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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
☒
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30,
2023
OR
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from
to
Commission File Number: 001-36304
Phio Pharmaceuticals Corp.
(Exact name of registrant as specified in its
charter)
Delaware |
45-3215903 |
(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification No.) |
257 Simarano Drive, Suite 101, Marlborough,
MA 01752
(Address of principal executive office) (Zip
code)
Registrant’s telephone number, including
area code: (508) 767-3861
Securities registered pursuant to Section 12(b)
of the Act:
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered |
Common Stock, par value, $0.0001 per share |
PHIO |
The Nasdaq Capital Market |
Indicate by check mark whether the registrant
(1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months
(or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements
for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant
has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405
of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes
☒ No ☐
Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.
See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,”
and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer |
|
☐ |
|
Accelerated filer |
|
☐ |
Non-accelerated filer |
|
☒ |
|
Smaller reporting company |
|
☒ |
|
|
|
|
Emerging growth company |
|
☐ |
If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by checkmark whether the registrant is
a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐
No ☒
As of November 3, 2023, Phio Pharmaceuticals Corp. had 2,443,447 shares
of common stock, $0.0001 par value, outstanding.
PHIO PHARMACEUTICALS CORP.
FORM 10-Q — QUARTER ENDED SEPTEMBER 30,
2023
INDEX
PART I — FINANCIAL INFORMATION
ITEM 1. |
FINANCIAL STATEMENTS |
PHIO PHARMACEUTICALS CORP.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands, except share and per
share data)
(Unaudited)
| |
| | | |
| | |
| |
September 30, 2023 | | |
December 31, 2022 | |
ASSETS | |
| | | |
| | |
Current assets: | |
| | | |
| | |
Cash | |
$ | 8,407 | | |
$ | 11,781 | |
Restricted cash | |
| 50 | | |
| 50 | |
Prepaid expenses and other current assets | |
| 871 | | |
| 615 | |
Total current assets | |
| 9,328 | | |
| 12,446 | |
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 | |
| | | |
| | |
Current liabilities: | |
| | | |
| | |
Accounts payable | |
$ | 173 | | |
$ | 779 | |
Accrued expenses | |
| 2,083 | | |
| 1,025 | |
Lease liability | |
| 70 | | |
| 135 | |
Total current liabilities | |
| 2,326 | | |
| 1,939 | |
Lease liability, net of current portion | |
| – | | |
| 35 | |
Total liabilities | |
| 2,326 | | |
| 1,974 | |
Commitments and contingencies (Note 2) | |
| – | | |
| – | |
Series D Preferred Stock, $0.0001 par value; 0 and 1 shares authorized, issued and outstanding at September 30, 2023 and December 31, 2022, respectively | |
| – | | |
| 2 | |
Stockholders’ equity: | |
| | | |
| | |
Common stock, $0.0001 par value, 100,000,000 shares authorized; 2,307,385 and 1,139,024 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively | |
| – | | |
| – | |
Additional paid-in capital | |
| 144,524 | | |
| 139,218 | |
Accumulated deficit | |
| (137,311 | ) | |
| (128,380 | ) |
Total stockholders’ equity | |
| 7,213 | | |
| 10,838 | |
Total liabilities, preferred stock and stockholders’ equity | |
$ | 9,539 | | |
$ | 12,814 | |
The accompanying notes are an integral part of
these condensed consolidated financial statements.
PHIO PHARMACEUTICALS CORP.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands, except share and per
share data)
(Unaudited)
| |
| | | |
| | | |
| | | |
| | |
| |
Three Months Ended September 30, | | |
Nine Months Ended September 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 | |
The accompanying notes are an integral part of
these condensed consolidated financial statements.
PHIO PHARMACEUTICALS CORP.
CONDENSED CONSOLIDATED STATEMENTS OF
PREFERRED STOCK AND STOCKHOLDERS’ EQUITY
(Amounts in thousands, except share data)
(Unaudited)
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
For the Three and Nine Months | |
Series D Preferred Stock | | |
Common Stock | | |
Additional Paid-in | | |
Accumulated | | |
| |
Ended September 30, 2023 | |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Total | |
Balance at December 31, 2022 | |
| 1 | | |
$ | 2 | | |
| 1,139,024 | | |
$ | – | | |
$ | 139,218 | | |
$ | (128,380 | ) | |
$ | 10,838 | |
Cash-in-lieu of fractional shares for reverse stock split | |
| – | | |
| – | | |
| (1,706 | ) | |
| – | | |
| (11 | ) | |
| – | | |
| (11 | ) |
Redemption of preferred stock | |
| (1 | ) | |
| (2 | ) | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | |
Issuance of common stock upon vesting of restricted stock units | |
| – | | |
| – | | |
| 18,080 | | |
| – | | |
| – | | |
| – | | |
| – | |
Shares withheld for payroll taxes | |
| – | | |
| – | | |
| (4,816 | ) | |
| – | | |
| (25 | ) | |
| – | | |
| (25 | ) |
Stock-based compensation expense | |
| – | | |
| – | | |
| – | | |
| – | | |
| 111 | | |
| – | | |
| 111 | |
Net loss | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| (3,602 | ) | |
| (3,602 | ) |
Balance at March 31, 2023 | |
| – | | |
$ | – | | |
| 1,150,582 | | |
$ | – | | |
$ | 139,293 | | |
$ | (131,982 | ) | |
$ | 7,311 | |
Issuance of common stock and warrants, net of offering costs | |
| – | | |
| – | | |
| 659,629 | | |
| – | | |
| 5,048 | | |
| – | | |
| 5,048 | |
Issuance of common stock upon exercise of warrants | |
| – | | |
| – | | |
| 175,000 | | |
| – | | |
| – | | |
| – | | |
| – | |
Stock-based compensation expense | |
| – | | |
| – | | |
| – | | |
| – | | |
| 94 | | |
| – | | |
| 94 | |
Net loss | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| (2,549 | ) | |
| (2,549 | ) |
Balance at June 30, 2023 | |
| – | | |
$ | – | | |
| 1,985,211 | | |
$ | – | | |
$ | 144,435 | | |
$ | (134,531 | ) | |
$ | 9,904 | |
Issuance of common stock upon exercise of warrants | |
| – | | |
| – | | |
| 320,290 | | |
| – | | |
| – | | |
| – | | |
| – | |
Issuance of common stock upon vesting of restricted stock units | |
| – | | |
| – | | |
| 2,000 | | |
| – | | |
| – | | |
| – | | |
| – | |
Shares withheld for payroll taxes | |
| – | | |
| – | | |
| (116 | ) | |
| – | | |
| – | | |
| – | | |
| – | |
Stock-based compensation expense | |
| – | | |
| – | | |
| – | | |
| – | | |
| 89 | | |
| – | | |
| 89 | |
Net loss | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| (2,780 | ) | |
| (2,780 | ) |
Balance at September 30, 2023 | |
| – | | |
$ | – | | |
| 2,307,385 | | |
$ | – | | |
$ | 144,524 | | |
$ | (137,311 | ) | |
$ | 7,213 | |
For the Three and Nine Months Ended | |
Series D Preferred Stock | | |
Common Stock | | |
Additional Paid-in | | |
Accumulated | | |
| |
September 30, 2022 | |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Total | |
Balance at December 31, 2021 | |
| – | | |
$ | – | | |
| 1,127,917 | | |
$ | – | | |
$ | 138,832 | | |
$ | (116,900 | ) | |
$ | 21,932 | |
Issuance of common stock upon vesting of restricted stock units | |
| – | | |
| – | | |
| 12,943 | | |
| – | | |
| – | | |
| – | | |
| – | |
Shares withheld for payroll taxes | |
| – | | |
| – | | |
| (2,633 | ) | |
| – | | |
| (25 | ) | |
| – | | |
| (25 | ) |
Stock-based compensation expense | |
| – | | |
| – | | |
| – | | |
| – | | |
| 186 | | |
| – | | |
| 186 | |
Net loss | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| (2,642 | ) | |
| (2,642 | ) |
Balance at March 31, 2022 | |
| – | | |
$ | – | | |
| 1,138,227 | | |
$ | – | | |
$ | 138,993 | | |
$ | (119,542 | ) | |
$ | 19,451 | |
Stock-based compensation expense | |
| – | | |
| – | | |
| – | | |
| – | | |
| 83 | | |
| – | | |
| 83 | |
Net loss | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| (2,531 | ) | |
| (2,531 | ) |
Balance at June 30, 2022 | |
| – | | |
$ | – | | |
| 1,138,227 | | |
$ | – | | |
$ | 139,076 | | |
$ | (122,073 | ) | |
$ | 17,003 | |
Issuance of common stock upon vesting of restricted stock units | |
| – | | |
| – | | |
| 1,064 | | |
| – | | |
| – | | |
| – | | |
| – | |
Shares withheld for payroll taxes | |
| – | | |
| – | | |
| (293 | ) | |
| – | | |
| (3 | ) | |
| – | | |
| (3 | ) |
Stock-based compensation expense | |
| – | | |
| – | | |
| – | | |
| – | | |
| 103 | | |
| – | | |
| 103 | |
Net loss | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| (3,576 | ) | |
| (3,576 | ) |
Balance at September 30, 2022 | |
| – | | |
$ | – | | |
| 1,138,998 | | |
$ | – | | |
$ | 139,176 | | |
$ | (125,649 | ) | |
$ | 13,527 | |
The accompanying notes are an integral part of
these condensed consolidated financial statements.
PHIO PHARMACEUTICALS CORP.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in thousands)
(Unaudited)
| |
| | |
| |
| |
Nine Months Ended September 30, | |
| |
2023 | | |
2022 | |
Cash flows from operating activities: | |
| | | |
| | |
Net loss | |
$ | (8,931 | ) | |
$ | (8,749 | ) |
Adjustments to reconcile net loss to net cash used in operating activities: | |
| | | |
| | |
Depreciation and amortization | |
| 46 | | |
| 56 | |
Amortization of right of use asset | |
| 95 | | |
| 91 | |
Stock-based compensation | |
| 294 | | |
| 372 | |
Changes in operating assets and liabilities: | |
| | | |
| | |
Prepaid expenses and other assets | |
| (235 | ) | |
| (220 | ) |
Accounts payable | |
| (606 | ) | |
| 260 | |
Accrued expenses | |
| 1,058 | | |
| (1,141 | ) |
Lease liability | |
| (100 | ) | |
| (93 | ) |
Net cash used in operating activities | |
| (8,379 | ) | |
| (9,424 | ) |
Cash flows from investing activities: | |
| | | |
| | |
Cash paid for purchase of property and equipment | |
| (5 | ) | |
| (121 | ) |
Net cash used in investing activities | |
| (5 | ) | |
| (121 | ) |
Cash flows from financing activities: | |
| | | |
| | |
Net proceeds from the issuance of common stock and warrants | |
| 5,048 | | |
| – | |
Cash in lieu of fractional shares for reverse stock split | |
| (11 | ) | |
| – | |
Redemption of Series D preferred stock | |
| (2 | ) | |
| – | |
Payment of taxes on net share settlements of restricted stock units | |
| (25 | ) | |
| (28 | ) |
Net cash provided by (used in) financing activities | |
| 5,010 | | |
| (28 | ) |
Net decrease in cash and restricted cash | |
| (3,374 | ) | |
| (9,573 | ) |
Cash and restricted cash at the beginning of period | |
| 11,831 | | |
| 24,107 | |
Cash and restricted cash at the end of period | |
$ | 8,457 | | |
$ | 14,534 | |
The following table provides a reconciliation of cash and restricted
cash reported within the condensed consolidated balance sheets to the totals above:
| |
| | |
| |
| |
September 30, | |
| |
2023 | | |
2022 | |
Cash | |
$ | 8,407 | | |
$ | 14,484 | |
Restricted cash | |
| 50 | | |
| 50 | |
Cash and restricted cash | |
$ | 8,457 | | |
$ | 14,534 | |
The accompanying notes are an integral part of
these condensed consolidated financial statements.
PHIO PHARMACEUTICALS CORP.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
1. Organization and Significant Accounting Policies
Nature of Operations
Phio Pharmaceuticals Corp.
(“Phio” or the “Company”) is a clinical stage biotechnology company whose proprietary INTASYL™
self-delivering RNAi technology platform is designed to make immune cells more effective in killing tumor cells. Phio is developing therapeutics
that are designed to leverage INTASYL to precisely target specific proteins that reduce the body’s ability to fight cancer, without
the need for specialized formulations or drug delivery systems.
Effective January 26, 2023,
the Company completed a 1-for-12 reverse stock split of the Company’s outstanding common stock, including reclassifying an amount
equal to the reduction in par value to additional paid-in capital. The reverse stock split did not reduce the number of authorized shares
of the Company’s common or preferred stock. All share and per share amounts have been adjusted to give effect to the reverse stock
split.
Principles of Consolidation
The condensed consolidated
financial statements include the accounts of Phio and its wholly-owned subsidiary, MirImmune, LLC. All material intercompany accounts
have been eliminated in consolidation.
Basis of Presentation
The accompanying condensed
consolidated financial statements are unaudited and have been prepared in accordance with accounting principles generally accepted in
the United States (“GAAP”). Certain information and footnote disclosures that are included in the Company’s annual
consolidated financial statements, but that are not required for interim reporting purposes, have been condensed or omitted. Additionally,
the Company made adjustments to the outstanding stock option and unvested restricted stock unit balances, and related per share amounts,
at December 31, 2022 to reflect final revisions to those outstanding equity awards as a result of the Company’s reverse stock split.
The adjustment had no effect on the Company’s condensed consolidated financial statements. These statements should be read in conjunction
with the audited consolidated financial statements and notes thereto included in the Company’s most recent Annual Report on Form
10-K for the year ended December 31, 2022, as filed with the Securities and Exchange Commission (the “SEC”) on March
22, 2023 (the “2022 Form 10-K”). In the opinion of management, all adjustments (including normal recurring accruals)
considered necessary for a fair presentation of the condensed consolidated financial statements have been included. Interim results are
not necessarily indicative of results for a full year.
Use of Estimates
The preparation of financial
statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of
revenues and expenses during the reporting period. The areas subject to significant estimates and judgement include, among others, those
related to the fair value of equity awards, accruals for research and development expenses, useful lives of property and equipment, and the valuation allowance on the Company’s deferred tax assets. On an ongoing basis the Company evaluates its estimates
and bases its estimates on historical experience and other relevant assumptions that the Company believes are reasonable under the circumstances.
Actual results could differ materially from these estimates.
Liquidity
The Company has reported recurring
losses from operations since inception and expects to continue to have negative cash flows from operations for the foreseeable future.
Historically, the Company’s primary source of funding has been from sales of its securities. The Company’s ability to continue
to fund its operations is dependent on obtaining funding from third parties, such as proceeds from the issuance of debt, sale of equity,
or strategic opportunities, in order to maintain its operations. This is dependent on a number of factors, including the market demand
or liquidity of the Company’s common stock. There is no guarantee that debt, additional equity or other funding will be available
to the Company on acceptable terms, or at all. If the Company fails to obtain additional funding when needed, the Company would be forced
to scale back or terminate its operations or seek to merge with or to be acquired by another company.
The Company has limited cash
resources, has reported recurring losses from operations since inception and has not yet received product revenues. These factors raise
substantial doubt regarding the Company’s ability to continue as a going concern, and the Company’s current cash resources
may not provide sufficient capital to fund operations for at least the next 12 months from the date of the release of these financial
statements. The continuation of the Company as a going concern depends upon the Company’s ability to raise additional capital through
an equity offering, debt offering and/or strategic opportunity to fund its operations. There can be no assurance that the Company will
be successful in accomplishing these plans in order to continue as a going concern. These financial statements do not include any adjustments
to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the
Company be unable to continue as a going concern.
Summary of Significant Accounting Policies
There have been no material
changes to the significant accounting policies disclosed in the Company’s 2022 Form 10-K.
Recent Accounting Pronouncements
There have been no recent
accounting pronouncements that have significantly impacted this Quarterly Report on Form 10-Q, beyond those disclosed in the Company’s
2022 Form 10-K.
2. Collaboration Agreement
AgonOx, Inc. (“AgonOx”)
In March 2021, the Company
entered into a clinical co-development collaboration agreement (the “Clinical Co-Development Agreement”) with AgonOx,
a private company developing a pipeline of novel immunotherapy drugs targeting key regulators of the immune response to cancer. Under
the Clinical Co-Development Agreement, Phio and AgonOx are working to develop a T cell-based therapy using the Company’s lead product
candidate, PH-762, and AgonOx’s “double positive” tumor infiltrating lymphocytes (“DP TIL”) technology.
Per the terms of the Clinical Co-Development Agreement, the Company committed to provide financial support for development costs of up
to $4,000,000 to AgonOx for expenses incurred to conduct a Phase 1 clinical trial of PH-762 treated DP TIL in patients with advanced melanoma
and other advanced solid tumors.
The Company will recognize
its share of costs arising from research and development activities performed by AgonOx in the Company’s financial statements in
the period AgonOx incurs such expense. Phio will be entitled to certain future development milestones and low single-digit sales-based
royalty payments from AgonOx’s licensing of its DP TIL technology.
The Company recognized approximately
$606,000 and $906,000 of expense in connection with these efforts during the three and nine months ended September 30, 2023, respectively.
No expense under the Clinical Co-Development Agreement was recognized during the three and nine months ended September 30, 2022.
There is approximately $2,964,000
of remaining costs not yet incurred under the Clinical Co-Development Agreement as of September 30, 2023.
3. Fair Value of Financial Instruments
The Company follows the provisions
of the Financial Accounting Standards Board (the “FASB”) Accounting Standards Codification (“ASC”)
Topic 820, “Fair Value Measurement,” for the Company’s financial assets and liabilities that are re-measured
and reported at fair value each reporting period and are re-measured and reported at fair value at least annually using a fair value hierarchy
that is broken down into three levels. Level inputs are defined as follows:
Level 1 – quoted prices
in active markets for identical assets or liabilities.
Level 2 – other significant
observable inputs for the assets or liabilities through corroboration with market data at the measurement date.
Level 3 – significant
unobservable inputs that reflect management’s best estimate of what market participants would use to price the assets or liabilities
at the measurement date.
At September 30, 2023 and
December 31, 2022, the Company categorized its restricted cash of $50,000 as Level 2 hierarchy. Restricted cash consists of certificates of deposit held by financial institutions as collateral for the Company’s
corporate credit cards. The assets classified as Level 2 have
initially been valued at the applicable transaction price and subsequently valued, at the end of each reporting period, using other market
observable data. Observable market data points include quoted prices, interest rates, reportable trades and other industry and economic
events.
The carrying amounts of cash,
accounts payable and accrued expenses of the Company approximate their fair values due to their short-term nature.
4. Leases
In January 2019, the Company
amended the lease for its corporate headquarters and primary research facility in Marlborough, Massachusetts. The lease is for a total
of 7,581 square feet of office and laboratory space and will expire on March 31, 2024. The lease contains an option to terminate after
two or three years by providing advance written notice of termination pursuant to the terms of the agreement. The exercise of this option
was not determined to be reasonably certain and thus was not included in the lease liability on the Company’s balance sheet. The
Company did not exercise its option to terminate in either the second or third year of the lease, and the option to terminate has expired.
Additionally, the lease agreement did not contain information to determine the borrowing rate implicit in the lease. As such, the Company
calculated its incremental borrowing rate based on what the Company would have to pay to borrow on a collateralized basis over the lease
term for an amount equal to the remaining lease payments, taking into consideration such assumptions as, but not limited to, the U.S.
treasury yield rate and borrowing rates from a creditworthy financial institution using the above lease factors.
The lease for the Company’s
corporate headquarters represents all of its significant lease obligations. The amounts reported in the condensed consolidated balance
sheets for the operating lease in which the Company is the lessee and other supplemental balance sheet information is set forth as follows,
in thousands, except the lease term (number of years) and discount rate:
Schedule of lease and supplemental balance sheet information | |
| | | |
| | |
| |
September 30, 2023 | | |
December 31, 2022 | |
Assets | |
| | | |
| | |
Right of use asset | |
$ | 66 | | |
$ | 161 | |
Liabilities | |
| | | |
| | |
Lease liability, current | |
| 70 | | |
| 135 | |
Lease liability, non-current | |
| – | | |
| 35 | |
Total lease liability | |
$ | 70 | | |
$ | 170 | |
Lease Term and Discount Rate | |
| | | |
| | |
Weighted average remaining lease term | |
| 0.50 | | |
| 1.25 | |
Weighted average discount rate | |
| 4.70% | | |
| 4.70% | |
Operating lease costs included
in operating expense were $33,000 for the three months ended September 30, 2023 and 2022. Operating lease costs included in operating
expense were $99,000 for the nine months ended September 30, 2023 and 2022.
Cash paid for the amounts
included in the measurement of the operating lease liability on the Company’s condensed consolidated balance sheets and included
within changes in the lease liability in the operating activities of the Company’s condensed consolidated statements of cash flows
was $35,000 and $34,000 for the three months ended September 30, 2023 and 2022, respectively. Cash paid for the amounts included in the
measurement of the operating lease liability on the Company’s condensed consolidated balance sheets and included within changes
in the lease liability in the operating activities of the Company’s condensed consolidated statements of cash flow was $104,000
and $101,000 for the nine months ended September 30, 2023 and 2022, respectively.
Future lease payments for
the Company’s non-cancellable operating lease and a reconciliation to the carrying amount of the operating lease liability presented
in the condensed consolidated balance sheet as of September 30, 2023 is as follows, in thousands:
Schedule of future minimum lease payments | |
| | |
2023 (remaining) | |
$ | 36 | |
2024 | |
| 35 | |
Total lease payments | |
| 71 | |
Less: Imputed interest | |
| (1 | ) |
Total operating lease liability | |
$ | 70 | |
5. Preferred Stock
The Company has authorized
up to 10,000,000 shares of preferred stock, $0.0001 par value per share, for issuance. The Company’s Board of Directors (the “Board’)
is authorized under the Company’s Amended and Restated Articles of Incorporation (as may be amended and/or restated from time to
time, the “Amended Certificate”), to designate the authorized preferred stock into one or more series and to fix and
determine such rights, preferences, privileges and restrictions of any series of preferred stock, including voting rights, dividend rights,
conversion rights, redemption privileges and liquidation preferences, as shall be determined by the Board upon its issuance.
On November 16, 2022,
the Company issued and sold one
share of the Company’s Series D Preferred Stock, par value $0.0001 per share (the “Series D Preferred
Stock”) to Robert Bitterman, then its interim Executive Chairman and current Chief Executive Officer, for $1,750.
The Series D Preferred Stock was entitled to 17,500,000 votes per share exclusively with respect to any proposal to amend the
Company’s Amended Certificate to effect a reverse stock split of the Company’s common stock (“Reverse Stock
Split”). The terms of the Series D Preferred Stock provided that it would be voted, without action by the holder, on any
such proposal in the same proportion as shares of the Company’s common stock were voted. The Series D Preferred Stock
otherwise had no voting rights except as required by the General Corporation Law of the State of Delaware.
The Series D Preferred Stock
was not convertible into, or exchangeable for, shares of any other class or series of stock or other securities of the Company. The Series
D Preferred Stock had no rights with respect to any distribution of assets of the Company, including upon a liquidation, bankruptcy, reorganization,
merger, acquisition, sale, dissolution or winding up of the Company, whether voluntarily or involuntarily. The holder of the Series D
Preferred Stock was not entitled to receive dividends of any kind.
