$PHIO
Phio Pharmaceuticals Corp.

2024 Q3 Form 10-Q Financial Statement

#000168316824005706 Filed on August 14, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $946.0K $1.048M
YoY Change -2.27% -9.97%
% of Gross Profit
Research & Development $644.0K $866.0K
YoY Change -64.38% -37.38%
% of Gross Profit
Depreciation & Amortization $0.00 $1.000K
YoY Change -100.0% -93.33%
% of Gross Profit
Operating Expenses $1.590M $1.914M
YoY Change -42.72% -24.85%
Operating Profit -$1.590M -$1.914M
YoY Change -42.72% -24.85%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $66.00K $68.00K
YoY Change -1750.0% -3500.0%
Pretax Income -$1.524M -$1.846M
YoY Change -45.18% -27.58%
Income Tax
% Of Pretax Income
Net Earnings -$1.524M -$1.846M
YoY Change -45.18% -27.58%
Net Earnings / Revenue
Basic Earnings Per Share -$1.54 -$3.62
Diluted Earnings Per Share -$1.54 -$3.62
COMMON SHARES
Basic Shares Outstanding 860.7K shares 4.592M shares
Diluted Shares Outstanding 990.0K shares 510.2K shares

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.390M $4.698M
YoY Change -35.89% -58.45%
Cash & Equivalents $5.390M $4.698M
Short-Term Investments
Other Short-Term Assets $474.0K $594.0K
YoY Change -48.53% -18.41%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $5.864M $5.292M
YoY Change -37.14% -56.03%
LONG-TERM ASSETS
Property, Plant & Equipment $1.000K $1.000K
YoY Change -99.3% -99.36%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $0.00 $3.000K
YoY Change -100.0% -50.0%
Total Long-Term Assets $1.000K $4.000K
YoY Change -99.53% -98.47%
TOTAL ASSETS
Total Short-Term Assets $5.864M $5.292M
Total Long-Term Assets $1.000K $4.000K
Total Assets $5.865M $5.296M
YoY Change -38.52% -56.93%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $184.0K $335.0K
YoY Change 6.36% -47.74%
Accrued Expenses $735.0K $1.188M
YoY Change -64.71% -27.87%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $919.0K $1.523M
YoY Change -60.49% -36.33%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $919.0K $1.523M
Total Long-Term Liabilities $0.00 $0.00
Total Liabilities $919.0K $1.523M
YoY Change -60.49% -36.33%
SHAREHOLDERS EQUITY
Retained Earnings -$144.7M -$143.2M
YoY Change 5.4% 6.45%
Common Stock $0.00 $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $4.946M $3.773M
YoY Change
Total Liabilities & Shareholders Equity $5.865M $5.296M
YoY Change -38.52% -56.93%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income -$1.524M -$1.846M
YoY Change -45.18% -27.58%
Depreciation, Depletion And Amortization $0.00 $1.000K
YoY Change -100.0% -93.33%
Cash From Operating Activities -$1.953M -$1.777M
YoY Change -32.63% -35.87%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00
YoY Change -100.0% -100.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00 $0.00
YoY Change -100.0% -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.645M 0.000
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities -1.953M -1.777M
Cash From Investing Activities 0.000 0.000
Cash From Financing Activities 2.645M 0.000
Net Change In Cash 692.0K -1.777M
YoY Change -123.91% -178.21%
FREE CASH FLOW
Cash From Operating Activities -$1.953M -$1.777M
Capital Expenditures $0.00 $0.00
Free Cash Flow -$1.953M -$1.777M
YoY Change -32.52% -35.99%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
CY2023Q1 phio Redemption Of Preferred Stock
RedemptionOfPreferredStock
usd
CY2023Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
usd
CY2023Q2 us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
usd
phio Proceeds From Issuance Of Common Stock And Warrants
ProceedsFromIssuanceOfCommonStockAndWarrants
usd
CY2022Q4 us-gaap Stockholders Equity
StockholdersEquity
10838000 usd
CY2023Q1 us-gaap Adjustments To Additional Paid In Capital Stock Split
AdjustmentsToAdditionalPaidInCapitalStockSplit
-11000 usd
CY2023Q1 us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation
25000 usd
CY2023Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
111000 usd
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
-3602000 usd
CY2023Q1 us-gaap Stockholders Equity
StockholdersEquity
7311000 usd
CY2023Q2 phio Stock And Warrants Issued During Period Value New Issues
StockAndWarrantsIssuedDuringPeriodValueNewIssues
5048000 usd
CY2023Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
94000 usd
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
-2549000 usd
CY2023Q2 us-gaap Stockholders Equity
StockholdersEquity
9904000 usd
us-gaap Net Income Loss
NetIncomeLoss
-4000000 usd
us-gaap Net Income Loss
NetIncomeLoss
-6151000 usd
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
2000 usd
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
31000 usd
us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
33000 usd
us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
63000 usd
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
-3000 usd
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
-0 usd
us-gaap Share Based Compensation
ShareBasedCompensation
47000 usd
us-gaap Share Based Compensation
ShareBasedCompensation
205000 usd
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-238000 usd
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
45000 usd
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-322000 usd
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-138000 usd
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
246000 usd
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
622000 usd
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-35000 usd
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-66000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-3788000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-5479000 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
-0 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
5000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
0 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-5000 usd
phio Proceeds From Issuance Of Common Stock And Warrants
ProceedsFromIssuanceOfCommonStockAndWarrants
5048000 usd
phio Cash In Lieu Of Fractional Shares For Reverse Stock Split
CashInLieuOfFractionalSharesForReverseStockSplit
-0 usd
phio Cash In Lieu Of Fractional Shares For Reverse Stock Split
CashInLieuOfFractionalSharesForReverseStockSplit
11000 usd
us-gaap Payments For Repurchase Of Redeemable Preferred Stock
PaymentsForRepurchaseOfRedeemablePreferredStock
-0 usd
us-gaap Payments For Repurchase Of Redeemable Preferred Stock
PaymentsForRepurchaseOfRedeemablePreferredStock
2000 usd
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
4000 usd
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
25000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-4000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
5010000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-3792000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-474000 usd
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
8490000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
11831000 usd
CY2024Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
4698000 usd
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
11357000 usd
CY2024Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
4698000 usd
CY2023Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
11307000 usd
CY2024Q2 us-gaap Restricted Cash
RestrictedCash
0 usd
CY2023Q2 us-gaap Restricted Cash
RestrictedCash
50000 usd
CY2024Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
4698000 usd
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
11357000 usd
us-gaap Nature Of Operations
NatureOfOperations
<p id="xdx_84B_eus-gaap--NatureOfOperations_zZW0V6a61GI4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i><span id="xdx_867_zY0i8mCO9Jch">Nature of Operations</span></i></b></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® small interfering RNA gene silencing technology is designed to make immune cells more effective in killing tumor cells. The Company 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-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Phio was incorporated in the state of Delaware in 2011 as RXi Pharmaceuticals Corporation. On November 19, 2018, the Company changed its name to Phio Pharmaceuticals Corp., to reflect its transition from a platform company to one that is fully committed to developing groundbreaking immuno-oncology therapeutics.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="background-color: white">Effective July 5, 2024, the Company completed a <span id="xdx_909_eus-gaap--StockholdersEquityReverseStockSplit_c20240704__20240705__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zr5XLMVyCJyb" title="Reverse stock split">1-for-9 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p>
us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_84D_eus-gaap--UseOfEstimates_zrJGqtcs6Cz3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i><span id="xdx_864_zs42rBiqNpy1">Use of Estimates</span> </i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; 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, 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>
CY2024Q2 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
4689000 usd
CY2024Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
0 usd
CY2023Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
33000 usd
CY2024Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
0 usd
CY2023Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
35000 usd
CY2023Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P0Y3M
CY2024Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0 pure
CY2023Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0470 pure
CY2024Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
0 usd
CY2023Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
33000 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
33000 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
66000 usd
CY2024Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
0 usd
CY2023Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
35000 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
35000 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
69000 usd
CY2024Q2 us-gaap Share Based Compensation
ShareBasedCompensation
15000 usd
CY2023Q2 us-gaap Share Based Compensation
ShareBasedCompensation
94000 usd
us-gaap Share Based Compensation
ShareBasedCompensation
47000 usd
us-gaap Share Based Compensation
ShareBasedCompensation
205000 usd
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
614693 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
365580 shares
CY2024Q2 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

