Phio Pharmaceuticals Corp. (PHIO): History, Ownership, Mission, How It Works & Makes Money

How does a clinical-stage biotech with a Q3 2025 net loss of $2.4 million manage to advance a novel cancer therapy to its final Phase 1b cohort? Phio Pharmaceuticals Corp. (PHIO) is the company, and its distinct approach lies in the proprietary INTASYL® siRNA gene silencing technology, which is designed to reprogram immune cells to fight cancer more effectively-a mechanism that has already delivered positive pathology results, including 100% tumor clearance in a cutaneous squamous cell carcinoma patient in its latest trial data. You need to understand the financial reality of a company burning cash to fund R&D, plus the high-stakes potential of a platform that could fundamentally change immuno-oncology, so let's dig into the history, ownership, and the core science driving this high-risk, high-reward model.

Phio Pharmaceuticals Corp. (PHIO) History

You're looking for the foundational story behind Phio Pharmaceuticals Corp., and it's a classic biotech evolution: a company starting with a Nobel Prize-winning technology that had to pivot its entire focus to find its true market. The company, originally RXi Pharmaceuticals Corporation, was built on the promise of RNA interference (RNAi) but only found its current direction by aggressively shifting to immuno-oncology in 2017.

Given Company's Founding Timeline

Year established

The company was formally incorporated in the state of Delaware in 2011 as RXi Pharmaceuticals Corporation.

Original location

Early operations and initial public offerings were associated with the Worcester, Massachusetts area, leveraging the region's biotech ecosystem.

Founding team members

The company was co-founded by Nobel Laureate Craig Mello, who was awarded the Nobel Prize in 2006 for his discovery of RNAi, the underlying science for the company's technology.

Initial capital/funding

In a significant early financing event, the company priced an underwritten public offering in April 2011, raising approximately $12 million in gross proceeds to fund general corporate purposes, including research and development.

Given Company's Evolution Milestones

Given Company's Transformative Moments

The company's history isn't a straight line; it's a story of reinvention driven by market realities and scientific opportunity. The biggest single decision was to stop chasing broad applications and go all-in on cancer. This is a common, defintely necessary move for platform-based biotechs.

• The 2017 Strategic Pivot: After years developing RNAi for dermatology and ophthalmology, the leadership recognized that the self-delivering nature of the INTASYL technology had its most potent application in immuno-oncology, specifically in silencing tumor-induced immune suppression.
• The 2018 Rebrand: The name change to Phio Pharmaceuticals Corp. in November 2018 wasn't just cosmetic; it signaled the completion of the transition from a broad platform company (RXi) to one focused entirely on groundbreaking immuno-oncology therapeutics.
• The 2025 Clinical Validation: The Q2 2025 clinical data for the lead candidate, PH-762, marked a critical turning point. Achieving five complete responses in cSCC patients in the Phase 1b trial provides tangible proof-of-concept for the INTASYL technology's effectiveness in a clinical setting.

The financial health of a clinical-stage company hinges on these milestones. For a deeper dive into the numbers, you should read Breaking Down Phio Pharmaceuticals Corp. (PHIO) Financial Health: Key Insights for Investors. For example, at June 30, 2025, the company had cash and cash equivalents of approximately $10.8 million, which is a key metric for funding the ongoing trials.

Phio Pharmaceuticals Corp. (PHIO) Ownership Structure

Phio Pharmaceuticals Corp. is a publicly traded, clinical-stage biopharmaceutical company, and its ownership structure is heavily weighted toward retail investors, which is common for a smaller-cap biotech firm focused on development. This structure means the stock price can be more volatile, but it also means institutional and insider transactions are highly scrutinized by the market.

Phio Pharmaceuticals Corp.'s Current Status

Phio Pharmaceuticals Corp. is a public entity, trading on The Nasdaq Capital Market under the ticker symbol PHIO. As a clinical-stage company, its valuation is tied more to the progress of its drug pipeline-specifically its proprietary INTASYL® gene silencing technology-than to current revenue. The company recently reported its third-quarter 2025 financial results on November 13, 2025, showing cash and cash equivalents of approximately $10.7 million at September 30, 2025, which rose to an estimated $21.3 million as of the release date, projected to sustain operations into the first half of 2027. Understanding the company's long-term vision is key; you can review the full Mission Statement, Vision, & Core Values of Phio Pharmaceuticals Corp. (PHIO).

Phio Pharmaceuticals Corp.'s Ownership Breakdown

As of November 2025, the company's ownership is dominated by the float (shares available to the public), with institutional holdings remaining relatively small. The total number of common stock shares outstanding was 10,764,428 as of November 11, 2025. The table below breaks down the primary shareholder types, which helps map the stakeholder interests driving the company's strategic decisions.

