Phio Pharmaceuticals Corp (NASDAQ: PHIO) is a clinical-stage biopharmaceutical company developing RNA interference therapeutics for oncology indications. The company generates no product revenue as of the FY2025 10-K filed March 5, 2026, and finances operations through equity offerings, debt financings, and other capital market transactions. Its lead asset, PH-762, is an INTASYL compound designed to reduce expression of PD-1 and is being evaluated in a U.S. multi-center Phase 1b dose-escalating clinical trial via intratumoral injection for cutaneous squamous cell carcinoma, melanoma, and Merkel cell carcinoma (NCT 06014086). The company has no commercial products and has incurred recurring losses, relying on repeated equity issuances, including registered direct offerings in December 2024, to fund research and development. PHIO effected a reverse stock split on July 5, 2024, and faces ongoing Nasdaq listing compliance risk.

Revenue model

No product or program revenue as of FY2025. Operations are funded through public and private equity offerings, warrant issuances, and debt financings. The company has disclosed plans to pursue licensing arrangements, strategic alliances, or outright sales of program candidates as potential future funding mechanisms.

Products and services

PH-762: an INTASYL RNA interference compound targeting PD-1, administered via intratumoral injection, in Phase 1b clinical trial for cutaneous squamous cell carcinoma, melanoma, and Merkel cell carcinoma (NCT 06014086) as of FY2025 filing.

Customers and end markets

No commercial customers as of FY2025. Target end market is oncology, specifically patients with skin cancers including cutaneous squamous cell carcinoma, melanoma, and Merkel cell carcinoma.

Value-chain role

Drug discovery and early-stage clinical development. Relies on third-party contract manufacturers for clinical supply. Clinical trials conducted through external U.S. multi-center sites.

Geographic exposure

Operations and clinical trials based in the United States as of FY2025 filing.

Source: SEC 10-K, filed 2026-03-05

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