Core Insights - Premarket trading is showing notable activity with early price movements indicating potential opportunities before the market opens [1] Premarket Gainers - Galaxy Payroll Group Limited (GLXG) increased by 39% to $5.34 - Lithium Americas Corp. (LAC) rose by 31% to $7.52 - Senmiao Technology Limited (AIHS) gained 22% to $2.45 - The AES Corporation (AES) saw a 10% increase to $14.53 - Strive, Inc. (ASST) also increased by 10% to $2.77 - Shoulder Innovations, Inc. (SI) rose by 9% to $13.78 - Top KingWin Ltd (WAI) increased by 8% to $3.80 - Southland Holdings, Inc. (SLND) saw a 7% increase to $4.61 - CaliberCos Inc. (CWD) rose by 6% to $4.75 - Mannatech, Incorporated (MTEX) increased by 5% to $10.53 [3] Premarket Losers - Real Messenger Corporation (RMSG) decreased by 16% to $2.01 - Etoiles Capital Group Co., Ltd (EFTY) fell by 14% to $14.45 - Enanta Pharmaceuticals, Inc. (ENTA) dropped by 13% to $10.41 - CollPlant Biotechnologies Ltd. (CLGN) saw an 11% decrease to $2.39 - Fortress Biotech, Inc. (FBIO) declined by 10% to $3.30 - Uni-Fuels Holdings Limited (UFG) fell by 9% to $7.52 - Alset Inc. (AEI) decreased by 9% to $2.30 - JFB Construction Holdings (JFB) saw a 5% decline to $12.20 - SHF Holdings, Inc. (SHFS) dropped by 5% to $6.80 - Phio Pharmaceuticals Corp. (PHIO) decreased by 5% to $2.34 [4]

Core Insights - Several healthcare and biotech stocks experienced significant price movements on September 29, driven by clinical trial updates, regulatory progress, and strategic announcements Company Performance Highlights - Phio Pharmaceuticals Corp. (PHIO) saw an 8.9% increase in after-hours trading, rising from $2.36 to $2.57, following a 5.83% gain during the regular session, attributed to a positive safety committee recommendation for its PH-762 skin cancer trial [1][2] - Barinthus Biotherapeutics plc (BRNS) rose 8.11% in after-hours trading to $1.60 after closing at $1.48, with a notable 21.3% gain, driven by renewed interest in its immunotherapeutic pipeline [2][3] - Neogen Corp. (NEOG) jumped 5.59% in after-hours trading to $5.90, reversing a 1.41% decline earlier in the day, following announcements of its upcoming earnings release and a renewed sponsorship agreement [3][4] - OKYO Pharma Ltd. (OKYO) increased by 9% in after-hours trading to $2.18 after a decline of 8.26% during the regular session, due to renewed focus on its clinical-stage program for urcosimod [5] - Aurinia Pharmaceuticals Inc. (AUPH) rose 8.05% in after-hours trading to $11.95, despite a 15.83% drop earlier, reflecting heightened activity around its lupus nephritis treatment, LUPKYNIS, and a collaboration with Otsuka Pharmaceutical [6] - RAPT Therapeutics, Inc. (RAPT) climbed 4.43% in after-hours trading to $27.80, following the FDA's clearance of its IND application for RPT904, allowing it to proceed with a Phase 2b trial targeting food allergies [7][8]

Core Viewpoint - Phio Pharmaceuticals is advancing its proprietary INTASYL® gene silencing technology aimed at treating skin cancers, with positive interim results reported from an ongoing Phase 1b clinical trial for its lead compound PH-762 [1][4]. Group 1: Company Overview - Phio Pharmaceuticals Corp. is a clinical-stage siRNA biopharmaceutical company focused on immuno-oncology therapeutics [4]. - The company's lead clinical program, PH-762, targets the PD-1 gene associated with various skin cancers, including cutaneous squamous cell carcinoma, melanoma, and Merkel cell carcinoma [4]. Group 2: Clinical Trial Progress - The ongoing Phase 1b dose escalation clinical trial for PH-762 has shown positive interim safety and efficacy results [1]. - PH-762 is being evaluated as a potential non-surgical treatment option for skin cancers [4]. Group 3: Upcoming Events - Phio Pharmaceuticals will participate in a live virtual non-deal roadshow hosted by Renmark Financial Communications on September 30, 2025, where CEO Robert Bitterman will present updates on the company's technology and clinical progress [2][3].

