Phio Pharmaceuticals Corp. reported a Q3 2025 net loss of $2.4 million, a 60% increase from the $1.5 million loss in the same quarter a year earlier. The company’s earnings per share of –$0.44 beat consensus estimates of –$0.46 by $0.02, reflecting disciplined cost management amid growing research and development outlays.
Research and development expenses rose to $1.2 million, doubling from $0.6 million in Q3 2024, while general and administrative costs increased to $1.3 million, up 44% from $0.9 million. Cash and cash equivalents stood at $10.7 million as of September 30, 2025, an almost 100% jump from $5.4 million at the end of 2024, giving the company a stronger liquidity base to support its clinical program.
A warrant‑inducement financing completed in November 2025 raised $12.1 million, of which $11.5 million has already been received. The remaining proceeds are expected by November 18, 2025, bringing total gross proceeds to approximately $13.4 million. With these funds, Phio projects an operating runway extending into the first half of 2027, with estimated cash of about $21.3 million at the release date.
The Phase 1b intratumoral PH‑762 trial reached its final cohort, reporting a 100% tumor clearance in one patient, a near‑complete response in a second, and a partial response in a third. These early efficacy signals reinforce the therapeutic potential of the INTASYL platform and support the company’s strategy to advance PH‑762 toward regulatory milestones.
Acting Chief Medical Officer Mary Spellman noted that PH‑762 has been well tolerated throughout dose escalation, with no relevant immune‑related adverse events or other toxicities. She emphasized that the company is focused on maintaining safety while expanding the clinical data set, and that the current results provide a strong foundation for the next phase of development.
The earnings release underscores Phio’s continued investment in research and development while securing the financial resources needed to sustain its clinical program. The extended cash runway and positive clinical signals position the company to pursue further development of PH‑762 and other INTASYL candidates, potentially accelerating its path toward regulatory approval and commercialization.
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