Phio Pharmaceuticals Announces Potential Sale of 1.93M Shares, Mostly from Warrant Exercises.

Phio Pharmaceuticals announced that certain selling stockholders plan to resell up to 1.93 million shares of its common stock, primarily from the potential exercise of previously issued warrants. The company will not receive proceeds from these transactions, but could generate $4.8 million if all warrants are exercised.

Phio Pharmaceuticals Corp. (NASDAQ: PHIO) recently announced its financial results for the quarter ended June 30, 2025, along with a business update. The company reported a net loss of $2.2 million for the three months ended June 30, 2025, compared to $1.8 million for the same period in 2024. The increase in net loss was primarily driven by higher research and development and general and administrative expenses.

The company's ongoing Phase 1b dose escalation clinical trial (NCT 06014086) for its lead product candidate PH-762 is progressing well. To date, 15 patients have been treated across four cohorts, with no dose-limiting toxicities or clinically relevant treatment-emergent adverse effects reported. The trial is now enrolling its 5th and final cohort. Additionally, Phio entered into a comprehensive drug substance development services agreement with a U.S. manufacturing company to provide analytical and process development and cGMP manufacture of PH-762.

Phio Pharmaceuticals also delivered podium presentations on its INTASYL self-delivering siRNA technology at various conferences, including the Society of Investigative Dermatology (SID) and the 11th Annual Immunotherapy of Cancer (ITOC 11) conference in Munich, Germany. The company presented interim data on its Phase 1b clinical trial at the American Society of Clinical Oncology (ASCO) conference.

On July 25, 2025, the company entered into warrant inducement agreements with certain holders of its existing warrants to purchase an aggregate of 928,596 shares of common stock. This financing raised approximately $2.2 million after expenses.

As of June 30, 2025, Phio Pharmaceuticals had cash and cash equivalents of approximately $10.8 million, compared to $5.4 million at December 31, 2024. Research and development expenses for the three months ended June 30, 2025, were $1.1 million, compared to $0.9 million for the same period in 2024. General and administrative expenses for the same period were $1.2 million, compared to $1.0 million in 2024.

Phio Pharmaceuticals is a clinical-stage biopharmaceutical company developing therapeutics using its proprietary INTASYL® siRNA gene silencing technology to eliminate cancer. Its lead clinical program is PH-762, which is designed to silence the PD-1 gene implicated in various forms of skin cancer. The company's Phase 1b trial is evaluating PH-762 for the treatment of cutaneous squamous cell carcinoma, melanoma, and Merkel cell carcinoma.

References:
[1] https://www.biospace.com/press-releases/phio-pharmaceuticals-reports-second-quarter-2025-financial-results-and-provides-business-update