Under its terms, the outstanding
share of Series D Preferred Stock was to be redeemed in whole, but not in part, at any time: (i) if such redemption was approved by the
Board in its sole discretion or (ii) automatically and effective upon the approval by the Company's stockholders of a Reverse Stock Split.
Upon such redemption, the holder of the Series D Preferred Stock was entitled to receive consideration of $1,750 in cash.
The Series D Preferred Stock
was redeemed in whole on January 4, 2023, upon the approval by the Company’s stockholders of a Reverse Stock Split, such that, at
September 30, 2023, there were no shares of Series D Preferred Stock authorized, issued or outstanding and all of the Company’s
authorized shares of preferred stock were undesignated.
6. Stockholders’ Equity
April 2023 Financing
— On April 20, 2023, the Company completed a registered direct offering and a concurrent private placement of a total of: 353,983
registered shares of the Company’s common stock at a purchase price per share of $5.65, unregistered five and one-half year term
Series A warrants to purchase up to 353,983 shares of common stock at an exercise price of $5.40 per share and unregistered eighteen month
term Series B warrants to purchase up to 353,983 shares of common stock at an exercise price of $5.40 per share (collectively, the “April
2023 Financing”). In addition, the Company issued unregistered warrants to the placement agent, H.C. Wainwright & Co., LLC
(“HCW”), in the April 2023 Financing to purchase a total of 26,549 shares of common stock at an exercise price of $7.0625
per share. Net proceeds to the Company from the April 2023 Financing were $1,538,000 after deducting placement agent fees and offering
expenses.
In connection with the April
2023 Financing, the Company entered into warrant amendment agreements (the “Warrant Amendment Agreements”) with the
participating investors to amend the exercise price of certain existing warrants to purchase up to an aggregate of 191,619 shares of common
stock that were previously issued in April 2018 through January 2021, such that each of the amended warrants have an exercise price of
$5.40 per share. The Company received $24,000 as consideration in connection with the Warrant Amendment Agreements. The Company assessed
the amendments to the exercise price of the warrants under the FASB ASC Topic 815, “Derivatives and Hedging” (“ASC
815”) and determined that the amendment to the exercise price was completed in connection with and contingent on the close of
the April 2023 Financing. The increase in fair value of $293,000 related to the Warrant Amendment Agreements was recognized as an equity
issuance cost and recorded in additional paid in capital per ASC 815.
June 2023 Financing
— On June 2, 2023, the Company completed a registered direct offering and a concurrent private placement of a total of: 233,646
registered shares and 72,000 unregistered shares of the Company’s common stock each at a purchase price per share of $4.28, unregistered
pre-funded warrants to purchase up to an aggregate of 628,935 shares of common stock at a purchase price per share of $4.279 and with
an exercise price of $0.001 per share, unregistered five and one-half year term Series A warrants to purchase up to an aggregate of 934,581
shares of common stock at an exercise price of $4.03 per share and unregistered eighteen month term Series B warrants to purchase up to
an aggregate of 934,581 shares of common stock at an exercise price of $4.03 per share (collectively, the “June 2023 Financing”).
In addition, the Company issued unregistered warrants to the placement agent, HCW, in the June 2023 Financing to purchase a total of 70,094
shares of common stock at an exercise price of $5.35 per share. Net proceeds to the Company from the June 2023 Financing were $3,510,000
after deducting placement agent fees and offering expenses.
Warrants
The Company first assessed
the warrants in the April 2023 Financing and June 2023 Financing under the FASB ASC Topic 480, “Distinguishing Liabilities from
Equity” (“ASC 480”) to determine whether they were within the scope of ASC 480. As there were no instances
outside of the Company’s control that could require cash settlement, the Company’s warrants issued in the April 2023
Financing and June 2023 Financing were determined to be outside the scope of ASC 480.
The
Company then applied and followed the applicable accounting guidance in ASC Topic 815. Financial instruments are accounted for
as either derivative liabilities or equity instruments depending on the specific terms of the agreement. The warrants issued in the April
2023 Financing and June 2023 Financing did not meet the definition of a derivative instrument as they are indexed to the Company’s
common stock and classified within stockholders’ equity. Based on this determination, the warrants issued in the April 2023 Financing
and June 2023 Financing were classified within stockholders’ equity.
During the three and nine
months ended September 30, 2023, shares of common stock issued related to exercises from the pre-funded warrants issued in the June 2023
Financing totaled 320,290 and 495,290, respectively. The Company realized proceeds of $320 and $495, respectively, from the exercises
of the pre-funded warrants. There were no warrants exercised during the three and nine months ended September 30, 2022.
The following table summarizes the Company’s
outstanding warrants, all of which are classified as equity instruments, at September 30, 2023:
Summary of outstanding warrants | |
| | | |
| | |
| |
Number of Shares | | |
Weighted- Average Exercise Price Per Share | |
Outstanding at December 31, 2022 | |
| 545,401 | | |
$ | 54.53 | |
Issued | |
| 3,302,706 | | |
| 4.46 | |
Exercised | |
| (495,290 | ) | |
| 0.001 | |
Expired | |
| (1,837 | ) | |
| 1,245.59 | |
Outstanding at September 30, 2023 | |
| 3,350,980 | | |
$ | 9.09 | |
The Company’s outstanding warrants as of
September 30, 2023 expire at various dates between October 2023 and December 2028.
7. Stock-based Compensation
In July 2023, the Company’s
stockholders approved an amendment to the Company’s 2020 Long-Term Incentive Plan (the “2020 Plan”) to increase the
number of shares authorized for issuance thereunder by 125,500 shares.
Restricted Stock Units
Restricted stock units (“RSUs”)
are issued under the Company’s 2020 Plan or as inducement grants issued outside of the 2020 Plan to new employees. RSUs are generally
subject to graded vesting and the satisfaction of certain service requirements. Upon vesting, each outstanding RSU will be settled for
one share of the Company’s common stock. Employee RSU recipients may elect to net share settle upon vesting, in which case the
Company pays the employee’s income taxes due upon vesting and withholds a number of shares of equal value. The fair value of the
RSUs awarded are based upon the Company’s closing stock price at the grant date and are expensed over the requisite service period.
The following table summarizes the activity of
the Company’s RSUs for the nine months ended September 30, 2023:
Summary of RSU activity | |
| | |
| |
| |
Number of Shares | | |
Weighted- Average Grant Date
Fair Value
Per Share | |
Unvested units at December 31, 2022 | |
| 47,335 | | |
$ | 15.03 | |
Granted | |
| 43,500 | | |
| 5.24 | |
Vested | |
| (20,080 | ) | |
| 16.34 | |
Forfeited | |
| (1,500 | ) | |
| 5.24 | |
Unvested units at September 30, 2023 | |
| 69,255 | | |
$ | 12.93 | |
There were no RSU grants during
the three months ended September 30, 2023. The weighted-average fair value of RSUs granted during the nine months ended September 30,
2023 was $5.24. The weighted-average fair value of RSUs granted during the three and nine months ended September 30, 2022 was $9.00 and
$10.32, respectively.
Stock-based compensation expense
related to RSUs was $89,000 and $294,000 for the three and nine months ended September 30, 2023, respectively. Stock-based compensation
expense related to RSUs was $98,000 and $359,000 for the three and nine months ended September 30, 2022, respectively.
The aggregate fair value of
awards that vested during the nine months ended September 30, 2023 and 2022 was $100,000 and $138,000, respectively, which represents
the market value of the Company’s common stock on the date that the RSUs vested.
Stock Options
Stock options are available
to be issued under the 2020 Plan and are generally subject to graded vesting and the satisfaction of certain service requirements. Upon
the exercise of a stock option, the Company issues new shares and delivers them to the recipient. The Company does not expect to net share
settle to satisfy stock option exercises.
The Company used the Black-Scholes
option-pricing model to determine the fair value of all its option grants. The risk-free interest rate used for each grant was based upon
the yield on zero-coupon U.S. Treasury securities with a term similar to the expected life of the related option. The Company’s
expected stock price volatility assumption was based upon the Company’s own implied volatility. The expected life assumption used
for option grants was based upon the simplified method provided for under the FASB ASC Topic 718, “Compensation – Stock
Compensation”. The dividend yield assumption was based upon the fact that the Company has never paid cash dividends and presently
has no intention of paying cash dividends.
The following table summarizes the activity of
the Company’s stock options for the nine months ended September 30, 2023:
Summary of stock option activity | |
| | | |
| | | |
| | |
| |
Number of Shares | | |
Weighted- Average Exercise Price Per Share | | |
Aggregate Intrinsic Value | |
Balance at December 31, 2022 | |
| 177 | | |
$ | 35,231.40 | | |
| | |
Granted | |
| – | | |
| – | | |
| | |
Exercised | |
| – | | |
| – | | |
| | |
Forfeited | |
| – | | |
| – | | |
| | |
Expired | |
| (50 | ) | |
| 82,948.68 | | |
| | |
Balance at September 30, 2023 | |
| 127 | | |
$ | 16,445.06 | | |
$ | – | |
Exercisable at September 30, 2023 | |
| 127 | | |
$ | 16,445.06 | | |
$ | – | |
Stock-based compensation expense
related to stock options for the three and nine months ended September 30, 2022 was $5,000 and $13,000, respectively. As of September
30, 2022, the compensation expense for all unvested stock options had been recognized in the Company’s results of operations.
Compensation Expense Related to Equity Awards
The following table sets
forth total stock-based compensation expense for the three and nine months ended September 30, 2023 and 2022, in thousands:
Schedule of stock based compensation expense | |
| | |
| | |
| | |
| |
| |
Three Months Ended | | |
Nine Months Ended | |
| |
September 30, | | |
September 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Research and development | |
$ | 51 | | |
$ | 54 | | |
$ | 163 | | |
$ | 163 | |
General and administrative | |
| 38 | | |
| 49 | | |
| 131 | | |
| 209 | |
Total stock-based compensation | |
$ | 89 | | |
$ | 103 | | |
$ | 294 | | |
$ | 372 | |
8. Net Loss per Common Share
Basic
net loss per share is computed by dividing net loss by the weighted average number of common shares outstanding. Diluted net loss per
share is computed by dividing the Company’s net loss by the weighted average number of common shares outstanding and the impact
of the dilutive effect of potential common stock equivalents, except when the inclusion of such potential common stock equivalents would
be anti-dilutive. Dilutive potential common stock equivalents primarily consist of stock options, RSUs and warrants. Therefore, basic
and diluted net loss per share applicable to common stockholders were the same for all periods presented because the impact of these items
is generally anti-dilutive during periods of net loss.
The weighted average number
of common shares outstanding as of September 30, 2023 includes the pre-funded warrants issued in connection with the June 2023 Financing,
the exercise of which requires nominal consideration for the delivery of the shares of common stock.
The following table sets
forth the potential common shares excluded from the calculation of net loss per common share because their inclusion would be anti-dilutive:
Schedule of anti-dilutive stock | |
| | | |
| | |
| |
September 30, | |
| |
2023 | | |
2022 | |
Stock options | |
| 127 | | |
| 142 | |
Unvested restricted stock units | |
| 69,255 | | |
| 57,017 | |
Warrants1 | |
| 3,217,335 | | |
| 545,401 | |
Total | |
| 3,286,717 | | |
| 602,560 | |
__________________
1 The weighted average number of common shares outstanding
as of September 30, 2023 includes pre-funded warrants issued in the June 2023 Financing because the exercise of such warrants requires
only nominal consideration. Therefore, these pre-funded warrants are not included in the table above.
ITEM 2. |
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
In this report, “we,” “our,”
“ours,” “us,” “Phio” and the “Company” refers to Phio Pharmaceuticals Corp. and our subsidiary,
MirImmune, LLC and the ongoing business operations of Phio Pharmaceuticals Corp. and MirImmune, LLC, whether conducted through Phio Pharmaceuticals
Corp. or MirImmune, LLC.
This management’s discussion and analysis
of financial condition as of September 30, 2023 and results of operations for the three and nine months ended September 30, 2023 and 2022
should be read in conjunction with the audited financial statements included in our Annual Report on Form 10-K for the year ended December
31, 2022, which was filed with the Securities and Exchange Commission (the “SEC”) on March 22, 2023 (the “2022
Form 10-K”).
This report 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. Forward-looking statements
are neither historical facts nor assurances of future performance. These statements are based only on our current beliefs, expectations
and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy
and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks
and changes in circumstances that are difficult to predict and many of which are outside of our control. Risks that could cause actual
results to vary from expected results expressed in our forward-looking statements include, but are not limited to, the impact to our business
and operations by inflationary pressures, rising interest rates, recession fears, the development of our product candidates, 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, results from our preclinical
and clinical activities, 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, and our ability to obtain future financing. Our actual results and financial condition may differ materially from those indicated
in the forward-looking statements as a result of a number of important factors, including those identified in our 2022 Form 10-K under
the heading “Risk Factors” and in other filings the Company periodically makes with the SEC. Therefore, you should not rely
on any of these forward-looking statements. Forward-looking statements contained in this Quarterly Report on Form 10-Q speak as of the
date hereof and the Company does not undertake to update any of these forward-looking statements to reflect a change in its views or events
or circumstances that occur after the date of this report except as required by law.
Overview
Phio is a clinical stage biotechnology
company whose proprietary INTASYL™ self-delivering RNAi technology platform is designed to make immune cells more effective in killing
tumor cells. We are developing therapeutics that are designed to leverage INTASYL to precisely target specific proteins that reduce the
body’s ability to fight cancer, without the need for specialized formulations or drug delivery systems. Our efforts are focused
on developing immuno-oncology therapeutics using our INTASYL platform. We have demonstrated preclinical efficacy in both direct-to-tumor
injection and adoptive cell therapy (“ACT”) applications with our INTASYL compounds.
PH-762
PH-762 is an INTASYL compound
designed to reduce the expression of cell death protein 1 (“PD-1”). PD-1 is a protein that inhibits T cells’
ability to kill cancer cells and is a clinically validated target in immunotherapy. Decreasing the expression of PD-1 can thereby increase
the capacity of T cells, which protect the body from cancer cells and infections, to kill cancer cells.
Our preclinical studies have
demonstrated that direct-to-tumor application of PH-762 resulted in potent anti-tumoral effects and have shown that direct-to-tumor treatment
with PH-762 inhibits tumor growth in a dose dependent fashion in PD-1 responsive and refractory models. Importantly, direct-to-tumor administration
of PH-762 resulted in activity against distant untreated tumors, indicative of a systemic anti-tumor response. We believe these data further
support the potential for PH-762 to provide a strong local immune response without the dose immune-related adverse effects seen with systemic
antibody therapy.
In November 2023, we announced
the first patient dosed in our U.S. multi-center Phase 1b clinical trial with PH-762 under a previously cleared Investigational New Drug
(“IND”) application by the Food and Drug Administration. Intratumoral injection of PH-762 in this dose-escalating trial
will treat patients with cutaneous squamous cell carcinoma, melanoma and Merkel cell carcinoma and is currently open for continued enrollment
of patients. This trial is 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.
Given our intention to focus
our efforts and resources on our U.S. clinical trial with PH-762, we have completed the winding down process for our first-in-human clinical
trial for PH-762 in France, which was limited to the treatment of patients with metastatic melanoma. Safety data from the initial cohort
of three patients in the French clinical trial were evaluated by a data monitoring committee in the first quarter of 2023. The safety
data review disclosed no dose-limiting toxicity, and no drug-related severe or serious adverse events.
Due to INTASYL’s ease
of administration, we have shown that our compounds can easily be incorporated into current ACT manufacturing processes. In ACT, T cells
are usually taken from a patient's own blood or tumor tissue, grown in large numbers in a laboratory, and then given back to the patient
to help the immune system fight cancer. By treating T cells with our INTASYL compounds while they are being grown in the laboratory, we
believe our INTASYL compounds can improve these immune cells to make them more effective in killing cancer. Preclinical data generated
in collaboration with AgonOx, Inc. (“AgonOx”), a private company developing a pipeline of novel immunotherapy drugs
targeting key regulators of the immune response to cancer, demonstrated that treating AgonOx’s “double positive” tumor
infiltrating lymphocytes (“DP TIL”) with PH-762 increased their tumor killing activity by two-fold.
In March 2021, we entered
into a clinical co-development collaboration agreement (the “Clinical Co-Development Agreement”) with AgonOx to develop
a T cell-based therapy using PH-762 and AgonOx’s DP TIL. Under the Clinical Co-Development Agreement, we committed to provide
financial support for development costs of up to $4 million to AgonOx for expenses incurred to conduct a Phase 1 clinical trial of PH-762
treated DP TIL in patients with advanced melanoma and other advanced solid tumors. We are also eligible to receive certain future development
milestones and low single-digit sales-based royalty payments from AgonOx’s licensing of its DP TIL technology.
PH-762 treated DP TIL are
being evaluated in a Phase 1 clinical trial in the United States with up to 18 patients with advanced melanoma and other advanced solid
tumors by AgonOx. The primary trial objectives are to evaluate the safety and to study the potential for enhanced therapeutic benefit
from the administration of PH-762 treated DP TIL. The Company announced the first patient was dosed in August 2023 and the trial is open
for the continued enrollment of patients.
As of September 30, 2023,
there is approximately $2,964,000 of remaining costs not yet incurred under the Clinical Co-Development Agreement.
PH-894
PH-894 is an INTASYL compound
that is designed to silence BRD4, a protein that controls gene expression in both T cells and tumor cells, thereby effecting the immune
system as well as the tumor. Intracellular and/or commonly considered “undruggable” targets, such as BRD4, represent a challenge
for small molecule and antibody therapies. Therefore, what sets this compound apart is its dual mechanism: PH-894 suppression of BRD4
in T cells results in T cell activation, and suppression of BRD4 in tumor cells results in tumors becoming more sensitive to being killed
by T cells.
Preclinical studies conducted
have demonstrated that PH-894 resulted in a strong, concentration dependent and durable silencing of BRD4 in T cells and in various cancer
cells. Similar to PH-762, preclinical studies have also shown that direct-to-tumor application of PH-894 resulted in potent and statistically
significant anti-tumoral effects against distant untreated tumors, indicative of a systemic anti-tumor response. These preclinical data
indicate that PH-894 can reprogram T cells and other cells in the tumor microenvironment to provide enhanced immunotherapeutic activity.
We have completed the IND-enabling studies and are in the process of continuing to finalize the study reports required for an IND submission
with PH-894. As a result of the reprioritization to advance our clinical trial with PH-762 in the U.S., we have elected to defer the IND
submission for PH-894.
Critical Accounting Policies and Estimates
The discussion and analysis
of our financial condition and results of operations are based upon our condensed consolidated financial statements, which have been prepared
in accordance with accounting principles generally accepted in the United States. The preparation of these condensed consolidated financial
statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses,
and related disclosure of contingent assets and liabilities. On an ongoing basis, we evaluate our estimates and base our estimates on
historical experience and various other assumptions that are believed to be reasonable under the circumstances. Actual results may differ
from these estimates under different assumptions or conditions and could have a material impact on our reported results.
There have been no material
changes to our critical accounting policies and estimates as compared to those disclosed in our 2022 Form 10-K.
Results of Operations
The following table summarizes the results of our
operations for the periods indicated, in thousands:
| |
Three Months Ended September 30, | | |
| | |
Nine Months Ended September 30, | | |
| |
Description | |
2023 | | |
2022 | | |
Dollar Change | | |
2023 | | |
2022 | | |
Dollar Change | |
Operating expenses | |
$ | 2,776 | | |
$ | 3,571 | | |
$ | (795 | ) | |
$ | 8,925 | | |
$ | 8,732 | | |
$ | 193 | |
Operating loss | |
$ | (2,776 | ) | |
$ | (3,571 | ) | |
$ | 795 | | |
$ | (8,925 | ) | |
$ | (8,732 | ) | |
$ | (193 | ) |
Net loss | |
$ | (2,780 | ) | |
$ | (3,576 | ) | |
$ | 796 | | |
$ | (8,931 | ) | |
$ | (8,749 | ) | |
$ | (182 | ) |
Comparison of the Three and Nine Months Ended September 30, 2023
and 2022
Operating Expenses
The following table summarizes our total operating
expenses, for the periods indicated, in thousands:
| |
Three Months Ended
September 30, | | |
| | |
Nine Months Ended September 30, | | |
| |
Description | |
2023 | | |
2022 | | |
Dollar Change | | |
2023 | | |
2022 | | |
Dollar Change | |
Research and development | |
$ | 1,808 | | |
$ | 2,508 | | |
$ | (700 | ) | |
$ | 5,325 | | |
$ | 5,398 | | |
$ | (73 | ) |
General and administrative | |
| 968 | | |
| 1,063 | | |
| (95 | ) | |
| 3,600 | | |
| 3,334 | | |
| 266 | |
Total operating expenses | |
$ | 2,776 | | |
$ | 3,571 | | |
$ | (795 | ) | |
$ | 8,925 | | |
$ | 8,732 | | |
$ | 193 | |
Research and Development Expenses
Research and development
expenses relate to compensation and benefits for research and development personnel, facility-related expenses, supplies, external services,
costs to acquire technology licenses, research activities under our research collaboration, expenses associated with preclinical and
clinical development activities and other operating costs. Our research and development programs are focused on the development of immuno-oncology
therapeutics based on our INTASYL therapeutic platform. Since we commenced operations, research and development expenses have been a
significant portion of our total operating expenses and are expected to constitute the majority of our spending for the foreseeable future.
Research and development expenses
for the three months ended September 30, 2023 decreased 28% as compared to the three months ended September 30, 2022. The decrease in
research and development expenses was primarily due to the completion of our IND-enabling preclinical studies for PH-894 of approximately
$1,515,000, partially offset by an increase in clinical-related costs of approximately $788,000 for our two U.S. PH-762 Phase 1 clinical
trials as compared to the prior year period.
Research and development
expenses for the nine months ended September 30, 2023 decreased 1% as compared to the nine months ended September 30, 2022. The
change in research and development expenses was primarily due to a decrease in costs related to the completion of our IND-enabling
preclinical studies for PH-894 of approximately $1,562,000 and reduced lab supplies of approximately $218,000 as a result of a
decrease in lab personnel, partially offset by an increase in clinical-related costs of approximately $1,647,000 for our two
U.S. PH-762 Phase 1 clinical trials as compared to the prior year period.
We anticipate research and
development expenses to increase as a result of our clinical-related activities as our programs progress in clinical development.
General and Administrative Expenses
General and administrative
expenses relate to compensation and benefits for general and administrative personnel, facility-related expenses, professional fees for
legal and patent-related activities, audit, tax and consulting services, as well as other general corporate expenses.
General and administrative
expenses for the three months ended September 30, 2023 decreased 9% as compared to the three months ended September 30, 2022. The decrease
was primarily due to the reduced use of business development consultants of approximately $73,000 as compared to the prior year period.
General and administrative
expenses for the nine months ended September 30, 2023 increased 8% as compared to the nine months ended September 30, 2022. The increase
in general and administrative expenses was primarily due to higher legal fees of approximately $359,000 and audit fees of $62,000, partially
offset by decreases in payroll-related expenses, including executive search-related fees, of approximately $190,000 due to changes in
headcount as compared to the prior year period.
Liquidity and Capital Resources
Historically, our primary
source of funding has been through the sale of our securities. In the future, we will be dependent on obtaining funding from third parties,
such as proceeds from the issuance of debt, sale of equity or strategic opportunities, in order to maintain our operations. We have reported
recurring losses from operations since inception and expect that we will continue to have negative cash flows from our operations for
the foreseeable future. At September 30, 2023, we had cash of $8,407,000 as compared with $11,781,000 at December 31, 2022.