Here's the quick math: Insider ownership is small, so executive decisions are less about protecting a massive personal stake and more about corporate success. The low institutional ownership of 10.24% suggests larger funds are still waiting for more concrete clinical milestones before committing significant capital. This company is defintely a high-risk, high-reward play right now.

Phio Pharmaceuticals Corp.'s Leadership

The company is steered by a small but experienced leadership team, with an average management tenure of 2.5 years. The board of directors has a longer average tenure of 8.4 years, suggesting stability and deep industry knowledge at the governance level. Robert Bitterman, the CEO, has been on the board since 2012, providing a long-term perspective.

• Robert Bitterman: President & Chief Executive Officer (CEO) and Chairman of the Board. He has over 25 years of executive experience in the pharmaceutical and biologic life science industry.
• Lisa Carson: VP of Finance and Administration, also serving as Principal Financial Officer. She was appointed in June 2025 and is key to managing the company's cash runway into 2027.
• Linda Mahoney: Senior Vice President of Development, bringing over 25 years of experience in pharmaceutical development.
• Jennifer Phillips: VP of Regulatory & Corporate Affairs, a seasoned pharma executive with more than 20 years in Regulatory Affairs.
• David Deming: Lead Independent Director, appointed in October 2025, who brings over 30 years of experience in investment banking and asset management from his time at JP Morgan.

The recent appointment of David Deming as Lead Independent Director in late 2025 signals a move to strengthen corporate governance and leverage his investment banking background as the company advances its clinical-stage programs.

Phio Pharmaceuticals Corp. (PHIO) Mission and Values

Phio Pharmaceuticals Corp. is fundamentally driven by a commitment to harness the body's own defenses against cancer, moving beyond traditional treatments by focusing on gene silencing technology. Their mission and vision clearly map out an ambitious, patient-centric goal: eliminating cancer through innovative science.

Phio Pharmaceuticals Corp.'s Core Purpose

The core purpose of Phio Pharmaceuticals is rooted in the belief that their proprietary INTASYL® technology, a form of self-delivering small interfering RNA (siRNA), can fundamentally change immuno-oncology. This is a high-risk, high-reward approach, but the early clinical results, like the complete tumor clearance in a patient with cutaneous squamous cell carcinoma (cSCC) in the final dose cohort of the Phase 1b trial, show the potential impact.

Official mission statement

The company's mission is precise and action-oriented, focusing on the therapeutic development of their patented technology to empower the immune system. This is what guides their R&D spending, which was approximately $1.2 million in the third quarter of 2025 alone, reflecting a clear prioritization of their clinical pipeline.

• Develop patented siRNA therapies.
• Enable the body's own defenses to overcome cancer.

Vision statement

Phio Pharmaceuticals' vision is a long-term aspiration for a world where cancer is not a life sentence, which is a powerful motivator for a clinical-stage biotech that is not yet generating product revenue. You can see their unwavering focus on this goal, even while managing a net loss of $2.4 million in the quarter ended September 30, 2025.

• Advance new pathways toward a cancer free future.

This vision is the defintely the north star for their pipeline decisions, like advancing their lead compound, PH-762, in the ongoing Phase 1b trial for skin cancers. You can read more about their philosophical and strategic foundation here: Mission Statement, Vision, & Core Values of Phio Pharmaceuticals Corp. (PHIO).

Phio Pharmaceuticals Corp. slogan/tagline

While the company does not use a single, short consumer-facing slogan in the traditional sense, their investor and corporate communications consistently highlight their strategic goal, which functions as their core tagline.

• Innovative Pathways Toward a Cancer-Free Future.

Here's the quick math on their runway: as of November 2025, Phio Pharmaceuticals had an estimated cash and cash equivalents balance of approximately $21.3 million, which they project will sustain operations into the first half of 2027. This capital position, secured through financing activities like a November 2025 warrant inducement, directly supports their mission by funding the critical, expensive stages of clinical development. What this estimate hides is the need for continued positive clinical data to attract the next round of financing, but the cash runway itself is a concrete measure of their commitment to the 'cancer-free future' vision.

Phio Pharmaceuticals Corp. (PHIO) How It Works

Phio Pharmaceuticals Corp. is a clinical-stage biopharmaceutical company that operates by developing novel therapeutics using its proprietary INTASYL® gene silencing technology to precisely target and eliminate cancer cells. The core mechanism involves delivering small interfering RNA (siRNA) compounds directly into the tumor microenvironment to turn off specific genes that tumors use to evade the body's immune system, essentially weaponizing the patient's own immune cells against the cancer.

