10-K · March 5, 2026
Phio is a clinical-stage immuno-oncology company developing INTASYL® self-delivering siRNA therapeutics, with lead candidate PH-762 showing promising Phase 1b activity (65% pathologic response in cSCC) in a fully…
Earnings analysis · 10-Q
PHIO earnings analysis
Filed May 7, 2026 · Our reading of the company's report
The latest report
Phio Pharmaceuticals posted a net loss of $4.0 million in Q1 2026, significantly increasing from a $1.8 million loss in Q1 2025. With R&D expenses surging by 215% to $2.8 million due to intensified clinical activities…
Read full summary
Phio Pharmaceuticals posted a net loss of $4.0 million in Q1 2026, significantly increasing from a $1.8 million loss in Q1 2025. With R&D expenses surging by 215% to $2.8 million due to intensified clinical activities for PH-762, the company continues to focus its resources on product development despite a dwindling cash position of $17 million, down from $21 million at the end of 2025.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
What stood out
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Significant Surge in R&D Expenses
R&D expenses rose 215% to $2.8 million compared to $1.9 million in Q1 2025.
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Worsening Net Loss
The net loss increased to $4.0 million from a $1.8 million loss a year earlier.
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Cash Position Declines
Cash and cash equivalents decreased to $17 million from $21 million at December 31, 2025.
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Increased Operating Expenses
Total operating expenses increased to $4.2 million from $1.8 million in Q1 2025.
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Effective Cost Management Focus
Phio emphasizes a streamlined cost structure while driving clinical advancements.
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Clinical Advancements
PH-762 is progressing, with a Phase 1b trial completed, showing promising anti-tumor responses.
What to watch
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Escalating Clinical Trial Costs
Clinical trial costs increased significantly, with R&D expenses up by $1.9 million due to intensified trials.
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Diminished Cash Runway
The cash position fell to $17 million, raising concerns over operational sustainability.
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Higher Net Loss Trajectory
Net loss trajectory has worsened year-over-year, raising doubts about financial health.
Management's outlook
No specific revenue or EPS guidance was provided in the MD&A.
Earlier filings 4
10-Q · November 13, 2025
Phio reported a larger operating loss in Q3 2025 as R&D and G&A spending increased while clinical progress on PH-762 showed meaningful pathologic responses. Cash and liquidity improved materially after recent financings…
10-K · March 31, 2025
Phio is a single‑segment clinical‑stage biotech commercializing its INTASYL® self‑delivering siRNA platform focused on immuno‑oncology. The company reported encouraging early Phase 1b intratumoral PH‑762 signals (2…
10-Q · May 9, 2024
Phio reported lower operating expenses and a smaller net loss for the quarter ended March 31, 2024 as management continues to shift resources to clinical development (PH-762). Cash declined to $6.475 million at March…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.