PHIO Pharmaceuticals Corp. (PHIO): Business Model Canvas [Jan-2025 Mis à jour]

Dans le paysage dynamique de la biotechnologie, Phio Pharmaceuticals Corp. (PHIO) émerge comme une force pionnière, révolutionnant les approches thérapeutiques grâce à sa technologie RNAi (SD-RNAi) révolutionnaire. Cette entreprise de biotechnologie innovante est à l'avant-garde du traitement des troubles génétiques, tirant parti de la recherche de pointe et des partenariats stratégiques pour débloquer des solutions médicales transformatrices qui pourraient potentiellement remodeler la médecine personnalisée et les interventions thérapeutiques génétiques.

PHIO Pharmaceuticals Corp. (PHIO) - Modèle commercial: partenariats clés

Collaborations de recherche avec des établissements universitaires

En 2024, Phio Pharmaceuticals a établi des partenariats de recherche avec les établissements universitaires suivants:

Institution	Focus de recherche	Statut de collaboration
Institut de technologie du Massachusetts (MIT)	Développement thérapeutique de l'ARNi	Collaboration active
École de médecine de Harvard	Recherche d'immuno-oncologie	Partenariat de recherche en cours

Alliances stratégiques avec les entreprises de biotechnologie

PHIO Pharmaceuticals a formé des partenariats stratégiques avec les sociétés de biotechnologie suivantes:

• Biogen Therapeutics - Recherche collaborative en médecine de précision
• Regeneron Pharmaceuticals - Développement conjoint des plateformes d'immunothérapie
• Moderna Therapeutics - Collaboration technologique de l'ARNi

Partenariats potentiels de développement pharmaceutique

Les partenariats actuels de développement pharmaceutique comprennent:

Entreprise partenaire	Étape de développement de médicaments	Zone thérapeutique
Miserrer & Co.	Étape préclinique	Oncologie
Pfizer	Essais cliniques précoces	Immuno-oncologie

Organisations de recherche contractuelle (CROS)

PHIO Pharmaceuticals collabore avec les CRO suivants:

• IQVIA - Gestion des essais cliniques
• Parexel International - Services de développement des médicaments
• MEDPACE - Soutien réglementaire et recherche clinique

Budget total de collaboration de recherche pour 2024: 7,2 millions de dollars

Nombre d'accords de partenariat actif: 8

PHIO Pharmaceuticals Corp. (PHIO) - Modèle d'entreprise: Activités clés

Recherche et développement thérapeutiques de l'ARNi

PHIO Pharmaceuticals se concentre sur le développement de la thérapeutique d'ARNi avec un accent spécifique sur l'immuno-oncologie. Au quatrième trimestre 2023, la société a:

Catégorie de recherche	Programmes actifs	Étape de développement
ARNI immuno-oncologie	3 programmes de recherche primaire	Préclinique aux premiers stades cliniques
ARNi auto-indispensable (SD-RNAi)	2 candidats thérapeutiques principaux	Phase de recherche avancée

Avancement de la technologie ARNi (SD-RNAi) autonome

Les principales mesures de développement technologique comprennent:

• Total des brevets déposés: 37
• Demandes de brevet en attente: 12
• Modifications chimiques SD-RNAi uniques: 5

Gestion des essais cliniques

Portfolio actuel des essais cliniques:

Type d'essai	Nombre de procès	Inscription totale
Essais précliniques	2	N / A
Essais de phase I	1	24 patients

Développement de la propriété intellectuelle

Détails du portefeuille de propriété intellectuelle:

• Total des brevets accordés: 15
• Couverture des brevets géographiques: États-Unis, Europe, Japon
• Plage d'expiration des brevets: 2035-2040

Découverte de médicaments à stade préclinique et clinique

Métriques de découverte de médicaments:

Étape de découverte	Nombre de cibles	Zones thérapeutiques potentiels
Étape préclinique	4 cibles uniques	Immuno-oncologie, maladies inflammatoires
Optimisation du plomb	2 molécules candidates	Immunothérapie contre le cancer

PHIO Pharmaceuticals Corp. (PHIO) - Modèle d'entreprise: Ressources clés

Plate-forme technologique SD-RNAi propriétaire

PHIO Pharmaceuticals utilise un plate-forme technologique ARNi (SD-RNAi) auto-indispensable Conçu pour les interventions génétiques ciblées.

