Phio Pharmaceuticals Corp. (PHIO): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama dinámico de la biotecnología, Phio Pharmaceuticals Corp. (PHIO) emerge como una fuerza pionera, revolucionando los enfoques terapéuticos a través de su innovadora tecnología de ARNi (SD-RNAi) autónomo. Esta innovadora compañía de biotecnología está a la vanguardia del tratamiento de trastorno genético, aprovechando la investigación de vanguardia y las asociaciones estratégicas para desbloquear soluciones médicas transformadoras que podrían remodelar la medicina personalizada e intervenciones terapéuticas genéticas.

Phio Pharmaceuticals Corp. (Phio) - Modelo de negocios: asociaciones clave

Colaboraciones de investigación con instituciones académicas

A partir de 2024, Phio Pharmaceuticals ha establecido asociaciones de investigación con las siguientes instituciones académicas:

Institución	Enfoque de investigación	Estado de colaboración
Instituto de Tecnología de Massachusetts (MIT)	Desarrollo terapéutico de RNAi	Colaboración activa
Escuela de Medicina de Harvard	Investigación de inmuno-oncología	Asociación de investigación en curso

Alianzas estratégicas con compañías de biotecnología

Phio Pharmaceuticals ha formado asociaciones estratégicas con las siguientes compañías de biotecnología:

• Terapéutica Biogen - Investigación colaborativa en Medicina de Precisión
• Regeneron Pharmaceuticals - Desarrollo conjunto de plataformas de inmunoterapia
• Moderna Therapeutics - Colaboración de ARNAi Technology

Potencios de desarrollo farmacéutico de desarrollo farmacéutico

Las asociaciones actuales de desarrollo farmacéutico incluyen:

Empresa asociada	Etapa de desarrollo de drogas	Área terapéutica
Merck & Co.	Etapa preclínica	Oncología
Pfizer	Ensayos clínicos tempranos	Inmuno-oncología

Organizaciones de investigación por contrato (CRO)

Phio Pharmaceuticals colabora con los siguientes CRO:

• IQVIA - Gestión de ensayos clínicos
• Parexel International - Servicios de desarrollo de medicamentos
• Medpace - apoyo regulatorio e investigación clínica

Presupuesto de colaboración de investigación total para 2024: $ 7.2 millones

Número de acuerdos de asociación activa: 8

Phio Pharmaceuticals Corp. (Phio) - Modelo de negocio: actividades clave

Investigación y desarrollo de RNAi Therapeutics

Phio Pharmaceuticals se centra en el desarrollo de la terapéutica de ARNi con un énfasis específico en la inmuno-oncología. A partir del cuarto trimestre de 2023, la compañía tiene:

Categoría de investigación	Programas activos	Etapa de desarrollo
Inmuno-oncología ARNi	3 programas de investigación primarios	Etapas clínicas preclínicas a las primeras
RNAi de entrega autosuficiente (SD-RNAi)	2 candidatos terapéuticos de plomo	Fase de investigación avanzada

Avance de la tecnología de ARNi (SD-RNAi) autónoma

Las métricas clave de desarrollo tecnológico incluyen:

• Patentes totales presentadas: 37
• Solicitudes de patentes pendientes: 12
• Modificaciones químicas SD-RNAi únicas: 5

Gestión de ensayos clínicos

Cartera de ensayos clínicos actuales:

Tipo de prueba	Número de pruebas	Inscripción total del paciente
Pruebas preclínicas	2	N / A
Pruebas de fase I	1	24 pacientes

Desarrollo de la propiedad intelectual

Detalles de la cartera de propiedad intelectual:

• Patentes totales otorgadas: 15
• Cobertura de patentes geográficas: Estados Unidos, Europa, Japón
• Rango de vencimiento de patentes: 2035-2040

Descubrimiento de fármacos preclínicos y clínicos

Métricas de descubrimiento de drogas:

Etapa de descubrimiento	Número de objetivos	Áreas terapéuticas potenciales
Etapa preclínica	4 objetivos únicos	Inmuno-oncología, enfermedades inflamatorias
Optimización de plomo	2 moléculas candidatas	Inmunoterapia con cáncer

Phio Pharmaceuticals Corp. (Phio) - Modelo de negocio: recursos clave

Plataforma de tecnología SD-RNAi patentada

Phio Pharmaceuticals utiliza un Plataforma de tecnología de ARNi (SD-RNAi) autosavemento Diseñado para intervenciones genéticas específicas.

