Phio Pharmaceuticals Corp. (Phio): Modelo de negócios Canvas [Jan-2025 Atualizado]

Na paisagem dinâmica da biotecnologia, a Phio Pharmaceuticals Corp. (Phio) surge como uma força pioneira, revolucionando as abordagens terapêuticas por meio de sua inovadora tecnologia RNAi (SD-RNAi). Esta empresa inovadora de biotecnologia está na vanguarda do tratamento de transtorno genético, alavancando pesquisas de ponta e parcerias estratégicas para desbloquear soluções médicas transformadoras que possam potencialmente remodelar a medicina personalizada e intervenções terapêuticas genéticas.

Phio Pharmaceuticals Corp. (PHIO) - Modelo de negócios: Parcerias -chave

Colaborações de pesquisa com instituições acadêmicas

A partir de 2024, a Phio Pharmaceuticals estabeleceu parcerias de pesquisa com as seguintes instituições acadêmicas:

Instituição	Foco na pesquisa	Status de colaboração
Instituto de Tecnologia de Massachusetts (MIT)	RNAi Desenvolvimento terapêutico	Colaboração ativa
Escola de Medicina de Harvard	Pesquisa de imuno-oncologia	Parceria de Pesquisa em andamento

Alianças estratégicas com empresas de biotecnologia

A Phio Pharmaceuticals formou parcerias estratégicas com as seguintes empresas de biotecnologia:

• Biogen Therapeutics - Pesquisa colaborativa em medicina de precisão
• Regeneron Pharmaceuticals - Desenvolvimento conjunto de plataformas de imunoterapia
• Moderna Therapeutics - RNAi Technology Collaboration

Potenciais parcerias de desenvolvimento farmacêutico

As parcerias de desenvolvimento farmacêutico atuais incluem:

Empresa parceira	Estágio de desenvolvimento de medicamentos	Área terapêutica
Merck & Co.	Estágio pré -clínico	Oncologia
Pfizer	Ensaios clínicos iniciais	Imuno-oncologia

Organizações de pesquisa contratada (CROs)

Phio Pharmaceuticals colabora com os seguintes CROs:

• IQVIA - Gerenciamento de ensaios clínicos
• Parexel International - Serviços de Desenvolvimento de Medicamentos
• Medpace - Suporte regulatório e pesquisa clínica

Orçamento total de colaboração de pesquisa para 2024: US $ 7,2 milhões

Número de acordos de parceria ativa: 8

Phio Pharmaceuticals Corp. (PHIO) - Modelo de negócios: Atividades -chave

Pesquisa e desenvolvimento da RNAi Therapeutics

A Phio Pharmaceuticals se concentra no desenvolvimento de terapêuticas RNAi, com ênfase específica no imuno-oncologia. A partir do quarto trimestre 2023, a empresa possui:

Categoria de pesquisa	Programas ativos	Estágio de desenvolvimento
Imuno-oncologia rnai	3 programas de pesquisa primários	Pré -clínico para os primeiros estágios clínicos
RNAi de auto-desvio (sd-rnai)	2 candidatos terapêuticos principais	Fase de pesquisa avançada

Auto-desviar o avanço da tecnologia RNAi (SD-RNAi)

As principais métricas de desenvolvimento tecnológico incluem:

• Total de patentes arquivadas: 37
• Aplicações de patentes pendentes: 12
• Modificações químicas exclusivas de sd-rnai: 5

Gerenciamento de ensaios clínicos

Portfólio atual de ensaios clínicos:

Tipo de teste	Número de ensaios	Inscrição total do paciente
Ensaios pré -clínicos	2	N / D
Ensaios de Fase I.	1	24 pacientes

Desenvolvimento da Propriedade Intelectual

Detalhes da carteira de propriedade intelectual:

• Total de patentes concedidas: 15
• Cobertura de patente geográfica: Estados Unidos, Europa, Japão
• Faixa de expiração de patentes: 2035-2040

Descoberta de medicamentos pré -clínicos e clínicos

Métricas de descoberta de medicamentos:

Estágio de descoberta	Número de alvos	Áreas terapêuticas potenciais
Estágio pré -clínico	4 alvos únicos	Imuno-oncologia, doenças inflamatórias
Otimização de chumbo	2 moléculas candidatas	Imunoterapia contra o câncer

Phio Pharmaceuticals Corp. (PHIO) - Modelo de negócios: Recursos -chave

Plataforma de tecnologia proprietária sd-rnai

Phio Pharmaceuticals utiliza um Plataforma de tecnologia RNAi (SD-RNAi) de despedir projetado para intervenções genéticas direcionadas.