During the nine months ended
September 30, 2023, we completed the April 2023 Financing and June 2023 Financing (each as defined in Note 6 to our condensed consolidated
interim financial statements) and received total net proceeds of $5,048,000 after deducting placement agent fees and offering expenses.
For further information regarding the April 2023 Financing and June 2023 Financing, see Note 6 to our condensed consolidated interim financial
statements included elsewhere in this Quarterly Report.
We have limited cash resources,
have reported recurring losses from operations since inception and have not yet received product revenues. These factors raise substantial
doubt regarding our ability to continue as a going concern, and our current cash resources may not provide sufficient capital to fund
operations for at least the next 12 months from the date of the release of the financial statements included elsewhere in this Quarterly
Report. Our continuation as a going concern depends upon our ability to raise additional capital through equity offerings, debt offerings
and/or strategic opportunities to fund our operations. There can be no assurance that we will be successful in accomplishing any of these
plans in order to continue as a going concern. The financial statements included elsewhere in this Quarterly Report do not include any
adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary
should we be unable to continue as a going concern.
The following table summarizes
our cash flows for the periods indicated, in thousands:
| |
Nine Months Ended September 30, | |
| |
2023 | | |
2022 | |
Net cash used in operating activities | |
$ | (8,379 | ) | |
$ | (9,424 | ) |
Net cash used in investing activities | |
| (5 | ) | |
| (121 | ) |
Net cash provided by (used in) financing activities | |
| 5,010 | | |
| (28 | ) |
Net decrease in cash and restricted cash | |
$ | (3,374 | ) | |
$ | (9,573 | ) |
Net Cash Flow from Operating Activities
Net cash used in operating activities for the nine months ended September
30, 2023 decreased 11% as compared to the nine months ended September 30, 2022, primarily due to decreased cash outflows from changes
in operating assets and liabilities of $1,311,000 as a result of liabilities owed for the payments related to the IND-enabling studies
with PH-894 and clinical supply manufacturing of PH-762 and PH-894 in the prior year period partially offset by an increase in net loss
of $182,000 and non-cash related items of $84,000.
Net Cash Flow from Investing Activities
Net cash used in investing
activities for the nine months ended September 30, 2023 decreased 96% as compared to the nine months ended September 30, 2022, primarily
due to changes in laboratory and computer equipment purchases for our facility over the comparative
period.
Net Cash Flow from Financing Activities
Net cash provided by financing
activities for the nine months ended September 30, 2023 increased as compared to the net cash used in financing activities for the nine
months ended September 30, 2022, primarily due to the completion of our April 2023 Financing and June 2023 Financing.
Contractual Obligations
The Company does not intend
to renew the lease for its corporate headquarters and primary research facility in Marlborough, Massachusetts, which will expire on March
31, 2024. Beginning in April of 2024, we expect to continue operations as a fully remote business.
Details of our obligations
under the Clinical Co-Development Agreement with our partner AgonOx as of September 30, 2023 can be found in Note 2 of the condensed consolidated
interim financial statements included elsewhere in this Quarterly Report. Outside of the above, there have been no material changes to
the contractual obligations as disclosed in our 2022 Form 10-K.
ITEM 3. |
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK |
As a smaller reporting company,
we are not required to provide this information.
ITEM 4. |
CONTROLS AND PROCEDURES |
Evaluation of Disclosure Controls and Procedures
Our management, with the participation
of our Principal Executive Officer (who is also acting as our Principal Financial Officer), evaluated the effectiveness of disclosure
controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange
Act”)) as of the end of the period covered by this report to ensure that information that we are required to disclose in reports
that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the
Securities and Exchange Commission’s rules and forms.
Our disclosure controls and
procedures are designed to provide reasonable assurance of achieving their objectives. We believe that a control system, no matter how
well designed and operated, cannot provide absolute assurance that the objectives of the control system are met, and no evaluation of
controls can provide absolute assurance that all control issues and instances of fraud, if any, within a company have been detected. Based
on the evaluation of our disclosure controls and procedures as of the end of the period covered by this report, management, with the participation
of our Principal Executive Officer (who is also acting as our Principal Financial Officer), concluded that our disclosure controls and
procedures were effective at the reasonable assurance level as of such date.
Changes in Internal Control Over Financial
Reporting
There have been no changes
in our internal control over financial reporting that occurred during the quarter ending September 30, 2023 that have materially affected,
or are reasonably likely to materially affect, our internal control over financial reporting.
PART II — OTHER INFORMATION
ITEM 1. |
LEGAL PROCEEDINGS |
From time to time, the Company
may become a party to various legal proceedings and complaints arising in the ordinary course of business. We are not currently a party
to any actual or threatened material legal proceedings of which we are aware.
There have been no material
changes in our risk factors set forth in Part I, “Item 1A. Risk Factors” in our 2022 Form 10-K. The risk factors disclosed
in Part I, “Item 1A. Risk Factors” in our 2022 Form 10-K could materially adversely affect our business, financial condition,
or results of operations. This Quarterly Report on Form 10-Q also contains forward-looking statements that involve risks and uncertainties.
Our actual results could differ materially from those anticipated in these forward-looking statements as a result of certain factors,
including these risks. Additional risks not currently known or currently material to us may also harm our business.
ITEM 2. |
UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS |
No sales or issuances of unregistered securities
occurred that have not previously been disclosed in a Current Report on Form 8-K.
ITEM 3. |
DEFAULTS UPON SENIOR SECURITIES |
None.
ITEM 4. |
MINE SAFETY DISCLOSURES |
Not applicable.
ITEM 5. |
OTHER INFORMATION |
None.
EXHIBIT INDEX
_________________
* |
Filed herewith. |
** |
Furnished herewith and not deemed “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liability of that Section or incorporated by reference into any filing under the Securities Act or the Exchange Act. |
# |
Indicates a management contract or compensatory plan or arrangement. |
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
|
Phio Pharmaceuticals Corp. |
|
|
|
|
By: |
|
/s/ Robert J. Bitterman |
|
|
|
Robert J. Bitterman |
|
|
|
President and Chief Executive Officer
(as Principal Executive and Financial Officer) |
|
|
|
|
|
|
Date: November 9, 2023 |
Exhibit 10.1
PHIO PHARMACEUTICALS CORP.
2020 LONG TERM INCENTIVE PLAN
(a)
Successor to Prior Plan. This Plan is the successor to the Phio Pharmaceuticals Corp. 2012 Long Term Incentive Plan, as amended
(the “Prior Plan”). From and after 12:01 a.m. Eastern time on the Effective Date, no additional stock awards will be
granted under the Prior Plan.
(b)
Eligible Award Recipients. Employees, Directors and Consultants are eligible to receive Awards.
(c)
Available Awards. This Plan provides for the grant of the following Awards: (i) Incentive Stock Options; (ii) Nonstatutory Stock
Options; (iii) Stock Appreciation Rights; (iv) Restricted Stock Awards; (v) Restricted Stock Unit Awards; (vi) Performance Stock Awards;
and (vii) Performance Cash Awards.
(d)
Purpose. This Plan, through the granting of Awards, is intended to help the Company secure and retain the services of eligible
award recipients, provide incentives for such persons to exert maximum efforts for the success of the Company and any Affiliate and provide
a means by which the eligible award recipients may benefit from increases in the value of the Common Stock.
(a)
Administration by Board. The Board will administer this Plan. The Board may delegate administration of this Plan to a Committee
or Committees, as provided in Section 2(d).
(b)
Powers of Board. The Board will have the power, subject to, and within the limitations of, the express provisions of this Plan:
(i)
To determine: (A) who will be granted Awards; (B) when and how each Award will be granted; (C) what type of Award will be granted; (D)
the provisions of each Award (which need not be identical), including when a person will be permitted to exercise or otherwise receive
cash or Common Stock under the Award; (E) the number of shares of Common Stock subject to, or the cash value of, an Award; and (F) the
Fair Market Value applicable to a Stock Award.
(ii)
To construe and interpret this Plan and Awards granted under it, and to establish, amend and revoke rules and regulations for administration
of this Plan and Awards. The Board, in the exercise of these powers, may correct any defect, omission or inconsistency in this Plan or
in any Award Document or in the written terms of a Performance Cash Award, in a manner and to the extent it will deem necessary or expedient
to make this Plan or Award fully effective.
(iii)
To settle all controversies regarding this Plan and Awards granted under it.
(iv)
To accelerate, in whole or in part, or to extend, in whole or in part, the time during which an Award may be exercised or vest, or at
which cash or shares of Common Stock may be issued.
(v)
To suspend or terminate this Plan at any time. Except as otherwise provided in this Plan or an Award Document, suspension or termination
of this Plan will not materially impair a Participant’s rights under his or her then-outstanding Award without his or her written
consent except as provided in subsection (viii) below.
(vi)To amend this Plan in any
respect the Board deems necessary or advisable, including, without limitation, adopting amendments relating to Incentive Stock Options
and nonqualified deferred compensation under Section 409A of the Code and/or making this Plan or Awards granted under this Plan exempt
from or compliant with the requirements for Incentive Stock Options or exempt from or compliant with the requirements for nonqualified
deferred compensation under Section 409A of the Code, subject to the limitations, if any, of applicable law. If required by applicable
law or listing requirements, and except as provided in Section 9(a) relating to Capitalization Adjustments, the Company will seek
stockholder approval of any amendment of this Plan that (A) materially increases the number of shares of Common Stock available for issuance
under this Plan, (B) materially expands the class of individuals eligible to receive Awards under this Plan, (C) materially increases
the benefits accruing to Participants under this Plan, (D) materially reduces the price at which shares of Common Stock may be issued
or purchased under this Plan, (E) materially extends the term of this Plan, or (F) materially expands the types of Awards available for
issuance under this Plan. Except as otherwise provided in this Plan (including subsection (viii) below) or an Award Document, no amendment
of this Plan will materially impair a Participant’s rights under an outstanding Award without the Participant’s written consent.
(vii)To
submit any amendment to this Plan for stockholder approval, including, but not limited to, amendments to this Plan intended to satisfy
the requirements of (A) Section 422 of the Code regarding “incentive stock options” or (B) Rule 16b-3 of the Exchange Act
or any successor rule, if applicable.
(viii)To
approve forms of Award Documents for use under this Plan and to amend the terms of any one or more outstanding Awards, including, but
not limited to, amendments to provide terms more favorable to the Participant than previously provided in the Award Documents for such
Awards, subject to any specified limits in this Plan that are not subject to Board discretion. A Participant’s rights under any
Award will not be impaired by any such amendment unless the Company requests the consent of the affected Participant, and the Participant
consents in writing. However, a Participant’s rights will not be deemed to have been impaired by any such amendment if the Board,
in its sole discretion, determines that the amendment, taken as a whole, does not materially impair the Participant’s rights. In
addition, subject to the limitations of applicable law, if any, the Board may amend the terms of any one or more Awards without the affected
Participant’s consent (A) to maintain the qualified status of the Award as an Incentive Stock Option under Section 422 of the Code,
(B) to change the terms of an Incentive Stock Option, if such change results in impairment of the Award solely because it impairs the
qualified status of the Award as an Incentive Stock Option under Section 422 of the Code, (C) to clarify the manner of exemption from,
or to bring the Award into compliance with, Section 409A of the Code, or (D) to comply with other applicable laws or listing requirements.
(ix)Generally,
to exercise such powers and to perform such acts as the Board deems necessary or expedient to promote the best interests of the Company
and that are not in conflict with the provisions of this Plan and/or Award Documents.
(x)To
adopt such procedures and sub-plans as are necessary or appropriate (A) to permit or facilitate participation in this Plan by persons
eligible to receive Awards under this Plan who are not citizens of, subject to taxation by, or employed outside, the United States or
(B) to allow Awards to qualify for special tax treatment in a jurisdiction other than the United States. Board approval will not be necessary
for immaterial modifications to this Plan or any Award Document that are required for compliance with the laws of the relevant jurisdiction.
(c)
Minimum Vesting. Notwithstanding any other provision of this Plan, Awards granted under this Plan may not become exercisable, vest
or settle, in whole or in part, prior to the one-year anniversary of the date of grant, except that (1) the Board may provide that Awards
become exercisable, vest or settle prior to such date in the event of the Participant’s death or disability or in connection with
a Change in Control, and (2) Awards to Non-Employee Directors may vest on the Company’s next annual meeting of stockholders (provided
that such annual meetings are at least fifty (50) weeks apart). Notwithstanding the foregoing, up to 5% of the aggregate number of Shares
authorized for issuance under this Plan (as described in Section 3(a)(1) hereof) may be issued without regard to the restrictions of the
foregoing sentence.
(d)
Delegation to Committee.
(i)
General. The Board may delegate some or all of the administration of this Plan to a Committee or Committees. If administration
of this Plan is delegated to a Committee, the Committee will have, in connection with the administration of this Plan, the powers theretofore
possessed by the Board that have been delegated to the Committee, including the power to delegate to a subcommittee of the Committee any
of the administrative powers the Committee is authorized to exercise (and references in this Plan to the Board will thereafter be to the
Committee or subcommittee). Any delegation of administrative powers will be reflected in the charter of the Committee to which the delegation
is made, or resolutions, not inconsistent with the provisions of this Plan, adopted from time to time by the Board or Committee (as applicable).
The Committee may, at any time, abolish the subcommittee and/or revest in the Committee any powers delegated to any subcommittee. Unless
otherwise provided by the Board, delegation of authority by the Board to a Committee, or to an Officer or employee pursuant to Section
2(e), does not limit the authority of the Board, which may continue to exercise any authority so delegated and may concurrently administer
this Plan with the Committee and may, at any time, revest in the Board some or all of the powers previously delegated.
(ii)
Rule 16b-3 Compliance. The Committee may consist solely of two or more Non-Employee Directors, in accordance with Rule 16b-3 of
the Exchange Act.
(e)
Delegation to an Officer. The Board may delegate to one (1) or more Officers the authority to do one or both of the following,
to the maximum extent permitted by applicable law: (i) designate Employees who are not Officers to be recipients of Stock Awards and the
terms of such Stock Awards; and (ii) determine the number of shares of Common Stock to be subject to such Stock Awards granted to such
Employees; provided, however, that the Board resolutions regarding such delegation will specify the total number of shares of Common Stock
that may be subject to the Stock Awards granted by such Officer and that such Officer may not grant a Stock Award to himself or herself.
Any such Stock Awards will be granted on a form that is substantially the same as the form of Stock Award Document approved by the Committee
or the Board for use in connection with such Stock Awards, unless otherwise provided for in the resolutions approving the delegation authority.
(f)
Effect of Board’s Decision. All determinations, interpretations and constructions made by the Board (or a duly authorized
Committee, subcommittee or Officer exercising powers delegated by the Board under this Section 2) in good faith will not be subject
to review by any person and will be final, binding and conclusive on all persons.
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3. |
SHARES SUBJECT TO THIS PLAN. |
(a)
Share Reserve.
(i)
Subject to Section 9(a) relating to Capitalization Adjustments, the aggregate maximum number of shares of Common Stock that may
be issued pursuant to Stock Awards from and after the Effective Date will not exceed 225,500 shares of Common Stock plus (A) any shares
of Common Stock that remain available for grant under the Prior Plan as of the Effective Date and (B) any shares of Common Stock subject
to outstanding awards under the Prior Plan as of the Effective Date (such outstanding awards the “Prior Plan Awards”)
that on or after the Effective Date are forfeited, terminated, expire or otherwise lapse without being exercised (to the extent applicable),
or are settled in cash (the “Share Reserve”).
(ii)
For clarity, the Share Reserve is a limitation on the number of shares of Common Stock that may be issued under this Plan. As a single
share may be subject to grant more than once (e.g., if a share subject to a Stock Award is forfeited, it may be made subject to grant
again as provided in Section 3(b) below), the Share Reserve is not a limit on the number of Stock Awards that can be granted.
(iii)
Shares may be issued under the terms of this Plan in connection with a merger or acquisition as permitted by NASDAQ Listing Rule 5635(c),
NYSE Listed Company Manual Section 303A.08, AMEX Company Guide Section 711 or other applicable rule, and such issuance will not reduce
the number of shares available for issuance under this Plan.
(iv)
Subject to Section 9(a) relating to Capitalization Adjustments, the aggregate Fair Market Value on the date of grant of Shares
subject to Awards granted under this Plan, together with any cash compensation paid or payable, during any calendar year to any one Non-Employee
Director shall not exceed $500,000; provided, however, that in the calendar year in which a Non-Employee Director first joins the Board
or is designated as Chairman of the Board, such maximum dollar value may be up to two hundred percent (200%) of the dollar value set forth
in the foregoing limit. The limitation described in this Section shall be determined without regard to amounts paid to a Non-Employee
Director during or for any period in which such individual was an employee or consultant, and any severance and other payments paid to
a Non-Employee Director for such director’s prior or current service to the Company or any Subsidiary other than serving as a director
shall not be taken into account in applying the limit provided above. For the avoidance of doubt, any compensation that is deferred shall
be counted toward this limit for the year in which it was first earned, and not when paid or settled.
(b)
Reversion of Shares to the Share Reserve. If a Stock Award or any portion of a Stock Award expires, is cancelled or forfeited or
otherwise terminates without all of the shares covered by the Stock Award having been issued, then the shares of Common Stock subject
to the Stock Award (or portion thereof) that expires, is cancelled or forfeited or otherwise terminates shall revert and again be available
for issuance under this Plan. If any shares of Common Stock are repurchased by the Company using proceeds from the exercise or purchase
price of a Stock Award, or retained because the Stock Award (or a portion thereof) is settled in cash (i.e., the Participant receives
cash rather than stock), then the shares that are repurchased or retained shall not revert and will not become available for issuance
under this Plan. Any shares retained and not issued by the Company in satisfaction of tax withholding obligations on a Stock Award or
as consideration for the exercise or purchase price of a Stock Award will reduce the number of shares of Common Stock that are available
for issuance under this Plan and such shares shall not be available for issuance under this Plan.
(c)
Incentive Stock Option Limit. Subject to Section 9(a) relating to Capitalization Adjustments, the aggregate maximum number
of shares of Common Stock that may be issued on the exercise of Incentive Stock Options will be 225,500 shares of Common Stock.
(d)
Source of Shares. The stock issuable under this Plan will be shares of authorized but unissued or reacquired Common Stock, including
shares repurchased by the Company on the open market or otherwise or shares classified as treasury shares.
(a)
Eligibility for Specific Stock Awards. Incentive Stock Options may be granted only to employees of the Company or a “parent
corporation” or “subsidiary corporation” thereof (as such terms are defined in Sections 424(e) and 424(f) of the Code).
Stock Awards other than Incentive Stock Options may be granted to Employees, Directors and Consultants.
(b)
Ten Percent Stockholders. A Ten Percent Stockholder will not be granted an Incentive Stock Option unless the exercise price of
such Option is at least 110% of the Fair Market Value on the date of grant and the Option is not exercisable after the expiration of five
(5) years from the date of grant.
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5. |
PROVISIONS RELATING TO OPTIONS AND STOCK APPRECIATION RIGHTS. |
Each Option or SAR will be
in such form and will contain such terms and conditions as the Board deems appropriate. All Options will be separately designated Incentive
Stock Options or Nonstatutory Stock Options at the time of grant, and, if certificates are issued, a separate certificate or certificates
will be issued for shares of Common Stock purchased on exercise of each type of Option. If an Option is not specifically designated as
an Incentive Stock Option, or if an Option is designated as an Incentive Stock Option but some portion or all of the Option fails to qualify
as an Incentive Stock Option under the applicable rules, then the Option (or portion thereof) will be a Nonstatutory Stock Option. The
provisions of separate Options or SARs need not be identical; provided, however, that each Award Document will conform to (through incorporation
of provisions hereof by reference in the applicable Award Document or otherwise) the substance of each of the following provisions:
(a) Term. Subject to
Section 4(b) regarding Ten Percent Stockholders, no Option or SAR will be exercisable after the expiration of 10 years from the
date of its grant or such shorter period specified in the Award Document.
(b)
Exercise Price. Subject to Section 4(b) regarding Ten Percent Stockholders, the exercise or strike price of each Option
or SAR will be not less than 100% of the Fair Market Value of the Common Stock subject to the Option or SAR on the date the Award is granted.
Notwithstanding the foregoing, an Option or SAR may be granted with an exercise or strike price lower than 100% of the Fair Market Value
of the Common Stock subject to the Award if such Award is granted pursuant to an assumption of or substitution for another option or stock
appreciation right pursuant to a corporate transaction and in a manner consistent with the provisions of Section 409A of the Code and,
if applicable, Section 424(a) of the Code. Each SAR will be denominated in shares of Common Stock equivalents.
(c)
Purchase Price for Options. The purchase price of Common Stock acquired pursuant to the exercise of an Option may be paid, to the
extent permitted by applicable law and as determined by the Board in its sole discretion, by any combination of the methods of payment
set forth below. The Board will have the authority to grant Options that do not permit all of the following methods of payment (or otherwise
restrict the ability to use certain methods) and to grant Options that require the consent of the Company to use a particular method of
payment. The purchase price shall be denominated in U.S. dollars. The permitted methods of payment are as follows:
(i)
by cash, check, bank draft or money order payable to the Company;
(ii)
pursuant to a program developed under Regulation T as promulgated by the United States Federal Reserve Board or a successor regulation,
or a similar rule in a foreign jurisdiction of domicile of a Participant, that, prior to or contemporaneously with the issuance of the
stock subject to the Option, results in either the receipt of cash (or check) by the Company or the receipt of irrevocable instructions
to pay the aggregate exercise price to the Company from the proceeds of sale of such stock;
(iii)
by delivery to the Company (either by actual delivery or attestation) of shares of Common Stock;
(iv)
by a “net exercise” arrangement pursuant to which the Company will reduce the number of shares of Common Stock issuable upon
exercise by the largest whole number of shares with a Fair Market Value that does not exceed the aggregate exercise price; provided, however,
that the Company will accept cash or other payment from the Participant to the extent of any remaining balance of the aggregate exercise
price not satisfied by such reduction in the number of whole shares to be issued. Shares of Common Stock will no longer be subject to
an Option and will not be exercisable thereafter to the extent that (A) shares issuable upon exercise are used to pay the exercise price
pursuant to the “net exercise,” (B) shares are delivered to the Participant as a result of such exercise, and (C) shares are
withheld to satisfy tax withholding obligations; or
(v)
in any other form of legal consideration that may be acceptable to the Board and specified in the applicable Award Document.
(d)
Exercise and Payment of a SAR. To exercise any outstanding SAR, the Participant must provide written notice of exercise to the
Company in compliance with the provisions of the Stock Appreciation Right Award Document evidencing such SAR. The appreciation distribution
payable on the exercise of a SAR will be not greater than an amount equal to the excess of (A) the aggregate Fair Market Value (on the
date of the exercise of the SAR) of a number of shares of Common Stock equal to the number of Common Stock equivalents in which the Participant
is vested under such SAR (with respect to which the Participant is exercising the SAR on such date), over (B) the aggregate strike price
of the number of Common Stock equivalents with respect to which the Participant is exercising the SAR on such date. The appreciation distribution
may be paid in Common Stock, in cash, in any combination of the two or in any other form of consideration, as determined by the Board
and contained in the Award Document evidencing such SAR.
(e)
Transferability of Options and SARs. The Board may, in its sole
discretion, impose such limitations on the transferability of Options and SARs as the Board determines. In the absence of such a
determination by the Board to the contrary, the following restrictions on the transferability of Options and SARs will apply:
(i)
Restrictions on Transfer. An Option or SAR will not be transferable except by will or by the laws of descent and distribution (or
pursuant to subsections (ii) and (iii) below), and will be exercisable during the lifetime of the Participant only by the Participant.