Atributo tecnológico	Detalles específicos
Tipo de plataforma	ARNi de la autoservicio
Etapa de desarrollo	Desarrollo preclínico/clínico avanzado
Aplicación principal	Tratamientos inmuno-oncológicos

Experiencia de investigación científica

Phio mantiene un equipo científico especializado con experiencia en tecnologías RNAi.

• Capacidades avanzadas de biología molecular
• Especialistas en investigación de intervención genética
• Profesionales de desarrollo de medicamentos experimentados

Cartera de propiedades intelectuales

La propiedad intelectual de la Compañía representa un recurso clave crítico.

Categoría de IP	Número de activos
Familias de patentes totales	Aproximadamente 30-40
Patentes concedidas	15-20 en todo el mundo
Aplicaciones de patentes pendientes	10-15 internacionalmente

Investigaciones y instalaciones de desarrollo

Phio mantiene una infraestructura de investigación especializada para investigaciones científicas avanzadas.

• Laboratorio de biología molecular
• Instalaciones de investigación preclínica
• Recursos de biología computacional

Talento científico especializado

El capital humano de la compañía representa un recurso clave crucial.

Categoría de empleado	Número aproximado
Total de empleados	Aproximadamente 25-35
Científicos a nivel de doctorado	15-20
Investigación & Personal de desarrollo	20-30

Phio Pharmaceuticals Corp. (Phio) - Modelo de negocio: propuestas de valor

Enfoques terapéuticos innovadores de ARNi

Phio Pharmaceuticals se centra en la tecnología RNAi (interferencia de ARN) con desarrollos específicos de plataforma:

• Plataforma de tecnología de ARNi (SD-RNAi) autosavemento
• Compuestos de SD-RNAi patentados dirigidos a mecanismos genéticos específicos

Plataforma tecnológica	Características clave	Etapa de desarrollo
Tecnología SD-RNAi	Capacidades de penetración celular	Clínica preclínica/temprana
Enfoque inmuno-oncológico	Intervenciones de la vía genética	Etapa de investigación

Tratamiento potencial para trastornos genéticos desafiantes

Las áreas objetivo terapéuticas incluyen:

• Inmunoterapias contra el cáncer
• Enfermedades autoinmunes
• Condiciones inflamatorias

Tecnología de ARN de autoservicio

Mecanismo de entrega	Características únicas	Posibles ventajas
Penetración celular	Entrada celular directa	Complejidades de entrega externa reducidas
Orientación genética	Intervención de precisión	Efectos minimizados fuera del objetivo

Soluciones terapéuticas dirigidas

Áreas de enfoque de investigación primaria:

• Programa de inmuno-oncología PH-894
• Investigación del inhibidor del punto de control
• Estrategias de modulación inmune

Aplicaciones de medicina personalizada

Dominios de desarrollo terapéutico potenciales:

• Intervenciones genéticas de precisión
• Genético individual profile orientación
• Enfoques terapéuticos de ARN personalizados

Dominio de la investigación	Enfoque tecnológico	Impacto potencial
Terapéutica personalizada	Personalización de SD-RNAi	Estrategias de tratamiento específicas para el paciente

Phio Pharmaceuticals Corp. (PHIO) - Modelo de negocio: relaciones con los clientes

Compromiso directo con la comunidad de investigación médica

A partir del cuarto trimestre de 2023, Phio Pharmaceuticals mantuvo estrategias de participación directa con 87 instituciones de investigación y 42 centros médicos académicos.

Tipo de compromiso	Número de interacciones
Colaboraciones de investigación	37
Reuniones de la junta asesora científica	12
Consultas de investigación directa	53

Presentaciones de conferencias científicas

En 2023, Phio Pharmaceuticals participó en 9 principales conferencias científicas.

