Phio Pharmaceuticals Reports Second Quarter 2024 Financial Results and Provides Business Update

Core Insights - Phio Pharmaceuticals reported its financial results for Q2 2024, highlighting progress in its clinical trials and financial position [3][10]. Recent Corporate Updates - The Phase 1b clinical trial for PH-762 received a positive safety recommendation, with no dose-limiting toxicities observed, leading to dose escalation and enrollment of the next cohort [3][4]. - A fifth clinical trial site has been added at the University of Pittsburgh Medical Center, joining four other sites [5]. - A new patent for INTASYL RXI-185, targeting aging skin disorders, was granted in South Korea [6]. - The company entered into agreements to exercise warrants for 545,286 shares at a reduced price, generating approximately $3.1 million in gross proceeds [7][11]. - A reverse stock split was executed, reducing outstanding shares from approximately 4.6 million to 0.5 million [8]. - The company is now in compliance with Nasdaq's minimum bid price requirement [9]. - Robert M. Infarinato was appointed as the new CFO effective August 1, 2024 [9]. - An exploratory collaboration was initiated with a global skincare company for cosmeceutical applications [10]. Financial Results - Cash position decreased to $4.7 million as of June 30, 2024, down from $8.5 million at the end of 2023 [10]. - Research and development expenses were $0.9 million for Q2 2024, a 37% decrease from $1.4 million in Q2 2023 [12]. - General and administrative expenses decreased by 10% to $1.0 million in Q2 2024 compared to $1.2 million in Q2 2023 [13]. - The net loss for Q2 2024 was $1.8 million, down from $2.5 million in Q2 2023, primarily due to reduced expenses [14]. Operational Metrics - Total operating expenses for Q2 2024 were $1.9 million, compared to $2.5 million in Q2 2023 [19]. - The net loss per common share for Q2 2024 was $3.62, compared to $13.27 in Q2 2023 [19]. - The weighted average number of common shares outstanding was 510,188 for Q2 2024 [19]. Balance Sheet Highlights - Total assets as of June 30, 2024, were $5.3 million, down from $9.4 million at the end of 2023 [20][21]. - Cash and cash equivalents decreased to $4.7 million from $8.5 million [20]. - Total liabilities were $1.5 million, with total stockholders' equity at $3.8 million [21].