Thu, Nov 14, 9:54 PM (60 days ago)
Phio Pharmaceuticals Corp. (PHIO) reported a net loss of $1,524,000 for Q3 2024, a decrease from $2,780,000 in Q3 2023, reflecting a significant reduction in operating expenses from $2,776,000 to $1,590,000. Research and development (R&D) expenses dropped 64% year-over-year to $644,000, driven by cost rationalization measures amid the company's transition to a product development focus. General and administrative costs slightly decreased by 2% to $946,000. Cash and cash equivalents stood at $5,390,000 as of September 30, 2024, down from $8,490,000 at year-end 2023. The company utilized $5,741,000 in operating activities but generated $2,641,000 from financing activities, primarily through warrant exercises. Future operations remain uncertain, with substantial doubt about the company's ability to continue as a going concern without additional capital. The termination of the collaboration with AgonOx in May 2024 eliminated further financial obligations, allowing Phio to redirect efforts towards its ongoing Phase 1b trial of PH-762, targeting skin cancer. The company anticipates maintaining current cash levels into Q2 2025 but faces challenges in securing future funding.