The replenished ATM capacity ($5.06M) is a material dilutive risk for a $6M market cap stock. Expect continuous downward pressure as Wainwright sells into the market. Combined with the separate S-3 resale registration covering up to 5.3M shares from pre-funded warrants and convertible preferred, the total potential share overhang is severe. Short-term bearish; avoid longs until ATM activity is exhausted and share count stabilizes.
Price Chart
Executive Summary
BiomX filed a prospectus supplement to update its ATM offering capacity, authorizing up to $5,061,000 in common stock sales through H.C. Wainwright. This updates prior ATM programs under the same S-3 shelf. The filing is a routine administrative update to replenish offering capacity under the shelf's I.B.6 limitations and does not represent a new primary offering. Given the micro-cap ($6M market cap) and the dilutive overhang, the incremental capacity is notable for the stock's float.
Key Facts
- Up to $5,061,000 of common stock may be sold via ATM through H.C. Wainwright (replaces prior ATM capacity).
- Previously sold $1,376,214 under prior supplements on the same S-3 shelf.
- Outstanding shares: 11,797,449 as of June 16, 2026. Stock closed at $0.555/shr on June 15, 2026.
- Market cap ~$6M; the new ATM capacity represents ~84% of current market cap (at $0.555/shr).
- Non-affiliate public float valued at $19.25M based on $1.84 reference price from April 17, 2026.
- 12-month prior I.B.6 sales total $1,355,841. New limit of $5,061,000 resets the available capacity.
- The shelf also covers a separate resale registration (S-3 filed Feb 2026) for up to 5,310,933 shares from convertible preferred and warrants, creating additional potential dilution.
Financial Impact
Up to $5,061,000 in new ATM capacity — equivalent to roughly 84% of current market cap at the June 15 closing price of $0.555/shr. Overhang is significant for a micro-cap issuer.
Risk Factors
- Massive potential dilution relative to current float — $5.06M ATM plus 5.3M additional shares from the S-3 resale registration.
- ATM at-the-market sales by H.C. Wainwright likely to pressure price near the $0.555 level or lower.
- Micro-cap with weak institutional base (top holder Morgan Stanley at ~$72K) has limited absorption capacity.
- Historical reports on PHGE show extreme negative drift (avg T+20 -63%, 13% win rate) — consistent with sustained dilution and declining fundamentals.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 424B5 Filing (Primary) | 0001213900-26-069312 |
| Document: 0001213900-26-069312-index-headers.html | 0001213900-26-069312 |
| Document: 0001213900-26-069312-index.html | 0001213900-26-069312 |
| Document: 0001213900-26-069312.txt | 0001213900-26-069312 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 1, 2026 4w ago | 8-K | $0.1425 $1.85 | ▲ +1198.25% | ▲ +1199.20% | $0.3600 (+152.63%) |
Aug 28, 2026 5w ago | 8-K | $0.1371 $0.1550 | ▲ +13.06% | ▲ +13.20% | $0.3600 (+162.58%) |
Aug 5, 2026 8w ago | Press Release | $0.1800 $0.1483 | ▲ +17.61% | ▲ +17.96% | $0.3600 (−100.00%) |
Jul 28, 2026 9w ago | 8-K | $0.1834 $0.1868 | ▼ −1.85% | ▲ +0.42% | $0.3600 (−96.29%) |
Jul 28, 2026 9w ago | Press Release | $0.1834 $0.1868 | ▼ −1.85% | ▲ +0.42% | $0.3600 (−96.29%) |
Jul 27, 2026 9w ago | 424B5 | $0.1834 $0.1868 | ▼ −1.85% | ▲ +0.42% | $0.3600 (−96.29%) |
Jul 8, 2026 12w ago | Press Release | $0.2758 $0.2100 | ▼ −23.86% | ▼ −24.72% | $0.3600 (+30.53%) |
Jul 2, 2026 13w ago | 8-K | $0.3190 $0.2800 | ▲ +12.23% | ▲ +13.16% | $0.3600 (−12.85%) |
Jun 29, 2026 13w ago | S-1 | $0.3478 $0.3020 | ▲ +13.17% | ▲ +13.77% | $0.3600 (−3.51%) |
Jun 22, 2026 14w ago | DEFA14A | $0.4615 $0.3590 | ▼ −22.21% | ▼ −23.22% | $0.3600 (−21.99%) |
US Market Status
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