Core Insights - Phio Pharmaceuticals is a clinical-stage biopharmaceutical company focused on developing therapeutics using its proprietary INTASYL® siRNA gene silencing technology to combat cancer [1][4] - The company will present updates on its ongoing Phase 1b clinical trial for its lead product candidate PH-762 at the Life Sciences Future Conference on September 25-26, 2025 [1][2] Company Overview - Phio Pharmaceuticals Corp. (NASDAQ: PHIO) is advancing its INTASYL® gene silencing technology, particularly in the field of immuno-oncology [4] - The lead clinical program, PH-762, targets the PD-1 gene associated with various skin cancers, including cutaneous squamous cell carcinoma, melanoma, and Merkel cell carcinoma [4] - The ongoing Phase 1b trial (NCT 06014086) is evaluating PH-762 as a potential non-surgical treatment for skin cancers [4] Conference Details - The presentation by Mr. Robert Bitterman, President and CEO, will include updates on the Phase 1b clinical trial and future strategies for the PH-762 development program [2] - The Life Sciences Future Conference will take place at the Sheraton Valley Forge Hotel in King of Prussia, PA, on September 25-26, 2025 [3]

U.S. equity markets closed a dynamic Wednesday, September 10, 2025, with the S&P 500 and Nasdaq Composite achieving fresh record highs, largely propelled by encouraging inflation data and a blockbuster earnings forecast from tech giant Oracle. The Dow Jones Industrial Average, however, retreated after its own record close the previous day. Investors eagerly absorbed news of an unexpected easing in wholesale inflation, solidifying expectations for an imminent Federal Reserve interest rate cut, while keeping ...

Core Insights - Biotech stocks experienced significant gains in after-hours trading on September 9, 2025, driven by clinical updates, insider buying, and investor conference appearances across several small- and mid-cap companies [1] Company Summaries - **Immutep Ltd. (IMMP)**: Shares rose by 4.37% to $1.67 after-hours, following a decline of 6.98% during regular trading. The stock's rebound was fueled by the acceptance of data from its EFTISARC-NEO Phase II trial for oral presentation at CTOS 2025, focusing on a rare cancer with high unmet need [2][3] - **Nautilus Biotechnology Inc. (NAUT)**: Shares surged by 12.25% to $0.7521 after-hours, recovering from a 4.42% decline in regular trading. The increase was attributed to insider buying by CEO Sujal M. Patel, who purchased 83,500 shares, signaling confidence in the company [4][5] - **Pliant Therapeutics Inc. (PLRX)**: The stock ended regular trading at $1.75, up 1.16%, and jumped 16.00% to $2.03 after-hours. The upcoming third-quarter earnings report on November 6, 2025, is expected to provide updates on its lead candidate targeting idiopathic pulmonary fibrosis [6][7] - **Jin Medical International Ltd. (ZJYL)**: Shares closed at $0.6532, gaining 3.65% during regular trading and rising 7.15% to $0.6999 after-hours. The catalyst for this movement was the announcement of expanded production capabilities in China, aimed at enhancing global delivery of medical equipment [7][8] - **Phio Pharmaceuticals Corp. (PHIO)**: The stock rose 8.20% to $2.64 after-hours, building on a 13.49% increase during regular trading. The momentum was driven by participation in the H.C. Wainwright 27th Annual Global Investment Conference, where updates on its Phase 1b clinical trial for PH-762 will be presented [8][9] - **Kura Oncology Inc. (KURA)**: Shares increased by 6.12% to $8.50 after-hours, following a 1.60% decline in regular trading. The rally was linked to the company's presentation at the H.C. Wainwright conference, highlighting key developments and upcoming regulatory milestones for Ziftomenib [10][11][12]

Core Viewpoint - Phio Pharmaceuticals is advancing its clinical-stage siRNA gene silencing technology, INTASYL, aimed at treating skin cancer, with a focus on its lead product candidate PH-762, which is currently in a Phase 1b clinical trial [1][4]. Group 1: Company Overview - Phio Pharmaceuticals Corp. is a clinical-stage biopharmaceutical company listed on NASDAQ under the ticker PHIO, specializing in therapeutics that utilize its proprietary INTASYL® siRNA gene silencing technology [1][4]. - The company's lead clinical program, PH-762, targets the PD-1 gene associated with various skin cancers, including cutaneous squamous cell carcinoma, melanoma, and Merkel cell carcinoma [4]. Group 2: Clinical Trial Progress - The ongoing Phase 1b clinical trial for PH-762 is currently treating patients in its fifth cohort, indicating progress towards the anticipated final cohort [1][2]. - The trial is designed to evaluate PH-762 as a potential non-surgical treatment option for skin cancers [4]. Group 3: Upcoming Events - Phio Pharmaceuticals will present at the H.C. Wainwright 27th Annual Global Investment Conference from September 8 to 10, 2025, where the CEO will provide updates on the clinical trial and future strategies [1][2][8]. - One-on-one investor meetings will be available during the conference for interested parties [3].

