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Phio Pharmaceuticals Corp. (PHIO-3.23%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, highlighting a decrease in cash and cash equivalents to $5,390,000 from $8,490,000 at the end of 2023. This decrease is attributed to operating expenses and financing activities.
Research and development expenses for the quarter were $644,000, down from $1,808,000 in the same quarter the previous year. The decrease was primarily driven by cost rationalization measures and the wind-down of preclinical studies.
General and administrative expenses were $946,000 for the quarter, slightly down from $968,000 in the previous year. The decrease was mainly due to reduced salary-related expenses.
The company reported a net loss of $1,524,000 for the quarter, compared to a net loss of $2,780,000 in the previous year. The reduction in net loss was primarily due to decreased operating expenses.
Phio terminated its Clinical Co-Development Agreement with AgonOx, Inc. in May 2024, ceasing its financial support for development costs and relinquishing rights to future development milestones and royalty payments.
The company raised approximately $2,646,000 through a financing activity in July 2024, involving the exercise of existing warrants and issuance of new warrants.
Phio continues to focus on the development of its lead product candidate, PH-762, which is currently in a Phase 1b clinical trial for the treatment of skin cancers.
The company acknowledges its dependence on obtaining additional funding to continue operations and meet future obligations, with current cash resources projected to fund operations into the second quarter of 2025.
The filing also outlines potential risks, including the possibility of falling below Nasdaq's listing requirements and the need for additional capital to sustain operations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Phio Pharmaceuticals Corp. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.