Investor Relations
News Release Details
Phio Pharmaceuticals Reports Third Quarter 2020 Financial Results and Provides Business Update
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"During the quarter, we continued to execute on the development of our INTASYL RNAi technology as a cancer immunotherapy platform for innovative therapeutics. Promising new in vivo data was recently presented at the
Quarter in Review and Recent Corporate Updates
- Presented data at the AACR Virtual Annual Meeting II on PH-804, an INTASYL compound targeting TIGIT, inhibiting tumor growth and conferring an inflammatory tumor microenvironment.
- Presented data at SITC 2020 showing that the antitumoral efficacy of our PH-762, PH-790 and PH-804 INTASYL compounds can be further improved by combining them in a single drug treatment.
- Collaborated on poster presentations featuring INTASYL RNAi technology by two development partners, AgonOx, Inc. and the Helmholtz Zentrum München that were presented at SITC 2020.
- Attended and presented at the H.C. Wainwright 22nd Annual
Global Investment Conference . - Conducted preclinical work to support the planned initiation of clinical trials with PH-762.
- Ended the quarter with total cash of approximately
$16.9 million as ofSeptember 30, 2020 .
Financial Results
Cash Position
At
Research and Development Expenses
Research and development expenses were approximately
General and Administrative Expenses
General and administrative expenses were relatively steady at
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 are neither historical facts nor assurances of future performance. These statements are based only on our current beliefs, expectations and assumptions regarding the impact to our business and operations by the recent coronavirus outbreak, results from our preclinical and clinical activities, the development of our product candidates, the ability of obtain future financing, 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, 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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Three Months Ended |
Nine Months Ended |
|||||||||||||||
2020 |
2019 |
2020 |
2019 |
|||||||||||||
Revenues |
$ |
– |
$ |
– |
$ |
– |
$ |
21 |
||||||||
Operating expenses: |
||||||||||||||||
Research and development |
1,256 |
1,042 |
3,253 |
3,277 |
||||||||||||
General and administrative |
1,050 |
1,071 |
3,078 |
3,062 |
||||||||||||
Total operating expenses |
2,306 |
2,113 |
6,331 |
6,339 |
||||||||||||
Operating loss |
(2,306) |
(2,113) |
(6,331) |
(6,318) |
||||||||||||
Total other (expense) income, net |
(3) |
19 |
(1) |
70 |
||||||||||||
Net loss |
$ |
(2,309) |
$ |
(2,094) |
$ |
(6,332) |
$ |
(6,248) |
||||||||
Net loss per share: |
||||||||||||||||
Basic and diluted |
$ |
(0.40) |
$ |
(4.53) |
$ |
(1.51) |
$ |
(14.70) |
||||||||
Weighted average shares: basic and diluted |
5,780,386 |
461,990 |
4,181,862 |
424,910 |
|
||||||||
|
|
|||||||
ASSETS |
||||||||
Current assets: |
||||||||
Cash |
$ |
16,868 |
$ |
6,934 |
||||
Restricted cash |
50 |
50 |
||||||
Prepaid expenses and other current assets |
702 |
316 |
||||||
Total current assets |
17,620 |
7,300 |
||||||
Right of use asset |
428 |
511 |
||||||
Property and equipment, net |
173 |
210 |
||||||
Other assets |
18 |
18 |
||||||
Total assets |
$ |
18,239 |
$ |
8,039 |
||||
LIABILITIES AND STOCKHOLDERS' EQUITY |
||||||||
Current liabilities: |
||||||||
Accounts payable |
$ |
742 |
$ |
809 |
||||
Accrued expenses and other current liabilities |
1,375 |
964 |
||||||
Lease liability |
113 |
107 |
||||||
Total current liabilities |
2,230 |
1,880 |
||||||
Lease liability, net of current portion |
325 |
411 |
||||||
Long-term debt |
231 |
– |
||||||
Total liabilities |
2,786 |
2,291 |
||||||
Total stockholders' equity |
15,453 |
5,748 |
||||||
Total liabilities and stockholders' equity |
$ |
18,239 |
$ |
8,039 |
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