PART I — FINANCIAL INFORMATION [ITEM 1. FINANCIAL STATEMENTS](index=3&type=section&id=ITEM%201.%20FINANCIAL%20STATEMENTS) This section presents the unaudited condensed consolidated financial statements, including the balance sheets, statements of operations, stockholders' equity, and cash flows, along with their accompanying notes, providing a detailed financial overview for the periods ended June 30, 2025 and 2024 [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) The balance sheet shows a significant increase in cash and cash equivalents and total stockholders' equity as of June 30, 2025, compared to December 31, 2024, while the accumulated deficit continued to grow | Metric | June 30, 2025 (in thousands) | December 31, 2024 (in thousands) | | :------------------------------ | :----------------------------- | :------------------------------- | | Cash and cash equivalents | $10,775 | $5,382 | | Total current assets | $11,294 | $5,736 | | Total liabilities | $1,206 | $1,015 | | Total stockholders' equity | $10,095 | $4,723 | | Accumulated deficit | $(150,291) | $(146,356) | [Condensed Consolidated Statements of Operations](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) The statements of operations indicate an increased net loss for the three months ended June 30, 2025, but a slight decrease for the six months ended June 30, 2025, compared to the prior year, alongside a substantial increase in weighted average common shares outstanding | Metric (in thousands, except EPS) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Research and development | $1,074 | $866 | $1,960 | $2,014 | | General and administrative | $1,235 | $1,048 | $2,221 | $2,109 | | Total operating expenses | $2,309 | $1,914 | $4,181 | $4,123 | | Operating loss | $(2,309) | $(1,914) | $(4,181) | $(4,123) | | Net loss | $(2,166) | $(1,846) | $(3,935) | $(4,000) | | Net loss per common share (Basic and diluted) | $(0.45) | $(3.62) | $(0.86) | $(7.85) | | Weighted average common shares outstanding (Basic and diluted) | 4,794,857 | 510,188 | 4,551,061 | 509,542 | [Condensed Consolidated Statements of Stockholders' Equity](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Stockholders%27%20Equity) The statements of stockholders' equity reflect a substantial increase in total equity from December 31, 2024, to June 30, 2025, primarily driven by the issuance of common stock and warrants and the exercise of warrants, despite ongoing net losses | Metric (in thousands) | December 31, 2024 | June 30, 2025 | | :-------------------- | :---------------- | :------------ | | Total Stockholders' Equity | $4,723 | $10,095 | **Key Changes (Six Months Ended June 30, 2025):** * Issuance of common stock upon exercise of warrants: $2,680 * Issuance of common stock and warrants, net of offering costs: $6,493 * Stock-based compensation expense: $94 * Net loss: $(3,935) [Condensed Consolidated Statements of Cash Flows](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Cash flows for the six months ended June 30, 2025, show a significant net increase in cash and cash equivalents, primarily due to substantial cash provided by financing activities, offsetting continued cash usage in operating activities | Cash Flow Activity (in thousands) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------------------- | :----------------------------- | :----------------------------- | | Net cash used in operating activities | $(3,815) | $(3,788) | | Net cash used in investing activities | $(5) | $0 | | Net cash provided by (used in) financing activities | $9,213 | $(4) | | Net increase (decrease) in cash and cash equivalents | $5,393 | $(3,792) | | Cash and cash equivalents at end of period | $10,775 | $4,698 | [Notes to Condensed Consolidated Financial Statements](index=7&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) These notes provide essential details and context for the condensed consolidated financial statements, covering organizational information, significant accounting policies, collaboration agreements, lease arrangements, equity financing activities, stock-based compensation, net loss per share calculations, segment reporting, and subsequent events [1. Organization and Significant Accounting Policies](index=7&type=section&id=1.