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BIOMX Inc.(PHGE), a prominent pl ayer in the biotechnology sector, has announced its financial results for the first quarter of 2023. The company experienced a net loss of $6.4 million during this period while achieving revenue of $2.0 million. The financial data, disclosed in the unaudited condensed consolidated financial statements, reflects both the challenges and progress the company has encountered in its operations.
As of March 31, 2023, BIOMX reported total assets amounting to $41.4 million, compared to $45.5 million on December 31, 2022. The company's current assets decreased from $36.9 million to $32.9 million, primarily due to lower cash and cash equivalents and restricted cash holdings.
The company's liabilities and stockholders' equity underwent changes during the first quarter of 2023. Current liabilities increased to $10.2 million, up from $7.9 million, primarily due to changes in trade accounts payable, lease liabilities, and other accounts payable. Non-current liabilities decreased from $16.6 million to $15.1 million, attributed to fluctuations in contract liability, long-term debt, operating lease liabilities, and other liabilities.
BIOMX reported revenue of $2.0 million for the first quarter of 2023, marking a significant achievement in its operations. However, the company also reported a net loss of $6.4 million during the same period, reflecting ongoing challenges and investments in research and development (R&D) activities.
The company's stockholders' equity, as of March 31, 2023, stood at $16.1 million, down from $21.0 million on December 31, 2022. This change was influenced by the issuance of Common Stock and warrants under a Private Investment in Public Equity (PIPE) agreement, stock-based compensation expenses, and the net loss incurred during the quarter.
BIOMX continues to invest significantly in research and development activities, with R&D expenses amounting to $4.6 million for the first quarter of 2023. The company aims to innovate and advance its biotechnology solutions, which contribute to the overall operating loss of $6.2 million during the same period.
Despite the net loss reported for the first quarter of 2023, BIOMX remains committed to its research and development efforts. The company's dedication to advancing biotechnology solutions is reflected in its revenue growth and ongoing investments in innovative projects. As the year progresses, stakeholders will be closely watching the company's performance and its efforts to translate R&D activities into tangible results.