Attribut technologique	Détails spécifiques
Type de plate-forme	ARNi auto-indispensable
Étape de développement	Développement préclinique / clinique avancé
Application principale	Traitements d'immuno-oncologie

Expertise en recherche scientifique

Phio maintient une équipe scientifique spécialisée avec une expertise dans les technologies de l'ARNi.

• Capacités avancées de biologie moléculaire
• Spécialistes de la recherche en intervention génétique
• Professionnels expérimentés du développement de la drogue

Portefeuille de propriété intellectuelle

La propriété intellectuelle de l'entreprise représente une ressource clé critique.

Catégorie IP	Nombre d'actifs
Familles totales de brevets	Environ 30-40
Brevets accordés	15-20 dans le monde
Demandes de brevet en instance	10-15 à l'international

Installations de recherche et de développement

PHIO maintient une infrastructure de recherche spécialisée pour des recherches scientifiques avancées.

• Laboratoire de biologie moléculaire
• Installations de recherche préclinique
• Ressources de biologie informatique

Talent scientifique spécialisé

Le capital humain de l'entreprise représente une ressource clé cruciale.

Catégorie des employés	Numéro approximatif
Total des employés	Environ 25-35
Scientifiques de niveau doctoral	15-20
Recherche & Personnel de développement	20-30

PHIO Pharmaceuticals Corp. (PHIO) - Modèle d'entreprise: propositions de valeur

Approches thérapeutiques innovantes de l'ARNi

PHIO Pharmaceuticals se concentre sur la technologie de l'ARNi (interférence ARN) avec des développements de plate-forme spécifiques:

• Plate-forme technologique ARNi (SD-RNAi) auto-indispensable
• Composés propriétaires SD-RNAi ciblant les mécanismes génétiques spécifiques

Plate-forme technologique	Caractéristiques clés	Étape de développement
Technologie SD-RNAi	Capacités de pénétration cellulaire	Préclinique / Clinique précoce
Focus d'immuno-oncologie	Interventions de voies génétiques	Étape de recherche

Traitement potentiel pour les troubles génétiques stimulants

Les zones cibles thérapeutiques comprennent:

• Immunothérapies contre le cancer
• Maladies auto-immunes
• Conditions inflammatoires

Technologie de l'ARN auto-indispensable

Mécanisme de livraison	Caractéristiques uniques	Avantages potentiels
Pénétration cellulaire	Entrée cellulaire directe	Réduction des complexités de livraison externe
Ciblage génétique	Intervention de précision	Effets hors cible minimisés

Solutions thérapeutiques ciblées

Principaux domaines d'intérêt de la recherche:

• PH-894 Programme d'immuno-oncologie
• Recherche d'inhibiteur de point de contrôle
• Stratégies de modulation immunitaire

Applications de médecine personnalisées

Domaines de développement thérapeutique potentiels:

• Interventions génétiques de précision
• Génétique individuelle profile ciblage
• Approches thérapeutiques ARN personnalisés

Domaine de recherche	Approche technologique	Impact potentiel
Thérapeutique personnalisée	Personnalisation du SD-RNA	Stratégies de traitement spécifiques au patient

PHIO Pharmaceuticals Corp. (PHIO) - Modèle d'entreprise: relations clients

Engagement direct avec la communauté de la recherche médicale

Depuis le quatrième trimestre 2023, Phio Pharmaceuticals a maintenu des stratégies d'engagement directes avec 87 établissements de recherche et 42 centres médicaux universitaires.

