Phio Pharmaceuticals Corp. reported a net loss of $8.7 million for the fiscal year ending December 31, 2025, an increase from a net loss of $7.2 million in 2024. The company's operating expenses rose to $9.2 million, up from $7.4 million the previous year, primarily driven by a 27% increase in research and development expenses, which totaled $4.6 million. This increase was largely attributed to costs associated with the ongoing Phase 1b clinical trial of PH-762, a compound designed to target PD-1, and higher employee compensation costs. General and administrative expenses also increased by 23% to $4.6 million, reflecting higher costs for professional services and stock-based compensation.
Phio's financial position improved significantly, with cash and cash equivalents rising to $21 million at the end of 2025, compared to $5.4 million at the end of 2024. This increase was bolstered by net proceeds of $20.6 million from multiple financing rounds throughout the year. The company anticipates needing additional capital to support ongoing research and development activities, as it has not yet generated any product revenue and does not expect to do so in the near future.
Operationally, Phio is focused on advancing its proprietary INTASYL technology, which aims to enhance the effectiveness of immune cells in targeting tumor cells. The company is currently conducting a multi-center Phase 1b clinical trial for PH-762, which has shown promising preclinical results. The trial, which enrolled 22 patients, reported an overall response rate of 65% for cutaneous squamous cell carcinoma, with no dose-limiting toxicities observed. Phio plans to submit data to the FDA in the second quarter of 2026 to seek guidance on the next steps for PH-762.
In terms of strategic developments, Phio entered into a drug substance development services agreement with a U.S. manufacturer in July 2025 to support the clinical development of PH-762. Additionally, the company has deferred the IND submission for another compound, PH-894, to prioritize the advancement of PH-762. As of December 31, 2025, Phio had six full-time employees, all working remotely, and continues to evaluate its intellectual property portfolio to protect its innovations in the competitive biopharmaceutical landscape.
Looking ahead, Phio Pharmaceuticals acknowledges the inherent uncertainties in drug development and the need for substantial additional funding to continue its operations. The company remains committed to its goal of developing innovative cancer therapies and is actively seeking opportunities to enhance its financial position and operational capabilities.
About Phio Pharmaceuticals Corp.
Phio Pharmaceuticals is a clinical-stage biotech company developing immuno-oncology therapeutics using its proprietary INTASYL RNA interference technology. Its focus is on creating targeted cancer treatments that enhance immune cell effectiveness without complex delivery systems. The company’s pipeline includes gene-silencing compounds like PH-762, targeting proteins such as PD-1, aimed at treating various cancers through intratumoral injections and adoptive cell therapy.
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