Phio Pharmaceuticals Reports Q1 2025 Financial Results, Highlights Increased Cash Position and Clinical Trial Progress

Phio Pharmaceuticals Corp. reported its financial results for the first quarter of 2025, revealing a net loss of $1.769 million, a decrease from the $2.154 million loss recorded in the same period of 2024. The company's operating expenses also fell to $1.872 million, down from $2.209 million year-over-year, primarily due to reduced research and development costs, which decreased by 23% to $886,000. General and administrative expenses also saw a slight decline, totaling $986,000 compared to $1.061 million in the previous year.

The company experienced a significant increase in cash and cash equivalents, which rose to $13.278 million as of March 31, 2025, compared to $5.382 million at the end of 2024. This increase was largely attributed to successful financing activities, which generated approximately $9.173 million in net cash during the quarter, a stark contrast to the $4,000 used in financing activities in the first quarter of 2024. The improved liquidity positions Phio to fund its ongoing clinical trials and operational needs.

Strategically, Phio has made notable changes, including the termination of its Clinical Co-Development Agreement with AgonOx in May 2024, which relieved the company of future financial obligations related to the development of a T cell-based therapy. The company is now focusing its resources on its lead product candidate, PH-762, which is currently undergoing a Phase 1b clinical trial for the treatment of various skin cancers. The trial has shown promising results, with several patients achieving significant tumor clearance.

Operationally, Phio has streamlined its workforce by over 50% as part of a cost rationalization program, transitioning to a remote work model while maintaining a laboratory facility in Worcester, Massachusetts. The company has also shifted its focus to enhancing its INTASYL technology, which aims to improve the efficacy of immune cells in targeting tumors. As of the latest report, Phio has treated 10 patients in its clinical trial, with no dose-limiting toxicities reported, indicating a favorable safety profile for PH-762.

Looking ahead, Phio Pharmaceuticals acknowledges the challenges it faces, including the need for substantial additional funding to support its research and development activities. The company has expressed uncertainty regarding its ability to secure future financing, which is critical for sustaining operations and advancing its clinical programs. Despite these challenges, Phio remains committed to its goal of developing innovative cancer therapies and expects to continue its clinical trials into 2026.