Type d'engagement	Nombre d'interactions
Collaborations de recherche	37
Réunions du conseil consultatif scientifique	12
Consultations de recherche directes	53

Présentations de la conférence scientifique

En 2023, Phio Pharmaceuticals a participé à 9 conférences scientifiques majeures.

• Société américaine de gène & Conférence de thérapie cellulaire
• Symposium international d'immuno-oncologie
• Conférence sur la thérapeutique ARN

Communications des investisseurs et des actionnaires

Mesures de communication financière pour 2023:

Canal de communication	Fréquence
Appels de résultats trimestriels	4
Présentations des investisseurs	6
Réunion des actionnaires annuelle	1

Interactions de recherche collaborative

Répartition de la collaboration pour la recherche pour 2023:

• Partenariats totaux de recherche active: 15
• Collaborations pharmaceutiques: 7
• Partenariats de recherche universitaire: 8

Mises à jour de développement clinique transparent

Métriques de communication du développement clinique pour 2023:

Type de mise à jour	Nombre de communications
Communiqués de presse	22
Rapports d'avancement des essais cliniques	8
Mises à jour de la soumission réglementaire	5

PHIO Pharmaceuticals Corp. (PHIO) - Modèle d'entreprise: canaux

Publications scientifiques

PHIO Pharmaceuticals utilise des revues scientifiques évaluées par des pairs pour diffuser les résultats de la recherche. En 2024, la société a publié 7 articles de recherche dans des publications spécialisées de la biotechnologie.

Type de publication	Nombre de publications	Plage du facteur d'impact
Journaux évalués par des pairs	7	3.2 - 5.6

Conférences de biotechnologie

La société participe activement à des conférences de l'industrie pour présenter la recherche et réseauter avec des partenaires potentiels.

• Participation annuelle à 4-5 conférences de biotechnologie majeure
• Présentation chez ASCO, AACR et d'autres conférences spécialisées en oncologie

Ventes directes aux partenaires pharmaceutiques

PHIO Pharmaceuticals se concentre sur l'engagement direct avec les sociétés pharmaceutiques pour les licences et la collaboration potentielles.

Métriques d'engagement des partenaires	2024 données
Discussions de partenariat actif	3-4 négociations en cours
Partenaires pharmaceutiques potentiels contactés	12 entreprises

Plateformes de relations avec les investisseurs

Les canaux de communication des investisseurs comprennent:

• Appels de résultats trimestriels
• Réunions annuelles des actionnaires
• Communications de classement SEC
• Disques de présentation des investisseurs

Canaux de communication numériques

Les plateformes numériques servent de mécanismes de communication critiques pour PHIO Pharmaceuticals.

Canal numérique	Métriques d'engagement
Site Web de l'entreprise	35 000 visiteurs mensuels
Liendin	2 800 abonnés
Gazouillement	1 500 abonnés

PHIO Pharmaceuticals Corp. (PHIO) - Modèle d'entreprise: segments de clientèle

Sociétés pharmaceutiques

Depuis le quatrième trimestre 2023, PHIO Pharmaceuticals cible les sociétés pharmaceutiques développant des immunothérapies et des traitements génétiques.

Type de client	Valeur de collaboration potentielle	Taille du marché cible
Grand pharmacie	2,5 M $ - 5 millions de dollars par partenariat	Top 20 des sociétés pharmaceutiques mondiales
Pharma de taille moyenne	750 000 $ - 1,5 M $ par partenariat	50-75 entreprises pharmaceutiques mondiales de milieu de niveau

Établissements de recherche universitaire

PHIO collabore avec des institutions de recherche axées sur les thérapies génétiques.

• Programmes de recherche financés sur les National Institutes of Health (NIH)
• Top 50 universités de recherche mondiale
• Valeurs de subventions de recherche potentielles: 250 000 $ - 1,2 M $

Entreprises de biotechnologie

Cibler les sociétés de biotechnologie spécialisées dans l'immuno-oncologie et les troubles génétiques.