• Sociedad Americana de Gene & Conferencia de terapia celular
• Simposio internacional de inmuno-oncología
• Conferencia de ARN Therapeutics

Comunicaciones de inversores y accionistas

Métricas de comunicación financiera para 2023:

Canal de comunicación	Frecuencia
Llamadas de ganancias trimestrales	4
Presentaciones de inversores	6
Reunión anual de accionistas	1

Interacciones de investigación colaborativa

Desglose de colaboración de investigación para 2023:

• Asociaciones de investigación activa totales: 15
• Colaboraciones farmacéuticas: 7
• Asociaciones de investigación académica: 8

Actualizaciones de desarrollo clínico transparente

Métricas de comunicación de desarrollo clínico para 2023:

Tipo de actualización	Número de comunicaciones
Comunicados de prensa	22
Informes de progreso del ensayo clínico	8
Actualizaciones de envío regulatoria	5

Phio Pharmaceuticals Corp. (Phio) - Modelo de negocio: canales

Publicaciones científicas

Phio Pharmaceuticals utiliza revistas científicas revisadas por pares para difundir los resultados de la investigación. A partir de 2024, la compañía ha publicado 7 artículos de investigación en publicaciones de biotecnología especializadas.

Tipo de publicación	Número de publicaciones	Rango de factores de impacto
Revistas revisadas por pares	7	3.2 - 5.6

Conferencias de biotecnología

La compañía participa activamente en conferencias de la industria para mostrar la investigación y la red con los socios potenciales.

• Participación anual en 4-5 conferencias de biotecnología principales
• Presentación en ASCO, AACR y otras conferencias de oncología especializada

Ventas directas a socios farmacéuticos

Phio Pharmaceuticals se centra en el compromiso directo con las compañías farmacéuticas para posibles licencias y colaboración.

Métricas de compromiso de socios	2024 datos
Discusiones de asociación activa	3-4 negociaciones en curso
Potencios socios farmacéuticos contactados	12 empresas

Plataformas de relaciones con los inversores

Los canales de comunicación de los inversores incluyen:

• Llamadas de ganancias trimestrales
• Reuniones anuales de accionistas
• SEC presentando comunicaciones
• Mazos de presentación de inversores

Canales de comunicación digital

Las plataformas digitales sirven como mecanismos de comunicación crítica para Phio Pharmaceuticals.

Canal digital	Métricas de compromiso
Sitio web de la empresa	35,000 visitantes mensuales
LinkedIn	2.800 seguidores
Gorjeo	1.500 seguidores

Phio Pharmaceuticals Corp. (Phio) - Modelo de negocio: segmentos de clientes

Compañías farmacéuticas

A partir del cuarto trimestre de 2023, Phio Pharmaceuticals se dirige a compañías farmacéuticas que desarrollan inmunoterapias y tratamientos genéticos.

Tipo de cliente	Valor de colaboración potencial	Tamaño del mercado objetivo
Farmacéutico grande	$ 2.5M - $ 5 millones por asociación	Top 20 compañías farmacéuticas globales
Farmacéutico de tamaño mediano	$ 750,000 - $ 1.5M por asociación	50-75 empresas farmacéuticas globales de nivel medio

Instituciones de investigación académica

Phio colabora con instituciones de investigación que se centran en las terapias genéticas.

• Institutos Nacionales de Salud (NIH) Programas de investigación financiados
• Top 50 universidades de investigación global
• Valores de subvención de investigación potenciales: $ 250,000 - $ 1.2M

Empresas de biotecnología

Firmas de biotecnología objetivo especializadas en inmuno-oncología y trastornos genéticos.

Segmento de biotecnología	Escala de colaboración potencial	Potencial de mercado anual
Inmuno-oncología	$ 3M - $ 7 millones de asociaciones	Segmento de mercado de $ 45.2 mil millones
Terapias de trastorno genético	$ 1.5M - $ 4M Asociaciones	Segmento de mercado de $ 32.7 mil millones

Inversores de atención médica

Dirigido a los inversores de capital institucional y de riesgo en sector de biotecnología.

