Phio Pharmaceuticals Corp.

What they do

Phio develops INTASYL small interfering RNA compounds designed to silence genes that tumors use to evade the immune system, aiming to make immune cells more effective at killing tumor cells. The company states INTASYL requires no specialized formulations or delivery systems and can be delivered to multiple cell types and tissues. It operates as a single reportable segment and has demonstrated preclinical activity against targets including PD-1, BRD4, CTLA-4, TIGIT and CTGF. Its lead compound, PH-762, is designed to reduce PD-1 expression.

Revenue drivers

• Product revenue — The company reports no product revenue; the most recent annual revenue figure in the data is $0 for 2020, and the 10-K risk factors state Phio has not generated any product revenue.
• PH-762 (lead INTASYL compound) — PH-762 targets PD-1; the 10-K cites preclinical anti-tumoral effects with direct-to-tumor administration, including activity against distant untreated tumors, but no revenue is attributed to it.
• Preclinical INTASYL pipeline — Preclinical programs against PD-1, BRD4, CTLA-4, TIGIT and CTGF, evaluated in direct-to-tumor injection and adoptive cell therapy applications, are development-stage and generate no revenue.

Recent performance

Phio has no product revenue and continues to report net losses, including a net loss of $8.7M in 2025 versus $7.2M in 2024, and losses of $10.8M in 2023, $11.5M in 2022 and $13.3M in 2021. Operating cash flow was -$8.0M in 2025 compared with -$7.1M in 2024. Diluted EPS improved to -$1.45 in 2025 from -$9.08 in 2024, reflecting a changed share count rather than profitability. As of June 30, 2026, the company reported total assets of $14.3M, total liabilities of $1.7M, stockholders' equity of $12.6M and cash and cash equivalents of $13.0M. Cash declined from $21.0M at December 31, 2025 to $13.0M at June 30, 2026.

Strategy

Phio's stated strategy is to discover and develop immuno-oncology therapeutics using its INTASYL siRNA technology, with PH-762 as the lead PD-1-targeting compound. The company highlights that INTASYL is designed to avoid the need for specialized formulations or delivery systems and to permit targeting of multiple genes in one drug product. It states it has demonstrated preclinical efficacy in both direct-to-tumor injection and adoptive cell therapy applications. The 10-K notes the company has used substantial funds for development and will need to raise substantial additional funds to continue drug development and operations.

Risks

• Need for substantial additional capital — The 10-K states Phio has used substantial funds and will need to raise substantial additional funds, and that if it cannot obtain funding it may be forced to scale back or terminate operations or seek a merger or acquisition.
• History of net losses and no product revenue — The 10-K states the company has generated significant losses to date and has not generated any product revenue, with net losses of $8.7M in 2025 and $7.2M in 2024.
• Early-stage pipeline and regulatory risk — Its disclosed programs, including PH-762, are supported by preclinical data, and the 10-K lists obtaining regulatory approval for product candidates as a future activity requiring substantial funding.
• Dependence on third parties — The 10-K states Phio is dependent on obtaining funding from third parties through debt, equity or strategic opportunities, and identifies manufacturing through third parties and reliance on third parties for marketing as possible future activities.

Outlook

The company's stated priorities are continuing research and development of INTASYL compounds and obtaining regulatory approval for its product candidates. Management discloses that future capital requirements may vary significantly from expectations and that additional financing may not be available on acceptable terms or at all. The 10-K does not provide revenue guidance or a projected timeline to profitability.