The Board may permit transfer of the Option or SAR in a manner that is not prohibited by applicable tax and securities laws. Except as
explicitly provided herein, neither an Option nor a SAR may be transferred for consideration.
(ii)
Domestic Relations Orders. Subject to the approval of the Board or a duly authorized Officer, an Option or SAR may be transferred
pursuant to the terms of a domestic relations order, official marital settlement agreement or other divorce or separation instrument as
permitted by U.S. Treasury Regulation 1.421-1(b)(2) or other applicable law. If an Option is an Incentive Stock Option, such Option may
be deemed to be a Nonstatutory Stock Option as a result of such transfer.
(iii)
Beneficiary Designation. Subject to the approval of the Board or a duly authorized Officer, a Participant may, by delivering written
notice to the Company, in a form approved by the Company (or the designated broker), designate a third party who, on the death of the
Participant, will thereafter be entitled to exercise the Option or SAR and receive the Common Stock or other consideration resulting from
such exercise. In the absence of such a designation, the executor or administrator of the Participant’s estate will be entitled
to exercise the Option or SAR and receive the Common Stock or other consideration resulting from such exercise. However, the Company may
prohibit designation of a beneficiary at any time, including due to any conclusion by the Company that such designation would be inconsistent
with the provisions of applicable laws.
(f)
Vesting Generally. The total number of shares of Common Stock subject to an Option or SAR may vest and therefore become exercisable
in periodic installments that may or may not be equal. The Option or SAR may be subject to such other terms and conditions on the time
or times when it may or may not be exercised (which may be based on the satisfaction of performance goals or other criteria) as the Board
may deem appropriate. The vesting provisions of individual Options or SARs may vary. The provisions of this Section 5(f) are subject
to any Option or SAR provisions governing the minimum number of shares of Common Stock as to which an Option or SAR may be exercised.
(g)
Termination of Continuous Service. Except as otherwise provided in the applicable Award Document, or other agreement between the
Participant and the Company, if a Participant’s Continuous Service terminates (other than for Cause and other than upon the Participant’s
death or Disability), the Participant may exercise his or her Option or SAR (to the extent that the Participant was entitled to exercise
such Award as of the date of termination of Continuous Service) within the period of time ending on the earlier of (i) the date three
(3) months following the termination of the Participant’s Continuous Service and (ii) the expiration of the term of the Option or
SAR as set forth in the applicable Award Document. If, after termination of Continuous Service, the Participant does not exercise his
or her Option or SAR within the applicable time frame, the Option or SAR will terminate.
(h)
Extension of Termination Date. Except as otherwise provided in the applicable Award Document, or other agreement between the Participant
and the Company, if the exercise of an Option or SAR following the termination of the Participant’s Continuous Service (other than
for Cause and other than upon the Participant’s death or Disability) would be prohibited at any time solely because the issuance
of shares of Common Stock would violate the registration requirements under the Securities Act, then the Option or SAR will terminate
on the earlier of (i) the expiration of a total period of three (3) months (that need not be consecutive) after the termination of
the Participant’s Continuous Service during which the exercise of the Option or SAR would not be in violation of such registration
requirements, and (ii) the expiration of the term of the Option or SAR as set forth in the applicable Award Document. In addition, unless
otherwise provided in a Participant’s applicable Award Document, or other agreement between the Participant and the Company, if
the sale of any Common Stock received upon exercise of an Option or SAR following the termination of the Participant’s Continuous
Service (other than for Cause) would violate the Company’s insider trading policy, and the Company does not waive the potential
violation of the policy or otherwise permit the sale, or allow the Participant to surrender shares of Common Stock to the Company in satisfaction
of any exercise price and/or any withholding obligations under Section 8(g), then the Option or SAR will terminate on the earlier
of (i) the expiration of a period of months (that need not be consecutive) equal to the applicable post-termination exercise period after
the termination of the Participant’s Continuous Service during which the sale of the Common Stock received upon exercise of the
Option or SAR would not be in violation of the Company’s insider trading policy, or (ii) the expiration of the term of the Option
or SAR as set forth in the applicable Award Document.
(i)
Disability of Participant. Except as otherwise provided in the applicable Award Document, or other agreement between the Participant
and the Company, if a Participant’s Continuous Service terminates as a result of the Participant’s Disability, the Participant
may exercise his or her Option or SAR (to the extent that the Participant was entitled to exercise such Option or SAR as of the date of
termination of Continuous Service), but only within such period of time ending on the earlier of (i) the date 12 months following such
termination of Continuous Service, and (ii) the expiration of the term of the Option or SAR as set forth in the applicable Award Document.
If, after termination of Continuous Service, the Participant does not exercise his or her Option or SAR within the applicable time frame,
the Option or SAR (as applicable) will terminate.
(j)
Death of Participant. Except as otherwise provided in the applicable Award Document, or other agreement between the Participant
and the Company, if (i) a Participant’s Continuous Service terminates as a result of the Participant’s death, or (ii) the
Participant dies within the period (if any) specified in this Plan or the applicable Award Document, or other agreement between the Participant
and the Company, for exercisability after the termination of the Participant’s Continuous Service (for a reason other than death),
then the Option or SAR may be exercised (to the extent the Participant was entitled to exercise such Option or SAR as of the date of death)
by the Participant’s estate, by a person who acquired the right to exercise the Option or SAR by bequest or inheritance or by a
person designated to exercise the Option or SAR upon the Participant’s death, but only within the period ending on the earlier of
(i) the date 18 months following the date of death, and (ii) the expiration of the term of such Option or SAR as set forth in the applicable
Award Document. If, after the Participant’s death, the Option or SAR is not exercised within the applicable time frame, the Option
or SAR will terminate.
(k)
Termination for Cause. Except as explicitly provided otherwise in a Participant’s Award Document or other individual written
agreement between the Company or any Affiliate and the Participant, if a Participant’s Continuous Service is terminated for Cause,
the Option or SAR will terminate upon the date on which the event giving rise to the termination for Cause first occurred, and the Participant
will be prohibited from exercising his or her Option or SAR from and after the date on which the event giving rise to the termination
for Cause first occurred (or, if required by law, the date of termination of Continuous Service). If a Participant’s Continuous
Service is suspended pending an investigation of the existence of Cause, all of the Participant’s rights under the Option or SAR
will also be suspended during the investigation period.
(l)
Non-Exempt Employees. If an Option or SAR is granted to an Employee who is a non-exempt employee for purposes of the U.S. Fair
Labor Standards Act of 1938, as amended, the Option or SAR will not be first exercisable for any shares of Common Stock until at least
6 months following the date of grant of the Option or SAR (although the Award may vest prior to such date). Consistent with the provisions
of the U.S. Worker Economic Opportunity Act, (i) if such non-exempt Employee dies or suffers a Disability, (ii) upon a Change in Control
in which such Option or SAR is not assumed, continued, or substituted, or (iii) upon the non-exempt Employee’s retirement (as such
term may be defined in the non-exempt Employee’s applicable Award Document, in another agreement between the non-exempt Employee
and the Company, or, if no such definition, in accordance with the Company’s then current employment policies and guidelines), the
vested portion of any Options and SARs may be exercised earlier than 6 months following the date of grant. The foregoing provision is
intended to operate so that any income derived by a non-exempt Employee in connection with the exercise or vesting of an Option or SAR
will be exempt from his or her regular rate of pay. To the extent permitted and/or required for compliance with the U.S. Worker Economic
Opportunity Act to ensure that any income derived by a non-exempt Employee in connection with the exercise, vesting or issuance of any
shares under any other Stock Award will be exempt from such employee’s regular rate of pay, the provisions of this paragraph will
apply to all Stock Awards and are hereby incorporated by reference into such Stock Award Documents.
(m)
No Repricing. Neither an Option nor SAR may be modified to reduce the exercise price thereof nor may a new Option, SAR or other
Award at a lower price be substituted or exchanged for a surrendered Option or SAR (other than adjustments or substitutions in accordance
with Section 9(a) relating to Capitalization Adjustments), unless such action is approved by the stockholders of the Company.
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6. |
PROVISIONS OF STOCK AWARDS OTHER THAN OPTIONS AND SARS. |
(a)
Restricted Stock Awards. Each Restricted Stock Award Document will be in such form and will contain such terms and conditions as
the Board deems appropriate. To the extent consistent with the Company’s bylaws, at the Board’s election, shares of Common
Stock may be (x) held in book entry form subject to the Company’s instructions until any restrictions relating to the Restricted
Stock Award lapse, or (y) evidenced by a certificate, which certificate will be held in such form and manner as determined by the Board.
The terms and conditions of Restricted Stock Award Documents may change from time to time, and the terms and conditions of separate Restricted
Stock Award Documents need not be identical. Each Restricted Stock Award Document will conform to (through incorporation of the provisions
hereof by reference in the agreement or otherwise) the substance of each of the following provisions:
(i)
Consideration. A Restricted Stock Award may be awarded in consideration for (A) cash, check, bank draft or money order payable
to the Company, (B) past services to the Company or an Affiliate, or (C) any other form of legal consideration (including future services)
that may be acceptable to the Board, in its sole discretion, and permissible under applicable law.
(ii)
Vesting. Shares of Common Stock awarded under the Restricted Stock Award Document may be subject to forfeiture to the Company in
accordance with a vesting schedule and subject to such conditions as may be determined by the Board.
(iii)
Termination of Participant’s Continuous Service. If a Participant’s Continuous Service terminates, the Company may
receive through a forfeiture condition or a repurchase right, any or all of the shares of Common Stock held by the Participant that have
not vested as of the date of termination of Continuous Service under the terms of the Restricted Stock Award Document.
(iv)
Transferability. Common Stock issued pursuant to an Award, and rights to acquire shares of Common Stock under the Restricted Stock
Award Document, will be transferable by the Participant only upon such terms and conditions as are set forth in the Restricted Stock Award
Document, as the Board determines in its sole discretion, so long as such Common Stock remains subject to the terms of the Restricted
Stock Award Document.
(v)
Dividends. Any dividends paid on Restricted Stock will be subject to the same vesting and forfeiture restrictions as apply to the
shares subject to the Restricted Stock Award to which they relate.
(b)
Restricted Stock Unit Awards. Each Restricted Stock Unit Award Document will be in such form and will contain such terms and conditions
as the Board deems appropriate. The terms and conditions of Restricted Stock Unit Award Documents may change from time to time, and the
terms and conditions of separate Restricted Stock Unit Award Documents need not be identical. Each Restricted Stock Unit Award Document
will conform to (through incorporation of the provisions hereof by reference in the Agreement or otherwise) the substance of each of the
following provisions:
(i)
Consideration. At the time of grant of a Restricted Stock Unit Award, the Board will determine the consideration, if any, to be
paid by the Participant upon delivery of each share of Common Stock subject to the Restricted Stock Unit Award. The consideration to be
paid (if any) by the Participant for each share of Common Stock subject to a Restricted Stock Unit Award may be paid in any form of legal
consideration that may be acceptable to the Board, in its sole discretion, and permissible under applicable law.
(ii)
Vesting. At the time of the grant of a Restricted Stock Unit Award, the Board may impose such restrictions on or conditions to
the vesting of the Restricted Stock Unit Award as it, in its sole discretion, deems appropriate.
(iii)
Payment. A Restricted Stock Unit Award may be settled by the delivery of shares of Common Stock, their cash equivalent, any combination
thereof or in any other form of consideration, as determined by the Board and contained in the Restricted Stock Unit Award Document.
(iv)
Additional Restrictions. At the time of the grant of a Restricted Stock Unit Award, the Board, as it deems appropriate, may impose
such restrictions or conditions that delay the delivery of the shares of Common Stock (or their cash equivalent) subject to a Restricted
Stock Unit Award to a time after the vesting of such Restricted Stock Unit Award.
(v)
Dividend Equivalents. Dividend equivalents may be credited in respect of shares of Common Stock covered by a Restricted Stock Unit
Award, as determined by the Board and contained in the Restricted Stock Unit Award Document. At the sole discretion of the Board, such
dividend equivalents may be converted into additional shares of Common Stock covered by the Restricted Stock Unit Award in such manner
as determined by the Board. Any dividend equivalents and/or additional shares covered by the Restricted Stock Unit Award credited by reason
of such dividend equivalents will be subject to all of the same terms and conditions of the underlying Restricted Stock Unit Award Document
to which they relate.
(vi)
Termination of Participant’s Continuous Service. Except as otherwise provided in the applicable Restricted Stock Unit Award
Document, or other agreement between the Participant and the Company, such portion of the Restricted Stock Unit Award that has not vested
will be forfeited upon the Participant’s termination of Continuous Service.
(c)
Performance Awards.
(i)
Performance Stock Awards. A Performance Stock Award is a Stock Award that is payable (including that may be granted, vest or exercised)
contingent upon the attainment during a Performance Period of the achievement of certain performance goals. A Performance Stock Award
may, but need not, require the completion of a specified period of Continuous Service. The length of any Performance Period, the performance
goals to be achieved during the Performance Period, and the measure of whether and to what degree such performance goals have been attained
will be conclusively determined by the Committee, the Board, or an authorized Officer, in its sole discretion. In addition, to the extent
permitted by applicable law and the applicable Award Document, the Board may determine that cash may be used in payment of Performance
Stock Awards.
(ii)
Performance Cash Awards. A Performance Cash Award is a cash award that is granted and/or becomes payable contingent upon the attainment
during a Performance Period of the achievement of certain performance goals. A Performance Cash Award may also require the completion
of a specified period of Continuous Service. At the time of grant of a Performance Cash Award, the length of any Performance Period, the
performance goals to be achieved during the Performance Period, and the measure of whether and to what degree such performance goals have
been attained will be conclusively determined by the Committee, the Board, or an authorized Officer, in its sole discretion. The Board
may specify the form of payment of Performance Cash Awards, which may be cash or other property, or may provide for a Participant to have
the option for his or her Performance Cash Award, or such portion thereof as the Board may specify, to be paid in whole or in part in
cash or other property.
(iii)
Board Discretion. The Committee, the Board, or an authorized Officer, as the case may be, retains the discretion to define the
manner of calculating the performance criteria it selects to use for a Performance Period.
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7. |
COVENANTS OF THE COMPANY. |
(a)
No Obligation to Notify or Minimize Taxes. The Company will have no duty or obligation to any Participant to advise such holder
as to the time or manner of exercising such Stock Award. Furthermore, the Company will have no duty or obligation to warn or otherwise
advise such holder of a pending termination or expiration of an Award or a possible period in which the Award may not be exercised. The
Company has no duty or obligation to, and does not undertake to, provide tax advice or to minimize the tax consequences of an Award to
the holder of such Award.
(b)
Securities Law Compliance. The Company will seek to obtain from each regulatory commission or agency having jurisdiction over this
Plan such authority as may be required to grant Stock Awards and to issue and sell shares of Common Stock upon exercise of the Stock Awards;
provided, however, that this undertaking will not require the Company to register under the Securities Act this Plan, any Stock Award
or any Common Stock issued or issuable pursuant to any such Stock Award. If, after reasonable efforts and at a reasonable cost, the Company
is unable to obtain from any such regulatory commission or agency the authority that counsel for the Company deems necessary for the lawful
issuance and sale of Common Stock under this Plan, the Company will be relieved from any liability for failure to issue and sell Common
Stock upon exercise of such Stock Awards unless and until such authority is obtained. A Participant will not be eligible for the grant
of an Award or the subsequent issuance of cash or Common Stock pursuant to the Award if such grant or issuance would be in violation of
any applicable securities law.
(a)
Use of Proceeds from Sales of Common Stock. Proceeds from the sale of shares of Common Stock pursuant to Stock Awards will constitute
general funds of the Company.
(b)
Corporate Action Constituting Grant of Awards. Corporate action constituting a grant by the Company of an Award to any Participant
will be deemed completed as of the latest date that all necessary corporate action has occurred and all material terms of the Award (including,
in the case of stock options, the exercise price thereof) are fixed, unless otherwise determined by the Board, regardless of when the
documentation evidencing the Award is communicated to, or actually received or accepted by, the Participant. In the event that the corporate
records (e.g., Board consents, resolutions or minutes) documenting the corporate action constituting the grant contain terms (e.g., exercise
price, vesting schedule or number of shares) that are inconsistent with those in the Award Document as a result of a clerical error in
the papering of the Award Document, the corporate records will control and the Participant will have no legally binding right to the incorrect
term in the Award Document.
(c)
Stockholder Rights. No Participant will be deemed to be the holder of, or to have any of the rights of a holder with respect to,
any shares of Common Stock subject to a Stock Award unless and until (i) such Participant has satisfied all requirements for exercise
of, or the issuance of shares of Common Stock under, the Stock Award pursuant to its terms, and (ii) the issuance of the Common Stock
subject to such Stock Award has been entered into the books and records of the Company.
(d)
No Employment or Other Service Rights. Nothing in this Plan, any Award Document or any other instrument executed thereunder or
in connection with any Award granted pursuant thereto will confer upon any Participant any right to continue to serve the Company or an
Affiliate in the capacity in effect at the time the Award was granted or any other capacity or will affect the right of the Company or
an Affiliate to terminate (i) the employment of an Employee with or without notice and with or without cause, including, but not limited
to, Cause, (ii) the service of a Consultant pursuant to the terms of such Consultant’s agreement with the Company or an Affiliate,
or (iii) the service of a Director pursuant to the organizational documents of the Company or an Affiliate (including articles of incorporation
and bylaws), and any applicable provisions of the corporate law of the state in which the Company or the Affiliate is incorporated, as
the case may be.
(e) Change in Time Commitment.
In the event a Participant’s regular level of time commitment in the performance of his or her services for the Company and any
Affiliates is reduced (for example, and without limitation, if the Participant is an Employee of the Company and the Employee has a change
in status from a full-time Employee to a part-time Employee or takes an extended leave of absence), or the Participant’s role or
primary responsibilities are changed to a level that, in the Board’s determination does not justify the Participant’s unvested
Awards, and such reduction or change occurs after the date of grant of any Award to the Participant, the Board has the right in its sole
discretion to (i) make a corresponding reduction in the number of shares or cash amount subject to any portion of such Award that is
scheduled to vest or become payable after the date of such change in time commitment, and (ii) in lieu of or in combination with such
a reduction, extend the vesting or payment schedule applicable to such Award. In the event of any such reduction, the Participant will
have no right with respect to any portion of the Award that is so reduced or extended.
(f)
Incentive Stock Option Limitations. To the extent that the aggregate Fair Market Value (determined at the time of grant) of Common
Stock with respect to which Incentive Stock Options are exercisable for the first time by any Optionholder during any calendar year (under
all plans of the Company and any Affiliates) exceeds USD$100,000 (or such other limit established in the Code) or otherwise does not comply
with the rules governing Incentive Stock Options, the Options or portions thereof that exceed such limit (according to the order in which
they were granted) or otherwise do not comply with such rules will be treated as Nonstatutory Stock Options, notwithstanding any contrary
provision of the applicable Option Agreement(s).
(g)
Withholding Obligations. Unless prohibited by the terms of an Award Document, the Company may, in its sole discretion, satisfy
any national, state, local or other tax withholding obligation relating to an Award by any of the following means or by a combination
of such means: (i) causing the Participant to tender a cash payment; (ii) withholding shares of Common Stock from the shares of Common
Stock issued or otherwise issuable to the Participant in connection with the Award (only up to the amount permitted that will not cause
an adverse accounting consequence or cost); (iii) withholding cash from an Award settled in cash; (iv) withholding payment from any
amounts otherwise payable to the Participant, including proceeds from the sale of shares of Common Stock issued pursuant to a Stock Award;
or (v) by such other method as may be set forth in the Award Document.
(h)
Electronic Delivery. Any reference herein to a “written” agreement or document will include any agreement or document
delivered electronically, filed publicly at www.sec.gov (or any successor website thereto), or posted on the Company’s intranet
(or other shared electronic medium controlled by the Company to which the Participant has access).
(i)
Deferrals. To the extent permitted by applicable law, the Board, in its sole discretion, may determine that the delivery of Common
Stock or the payment of cash, upon the exercise, vesting or settlement of all or a portion of any Award may be deferred and may establish
programs and procedures for deferral elections to be made by Participants. Deferrals by Participants will be made in accordance with Section
409A of the Code (to the extent applicable to a Participant). Consistent with Section 409A of the Code, the Board may provide for distributions
while a Participant is still an employee or otherwise providing services to the Company. The Board is authorized to make deferrals of
Awards and determine when, and in what annual percentages, Participants may receive payments, including lump sum payments, following the
Participant’s termination of Continuous Service, and implement such other terms and conditions consistent with the provisions of
this Plan and in accordance with applicable law.
(j)
Compliance with Section 409A. Unless otherwise expressly provided for in an Award Document, or other agreement between the Participant
and the Company, this Plan and Award Documents will be interpreted to the greatest extent possible in a manner that makes this Plan and
the Awards granted hereunder exempt from Section 409A of the Code, to the extent that Section 409A of the Code is applicable to an Award,
and, to the extent not so exempt, in compliance with Section 409A of the Code. If the Board determines that any Award granted hereunder
is subject to Section 409A of the Code, the Award Document evidencing such Award will incorporate the terms and conditions necessary to
avoid the consequences specified in Section 409A(a)(1) of the Code, and to the extent an Award Document is silent on terms necessary for
compliance, such terms are hereby incorporated by reference into the Award Document. Notwithstanding anything to the contrary in this
Plan (and unless the Award Document specifically provides otherwise), if the shares of Common Stock are publicly traded, and if a Participant
holding an Award that constitutes “deferred compensation” under Section 409A of the Code is a “specified employee”
for purposes of Section 409A of the Code and the Participant is otherwise subject to Section 409A of the Code, no distribution or payment
of any amount that is due because of a “separation from service” (as defined in Section 409A of the Code without regard to
alternative definitions thereunder) will be issued or paid before the date that is six (6) months following the date of such Participant’s
“separation from service” or, if earlier, the date of the Participant’s death, unless such distribution or payment can
be made in a manner that complies with Section 409A of the Code, and any amounts so deferred will be paid in a lump sum on the day after
such six (6) month period elapses, with the balance paid thereafter on the original schedule.
(i)
Clawback/Recovery. All Awards granted under this Plan will be subject to recoupment in accordance with any clawback policy that
the Company is required to adopt pursuant to the listing standards of any national securities exchange or association on which the Company’s
securities are listed or as is otherwise required by the Dodd-Frank Wall Street Reform and Consumer Protection Act or other applicable
law. In addition, the Board may impose such other clawback, recovery or recoupment provisions in an Award Document as the Board determines
necessary or appropriate, including, but not limited to, a reacquisition right in respect of previously acquired shares of Common Stock
or other cash or property upon the occurrence of Cause. No recovery of compensation under such a clawback policy will be an event giving
rise to a right to resign for “good reason” or “constructive termination” (or similar term) under any agreement
with the Company or an Affiliate.
|
9. |
ADJUSTMENTS UPON CHANGES IN COMMON STOCK; OTHER CORPORATE EVENTS. |
(a)
Capitalization Adjustments. In the event of a Capitalization Adjustment, the Board will appropriately and proportionately adjust:
(i) the class(es) and maximum number of securities subject to this Plan pursuant to Section 3(a); (ii) the class(es) and maximum
number of securities that may be issued pursuant to the exercise of Incentive Stock Options pursuant to Section 3(c); and (iii)
the class(es) and number of securities or other property and value (including price per share of stock) subject to outstanding Stock Awards.