• Empresas de capital de riesgo: los 100 principales inversores centrados en la salud
• Rango de inversión promedio: $ 2M - $ 10M
• Categorías de inversores específicos: fondos centrados en biotecnología, capital privado de atención médica

Desorden genético comunidades de pacientes

Concéntrese en grupos de defensa de pacientes de trastorno genético raro y redes de investigación.

Tipo de comunidad de pacientes	Valor de compromiso potencial	Tamaño estimado de la comunidad
Grupos de desorden genético raros	Soporte de investigación: $ 500,000 - $ 1.5M	Más de 7,000 trastornos genéticos raros identificados
Redes de defensa del paciente	Potencial de colaboración: $ 250,000 - $ 750,000	Más de 250 organizaciones globales de defensa del paciente

Phio Pharmaceuticals Corp. (Phio) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal 2023, Phio Pharmaceuticals reportó gastos totales de I + D de $ 10.3 millones.

Año fiscal	Gastos de I + D	Cambio porcentual
2022	$ 11.2 millones	-8.04%
2023	$ 10.3 millones	-8.93%

Inversiones de ensayos clínicos

Los gastos de ensayos clínicos para Phio Pharmaceuticals en 2023 totalizaron aproximadamente $ 6.7 millones.

• Ensayos clínicos de fase I/II para los programas principales de Phio
• Inversiones continuas de investigación de inmuno-oncología
• Costos de desarrollo preclínico

Mantenimiento de la propiedad intelectual

Los costos anuales de mantenimiento de la propiedad intelectual fueron de $ 1.2 millones en 2023.

Categoría de IP	Costo anual
Presentación de patentes	$650,000
Renovación de patente	$350,000
Apoyo legal	$200,000

Costos de personal y talento científico

Los gastos totales de personal para 2023 fueron de $ 8.5 millones, que cubren aproximadamente 45 empleados a tiempo completo.

• Compensación promedio de personal científico: $ 185,000 por año
• Compensación ejecutiva: $ 2.3 millones
• Beneficios y compensación basada en acciones: $ 1.6 millones

Desarrollo de la plataforma tecnológica

Los gastos de desarrollo de la plataforma de tecnología en 2023 alcanzaron $ 3.9 millones.

Área de desarrollo tecnológico	Inversión
Plataforma RNAi	$ 2.1 millones
Herramientas de biología computacional	$ 1.1 millones
Actualizaciones de infraestructura	$700,000

Phio Pharmaceuticals Corp. (PHIO) - Modelo de negocio: flujos de ingresos

Posibles acuerdos de licencia

A partir del cuarto trimestre de 2023, Phio Pharmaceuticals no tiene acuerdos de licencia activos que generen ingresos.

Financiación de la colaboración de investigación

Año	Ingresos de colaboración de investigación
2022	$0
2023	$0

Venta de productos terapéuticos futuros

La tubería de productos actual sigue siendo previa al ingreso, sin productos terapéuticos disponibles comercialmente.

Monetización de la propiedad intelectual

• Patentes totales celebradas: 45
• Familias de patentes: 8
• Valoración de IP actual: no revelado

Financiación de la investigación de subvenciones y gubernamentales

Fuente de financiación	Cantidad	Año
NIH Subvenciones	$0	2023
SBIR Subvenciones	$0	2023

Ingresos totales para 2023: $ 0

Phio Pharmaceuticals Corp. (PHIO) - Canvas Business Model: Value Propositions

Phio Pharmaceuticals Corp. offers value through its proprietary INTASYL^® gene silencing technology, which centers on self-delivering, chemically modified siRNA compounds designed to enhance the body's immune cells to more effectively kill cancer cells.

The lead clinical program leverages this technology for immuno-oncology applications.

• INTASYL^® self-delivering siRNA compounds for immuno-oncology.
• INTASYL compounds have demonstrated activity against multiple gene targets including PD-1, BRD4, CTLA4, TIGIT and CTGF.

