Phio Pharmaceuticals Corp. reported its financial results for the year ended December 31, 2024, on March 31, 2025, along with a comprehensive business update. The company held approximately $5.4 million in cash at year-end 2024, compared to $8.5 million at December 31, 2023. During 2024 and early 2025, Phio raised approximately $9.2 million in net proceeds from registered direct offerings and private placements, with an additional $2.9 million from warrant exercises, providing sufficient capital to complete the treatment phase of the PH-762 Phase 1b trial.
Research and Development (R&D) expenses decreased by approximately $2.7 million, or 42%, for the year, primarily due to cost rationalization measures, including winding down preclinical studies and headcount reductions. General and Administrative (G&A) expenses also decreased by 14%, or approximately $0.7 million, to $3.7 million, mainly due to lower professional fees and D&O insurance premiums. The net loss for 2024 was approximately $7.2 million, or ($9.08) per share, a significant reduction from $10.8 million, or ($46.76) per share, in 2023.
In clinical progress, the PH-762 Phase 1b trial advanced with Safety Monitoring Committee (SMC) recommendations for dose escalation in May and December 2024. Two patients in the second cohort achieved a complete response (100% tumor clearance), and one had a partial response (90% tumor clearance). The third dose cohort is fully enrolled, with completion of all patient enrollment expected in Q3 2025. Phio also terminated its clinical co-development agreement with AgonOx, Inc. in May 2024, settling all final obligations by March 2025, to redirect funding to its self-directed PH-762 trial. The company's patent portfolio includes 77 issued patents, 69 of which cover its INTASYL technology.
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