Phio Pharmaceuticals Corp. reported its financial results for the first quarter ended March 31, 2025, on May 15, 2025, along with a business update. The company's cash position significantly increased to approximately $13.3 million at March 31, 2025, from $5.4 million at December 31, 2024. Net cash provided by financing activities for the quarter totaled approximately $9.2 million, primarily from the issuance of common stock and warrants, and the exercise of warrants.
Research and Development (R&D) expenses decreased by 23% to $0.886 million for the quarter, compared to $1.148 million in Q1 2024, mainly due to lower salary-related costs and consulting expenses. General and Administrative (G&A) expenses also decreased by 7% to $0.986 million. The net loss for the quarter was $1.8 million, down from $2.2 million in Q1 2024, reflecting these expense reductions. The company believes it has sufficient capital to complete the treatment phase of the Phase 1b trial.
In clinical development, the PH-762 Phase 1b trial is advancing, with the fourth cohort currently enrolling and treating patients. Of the 9 cSCC patients treated in cohorts 1-3, four achieved a pathologic complete response (100% tumor clearance), one a near complete response (>90%), and one a partial response (>50%). No patients exhibited clinical progression of disease, and PH-762 was well tolerated with no dose-limiting toxicities. Enrollment for the trial is expected to be completed in the third quarter of 2025. Phio also highlighted recent podium presentations at major dermatology and immunotherapy conferences, and the publication of positive data for its dermatology compound, RXI-231.
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