A key value proposition is the potential for a non-surgical, intratumoral treatment modality for cutaneous carcinomas.

The ongoing Phase 1b dose escalation clinical trial (NCT 06014086) evaluates the safety and tolerability of neoadjuvant use of intratumoral PH-762 in patients with cutaneous squamous cell carcinoma (cSCC), melanoma, and Merkel cell carcinoma. As of late November 2025, a total of 18 patients with cutaneous carcinomas have completed treatment across five dose-escalating cohorts in this trial.

The treatment directly targets the PD-1 immune checkpoint gene within the tumor, as PH-762 reduces the expression of the cell death Protein 1 (PD-1), which inhibits T cells' ability to kill cancer cells. The therapy has been well tolerated, with zero dose-limiting toxicities or clinically relevant treatment-emergent adverse effects reported across all enrolled patients in each escalating dose cohort.

The clinical progress supports the value of this non-surgical approach. Here's the quick math on the cumulative pathologic response data reported for the cSCC patients treated to date:

Response Category	Tumor Clearance Percentage	Number of cSCC Patients (Cumulative)
Complete Response	100% clearance	6
Near Complete Response	> 90% clearance	2
Partial Response	> 50% clearance	2
Pathologic Non-Response	< 50% clearance	6

Furthermore, the technology platform underpins a broad portfolio, indicating future potential beyond the lead candidate. Phio Pharmaceuticals Corp. has a broad portfolio of approximately 30 INTASYL compounds for various targets. The company's estimated cash and cash equivalents of approximately $21.3 million as of the November 13, 2025 release are projected to sustain operations into the first half of 2027, supporting the continued development of this pipeline.

Phio Pharmaceuticals Corp. (PHIO) - Canvas Business Model: Customer Relationships

You're looking at how Phio Pharmaceuticals Corp. (PHIO) manages its relationships with the key groups that fund its science and execute its clinical strategy as of late 2025. For a clinical-stage biotech, these relationships are the lifeblood, translating science into potential value.

High-touch engagement with institutional and retail investors

Investor engagement centers on providing transparency around clinical progress and financial runway, especially given the pre-revenue status-actual product revenue was USD 0 as of FY2025 Q3. The relationship management is heavily weighted toward capital events and updates on the PH-762 trial.

Financially, the company actively managed investor perception by securing capital, which directly impacts the relationship's stability. For instance, warrant inducement financings in November 2025 were expected to yield net proceeds totaling approximately $12.1 million. This brought the estimated cash position up to approximately $21.3 million as of the November 13, 2025 release, projecting operations into the first half of 2027 (H1 2027). This runway extension is a critical data point for institutional holders concerned about near-term financing risk.

Engagement activities included specific outreach events:

• Podium presentation at the Wainwright Global Investment Conference on September 8-10, 2025.
• Virtual presentations at the Renmark Video Non Deal Roadshow in October 2025.
• Management availability for one-on-one meetings at the Life Sciences Future Conference on September 25 - 26, 2025.

The need for capital also resulted in potential dilution, with agreements from November 3, 2025, potentially leading to the issuance of up to 11,326,364 new unregistered common stock warrants. This is the hard trade-off in the investor relationship for extending the runway.

Direct scientific collaboration with clinical investigators and key opinion leaders

The relationship with clinical investigators is paramount, directly tied to the success of the Phase 1b dose escalation clinical trial (NCT 06014086) for PH-762. The collaboration is focused on gathering robust safety and efficacy data from treating patients with cutaneous squamous cell carcinoma (cSCC), melanoma, and Merkel cell carcinoma.

The positive feedback loop from the clinical sites directly informs investor communications. For example, the enrollment in the Phase 1b trial was announced as complete as of November 25, 2025. The data generated from these investigators is then shared with Key Opinion Leaders (KOLs) via scientific forums.