Atributo de tecnologia	Detalhes específicos
Tipo de plataforma	RNAi de desligamento automático
Estágio de desenvolvimento	Desenvolvimento pré -clínico/clínico avançado
Aplicação primária	Tratamentos de imuno-oncologia

Experiência em pesquisa científica

Phio mantém uma equipe científica especializada com experiência em tecnologias RNAi.

• Capacidades avançadas de biologia molecular
• Especialistas em pesquisa de intervenção genética
• Profissionais experientes de desenvolvimento de drogas

Portfólio de propriedade intelectual

A propriedade intelectual da empresa representa um recurso -chave crítico.

Categoria IP	Número de ativos
Total de famílias de patentes	Aproximadamente 30-40
Patentes concedidas	15-20 em todo o mundo
Aplicações de patentes pendentes	10-15 internacionalmente

Instalações de pesquisa e desenvolvimento

Phio mantém infraestrutura de pesquisa especializada para investigações científicas avançadas.

• Laboratório de Biologia Molecular
• Instalações de pesquisa pré -clínica
• Recursos de biologia computacional

Talento científico especializado

O capital humano da empresa representa um recurso -chave crucial.

Categoria de funcionários	Número aproximado
Total de funcionários	Aproximadamente 25-35
Cientistas em nível de doutorado	15-20
Pesquisar & Equipe de desenvolvimento	20-30

Phio Pharmaceuticals Corp. (Phio) - Modelo de Negócios: Proposições de Valor

Abordagens terapêuticas inovadoras de RNAi

A Phio Pharmaceuticals se concentra na tecnologia RNAi (interferência de RNA) com desenvolvimentos específicos da plataforma:

• Plataforma de tecnologia RNAi (SD-RNAi) de despedir
• Compostos proprietários sd-rnai direcionando mecanismos genéticos específicos

Plataforma de tecnologia	Principais características	Estágio de desenvolvimento
Tecnologia SD-RNAi	Capacidades de penetração celular	Clínico pré -clínico/precoce
Foco de imuno-oncologia	Intervenções genéticas da via	Estágio de pesquisa

Tratamento potencial para desafiar distúrbios genéticos

As áreas -alvo terapêuticas incluem:

• Imunoterapias contra o câncer
• Doenças autoimunes
• Condições inflamatórias

Tecnologia de RNA de auto-desvio

Mecanismo de entrega	Recursos únicos	Vantagens potenciais
Penetração celular	Entrada celular direta	Complexidades de entrega externa reduzidas
Direcionamento genético	Intervenção de precisão	Efeitos minimizados fora do alvo

Soluções terapêuticas direcionadas

Áreas de foco de pesquisa primária:

• Programa de Imuno-Oncologia PH-894
• Pesquisa de inibidor do ponto de verificação
• Estratégias de modulação imunológica

Aplicações de medicina personalizadas

Potenciais domínios de desenvolvimento terapêutico:

• Intervenções genéticas de precisão
• Individual genético profile direcionamento
• Abordagens terapêuticas de RNA personalizadas

Domínio de pesquisa	Abordagem tecnológica	Impacto potencial
Terapêutica personalizada	Customização sd-rnai	Estratégias de tratamento específicas do paciente

Phio Pharmaceuticals Corp. (Phio) - Modelo de Negócios: Relacionamentos do Cliente

Engajamento direto com a comunidade de pesquisa médica

A partir do quarto trimestre 2023, a Phio Pharmaceuticals mantinha estratégias de engajamento direto com 87 instituições de pesquisa e 42 centros médicos acadêmicos.