Files In Submission

Name View Source Status
0001683168-24-005706-index-headers.html Edgar Link pending
0001683168-24-005706-index.html Edgar Link pending
0001683168-24-005706.txt Edgar Link pending
0001683168-24-005706-xbrl.zip Edgar Link pending
Financial_Report.xlsx Edgar Link pending
MetaLinks.json Edgar Link pending
phio-20240630.xsd Edgar Link pending
phio-20240630_cal.xml Edgar Link unprocessable
phio-20240630_def.xml Edgar Link unprocessable
phio-20240630_lab.xml Edgar Link unprocessable
phio-20240630_pre.xml Edgar Link unprocessable
phio_ex3101.htm Edgar Link pending
phio_ex3102.htm Edgar Link pending
phio_ex3201.htm Edgar Link pending
phio_ex3202.htm Edgar Link pending
phio_i10q-063024.htm Edgar Link pending
R1.htm Edgar Link pending
R10.htm Edgar Link pending
R11.htm Edgar Link pending
R12.htm Edgar Link pending
R13.htm Edgar Link pending
R14.htm Edgar Link pending
R15.htm Edgar Link pending
R16.htm Edgar Link pending
R17.htm Edgar Link pending
R18.htm Edgar Link pending
R19.htm Edgar Link pending
R2.htm Edgar Link pending
R20.htm Edgar Link pending
R21.htm Edgar Link pending
R22.htm Edgar Link pending
R23.htm Edgar Link pending
R24.htm Edgar Link pending
R25.htm Edgar Link pending
R26.htm Edgar Link pending
R27.htm Edgar Link pending
R28.htm Edgar Link pending
R29.htm Edgar Link pending
R3.htm Edgar Link pending
R30.htm Edgar Link pending
R31.htm Edgar Link pending
R32.htm Edgar Link pending
R33.htm Edgar Link pending
R34.htm Edgar Link pending
R35.htm Edgar Link pending
R36.htm Edgar Link pending
R4.htm Edgar Link pending
R5.htm Edgar Link pending
R6.htm Edgar Link pending
R7.htm Edgar Link pending
R8.htm Edgar Link pending
R9.htm Edgar Link pending
report.css Edgar Link pending
Show.js Edgar Link pending
phio_i10q-063024_htm.xml Edgar Link completed
FilingSummary.xml Edgar Link unprocessable