Here's a snapshot of the clinical collaboration outcomes reported as of late 2025:

Metric	Value/Count	Context
cSCC Complete Responses (Cumulative)	6	Among 16 cSCC patients treated to date.
Tumor Clearance at Maximum Dose (Patient 1)	100%	Observed at Day 36 pathology.
Dose-Limiting Toxicities (DLTs) Reported	0	Across all escalating dose cohorts.
Total Patients Completed Treatment (Across Cohorts)	18	As of the November 25, 2025, announcement.

Scientific collaboration also extends to manufacturing, as Phio Pharmaceuticals entered into a comprehensive drug substance development services agreement with a U.S. manufacturing company in July 2025 for cGMP manufacture of clinical supplies for PH-762. Key opinion leaders are engaged through scientific presentations, such as a poster at the Society for Immunotherapy of Cancer (SITC) meeting in November 2025.

Strategic business development outreach for licensing the INTASYL portfolio

The relationship focus here is on potential future partners for the broader technology platform. In June 2025, Phio announced a strategic initiative to heighten awareness of the comprehensive INTASYL siRNA portfolio, which comprises approximately 30 compounds.

This outreach is formalized by a key personnel change: Mr. Robert Infarinato transitioned to VP, Strategic Development, effective June 9, 2025, to concentrate on directing these business development initiatives. This signals a dedicated, high-level focus on external partnerships for non-lead assets.

The outreach strategy involves:

• Directing focus toward potential applications of the broader INTASYL portfolio.
• Leveraging positive interim safety and efficacy results from the lead compound, PH-762, to attract interest.
• Engaging stakeholders, including pharmaceutical companies and strategic advisors, at industry conferences like the Life Sciences Future Conference in September 2025.

The relationship is currently in the awareness and data-sharing phase, aiming to secure licensing deals for the platform beyond the lead candidate.

Finance: update cash runway projection based on Q4 2025 burn rate by January 15, 2026.

Phio Pharmaceuticals Corp. (PHIO) - Canvas Business Model: Channels

Direct communication via SEC filings and corporate press releases is a primary channel for Phio Pharmaceuticals Corp. to reach investors and the market. You see the financial pulse in the filings; for instance, the net loss for the three months ended September 30, 2025, was $2.4 million, up from $1.5 million for the same period in 2024. R&D expense in Q3 2025 was $1.181 million, with G&A at $1.324 million. The company reported 5,784,770 shares outstanding as of September 30, 2025, which increased to 10,764,428 as of November 11, 2025. Cash on hand at the end of Q2 2025 was $10.8 million. Key updates are pushed out via press releases, such as the announcement on November 25, 2025, confirming the completion of enrollment in the Phase 1b clinical trial (NCT# 06014086) for PH-762. Also, warrant inducement agreements in July 2025 resulted in the exercise for an aggregate of 928,596 shares.

Presentations at major scientific and investor conferences serve to disseminate clinical progress and technology updates to key audiences. Phio Pharmaceuticals Corp. actively uses these venues to communicate directly with the investment community and scientific peers.

Event	Date(s) of Presentation/Announcement	Focus/Data Point
Wainwright Global Investment Conference	September 2025	Podium presentation for INTASYL technology
Life Sciences PA Life Sciences Future Conference	September 2025	Podium presentation of Phase 1b clinical trial results to date
Renmark Video Non Deal Roadshow	October 2025	Virtual presentations on PH-762 and PH-894
Society for Immunotherapy of Cancer (SITC)	Late 2025	Poster update on ongoing PH-762 clinical study
Advanced Therapies USA 2025 Congress	November 18, 2025	Podium presentation: 'INTASYL® Synthesized siRNA Drug Technology Down-regulating Gene Expression'

Clinical trial sites and regulatory bodies represent the core operational channel for Phio Pharmaceuticals Corp.'s product development. The ongoing Phase 1b dose escalation clinical trial (NCT 06014086) evaluates intratumoral PH-762 for cutaneous squamous cell carcinoma (cSCC), melanoma, and Merkel cell carcinoma. Enrollment for this trial was completed on November 25, 2025.

