Phio Pharmaceuticals (PHIO) Q3 2024 earnings summary

Executive summary

• Transitioned to a remote-first model, reducing headcount by 36% and closing the Marlborough facility to focus on clinical development, especially the PH-762 Phase 1b trial for skin cancer.

• Reported Q3 2024 financial results and business update, highlighting clinical trial progress and technology presentations.

• Terminated the AgonOx collaboration in May 2024, ending financial obligations and future milestone/royalty entitlements; remaining wind-down payments total $35,000.

• Phase 1b dose escalation trial for PH-762 advanced to the next cohort, with positive safety and efficacy signals observed.

• Multiple scientific conferences featured new data on INTASYL siRNA technology, underscoring its potential in immuno-oncology.

Financial highlights

• Net loss for Q3 2024 was $1.5M, a 45% improvement from $2.8M in Q3 2023; nine-month net loss was $5.5M, down from $8.9M year-over-year.

• Operating expenses for Q3 2024 decreased 43% year-over-year to $1.6M, driven by a 64% reduction in R&D and a 2% reduction in G&A.

• Cash and cash equivalents were $5.4M as of September 30, 2024, compared to $8.5M at year-end 2023.

• Stockholders’ equity was $4.9M at quarter-end, above the Nasdaq minimum listing requirement.

• Net loss per share for Q3 2024 was $1.54, compared to $10.25 in Q3 2023.

Outlook and guidance

• Cash runway is expected to fund operations into Q2 2025; additional capital will be required to sustain operations beyond that period.

• PH-762 Phase 1b trial enrollment is ongoing, with completion targeted for Q3 2025.

• Screening for the third cohort in the PH-762 Phase 1b trial is set to open on December 10, 2024.

• Research and development as well as general and administrative expenses are expected to remain consistent for the remainder of 2024.

• Ongoing participation in investor roadshows to increase awareness and engagement.