A kinetic model for the biphasic modulation of phagocytosis, fulfilling the requirements of biochemistry of ligand‐binding reactions, was constructed on the basis of a biocybernetic notion of the feedback loop‐containing (autocalytic) process. Using boundary conditions for parameters of possible kinetic models, a single model was selected, in which the biphasic modulatory effect exerted on a phagocytic activity of human neutrophils by the peptide preparation Immax A1 was described as a result of mutual counteraction of two antagonistic compounds (stimulator and inhibitor of phagocytosis) competing for bacterial chemotactic peptide receptors on neutrophils. This model, in which the integrated luminescence‐based normalised measure of inhibition of phagocytosis stands for the reaction rate, was found to have a form of a 2:3 rational function of the peptide preparation concentration. A corresponding stoichiometric scheme, describing the binding both of the inhibitor and of the stimulator to neutrophils, was constructed on the assumption that inhibition was not total when connected with the generation of three‐component complexes, stimulator‐neutrophil‐inhibitor.