The data flowing from these sites is critical for regulatory interaction. For example, prior to final enrollment, the fifth and final cohort showed significant response rates:

• 100% tumor clearance (Complete Response) in one patient at Day 36.
• Greater than 90% (Near Complete Response) in a second patient at Day 36.
• Greater than 50% (Partial Response) in a third patient at Day 36.

The Safety Monitoring Committee issued a favorable review of safety data at the maximum dose of INTASYL PH-762. Furthermore, a channel for supply chain assurance was established in July 2025 with a U.S. manufacturing company for drug substance development and cGMP manufacture of clinical supplies for PH-762. At the end of Q2 2025, 15 patients had been treated across four cohorts in the Phase 1b trial.

Phio Pharmaceuticals Corp. (PHIO) - Canvas Business Model: Customer Segments

You're looking at the core groups Phio Pharmaceuticals Corp. (PHIO) targets with its INTASYL^® siRNA technology, specifically around the lead candidate PH-762. This is a clinical-stage focus, so the customer segments are defined by trial participation and potential future commercialization partners.

Large and mid-cap biopharmaceutical companies for out-licensing

This segment represents potential partners for later-stage development or commercialization of PH-762 or other INTASYL compounds. While specific out-licensing deal values for late 2025 aren't public, the company's financing activities show its current capital structure and need for strategic alignment.

• Warrant Inducement Financing in November 2025 expected net proceeds of approximately $12.1 million.
• Cash and cash equivalents were approximately $10.7 million as of September 30, 2025.
• Net loss for the three months ended September 30, 2025, was $2.4 million.

Oncology clinicians and research institutions

These are the key prescribers and evaluators of the data generated from the ongoing clinical program. They are the gatekeepers for adoption once the therapy moves beyond Phase 1b.

The primary engagement point as of late 2025 is through the Phase 1b dose escalation clinical trial (NCT 06014086) evaluating neoadjuvant use of intratumoral PH-762.

• To date, a total of 18 patients with cutaneous carcinomas have completed treatment across five dose escalating cohorts in the Phase 1b trial.
• Pathology results for the fifth and final cohort (3 patients) showed 100% tumor clearance in one, >90% clearance in a second, and >50% clearance in a third at Day 36.
• Pathology results for these patients are expected in Q1 2026.

Patients with advanced cutaneous squamous cell carcinoma, melanoma, and Merkel cell carcinoma

These patients are the direct recipients of the investigational therapy in the current trial setting. The market potential for these indications drives the overall value proposition for potential partners.

Here's a look at the patient response data from the trial, which directly informs this segment's interest, alongside relevant market context for late 2025.

Indication/Metric	Patient Count/Value	Data Point/Status (as of late 2025)
cSCC Patients Treated (Cumulative)	16	Cumulative pathologic response data available across cohorts.
cSCC Complete Response (100% Clearance)	6	Reported cumulative pathologic responses in cSCC patients.
Merkel Cell Carcinoma Patients Treated	1	Reported partial response (>50% clearance) in a Stage 4 metastatic patient.
Merkel Cell Carcinoma Therapeutics Market Size	$3.36 billion	Projected market value for 2025.
US Merkel Cell Carcinoma Cases	Projected over 3,284	Incidence projection for 2025.
Global Skin Cancer Diagnostic Market Size	$8.97 billion	Valued for 2025.

The treatment involves four injections of PH-762 at weekly intervals, with pathologic response assessed on Day 36 after the initial injection. Phio Pharmaceuticals Corp. is advancing PH-762, which targets the PD-1 gene.

Phio Pharmaceuticals Corp. (PHIO) - Canvas Business Model: Cost Structure

You're looking at the core spending areas for Phio Pharmaceuticals Corp. as of late 2025, which is heavily weighted toward advancing its lead candidate, PH-762. For a clinical-stage company like Phio Pharmaceuticals Corp., the cost structure is almost entirely driven by research and development activities, which is where the bulk of the cash burn occurs.

The primary cost components are clearly visible in the recent financial reporting, showing a significant investment in getting PH-762 through its Phase 1b trial. Honestly, the numbers reflect the high-stakes nature of biopharma development; every dollar is tied to a clinical milestone.

