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Executive Summary

BiomX Inc. filed a prospectus supplement to its existing ATM offering agreement with H.C. Wainwright, updating the maximum aggregate offering price of common stock that may be sold under the shelf registration to $9.145 million. The company has already sold approximately $3.708 million under the program. With a market cap of only ~$2M and the stock trading at $0.1948, this represents massive potential dilution of over 450% of current market cap, signaling severe financial distress and a relentless need for cash.

Key Facts

• BiomX filed a 424B5 prospectus supplement to sell up to $9,145,000 of common stock via an ATM agreement with H.C. Wainwright.
• The company has already sold $3,708,127 under the ATM program prior to this supplement.
• The stock closed at $0.1948 per share on the filing date, with a market cap of approximately $2 million.
• The $9.145 million offering is over 4.5x the current market cap, implying extreme dilution.
• The filing is the latest in a series of 12 offering/registration filings in the last 24 months, indicating persistent cash burn and reliance on dilutive financing.
• The S-3 shelf (filed Feb 2026) was for resale of shares from a December 2025 PIPE and warrant exercise, adding further overhang.

Financial Impact

Up to $9.145 million in new common stock sales, representing ~457% of the current $2M market cap at $0.1948/share. Prior sales of $3.708M already executed.

Risk Factors

• Extreme dilution from the ATM program could destroy remaining equity value.
• Persistent cash burn and reliance on dilutive financing raise going-concern risk.
• Low stock price and micro-cap status increase volatility and susceptibility to mechanical selling.

Market Snapshot

Investment Themes

Documents Analyzed

This report is based on 8 SEC documents filed with EDGAR.

US Market Status