Phio Pharmaceuticals Reports 2024 Year End Financial Results and Provides Business Update

Core Insights - Phio Pharmaceuticals reported its financial results for the year ended December 31, 2024, and provided updates on its clinical trials and business strategy [1][10][14] Clinical Development - The lead product candidate, PH-762, is in a Phase 1b clinical trial for treating cutaneous squamous cell carcinoma, melanoma, and Merkel cell carcinoma, with the third cohort fully enrolled [2][3][16] - The trial has shown promising results, with complete tumor clearance in 2 patients and partial response in 1 patient from the second cohort [2][3] - The company expects to complete patient enrollment in the trial by the third quarter of 2025 [3] Financial Overview - As of December 31, 2024, the company had cash of approximately $5.4 million, down from $8.5 million in 2023 [10][19] - The company raised approximately $9.2 million through direct offerings and private placements in late 2024 and early 2025, along with an additional $2.9 million from warrant exercises [4][11] - Research and development expenses decreased by approximately $2.7 million, or 42%, compared to 2023, primarily due to cost rationalization measures [12] Cost Management - The company initiated a cost rationalization program in 2023, transitioning from discovery research to product development, which included headcount reductions and a smaller research footprint [5][6] - General and administrative expenses decreased by approximately 14% to $3.7 million in 2024, down from $4.4 million in 2023 [13] Patent and Scientific Advancements - Phio's patent portfolio includes 77 issued patents, with 69 covering its INTASYL technology, which is designed for cancer therapy [8] - The company presented new data on its INTASYL technology at several major conferences in 2024, highlighting its potential applications in immuno-oncology [9]