Phio Pharmaceuticals Corp. reported its financial results for the second quarter ended June 30, 2025, on August 14, 2025, along with a business update. The company held $10.78 million in cash and cash equivalents as of June 30, 2025, a significant increase from $5.38 million at December 31, 2024. Net cash provided by financing activities for the six months ended June 30, 2025, totaled $9.21 million, primarily from the issuance of common stock and warrants ($6.49 million) and the exercise of warrants ($2.72 million).
Research and Development (R&D) expenses increased by 24% in Q2 2025, primarily due to an $81,000 rise in pass-through costs from higher patient enrollment, a $53,000 increase in consultant fees, and a $70,000 increase in salary-related costs. General and Administrative (G&A) expenses also increased by 18%, largely driven by a $185,000 increase in salary-related costs for new hires. The net loss for Q2 2025 was $2.17 million, an increase from $1.85 million in Q2 2024. For the six months ended June 30, 2025, the net loss was $3.94 million, a slight decrease from $4.00 million in the prior year.
In clinical development, the PH-762 Phase 1b clinical trial is advancing, with the fifth cohort currently enrolling patients, and enrollment expected to be completed in the third quarter of 2025. Early clinical results from 15 patients across Cohorts 1-4 showed encouraging pathologic responses: five patients with cutaneous squamous cell carcinoma achieved a pathologic complete response (100% tumor clearance), one had a near complete response (90% clearance), and another had a partial response (50% clearance). A Merkel cell patient also showed a partial response (50% clearance). No dose-limiting toxicities or clinically relevant treatment-emergent adverse effects have been observed. A subsequent financing event in July 2025 generated approximately $2.20 million in net proceeds, extending the cash runway into the second quarter of 2026.
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