Could Soar In 2023
BiomX believes 2023 will be a strong year with positive catalysts. That includes a strong performance from its BX004 program. This includes clinical trials covering the effectiveness of treating chronic Pseudomonas aeruginosa infections. The company hopes to post results from those trials in the third quarter of 2023.
Jonathan Solomon, CEO of BiomX, said the following about that:
“Results from Part 2 will provide important additional safety data and should provide clinical insights, particularly regarding the reduction in Pseudomonas aeruginosa bacterial burden, that will help us advance BX004 into pivotal testing. Other clinical endpoints including CF patients reported outcomes and lung function also will be assessed.”
PHGE stock is up 8% in pre-market trading on Wednesday!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
