Phio Pharmaceuticals (PHIO) Q2 2025 earnings summary

Executive summary

• Focused on developing INTASYL® siRNA technology for immuno-oncology, with lead candidate PH-762 in Phase 1b clinical trials for skin cancers; cost rationalization and headcount reduction implemented to prioritize clinical development.

• Advanced to the 5th and final cohort in the ongoing Phase 1b clinical trial for PH-762, targeting multiple skin cancers.

• No dose-limiting toxicities or clinically relevant adverse effects observed in treated patients.

• Terminated collaboration with AgonOx in May 2024, eliminating future financial obligations and milestone entitlements.

• Entered a drug substance development agreement for PH-762 with a U.S. manufacturer.

Financial highlights

• Net loss for Q2 2025 was $2.2M, compared to $1.8M in Q2 2024; net loss for the six months ended June 30, 2025 was $3.9M, slightly improved from $4.0M in the prior year period.

• Operating expenses for Q2 2025 increased 21% year-over-year to $2.3M, driven by higher R&D and G&A costs.

• Cash and cash equivalents were $10.8M as of June 30, 2025, up from $5.4M at December 31, 2024, due to financing activities.

• Weighted average shares outstanding increased significantly due to equity issuances and warrant exercises, reaching 4,794,857 from 510,188 year-over-year.

• R&D expenses for Q2 2025 were $1.1M, up from $0.9M year-over-year; G&A expenses were $1.2M, up from $1.0M.

Outlook and guidance

• Cash runway expected to fund operations into Q2 2026; substantial additional capital will be required for continued development and commercialization.

• Sufficient capital is expected to complete the treatment phase of the ongoing Phase 1b clinical trial.

• Ongoing negative cash flows and recurring losses raise substantial doubt about ability to continue as a going concern without further funding.

• Enrollment in PH-762 Phase 1b trial expected to complete in Q3 2025.

• Continued focus on advancing PH-762 as a non-surgical treatment for skin cancers.