The Board will make such adjustments, and its determination will be final, binding and conclusive.
(b)
Dissolution or Liquidation. Except as otherwise provided in the Stock Award Document, or other agreement between the Participant
and the Company, in the event of a dissolution or liquidation of the Company, all outstanding Stock Awards (other than Stock Awards consisting
of vested and outstanding shares of Common Stock not subject to a forfeiture condition or the Company’s right of repurchase) will
terminate immediately prior to the completion of such dissolution or liquidation, and the shares of Common Stock subject to the Company’s
repurchase rights or subject to a forfeiture condition may be repurchased or reacquired by the Company notwithstanding the fact that the
holder of such Stock Award is providing Continuous Service; provided, however, that the Board may, in its sole discretion, cause some
or all Stock Awards to become fully vested, exercisable and/or no longer subject to repurchase or forfeiture (to the extent such Stock
Awards have not previously expired or terminated) before the dissolution or liquidation is completed but contingent on its completion.
(c)
Change in Control. The following provisions will apply to Awards in the event of a Change in Control unless otherwise provided
in the instrument evidencing the Award or any other written agreement between the Company or any Affiliate and the Participant or unless
otherwise expressly provided by the Board at the time of grant of an Award. In the event of a Change in Control, then, notwithstanding
any other provision of this Plan, the Board will take one or more of the following actions with respect to each outstanding Award, contingent
upon the closing or completion of the Change in Control:
(i)
arrange for the surviving corporation or acquiring corporation (or the surviving or acquiring corporation’s parent company) to assume
or continue the Award or to substitute a similar award for the Award (including, but not limited to, an award to acquire the same consideration
per share paid to the stockholders of the Company pursuant to the Change in Control);
(ii)
arrange for the assignment of any reacquisition or repurchase rights held by the Company in respect of Common Stock issued pursuant to
the Award to the surviving corporation or acquiring corporation (or the surviving or acquiring corporation’s parent company);
(iii)
accelerate the vesting, in whole or in part, of the Award (and, if applicable, the time at which the Award may be exercised) to a date
prior to the effective time of such Change in Control as the Board will determine (or, if the Board will not determine such a date, to
the date that is 5 days prior to the effective date of the Change in Control), with such Award terminating if not exercised (if applicable)
at or prior to the effective time of the Change in Control, and with such exercise reversed if the Change in Control does not become effective;
(iv) arrange for the lapse,
in whole or in part, of any reacquisition or repurchase rights held by the Company with respect to the Award;
(v)
cancel or arrange for the cancellation of the Award, to the extent not vested or not exercised prior to the effective time of the Change
in Control, in exchange for such cash consideration, if any, as the Board, in its reasonable determination, may consider appropriate as
an approximation of the value of the canceled Award, taking into account the value of the Common Stock subject to the canceled Award,
the possibility that the Award might not otherwise vest in full, and such other factors as the Board deems relevant; and
(vi)
cancel or arrange for the cancellation of the Award, to the extent not vested or not exercised prior to the effective time of the Change
in Control, in exchange for a payment, in such form as may be determined by the Board equal to the excess, if any, of (A) the value in
the Change in Control of the property the Participant would have received upon the exercise of the Award immediately prior to the effective
time of the Change in Control, over (B) any exercise price payable by such holder in connection with such exercise.
The Board need not take the
same action or actions with respect to all Awards or portions thereof or with respect to all Participants. The Board may take different
actions with respect to the vested and unvested portions of an Award.
In the absence of any affirmative
determination by the Board at the time of a Change in Control, each outstanding Award will be assumed or an equivalent Award will be substituted
by such successor corporation or a parent or subsidiary of such successor corporation (the “Successor Corporation”),
unless the Successor Corporation does not agree to assume the Award or to substitute an equivalent Award, in which case the vesting of
such Award will accelerate in its entirety (along with, if applicable, the time at which the Award may be exercised) to a date prior to
the effective time of such Change in Control as the Board will determine (or, if the Board will not determine such a date, to the date
that is 5 days prior to the effective date of the Change in Control), with such Award terminating if not exercised (if applicable) at
or prior to the effective time of the Change in Control, and with such exercise reversed if the Change in Control does not become effective.
(d)
Acceleration of Awards upon a Change in Control. An Award may be subject to additional acceleration of vesting and exercisability
upon or after a Change in Control as may be provided in the Award Document for such Award or as may be provided in any other written agreement
between the Company or any Affiliate and the Participant, but in the absence of such provision, no such acceleration will occur.
|
10. |
TERMINATION OR SUSPENSION OF THIS PLAN. |
The Board or the Compensation
Committee may suspend or terminate this Plan at any time. This Plan will have no fixed expiration date; provided, however, that no Incentive
Stock Option may be granted more than 10 years after the later of (i) the Adoption Date and (ii) the adoption by the Board of any amendment
to this Plan that constitutes the adoption of a new plan for purposes of Section 422 of the Code. No Awards may be granted under this
Plan while this Plan is suspended or after it is terminated.
|
11. |
EFFECTIVE DATE OF PLAN; TIMING OF FIRST GRANT OR EXERCISE. |
No Stock Award may be exercised
(or, in the case of a Restricted Stock Award, Restricted Stock Unit Award, or Performance Stock Award, may be granted) and no Performance
Cash Award may be settled unless and until this Plan has been approved by the stockholders of the Company, which approval will be within
12 months before or after the Adoption Date. The Plan was approved by the Board on the Adoption Date and shall become effective on the
Effective Date, subject to stockholder approval on such date. Subject to earlier termination as provided in Section 10, no new
Stock Awards may be granted under this Plan on or after October 8, 2030; provided, however, that Stock Awards outstanding on such date
shall remain subject to the terms of the Plan and any applicable Award Document.
The laws of the State of Delaware
will govern all questions concerning the construction, validity and interpretation of this Plan, without regard to that state’s
conflict of laws rules.
As used in this Plan, the
following definitions will apply to the capitalized terms indicated below:
(a)
“Adoption Date” means August 5, 2020, which is the date of adoption of this Plan by the Board.
(b)
“Affiliate” means, at the time of determination, any “parent” or “subsidiary” of the Company,
as such terms are defined in Rule 405 of the Securities Act. The Board will have the authority to determine the time or times at which
“parent” or “subsidiary” status is determined within the foregoing definition.
(c)
“Award” means a Stock Award or a Performance Cash Award.
(d)
“Award Document” means a written agreement between the Company and a Participant, or a written notice issued by the
Company to a Participant, evidencing the terms and conditions of an Award.
(e)
“Board” means the Board of Directors of the Company.
(f)
“Capital Stock” means each and every class of common stock of the Company, regardless of the number of votes per share.
(g)
“Capitalization Adjustment” means any change that is made in, or other events that occur with respect to, the Common
Stock subject to this Plan or subject to any Stock Award after the Adoption Date without the receipt of consideration by the Company through
merger, consolidation, reorganization, recapitalization, reincorporation, stock dividend, dividend in property other than cash, large
nonrecurring cash dividend, stock split, reverse stock split, liquidating dividend, combination of shares, exchange of shares, change
in corporate structure or other similar equity restructuring transaction, as that term is used in Financial Accounting Standards Board
Accounting Standards Codification Topic 718 (or any successor thereto). Notwithstanding the foregoing, the conversion of any convertible
securities of the Company will not be treated as a Capitalization Adjustment.
(h)
“Cause” will have the meaning ascribed to such term in any written agreement between the Participant and the Company
or any Affiliate defining such term and, in the absence of such agreement, such term means, with respect to a Participant, the occurrence
of any of the following events: (i) Participant’s failure substantially to perform his or her duties and responsibilities to the
Company or any Affiliate or violation of a policy of the Company or any Affiliate; (ii) Participant’s commission of any act of fraud,
embezzlement, dishonesty or any other misconduct that has caused or is reasonably expected to result in injury to the Company or any Affiliate;
(iii) unauthorized use or disclosure by Participant of any proprietary information or trade secrets of the Company or any other party
to whom the Participant owes an obligation of nondisclosure as a result of his or her relationship with the Company or any Affiliate;
or (iv) Participant’s breach of any of his or her obligations under any written agreement or covenant with the Company or any Affiliate.
The determination as to whether a Participant is being terminated for Cause will be made in good faith by the Company and will be final
and binding on the Participant. Any determination by the Company that the Continuous Service of a Participant was terminated with or without
Cause for the purposes of outstanding Awards held by such Participant will have no effect upon any determination of the rights or obligations
of the Company, any Affiliate or such Participant for any other purpose.
(i)
“Change in Control” means the occurrence, in a single transaction or in a series of related transactions, of any one
or more of the following events:
(i)
any Exchange Act Person becomes the Owner, directly or indirectly, of securities of the Company representing more than 50% of the combined
voting power of the Company’s then outstanding securities other than by virtue of a merger, consolidation or similar transaction;
(ii)
there is consummated a merger, consolidation or similar transaction involving (directly or indirectly) the Company and, immediately after
the consummation of such merger, consolidation or similar transaction, the stockholders of the Company immediately prior thereto do not
Own, directly or indirectly, either (A) outstanding voting securities representing 50% or more of the combined outstanding voting power
of the surviving Entity in such merger, consolidation or similar transaction or (B) 50% or more of the combined outstanding voting power
of the parent of the surviving Entity in such merger, consolidation or similar transaction, in each case in substantially the same proportions
as their Ownership of the outstanding voting securities of the Company immediately prior to such transaction;
(iii)
there is consummated a sale, lease, license or other disposition of all or substantially all of the consolidated assets of the Company
and its Subsidiaries, other than a sale, lease, license or other disposition of all or substantially all of the consolidated assets of
the Company and its Subsidiaries to an Entity, more than 50% of the combined voting power of the voting securities of which are Owned
by stockholders of the Company in substantially the same proportions as their Ownership of the outstanding voting securities of the Company
immediately prior to such sale, lease, license or other disposition; or
(iv)
individuals who, on the Adoption Date, are members of the Board (the “Incumbent Board”) cease for any reason to constitute
at least a majority of the members of the Board; provided, however, that if the appointment or election (or nomination for election) of
any new Board member was approved or recommended by a majority vote of the members of the Incumbent Board then still in office, such new
member will, for purposes of this Plan, be considered as a member of the Incumbent Board.
Notwithstanding the foregoing
definition or any other provision of this Plan, (A) the term Change in Control will not include a sale of assets, merger or other transaction
effected exclusively for the purpose of changing the domicile of the Company, and (B) the definition of Change in Control (or any analogous
term) in an individual written agreement between the Company or any Affiliate and the Participant will supersede the foregoing definition
with respect to Awards subject to such agreement; provided, however, that if no definition of Change in Control or any analogous term
is set forth in such an individual written agreement, the foregoing definition will apply.
If required for compliance
with Section 409A of the Code, in no event will a Change in Control be deemed to have occurred if such transaction is not also a “change
in the ownership or effective control of” the Company or “a change in the ownership of a substantial portion of the assets
of” the Company as determined under U.S. Treasury Regulation Section 1.409A-3(i)(5) (without regard to any alternative definition
thereunder). The Board may, in its sole discretion and without a Participant’s consent, amend the definition of “Change in
Control” to conform to the definition of “Change in Control” under Section 409A of the Code, and the regulations thereunder.
(j)
“Code” means the U.S. Internal Revenue Code of 1986, as amended, including any applicable regulations and guidance
thereunder.
(k)
“Committee” means a committee of one (1) or more Directors to whom authority has been delegated by the Board in accordance
with Section 2(d).
(l)
“Compensation Committee” means the Compensation Committee of the Board.
(m)
“Common Stock” means the common stock of the Company.
(n)
“Company” Phio Pharmaceuticals Corp., a Delaware corporation.
(o)
“Consultant” means any person, including an advisor, who is (i) engaged by the Company or an Affiliate to render consulting
or advisory services and is compensated for such services, or (ii) serving as a member of the board of directors of an Affiliate and is
compensated for such services. However, service solely as a Director, or payment of a fee for such service, will not cause a Director
to be considered a “Consultant” for purposes of this Plan. Notwithstanding the foregoing, a person is treated as a Consultant
under this Plan only if a Form Registration Statement on Form S-8 or a successor form under the Securities Act is available to register
either the offer or the sale of the Company’s securities to such person.
(p)
“Continuous Service” means that the Participant’s service with the Company or an Affiliate, whether as an Employee,
Director or Consultant, is not interrupted or terminated. A change in the capacity in which the Participant renders service to the Company
or an Affiliate as an Employee, Consultant or Director or a change in the Entity for which the Participant renders such service, provided
that there is no interruption or termination of the Participant’s service with the Company or an Affiliate, will not terminate a
Participant’s Continuous Service. For example, a change in status from an Employee of the Company to a Consultant of an Affiliate
or to a Director will not constitute an interruption of Continuous Service. If the Entity for which a Participant is rendering services
ceases to qualify as an Affiliate, as determined by the Board in its sole discretion, such Participant’s Continuous Service will
be considered to have terminated on the date such Entity ceases to qualify as an Affiliate. To the extent permitted by law, the Board
or the chief executive officer of the Company, in that party’s sole discretion, may determine whether Continuous Service will be
considered interrupted in the case of (i) any leave of absence approved by the Board or chief executive officer, including sick leave,
military leave or any other personal leave, or (ii) transfers between the Company, an Affiliate, or their successors. In addition, if
required for exemption from or compliance with Section 409A of the Code, the determination of whether there has been a termination of
Continuous Service will be made, and such term will be construed, in a manner that is consistent with the definition of “separation
from service” as defined under U.S. Treasury Regulation Section 1.409A-1(h) (without regard to any alternative definition thereunder).
A leave of absence will be treated as Continuous Service for purposes of vesting in a Stock Award only to such extent as may be provided
in the applicable Award Document, the Company’s leave of absence policy, in the written terms of any leave of absence agreement
or policy applicable to the Participant, or as otherwise required by law.
(q)
“Director” means a member of the Board.
(r)“Disability”
means, with respect to a Participant, the inability of such Participant to engage in any substantial gainful activity by reason of any
medically determinable physical or mental impairment that can be expected to result in death or that has lasted or can be expected to
last for a continuous period of not less than 12 months as provided in Sections 22(e)(3) and 409A(a)(2)(C)(i) of the Code, and will be
determined by the Board on the basis of such medical evidence as the Board deems warranted under the circumstances.
(s)
“Effective Date” means October 8, 2020.
(t)
“Employee” means any person providing services as an employee of the Company or an Affiliate. However, service solely
as a Director, or payment of a fee for such services, will not cause a Director to be considered an “Employee” for purposes
of this Plan.
(u)
“Entity” means a corporation, partnership, limited liability company or other entity.
(v)
“Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated
thereunder.
(w)
“Exchange Act Person” means any natural person, Entity or “group” (within the meaning of Section 13(d)
or 14(d) of the Exchange Act), except that “Exchange Act Person” will not include (i) the Company or any Subsidiary of the
Company, (ii) any employee benefit plan of the Company or any Subsidiary of the Company or any trustee or other fiduciary holding securities
under an employee benefit plan of the Company or any Subsidiary of the Company, (iii) an underwriter temporarily holding securities pursuant
to a registered public offering of such securities, (iv) an Entity Owned, directly or indirectly, by the stockholders of the Company in
substantially the same proportions as their Ownership of stock of the Company, or (v) any natural person, Entity or “group”
(within the meaning of Section 13(d) or 14(d) of the Exchange Act) that, as of the Effective Date, is the Owner, directly or indirectly,
of securities of the Company representing more than 50% of the combined voting power of the Company’s then outstanding securities.
(x)
“Fair Market Value” means, as of any date, the value of the Common Stock determined as follows:
(i)
If the Common Stock is listed on any established stock exchange or traded on any established market, the Fair Market Value of a share
of Common Stock as of any date of determination will be, unless otherwise determined by the Board, the closing sales price for such stock
as quoted on such exchange or market (or the exchange or market with the greatest volume of trading in the Common Stock) on the date of
determination, as reported in a source the Board deems reliable.
(ii)
Unless otherwise provided by the Board, if there is no closing sales price for the Common Stock on the date of determination, then the
Fair Market Value will be the closing selling price on the last preceding date for which such quotation exists.
(iii)
In the absence of such markets for the Common Stock, the Fair Market Value will be determined by the Board in good faith and in a manner
that complies with Sections 409A and 422 of the Code.
(y)
“Incentive Stock Option” means an option granted pursuant to Section 5 of this Plan that is intended to be,
and that qualifies as, an “incentive stock option” within the meaning of Section 422 of the Code.
(z)
“Non-Employee Director” means a Director who either (i) is not a current employee or officer of the Company or an Affiliate,
does not receive compensation, either directly or indirectly, from the Company or an Affiliate for services rendered as a consultant or
in any capacity other than as a Director (except for an amount as to which disclosure would not be required under Item 404(a) of Regulation
S-K promulgated pursuant to the Securities Act (“Regulation S-K”)), does not possess an interest in any other transaction
for which disclosure would be required under Item 404(a) of Regulation S-K, and is not engaged in a business relationship for which disclosure
would be required pursuant to Item 404(b) of Regulation S-K; or (ii) is otherwise considered a “non-employee director” for
purposes of Rule 16b-3 of the Exchange Act.
(aa)
“Nonstatutory Stock Option” means any option granted pursuant to Section 5 of this Plan that does not qualify
as an Incentive Stock Option.
(bb)
“Officer” means a person who is an officer of the Company within the meaning of Section 16 of the Exchange Act.
(cc)
“Option” means an Incentive Stock Option or a Nonstatutory Stock Option to purchase shares of Common Stock granted
pursuant to this Plan.
(dd)
“Option Agreement” means an Award Document evidencing the terms and conditions of an Option grant. Each Option Agreement
will be subject to the terms and conditions of this Plan.
(ee)
“Optionholder” means a person to whom an Option is granted pursuant to this Plan or, if applicable, such other person
who holds an outstanding Option.
(ff)
“Own,” “Owned,” “Owner,” “Ownership” means a person or Entity
will be deemed to “Own,” to have “Owned,” to be the “Owner” of, or to have acquired “Ownership”
of securities if such person or Entity, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise,
has or shares voting power, which includes the power to vote or to direct the voting, with respect to such securities.
(gg)
“Participant” means a person to whom an Award is granted pursuant to this Plan or, if applicable, such other person
who holds an outstanding Stock Award.
(hh)
“Performance Cash Award” means an award of cash granted pursuant to the terms and conditions of Section 6(c)(ii).
(ii)
“Performance Period” means the period of time selected by the Board over which the attainment of one or more performance
goals will be measured for the purpose of determining a Participant’s right to and the payment of a Stock Award or a Performance
Cash Award. Performance Periods may be of varying and overlapping duration, at the sole discretion of the Board.
(jj)
“Performance Stock Award” means a Stock Award granted under the terms and conditions of Section 6(c)(i).
(kk)
“Plan” means this 2020 Phio Pharmaceuticals Corp. Long Term Incentive Plan, as amended and restated from time to time.
(ll)
“Restricted Stock Award” means an award of shares of Common Stock which is granted pursuant to the terms and conditions
of Section 6(a).
(mm)
“Restricted Stock Award Document” means an Award Document evidencing the terms and conditions of a Restricted Stock
Award grant. Each Restricted Stock Award Document will be subject to the terms and conditions of this Plan.
(nn)
“Restricted Stock Unit Award” means a right to receive shares of Common Stock which is granted pursuant to the terms
and conditions of Section 6(b).
(oo)
“Restricted Stock Unit Award Document” means an Award Document evidencing the terms and conditions of a Restricted
Stock Unit Award grant. Each Restricted Stock Unit Award Document will be subject to the terms and conditions of this Plan.
(pp)
“Securities Act” means the U.S. Securities Act of 1933, as amended.
(qq)
“Stock Appreciation Right” or “SAR” means a right to receive the appreciation on Common Stock that
is granted pursuant to the terms and conditions of Section 5.
(rr)
“Stock Appreciation Right Award Document” means an Award Document evidencing the terms and conditions of a Stock Appreciation
Right grant. Each Stock Appreciation Right Award Document will be subject to the terms and conditions of this Plan.
(ss)
“Stock Award” means any right to receive Common Stock granted under this Plan, including an Incentive Stock Option,
a Nonstatutory Stock Option, a Restricted Stock Award, a Restricted Stock Unit Award, a Stock Appreciation Right, or a Performance Stock
Award.
(tt)
“Stock Award Document” means an Award Document evidencing the terms and conditions of a Stock Award grant. Each Stock
Award Document will be subject to the terms and conditions of this Plan.
(uu)
“Subsidiary” means, with respect to the Company, (i) any corporation of which more than 50% of the outstanding capital
stock having ordinary voting power to elect a majority of the board of directors of such corporation (irrespective of whether, at the
time, stock of any other class or classes of such corporation will have or might have voting power by reason of the happening of any contingency)
is at the time, directly or indirectly, Owned by the Company, and (ii) any partnership, limited liability company or other entity in which
the Company has a direct or indirect interest (whether in the form of voting or participation in profits or capital contribution) of more
than 50%.
(vv)
“Ten Percent Stockholder” means a person who Owns (or is deemed to Own pursuant to Section 424(d) of the Code) stock
possessing more than 10% of the total combined voting power of all classes of stock of the Company or any Affiliate.
Exhibit 10.2
Terms of Nonqualified Stock Option Award |
|
Type: |
|
Non-Statutory Stock Award |
Name: |
|
[Name] (the “Participant”) |
Number of Shares of Stock subject to Award: |
|
[Number] |
Price per Share: |
|
$[Exercise price no less than FMV] |
Grant Date |
|
[Date] (“Grant Date”) |
Vesting Commencement Date: |
|
[Date] |
Vesting Schedule: |
|
[Description of vesting schedule] |
Expiration Date: |
|
[Date 10 years following the date of grant] |
PHIO PHARMACEUTICALS CORP.
