Phio Pharmaceuticals Announces Exercise of Warrants for Approximately $13.4 Million Gross Proceeds

Core Viewpoint - Phio Pharmaceuticals Corp. has announced the exercise of warrants that will generate approximately $13.4 million in gross proceeds, aimed at advancing its clinical development activities for its lead product, PH-762, targeting skin cancers [1][4]. Group 1: Warrant Exercise Details - The company has entered into agreements to exercise warrants for a total of 5,663,182 shares of common stock, with exercise prices ranging from $2.00 to $5.45 per share [1]. - The exercise includes 60,000 shares at $2.00, 948,596 shares at $2.485, and 4,654,586 shares at a reduced price of $2.05 [1]. - The gross proceeds from these exercises are expected to be around $13.4 million before deducting fees and expenses [1]. Group 2: New Warrants and Offerings - In exchange for the immediate cash exercise of the warrants, holders will receive new unregistered warrants to purchase up to 8,855,248 shares of common stock [3]. - The offering will occur in two closings, with the first expected on or about November 4, 2025, and the second by November 18, 2025 [3]. - The new warrants will have an exercise price of $2.05 per share and will be immediately exercisable for a term of twenty-four months [3]. Group 3: Use of Proceeds - The net proceeds from the warrant exercises will primarily be used for working capital and to accelerate the completion of development activities for PH-762, following positive trial outcomes [4]. Group 4: Company Overview - Phio Pharmaceuticals Corp. is a clinical-stage siRNA biopharmaceutical company focused on immuno-oncology therapeutics, utilizing its INTASYL® gene silencing technology [8]. - The lead clinical program, PH-762, targets the PD-1 gene and is currently in a Phase 1b trial for treating various skin cancers [8].