PHIOMEDIUM SIGNALFINANCIAL10-K

Phio Pharmaceuticals experienced widening losses with operating income declining to -$9.2M from -$7.4M as R&D expenses increased 26.8% to $4.6M.

The company's increased R&D spending suggests continued investment in clinical development, but this comes at the cost of deeper operating losses and higher cash burn. The removal of specific clinical trial results language from prior filings may indicate a shift in disclosure strategy or trial status that warrants monitoring.

Comparing 2026-03-05 vs 2025-03-31View on EDGAR →
FINANCIAL ANALYSIS

Phio's financial position deteriorated with operating losses widening by nearly 25% to -$9.2M, driven primarily by increased R&D spending of $4.6M. While current liabilities decreased 37.9% to $1.0M, total liabilities still increased 32% to $1.3M, and operating cash flow remained deeply negative at -$8.0M. The overall picture shows a clinical-stage company burning through cash at an accelerated rate to fund development activities.

FINANCIAL STATEMENT CHANGES
Current Liabilities
Balance Sheet
-37.9%
$1.6M$1.0M

Current liabilities reduced — improved short-term financial position and working capital health.

Total Liabilities
Balance Sheet
+32%
$1.0M$1.3M

Liabilities grew 32% — significant increase in debt or obligations, assess impact on financial flexibility.

R&D Expense
P&L
+26.8%
$3.6M$4.6M

R&D investment increased 26.8% — signals commitment to future product development, though near-term margin impact.

Operating Income
P&L
-24.8%
-$7.4M-$9.2M

Operating profitability softening — costs rising faster than revenue, watch for margin recovery plan.

Net Income
P&L
-21.7%
-$7.2M-$8.7M

Net income declined 21.7% — review whether driven by operations, interest costs, or non-recurring items.

Operating Cash Flow
Cash Flow
-12.2%
-$7.1M-$8.0M

Operating cash flow softened — monitor whether temporary working capital timing or structural deterioration.

LANGUAGE CHANGES
NEW — 2026-03-05
PRIOR — 2025-03-31
ADDED
phio20251231_10k.htm 0001533040 Phio Pharmaceuticals Corp false --12-31 FY 2025 We maintain various information security processes to manage cybersecurity risks designed to support the security, reliability and resilience of our information systems.
This program includes a number of safeguards, such as: continuous monitoring for internal and external threats, periodic evaluations of our cybersecurity program, including external reviews, benchmarking against industry standards and practices, periodic penetration testing and phishing simulations and cybersecurity awareness training for all employees.
true true true Although we have experienced phishing attempts during the past three years, we have not experienced any cybersecurity threats or incidents that have materially affected our business strategy, results of operations or financial condition nor are we aware of any such risks that are reasonably likely to have such a material effect.
Cybersecurity incidents and threats continue to evolve, and despite our safeguards, we may not be able to anticipate, detect or prevent threats in a timely manner.
For additional information, see Item 1A Risk Factors- Our business and operations would suffer in the event of a cybersecurity incident.
false The Audit Committee of our Board is responsible for oversight of the Company's cybersecurity risk management and receives quarterly updates from our management regarding cybersecurity risks, significant cybersecurity incidents and cybersecurity initiatives and strategies.
Our management also notifies our Board of significant cybersecurity incidents and provides updates on the incidents as well as cybersecurity risk mitigation activities as appropriate.
The Audit Committee of our Board is responsible for oversight of the Company's cybersecurity risk management and receives quarterly updates from our management regarding cybersecurity risks, significant cybersecurity incidents and cybersecurity initiatives and strategies.
Our management also notifies our Board of significant cybersecurity incidents and provides updates on the incidents as well as cybersecurity risk mitigation activities as appropriate.
The Audit Committee of our Board is responsible for oversight of the Company's cybersecurity risk management and receives quarterly updates from our management regarding cybersecurity risks, significant cybersecurity incidents and cybersecurity initiatives and strategies.
REMOVED
As of March 20, 2025 the registrant had 4,778,154 shares of Common Stock outstanding.
The Company operates with a single operating segment and a single reporting segment the Clinical segment.
In May and December 2024, respectively, a Safety Monitoring Committee (SMC) reviewed data from the first and second dose cohorts treated with PH-762, and in both instances recommended escalation to the next dose concentration.
A total of 7 patients with cutaneous carcinomas have been enrolled in dose cohorts 1 and 2.
The second cohort enrolled a total of 4 patients who were diagnosed with cutaneous squamous cell carcinoma.
At Day 36 (tumor excision), while patients in the first cohort had stable disease, a complete response (100% tumor clearance) was reported for 2 patients with cutaneous squamous cell carcinoma.
Partial response (90% tumor clearance) was reported for 1 patient with cutaneous squamous cell carcinoma and 1 patient had stable disease, having not progressed.
The third dose cohort is fully enrolled and patients in this cohort are currently in the treatment or follow-up phase of the study.
We expect to complete enrollment of all patients in the study in the third quarter of 2025.
We believe that our INTASYL technology provides the following benefits including, but not limited to: Ability to target a broad range of cell types and tissues; Ability to target both intracellular and extracellular protein targets; Efficient uptake by target cells, avoiding the need for assisted delivery; Sustained, or long-term, effect in vivo ; Ability to target multiple genes in one drug product; Favorable clinical safety profile with local administration; and Readily manufactured under current good manufacturing practices.
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