2020 LONG TERM INCENTIVE PLAN
NONQUALIFIED STOCK OPTION AWARD AGREEMENT
Pursuant to this Nonqualified Stock Award Agreement
(this “Award Agreement”), and subject to the terms and conditions herein and in the 2020 Long Term Incentive Plan (the “Plan”),
which Plan is incorporated by reference into this Award Agreement, Phio Pharmaceuticals Corp. (the “Company,” which term shall
include affiliates thereof unless the context indicates otherwise) grants to the Participant nonqualified stock option (“NQSO”)
award (the “Award”) under the Plan, conditioned on the Participant’s acknowledgment of receipt and acceptance in accordance
with Section 14 hereof, which shall be no later than 60 days after receiving this Award Agreement. Participant’s failure to timely
execute the acknowledgement of receipt and acceptance shall render the Award and this Award Agreement null and void and of no force and
effect. Capitalized terms used in this Award Agreement, unless otherwise defined, shall have the meanings set forth in the Plan.
| 1. | Grant of Awards. Subject to the
terms and conditions of this Award Agreement and the Plan, the Award entitles the Participant to purchase from the Company up to that
number of shares of Common Stock set forth in this Award Agreement at the exercise price per share set forth in this Award Agreement,
subject to applicable withholding for taxes, if applicable. The Participant may exercise the Award as provided in Section 4 hereof. The
option rights granted by the Award are not intended to qualify as “incentive stock options” within the meaning of Section
422 of the Code. |
| | |
| 2. | Vesting. |
| | |
| (a) | The Award is subject to the vesting terms set forth above at top of this Award Agreement. |
| | |
| (b) | In the event of a Change in Control, the Award shall vest in full and become fully exercisable provided the Participant is then providing
Continuous Service for the Company. |
| 3. | Effect of Termination of Continuous Service.
|
| | |
| (a) | Definition. For purposes of this Award Agreement: The Participant shall be considered to have a
termination of “Continuous Service” on the first day following the Grant Date that the Participant is no longer either employed
by the Company or retained by the Company to provide services, and the term “Termination Date” means the day on which the
Participant’s termination of Continuous Service occurs. |
| | |
| (b) | Forfeiture. In the event the Participant has a termination of Continuous Service, (i) any portion
of the Award that is not exercisable immediately prior to the Termination Date (after giving effect to any applicable vesting acceleration
provisions as set forth herein or in the Plan, as applicable) shall be cancelled, terminated, and of no further force and effect as of
the Termination Date, and (ii) any portion of the Award that remains unexercised at the expiration of the applicable exercise period described
in this Section shall be cancelled, terminated, and of no further force and effect as of the expiration of such period. |
| | |
| (c) | Termination of Continuous Service Other than for Cause, Death, or Disability. If the Participant
has a termination of Continuous Service (other than for Cause and other than upon the Participant’s death or Disability), the Participant
may exercise his or her Award (to the extent that the Participant was entitled to exercise such Award as of the date of termination of
Continuous Service) within the period of time ending on the earlier of (i) the date three (3) months following the Participant’s
termination of Continuous Service and (ii) the expiration of the term of the Award, as set forth in this Agreement. If, after termination
of Continuous Service, the Participant does not exercise his or her Award within the applicable time frame, the Award will terminate. |
| | |
| (d) | Termination of Continuous Service due to Disability. Except as otherwise provided in another agreement
between the Participant and the Company, if the Participant has a termination of Continuous Service as a result of the Participant’s
Disability, the Participant may exercise his or her Award (to the extent that the Participant was entitled to exercise such Award as of
the date of termination of Continuous Service), but only within such period of time ending on the earlier of (i) the date 12 months following
such termination of Continuous Service, and (ii) the expiration of the term of the Award as set forth at the top of this Award Document.
If, after termination of Continuous Service, the Participant does not exercise his or her Award within the applicable time frame, the
Award (as applicable) will terminate. |
| | |
| (e) | Termination of Continuous Service due to Death. Except as otherwise provided in another agreement
between the Participant and the Company, if (i) a Participant has a termination of Continuous Service as a result of the Participant’s
death, or (ii) the Participant dies within the period for exercisability after Participant has had a termination of Continuous Service
(for a reason other than death), set forth under Sections 3(c) or 3(d) hereof, then the Award may be exercised (to the extent the Participant
was entitled to exercise such Award as of the date of death) by the Participant’s estate, by a person who acquired the right to
exercise the Award by bequest or inheritance or by a person designated to exercise the Award upon the Participant’s death, but only
within the period ending on the earlier of (i) the date 18 months following the date of death, and (ii) the expiration of the term of
such Award as set forth at the top of this Award Document. If, after the Participant’s death, the Award is not exercised within
the applicable time frame, the Award will terminate. |
| | |
| (f) | Termination of Continuous Service for Cause. Except as explicitly provided otherwise in another
individual written agreement between the Company or any Affiliate and the Participant, if the Participant has a termination of Continuous
Service for Cause, the Award will terminate upon the date on which the event giving rise to the termination for Cause first occurred,
and the Participant will be prohibited from exercising his or her Award from and after the date on which the event giving rise to the
termination for Cause first occurred (or, if required by law, the date of termination of Continuous Service). If a Participant’s
Continuous Service is suspended pending an investigation of the existence of Cause, all of the Participant’s rights under the Award
will also be suspended during the investigation period. |
| 4. | Exercising the Award. The Award granted hereby may only be exercised to the extent it is vested and in accordance with the
terms of the Plan and this Award Agreement and any procedures established or accepted by the Board.
|
| | |
| (a) | Unless otherwise permitted by the Board, the Award shall be exercisable by written notice to the Company
indicating the date of the exercise election and the number of vested shares desired to be exercised, duly signed and delivered in person
or by certified mail to the address indicated in the form (or by other means approved by the Board, including through an online or electronic
system, if applicable). Subject to satisfaction of the requirements herein and in the Plan, the exercise date shall be the date such written
notice is received. |
| | |
| (b) | The written exercise notice must be accompanied by payment of the exercise price per share set forth in
this Award Agreement in full for the corresponding shares of Common Stock in the manner designated by the Board. Notwithstanding the foregoing,
subject to applicable law and to the extent permitted and pursuant to such procedures as may be established by the Board, the Participant
may arrange for payment of all or a portion of the exercise price through (i) delivery of Common Stock that the Participant has previously
acquired to the Company (valued at Fair Market Value on the exercise date), (ii) directing the Company to withhold and retain shares of
Common Stock in lieu of issuance pursuant to the exercise (valued at Fair Market Value on the exercise date), (iii) directing a broker
designated by or acceptable to the Company to arrange for the sale of a portion of the shares issued pursuant to the exercise and deliver
the proceeds to the Company. |
| | |
| (c) | No portion of the Award may be exercised after the Expiration Date or during any period for which such
exercise is prohibited under a Company policy relating to the trading of its securities, including any insider trading or Section 16 officer
policy. |
| | |
| (d) | During the lifetime of the Participant, only the Participant or the Participant’s legal representative
may exercise the Award unless otherwise approved by the Board. |
| | |
| 5. | Form of Settlement. In full satisfaction
of the exercise of any portion of the Award granted hereby, the Company will issue to the Participant the amount owed in whole shares
of Common Stock, subject to applicable withholding, if any, except as otherwise may be provided to effectuate an alternative exercise
method permitted under Section 4. |
| | |
| (a) | Notwithstanding anything herein to the contrary, no exercise shall become effective until the Company
determines that the issuance and delivery of shares of Common Stock pursuant to such exercise is in compliance with all applicable, laws,
regulations of governmental authority, and the requirements of any securities exchange on which shares of Common Stock may be traded. |
| | |
| (b) | The Board may, as a condition to the issuance of shares of Common Stock pursuant to the exercise of the
Award, require the Participant to make covenants and representations and/or enter into agreements with the Company to reflect the Participant’s
rights and obligations as a stockholder of the Company and any limitations and restrictions on such shares. |
| | |
| (c) | The transfer of shares of Common Stock made to satisfy any payment for the settlement of the Award shall
be effectuated by the issuance of certificates representing such shares (bearing such legends as the Board deems necessary or desirable),
and/or other appropriate means as determined by the Board. |
| | |
| (d) | Unless and until any shares of Common Stock are issued in settlement of the Award, the Award shall not
confer to the Participant any rights or status as a stockholder of the Company. |
| 6. | Withholding. If applicable, the
Board shall have the right to require the Participant to remit to the Company in cash an amount sufficient to satisfy any federal, state,
and local withholding tax requirements attributable to the Award. Alternatively, the Company shall have the right to withhold from any
payment required to be made in settlement of the Award an amount sufficient to satisfy such federal, state, and local withholding tax
requirements, as applicable.[1] |
| | |
| 7. | No Assignment or Transfer. Neither
the Award nor any right or interest in any Award granted hereunder may be sold, pledged, assigned, hypothecated, transferred, or disposed
of in any manner other than by will or by the laws of descent or distribution. No transfer by will or the laws of descent and distribution
shall be effective to bind the Company unless the Board shall have been furnished with (i) written notice thereof along with such evidence
as the Board may deem necessary to establish the validity of the transfer and (ii) an agreement by the transferee to comply with all the
terms and conditions of the Award that are or would have been applicable to the Participant and to be bound by the acknowledgements made
by the Participant in connection with the grant. |
| | |
| 8. | Participant
Representations. By accepting the Award, the Participant represents and acknowledges the following: |
| | |
| (a) | The Participant has received a copy of the Plan, has reviewed the Plan and this Award Agreement in their
entirety, and has had an opportunity to obtain the advice of independent counsel prior to accepting the Award. |
| | |
| (b) | The Participant has had the opportunity to consult with a tax advisor concerning the tax consequences
of accepting and exercising the Award, and understands that the Company makes no representation regarding the tax treatment as to any
aspect of the Award, including the grant, vesting, settlement, or conversion of the Award. |
| | |
| (c) | The Participant understands that neither the grant of this discretionary Award nor the Participant’s
participation in the Plan confers any right to continue in the service of the Company or to receive any other award or amount of compensation,
whether under the Plan or otherwise, and no payment of any award under the Plan will be taken into account in determining any benefits
under any pension, retirement, profit sharing, group insurance, or other benefit plan of the Company except as otherwise specifically
provided in such other plan. |
| | |
| (d) | The Participant consents to the collection, use, and transfer, in electronic or other form, of the Participant’s
personal data by the Company, the Board, and any third party retained to administer the Plan for the exclusive purpose of administering
the Award and Participant’s participation in the Plan. The Participant agrees to promptly notify the Board of any changes in the
Participant’s name, address, or contact information during the entire period of Plan participation. |
| | |
| 9. | Adjustments. If there is a change
in the outstanding shares of Common Stock due to a stock dividend, split, or consolidation, or a recapitalization, corporate change, corporate
transaction, or other similar event relating to the Company, the Board may adjust the type or number of shares of Common Stock subject
to any outstanding portion of the Award and/or the exercise price per share thereof in accordance with Section 9 the Plan. |
____________
[1] Note to Draft: As independent contractors will not be subject to withholding taxes, this provision
can be removed in its entirety when this award agreement is used for independent contractors. This provision should not be deleted when
being used for employees, as the Company will want all available mechanisms for collecting withholding taxes. For ease of administration,
this provision was drafted so it can stay in for both independent contractor and employee grants, so there is only one version of the
award agreement.
| 10. | Administration; Interpretation.
In accordance with the Plan and this Award Agreement, the Board shall have full discretionary authority to administer the Award, including
discretionary authority to interpret and construe any and all provisions relating to the Award. Decisions of the Board shall be final,
binding, and conclusive on all parties. In the event of a conflict between this Award Agreement and the Plan, the terms of this Award
Agreement shall prevail. |
| | |
| 11. | Section 409A. It is intended that
this Award Agreement will comply with Section 409A of the Code and the interpretive guidance thereunder (“Section 409A”),
including, to the maximum extent applicable, the exceptions for (among others) short-term deferrals, certain stock rights, separation
pay arrangements, reimbursements, and in-kind distributions, and this Award Agreement shall be administered accordingly, and interpreted
and construed on a basis consistent with such intent. To the extent that any provision of this Award Agreement would fail to comply with
the applicable requirements of Section 409A, the Company may, in its sole and absolute discretion and without requiring the Participant’s
consent, make such modifications to this Award Agreement and/or payments to be made thereunder to the extent it determines necessary or
advisable to comply with the requirements of Section 409A. Nothing in this Agreement shall be construed as a guarantee of any particular
tax effect for the Award, and the Company does not guarantee that any compensation or benefits provided under this Award Agreement will
satisfy the provisions of Section 409A. |
| | |
| 12. | Successors. The terms of this Award
Agreement shall be binding upon and inure to the benefit of the heirs of the Participant or distributees of the Participant’s estate
and any successor to the Company. |
| | |
| 13. | Governing
Law; Severability; Dispute Resolution. |
| | |
| (a) | Governing Law. This Award Agreement
shall be construed and administered in accordance with the laws of Delaware without regard to its conflict of law principles. |
| (b) | Severability. Any determination
by a court of competent jurisdiction or relevant governmental authority that any provision or part of a provision in this Award Agreement
is unlawful or invalid shall not serve to invalidate any portion of this Award Agreement not found to be unlawful or invalid, and any
provision or part of a provision found to be unlawful or invalid shall be construed in a manner that will give effect to the terms of
such provision or part of a provision to the fullest extent possible while remaining lawful and valid. |
| 14. | Acknowledgment
of Receipt and Acceptance. By signing this Award Agreement (or execution by other means approved by the Board, including by
electronic signature), the Participant acknowledges receipt and acceptance of the Award, agrees to the representations made in Section
8, and indicates his or her intention to be bound by this Award Agreement and the terms of the Plan. |
[Signature
page follows.]
Participant’s acknowledgment of receipt and acceptance: |
|
|
|
[Participant name] |
|
|
|
Date |
|
Company Representative |
|
|
[Name and title of company representative] |
Phio Pharmaceuticals Corp. |
|
|
Date |
Exhibit 31.1
CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER
AND PRINCIPAL FINANCIAL OFFICER
PURSUANT TO
SECURITIES EXCHANGE ACT OF 1934 RULES 13a-14(a)
AND 15d-14(a)
AS ADOPTED PURSUANT TO
SECTION 302 OF THE SARBANES-OXLEY
ACT OF 2002
I, Robert J. Bitterman, certify that:
|
1. |
I have reviewed this Quarterly Report on Form 10-Q of Phio Pharmaceuticals Corp.; |
|
2. |
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
|
3. |
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
|
4. |
I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a–15(f) and 15d–15(f)) for the registrant and have: |
|
a. |
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under my supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to me by others within those entities, particularly during the period in which this report is being prepared; |
|
b. |
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under my supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
|
c. |
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report my conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
|
d. |
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
|
5. |
I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
|
a. |
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
|
b. |
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls over financial reporting. |
Dated: November 9, 2023
/s/ Robert J. Bitterman |
|
Robert J. Bitterman |
|
President and Chief Executive Officer |
|
(as Principal Executive and Financial Officer) |
Exhibit 32.1
CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER
AND PRINCIPAL FINANCIAL OFFICER
PURSUANT TO
18 U.S.C. SECTION 1350
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of Phio Pharmaceuticals Corp.
(the “Company”) on Form 10-Q for the period ended September 30, 2023 as filed with the Securities and Exchange Commission
on the date hereof (the “Report”), the undersigned officer of the Company certifies, pursuant to 18 U.S.C. §1350, as
adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that to their knowledge:
|
1. |
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
|
2. |
The information contained in the Report fairly presents, in all material respects, the Company’s financial condition and result of operations. |
Dated: November 9, 2023
/s/ Robert J. Bitterman |
|
Robert J. Bitterman |
|
President and Chief Executive Officer |
|
(as Principal Executive and Financial Officer) |
v3.23.3
Cover - shares
|
9 Months Ended |
|
Sep. 30, 2023 |
Nov. 03, 2023 |
Cover [Abstract] |
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Document Type |
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Document Fiscal Period Focus |
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Document Fiscal Year Focus |
2023
|
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Current Fiscal Year End Date |
--12-31
|
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Entity File Number |
001-36304
|
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Entity Registrant Name |
Phio Pharmaceuticals Corp.
|
|
Entity Central Index Key |
0001533040
|
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Entity Tax Identification Number |
45-3215903
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DE
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257 Simarano Drive
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Local Phone Number |
767-3861
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Title of 12(b) Security |
Common Stock, par value, $0.0001 per share
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Trading Symbol |
PHIO
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NASDAQ
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v3.23.3
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
Current assets: |
|
|
Cash |
$ 8,407
|
$ 11,781
|
Restricted cash |
50
|
50
|
Prepaid expenses and other current assets |
871
|
615
|
Total current assets |
9,328
|
12,446
|
Right of use asset |
66
|
161
|
Property and equipment, net |
142
|
183
|
Other assets |
3
|
24
|
Total assets |
9,539
|
12,814
|
Current liabilities: |
|
|
Accounts payable |
173
|
779
|
Accrued expenses |
2,083
|
1,025
|
Lease liability |
70
|
135
|
Total current liabilities |
2,326
|
1,939
|
Lease liability, net of current portion |
0
|
35
|
Total liabilities |
2,326
|
1,974
|
Commitments and contingencies (Note 2) |
|
|
Series D Preferred Stock, $0.0001 par value; 0 and 1 shares authorized, issued and outstanding at September 30, 2023 and December 31, 2022, respectively |
0
|
2
|
Stockholders’ equity: |
|
|
Common stock, $0.0001 par value, 100,000,000 shares authorized; 2,307,385 and 1,139,024 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively |
0
|
0
|
Additional paid-in capital |
144,524
|
139,218
|
Accumulated deficit |
(137,311)
|
(128,380)
|
Total stockholders’ equity |
7,213
|
10,838
|
Total liabilities, preferred stock and stockholders’ equity |
$ 9,539
|
$ 12,814
|
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v3.23.3
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares
|
Sep. 30, 2023 |
Dec. 31, 2022 |
Statement of Financial Position [Abstract] |
|
|
Temporary equity, par value |
$ 0.0001
|
$ 0.0001
|
Temporary equity, shares authorized |
0
|
1
|
Temporary equity, shares issued |
0
|
1
|
Temporary equity, shares outstanding |
0
|
1
|
Common stock, par value |
$ 0.0001
|
$ 0.0001
|
Common stock, shares authorized |
100,000,000
|
100,000,000
|
Common stock, shares, issued |
2,307,385
|
1,139,024
|
Common stock, shares outstanding |
2,307,385
|
1,139,024
|
X |
- DefinitionFace amount or stated value per share of common stock.
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v3.23.3
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 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)
|
X |
- DefinitionThe aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line.
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v3.23.3
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (Parenthetical) - $ / shares
|
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Income Statement [Abstract] |
|
|
|
|
Net loss per common share, Basic |
$ (1.14)
|
$ (3.14)
|
$ (5.03)
|
$ (7.70)
|
Net loss per common share, Diluted |
$ (1.14)
|
$ (3.14)
|
$ (5.03)
|
$ (7.70)
|
Weighted average number of common shares outstanding, Basic |
2,440,164
|
1,138,571
|
1,775,043
|
1,135,744
|
Weighted average number of common shares outstanding, Diluted |
2,440,164
|
1,138,571
|
1,775,043
|
1,135,744
|
X |
- DefinitionThe amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.
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v3.23.3
CONDENSED CONSOLIDATED STATEMENTS OF PREFERRED STOCK AND STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands |
Preferred Stock Series D [Member] |
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Total |
Beginning balance, value at Dec. 31, 2021 |
$ 0
|
$ 0
|
$ 138,832
|
$ (116,900)
|
$ 21,932
|
Balance at beginning, shares at Dec. 31, 2021 |
0
|
1,127,917
|
|
|
|
Issuance of common stock upon vesting of restricted stock units |
|
|
|
|
|
Issuance of common stock upon vesting of restricted stock units, shares |
|
12,943
|
|
|
|
Shares withheld for payroll taxes |
|
|
(25)
|
|
(25)
|
Shares withheld for payroll taxes, shares |
|
(2,633)
|
|
|
|
Stock-based compensation expense |
|
|
186
|
|
186
|
Net loss |
|
|
|
(2,642)
|
(2,642)
|
Ending balance, value at Mar. 31, 2022 |
$ 0
|
$ 0
|
138,993
|
(119,542)
|
19,451
|
Balance at ending, shares at Mar. 31, 2022 |
0
|
1,138,227
|
|
|
|
Beginning balance, value at Dec. 31, 2021 |
$ 0
|
$ 0
|
138,832
|
(116,900)
|
21,932
|
Balance at beginning, shares at Dec. 31, 2021 |
0
|
1,127,917
|
|
|
|
Net loss |
|
|
|
|
(8,749)
|
Ending balance, value at Sep. 30, 2022 |
$ 0
|
$ 0
|
139,176
|
(125,649)
|
13,527
|
Balance at ending, shares at Sep. 30, 2022 |
0
|
1,138,998
|
|
|
|
Beginning balance, value at Mar. 31, 2022 |
$ 0
|
$ 0
|
138,993
|
(119,542)
|
19,451
|
Balance at beginning, shares at Mar. 31, 2022 |
0
|
1,138,227
|
|
|
|
Stock-based compensation expense |
|
|
83
|
|
83
|
Net loss |
|
|
|
(2,531)
|
(2,531)
|
Ending balance, value at Jun. 30, 2022 |
$ 0
|
$ 0
|
139,076
|
(122,073)
|
17,003
|
Balance at ending, shares at Jun. 30, 2022 |
0
|
1,138,227
|
|
|
|
Issuance of common stock upon vesting of restricted stock units |
|
|
|
|
|
Issuance of common stock upon vesting of restricted stock units, shares |
|
1,064
|
|
|
|
Shares withheld for payroll taxes |
|
|
(3)
|
|
(3)
|
Shares withheld for payroll taxes, shares |
|
(293)
|
|
|
|
Stock-based compensation expense |
|
|
103
|
|
103
|
Net loss |
|
|
|
(3,576)
|
(3,576)
|
Ending balance, value at Sep. 30, 2022 |
$ 0
|
$ 0
|
139,176
|
(125,649)
|
13,527
|
Balance at ending, shares at Sep. 30, 2022 |
0
|
1,138,998
|
|
|
|
Beginning balance, value at Dec. 31, 2022 |
$ 2
|
$ 0
|
139,218
|
(128,380)
|
10,838
|
Balance at beginning, shares at Dec. 31, 2022 |
1
|
1,139,024
|
|
|
|
Cash-in-lieu of fractional shares for reverse stock split |
|
|
(11)
|
|
(11)
|
Cash-in-lieu of fractional shares for reverse stock split, shares |
|
(1,706)
|
|
|
|
Redemption of preferred stock |
$ (2)
|
|
|
|
|
Redemption of preferred stock, shares |
(1)
|
|
|
|
|
Issuance of common stock upon vesting of restricted stock units |
|
|
|
|
|
Issuance of common stock upon vesting of restricted stock units, shares |
|
18,080
|
|
|
|
Shares withheld for payroll taxes |
|
|
(25)
|
|
(25)
|
Shares withheld for payroll taxes, shares |
|
(4,816)
|
|
|
|
Stock-based compensation expense |
|
|
111
|
|
111
|
Net loss |
|
|
|
(3,602)
|
(3,602)
|
Ending balance, value at Mar. 31, 2023 |
$ 0
|
$ 0
|
139,293
|
(131,982)
|
7,311
|
Balance at ending, shares at Mar. 31, 2023 |
0
|
1,150,582
|
|
|
|
Beginning balance, value at Dec. 31, 2022 |
$ 2
|
$ 0
|
139,218
|
(128,380)
|
10,838
|
Balance at beginning, shares at Dec. 31, 2022 |
1
|
1,139,024
|
|
|
|
Net loss |
|
|
|
|
(8,931)
|
Ending balance, value at Sep. 30, 2023 |
$ 0
|
$ 0
|
144,524
|
(137,311)
|
7,213
|
Balance at ending, shares at Sep. 30, 2023 |
0
|
2,307,385
|
|
|
|
Beginning balance, value at Mar. 31, 2023 |
$ 0
|
$ 0
|
139,293
|
(131,982)
|
7,311
|
Balance at beginning, shares at Mar. 31, 2023 |
0
|
1,150,582
|
|
|
|
Issuance of common stock and warrants, net of offering costs |
$ 0
|
$ 0
|
5,048
|
0
|
5,048
|
Issuance of common stock and warrants, net of offering costs, shares |
|
659,629
|
|
|
|
Issuance of common stock upon exercise of warrants |
0
|
$ 0
|
0
|
0
|
0
|
Issuance of common stock upon exercise of warrants, shares |
|
175,000
|
|
|
|
Stock-based compensation expense |
|
|
94
|
|
94
|
Net loss |
|
|
|
(2,549)
|
(2,549)
|
Ending balance, value at Jun. 30, 2023 |
$ 0
|
$ 0
|
144,435
|
(134,531)
|
9,904
|
Balance at ending, shares at Jun. 30, 2023 |
0
|
1,985,211
|
|
|
|
Issuance of common stock upon exercise of warrants |
$ 0
|
$ 0
|
0
|
0
|
0
|
Issuance of common stock upon exercise of warrants, shares |
|
320,290
|
|
|
|
Issuance of common stock upon vesting of restricted stock units |
0
|
$ 0
|
0
|
0
|
0
|
Issuance of common stock upon vesting of restricted stock units, shares |
|
2,000
|
|
|
|
Shares withheld for payroll taxes |
|
|
|
|
|
Shares withheld for payroll taxes, shares |
|
(116)
|
|
|
|
Stock-based compensation expense |
|
|
89
|
|
89
|
Net loss |
|
|
|
(2,780)
|
(2,780)
|
Ending balance, value at Sep. 30, 2023 |
$ 0
|
$ 0
|
$ 144,524
|
$ (137,311)
|
$ 7,213
|
Balance at ending, shares at Sep. 30, 2023 |
0
|
2,307,385
|
|
|
|
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v3.23.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Cash flows from operating activities: |
|
|
Net loss |
$ (8,931)
|
$ (8,749)
|
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
Depreciation and amortization |
46
|
56
|
Amortization of right of use asset |
95
|
91
|
Stock-based compensation |
294
|
372
|
Changes in operating assets and liabilities: |
|
|
Prepaid expenses and other assets |
(235)
|
(220)
|
Accounts payable |
(606)
|
260
|
Accrued expenses |
1,058
|
(1,141)
|
Lease liability |
(100)
|
(93)
|
Net cash used in operating activities |
(8,379)
|
(9,424)
|
Cash flows from investing activities: |
|
|
Cash paid for purchase of property and equipment |
(5)
|
(121)
|
Net cash used in investing activities |
(5)
|
(121)
|
Cash flows from financing activities: |
|
|
Net proceeds from the issuance of common stock and warrants |
5,048
|
0
|
Cash in lieu of fractional shares for reverse stock split |
(11)
|
0
|
Redemption of Series D preferred stock |
(2)
|
0
|
Payment of taxes on net share settlements of restricted stock units |
(25)
|
(28)
|
Net cash provided by (used in) financing activities |
5,010
|
(28)
|
Net decrease in cash and restricted cash |
(3,374)
|
(9,573)
|
Cash and restricted cash at the beginning of period |
11,831
|
24,107
|
Cash and restricted cash at the end of period |
$ 8,457
|
$ 14,534
|
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v3.23.3
Reconciliation of Cash - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
Sep. 30, 2022 |
Dec. 31, 2021 |
Statement of Financial Position [Abstract] |
|
|
|
|
Cash |
$ 8,407
|
$ 11,781
|
$ 14,484
|
|
Restricted cash |
50
|
50
|
50
|
|
Cash and restricted cash |
$ 8,457
|
$ 11,831
|
$ 14,534
|
$ 24,107
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v3.23.3
Organization and Significant Accounting Policies
|
9 Months Ended |
Sep. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Organization and Significant Accounting Policies |
1. Organization and Significant Accounting Policies
Nature of Operations
Phio Pharmaceuticals Corp.
