Phio Pharmaceuticals Corp. (PHIO): Business Model Canvas [Dec-2025 Updated]

You're looking at a clinical-stage play, Phio Pharmaceuticals Corp. (PHIO), where the business model isn't about selling widgets today; it's about proving science tomorrow. Honestly, for a company like this, the canvas boils down to two things: protecting that proprietary INTASYL® siRNA technology and managing the cash runway until the PH-762 trial delivers. With zero product revenue reported in Q3 2025, the near-term reality is that their \$11.235 million net cash from financing over the first nine months of 2025 is the lifeblood funding the \$3.141 million in R&D spend. Dig into the details below to see exactly how they are structuring partnerships and IP to bridge this gap to potential future licensing fees.

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

You're mapping out the external support structure Phio Pharmaceuticals Corp. relies on to push PH-762 through late-stage clinical development and toward commercial readiness. Honestly, for a clinical-stage company, these alliances are the lifeblood, turning a molecule into a potential product.

U.S. manufacturer for cGMP drug substance development of PH-762

Phio Pharmaceuticals Corp. secured a crucial manufacturing relationship on July 25, 2025, by entering a comprehensive drug substance development services agreement with a U.S. manufacturer. This partnership is set to handle the analytical and process development, plus the cGMP manufacture of their lead compound, PH-762. This move strategically positions the supply chain within the U.S., which the CEO noted as a strategic advantage for management.

AgonOx for Phase 1 combination trial of PH-762 with DP TILS

The collaboration with AgonOx, Inc., alongside Providence Cancer Institute, focuses on an Adoptive Cell Therapy trial combining PH-762 with AgonOx's AGX148, which are 'double positive' (DP) CD8 tumor infiltrating lymphocytes (TILs). This partnership is grounded in preclinical data showing that treating the DP CD8 TILs with PH-762 resulted in a two-fold increase in tumor killing activity. The first patient in this combination trial was dosed in August 2023.

Clinical research organizations (CROs) and trial sites for PH-762 execution

Execution of the PH-762 clinical program heavily depends on the network of trial sites supporting the ongoing Phase 1b dose escalation study (NCT# 06014086). This is a multi-center trial assessing safety and tolerability in cutaneous squamous cell carcinoma (cSCC), melanoma, and Merkel cell carcinoma. Enrollment reached a key milestone, completing enrollment in November 2025.

Here's the quick math on the trial progress as of late November 2025:

Metric	Value as of November 2025
Total Patients Treated (Cohorts 1-4)	15 patients
Total Patients Completed Treatment (All Cohorts)	18 patients
Total Dose-Escalating Cohorts	5 cohorts
cSCC Patients Treated (Cohorts 1-4)	13 patients
Pathologic Complete Response (cSCC, Cohorts 1-3)	4 out of 9 patients
Expected Pathology Results (Highest Dose Cohort)	Q1 2026

What this estimate hides is that the final pathology results for the entire study will take time past the enrollment completion date.

Strategic advisors for business development and licensing

Phio Pharmaceuticals Corp. engages with key stakeholders, including investment organizations and strategic advisors, to discuss future strategy and potential licensing deals for PH-762. The management team, led by CEO Robert Bitterman, was scheduled to meet with these parties at the Life Sciences Future Conference in King of Prussia, PA, on September 25 - 26, 2025. The discussion points included anticipated next steps upon completion of the treatment phase of the study.

Key groups involved in these strategic discussions include:

• Pharmaceutical companies attending the conference.
• Research institutions.
• Investment organizations.
• Designated strategic advisors.

Finance: draft 13-week cash view by Friday.

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

You're looking at the core engine driving Phio Pharmaceuticals Corp. right now, which is all about pushing that lead candidate through the clinic and securing the platform technology. It's a classic biotech operational focus, heavy on R&D execution and capital management to keep the lights on while the science matures.

Advancing the Phase 1b clinical trial for lead compound PH-762

The primary activity centers on the ongoing Phase 1b dose escalation clinical trial (NCT 06014086) evaluating intratumoral PH-762 for cutaneous squamous cell carcinoma (cSCC), melanoma, and Merkel cell carcinoma. This is where the near-term value inflection lies, so the enrollment and response data are what matter most.

Here's the quick math on where the trial stood as of the third quarter of 2025:

Metric	Value (as of Q3 2025 / Nov 2025 Updates)
Total Patients Treated (Cumulative)	18 patients with cutaneous carcinomas across five dose escalating cohorts
cSCC Patients with Complete Response (100% Clearance)	6 out of 16 cumulative cSCC patients
Fifth Cohort (Final Dose) Complete Response Rate	1 out of 3 patients achieved 100% tumor clearance at Day 36
Safety Finding	No dose-limiting toxicities observed to date

The company reported that as of the third quarter end, September 30, 2025, they had cash and cash equivalents of approximately $10.7 million. To support operations and runway, they executed a warrant inducement financing in November 2025, expecting net proceeds totaling approximately $12.1 million, which is projected to sustain operations into the first half of 2027. That financing is a critical activity to ensure the trial can finish its treatment phase.