%20Organization%20and%20Significant%20Accounting%20Policies) This section outlines Phio Pharmaceuticals Corp.'s nature of operations as a clinical-stage biopharmaceutical company, its history, the basis of financial statement presentation, consolidation principles, single operating segment, the impact of a reverse stock split, the use of estimates, and critical liquidity concerns, including a going concern warning. It also notes recent accounting pronouncements under evaluation - Phio Pharmaceuticals Corp. is a **clinical stage biopharmaceutical company** focused on developing immuno-oncology therapeutics using its proprietary INTASYL® self-delivering siRNA technology[19](index=19&type=chunk) - The Company completed a **1-for-9 reverse stock split** of its common stock effective July 5, 2024, with all share and per share amounts adjusted retrospectively[25](index=25&type=chunk) - The Company has reported **recurring losses and negative operating cash flows** since inception, raising substantial doubt about its ability to continue as a going concern for at least the next 12 months without additional funding[27](index=27&type=chunk)[28](index=28&type=chunk) - The Company is currently evaluating the impact of new accounting pronouncements: ASU 2023-09 (Income Tax Disclosures) and ASU 2024-03 (Income Statement Expense Disaggregation Disclosure)[30](index=30&type=chunk)[31](index=31&type=chunk) [2. Collaboration Agreement](index=9&type=section&id=2.%20Collaboration%20Agreement) The Company terminated its clinical co-development collaboration agreement with AgonOx in May 2024, settling all financial obligations by March 2025 and eliminating future financial support requirements and potential milestone/royalty payments - The Clinical Co-Development Agreement with AgonOx, Inc. was **terminated in May 2024**, effective immediately[33](index=33&type=chunk)[85](index=85&type=chunk) - The Company made a final payment of **$34,320 to AgonOx on March 21, 2025**, settling all future obligations related to the terminated agreement[34](index=34&type=chunk)[85](index=85&type=chunk) | Expense Type | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Agreement Expense | $0 | $56,000 | $0 | $106,000 | [3. Leases](index=10&type=section&id=3.%20Leases) The Company's lease arrangements changed significantly, with the former headquarters lease expiring in March 2024. It now operates remotely with a month-to-month laboratory lease in Worcester, MA, and a flexible working space contract in King of Prussia, PA - The Company's former corporate headquarters and primary laboratory lease expired on **March 31, 2024**. Operations are now remote, supported by a month-to-month lease for a laboratory facility in Worcester, MA, and a flexible working space contract in King of Prussia, PA[37](index=37&type=chunk)[79](index=79&type=chunk) | Operating Lease Costs (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :----------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Operating lease costs | $8.4 | $0 | $16.8 | $33.0 | [4. Stockholders' Equity](index=10&type=section&id=4.%20Stockholders%27%20Equity) This section details multiple financing activities from July 2024 to January 2025, including registered direct offerings and private placements of common stock and warrants, which significantly increased the company's capital and the number of outstanding warrants - In July 2024, the Company completed a financing round, generating approximately **$2,646,000 in net proceeds** from warrant exercises and the issuance of new Series C and D warrants[41](index=41&type=chunk) - The Company conducted several concurrent registered direct offerings and private placements in December 2024 and January 2025, issuing common stock and various series of warrants (Series E, F, G, H, I) and

