Phio Pharmaceuticals (PHIO) Q4 2024 earnings summary

Executive summary

• Advanced Phase 1b clinical trial for lead siRNA candidate PH-762, with third cohort fully enrolled and positive early efficacy and safety data reported for cutaneous squamous cell carcinoma patients.

• Terminated co-development agreement with AgonOx to focus resources on self-directed PH-762 trial after observing promising tumor reductions in a single combination patient.

• Enhanced patent portfolio to 77 issued patents, with 69 covering INTASYL technology and broad applications in immuno-oncology.

• Presented new INTASYL data at major scientific conferences and published peer-reviewed research highlighting NK cell therapy applications.

Financial highlights

• Cash position at December 31, 2024 was $5.4 million, down from $8.5 million at year-end 2023.

• Net loss for 2024 was $7.2 million ($9.08 per share), improved from $10.8 million ($46.76 per share) in 2023, mainly due to reduced R&D and G&A expenses.

• Research and development expenses decreased 42% year-over-year to $3.6 million, driven by cost rationalization and transition to product development.

• General and administrative expenses fell 14% to $3.7 million, reflecting lower legal, patent, and insurance costs.

• Completed multiple financings in 2024 and early 2025, raising net proceeds of $10.8 million to support clinical trial funding.

Outlook and guidance

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

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