Phio Pharmaceuticals(PHIO) - 2024 Q1 - Quarterly Results

Phio Pharmaceuticals Q1 2024 Results and Business Update Recent Corporate Updates The company advanced its PH-762 clinical trial, presented positive preclinical data, and secured a new US patent - The Phase 1b clinical study for PH-762 is now active at four US sites, with three patients enrolled to evaluate its safety and tolerability in treating various skin cancers[2][5] - Presented new preclinical data at two conferences, showcasing the potential of PH-905 to improve NK cell function and PH-762 to inhibit tumor growth[5] - The USPTO granted a patent for INTASYL Compounds RXI-185 and RXI-231, targeting proteins associated with age-related skin disorders[5] Q1 2024 Financial Results The company significantly reduced its net loss to $2.2 million, driven by lower R&D and G&A expenses Cash Position Cash reserves decreased to $6.5 million at quarter-end, reflecting a cash burn of $2.0 million Cash Position Comparison | Date | Cash (in millions) | | :--- | :--- | | March 31, 2024 | $6.5 | | December 31, 2023 | $8.5 | Research and Development Expenses R&D expenses decreased by 46% YoY to $1.1 million due to cost rationalization and a strategic shift R&D Expense Comparison (YoY) | Period | R&D Expenses (in millions) | Change | | :--- | :--- | :--- | | Q1 2024 | $1.1 | -46% | | Q1 2023 | $2.1 | | - The decrease was primarily driven by the company's transition from a discovery research to a product development company, resulting in lower costs for preclinical studies, salaries, and lab supplies[5] General and Administrative Expenses G&A expenses declined 28% YoY to $1.1 million, mainly from lower consulting and legal costs G&A Expense Comparison (YoY) | Period | G&A Expenses (in millions) | Change | | :--- | :--- | :--- | | Q1 2024 | $1.1 | -28% | | Q1 2023 | $1.5 | | Net Loss Net loss narrowed to $2.2 million ($0.47 per share) from $3.6 million in the prior-year period Net Loss Comparison (YoY) | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net Loss | $2.2 million | $3.6 million | | Net Loss Per Share | ($0.47) | ($3.15) | Condensed Consolidated Financial Statements Unaudited statements show total assets of $6.85 million and a net loss of $2.15 million for the quarter Condensed Consolidated Statements of Operations The company reported a Q1 operating loss of $2.21 million and a net loss of $2.15 million Condensed Consolidated Statements of Operations (Unaudited, in thousands) | | Three Months Ended March 31, | | :--- | :--- | :--- | | | 2024 | 2023 | | Operating expenses: | | | | Research and development | $1,148 | $2,134 | | General and administrative | $1,061 | $1,468 | | Total operating expenses | $2,209 | $3,602 | | Operating loss | ($2,209) | ($3,602) | | Total other income, net | $55 | $– | | Net loss | ($2,154) | ($3,602) | | Net loss per common share | ($0.47) | ($3.15) | Condensed Consolidated Balance Sheets Total assets stood at $6.85 million and stockholders' equity at $5.60 million as of March 31, 2024 Condensed Consolidated Balance Sheets (Unaudited, in thousands) | | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | ASSETS | | | | Cash and cash equivalents | $6,475 | $8,490 | | Prepaid expenses and other current assets | $373 | $832 | | Total assets | $6,853 | $9,364 | | LIABILITIES AND STOCKHOLDERS' EQUITY | | | | Total liabilities | $1,249 | $1,634 | | Total stockholders' equity | $5,604 | $7,730 | | Total liabilities and stockholders' equity | $6,853 | $9,364 |