Phio Pharmaceuticals Corp. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Phio Pharmaceuticals Corp. has filed its annual 10-K report for the fiscal year ended December 31, 2023, detailing its business operations and financial standing.</b>

AI Summary

Phio Pharmaceuticals Corp. (PHIO) filed a Annual Report (10-K) with the SEC on April 1, 2024. Phio Pharmaceuticals Corp. filed its 10-K for the fiscal year ending December 31, 2023. The company's principal executive offices are located in Marlborough, MA. Phio Pharmaceuticals Corp. was formerly known as RXi Pharmaceuticals Corp. The company operates in the Pharmaceutical Preparations industry (SIC 2834). The filing covers the period from January 1, 2023, to December 31, 2023.

Why It Matters

For investors and stakeholders tracking Phio Pharmaceuticals Corp., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Phio Pharmaceuticals Corp.'s financial performance, strategic initiatives, and risk factors for the fiscal year 2023, crucial for investors to assess the company's current health and future prospects. The report includes detailed financial statements, executive compensation information, and risk disclosures, offering insights into the company's operational challenges and opportunities within the pharmaceutical sector.

Risk Assessment

Risk Level: medium — Phio Pharmaceuticals Corp. shows moderate risk based on this filing. The company's financial performance and future prospects are subject to the inherent risks of pharmaceutical development, including regulatory hurdles, clinical trial outcomes, and market competition, as detailed in their 10-K filing.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand Phio Pharmaceuticals Corp.'s operational status and potential for growth.

Key Numbers

• 2023-12-31 — Fiscal Year End (The end date of the reporting period.)
• 2024-04-01 — Filing Date (The date the 10-K was filed with the SEC.)
• 001-36304 — SEC File Number (The SEC's file number for the company.)
• 0001533040 — Central Index Key (The SEC's unique identifier for the company.)

Key Players & Entities

• Phio Pharmaceuticals Corp. (company) — Filer of the 10-K report.
• RXi Pharmaceuticals Corp. (company) — Former name of Phio Pharmaceuticals Corp.
• Marlborough, MA (location) — Location of the company's business address.
• 2023-12-31 (date) — Fiscal year end date.
• 2024-04-01 (date) — Filing date of the report.

FAQ

Industry Context

Phio Pharmaceuticals Corp. operates within the pharmaceutical preparations industry, focusing on the development of novel therapeutics.

Regulatory Implications

As a publicly traded company, Phio Pharmaceuticals Corp. is subject to the reporting requirements of the Securities and Exchange Commission (SEC), including the annual filing of Form 10-K.

What Investors Should Do

1. Review the full 10-K filing for detailed financial statements and operational disclosures.
2. Analyze the risk factors section to understand potential challenges and uncertainties.
3. Investigate any specific product development updates or strategic partnerships mentioned in the report.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-04-01: Filing Date — The date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This filing is the annual 10-K report for the fiscal year ending December 31, 2023, providing a comprehensive update compared to previous filings.

Key Financial Figures

• $0.0001 — h registered Common Stock, par value, $0.0001 per share PHIO The Nasdaq Capital Mar
• $4 million — nt, we agreed to reimburse AgonOx up to $4 million in expenses incurred to conduct a Phase
• $2.8 million — ember 31, 2023, there was approximately $2.8 million of remaining costs not yet incurred und
• $350,000 — anding at the time of issuance and paid $350,000 to Advirna upon the issuance of the fir
• $100,000 — to Advirna an annual maintenance fee of $100,000 and are required to pay low single-digi