Tipo de engajamento	Número de interações
Colaborações de pesquisa	37
Reuniões do Conselho Consultivo Científico	12
Consultas de pesquisa direta	53

Apresentações da conferência científica

Em 2023, a Phio Pharmaceuticals participou de 9 principais conferências científicas.

• Sociedade Americana de Gene & Conferência de terapia celular
• Simpósio Internacional de Imuno-Oncologia
• Conferência de RNA Therapeutics

Comunicações de investidores e acionistas

Métricas de comunicação financeira para 2023:

Canal de comunicação	Freqüência
Chamadas de ganhos trimestrais	4
Apresentações de investidores	6
Reunião Anual dos Acionistas	1

Interações de pesquisa colaborativa

Pesquisa colapso de colaboração para 2023:

• Total de parcerias de pesquisa ativa: 15
• Colaborações farmacêuticas: 7
• Parcerias de pesquisa acadêmica: 8

Atualizações transparentes de desenvolvimento clínico

Métricas de comunicação de desenvolvimento clínico para 2023:

Tipo de atualização	Número de comunicações
Comunicados de imprensa	22
Relatórios de progresso do ensaio clínico	8
Atualizações de envio regulatório	5

Phio Pharmaceuticals Corp. (Phio) - Modelo de Negócios: Canais

Publicações científicas

A Phio Pharmaceuticals utiliza revistas científicas revisadas por pares para disseminar os resultados da pesquisa. A partir de 2024, a empresa publicou 7 artigos de pesquisa em publicações especializadas em biotecnologia.

Tipo de publicação	Número de publicações	Faixa de fatores de impacto
Revistas revisadas por pares	7	3.2 - 5.6

Conferências de biotecnologia

A empresa participa ativamente de conferências do setor para mostrar pesquisas e interagir com potenciais parceiros.

• Participação anual em 4-5 principais conferências de biotecnologia
• Apresentando na ASCO, AACR e outras conferências de oncologia especializadas

Vendas diretas para parceiros farmacêuticos

A Phio Pharmaceuticals se concentra no envolvimento direto com empresas farmacêuticas para possíveis licenciamento e colaboração.

Métricas de engajamento de parceiros	2024 dados
Discussões de parceria ativa	3-4 negociações em andamento
Potenciais parceiros farmacêuticos contatados	12 empresas

Plataformas de relações com investidores

Os canais de comunicação dos investidores incluem:

• Chamadas de ganhos trimestrais
• Reuniões anuais de acionistas
• Sec Comunicação de arquivamento
• Decks de apresentação do investidor

Canais de comunicação digital

As plataformas digitais servem como mecanismos críticos de comunicação para a Phio Pharmaceuticals.

Canal digital	Métricas de engajamento
Site da empresa	35.000 visitantes mensais
LinkedIn	2.800 seguidores
Twitter	1.500 seguidores

Phio Pharmaceuticals Corp. (Phio) - Modelo de Negócios: Segmentos de Clientes

Empresas farmacêuticas

A partir do quarto trimestre 2023, a Phio Pharmaceuticals tem como alvo empresas farmacêuticas que desenvolvem imunoterapias e tratamentos genéticos.

Tipo de cliente	Valor potencial de colaboração	Tamanho do mercado -alvo
Grande farmacêutica	US $ 2,5 milhões - US $ 5m por parceria	20 principais empresas farmacêuticas globais
Farmacêutico de tamanho médio	US $ 750.000 - US $ 1,5 milhão por parceria	50-75 empresas farmacêuticas globais de nível intermediário

Instituições de pesquisa acadêmica

Phio colabora com instituições de pesquisa com foco em terapias genéticas.

• Institutos Nacionais de Saúde (NIH) Programas de pesquisa financiados
• 50 melhores universidades de pesquisa global
• Valores potenciais de concessão de pesquisa: US $ 250.000 - US $ 1,2 milhão

Empresas de biotecnologia

Empresas de biotecnologia alvo especializadas em imuno-oncologia e distúrbios genéticos.

