Phio Pharmaceuticals Corp. reported its financial results for the third quarter ended September 30, 2024, on November 14, 2024, alongside a business update. The company held $5.4 million in cash as of September 30, 2024, compared to $8.5 million at December 31, 2023. Research and Development (R&D) expenses decreased by 64% to $0.6 million for the quarter, down from $1.8 million in the prior year period, primarily due to reduced clinical program start-up costs and headcount reductions.
General and Administrative (G&A) expenses also saw a 2% decrease, totaling $0.95 million for the quarter compared to $0.97 million in Q3 2023, mainly due to lower salary-related expenses. The net loss for the three months ended September 30, 2024, was $1.5 million, a reduction from $2.8 million in the same period of 2023, reflecting the decrease in R&D expenses.
In clinical development, the Phase 1b dose escalation trial for PH-762 received a positive safety recommendation to advance to the next highest dose for the first cohort. The second cohort is fully enrolled, with screening for the third cohort scheduled to open on December 10, 2024. Two patients who completed treatment in the second cohort showed a complete response (100% tumor clearance) and a partial response (90% tumor clearance) for cutaneous squamous cell carcinoma. A sixth clinical trial site, Paradigm Clinical Research Centers in San Diego, CA, was also added to the PH-762 study. Additionally, the INTASYL compound PH-804 was highlighted in the peer-reviewed journal Cancer Immunology, Immunotherapy.
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