Phio Pharmaceuticals (PHIO) Q1 2026 earnings summary

Executive summary

• Focused on advancing INTASYL® siRNA technology for immuno-oncology, with PH-762 as the lead clinical candidate and PH-894 in preclinical development.

• Completed Phase 1b trial for PH-762 in cutaneous squamous cell carcinoma/skin cancer, showing favorable safety and pathology data; final data analysis ongoing.

• Preparing for FDA submission in Q2 2026 to determine next steps for PH-762 clinical development.

• Presented PH-762 clinical data at major scientific conferences in March and April 2026.

• Operating as a single segment, with all assets and activities in the U.S.

Financial highlights

• Cash and cash equivalents were $17.0 million as of March 31, 2026, down from $21.0 million at December 31, 2025.

• Net loss for Q1 2026 was $4.0 million, compared to $1.8 million in Q1 2025.

• Operating expenses increased to $4.2 million in Q1 2026 from $1.9 million in Q1 2025, driven by higher R&D and G&A costs.

• Research and development expenses rose 215% year-over-year to $2.8 million in Q1 2026, driven by PH-762 program costs.

• General and administrative expenses increased 39% year-over-year to $1.4 million.

Outlook and guidance

• Sufficient cash to fund operations for at least 12 months from the reporting date; runway expected to extend into the first half of 2027, supported by $23.7 million in equity financings and warrant exercises in 2025.

• Plans to advance PH-762 into Phase 2b/3 clinical trials, pending FDA guidance; FDA submission for next steps targeted for Q2 2026.

• Ongoing evaluation of additional funding needs and potential equity offerings; management anticipates continued increases in R&D expenses.