Phio Pharmaceuticals reports FY22 EPS ($10.10) vs. one estimate ($10.92)

Reports net loss decreased 14% to approximately $11.5M or $10.10 per share, for the year ended December 31, 2022, compared with $13.3M, or $12.43 per share, for the year ended December 31, 2021. The decrease in net loss was primarily attributable to the decrease in research and development expenses At December 31, the Company had cash of $11.8M vs. $24.1M at December 31. The Company expects its current cash will be sufficient to fund currently planned operations through the fourth quarter of 2023."This year will be a transformative period for Phio, as we continue to make significant progress advancing our proprietary platform, INTASYL, into the clinic," said Robert Bitterman, Phio’s President and Chief Executive Officer. "We are completely focused on executing our clinical strategy for PH-762. Over the past several months we have achieved several key milestones, including completing enrollment of the first cohort in our Phase 1b study for PH-762 in Europe, receiving Data Monitoring Committee approval to open enrollment of the second cohort and receiving regulatory clearance to initiate the first U.S. clinical trial for PH-762 in adoptive cell therapy. Simultaneously, we are preparing to finalize documentation to submit an IND for PH-762 for the study of cutaneous squamous cell carcinoma and other cutaneous malignancies. We look forward to continuing to provide updates on these programs over the coming months as we strive to build shareholder value."