[Business Update](index=1&type=section&id=Business%20Update) This section provides an overview of Phio Pharmaceuticals' recent clinical advancements, scientific presentations, and post-quarter financial activities [PH-762 Clinical Progress](index=1&type=section&id=PH-762%20Clinical%20Progress) The Phase 1b clinical trial for PH-762 is progressing with the 5th cohort enrollment, showing the drug is well-tolerated with positive pathologic responses in cutaneous carcinomas, and a manufacturing agreement has been secured - The Phase 1b trial has treated **15 patients** across four cohorts, showing PH-762 is well-tolerated with no dose-limiting toxicities or clinically relevant treatment-emergent adverse effects[2](index=2&type=chunk) Pathologic Response in cSCC Patients (n=13) | Response Category | Number of Patients | | :--- | :--- | | Complete Response (100% clearance) | 5 | | Near Complete Response (>90% clearance) | 1 | | Partial Response (>50% clearance) | 1 | | Non-Response (<50% clearance) | 6 | - The company is now enrolling the **5th and final cohort** for the Phase 1b trial and has entered into a cGMP manufacturing agreement for PH-762 with a U.S. company[4](index=4&type=chunk) [Scientific News](index=2&type=section&id=Scientific%20News) Phio Pharmaceuticals presented its INTASYL technology and Phase 1b clinical trial data at key scientific conferences, including SID, ITOC, and ASCO, during Q2 2025 - The company delivered podium presentations on its INTASYL technology and Phase 1b clinical trial results at major conferences[5](index=5&type=chunk) - Society of Investigative Dermatology (SID) in May 2025 - 11th Annual Immunotherapy of Cancer (ITOC 11) in April 2025 - American Society of Clinical Oncology (ASCO) in June 2025[5](index=5&type=chunk) [Subsequent Events](index=2&type=section&id=Subsequent%20Events) Post-quarter, on July 25, 2025, the company successfully raised approximately $2.2 million in net proceeds through warrant inducement agreements with existing warrant holders - On July 25, 2025, the company raised approximately **$2.2 million** after expenses through warrant inducement agreements[6](index=6&type=chunk) - The financing involved certain holders exercising existing warrants to purchase an aggregate of **928,596 shares** of common stock[6](index=6&type=chunk) [Financial Results](index=2&type=section&id=Financial%20Results) This section details Phio Pharmaceuticals' financial performance for Q2 2025, highlighting increased cash reserves, rising operating expenses, and a higher net loss compared to the prior year [Financial Highlights](index=2&type=section&id=Financial%20Highlights) For Q2 2025, Phio Pharmaceuticals reported a strengthened cash position of $10.8 million, increased operating expenses, and a net loss of $2.2 million Key Financial Metrics (Q2 2025 vs. Prior Periods) | Metric | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :--- | :--- | :--- | :--- | :--- | | R&D Expenses | $1.1M | $0.9M | $1.9M | $2.0M | | G&A Expenses | $1.2M | $1.0M | $2.2M | $1.8M | | Net Loss | $2.2M | $1.8M | - | - | - Cash and cash equivalents increased to approximately **$10.8 million** at June 30, 2025, compared to **$5.4 million** at December 31, 2024[7](index=7&type=chunk) - The increase in Q2 R&D expenses was primarily due to higher CRO costs from increased patient enrollment, while the rise in G&A expenses was driven by higher salary-related costs[8](index=8&type=chunk)[10](index=10&type=chunk) [Consolidated Statements of Operations](index=4&type=section&id=Consolidated%20Statements%20of%20Operations) For the three months ended June 30, 2025, the company reported total operating expenses of $2.3 million and a net loss of $2.2 million, or ($0.45) per share, compared to $1.9 million and $1.8 million respectively in 2024 Consolidated Statements of Operations (Unaudited, in thousands) | | Three Months Ended June 30, | | :--- | :--- | :--- | | | **2025** | **2024** | | **Operating expenses:** | | | | Research and development | $1,074 | $866 | | General and administrative | $1,235 | $1,048 | | **Total operating expenses** | **$2,309** | **$1,914** | | **Operating loss** | **($2,309)** | **($1,914)** | | Total other income (expense), net | $143 | $68 | | **Net loss** | **($2,166)** | **($1,846)** | | **Basic and diluted net loss per share** | **($0.45)** | **($3.62)** | | Weighted average shares outstanding | 4,794,857 | 510,188 | [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2025, Phio's balance