This approach transforms the tumor's surroundings, making the immune system's T cells and Natural Killer (NK) cells much more effective at killing the cancer. It's a focused, genetic approach to immuno-oncology, and it's defintely a high-risk, high-reward model. You can read more about their core philosophy here: Mission Statement, Vision, & Core Values of Phio Pharmaceuticals Corp. (PHIO).

Phio Pharmaceuticals Corp.'s Product/Service Portfolio

Phio Pharmaceuticals Corp.'s Operational Framework

As a clinical-stage biopharmaceutical company, Phio Pharmaceuticals Corp. does not generate product revenue; its operations are focused entirely on drug discovery, development, and clinical trials. For the three months ended September 30, 2025, the company reported a net loss of $2.4 million, with Research and Development (R&D) expenses at $1.2 million.

• R&D Focus: The majority of operating expenses are R&D costs, primarily driven by clinical trial expenses and Chemistry, Manufacturing, and Controls (CMC) costs for advancing the lead compound, PH-762.
• Manufacturing Outsourcing: To ensure quality and scale for trials, the company entered into a comprehensive drug substance development services agreement in July 2025 with a U.S. manufacturer for analytical, process development, and cGMP (current Good Manufacturing Practice) production of PH-762 clinical supplies.
• Financing as Revenue: The company sustains operations through capital raises. A warrant inducement financing in November 2025 is expected to yield net proceeds totaling approximately $12.1 million.
• Cash Runway: As of November 2025, the company had estimated cash and cash equivalents of approximately $21.3 million, which is projected to sustain operations into the first half of 2027.

Phio Pharmaceuticals Corp.'s Strategic Advantages

The company's market success hinges on its core technology and its ability to navigate the complex clinical and regulatory landscape of immuno-oncology. The biggest advantage is the technology itself.

• INTASYL® Technology: This is a proprietary, self-delivering small interfering RNA (siRNA) platform. This self-delivery feature is critical because it eliminates the need for complex, specialized formulations or drug delivery systems, which can often add toxicity, cost, and complexity to RNA-based therapies.
• Simplified Composition: The simplified chemical composition of INTASYL is designed to improve the therapeutic index-meaning it helps reduce toxicity and increase tolerability while enhancing efficacy. This is a massive plus in early-stage biotech.
• Versatile Application: The technology is adaptable to both intratumoral injection (direct into the tumor) and Adoptive Cell Therapy (ACT), providing multiple pathways for drug development and market entry across various solid tumors.
• Clinical Validation Signal: The Phase 1b trial for PH-762 has shown promising early efficacy signals, with a cumulative six complete responses in 16 patients with cSCC, which is a strong data point for a first-in-human trial and helps drive investor confidence.

Here's the quick math: The $12.1 million capital raise in November 2025 is what directly buys them the time-extending their cash runway by over a year-to convert that clinical signal into a definitive path forward.

Phio Pharmaceuticals Corp. (PHIO) How It Makes Money

Phio Pharmaceuticals Corp. is a clinical-stage biopharmaceutical company, meaning it currently generates zero product revenue from the sale of therapeutics. The company's financial model is purely a research and development (R&D) engine, with its limited operating income coming exclusively from interest income on its cash reserves and its primary source of capital being equity financing.

The core business model is centered on advancing its proprietary INTASYL® small interfering RNA (siRNA) gene silencing technology through clinical trials, specifically its lead candidate, PH-762, for immuno-oncology. The ultimate goal is to generate revenue through future licensing agreements or product commercialization, but for now, it's a 'burn rate' business.

Phio Pharmaceuticals Corp.'s Revenue Breakdown

Since Phio Pharmaceuticals Corp. is pre-commercial, its revenue breakdown reflects a company entirely focused on clinical development, not sales. Total revenue for the three months ended September 30, 2025, was minimal, consisting solely of non-operating income.

Here's the quick math: the company reported no product revenue in Q3 2025. The total operating revenue is zero. The only income stream is the $0.113 million in net interest income for the quarter ended September 30, 2025, which represents 100% of the non-operating income that partially offsets the operating loss.

Business Economics

The economics of Phio Pharmaceuticals Corp. are defined by its cash burn rate and its reliance on the capital markets, not gross margins, since there are no product sales. The company's value is tied to the success of its clinical pipeline, particularly the Phase 1b trial for PH-762 in skin cancer. Mission Statement, Vision, & Core Values of Phio Pharmaceuticals Corp. (PHIO).

• Operating Loss: The core economic reality is the operating loss, which was $2.505 million for the third quarter of 2025, up significantly from $1.590 million in the same period in 2024.
• Cash Runway: The November 2025 warrant inducement financing, which is expected to raise approximately $12.1 million in net proceeds, is crucial. This financing, combined with existing cash, is projected to extend the company's cash runway into the first half of 2027.
• Dilution Risk: The primary source of capital is equity financing, such as the November 2025 warrant exercise, which involves issuing new warrants to purchase up to 11,326,364 shares of common stock. This is the cost of funding R&D-it means dilution for existing shareholders.
• Value Driver: The real economic value is the intellectual property (IP) and the clinical data. Positive pathology results from the PH-762 trial, such as the 100% tumor clearance observed in one patient in the final dose cohort, are the non-financial assets that drive valuation and future partnership potential.

