Quarterly ResultMay 7, 2026, 04:36 PM
Phio Pharma Q1 Net Loss Widens to $4.0M; Announces $6.36M ATM Program
AI Summary
Phio Pharmaceuticals Corp. reported a net loss of $4.003 million for the first quarter ended March 31, 2026, a significant increase from $1.769 million in the prior year, primarily driven by higher research and development expenses. The company's cash and cash equivalents decreased to $17.031 million, though management believes it has sufficient liquidity for at least 12 months. Additionally, Phio Pharmaceuticals entered into an At The Market offering agreement in April 2026 to potentially raise up to $6.36 million for clinical development and working capital.
Key Highlights
- Net loss widened to $4.003 million for Q1 2026, up from $1.769 million in Q1 2025.
- Cash and cash equivalents decreased to $17.031 million at March 31, 2026, from $21.031 million at December 31, 2025.
- Total operating expenses increased to $4.167 million in Q1 2026, from $1.872 million in Q1 2025.
- Research and development expenses rose to $2.793 million in Q1 2026, compared to $0.886 million in Q1 2025.
- General and administrative expenses increased to $1.374 million in Q1 2026, from $0.986 million in Q1 2025.
- Net loss per common share was $(0.34) for Q1 2026, an improvement from $(0.41) in Q1 2025 due to higher share count.
- Total stockholders' equity was $16.462 million at March 31, 2026, down from $20.147 million at December 31, 2025.
- Entered into an At The Market (ATM) Offering Agreement on April 8, 2026, for up to $6.36 million in common stock sales.