Investor Relations
News Release Details
Phio Pharmaceuticals Reports First Quarter 2020 Financial Results and Provides Business Update
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"We closed out the first quarter of 2020 with promising new preclinical data from animal studies, which validate the potential of our INTASYL technology as a cancer immunotherapy platform for innovative therapeutics. Over the next several weeks, at three major scientific conferences, we will present additional data from these studies conducted with our lead asset, PH-762, as well as other pipeline products," said Dr. Gerrit Dispersyn, President and CEO of Phio. "With the recent coronavirus outbreak, the Phio management team and I have taken proactive measures to protect the health and safety of our employees. I am proud of the entire team's hard work and dedication to the advancement of our programs as we face this global crisis. Thanks to the team's efforts the impact to our operations to date has been minimal."
Quarter in Review and Recent Corporate Updates
- Presented promising new animal data from various studies that validates the potential of the INTASYL technology as a cancer immunotherapy platform for developing novel compounds.
- Abstracts submitted and accepted for the presentation of preclinical data at three upcoming scientific conferences, including the
American Society of Gene & Cell Therapy (ASGCT) 2020 Annual Meeting onMay 12 th, ASCO20 Virtual Scientific Program onMay 29 th, andAmerican Association for Cancer Research (AACR) Virtual Annual Meeting II onJune 22 nd. - Announced a collaboration and option agreement with Medigene AG as part of a broader collaboration with the Helmholtz Zentrum München and Medigene AG to design and develop new targets based on the INTASYL platform for use in cancer immunotherapies.
- Raised total gross proceeds of
$13.74 million through financing activities completed inFebruary 2020 andApril 2020 .
Financial Results
Cash Position
At
Research and Development Expenses
Research and development expenses were approximately
General and Administrative Expenses
General and administrative expenses were relatively steady at
Net Loss
Net loss was
About Phio Pharmaceuticals Corp.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are neither historical facts nor assurances of future performance. These statements are based only on our current beliefs, expectations and assumptions regarding the impact to our business and operations by the recent coronavirus outbreak, results from our preclinical and clinical activities, the development of our product candidates, the ability to obtain future financing, the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results may differ materially from those indicated in the forward-looking statements as a result of a number of important factors, including, but not limited to, market and other conditions and those identified in our Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q under the caption "Risk Factors" and in other filings the Company periodically makes with the
Contact
ir@phiopharma.com
Investor Contact
Ashley R. Robinson
arr@lifesciadvisors.com
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For the Three |
For the Three |
||
Months Ended |
Months Ended |
||
|
|
||
Revenues |
$ — |
$ 21 |
|
Operating expenses: |
|||
Research and development |
1,218 |
1,089 |
|
General and administrative |
1,138 |
1,078 |
|
Total operating expenses |
2,356 |
2,167 |
|
Operating loss |
(2,356) |
(2,146) |
|
Total other income, net |
5 |
27 |
|
Net loss |
$ (2,351) |
$ (2,119) |
|
Net loss per share: Basic and diluted |
$ (1.33) |
$ (5.71) |
|
Weighted average shares: Basic and diluted |
1,772,970 |
371,263 |
|
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CONDENSED CONSOLIDATED BALANCE SHEETS |
||||
(Amounts in thousands) (Unaudited) |
||||
|
|
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2020 |
2019 |
|||
ASSETS |
||||
Current assets: |
||||
Cash |
$ 13,284 |
$ 6,934 |
||
Restricted cash |
50 |
50 |
||
Prepaid expenses and other current assets |
267 |
316 |
||
Total current assets |
13,601 |
7,300 |
||
Right of use asset |
484 |
511 |
||
Property and equipment, net |
202 |
210 |
||
Other assets |
18 |
18 |
||
Total assets |
$ 14,305 |
$ 8,039 |
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LIABILITIES AND STOCKHOLDERS' EQUITY |
||||
Current liabilities: |
||||
Accounts payable |
$ 685 |
$ 809 |
||
Accrued expenses and other current liabilities |
1,143 |
964 |
||
Lease liability |
109 |
107 |
||
Total current liabilities |
1,937 |
1,880 |
||
Lease liability, net of current portion |
383 |
411 |
||
Total liabilities |
2,320 |
2,291 |
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Total stockholders' equity |
11,985 |
5,748 |
||
Total liabilities and stockholders' equity |
$ 14,305 |
$ 8,039 |
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