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• Phio is like a very early-stage Alnylam Pharmaceuticals, but singularly focused on developing RNAi-based cancer immunotherapies.
• Phio is a clinical-stage biotech aiming to discover breakthrough cancer treatments, akin to how Amgen or Gilead Sciences started, but using advanced gene-silencing technology.

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• PHI-762: A self-delivering RNAi (sd-rxRNA) therapeutic candidate designed to silence the PD-1 immune checkpoint in T cells for the treatment of various cancers.
• PHI-201: A self-delivering RNAi (sd-rxRNA) therapeutic candidate aimed at silencing CD39 in myeloid cells to reduce immunosuppression within the tumor microenvironment.
• PHI-301: A self-delivering RNAi (sd-rxRNA) therapeutic candidate developed for intratumoral administration to silence PD-1 in tumor-infiltrating lymphocytes.

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Phio Pharmaceuticals (NASDAQ: PHIO) is a clinical-stage biotechnology company focused on developing novel immuno-oncology therapeutics. As of its most recent financial filings, the company has not commercialized any products and therefore does not have major customers in the traditional sense of selling goods or services.

According to its SEC filings (e.g., 10-K), Phio Pharmaceuticals explicitly states that it has not generated any product revenue from the sale of any products to date and does not expect to generate any product revenue for the foreseeable future. The company's operations are primarily funded through equity financing (issuance of stock).

Historically, the company has recognized minor amounts of revenue from research grants and collaboration arrangements, but these do not constitute "major customers" as described in the prompt's request for companies or categories of individuals purchasing products. The company does not sell products to other companies or directly to individuals.

In summary, Phio Pharmaceuticals currently has no major customers purchasing its products or services.

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Robert Bitterman, President & Chief Executive Officer

Robert Bitterman was appointed President & Chief Executive Officer in February 2023, having served on the board since 2012. He possesses 25 years of executive leadership experience within the pharmaceutical and biologic life science industry, with previous roles in senior financial and investor relations. Prior to Phio Pharmaceuticals, he founded Cutanea Life Sciences, Inc. in 2005, serving as its President and CEO until its acquisition by Biofrontera, Inc., USA in March 2019. His past leadership includes President and CEO of Isolagen Inc., and President and General Manager of Dermik Laboratories, the global dermatology strategic business unit of Aventis S.A.

Robert M. Infarinato, Vice President and Chief Financial Officer

Robert M. Infarinato was appointed Vice President and Chief Financial Officer effective August 1, 2024, bringing over 20 years of financial and accounting leadership experience. Most recently, he headed a consulting firm, providing advice on operational matters, including funding strategies and initial public offerings. His prior career includes leadership positions at Abington Health, executive Vice President and CFO of an international service company, Vice President Taxation and Corporate Controller at Rhone Poulenc Rorer, and Treasurer and Tax Manager-Europe for Pfizer.

Lisa Carson, VP, Head of Finance and Administration

Lisa Carson brings over 20 years of financial leadership experience in the life science industry, focusing on strategic growth and operational excellence. Previously, she held the role of VP, Head of Finance & Controller at Prelude Therapeutics, where she was instrumental in the financial transformation that supported the company's IPO and expansion. She also served in key financial leadership capacities at TELA Bio and PhaseBio Pharmaceuticals.

Linda Mahoney, SVP of Development

Linda Mahoney is a pharmaceutical development executive with more than 25 years of experience in the industry. Her previous roles include Vice-President of Scientific Operations and Business Development at Cutanea Life Sciences, Inc., and various positions in project management, product development, and commercial supply chain at Sanofi-Aventis.

Jennifer Phillips, VP of Regulatory & Corporate Affairs

Jennifer Phillips is a seasoned pharmaceutical executive with over 20 years of experience in Regulatory Affairs. She previously served as Vice-President of Regulatory Affairs at Cutanea Life Sciences and held positions as Director and Senior Director of Regulatory Affairs for Wyeth, Dermik, and Isolagen.

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The key risks for Phio Pharmaceuticals (PHIO) are primarily centered around its financial stability, the inherent uncertainties of clinical development, and the ultimate challenge of commercializing its product candidates.

1. Financial Instability and Dilution: Phio Pharmaceuticals faces significant financial challenges, including widening losses and a substantial cash burn rate. The company reported a net loss of $2.2 million in Q2 2025, and its operating expenses have surged, with R&D and G&A costs increasing. As of Q2 2025, Phio had approximately six quarters of cash runway, which may not be sufficient for the costly transition to Phase 2/3 clinical trials. The company has relied on dilutive financing strategies, such as warrant raises, which have significantly increased weighted-average shares outstanding and eroded per-share value for investors. There is also a high probability of financial distress or bankruptcy.
2. Clinical Trial Dependence and Regulatory Risk: As a clinical-stage biopharmaceutical company, Phio Pharmaceuticals' success is heavily dependent on its INTASYL technology platform and the successful development and regulatory approval of its lead product candidate, PH-762. This technology is unproven, and there is a risk that it may never lead to approved and marketable products. The company faces the possibility of failed or inconclusive clinical trials, which could significantly hinder product development. Despite promising early-phase data for PH-762, the progression to and successful completion of later-stage (Phase 2/3) trials are critical and costly hurdles. Phio also operates in a competitive landscape, with established therapies like Keytruda and Opdivo posing significant competition in the skin cancer market.
3. Lack of Commercial Success: Phio Pharmaceuticals currently operates with significant operating losses, and its revenue streams are still under development. The company's focus on innovative treatments requires heavy investment without immediate returns. Even if clinical trials are successful, there is a threat of a lack of commercial success in bringing products to market and achieving profitability, which also carries the risk of delisting.

