Phio Pharmaceuticals (PHIO) Q2 2026 earnings summary

Executive summary

• Advanced PH-762 program with completion of Phase 1b, initiation of commercial scale API and long-term toxicology studies, and preparation for next clinical steps and FDA submission.

• PH-762 showed a 65% response rate in cSCC patients with no dose-limiting toxicities; pivotal toxicology and manufacturing activities underway.

• Presented Phase 1b clinical data at scientific conferences and expanded IP portfolio with new patents in the US, Canada, and Japan.

• PH-894 IND submission deferred to prioritize PH-762; preclinical data supports dual mechanism and systemic anti-tumor response.

• Appointed Dr. R. Todd Plott, former FDA advisor, to the Board of Directors.

Financial highlights

• Net loss for Q2 2026 was $4.1 million, up from $2.2 million in Q2 2025; six-month net loss was $8.1 million, up from $3.9 million year-over-year.

• Operating expenses rose to $4.3 million in Q2 2026 (from $2.3 million in Q2 2025), driven by increased R&D for PH-762.

• Cash and cash equivalents at June 30, 2026 were $13.0 million, down from $21.0 million at year-end 2025.

• R&D expenses for Q2 2026 were $3.1 million, up 187% year-over-year; six-month R&D expenses were $5.9 million, up 200%.

• No product revenues recognized to date; operations funded primarily through equity and warrant financings.

Outlook and guidance

• Existing cash and cash equivalents expected to fund planned operations into the second half of 2027.

• Next FDA meeting for PH-762 targeted for Q3 2026; Phase 2b/3 trial preparations underway.

• Continued focus on PH-762 clinical advancement; PH-894 and other pipeline programs deferred.

• Management anticipates continued increase in R&D expenses as PH-762 advances.