PHIO · Phio Pharmaceuticals Corp.

Phio Pharmaceuticals reported a significantly wider net loss of $4.0 million for the first quarter ended March 31, 2026, compared to $1.8 million in the prior-year quarter, primarily due to a 215% surge in research and development expenses to $2.8 million. This increase was driven by clinical trial costs, chemistry, manufacturing, and controls (CMC), and toxicology work advancing the PH-762 program for skin cancer treatment. General and administrative expenses rose 39% to $1.4 million, attributed to higher employee-related costs, investor outreach, and professional fees. Despite the operating loss expansion, the company maintains a solid cash position of $17.0 million as of quarter-end, down from $21.0 million at December 31, 2025, supported by $23.7 million in net proceeds from 2025 equity financings and warrant exercises, extending the cash runway into the first half of 2027. Management anticipates continued R&D expense growth as PH-762 advances. A key highlight is the completion of the Phase 1b dose-escalation trial (NCT 06014086) evaluating intratumoral PH-762 in 22 patients with cutaneous squamous cell carcinoma, melanoma, and Merkel cell carcinoma, showing favorable safety and pathology data presented at conferences including the American Academy of Dermatology. Final data analysis is underway, with an FDA submission targeted for Q2 2026 to seek guidance on next development steps. Additionally, key agreements were secured for nonclinical toxicology and U.S. cGMP manufacturing, positioning PH-762 as a potential non-surgical skin cancer therapy. In April 2026, Phio entered an at-the-market (ATM) agreement for up to $6.36 million in common stock sales.