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Phio Pharmaceuticals (symbol: PHIO) is a clinical-stage biopharmaceutical company focused on immuno-oncology therapeutics, primarily utilizing its proprietary INTASYL® self-delivering RNAi technology.

The company's main products and services fall within the broader markets of RNAi therapeutics and immuno-oncology. Its lead clinical program, PH-762, is an INTASYL compound that silences the PD-1 gene and is being evaluated for the treatment of various skin cancers, including cutaneous squamous cell carcinoma, melanoma, and Merkel cell carcinoma. Additionally, Phio Pharmaceuticals has PH-894, a BRD4 protein silencer, in pre-clinical studies for cancer and potential viral infections.

The addressable markets for Phio Pharmaceuticals' main products and services are as follows:

• Global RNAi Therapeutics Market: This market was valued between approximately USD 1.28 billion and USD 5.12 billion in 2024. Projections indicate growth to between USD 5.11 billion by 2034 and USD 14.35 billion by 2030. North America held a significant share of this market, with some reports indicating 41% in 2023 and up to 64.37% in the global antisense and RNAi therapeutics market in 2023. The U.S. RNAi therapeutics market alone reached USD 1.1 billion in 2024.
• Global Immuno-Oncology Market: This market was estimated to be between USD 24.17 billion and USD 94 billion in 2024. It is projected to grow substantially, reaching between USD 111.64 billion by 2034 and USD 421.27 billion by 2034. North America is a dominant region in the immuno-oncology market, holding between 31.27% and 71.0% of the global share in 2024. The U.S. alone contributed 89.23% of North America's share in this market in 2024.

Specific market sizes for individual skin cancers (cutaneous squamous cell carcinoma, melanoma, and Merkel cell carcinoma) that PH-762 targets are generally encompassed within the broader immuno-oncology market. Market sizes for pre-clinical assets like PH-894 for specific indications are not yet established or publicly available.

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1. Clinical Progress and Potential Commercialization of PH-762: Phio Pharmaceuticals' lead product candidate, PH-762, an INTASYL siRNA therapeutic targeting the PD-1 gene, is currently in a Phase 1b clinical trial for various skin cancers, including cutaneous squamous cell carcinoma (cSCC), melanoma, and Merkel cell carcinoma. Early results from this trial have shown encouraging safety data and signs of efficacy, including complete tumor clearance in some cSCC patients. The successful progression through clinical trials (Phase 2/3) and eventual market approval of PH-762 would be the primary driver of future revenue, tapping into the growing global skin cancer treatment market, which is projected to reach $21.08 billion by 2032.
2. Expansion of PH-762 into Additional Indications or Combination Therapies: The mechanism of action of PH-762, which involves silencing PD-1 locally to enhance immune responses, offers potential for expansion beyond its current skin cancer indications. If clinical trials demonstrate success, PH-762 could be explored for other solid tumors or as a component in combination therapies with existing immuno-oncology treatments, a key trend in the booming immuno-oncology market. This strategic expansion could significantly broaden the addressable market and contribute to long-term revenue growth.
3. Advancement of Other Pipeline Candidates: While PH-762 is the most advanced, Phio Pharmaceuticals is developing other product candidates using its proprietary INTASYL® siRNA gene silencing technology. For instance, PH-894 is in preclinical development, and RXI-231, an INTASYL compound designed to treat hyperpigmentation disorders, has shown promising proof-of-concept data. The successful advancement and eventual commercialization of these or other new compounds from their pipeline would diversify the company's product portfolio and create additional revenue streams.
4. Strategic Collaborations and Partnerships: Phio Pharmaceuticals possesses a proprietary and innovative INTASYL® siRNA gene silencing technology. The company could leverage this technology through strategic collaborations or partnerships with larger pharmaceutical companies. Such agreements could involve licensing deals, co-development agreements, or commercialization partnerships, providing Phio with upfront payments, milestone payments, and/or royalties, thereby contributing to future revenue without solely relying on direct product sales.

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Share Issuance

• In February 2020, Phio Pharmaceuticals priced an underwritten public offering of 2,000,000 units at $4.00 per unit, generating approximately $8.0 million in gross proceeds. Each unit included one share of common stock (or equivalent) and one warrant to purchase one share of common stock.
• In July 2024, the company exercised outstanding warrants, originally issued between February 2020 and December 2023, to purchase 545,286 shares of common stock at a reduced exercise price of $5.45 per share, resulting in approximately $3.1 million in gross proceeds.
• In November 2025, Phio Pharmaceuticals entered into definitive agreements for the exercise of outstanding warrants to purchase an aggregate of 5,663,182 shares of common stock, generating approximately $13.4 million in gross proceeds. This transaction also included the issuance of new unregistered warrants to purchase up to 11,326,364 shares at an exercise price of $2.05 per share.

Inbound Investments

• Phio Pharmaceuticals secured approximately $13.4 million in gross proceeds in November 2025 through the exercise of outstanding warrants.
• The company generated approximately $3.1 million in gross proceeds in July 2024 from the exercise of warrants.
• In July 2025, Phio Pharmaceuticals raised approximately $2.2 million after expenses through warrant inducement agreements.