$PHIO
Phio Pharmaceuticals Corp

2023 Q2 Form 10-Q Financial Statement

#000168316823003213 Filed on May 11, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.164M $1.468M $1.054M
YoY Change -4.35% 39.28% 3.33%
% of Gross Profit
Research & Development $1.383M $2.134M $1.586M
YoY Change 6.06% 34.55% -39.47%
% of Gross Profit
Depreciation & Amortization $15.00K $16.00K $22.00K
YoY Change -21.05% -27.27% 10.0%
% of Gross Profit
Operating Expenses $2.547M $3.602M $2.640M
YoY Change 1.03% 36.44% -27.47%
Operating Profit -$2.547M -$3.602M -$2.640M
YoY Change 1.03% 36.44%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net -$2.000K $0.00 -$2.000K
YoY Change -80.0% -100.0%
Pretax Income -$2.549M -$3.602M -$2.642M
YoY Change 0.71% 36.34% -22.52%
Income Tax
% Of Pretax Income
Net Earnings -$2.549M -$3.602M -$2.642M
YoY Change 0.71% 36.34% -22.45%
Net Earnings / Revenue
Basic Earnings Per Share -$1.47 -$3.15 -$2.34
Diluted Earnings Per Share -$1.47 -$3.15 -$194.8K
COMMON SHARES
Basic Shares Outstanding 1.505M shares 1.151M shares 1.130M shares
Diluted Shares Outstanding 1.728B shares 1.142M shares 1.130M shares

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $11.31M $9.035M $20.46M
YoY Change -37.25% -55.84% -37.43%
Cash & Equivalents $11.36M $9.085M $20.46M
Short-Term Investments
Other Short-Term Assets $728.0K $369.0K $1.208M
YoY Change -56.35% -69.45% 91.75%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $12.04M $9.404M $21.67M
YoY Change -38.87% -56.6% -34.97%
LONG-TERM ASSETS
Property, Plant & Equipment $157.0K $167.0K $468.0K
YoY Change -23.79% -64.32% -10.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $6.000K $6.000K $27.00K
YoY Change -77.78% -77.78% 35.0%
Total Long-Term Assets $261.0K $303.0K $495.0K
YoY Change -42.76% -38.79% -8.33%
TOTAL ASSETS
Total Short-Term Assets $12.04M $9.404M $21.67M
Total Long-Term Assets $261.0K $303.0K $495.0K
Total Assets $12.30M $9.707M $22.16M
YoY Change -38.96% -56.2% -34.55%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $641.0K $902.0K $329.0K
YoY Change -44.16% 174.16% -46.94%
Accrued Expenses $1.647M $1.356M $2.244M
YoY Change -6.37% -39.57% 42.03%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $2.392M $2.396M $2.573M
YoY Change -21.24% -6.88% 17.49%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $0.00 $0.00 $138.0K
YoY Change -100.0% -100.0% -48.89%
Total Long-Term Liabilities $0.00 $0.00 $138.0K
YoY Change -100.0% -100.0% -48.89%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.392M $2.396M $2.573M
Total Long-Term Liabilities $0.00 $0.00 $138.0K
Total Liabilities $2.392M $2.396M $2.711M
YoY Change -23.85% -11.62% 10.2%
SHAREHOLDERS EQUITY
Retained Earnings -$134.5M -$132.0M
YoY Change 10.21%
Common Stock $0.00 $0.00
YoY Change -100.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $9.904M $7.311M $19.45M
YoY Change
Total Liabilities & Shareholders Equity $12.30M $9.707M $22.16M
YoY Change -38.96% -56.2% -34.55%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$2.549M -$3.602M -$2.642M
YoY Change 0.71% 36.34% -22.45%
Depreciation, Depletion And Amortization $15.00K $16.00K $22.00K
YoY Change -21.05% -27.27% 10.0%
Cash From Operating Activities -$2.771M -$2.708M -$3.469M
YoY Change 14.08% -21.94% 14.49%
INVESTING ACTIVITIES
Capital Expenditures $5.000K $0.00 -$104.0K
YoY Change -150.0% -100.0% 940.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$5.000K $0.00 -$104.0K
YoY Change -50.0% -100.0% 940.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 5.048M -$38.00K -25.00K
YoY Change 52.0% -100.12%
NET CHANGE
Cash From Operating Activities -2.771M -$2.708M -3.469M
Cash From Investing Activities -5.000K $0.00 -104.0K
Cash From Financing Activities 5.048M -$38.00K -25.00K
Net Change In Cash 2.272M -$2.746M -3.598M
YoY Change -193.15% -23.68% -119.5%
FREE CASH FLOW
Cash From Operating Activities -$2.771M -$2.708M -$3.469M
Capital Expenditures $5.000K $0.00 -$104.0K
Free Cash Flow -$2.776M -$2.708M -$3.365M
YoY Change 14.76% -19.52% 11.42%

Facts In Submission

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CY2023Q1 us-gaap Nature Of Operations
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<p id="xdx_846_eus-gaap--NatureOfOperations_zHSA9OtI9uGe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i><span id="xdx_863_zAZ1ZVV5Gaqb">Nature of Operations</span></i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Phio Pharmaceuticals Corp. (“<b>Phio</b>” or the “<b>Company</b>”) is a clinical stage biotechnology company whose proprietary INTASYL™ self-delivering RNAi technology platform is designed to make immune cells more effective in killing tumor cells. Phio is developing therapeutics that are designed to leverage INTASYL to precisely target specific proteins that reduce the body’s ability to fight cancer, without the need for specialized formulations or drug delivery systems.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Effective January 26, 2023, the Company completed a <span id="xdx_904_eus-gaap--StockholdersEquityReverseStockSplit_c20230125__20230126_z1EQjEkbkIZ3" title="Reverse stock split">1-for-12 reverse stock split</span> of the Company’s outstanding common stock, including reclassifying an amount equal to the reduction in par value to additional paid-in capital. The reverse stock split did not reduce the number of authorized shares of the Company’s common or preferred stock. All share and per share amounts have been adjusted to give effect to the reverse stock split.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i> </i></p>
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CY2023Q1 us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_849_eus-gaap--UseOfEstimates_zeDsCt1hJp6b" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i><span id="xdx_867_zvR56aNN4rW7">Use of Estimates</span> </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The areas subject to significant estimates and judgement include, among others, those related to the fair value of equity awards, accruals for research and development expenses, useful lives of property and equipment, income taxes, and the valuation allowance on the Company’s deferred tax assets. On an ongoing basis the Company evaluates its estimates and bases its estimates on historical experience and other relevant assumptions that the Company believes are reasonable under the circumstances. Actual results could differ materially from these estimates.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i> </i></p>
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
618333 shares
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
619508 shares
CY2023Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
130000 usd
CY2022Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
161000 usd
CY2023Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
138000 usd
CY2022Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
135000 usd
CY2023Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
0 usd
CY2022Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
35000 usd
CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
138000 usd
CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
170000 usd
CY2023Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P1Y
CY2022Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P1Y3M
CY2023Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0470 pure
CY2022Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0470 pure
CY2023Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
33000 usd
CY2022Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
33000 usd
CY2023Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
34000 usd
CY2022Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
33000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
106000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
35000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
141000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
3000 usd
CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
138000 usd
CY2023Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2023Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2023Q1 us-gaap Share Based Compensation
ShareBasedCompensation
111000 usd
CY2022Q1 us-gaap Share Based Compensation
ShareBasedCompensation
186000 usd

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0001683168-23-003213.txt Edgar Link pending
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Financial_Report.xlsx Edgar Link pending
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phio-20230331.xsd Edgar Link pending
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