Phio Pharmaceuticals (PHIO) Q1 2025 earnings summary

Executive summary

• Advanced Phase 1b clinical trial for lead siRNA candidate PH-762, enrolling fourth cohort for cutaneous squamous cell carcinoma, melanoma, and Merkel cell carcinoma patients.

• Completed cost rationalization, reducing headcount by over 50% and transitioning to remote operations with a single laboratory facility.

• Presented INTASYL technology and clinical data at major dermatology and immunotherapy conferences.

• Highlighted promising preclinical data for RXI-231 in hyperpigmentation disorders.

• Terminated collaboration with AgonOx in May 2024, settling all obligations and ending future milestone/royalty entitlements.

Financial highlights

• Cash and cash equivalents increased to $13.3 million as of March 31, 2025, up from $5.4 million at year-end 2024.

• Net loss for Q1 2025 was $1.77 million, an improvement from $2.15 million in Q1 2024.

• Operating expenses decreased 15% year-over-year to $1.87 million, driven by lower R&D and G&A costs.

• Research and development expenses decreased 23% year-over-year to $0.886 million; G&A expenses decreased 7% to $0.986 million.

• Net cash provided by financing activities was $9.2 million in Q1 2025.

Outlook and guidance

• Expects to complete enrollment in the Phase 1b PH-762 trial in Q3 2025.

• Current cash is expected to fund operations into Q2 2026, but substantial doubt remains about long-term viability without additional capital.

• Ongoing negative cash flows and no product revenues anticipated for the foreseeable future.

• Focus remains on advancing PH-762 clinical trial and deferring IND submission for PH-894.

• Believes current capital is sufficient to complete the treatment phase of the ongoing clinical trial.