Research and development (R&D) of the INTASYL® siRNA platform

Beyond the specific PH-762 trial, Phio Pharmaceuticals Corp. is actively advancing its core INTASYL® siRNA gene silencing technology. This involves ongoing research to support the lead program and potentially other pipeline assets like PH-894, which saw podium presentations in 2025.

R&D spending reflects this activity:

• Research and development expenses for the three months ended September 30, 2025, were $1.2 million.
• Research and development expenses for the three months ended June 30, 2025, were $1.1 million.
• Research and development expenses for the three months ended March 31, 2025, were $0.886 million.

The increase in R&D expenses in Q3 2025, compared to Q3 2024's $0.6 million, was primarily driven by higher clinical trial costs and Chemistry, Manufacturing and Controls (CMC) costs related to advancing PH-762. You've got to spend money to generate data, and the spending trend shows the trial is ramping up.

Chemistry, Manufacturing, and Controls (CMC) for clinical supply

Manufacturing the clinical supply for PH-762 is a non-negotiable activity. This involves ensuring the drug substance is produced to the required quality standards for ongoing and future trials. This work is directly reflected in the R&D spend.

Key developments here include:

• CMC costs were cited as a primary driver for the increase in Research and Development expenses for the quarter ended September 30, 2025.
• Post the second quarter of 2025, Phio Pharmaceuticals Corp. secured a drug substance development agreement with a U.S. manufacturer specifically for PH-762 production.

If onboarding takes too long, trial timelines slip, so securing that U.S. manufacturer was definitely a key operational win.

Securing and maintaining intellectual property (IP) protection

Protecting the INTASYL technology is foundational to Phio Pharmaceuticals Corp.'s long-term financial viability. This activity is about filing, prosecuting, and defending patents covering the composition and methods of use.

The IP landscape as of early 2025 showed significant coverage:

IP Metric	Count (as of March 2024)
Total Issued Patents	81
Issued Patents Covering INTASYL siRNA Technology	77

The company actively manages its IP portfolio, which broadly covers targets like immune checkpoints, cellular differentiation, and metabolism for ex vivo cell-based cancer immunotherapies. Furthermore, the company executed a Separation Agreement and General Release of Claims in August 2025, which is part of the necessary administrative and legal housekeeping to maintain operational clarity.

Finance: draft 13-week cash view by Friday.

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

You're looking at the core assets Phio Pharmaceuticals Corp. has locked down as of late 2025. These aren't just line items; they are the foundation supporting their entire value proposition in the immuno-oncology space. The most critical resource is definitely their proprietary INTASYL® gene silencing technology platform. This is what allows them to develop therapeutics designed to make the body's immune cells more effective at killing cancer cells, and it's the engine driving their lead candidate, PH-762.

This technology is protected by a significant intellectual property estate. Here's a quick look at the scale of their patent coverage as reported around mid-2025. Honestly, the breadth of the portfolio suggests a deep investment in securing the platform's future.

Resource Detail	Metric/Scope	Date Context
Total Issued Patents (Portfolio)	77	As of early 2025
Issued Patents Covering INTASYL Technology	69	As of early 2025
INTASYL Compound Count (Broader Portfolio)	Approximately 30 compounds	As of June 2025
Patent Families Covering Composition/Methods	19	Covering immune checkpoints, cellular differentiation, and metabolism targets

Next up, the balance sheet strength. As of the date of their Q3 2025 earnings release in November 2025, Phio Pharmaceuticals Corp. reported estimated cash and cash equivalents of approximately $21.3 million. That's a solid position, especially since management projected this capital would sustain operations into the first half of 2027. That runway is key for managing the next phases of clinical development without immediate funding pressure.

The clinical data generated from the PH-762 Phase 1b trial is another non-negotiable asset. You saw the positive pathology results announced in November 2025 from the final dose cohort, which clearly signals intratumoral anti-tumor activity. These are the hard facts supporting the technology's potential:

• Pathologic response in the final cohort (3 patients): 100% tumor clearance in one patient, >90% clearance in a second, and >50% clearance in the third, assessed at approximately 5 weeks.
• Cumulative pathologic response across 16 cutaneous squamous cell carcinoma (cSCC) patients to date: six complete responses (100% clearance), two near-complete responses (>90% clearance), and two partial responses (>50% clearance).
• Safety readout: No dose-limiting toxicities or clinically relevant treatment-emergent adverse effects observed at the maximum dose.

These results, combined with the safety profile across all five cohorts, form the critical data package for future partnering or financing discussions. Finance: draft 13-week cash view by Friday.

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.