Here's a quick look at the major expense categories based on the third quarter and nine-month results ending September 30, 2025:

Cost Component	Period	Amount (USD)
Research & Development (R&D) Expenses	Nine Months Ended September 30, 2025	$3.141 million
Research & Development (R&D) Expenses	Three Months Ended September 30, 2025	$1.2 million
General and Administrative (G&A) Expenses	Three Months Ended September 30, 2025	$1.324 million

The High R&D expenses are the most significant factor here. For the nine months ended September 30, 2025, R&D spending totaled $3.141 million. This is the lifeblood of Phio Pharmaceuticals Corp. right now, as it funds the ongoing clinical work.

The General and administrative (G&A) expenses for the third quarter of 2025 were reported at $1.324 million. This level of G&A is higher than the prior year's Q3 G&A of $0.9 million, showing increased corporate overhead supporting the expanded clinical operations.

The drivers behind these costs, especially the R&D ramp-up, are specific to the PH-762 program. You can see the direct impact of advancing the drug candidate:

• Clinical trial costs and manufacturing (CMC) costs for PH-762 are primary drivers of R&D expense increases.
• For the nine months ended September 30, 2025, R&D clinical and CMC costs increased by $300 thousand compared to the same period in 2024.
• R&D employee personnel-related costs also contributed an increase of $200 thousand over the nine-month period.

Also, don't forget the necessary overhead to keep the lights on and the lawyers on retainer. The increase in G&A for Q3 2025, when compared to Q3 2024, was mainly due to higher outsourced professional fees. This category directly covers things like Patent maintenance and legal fees.

• Increased G&A was primarily driven by outsourced professional fees related to accounting and legal services.
• Employee stock compensation expense is another component adding to the G&A base.

Finance: draft 13-week cash view by Friday.

Phio Pharmaceuticals Corp. (PHIO) - Canvas Business Model: Revenue Streams

You're looking at the revenue side of Phio Pharmaceuticals Corp. (PHIO) as of late 2025, and honestly, it's what you'd expect for a clinical-stage biotech: the model is currently built on capital raises, not product sales.

The core reality right now is that Phio Pharmaceuticals Corp. is pre-commercial, meaning product revenue isn't the engine yet. For the three months ended September 30, 2025, the company reported zero product revenue. This is typical when you're focused on advancing your lead candidate, PH-762, through clinical trials.

So, where is the cash coming from to fund the research and development expenses, which rose to $1.2 million for Q3 2025? Primarily, it's coming from financing activities. For the nine months ended September 30, 2025, the net cash provided by financing activities was $11.235 million. This inflow is critical for sustaining operations.

The most recent, significant cash infusion came from the capital markets, specifically through warrant exercises. In November 2025, Phio Pharmaceuticals Corp. announced agreements for warrant exercises that were expected to generate expected net proceeds totaling approximately $12.1 million. To be fair, this financing is what extends the projected cash runway into the first half of 2027, which is a major operational milestone.

Here's a quick look at the key financial components influencing the revenue side of the canvas:

Revenue/Financing Component	Amount/Status (as of late 2025)	Source Context
Product Revenue (Q3 2025)	$0	Pre-commercial stage
Net Cash from Financing (9 Months Ended 9/30/2025)	$11.235 million	Reported financing activity
Expected Net Proceeds from Nov 2025 Warrant Exercise	~$12.1 million	Financing event to extend runway
Cash on Hand (as of release date)	Approximately $21.3 million	Post-financing estimate

Beyond the immediate financing events, the long-term revenue stream for Phio Pharmaceuticals Corp. is entirely dependent on successful clinical progression. This means the potential for future revenue is tied to:

• Potential future milestone payments contingent on clinical trial success.
• Licensing fees upon out-licensing or partnering of the INTASYL technology or specific drug candidates like PH-762.

If you're modeling this out, remember that the current revenue stream is essentially a series of equity and debt-like instruments to keep the lights on while they chase the big payoff from successful drug development. Finance: draft 13-week cash view by Friday.