Phio Pharmaceuticals Reports First Quarter 2025 Financial Results and Provides Business Update

Core Insights - Phio Pharmaceuticals reported financial results for Q1 2025, highlighting advancements in its clinical trials for the siRNA lead product candidate PH-762, which aims to enhance immune cell effectiveness against cancer [1][2] Clinical Progress - The ongoing Phase 1b 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 [2] - As of now, 10 patients have been treated across the first three cohorts, with 4 patients achieving a pathologic complete response, indicating 100% tumor clearance [3][4] Financial Results - At March 31, 2025, the company had cash of approximately $13.3 million, a significant increase from $5.4 million at December 31, 2024 [11] - Net cash provided by financing activities for Q1 2025 was approximately $9.2 million, compared to a net cash usage of approximately $4,000 in Q1 2024 [12] - Research and development expenses decreased by 23% to $0.886 million in Q1 2025 from $1.148 million in Q1 2024, primarily due to reduced salary-related costs and consulting expenses [13] - General and administrative expenses also saw a decrease of 7%, from approximately $1.061 million in Q1 2024 to approximately $0.986 million in Q1 2025 [14] - The net loss for Q1 2025 was $1.8 million, down from $2.2 million in Q1 2024, attributed to reduced operating expenses [15] Capital Sourcing - In late 2024 and early 2025, Phio raised approximately $9.2 million through registered direct offerings and private placements, along with an additional $2.9 million from warrant exercises, providing sufficient capital to complete the treatment phase of the Phase 1b trial [8] Cost Rationalization - The company has transitioned to a new laboratory facility with a monthly rent of approximately $2,500, and has contracted for additional working space at a fee of $300 per month [9]