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BiomX receives going concern note from auditors By Investing.com

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CAMBRIDGE, Mass. and NESS ZIONA, Israel – BiomX (NYSE:) Inc. (NYSE American: PHGE), a biotechnology company focusing on phage therapy development, announced today that its independent registered public accounting firm included a “going concern” qualification in its audit opinion. This disclosure follows the guidelines of the NYSE American Company Guide, necessitating a public announcement due to the nature of the audit opinion.

The qualification was mentioned in the company’s annual report on Form 10-K for the fiscal year that concluded on December 31, 2023, and filed with the Securities and Exchange Commission (SEC) today. It is important to note that this announcement does not reflect any amendments to BiomX’s 2023 audited financial statements or its annual report.

BiomX is currently in the clinical stage of developing phage therapies aimed at eradicating specific pathogenic bacteria linked to chronic diseases. The company utilizes both naturally occurring and engineered phages in its treatments.

BiomX’s latest financial disclosures and the auditor’s concerns can be found in the SEC filings, which highlight potential risks and uncertainties facing the company. The details of these filings are available on the SEC’s website.

This news is based on a press release statement from BiomX Inc. and does not include any promotional content or endorsement of the company’s claims. The announcement serves to inform shareholders and the public of the audit opinion and to comply with regulatory requirements.

InvestingPro Insights

BiomX Inc. (NYSE American: PHGE), amidst the “going concern” qualification by its auditors, shows a market capitalization of $16.12 million, reflecting the size and scale of the company within the biotechnology sector. The company’s financial health is under scrutiny, as indicated by the recent audit report, and InvestingPro data provides additional context to the auditor’s concerns. With an adjusted price-to-earnings (P/E) ratio over the last twelve months as of Q4 2023 standing at -0.63, BiomX’s stock performance and valuation metrics signal challenges in generating profitable growth.

InvestingPro Tips suggest that BiomX is quickly burning through cash and has suffered from weak gross profit margins. These factors, combined with the expectation that net income is likely to drop this year, paint a cautious picture for investors. In addition, analysts do not anticipate the company will be profitable within this fiscal year, which aligns with the concerns raised in the auditor’s report. On the brighter side, the company has experienced a strong return over the last month with a 60.55% price total return, but this is set against a backdrop of high price volatility that the stock generally trades with.

For investors seeking a deeper understanding of BiomX’s financial position and future prospects, InvestingPro offers a wealth of additional insights. With a total of 12 InvestingPro Tips available, investors can gain a more comprehensive view of the company’s financial health and market performance. To access these insights, visit InvestingPro and consider using the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.





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Ex-Post Office boss regrets ‘missed opportunity’ to halt Horizon scandal

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“On reflection, and I have reflected on this very hard, when I finished being the Horizon programme director [in early 2000] it would have been very beneficial if I had notified both the lawyers and the [investigations team] that Horizon was a new system coming in, and that they should be very cautious about evidence coming out of that system,” he said.



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Sri Lanka’s economic crisis and debt restructuring efforts By Reuters

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COLOMBO (Reuters) – Sri Lanka’s government rejected a proposal from its international bondholders on Tuesday on restructuring the more than $12 billion the country owes to them.

It means a near two-year spell in default will drag on for Sri Lanka and that the country’s next tranche of vital IMF support money could potentially get delayed.

Below is a timeline of the key events in the crisis and the efforts to resolve it:

2021-2022: Sri Lanka’s economy crumbles after years of overspending leaves its foreign exchange reserves critically low and the government unable to pay for essentials, such as fuel and medicine.

The country’s bonds suffer from multiple downgrades by credit rating agencies warning of the increasing risk of default. At the start of 2022 it manages to make a $500 million bond payment but it leaves its foreign exchange reserves precariously low.

MAY, 2022 – Sri Lanka is declared in default after it fails to make a smaller $78 million bond coupon payment.

JULY, 2022 – Public anger drives protesters to storm then-President Gotabaya Rajapaksa’s office and residence. Rajapaksa flees to the Maldives, before moving on to Singapore.

Current President Ranil Wickremesinghe is voted into power by Sri Lankan lawmakers.

MARCH, 2023 – The International Monetary Fund approves a near $3 billion bailout for Sri Lanka after talks with Wickremesinghe’s government and assurances about its plans to repair the country’s finances.

OCTOBER, 2023

Sri Lanka announces an agreement with China’s EXIM (export/import) Bank to delay payments on about $4.2 billion worth of loans the Chinese lender it has extended to the country.

NOVEMBER, 2023

Other creditor nations including India, Japan and France agree to restructure about $5.9 billion in debt.

MARCH, 2024

A group of Sri Lankan officials arrives in London to meet with a number of investment funds that hold its more than $12 billion worth of government bonds. Talks advance to the key “restricted” phase where proposals are discussed privately and those involved agree not to buy or sell any of the debt on the open market.

© Reuters. FILE PHOTO: A general view of the main business district as rain clouds gather above in Colombo, Sri Lanka, November 17, 2020. REUTERS/Dinuka Liyanawatte/File Photo

APRIL, 2024

The government rejects a proposal tabled by the bondholders. The main stumbling blocks are that some the “baseline” assumptions used differ to those of the IMF and that the plan did not include a contingency option for the government in case the economy fails to recover as expected.





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AI could gobble up a quarter of all electricity in the U.S. by 2030 if it doesn’t break its addiction

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Before artificial intelligence can transform society, the technology will first have to learn how to live within its means.

Right now generative AI have an “insatiable demand” for electricity to power the tens of thousands of compute clusters needed to operate large language models like OpenAI’s GPT-4, warned chief marketing officer Ami Badani from chip design company Arm Holdings. 

If generative AI is ever going to be able to run on every mobile device from a laptop and tablet to a smartphone, it will have to be able to scale without overwhelming the electricity grid at the same time.

“We won’t be able to continue the advancements of AI without addressing power,” Badani told Fortune’s Brainstorm AI conference in London on Monday. “ChatGPT requires 15 times more energy than a traditional web search.” 

Not only are more businesses using generative AI, but the tech industry is in a race to develop new and more powerful tools that will mean compute demand is only going to grow—and power consumption with it, unless something can be done. 

The latest breakthrough from OpenAI, the company behind ChatGPT, is Sora. It can create super realistic or stylized clips of video footage up to 60 seconds in length purely based on user text prompts. 

The marvel of GenAI comes at a steep cost

“It takes a 100,000 AI chips working at full compute capacity and full power consumption in order to train Sora,” Badani said. “That’s a huge amount.” 

Data centers, where most AI models are trained, currently account for 2% of global electricity consumption, according to Badani. But with generative AI expected to go mainstream, she predicts it could end up devouring a quarter of all power in the United States in 2030.

The solution to this conundrum is to develop semiconductor chips that are optimized to run on a minimum of energy.

That’s where Arm comes in: its RISC processor designs currently run on 99% of all smartphones, as opposed to the rival x86 architecture developed by Intel. The latter has been a standard for desktop PCs, but proved too inefficient to run battery-powered handheld devices like smartphones and tablets. 

Arm is adopting that same design philosophy for AI.

“If you think about AI, it comes with a cost,” Badani said, “and that cost is unfortunately power.”  

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