The company is essentially investing all its capital into a high-risk, high-reward asset-its drug pipeline.

Phio Pharmaceuticals Corp.'s Financial Performance

The financial health of Phio Pharmaceuticals Corp. must be evaluated based on its expense management, cash position, and financing activities, as typical revenue metrics are irrelevant. The Q3 2025 results, reported on November 13, 2025, show a controlled but increasing investment in clinical development.

• Net Loss: The net loss for Q3 2025 was $2.392 million, widening from $1.524 million in Q3 2024. This increase is a direct result of higher operating expenses.
• R&D Investment: Research and development expenses for Q3 2025 were $1.181 million, nearly double the $0.644 million reported in Q3 2024. This increase is directly tied to higher clinical trial costs and chemistry, manufacturing, and controls (CMC) costs for the PH-762 program.
• Cash Position: Cash and cash equivalents stood at approximately $10.7 million at September 30, 2025, which then rose to an estimated $21.3 million following the November 2025 financing. This jump is the critical metric for near-term operational stability.

What this estimate hides is that the company's ability to continue as a going concern is contingent on its ability to raise additional capital, though the recent financing has provided a substantial buffer into 2027. Investors must focus on the clinical milestones, not the income statement. Finance: track the monthly cash burn against the $21.3 million cash balance to monitor the actual runway.

Phio Pharmaceuticals Corp. (PHIO) Market Position & Future Outlook

Phio Pharmaceuticals Corp. is positioned as a high-risk, high-reward clinical-stage player in the immuno-oncology space, with its future trajectory entirely dependent on the success of its proprietary INTASYL® siRNA (small interfering RNA) technology. The company's lead candidate, PH-762, has shown promising early-stage clinical results in late 2025, a critical de-risking event that directly extended its cash runway into the first half of 2027.

You are looking at a classic biotech story: a small market cap company with a potentially disruptive platform, but zero product revenue as of the 2025 fiscal year. The value here is purely in the pipeline's clinical momentum and the recent financing, which brought in approximately $12.1 million in net proceeds in November 2025. This is the defintely the inflection point to watch.

Competitive Landscape

In the world of RNA therapeutics, Phio Pharmaceuticals Corp. is a pre-commercial minnow swimming with whales. While its INTASYL technology offers a unique self-delivering mechanism for silencing genes like PD-1 directly in the tumor microenvironment, it competes for capital and talent against fully commercialized giants in the broader RNAi field.

To be fair, comparing a clinical-stage company to commercial entities is a scale comparison, not a direct product-to-product market share fight yet. The estimated global Small Interfering RNA (siRNA) Therapeutics market size was approximately $2.08 billion in 2025, but Phio Pharmaceuticals Corp.'s commercial share is negligible as it has no approved products. The table below uses market capitalization as a proxy for industry standing.

Opportunities & Challenges

The company's near-term future is mapped by two things: clinical milestones and cash management. The recent Phase 1b data for PH-762 in cutaneous squamous cell carcinoma (cSCC) is the biggest opportunity on the board right now, but the reliance on dilutive financing is the constant shadow.

Industry Position

Phio Pharmaceuticals Corp. holds a niche but technologically unique position in the rapidly expanding RNA therapeutics market, which is projected to reach approximately $8.55 billion in size in 2025. Its core strength is the INTASYL platform, a self-delivering siRNA technology that bypasses the complex, often toxic, delivery vehicles (like lipid nanoparticles) that competitors use.

• Technology Focus: The company is one of the few focused on using siRNA directly for immuno-oncology, specifically to silence immune checkpoints like PD-1 using PH-762.
• Clinical Validation: The positive safety profile and efficacy signals from the Phase 1b trial in skin cancers are crucial for validating the INTASYL delivery method for intratumoral (in-tumor) injection.
• Financial Reality: The estimated cash and cash equivalents of approximately $21.3 million as of November 2025 provides runway into H1 2027, alleviating immediate liquidity concerns but underscoring the need for a major partnership or a larger financing round to fund expensive Phase 2/3 trials.

The next step for management is to leverage the recent clinical results to secure a major pharmaceutical partnership, which is the standard exit for a platform technology company at this stage. You can dive deeper into the investor base and institutional interest by Exploring Phio Pharmaceuticals Corp. (PHIO) Investor Profile: Who's Buying and Why?