sheet shows total assets of $11.3 million, driven by a rise in cash to $10.8 million, with total liabilities at $1.2 million and stockholders' equity at $10.1 million Condensed Consolidated Balance Sheets (Unaudited, in thousands) | | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **ASSETS** | | | | Cash and cash equivalents | $10,775 | $5,382 | | Total current assets | $11,294 | $5,736 | | **Total assets** | **$11,301** | **$5,738** | | **LIABILITIES AND EQUITY** | | | | Total current liabilities | $1,206 | $1,015 | | **Total liabilities** | **$1,206** | **$1,015** | | **Total stockholders' equity** | **$10,095** | **$4,723** | | **Total liabilities and stockholders' equity** | **$11,301** | **$5,738** | [About Phio Pharmaceuticals Corp.](index=3&type=section&id=About%20Phio%20Pharmaceuticals%20Corp.) Phio Pharmaceuticals is a clinical-stage biopharmaceutical company developing immuno-oncology therapeutics using its proprietary INTASYL siRNA gene silencing technology, with lead program PH-762 in Phase 1b for skin cancers - Phio is a clinical-stage siRNA biopharmaceutical company using its INTASYL gene silencing technology for immuno-oncology therapeutics[13](index=13&type=chunk) - The company's lead clinical program, PH-762, silences the PD-1 gene and is in a Phase 1b trial for treating cutaneous squamous cell carcinoma, melanoma, and Merkel cell carcinoma[13](index=13&type=chunk) [Forward-Looking Statements](index=3&type=section&id=Forward%20Looking%20Statements) This section provides a standard safe harbor statement, cautioning that the press release contains forward-looking statements subject to risks and uncertainties, advising readers to refer to SEC filings for detailed risk factors - The press release includes forward-looking statements regarding the potential of its INTASYL technology, clinical trial timelines, and financial sufficiency[15](index=15&type=chunk) - Investors are warned that actual results may differ due to various risks and uncertainties, which are detailed under the "Risk Factors" section of the company's Form 10-K and 10-Q filings with the SEC[16](index=16&type=chunk)

Core Insights - Phio Pharmaceuticals reported its financial results for Q2 2025 and provided updates on its clinical trials, particularly for its lead product candidate PH-762, which utilizes INTASYL siRNA technology to target cancer treatment [1][4]. Clinical Progress - The ongoing Phase 1b clinical trial for PH-762 is evaluating its safety and tolerability in patients with various stages of cutaneous squamous cell carcinoma, melanoma, and Merkel cell carcinoma, with 15 patients treated across four cohorts [2][4]. - No dose-limiting toxicities or significant adverse effects have been reported, and all patients tolerated the treatment well, with no clinical progression observed during the trial [2][3]. Efficacy Results - Among the 13 patients with cutaneous squamous cell carcinoma, five achieved complete response (100% clearance), one had near complete response (>90% clearance), one had partial response (>50% clearance), and six had pathologic non-response (<50% clearance) [3]. - The patient with stage 4 metastatic Merkel cell carcinoma showed a pathological partial response (>50% clearance), while the melanoma patient did not respond (<50% clearance) [3]. Financial Overview - As of June 30, 2025, the company had cash and cash equivalents of approximately $10.8 million, an increase from $5.4 million at the end of 2024 [8]. - Research and development expenses for Q2 2025 were $1.1 million, up from $0.9 million in Q2 2024, primarily due to increased patient enrollment and higher consulting costs [9]. - General and administrative expenses for Q2 2025 were $1.2 million, compared to $1.0 million in the same period last year, driven by increased salary-related costs [11]. Net Loss - The net loss for Q2 2025 was $2.2 million, compared to $1.8 million in Q2 2024, attributed to rising research and development and administrative expenses [13]. Stockholder Equity - Total stockholders' equity increased to $10.1 million as of June 30, 2025, from $4.7 million at the end of 2024, reflecting the company's capital raising efforts [20][21].