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Phio Pharmaceuticals Corp. (PHIO-7.69%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing outlines the company's focus on developing its INTASYL™ technology for cancer treatment. INTASYL is a small interfering RNA technology designed to enhance the efficacy of immune cells in targeting tumor cells.
Phio's lead product, PH-762, is undergoing a Phase 1b clinical trial in the U.S. for cutaneous squamous cell carcinoma, melanoma, and Merkel cell carcinoma. The trial aims to assess safety, tolerability, and optimal dosing, with completion expected in the third quarter of 2025.
The company reported a net loss of $7.15 million for 2024, compared to a net loss of $10.83 million in 2023. The reduction in loss is attributed to cost rationalization measures, including a reduction in research and development expenses.
Phio's cash position as of December 31, 2024, was $5.38 million, down from $8.49 million the previous year. The company has raised additional funds through equity offerings and continues to seek further financing to support its operations.
The filing notes that Phio terminated its co-development agreement with AgonOx, Inc. in May 2024, ending its obligation to fund the development of PH-762 treated DP TIL in a Phase 1 trial.
Phio's intellectual property portfolio includes 77 issued patents, with 69 covering its INTASYL technology. The company continues to seek additional patent protections and evaluate new technologies for licensing.
The company operates as a single segment focused on clinical development and has transitioned to a remote operational model with a laboratory facility in Worcester, Massachusetts.
Phio highlights various risks in its filing, including dependency on its INTASYL technology, competition in the biotechnology sector, and the need for additional funding to continue its research and development activities.
The company has not generated any commercial product revenue and does not anticipate doing so in the near future. Future revenue is expected to come from a combination of government grants, research agreements, and potential product sales if regulatory approvals are obtained.
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. annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.