0001437749-26-007078
SEC filingPhio Pharmaceuticals Corp. reported a net loss of $8.7 million for fiscal year 2025, compared to a net loss of $7.2 million in 2024. The company generated no product revenue and incurred total operating expenses of $9.2 million, primarily from research and development ($4.6 million) and general and administrative costs ($4.6 million). Cash and cash equivalents increased significantly to $21.0 million at year-end 2025 from $5.4 million in 2024, driven by $23.6 million in net cash provided by financing activities from warrant exercises and stock issuances. The company remains a clinical-stage biopharmaceutical company with its lead candidate PH-762 in Phase 1b trials, and management believes current cash resources are sufficient for at least 12 months of operations.
Phio Pharmaceuticals Corp. reported a net loss of $8.7 million for the fiscal year ended December 31, 2025, representing an increase from the $7.2 million net loss reported for the prior year. The company generated no product revenue during either period. Total operating expenses increased to $9.2 million in 2025 from $7.4 million in 2024, driven by higher research and development costs ($4.6 million vs $3.6 million) and general and administrative expenses ($4.6 million vs $3.7 million). The company's cash position improved significantly, with cash and cash equivalents reaching $21.0 million at December 31, 2025, compared to $5.4 million at December 31, 2024. This improvement resulted primarily from $23.6 million in net cash provided by financing activities, including $5.8 million from warrant exercises and $17.9 million from common stock and warrant issuances.
The company has not generated any product revenue and remains a clinical-stage biopharmaceutical company. All operations are focused on research and development of the INTASYL technology platform and product candidates. The company operates as a single segment with all assets located in the United States. Research and development expenses for 2025 totaled $4.6 million, with $2.8 million allocated to PH-762 development, $231,000 to PH-894 development, and $1.6 million to employee expenses, lab supplies, and overhead.
As a pre-revenue company, Phio Pharmaceuticals has negative gross and operating margins. The company reported an operating loss of $9.2 million for 2025, consistent with its clinical-stage development status. Operating expenses increased by $1.8 million year-over-year, primarily due to increased research and development activities for the PH-762 clinical program and higher general and administrative costs. The company's accumulated deficit reached $155.1 million at December 31, 2025, reflecting ongoing investment in research and development without corresponding revenue generation.
Net cash used in operating activities was $8.0 million for 2025, an increase from $7.1 million in 2024. The company reported net cash used in investing activities of $12,000, primarily for property and equipment purchases. Financing activities provided $23.6 million in net cash, including proceeds from warrant exercises and common stock issuances. Total assets increased to $21.5 million at December 31, 2025, from $5.7 million at December 31, 2024. Total liabilities were $1.3 million, consisting primarily of accounts payable ($435,000) and accrued expenses ($905,000). Stockholders' equity improved to $20.1 million from $4.7 million, driven by the equity financings.
The company's lead product candidate, PH-762, is currently being evaluated in a U.S. multi-center Phase 1b clinical trial for cutaneous squamous cell carcinoma, melanoma, and Merkel cell carcinoma. The trial was fully enrolled in November 2025 with 22 patients. Management expects to submit an FDA proposal for next clinical steps in the second quarter of 2026. The company has sufficient cash and cash equivalents, including net proceeds from its November 2025 financing, to meet planned obligations for at least 12 months from the financial statement issuance date. Key risk factors include the need for substantial additional funding, dependence on the success of the INTASYL technology platform, early stage of product development, and competition in the biotechnology and pharmaceutical industries.