2023 Q3 Form 10-Q Financial Statement

#000168316823005514 Filed on August 10, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $968.0K $1.164M
YoY Change -8.94% -4.35%
% of Gross Profit
Research & Development $1.808M $1.383M
YoY Change -27.91% 6.06%
% of Gross Profit
Depreciation & Amortization $16.00K $15.00K
YoY Change 6.67% -21.05%
% of Gross Profit
Operating Expenses $2.776M $2.547M
YoY Change -22.26% 1.03%
Operating Profit -$2.776M -$2.547M
YoY Change -22.26% 1.03%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net -$4.000K -$2.000K
YoY Change -20.0% -80.0%
Pretax Income -$2.780M -$2.549M
YoY Change -22.26% 0.71%
Income Tax
% Of Pretax Income
Net Earnings -$2.780M -$2.549M
YoY Change -22.26% 0.71%
Net Earnings / Revenue
Basic Earnings Per Share -$1.14 -$1.47
Diluted Earnings Per Share -$1.14 -$1.47
COMMON SHARES
Basic Shares Outstanding 2.222M shares 1.505M shares
Diluted Shares Outstanding 2.440M shares 1.728B shares

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $8.407M $11.31M
YoY Change -41.96% -37.25%
Cash & Equivalents $8.457M $11.36M
Short-Term Investments
Other Short-Term Assets $921.0K $728.0K
YoY Change 3.14% -56.35%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $9.328M $12.04M
YoY Change -39.34% -38.87%
LONG-TERM ASSETS
Property, Plant & Equipment $142.0K $157.0K
YoY Change -28.28% -23.79%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.000K $6.000K
YoY Change -87.5% -77.78%
Total Long-Term Assets $211.0K $261.0K
YoY Change -49.03% -42.76%
TOTAL ASSETS
Total Short-Term Assets $9.328M $12.04M
Total Long-Term Assets $211.0K $261.0K
Total Assets $9.539M $12.30M
YoY Change -39.59% -38.96%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $173.0K $641.0K
YoY Change -68.14% -44.16%
Accrued Expenses $2.083M $1.647M
YoY Change 37.13% -6.37%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $2.326M $2.392M
YoY Change 6.02% -21.24%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $0.00
YoY Change -100.0%
Total Long-Term Liabilities $0.00 $0.00
YoY Change -100.0% -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.326M $2.392M
Total Long-Term Liabilities $0.00 $0.00
Total Liabilities $2.326M $2.392M
YoY Change 2.74% -23.85%
SHAREHOLDERS EQUITY
Retained Earnings -$137.3M -$134.5M
YoY Change 9.28% 10.21%
Common Stock $0.00 $0.00
YoY Change -100.0% -100.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $7.213M $9.904M
YoY Change
Total Liabilities & Shareholders Equity $9.539M $12.30M
YoY Change -39.59% -38.96%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income -$2.780M -$2.549M
YoY Change -22.26% 0.71%
Depreciation, Depletion And Amortization $16.00K $15.00K
YoY Change 6.67% -21.05%
Cash From Operating Activities -$2.899M -$2.771M
YoY Change -17.78% 14.08%
INVESTING ACTIVITIES
Capital Expenditures -$5.000K $5.000K
YoY Change -28.57% -150.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $5.000K -$5.000K
YoY Change -171.43% -50.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 5.048M
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities -2.899M -2.771M
Cash From Investing Activities 5.000K -5.000K
Cash From Financing Activities 0.000 5.048M
Net Change In Cash -2.894M 2.272M
YoY Change -18.16% -193.15%
FREE CASH FLOW
Cash From Operating Activities -$2.899M -$2.771M
Capital Expenditures -$5.000K $5.000K
Free Cash Flow -$2.894M -$2.776M
YoY Change -17.76% 14.76%

Facts In Submission

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us-gaap Nature Of Operations
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<p id="xdx_848_eus-gaap--NatureOfOperations_zfsbkhHueOfg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i><span id="xdx_860_zdAL2hDQcNzb">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-align: justify; 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_902_eus-gaap--StockholdersEquityReverseStockSplit_c20230125__20230126_zWTflXtbKV23" 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>
CY2023Q1 us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
1-for-12 reverse stock split
us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_84A_eus-gaap--UseOfEstimates_zfiF1tkIlVkh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i><span id="xdx_86C_zMZeCU4WaOU8">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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i></i></p>
CY2023Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
98000 usd
CY2022Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
161000 usd
CY2023Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
104000 usd
CY2022Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
135000 usd
CY2023Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
0 usd
CY2022Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
35000 usd
CY2023Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
104000 usd
CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
170000 usd
CY2023Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P0Y9M
CY2022Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P1Y3M
CY2023Q2 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
CY2023Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
33000 usd
CY2022Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
33000 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
66000 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
66000 usd
CY2023Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
35000 usd
CY2022Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
34000 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
69000 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
67000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
71000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
35000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
106000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
2000 usd
CY2023Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
104000 usd
CY2023Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2023Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2023Q2 us-gaap Share Based Compensation
ShareBasedCompensation
94000 usd
CY2022Q2 us-gaap Share Based Compensation
ShareBasedCompensation
83000 usd
us-gaap Share Based Compensation
ShareBasedCompensation
205000 usd
us-gaap Share Based Compensation
ShareBasedCompensation
269000 usd
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3290236 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
602824 shares

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