(“Phio” or the “Company”) is a clinical stage biotechnology company whose proprietary INTASYL™
self-delivering RNAi technology platform is designed to make immune cells more effective in killing tumor cells. Phio is developing therapeutics
that are designed to leverage INTASYL to precisely target specific proteins that reduce the body’s ability to fight cancer, without
the need for specialized formulations or drug delivery systems.
Effective January 26, 2023,
the Company completed a 1-for-12 reverse stock split of the Company’s outstanding common stock, including reclassifying an amount
equal to the reduction in par value to additional paid-in capital. The reverse stock split did not reduce the number of authorized shares
of the Company’s common or preferred stock. All share and per share amounts have been adjusted to give effect to the reverse stock
split.
Principles of Consolidation
The condensed consolidated
financial statements include the accounts of Phio and its wholly-owned subsidiary, MirImmune, LLC. All material intercompany accounts
have been eliminated in consolidation.
Basis of Presentation
The accompanying condensed
consolidated financial statements are unaudited and have been prepared in accordance with accounting principles generally accepted in
the United States (“GAAP”). Certain information and footnote disclosures that are included in the Company’s annual
consolidated financial statements, but that are not required for interim reporting purposes, have been condensed or omitted. Additionally,
the Company made adjustments to the outstanding stock option and unvested restricted stock unit balances, and related per share amounts,
at December 31, 2022 to reflect final revisions to those outstanding equity awards as a result of the Company’s reverse stock split.
The adjustment had no effect on the Company’s condensed consolidated financial statements. These statements should be read in conjunction
with the audited consolidated financial statements and notes thereto included in the Company’s most recent Annual Report on Form
10-K for the year ended December 31, 2022, as filed with the Securities and Exchange Commission (the “SEC”) on March
22, 2023 (the “2022 Form 10-K”). In the opinion of management, all adjustments (including normal recurring accruals)
considered necessary for a fair presentation of the condensed consolidated financial statements have been included. Interim results are
not necessarily indicative of results for a full year.
Use of Estimates
The preparation of financial
statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of
revenues and expenses during the reporting period. The areas subject to significant estimates and judgement include, among others, those
related to the fair value of equity awards, accruals for research and development expenses, useful lives of property and equipment, and the valuation allowance on the Company’s deferred tax assets. On an ongoing basis the Company evaluates its estimates
and bases its estimates on historical experience and other relevant assumptions that the Company believes are reasonable under the circumstances.
Actual results could differ materially from these estimates.
Liquidity
The Company has reported recurring
losses from operations since inception and expects to continue to have negative cash flows from operations for the foreseeable future.
Historically, the Company’s primary source of funding has been from sales of its securities. The Company’s ability to continue
to fund its operations is dependent on obtaining funding from third parties, such as proceeds from the issuance of debt, sale of equity,
or strategic opportunities, in order to maintain its operations. This is dependent on a number of factors, including the market demand
or liquidity of the Company’s common stock. There is no guarantee that debt, additional equity or other funding will be available
to the Company on acceptable terms, or at all. If the Company fails to obtain additional funding when needed, the Company would be forced
to scale back or terminate its operations or seek to merge with or to be acquired by another company.
The Company has limited cash
resources, has reported recurring losses from operations since inception and has not yet received product revenues. These factors raise
substantial doubt regarding the Company’s ability to continue as a going concern, and the Company’s current cash resources
may not provide sufficient capital to fund operations for at least the next 12 months from the date of the release of these financial
statements. The continuation of the Company as a going concern depends upon the Company’s ability to raise additional capital through
an equity offering, debt offering and/or strategic opportunity to fund its operations. There can be no assurance that the Company will
be successful in accomplishing these plans in order to continue as a going concern. These financial statements do not include any adjustments
to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the
Company be unable to continue as a going concern.
Summary of Significant Accounting Policies
There have been no material
changes to the significant accounting policies disclosed in the Company’s 2022 Form 10-K.
Recent Accounting Pronouncements
There have been no recent
accounting pronouncements that have significantly impacted this Quarterly Report on Form 10-Q, beyond those disclosed in the Company’s
2022 Form 10-K.
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v3.23.3
Collaboration Agreement
|
9 Months Ended |
Sep. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Collaboration Agreement |
2. Collaboration Agreement
AgonOx, Inc. (“AgonOx”)
In March 2021, the Company
entered into a clinical co-development collaboration agreement (the “Clinical Co-Development Agreement”) with AgonOx,
a private company developing a pipeline of novel immunotherapy drugs targeting key regulators of the immune response to cancer. Under
the Clinical Co-Development Agreement, Phio and AgonOx are working to develop a T cell-based therapy using the Company’s lead product
candidate, PH-762, and AgonOx’s “double positive” tumor infiltrating lymphocytes (“DP TIL”) technology.
Per the terms of the Clinical Co-Development Agreement, the Company committed to provide financial support for development costs of up
to $4,000,000 to AgonOx for expenses incurred to conduct a Phase 1 clinical trial of PH-762 treated DP TIL in patients with advanced melanoma
and other advanced solid tumors.
The Company will recognize
its share of costs arising from research and development activities performed by AgonOx in the Company’s financial statements in
the period AgonOx incurs such expense. Phio will be entitled to certain future development milestones and low single-digit sales-based
royalty payments from AgonOx’s licensing of its DP TIL technology.
The Company recognized approximately
$606,000 and $906,000 of expense in connection with these efforts during the three and nine months ended September 30, 2023, respectively.
No expense under the Clinical Co-Development Agreement was recognized during the three and nine months ended September 30, 2022.
There is approximately $2,964,000
of remaining costs not yet incurred under the Clinical Co-Development Agreement as of September 30, 2023.
|
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- DefinitionThe entire disclosure for collaborative arrangements in which the entity is a participant, including a) information about the nature and purpose of such arrangements; b) its rights and obligations thereunder; c) the accounting policy for collaborative arrangements; and d) the income statement classification and amounts attributable to transactions arising from the collaborative arrangement between participants.
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v3.23.3
Fair Value of Financial Instruments
|
9 Months Ended |
Sep. 30, 2023 |
Fair Value Disclosures [Abstract] |
|
Fair Value of Financial Instruments |
3. Fair Value of Financial Instruments
The Company follows the provisions
of the Financial Accounting Standards Board (the “FASB”) Accounting Standards Codification (“ASC”)
Topic 820, “Fair Value Measurement,” for the Company’s financial assets and liabilities that are re-measured
and reported at fair value each reporting period and are re-measured and reported at fair value at least annually using a fair value hierarchy
that is broken down into three levels. Level inputs are defined as follows:
Level 1 – quoted prices
in active markets for identical assets or liabilities.
Level 2 – other significant
observable inputs for the assets or liabilities through corroboration with market data at the measurement date.
Level 3 – significant
unobservable inputs that reflect management’s best estimate of what market participants would use to price the assets or liabilities
at the measurement date.
At September 30, 2023 and
December 31, 2022, the Company categorized its restricted cash of $50,000 as Level 2 hierarchy. Restricted cash consists of certificates of deposit held by financial institutions as collateral for the Company’s
corporate credit cards. The assets classified as Level 2 have
initially been valued at the applicable transaction price and subsequently valued, at the end of each reporting period, using other market
observable data. Observable market data points include quoted prices, interest rates, reportable trades and other industry and economic
events.
The carrying amounts of cash,
accounts payable and accrued expenses of the Company approximate their fair values due to their short-term nature.
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- DefinitionThe entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.
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v3.23.3
Leases
|
9 Months Ended |
Sep. 30, 2023 |
Leases [Abstract] |
|
Leases |
4. Leases
In January 2019, the Company
amended the lease for its corporate headquarters and primary research facility in Marlborough, Massachusetts. The lease is for a total
of 7,581 square feet of office and laboratory space and will expire on March 31, 2024. The lease contains an option to terminate after
two or three years by providing advance written notice of termination pursuant to the terms of the agreement. The exercise of this option
was not determined to be reasonably certain and thus was not included in the lease liability on the Company’s balance sheet. The
Company did not exercise its option to terminate in either the second or third year of the lease, and the option to terminate has expired.
Additionally, the lease agreement did not contain information to determine the borrowing rate implicit in the lease. As such, the Company
calculated its incremental borrowing rate based on what the Company would have to pay to borrow on a collateralized basis over the lease
term for an amount equal to the remaining lease payments, taking into consideration such assumptions as, but not limited to, the U.S.
treasury yield rate and borrowing rates from a creditworthy financial institution using the above lease factors.
The lease for the Company’s
corporate headquarters represents all of its significant lease obligations. The amounts reported in the condensed consolidated balance
sheets for the operating lease in which the Company is the lessee and other supplemental balance sheet information is set forth as follows,
in thousands, except the lease term (number of years) and discount rate:
Schedule of lease and supplemental balance sheet information | |
| | | |
| | |
| |
September 30, 2023 | | |
December 31, 2022 | |
Assets | |
| | | |
| | |
Right of use asset | |
$ | 66 | | |
$ | 161 | |
Liabilities | |
| | | |
| | |
Lease liability, current | |
| 70 | | |
| 135 | |
Lease liability, non-current | |
| – | | |
| 35 | |
Total lease liability | |
$ | 70 | | |
$ | 170 | |
Lease Term and Discount Rate | |
| | | |
| | |
Weighted average remaining lease term | |
| 0.50 | | |
| 1.25 | |
Weighted average discount rate | |
| 4.70% | | |
| 4.70% | |
Operating lease costs included
in operating expense were $33,000 for the three months ended September 30, 2023 and 2022. Operating lease costs included in operating
expense were $99,000 for the nine months ended September 30, 2023 and 2022.
Cash paid for the amounts
included in the measurement of the operating lease liability on the Company’s condensed consolidated balance sheets and included
within changes in the lease liability in the operating activities of the Company’s condensed consolidated statements of cash flows
was $35,000 and $34,000 for the three months ended September 30, 2023 and 2022, respectively. Cash paid for the amounts included in the
measurement of the operating lease liability on the Company’s condensed consolidated balance sheets and included within changes
in the lease liability in the operating activities of the Company’s condensed consolidated statements of cash flow was $104,000
and $101,000 for the nine months ended September 30, 2023 and 2022, respectively.
Future lease payments for
the Company’s non-cancellable operating lease and a reconciliation to the carrying amount of the operating lease liability presented
in the condensed consolidated balance sheet as of September 30, 2023 is as follows, in thousands:
Schedule of future minimum lease payments | |
| | |
2023 (remaining) | |
$ | 36 | |
2024 | |
| 35 | |
Total lease payments | |
| 71 | |
Less: Imputed interest | |
| (1 | ) |
Total operating lease liability | |
$ | 70 | |
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- DefinitionThe entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability.
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v3.23.3
Preferred Stock
|
9 Months Ended |
Sep. 30, 2023 |
Temporary Equity Disclosure [Abstract] |
|
Preferred Stock |
5. Preferred Stock
The Company has authorized
up to 10,000,000 shares of preferred stock, $0.0001 par value per share, for issuance. The Company’s Board of Directors (the “Board’)
is authorized under the Company’s Amended and Restated Articles of Incorporation (as may be amended and/or restated from time to
time, the “Amended Certificate”), to designate the authorized preferred stock into one or more series and to fix and
determine such rights, preferences, privileges and restrictions of any series of preferred stock, including voting rights, dividend rights,
conversion rights, redemption privileges and liquidation preferences, as shall be determined by the Board upon its issuance.
On November 16, 2022,
the Company issued and sold one
share of the Company’s Series D Preferred Stock, par value $0.0001 per share (the “Series D Preferred
Stock”) to Robert Bitterman, then its interim Executive Chairman and current Chief Executive Officer, for $1,750.
The Series D Preferred Stock was entitled to 17,500,000 votes per share exclusively with respect to any proposal to amend the
Company’s Amended Certificate to effect a reverse stock split of the Company’s common stock (“Reverse Stock
Split”). The terms of the Series D Preferred Stock provided that it would be voted, without action by the holder, on any
such proposal in the same proportion as shares of the Company’s common stock were voted. The Series D Preferred Stock
otherwise had no voting rights except as required by the General Corporation Law of the State of Delaware.
The Series D Preferred Stock
was not convertible into, or exchangeable for, shares of any other class or series of stock or other securities of the Company. The Series
D Preferred Stock had no rights with respect to any distribution of assets of the Company, including upon a liquidation, bankruptcy, reorganization,
merger, acquisition, sale, dissolution or winding up of the Company, whether voluntarily or involuntarily. The holder of the Series D
Preferred Stock was not entitled to receive dividends of any kind.
Under its terms, the outstanding
share of Series D Preferred Stock was to be redeemed in whole, but not in part, at any time: (i) if such redemption was approved by the
Board in its sole discretion or (ii) automatically and effective upon the approval by the Company's stockholders of a Reverse Stock Split.
Upon such redemption, the holder of the Series D Preferred Stock was entitled to receive consideration of $1,750 in cash.
The Series D Preferred Stock
was redeemed in whole on January 4, 2023, upon the approval by the Company’s stockholders of a Reverse Stock Split, such that, at
September 30, 2023, there were no shares of Series D Preferred Stock authorized, issued or outstanding and all of the Company’s
authorized shares of preferred stock were undesignated.
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- DefinitionTabular disclosure of temporary equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. If convertible, the issuer does not control the actions or events necessary to issue the maximum number of shares that could be required to be delivered under the conversion option if the holder exercises the option to convert the stock to another class of equity. If the security is a warrant or a rights issue, the warrant or rights issue is considered to be temporary equity if the issuer cannot demonstrate that it would be able to deliver upon the exercise of the option by the holder in all cases. Includes stock with put option held by ESOP and stock redeemable by holder only in the event of a change in control of the issuer.
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v3.23.3
Stockholders’ Equity
|
9 Months Ended |
Sep. 30, 2023 |
Equity [Abstract] |
|
Stockholders’ Equity |
6. Stockholders’ Equity
April 2023 Financing
— On April 20, 2023, the Company completed a registered direct offering and a concurrent private placement of a total of: 353,983
registered shares of the Company’s common stock at a purchase price per share of $5.65, unregistered five and one-half year term
Series A warrants to purchase up to 353,983 shares of common stock at an exercise price of $5.40 per share and unregistered eighteen month
term Series B warrants to purchase up to 353,983 shares of common stock at an exercise price of $5.40 per share (collectively, the “April
2023 Financing”). In addition, the Company issued unregistered warrants to the placement agent, H.C. Wainwright & Co., LLC
(“HCW”), in the April 2023 Financing to purchase a total of 26,549 shares of common stock at an exercise price of $7.0625
per share. Net proceeds to the Company from the April 2023 Financing were $1,538,000 after deducting placement agent fees and offering
expenses.
In connection with the April
2023 Financing, the Company entered into warrant amendment agreements (the “Warrant Amendment Agreements”) with the
participating investors to amend the exercise price of certain existing warrants to purchase up to an aggregate of 191,619 shares of common
stock that were previously issued in April 2018 through January 2021, such that each of the amended warrants have an exercise price of
$5.40 per share. The Company received $24,000 as consideration in connection with the Warrant Amendment Agreements. The Company assessed
the amendments to the exercise price of the warrants under the FASB ASC Topic 815, “Derivatives and Hedging” (“ASC
815”) and determined that the amendment to the exercise price was completed in connection with and contingent on the close of
the April 2023 Financing. The increase in fair value of $293,000 related to the Warrant Amendment Agreements was recognized as an equity
issuance cost and recorded in additional paid in capital per ASC 815.
June 2023 Financing
— On June 2, 2023, the Company completed a registered direct offering and a concurrent private placement of a total of: 233,646
registered shares and 72,000 unregistered shares of the Company’s common stock each at a purchase price per share of $4.28, unregistered
pre-funded warrants to purchase up to an aggregate of 628,935 shares of common stock at a purchase price per share of $4.279 and with
an exercise price of $0.001 per share, unregistered five and one-half year term Series A warrants to purchase up to an aggregate of 934,581
shares of common stock at an exercise price of $4.03 per share and unregistered eighteen month term Series B warrants to purchase up to
an aggregate of 934,581 shares of common stock at an exercise price of $4.03 per share (collectively, the “June 2023 Financing”).
In addition, the Company issued unregistered warrants to the placement agent, HCW, in the June 2023 Financing to purchase a total of 70,094
shares of common stock at an exercise price of $5.35 per share. Net proceeds to the Company from the June 2023 Financing were $3,510,000
after deducting placement agent fees and offering expenses.
Warrants
The Company first assessed
the warrants in the April 2023 Financing and June 2023 Financing under the FASB ASC Topic 480, “Distinguishing Liabilities from
Equity” (“ASC 480”) to determine whether they were within the scope of ASC 480. As there were no instances
outside of the Company’s control that could require cash settlement, the Company’s warrants issued in the April 2023
Financing and June 2023 Financing were determined to be outside the scope of ASC 480.
The
Company then applied and followed the applicable accounting guidance in ASC Topic 815. Financial instruments are accounted for
as either derivative liabilities or equity instruments depending on the specific terms of the agreement. The warrants issued in the April
2023 Financing and June 2023 Financing did not meet the definition of a derivative instrument as they are indexed to the Company’s
common stock and classified within stockholders’ equity. Based on this determination, the warrants issued in the April 2023 Financing
and June 2023 Financing were classified within stockholders’ equity.
During the three and nine
months ended September 30, 2023, shares of common stock issued related to exercises from the pre-funded warrants issued in the June 2023
Financing totaled 320,290 and 495,290, respectively. The Company realized proceeds of $320 and $495, respectively, from the exercises
of the pre-funded warrants. There were no warrants exercised during the three and nine months ended September 30, 2022.
The following table summarizes the Company’s
outstanding warrants, all of which are classified as equity instruments, at September 30, 2023:
Summary of outstanding warrants | |
| | | |
| | |
| |
Number of Shares | | |
Weighted- Average Exercise Price Per Share | |
Outstanding at December 31, 2022 | |
| 545,401 | | |
$ | 54.53 | |
Issued | |
| 3,302,706 | | |
| 4.46 | |
Exercised | |
| (495,290 | ) | |
| 0.001 | |
Expired | |
| (1,837 | ) | |
| 1,245.59 | |
Outstanding at September 30, 2023 | |
| 3,350,980 | | |
$ | 9.09 | |
The Company’s outstanding warrants as of
September 30, 2023 expire at various dates between October 2023 and December 2028.
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- DefinitionThe entire disclosure for equity.
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v3.23.3
Stock-based Compensation
|
9 Months Ended |
Sep. 30, 2023 |
Share-Based Payment Arrangement [Abstract] |
|
Stock-based Compensation |
7. Stock-based Compensation
In July 2023, the Company’s
stockholders approved an amendment to the Company’s 2020 Long-Term Incentive Plan (the “2020 Plan”) to increase the
number of shares authorized for issuance thereunder by 125,500 shares.
Restricted Stock Units
Restricted stock units (“RSUs”)
are issued under the Company’s 2020 Plan or as inducement grants issued outside of the 2020 Plan to new employees. RSUs are generally
subject to graded vesting and the satisfaction of certain service requirements. Upon vesting, each outstanding RSU will be settled for
one share of the Company’s common stock. Employee RSU recipients may elect to net share settle upon vesting, in which case the
Company pays the employee’s income taxes due upon vesting and withholds a number of shares of equal value. The fair value of the
RSUs awarded are based upon the Company’s closing stock price at the grant date and are expensed over the requisite service period.
The following table summarizes the activity of
the Company’s RSUs for the nine months ended September 30, 2023:
Summary of RSU activity | |
| | |
| |
| |
Number of Shares | | |
Weighted- Average Grant Date
Fair Value
Per Share | |
Unvested units at December 31, 2022 | |
| 47,335 | | |
$ | 15.03 | |
Granted | |
| 43,500 | | |
| 5.24 | |
Vested | |
| (20,080 | ) | |
| 16.34 | |
Forfeited | |
| (1,500 | ) | |
| 5.24 | |
Unvested units at September 30, 2023 | |
| 69,255 | | |
$ | 12.93 | |
There were no RSU grants during
the three months ended September 30, 2023. The weighted-average fair value of RSUs granted during the nine months ended September 30,
2023 was $5.24. The weighted-average fair value of RSUs granted during the three and nine months ended September 30, 2022 was $9.00 and
$10.32, respectively.
Stock-based compensation expense
related to RSUs was $89,000 and $294,000 for the three and nine months ended September 30, 2023, respectively. Stock-based compensation
expense related to RSUs was $98,000 and $359,000 for the three and nine months ended September 30, 2022, respectively.
The aggregate fair value of
awards that vested during the nine months ended September 30, 2023 and 2022 was $100,000 and $138,000, respectively, which represents
the market value of the Company’s common stock on the date that the RSUs vested.
