On August 6, 2026 Phio Pharmaceuticals Corp. (NASDAQ: PHIO) is a clinical-stage siRNA biopharmaceutical company developing therapeutics using its proprietary INTASYL gene silencing technology to eliminate cancer, reported its financial results for the quarter ended June 30, 2026, and provided a business update.
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"We realized significant headway on foundational building blocks advancing the PH-762 development program during the 2nd quarter," said Robert J. Bitterman, President and CEO. "Commencement of commercial scale API and dosing of a long term non-clinical study, both expected to be completed by year end, and final analysis of pharmacology outcomes from the Phase 1b trial should provide strategic flexibility for our next clinical study design, now in its final preparation."
PH-762 Progress
PH-762 was evaluated in a U.S. multi-center Phase 1b dose-escalating clinical trial through the intratumoral injection of PH-762 for the treatment of patients with cutaneous squamous cell carcinoma, melanoma and Merkel cell carcinoma. The trial (NCT 06014086) was designed to evaluate the safety and tolerability of neoadjuvant use of intratumorally injected PH-762, assess the tumor response, and determine the dose or dose range for continued study of PH-762. The study comprised 22 patients, including 20 with cutaneous squamous cell carcinoma, one with melanoma and one with Merkel cell carcinoma, which was completed in March of this year. Final comprehensive clinical study documentation is in final preparation stage, which will be submitted to the FDA. Phio intends to request an FDA meeting in the third quarter of 2026 to discuss next steps in the clinical trial design and development strategy for PH-762.
Capital Sourcing 2Q 2026
In April 2026,
The Company has received multiple favorable patent actions encompassing three notices of allowance and one grant decision to further strengthen Phio’s global intellectual property portfolio in the United States, Canada, and Japan. This reinforces the Company’s commitment to developing and safeguarding breakthrough technologies for the INTASYL compounds.
Recently, the Company announced the appointment of Dr. R. Todd Plott M.D. to the Board of Directors who will serve as a member of the Governance Committee. Todd Plott, M.D., is a board-certified dermatologist, accomplished researcher, inventor, and former FDA advisory committee member with more than 30 years of experience in dermatologic care and innovation.
Financial Results
Cash Position
As of June 30, 2026, we had cash and cash equivalents of $13.0 million as compared with $21.0 million at December 31, 2025. The Company continues to focus its resources on advancing PH-762 while prudently managing general and administrative expenses and expects its existing cash and cash equivalents to fund planned operations into the second half of 2027.
Research and Development Expenses
Research and development expenses for the three months ended June 30, 2026 were $3.1 million, an increase of $2.0 million or 187%, compared with the three months ended June 30, 2025. The increase was primarily driven by a $0.9 million increase in nonclinical toxicology study costs, a $1.5 million increase in CMC (chemistry, manufacturing and controls) costs, offset by a $0.3 million decrease in clinical trial costs.
Research and development expenses for the six months ended June 30, 2026 were $5.9 million, an increase $3.9 million or 200%, compared with the six months ended June 30, 2025. The increase was primarily driven by an increase $1.8 million in nonclinical toxicology study costs, a $1.5 million increase in CMC costs, a $0.9 million increase in consulting, patent and employee-related costs, offset by a $0.3 million decrease in clinical trial costs.
Management believes that research and development expenses will continue to increase as we advance our PH-762 program.
General and Administrative Expenses
General and administrative expenses for the three months ended June 30, 2026 were $1.2 million, a decrease of $49 thousand or 4%, compared with the three months ended June 30, 2025.
General and administrative expenses for the six months ended June 30, 2026 were $2.6 million, an increase of $340 thousand or 15%, compared with the six months ended June 30, 2025. The increase was primarily driven by a $465 thousand increase in stock-based compensation expense, a $170 thousand increase in investor relations activities, offset by a $250 thousand decrease in financial outsourced accounting fees.
Net Loss
Net loss was $ 4.1 million for the three months ended June 30, 2026 as compared with $2.2 million for the three months ended June 30, 2025. The increase in net loss was attributable to higher research and development expenses associated with advancing the PH-762 program.
(Press release, Phio Pharmaceuticals, AUG 7, 2026, View Source [SID1234669873])