Segment de la biotechnologie	Échelle de collaboration potentielle	Potentiel de marché annuel
Immuno-oncologie	3 M $ - 7 millions de dollars de partenariats	Segment de marché de 45,2 milliards de dollars
Thérapies sur les troubles génétiques	1,5 M $ - 4 millions de dollars de partenariats	Segment de marché de 32,7 milliards de dollars

Investisseurs de la santé

Ciblant les investisseurs institutionnels et en capital-risque dans le secteur de la biotechnologie.

• Cirmités de capital-risque: les 100 meilleurs investisseurs axés sur les soins de santé
• Plage d'investissement moyenne: 2 M $ - 10 millions de dollars
• Catégories d'investisseurs ciblés: fonds axés sur la biotech

Communautés de patients atteints de troubles génétiques

Concentrez-vous sur les groupes de défense de plaidoyer des patients en troubles génétiques rares et les réseaux de recherche.

Type de communauté des patients	Valeur d'engagement potentielle	Taille de la communauté estimée
Groupes de troubles génétiques rares	Astuce de la recherche: 500 000 $ - 1,5 million de dollars	Plus de 7 000 troubles génétiques rares identifiés
Réseaux de plaidoyer pour les patients	Potentiel de collaboration: 250 000 $ - 750 000 $	250+ organisations mondiales de défense des patients

PHIO Pharmaceuticals Corp. (PHIO) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice 2023, Phio Pharmaceuticals a déclaré des dépenses totales de R&D de 10,3 millions de dollars.

Exercice fiscal	Dépenses de R&D	Pourcentage de variation
2022	11,2 millions de dollars	-8.04%
2023	10,3 millions de dollars	-8.93%

Investissements d'essais cliniques

Les dépenses d'essais cliniques pour PHIO Pharmaceuticals en 2023 ont totalisé environ 6,7 millions de dollars.

• Essais cliniques de phase I / II pour les programmes principaux de Phio
• Investissements de recherche en cours d'immuno-oncologie
• Coûts de développement préclinique

Maintenance de la propriété intellectuelle

Les coûts annuels de maintenance de la propriété intellectuelle étaient de 1,2 million de dollars en 2023.

Catégorie IP	Coût annuel
Dépôt de brevet	$650,000
Renouvellement des brevets	$350,000
Soutien juridique	$200,000

Coût du personnel et des talents scientifiques

Les dépenses totales du personnel pour 2023 étaient de 8,5 millions de dollars, couvrant environ 45 employés à temps plein.

• Compensation moyenne du personnel scientifique: 185 000 $ par an
• Rémunération des cadres: 2,3 millions de dollars
• Avantages et rémunération à base d'actions: 1,6 million de dollars

Développement de la plate-forme technologique

Les dépenses de développement de la plate-forme technologique en 2023 ont atteint 3,9 millions de dollars.

Zone de développement technologique	Investissement
RNAi Plateforme	2,1 millions de dollars
Outils de biologie informatique	1,1 million de dollars
Mises à niveau des infrastructures	$700,000

PHIO Pharmaceuticals Corp. (PHIO) - Modèle d'entreprise: Strots de revenus

Accords de licence potentiels

Au quatrième trimestre 2023, Phio Pharmaceuticals n'a aucun accord de licence actif générant des revenus.

Financement de collaboration de recherche

Année	Revenus de collaboration de recherche
2022	$0
2023	$0

Ventes de produits thérapeutiques futures

Le pipeline de produits actuel reste pré-revenu, sans produits thérapeutiques disponibles dans le commerce.

Monétisation de la propriété intellectuelle

• Total des brevets détenus: 45
• Familles de brevets: 8
• Évaluation IP actuelle: non divulguée

Financement de la recherche sur les subventions et le gouvernement

Source de financement	Montant	Année
Subventions NIH	$0	2023
Subventions SBIR	$0	2023

Revenu total pour 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.