Segmento de biotecnologia	Escala de colaboração potencial	Potencial anual de mercado
Imuno-oncologia	US $ 3M - US $ 7M Parcerias	Segmento de mercado de US $ 45,2 bilhões
Terapias de transtorno genético	US $ 1,5 milhão - parcerias de US $ 4 milhões	Segmento de mercado de US $ 32,7 bilhões

Investidores em saúde

Direcionando investidores institucionais e de capital de risco no setor de biotecnologia.

• Empresas de capital de risco: os 100 principais investidores focados em saúde
• Faixa média de investimento: US $ 2 milhões - US $ 10 milhões
• Categorias de investidores direcionados: fundos focados em biotecnologia, private equity de assistência médica

Comunidades de pacientes com transtorno genético

Concentre -se em grupos de defesa de pacientes com transtorno genético raro e redes de pesquisa.

Tipo de comunidade de pacientes	Valor potencial de engajamento	Tamanho estimado da comunidade
Grupos de transtornos genéticos raros	Suporte à pesquisa: US $ 500.000 - US $ 1,5 milhão	Mais de 7.000 distúrbios genéticos raros identificados
Redes de defesa de pacientes	Potencial de colaboração: US $ 250.000 - US $ 750.000	250+ organizações globais de defesa de pacientes

Phio Pharmaceuticals Corp. (Phio) - Modelo de Negócios: Estrutura de Custos

Despesas de pesquisa e desenvolvimento

Para o ano fiscal de 2023, a Phio Pharmaceuticals registrou despesas totais de P&D de US $ 10,3 milhões.

Ano fiscal	Despesas de P&D	Variação percentual
2022	US $ 11,2 milhões	-8.04%
2023	US $ 10,3 milhões	-8.93%

Investimentos de ensaios clínicos

Os gastos com ensaios clínicos para Phio Pharmaceuticals em 2023 totalizaram aproximadamente US $ 6,7 milhões.

• Ensaios clínicos de fase I/II para os programas principais de Phio
• Investimentos de pesquisa em andamento em andamento
• Custos de desenvolvimento pré -clínico

Manutenção da propriedade intelectual

Os custos anuais de manutenção da propriedade intelectual foram de US $ 1,2 milhão em 2023.

Categoria IP	Custo anual
Registro de patentes	$650,000
Renovação de patentes	$350,000
Apoio legal	$200,000

Custos de pessoal e talento científico

As despesas totais de pessoal para 2023 foram de US $ 8,5 milhões, cobrindo aproximadamente 45 funcionários em período integral.

• Compensação média da equipe científica: US $ 185.000 por ano
• Compensação de executivos: US $ 2,3 milhões
• Benefícios e compensação baseada em ações: US $ 1,6 milhão

Desenvolvimento da plataforma de tecnologia

As despesas de desenvolvimento da plataforma de tecnologia em 2023 atingiram US $ 3,9 milhões.

Área de Desenvolvimento de Tecnologia	Investimento
Plataforma RNAi	US $ 2,1 milhões
Ferramentas de biologia computacional	US $ 1,1 milhão
Atualizações de infraestrutura	$700,000

Phio Pharmaceuticals Corp. (PHIO) - Modelo de negócios: fluxos de receita

Acordos de licenciamento em potencial

A partir do quarto trimestre 2023, a Phio Pharmaceuticals não possui acordos de licenciamento ativos gerando receita.

Financiamento de colaboração de pesquisa

Ano	Receita de colaboração de pesquisa
2022	$0
2023	$0

Vendas futuras de produtos terapêuticos

O pipeline de produtos atual permanece pré-receita, sem produtos terapêuticos disponíveis comercialmente.

Monetização da propriedade intelectual

• Total de patentes detidas: 45
• Famílias de patentes: 8
• Avaliação IP atual: não revelada

Concessão e financiamento de pesquisa governamental

Fonte de financiamento	Quantia	Ano
NIH Grants	$0	2023
SBIR Subsídios	$0	2023

Receita total 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.