Investor Relations
News Release Details
Phio Pharmaceuticals Reports First Quarter 2022 Financial Results and Provides Business Update
First-in-human clinical study of PH-762 for the treatment of advanced melanoma open for enrollment
Expect to finalize IND-enabling studies for PH-894 in the second half of 2022
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"We are pleased enrollment is open for our first-in-human clinical trial for PH-762 at the
Quarter in Review and Recent Corporate Updates
- Enrollment open for the Company's Phase 1b clinical study to evaluate the safety, tolerability, pharmacokinetics and anti-tumor activity of PH-762 in a neoadjuvant setting in subjects with advanced melanoma.
- Presented new in vivo data at the AACR Annual Meeting 2022 that provide a strong rationale for the clinical use of PH-894, a BRD4-targeting, self-delivering RNAi, as a monotherapy, as well as in combination with systemic PD-1 therapy.
- Continue to develop PH-3861, a dual-targeting INTASYL towards PD-1 and BRD4. Last year this program reported data that show PH-3861 elicited complete cure of tumors in an in vivo hepatoma model and outperformed the efficacy of the small molecule and antibody control treatments toward the same targets. In addition, local INTASYL therapy was shown to induce a systemic anti-tumor response with clearance of untreated distal tumors.
Upcoming Pipeline Milestones
- Expect to finalize IND-enabling studies for PH-894 in the second half of 2022.
- On track to report top-line data from the first group of patients with advanced melanoma in the clinical trial for PH-762 in the first quarter of 2023.
- Additional data publications on the Company's pipeline programs.
Financial Results
Cash Position
At
Research and Development Expenses
Research and development expenses were approximately
General and Administrative Expenses
General and administrative expenses were approximately
Net Loss
Net loss was
About Phio Pharmaceuticals Corp.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as "intends," "believes," "anticipates," "indicates," "plans," "expects," "suggests," "may," "would," "should," "potential," "designed to," "will," "ongoing," "estimate," "forecast," "target," "predict," "could" and similar references, although not all forward-looking statements contain these words. 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. Our actual results may differ materially from those indicated in the forward-looking statements as a result of a number of important factors, including, but not limited to, the impact to our business and operations by the ongoing coronavirus pandemic, the development of our product candidates, results from our preclinical and clinical activities, our ability to execute on business strategies, our ability to develop our product candidates with collaboration partners, and the success of any such collaborations, the timeline and duration for advancing our product candidates into clinical development, the timing or likelihood of regulatory filings and approvals, the success of our efforts to commercialize our product candidates if approved, our ability to manufacture and supply our product candidates for clinical activities, and for commercial use if approved, the scope of protection we are able to establish and maintain for intellectual property rights covering our technology platform, our ability to obtain future financing, market and other conditions and those identified in our Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q under the caption "Risk Factors" and in other filings the Company periodically makes with the
Contact
ir@phiopharma.com
Investor Contact
Ashley R. Robinson
arr@lifesciadvisors.com
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
||||||||
(Amounts in thousands, except share and per share data) |
||||||||
(Unaudited) |
||||||||
Three Months Ended |
||||||||
2022 |
2021 |
|||||||
Operating expenses: |
||||||||
Research and development |
$ |
1,586 |
$ |
2,429 |
||||
General and administrative |
1,054 |
1,209 |
||||||
Total operating expenses |
2,640 |
3,638 |
||||||
Operating loss |
(2,640) |
(3,638) |
||||||
Total other (expense) income |
(2) |
231 |
||||||
Net loss |
$ |
(2,642) |
$ |
(3,407) |
||||
Net loss per share: Basic and diluted |
$ |
(0.19) |
$ |
(0.32) |
||||
Weighted average number of common shares outstanding |
13,564,129 |
10,680,395 |
|
||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS |
||||||||
(Amounts in thousands) |
||||||||
(Unaudited) |
||||||||
|
|
|||||||
ASSETS |
||||||||
Cash |
$ |
20,459 |
$ |
24,057 |
||||
Restricted cash |
50 |
50 |
||||||
Prepaid expenses |
1,158 |
620 |
||||||
Right of use asset, net |
253 |
283 |
||||||
Property and equipment, net |
215 |
133 |
||||||
Other assets |
27 |
27 |
||||||
Total assets |
$ |
22,162 |
$ |
25,170 |
||||
LIABILITIES AND STOCKHOLDERS' EQUITY |
||||||||
Accounts payable |
$ |
329 |
$ |
283 |
||||
Accrued expenses |
2,117 |
2,660 |
||||||
Lease liability |
265 |
295 |
||||||
Total stockholders' equity |
19,451 |
21,932 |
||||||
Total liabilities and stockholders' equity |
$ |
22,162 |
$ |
25,170 |
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