PHGEHIGH SIGNALRISK10-K

PHGE is in severe financial distress with negative stockholders' equity, massive asset destruction, and its Israeli subsidiary filing for insolvency.

The company has burned through most of its assets (down 87%) and now has negative equity of $1.3M, indicating potential insolvency. The Israeli subsidiary BiomX Ltd. filing for insolvency proceedings and entering dissolution represents a material deterioration in the business structure and potential asset impairment.

Comparing 2026-02-19 vs 2025-03-25View on EDGAR →
FINANCIAL ANALYSIS

PHGE shows classic signs of financial distress with total assets collapsing 87% to just $5.8M while liabilities surged over 2,000% to $871K, resulting in negative stockholders' equity of $1.3M. Cash burned down 74% to $4.4M and net losses doubled to $36.2M, though operating cash flow improved slightly. The dramatic asset destruction combined with negative equity and subsidiary insolvency proceedings signals potential bankruptcy risk for investors.

FINANCIAL STATEMENT CHANGES
Total Liabilities
Balance Sheet
+2024.4%
$41K→$871K

Liabilities grew 2024.4% — significant increase in debt or obligations, assess impact on financial flexibility.

Stockholders Equity
Balance Sheet
-105.4%
$24.1M→-$1.3M

Equity declined sharply — large losses, buybacks, or write-downs reducing book value significantly.

Net Income
P&L
-104.2%
-$17.7M→-$36.2M

Net income declined 104.2% — review whether driven by operations, interest costs, or non-recurring items.

Capital Expenditure
Cash Flow
-93.3%
$30K→$2K

Capex reduced 93.3% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

Total Assets
Balance Sheet
-86.6%
$43.2M→$5.8M

Total assets contracted 86.6% — asset sales, write-downs, or balance sheet optimization underway.

Cash & Equivalents
Balance Sheet
-74.1%
$16.9M→$4.4M

Cash declined 74.1% — significant cash burn or deployment; verify adequacy of remaining liquidity runway.

Current Assets
Balance Sheet
-72.8%
$20.5M→$5.6M

Current assets declined 72.8% — monitor working capital adequacy and short-term liquidity.

Operating Cash Flow
Cash Flow
+28.6%
-$37.0M→-$26.4M

Operating cash flow grew 28.6% — strong conversion of earnings to cash, healthy business fundamentals.

Total Debt
Balance Sheet
-25.4%
$15.0M→$11.2M

Debt reduced 25.4% — deleveraging strengthens balance sheet and reduces financial risk.

Current Liabilities
Balance Sheet
-22.8%
$8.3M→$6.4M

Current liabilities reduced — improved short-term financial position and working capital health.

LANGUAGE CHANGES
NEW — 2026-02-19
PRIOR — 2025-03-25
ADDED
The price of the Registrant s shares of Common Stock was retroactively adjusted to reflect a 1-for-19 reverse stock split, which took effect on November 25, 2025.
MANAGEMENT S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 6 2 ITEM 7A.
and its consolidated subsidiaries unless otherwise expressly stated or the context indicates otherwise,.
References in this Annual Report to Adaptive Phage Therapeutics LLC, or APT, mean our wholly owned subsidiary, and reference to BiomX Ltd.
mean BiomX Ltd., our wholly owned Israeli subsidiary that is now under dissolution proceedings in Israel as provided in more detail below.
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REMOVED
The price of the Registrant s shares of Common Stock was retroactively adjusted to reflect a 1-for-10 reverse stock split ,which took effect on August 26, 2024.
MANAGEMENT S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 72 ITEM 7A.
acquired Adaptive Phage Therapeutics, Inc., a Delaware corporation, or APT, and such acquisition, or the Acquisition, pursuant to an agreement and plan of merger, or the Merger Agreement, by and among BiomX Inc., APT, BTX Merger Sub I, Inc., a Delaware corporation, and BTX Merger Sub II, LLC, a Delaware limited liability company.
and its consolidated subsidiaries, including APT, unless otherwise expressly stated or the context indicates otherwise, provided, however, that the financial information as of and for the year ended December 31, 2023 and other information as of a date before March 15, 2024, unless noted specifically, does not include APT.
The description of the Company herein describes the post Acquisition Company and reflects the integration of APT s business.
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