Filing Documents

• phio_i10k-123123.htm (10-K) — 1000KB
• phio_ex0416.htm (EX-4.16) — 17KB
• phio_ex2301.htm (EX-23.1) — 2KB
• phio_ex3101.htm (EX-31.1) — 11KB
• phio_ex3201.htm (EX-32.1) — 5KB
• phio_ex9701.htm (EX-97.1) — 21KB
• image_001.jpg (GRAPHIC) — 18KB
• image_002.jpg (GRAPHIC) — 20KB
• image_003.jpg (GRAPHIC) — 25KB
• 0001683168-24-002021.txt (&nbsp;) — 5109KB
• phio-20231231.xsd (EX-101.SCH) — 41KB
• phio-20231231_cal.xml (EX-101.CAL) — 52KB
• phio-20231231_def.xml (EX-101.DEF) — 147KB
• phio-20231231_lab.xml (EX-101.LAB) — 368KB
• phio-20231231_pre.xml (EX-101.PRE) — 301KB
• phio_i10k-123123_htm.xml (XML) — 542KB

BUSINESS

BUSINESS 2 Item 1A.

RISK FACTORS

RISK FACTORS 10 Item 1B. UNRESOLVED STAFF COMMENTS 21 Item 1C. CYBERSECURITY 21 Item 2.

PROPERTIES

PROPERTIES 23 Item 3.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 23 Item 4. MINE SAFETY DISCLOSURES 23 PART II. Item 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 24 Item 6. RESERVED 24 Item 7.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 24 Item 7A.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 31 Item 8.

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 31 Item 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 32 Item 9A.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 32 Item 9B. OTHER INFORMATION 33 Item 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 33 PART III. Item 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 34 Item 11.

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION 36 Item 12.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 41 Item 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 43 Item 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES 44 PART IV. Item 15. EXHIBIT AND FINANCIAL STATEMENT SCHEDULES 45 Item 16. FORM 10-K SUMMARY 48

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K contains forward-looking words such as "intends," "believes," "anticipates," "indicates," "plans," "expects," "suggests," "may," "would," "should," "potential," "designed to," "will," "ongoing," "estimate," "forecast," "target," "predict," "could," and similar references, although not all forward-looking statements contain these words. Forward-looking expectations and assumptions regarding 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: we are dependent on the success of our INTASYL technology platform, and our product candidates based on this platform, which is unproven and may never lead to approved and marketable products; our product candidates are in an early stage of development and we may fail, experience significant delays, never advance in clinical development or not be successful in our efforts to identify or discover additional product candidates, which may materially and adversely impact our business; if we experience delays or difficulties in identifying and enrolling subjects in clinical trials, it may lead to delays in generating clinical data and the receipt of necessary regulatory approvals; topline data may not accurately reflect or may materially

BUSINESS

BUSINESS Overview Phio Pharmaceuticals Corp. (" Phio ," " we ," " our " or the " Company ") is a clinical stage biotechnology company whose proprietary INTASYL self-delivering RNAi technology platform is designed to make immune cells more effective in killing tumor cells. We are developing therapeutics that are designed to leverage INTASYL to precisely target specific proteins that reduce the body's ability to fight cancer, without the need for specialized formulations or drug delivery systems. We are committed to discovering and developing innovative cancer treatments for patients by creating new pathways toward a cancer-free future. In 2023, the Company implemented a cost rationalization program driven by its transition from discovery research to product development. This resulted in a decision not to renew the lease for office and laboratory space in Marlborough, Massachusetts, which will expire on March 31, 2024. Beginning in April of 2024, we expect to continue operations as a remote business with a small laboratory facility in Worcester, Massachusetts for 321 square feet of space that commenced on March 1, 2024. Additionally, we rationalized discovery research personnel resulting in headcount reduction by approximately 36%. Expense reductions have been redirected to funding the Phase 1b clinical trial with PH-762 directed toward skin cancer. INTASYL Platform Overall, RNA is involved in the synthesis, regulation and expression of proteins. RNA takes the instructions from DNA and turns those instructions into proteins within the body's cells. RNA interference, or RNAi, is a biological process that inhibits the expression of genes or the production of proteins. Diseases are often related to the incorrect protein being made, excessive amounts of a specific protein being made, or the correct protein being made, but at the wrong location or time. RNAi offers a novel approach to drug development because RNAi compounds can be designed to silence any one of the

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View this 10-K filing on SEC EDGAR