Phio Pharmaceuticals Reports Third Quarter 2023 Financial Results and Provides Business Update
November 09 2023 - 4:30PM
Phio Pharmaceuticals Corp. (Nasdaq: PHIO), a clinical stage
biotechnology company whose proprietary INTASYL™ RNAi platform
technology is designed to make immune cells more effective in
killing tumor cells, today reported its financial results for the
quarter ended September 30, 2023 and provided a business update.
“We have enrolled the first patient in our U.S. clinical trial
with PH-762,” announced Phio’s President & CEO, Robert
Bitterman. “The initiation of enrollment in this trial represents a
milestone as we develop PH-762 for the treatment of squamous cell
and other skin cancers. We are optimistic that this novel,
alternative immuno-oncology therapy may offer patients and their
care providers, enhanced therapeutic outcomes while minimizing
invasive intervention.”
Recent Corporate Updates
- Enrolled the first patient in its
Phase 1b clinical trial of lead product candidate, PH-762.
- Presented new data about its PH-894
INTASYL compound, which targets BRD4, at the AACR-NCI-EORTC
International Conference on Molecular Targets and Cancer
Therapeutics in Boston.
- Presented new data new data showing
INTASYL compound targeting CTLA-4 enhances tumor control at the
Annual Meeting of the Society for Immunotherapy of Cancer
(SITC).
Financial Results
Cash Position
At September 30, 2023, the Company had cash of $8.4 million as
compared with $11.8 million at December 31, 2022.
Research and Development Expenses
Research and development expenses were $1.8 million for the
quarter ended September 30, 2023 as compared with $2.5 million for
the quarter ended September 30, 2022, a decrease of 28%. The
decrease was primarily due to decreased costs with the completion
of the Company’s IND-enabling preclinical studies for PH-894
partially offset by an increase in clinical-related costs for the
Company’s two U.S. PH-762 Phase 1 clinical trials as compared to
the prior year period.
General and Administrative Expenses
General and administrative expenses were $1.0 million for the
quarter ended September 30, 2023 as compared with $1.1 million for
the quarter ended September 30, 2022, a decrease of 9%. The
decrease was primarily due to the reduced use of business
development consultants as compared to the prior year period.
Net Loss
Net loss was $2.8 million, or $1.14 per share, for the quarter
ended September 30, 2023 as compared with $3.6 million, or $3.14
per share, for the quarter ended September 30, 2022. The decrease
was primarily due to the changes in research and development
expenses, as described above.
About Phio Pharmaceuticals Corp.
Phio Pharmaceuticals Corp. (Nasdaq: PHIO) is a clinical stage
biotechnology company whose proprietary INTASYL™ RNAi technology is
designed to make immune cells more effective in killing tumor
cells. INTASYL is the only self-delivering RNAi technology focused
on immuno-oncology therapeutics. INTASYL drugs are designed to
precisely target specific proteins that reduce the body's ability
to fight cancer, without the need for specialized formulations or
drug delivery systems.
For additional information, visit the Company's website,
www.phiopharma.com.