Stock Options
Stock options are available
to be issued under the 2020 Plan and are generally subject to graded vesting and the satisfaction of certain service requirements. Upon
the exercise of a stock option, the Company issues new shares and delivers them to the recipient. The Company does not expect to net share
settle to satisfy stock option exercises.
The Company used the Black-Scholes
option-pricing model to determine the fair value of all its option grants. The risk-free interest rate used for each grant was based upon
the yield on zero-coupon U.S. Treasury securities with a term similar to the expected life of the related option. The Company’s
expected stock price volatility assumption was based upon the Company’s own implied volatility. The expected life assumption used
for option grants was based upon the simplified method provided for under the FASB ASC Topic 718, “Compensation – Stock
Compensation”. The dividend yield assumption was based upon the fact that the Company has never paid cash dividends and presently
has no intention of paying cash dividends.
The following table summarizes the activity of
the Company’s stock options for the nine months ended September 30, 2023:
Summary of stock option activity | |
| | | |
| | | |
| | |
| |
Number of Shares | | |
Weighted- Average Exercise Price Per Share | | |
Aggregate Intrinsic Value | |
Balance at December 31, 2022 | |
| 177 | | |
$ | 35,231.40 | | |
| | |
Granted | |
| – | | |
| – | | |
| | |
Exercised | |
| – | | |
| – | | |
| | |
Forfeited | |
| – | | |
| – | | |
| | |
Expired | |
| (50 | ) | |
| 82,948.68 | | |
| | |
Balance at September 30, 2023 | |
| 127 | | |
$ | 16,445.06 | | |
$ | – | |
Exercisable at September 30, 2023 | |
| 127 | | |
$ | 16,445.06 | | |
$ | – | |
Stock-based compensation expense
related to stock options for the three and nine months ended September 30, 2022 was $5,000 and $13,000, respectively. As of September
30, 2022, the compensation expense for all unvested stock options had been recognized in the Company’s results of operations.
Compensation Expense Related to Equity Awards
The following table sets
forth total stock-based compensation expense for the three and nine months ended September 30, 2023 and 2022, in thousands:
Schedule of stock based compensation expense | |
| | |
| | |
| | |
| |
| |
Three Months Ended | | |
Nine Months Ended | |
| |
September 30, | | |
September 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Research and development | |
$ | 51 | | |
$ | 54 | | |
$ | 163 | | |
$ | 163 | |
General and administrative | |
| 38 | | |
| 49 | | |
| 131 | | |
| 209 | |
Total stock-based compensation | |
$ | 89 | | |
$ | 103 | | |
$ | 294 | | |
$ | 372 | |
|
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v3.23.3
Net Loss per Common Share
|
9 Months Ended |
Sep. 30, 2023 |
Net loss per common share: |
|
Net Loss per Common Share |
8. Net Loss per Common Share
Basic
net loss per share is computed by dividing net loss by the weighted average number of common shares outstanding. Diluted net loss per
share is computed by dividing the Company’s net loss by the weighted average number of common shares outstanding and the impact
of the dilutive effect of potential common stock equivalents, except when the inclusion of such potential common stock equivalents would
be anti-dilutive. Dilutive potential common stock equivalents primarily consist of stock options, RSUs and warrants. Therefore, basic
and diluted net loss per share applicable to common stockholders were the same for all periods presented because the impact of these items
is generally anti-dilutive during periods of net loss.
The weighted average number
of common shares outstanding as of September 30, 2023 includes the pre-funded warrants issued in connection with the June 2023 Financing,
the exercise of which requires nominal consideration for the delivery of the shares of common stock.
The following table sets
forth the potential common shares excluded from the calculation of net loss per common share because their inclusion would be anti-dilutive:
Schedule of anti-dilutive stock | |
| | | |
| | |
| |
September 30, | |
| |
2023 | | |
2022 | |
Stock options | |
| 127 | | |
| 142 | |
Unvested restricted stock units | |
| 69,255 | | |
| 57,017 | |
Warrants1 | |
| 3,217,335 | | |
| 545,401 | |
Total | |
| 3,286,717 | | |
| 602,560 | |
__________________
1 The weighted average number of common shares outstanding
as of September 30, 2023 includes pre-funded warrants issued in the June 2023 Financing because the exercise of such warrants requires
only nominal consideration. Therefore, these pre-funded warrants are not included in the table above.
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v3.23.3
Organization and Significant Accounting Policies (Policies)
|
9 Months Ended |
Sep. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Nature of Operations |
Nature of Operations
Phio Pharmaceuticals Corp.
(“Phio” or the “Company”) is a clinical stage biotechnology company whose proprietary INTASYL™
self-delivering RNAi technology platform is designed to make immune cells more effective in killing tumor cells. Phio is developing therapeutics
that are designed to leverage INTASYL to precisely target specific proteins that reduce the body’s ability to fight cancer, without
the need for specialized formulations or drug delivery systems.
Effective January 26, 2023,
the Company completed a 1-for-12 reverse stock split of the Company’s outstanding common stock, including reclassifying an amount
equal to the reduction in par value to additional paid-in capital. The reverse stock split did not reduce the number of authorized shares
of the Company’s common or preferred stock. All share and per share amounts have been adjusted to give effect to the reverse stock
split.
|
Principles of Consolidation |
Principles of Consolidation
The condensed consolidated
financial statements include the accounts of Phio and its wholly-owned subsidiary, MirImmune, LLC. All material intercompany accounts
have been eliminated in consolidation.
|
Basis of Presentation |
Basis of Presentation
The accompanying condensed
consolidated financial statements are unaudited and have been prepared in accordance with accounting principles generally accepted in
the United States (“GAAP”). Certain information and footnote disclosures that are included in the Company’s annual
consolidated financial statements, but that are not required for interim reporting purposes, have been condensed or omitted. Additionally,
the Company made adjustments to the outstanding stock option and unvested restricted stock unit balances, and related per share amounts,
at December 31, 2022 to reflect final revisions to those outstanding equity awards as a result of the Company’s reverse stock split.
The adjustment had no effect on the Company’s condensed consolidated financial statements. These statements should be read in conjunction
with the audited consolidated financial statements and notes thereto included in the Company’s most recent Annual Report on Form
10-K for the year ended December 31, 2022, as filed with the Securities and Exchange Commission (the “SEC”) on March
22, 2023 (the “2022 Form 10-K”). In the opinion of management, all adjustments (including normal recurring accruals)
considered necessary for a fair presentation of the condensed consolidated financial statements have been included. Interim results are
not necessarily indicative of results for a full year.
|
Use of Estimates |
Use of Estimates
The preparation of financial
statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of
revenues and expenses during the reporting period. The areas subject to significant estimates and judgement include, among others, those
related to the fair value of equity awards, accruals for research and development expenses, useful lives of property and equipment, and the valuation allowance on the Company’s deferred tax assets. On an ongoing basis the Company evaluates its estimates
and bases its estimates on historical experience and other relevant assumptions that the Company believes are reasonable under the circumstances.
Actual results could differ materially from these estimates.
|
Liquidity |
Liquidity
The Company has reported recurring
losses from operations since inception and expects to continue to have negative cash flows from operations for the foreseeable future.
Historically, the Company’s primary source of funding has been from sales of its securities. The Company’s ability to continue
to fund its operations is dependent on obtaining funding from third parties, such as proceeds from the issuance of debt, sale of equity,
or strategic opportunities, in order to maintain its operations. This is dependent on a number of factors, including the market demand
or liquidity of the Company’s common stock. There is no guarantee that debt, additional equity or other funding will be available
to the Company on acceptable terms, or at all. If the Company fails to obtain additional funding when needed, the Company would be forced
to scale back or terminate its operations or seek to merge with or to be acquired by another company.
The Company has limited cash
resources, has reported recurring losses from operations since inception and has not yet received product revenues. These factors raise
substantial doubt regarding the Company’s ability to continue as a going concern, and the Company’s current cash resources
may not provide sufficient capital to fund operations for at least the next 12 months from the date of the release of these financial
statements. The continuation of the Company as a going concern depends upon the Company’s ability to raise additional capital through
an equity offering, debt offering and/or strategic opportunity to fund its operations. There can be no assurance that the Company will
be successful in accomplishing these plans in order to continue as a going concern. These financial statements do not include any adjustments
to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the
Company be unable to continue as a going concern.
|
Summary of Significant Accounting Policies |
Summary of Significant Accounting Policies
There have been no material
changes to the significant accounting policies disclosed in the Company’s 2022 Form 10-K.
|
Recent Accounting Pronouncements |
Recent Accounting Pronouncements
There have been no recent
accounting pronouncements that have significantly impacted this Quarterly Report on Form 10-Q, beyond those disclosed in the Company’s
2022 Form 10-K.
|
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v3.23.3
Leases (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Leases [Abstract] |
|
Schedule of lease and supplemental balance sheet information |
Schedule of lease and supplemental balance sheet information | |
| | | |
| | |
| |
September 30, 2023 | | |
December 31, 2022 | |
Assets | |
| | | |
| | |
Right of use asset | |
$ | 66 | | |
$ | 161 | |
Liabilities | |
| | | |
| | |
Lease liability, current | |
| 70 | | |
| 135 | |
Lease liability, non-current | |
| – | | |
| 35 | |
Total lease liability | |
$ | 70 | | |
$ | 170 | |
Lease Term and Discount Rate | |
| | | |
| | |
Weighted average remaining lease term | |
| 0.50 | | |
| 1.25 | |
Weighted average discount rate | |
| 4.70% | | |
| 4.70% | |
|
Schedule of future minimum lease payments |
Schedule of future minimum lease payments | |
| | |
2023 (remaining) | |
$ | 36 | |
2024 | |
| 35 | |
Total lease payments | |
| 71 | |
Less: Imputed interest | |
| (1 | ) |
Total operating lease liability | |
$ | 70 | |
|
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v3.23.3
Stockholders’ Equity (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Equity [Abstract] |
|
Summary of outstanding warrants |
Summary of outstanding warrants | |
| | | |
| | |
| |
Number of Shares | | |
Weighted- Average Exercise Price Per Share | |
Outstanding at December 31, 2022 | |
| 545,401 | | |
$ | 54.53 | |
Issued | |
| 3,302,706 | | |
| 4.46 | |
Exercised | |
| (495,290 | ) | |
| 0.001 | |
Expired | |
| (1,837 | ) | |
| 1,245.59 | |
Outstanding at September 30, 2023 | |
| 3,350,980 | | |
$ | 9.09 | |
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v3.23.3
Stock-based Compensation (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Share-Based Payment Arrangement [Abstract] |
|
Summary of RSU activity |
Summary of RSU activity | |
| | |
| |
| |
Number of Shares | | |
Weighted- Average Grant Date
Fair Value
Per Share | |
Unvested units at December 31, 2022 | |
| 47,335 | | |
$ | 15.03 | |
Granted | |
| 43,500 | | |
| 5.24 | |
Vested | |
| (20,080 | ) | |
| 16.34 | |
Forfeited | |
| (1,500 | ) | |
| 5.24 | |
Unvested units at September 30, 2023 | |
| 69,255 | | |
$ | 12.93 | |
|
Summary of stock option activity |
Summary of stock option activity | |
| | | |
| | | |
| | |
| |
Number of Shares | | |
Weighted- Average Exercise Price Per Share | | |
Aggregate Intrinsic Value | |
Balance at December 31, 2022 | |
| 177 | | |
$ | 35,231.40 | | |
| | |
Granted | |
| – | | |
| – | | |
| | |
Exercised | |
| – | | |
| – | | |
| | |
Forfeited | |
| – | | |
| – | | |
| | |
Expired | |
| (50 | ) | |
| 82,948.68 | | |
| | |
Balance at September 30, 2023 | |
| 127 | | |
$ | 16,445.06 | | |
$ | – | |
Exercisable at September 30, 2023 | |
| 127 | | |
$ | 16,445.06 | | |
$ | – | |
|
Schedule of stock based compensation expense |
Schedule of stock based compensation expense | |
| | |
| | |
| | |
| |
| |
Three Months Ended | | |
Nine Months Ended | |
| |
September 30, | | |
September 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Research and development | |
$ | 51 | | |
$ | 54 | | |
$ | 163 | | |
$ | 163 | |
General and administrative | |
| 38 | | |
| 49 | | |
| 131 | | |
| 209 | |
Total stock-based compensation | |
$ | 89 | | |
$ | 103 | | |
$ | 294 | | |
$ | 372 | |
|
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Net Loss per Common Share (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Net loss per common share: |
|
Schedule of anti-dilutive stock |
Schedule of anti-dilutive stock | |
| | | |
| | |
| |
September 30, | |
| |
2023 | | |
2022 | |
Stock options | |
| 127 | | |
| 142 | |
Unvested restricted stock units | |
| 69,255 | | |
| 57,017 | |
Warrants1 | |
| 3,217,335 | | |
| 545,401 | |
Total | |
| 3,286,717 | | |
| 602,560 | |
|
X |
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v3.23.3
Collaboration Agreement (Details Narrative) - Clinical Co Development Agreement [Member] - USD ($)
|
3 Months Ended |
9 Months Ended |
|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Mar. 31, 2021 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
Contractual obligation |
$ 2,964,000
|
|
$ 2,964,000
|
|
$ 4,000,000
|
Expense from contractual obligations |
$ 606,000
|
$ 0
|
$ 906,000
|
$ 0
|
|
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- DefinitionFair value portion of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates.
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v3.23.3
Leases (Details Narrative)
|
3 Months Ended |
9 Months Ended |
Sep. 30, 2023
USD ($)
ft²
|
Sep. 30, 2022
USD ($)
|
Sep. 30, 2023
USD ($)
ft²
|
Sep. 30, 2022
USD ($)
|
Operating Lease, Cost |
$ 33,000
|
$ 33,000
|
$ 99,000
|
$ 99,000
|
Operating Lease, Payments |
$ 35,000
|
$ 34,000
|
$ 104,000
|
$ 101,000
|
Property Subject to Operating Lease [Member] |
|
|
|
|
Operating lease footage | ft² |
7,581
|
|
7,581
|
|
Lease Expiration Date |
|
|
Mar. 31, 2024
|
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v3.23.3
Preferred Stock (Details Narrative) - USD ($)
|
Nov. 16, 2022 |
Sep. 30, 2023 |
Dec. 31, 2022 |
Temporary Equity [Line Items] |
|
|
|
Preferred stock, shares authorized |
|
10,000,000
|
|
Preferred stock, par value |
|
$ 0.0001
|
|
Temporary Equity, Par or Stated Value Per Share |
|
$ 0.0001
|
$ 0.0001
|
Series D Preferred Stock [Member] |
|
|
|
Temporary Equity [Line Items] |
|
|
|
Temporary Equity, Aggregate Amount of Redemption Requirement |
|
$ 1,750
|
|
Series D Preferred Stock [Member] | Robert Bitterman [Member] |
|
|
|
Temporary Equity [Line Items] |
|
|
|
Issuance of preferred stock, shares |
1
|
|
|
Temporary Equity, Par or Stated Value Per Share |
$ 0.0001
|
|
|
Temporary Equity, Stock Issued During Period, Value, New Issues |
$ 1,750
|
|
|
Description of voting rights of redeemable preferred stock. Includes eligibility to vote and votes per share owned. Include also, if any, unusual voting rights. |
17,500,000 votes per share
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|
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v3.23.3
Stockholders' Equity (Details - Warrants outstanding) - Warrant [Member]
|
9 Months Ended |
Sep. 30, 2023
$ / shares
shares
|
Class of Warrant or Right [Line Items] |
|
Warrants outstanding | shares |
545,401
|
Warrants outstanding, weighted average exercise price | $ / shares |
$ 54.53
|
Warrants issued, shares | shares |
3,302,706
|
Warrants issued, weighted average exercise price | $ / shares |
$ 4.46
|
Warrants exercised, shares | shares |
(495,290)
|
Warrants exercised, weighted average exercise price | $ / shares |
$ 0.001
|
Warrants expired, shares | shares |
(1,837)
|
Warrants expired, weighted average exercise price | $ / shares |
$ 1,245.59
|
Warrants outstanding | shares |
3,350,980
|
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$ 9.09
|
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v3.23.3
Stockholders’ Equity (Details Narrative) - USD ($)
|
|
|
3 Months Ended |
9 Months Ended |
Jun. 02, 2023 |
Apr. 20, 2023 |
Sep. 30, 2023 |
Sep. 30, 2023 |
April 2023 Financing [Member] |
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
Stock Issued During Period, Shares, New Issues |
|
353,983
|
|
|
Shares Issued, Price Per Share |
|
$ 5.65
|
|
|
Proceeds from Issuance or Sale of Equity |
|
$ 1,538,000
|
|
|
April 2023 Financing [Member] | Warrant Amendment Agreements [Member] | Previously Issued Warrants [Member] |
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
Class of Warrant or Right, Exercise Price of Warrants or Rights |
|
$ 5.40
|
|
|
Amended warrants |
|
191,619
|
|
|
Proceeds from amendment of warrants |
|
$ 24,000
|
|
|
Increase in fair value of warrants |
|
$ 293,000
|
|
|
April 2023 Financing [Member] | Series A Warrants [Member] |
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
Warrants issued new, shares |
|
353,983
|
|
|
Class of Warrant or Right, Exercise Price of Warrants or Rights |
|
$ 5.40
|
|
|
April 2023 Financing [Member] | Series B Warrants [Member] |
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
Warrants issued new, shares |
|
353,983
|
|
|
Class of Warrant or Right, Exercise Price of Warrants or Rights |
|
$ 5.40
|
|
|
April 2023 Financing [Member] | Placement Agent Warrants [Member] |
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
Warrants issued new, shares |
|
26,549
|
|
|
Class of Warrant or Right, Exercise Price of Warrants or Rights |
|
$ 7.0625
|
|
|
June 2023 Financing [Member] |
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
Shares Issued, Price Per Share |
$ 4.28
|
|
|
|
Proceeds from Issuance or Sale of Equity |
$ 3,510,000
|
|
|
|
June 2023 Financing [Member] | Series A Warrants [Member] |
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
Warrants issued new, shares |
934,581
|
|
|
|
Class of Warrant or Right, Exercise Price of Warrants or Rights |
$ 4.03
|
|
|
|
June 2023 Financing [Member] | Series B Warrants [Member] |
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
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934,581
|
|
|
|
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$ 4.03
|
|
|
|
June 2023 Financing [Member] | Placement Agent Warrants [Member] |
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
Warrants issued new, shares |
70,094
|
|
|
|
Class of Warrant or Right, Exercise Price of Warrants or Rights |
$ 5.35
|
|
|
|
June 2023 Financing [Member] | Registered Shares [Member] |
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
Stock Issued During Period, Shares, New Issues |
233,646
|
|
|
|
June 2023 Financing [Member] | Unregistered Shares [Member] |
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
Stock Issued During Period, Shares, New Issues |
72,000
|
|
|
|
June 2023 Financing [Member] | Unregistered Pre Funded Warrants [Member] |
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
Shares Issued, Price Per Share |
$ 4.279
|
|
|
|
Warrants issued new, shares |
628,935
|
|
|
|
Class of Warrant or Right, Exercise Price of Warrants or Rights |
$ 0.001
|
|
|
|
June 2023 Financing [Member] | June 2023 Pre Funded Warrants [Member] |
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
Stock issued from conversion of warrants, shares |
|
|
320,290
|
495,290
|
Proceeds from Warrant Exercises |
|
|
$ 320
|
$ 495
|
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v3.23.3
Stock-based Compensation (Details - RSU activity) - Restricted Stock Units (RSUs) [Member] - $ / shares
|
3 Months Ended |
9 Months Ended |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
RSU's unvested units, beginning balance |
|
47,335
|
|
RSU beginning balance, price per share |
|
$ 15.03
|
|
RSU's granted |
|
43,500
|
|
RSU's granted, price per share |
$ 9.00
|
$ 5.24
|
$ 10.32
|
RSU's vested |
|
(20,080)
|
|
RSU's vested, price per share |
|
$ 16.34
|
|
RSU's forfeited |
|
(1,500)
|
|
RSU's forfeited, price per share |
|
$ 5.24
|
|
RSU's unvested units, ending balance |
|
69,255
|
|
RSU ending balance, price per share |
|
$ 12.93
|
|
X |
- DefinitionThe number of equity-based payment instruments, excluding stock (or unit) options, that were forfeited during the reporting period.
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v3.23.3
Stock-based Compensation (Details - Option activity) - Share-Based Payment Arrangement, Option [Member] $ / shares in Units, $ in Thousands |
9 Months Ended |
Sep. 30, 2023
USD ($)
$ / shares
shares
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
Options outstanding, beginning balance | shares |
177
|
Options outstanding, price per share, beginning balance | $ / shares |
$ 35,231.40
|
Options granted | shares |
0
|
Options granted, price per share | $ / shares |
$ 0
|
Options exercised | shares |
0
|
Options exercised, price per share | $ / shares |
$ 0
|
Options forfeited | shares |
0
|
Options forfeited, price per share | $ / shares |
$ 0
|
Options expired | shares |
(50)
|
Options expired, price per share | $ / shares |
$ 82,948.68
|
Options outstanding, ending balance | shares |
127
|
Options outstanding, price per share, ending balance | $ / shares |
$ 16,445.06
|
Aggregate Intrinsic Value, outstanding | $ |
$ 0
|
Options exercisable | shares |
127
|
Options exercisable, price per share | $ / shares |
$ 16,445.06
|
Aggregate Intrinsic Value, Exercisable | $ |
$ 0
|
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Stock-based Compensation (Details - Share-based compensation) - USD ($) $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] |
|
|
|
|
Total stock-based compensation |
$ 89
|
$ 103
|
$ 294
|
$ 372
|
Research and Development Expense [Member] |
|
|
|
|
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] |
|
|
|
|
Total stock-based compensation |
51
|
54
|
163
|
163
|
General and Administrative Expense [Member] |
|
|
|
|
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] |
|
|
|
|
Total stock-based compensation |
$ 38
|
$ 49
|
$ 131
|
$ 209
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Stock-based Compensation (Details Narrative) - USD ($)
|
1 Months Ended |
3 Months Ended |
9 Months Ended |
Jul. 31, 2023 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
Share-based compensation expense |
|
$ 89,000
|
$ 103,000
|
$ 294,000
|
$ 372,000
|
Restricted Stock Units (RSUs) [Member] |
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
RSU's granted, price per share |
|
|
$ 9.00
|
$ 5.24
|
$ 10.32
|
Share-based compensation expense |
|
$ 89,000
|
$ 98,000
|
$ 294,000
|
$ 359,000
|
Fair value of awards vested |
|
|
|
$ 100,000
|
138,000
|
Share-Based Payment Arrangement, Option [Member] |
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
Share-based compensation expense |
|
|
$ 5,000
|
|
$ 13,000
|
2020 Plan [Member] |
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Additional Shares Authorized |
125,500
|
|
|
|
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v3.23.3
Net Loss per Share (Details - Antidilutive shares) - shares
|
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Antidilutive shares |
3,286,717
|
602,560
|
Stock Options [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Antidilutive shares |
127
|
142
|
Restricted Stock Units (RSUs) [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Antidilutive shares |
69,255
|
57,017
|
Warrant [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Antidilutive shares |
3,217,335
|
545,401
|
X |
- DefinitionSecurities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) or earnings per unit (EPU) in the future that were not included in the computation of diluted EPS or EPU because to do so would increase EPS or EPU amounts or decrease loss per share or unit amounts for the period presented.
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