Forward Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. Forward-looking statements can be identified by words such as
"intends," "believes," "anticipates," "indicates," "plans,"
"expects," "suggests," "may," "would," "should," "potential,"
"designed to," "will," "ongoing," "estimate," "forecast," "target,"
"predict," "could" and similar references, although not all
forward-looking statements contain these words. These statements
are based only on our current beliefs, expectations and assumptions
and are subject to inherent uncertainties, risks and changes in
circumstances that are difficult to predict and many of which are
outside of our control. Our actual results may differ materially
from those indicated in the forward-looking statements as a result
of a number of important factors, including, but not limited to,
the impact to our business and operations by inflationary
pressures, rising interest rates, recession fears, the development
of our product candidates, results from our preclinical and
clinical activities, our ability to execute on business strategies,
our ability to develop our product candidates with collaboration
partners, and the success of any such collaborations, the timeline
and duration for advancing our product candidates into clinical
development, the timing or likelihood of regulatory filings and
approvals, the success of our efforts to commercialize our product
candidates if approved, our ability to manufacture and supply our
product candidates for clinical activities, and for commercial use
if approved, the scope of protection we are able to establish and
maintain for intellectual property rights covering our technology
platform, our ability to obtain future financing, market and other
conditions and those identified in our Annual Report on Form 10-K
and subsequent Quarterly Reports on Form 10-Q under the caption
"Risk Factors" and in other filings the Company periodically makes
with the SEC. Readers are urged to review these risk factors and to
not act in reliance on any forward-looking statements, as actual
results may differ from those contemplated by our forward-looking
statements. Phio does not undertake to update forward-looking
statements to reflect a change in its views, events or
circumstances that occur after the date of this release, except as
required by law.
Contact:
Phio Pharmaceuticals Corp.ir@phiopharma.com
PR Contact:
Michael AdamsBridge View Mediapr@phiopharma.com
PHIO PHARMACEUTICALS
CORP.CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS (Amounts in thousands, except share and
per share data) (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
EndedSeptember 30, |
|
|
Nine Months EndedSeptember
30, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
$ |
1,808 |
|
|
$ |
2,508 |
|
|
$ |
5,325 |
|
|
$ |
5,398 |
|
General and administrative |
|
|
968 |
|
|
|
1,063 |
|
|
|
3,600 |
|
|
|
3,334 |
|
Total operating expenses |
|
|
2,776 |
|
|
|
3,571 |
|
|
|
8,925 |
|
|
|
8,732 |
|
Operating loss |
|
|
(2,776 |
) |
|
|
(3,571 |
) |
|
|
(8,925 |
) |
|
|
(8,732 |
) |
Total other expense, net |
|
|
(4 |
) |
|
|
(5 |
) |
|
|
(6 |
) |
|
|
(17 |
) |
Net loss |
|
$ |
(2,780 |
) |
|
$ |
(3,576 |
) |
|
$ |
(8,931 |
) |
|
$ |
(8,749 |
) |
Net loss per common
share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
|
$ |
(1.14 |
) |
|
$ |
(3.14 |
) |
|
$ |
(5.03 |
) |
|
$ |
(7.70 |
) |
Weighted average number of
common shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
|
|
2,440,164 |
|
|
|
1,138,571 |
|
|
|
1,775,043 |
|
|
|
1,135,744 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PHIO PHARMACEUTICALS
CORP.CONDENSED CONSOLIDATED BALANCE
SHEETS (Amounts in thousands, except share
data) (Unaudited)
|
|
|
|
|
|
|
|
|
September 30,2023 |
|
|
December 31,2022 |
|
ASSETS |
|
|
|
|
|
|
|
|
Cash |
|
$ |
8,407 |
|
|
$ |
11,781 |
|
Restricted cash |
|
|
50 |
|
|
|
50 |
|
Prepaid expenses and other current assets |
|
|
871 |
|
|
|
615 |
|
Right of use asset |
|
|
66 |
|
|
|
161 |
|
Property and equipment,
net |
|
|
142 |
|
|
|
183 |
|
Other assets |
|
|
3 |
|
|
|
24 |
|
Total assets |
|
$ |
9,539 |
|
|
$ |
12,814 |
|
LIABILITIES, PREFERRED
STOCK AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
173 |
|
|
$ |
779 |
|
Accrued expenses |
|
|
2,083 |
|
|
|
1,025 |
|
Lease liability |
|
|
70 |
|
|
|
170 |
|
Total preferred stock |
|
|
– |
|
|
|
2 |
|
Total stockholders’ equity |
|
|
7,213 |
|
|
|
10,838 |
|
Total liabilities, preferred stock and stockholders’ equity |
|
$ |
9,539 |
|
|
$ |
12,814 |
|
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