Phio Pharmaceuticals Corp Financials

PHIO

FY2025 annual

Revenue Not reported for FY2025

Net Income -$8.7M -21.7% YoY

EPS (Diluted) Not reported for FY2025

Free Cash Flow -$8.0M -12.3% YoY

Source SEC Filings (10-K/10-Q) Data as of Jun 30, 2026 Currency USD FYE December

This page shows Phio Pharmaceuticals Corp (PHIO) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI PHIO FY2025 2026-05-07

Equity raises rather than operations fund the business, with cash reserves rebuilt even as annual burn stayed near $8.0M.

From FY2024 to FY2025, operating cash outflow and free cash flow stayed almost identical at about -$8.0M, while net loss remained in the same range, showing earnings quality is unusually literal: reported losses are largely cash leaving the business. The jump in cash to $21.0M came alongside $23.6M of financing, so the stronger balance sheet was created by fresh capital rather than by the cost structure turning self-funding.

With $21.0M of cash against only $1.3M of total liabilities, this is a liability-light balance sheet with little lender pressure; the practical constraint is cash runway, not debt service.

After shrinking through FY2024, the annual burn moved back up in FY2025 as R&D and SG&A each ran near $4.6M, indicating spending is divided between research effort and corporate overhead rather than dominated by one line. That split suggests the burn comes from the whole operating platform, not a single expense category that could be removed without changing how the business operates.

Financial Health Signals

Financial health score not available

Phio Pharmaceuticals Corp does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.

Piotroski F-Score Partial

2/5

Phio Pharmaceuticals Corp passes 2 of 5 computable financial strength tests (4 of the nine could not be computed from available data). 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).

Earnings Quality No Cash Backing

N/A

Phio Pharmaceuticals Corp reported a net loss of $8.7M while operations used $8.0M of cash. With neither figure positive, the ratio between the two carries no quality signal.

Key Financial Metrics

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Earnings & Revenue

EBITDA

-$9.2M

YoY-24.8%

Phio Pharmaceuticals Corp's EBITDA was -$9.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 24.8% from the prior year.

Net Income

-$8.7M

YoY-21.7%

Phio Pharmaceuticals Corp reported -$8.7M in net income in fiscal year 2025. This represents a decrease of 21.7% from the prior year.

Revenue

Not reported for fiscal year 2025.

EPS (Diluted)

Not reported for fiscal year 2025.

Cash & Balance Sheet

Free Cash Flow

-$8.0M

YoY-12.3%

Phio Pharmaceuticals Corp recorded an outflow of $8.0M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents a decrease of 12.3% from the prior year.

Cash & Debt

$21.0M

YoY+290.8%

5Y CAGR+8.0%

10Y CAGR+15.2%

Phio Pharmaceuticals Corp held $21.0M in cash as of fiscal year 2025; long-term debt is not reported for that period.

Shares Outstanding

12M

Phio Pharmaceuticals Corp had 12M shares outstanding in fiscal year 2025.

Dividends Per Share

Not reported for fiscal year 2025.

Margins & Returns

Return on Equity

-43.2%

YoY+108.2pp

5Y CAGR+24.4pp

10Y CAGR+71.8pp

Phio Pharmaceuticals Corp's ROE was -43.2% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 108.2 percentage points from the prior year.

Gross Margin

Not reported for fiscal year 2025.

Operating Margin

Not reported for fiscal year 2025.

Net Margin

Not reported for fiscal year 2025.

Capital Allocation

R&D Spending

$4.6M

YoY+26.8%

5Y CAGR+4.4%

10Y CAGR-4.0%

Phio Pharmaceuticals Corp invested $4.6M in research and development in fiscal year 2025. This represents an increase of 26.8% from the prior year.

Capital Expenditures

$12K

YoY+1100.0%

5Y CAGR-8.8%

10Y CAGR-14.4%

Phio Pharmaceuticals Corp invested $12K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 1100.0% from the prior year.

Share Buybacks

Not reported for fiscal year 2025.

PHIO Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

PHIO annual income statement

Metric	TTM	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12	FY11
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	$0-100.0%	$21K-84.8%	$138K+820.0%	$15K-21.1%	$19K-44.1%	$34K	N/A	$399K+311.3%	$97K	N/A
R&D Expenses	N/A	$4.6M+26.8%	$3.6M-42.5%	$6.3M-9.7%	$7.0M-21.1%	$8.9M+139.1%	$3.7M-13.6%	$4.3M-0.6%	$4.3M-19.4%	$5.4M-0.8%	$5.4M-21.8%	$6.9M+21.9%	$5.7M-67.8%	$17.7M+68.9%	$10.5M+57.8%	$6.6M
SG&A Expenses	N/A	$4.6M+22.9%	$3.7M-14.2%	$4.4M-1.9%	$4.5M-3.8%	$4.6M-8.9%	$5.1M+7.8%	$4.7M+48.2%	$3.2M-20.8%	$4.0M+10.8%	$3.6M+8.2%	$3.3M+4.0%	$3.2M-13.0%	$3.7M+41.1%	$2.6M-57.4%	$6.1M
Operating Income	N/A	-$9.2M-24.8%	-$7.4M+31.8%	-$10.8M+5.6%	-$11.5M+15.2%	-$13.5M-53.7%	-$8.8M+2.2%	-$9.0M-22.0%	-$7.4M+47.6%	-$14.1M-56.0%	-$9.0M+11.9%	-$10.2M-16.0%	-$8.8M+57.9%	-$20.9M-61.5%	-$13.0M	N/A
Interest Expense	N/A	N/A	$231K+2987.5%	-$8K	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$24K+180.0%	-$30K	N/A
Income Tax	N/A	$0	$0	$0	$0	$0	$0	$0	$0+100.0%	-$1.6M	$0	$0	$0	$0	N/A	N/A
Net Income	N/A	-$8.7M-21.7%	-$7.2M+34.0%	-$10.8M+5.7%	-$11.5M+13.6%	-$13.3M-51.1%	-$8.8M+1.3%	-$8.9M-21.0%	-$7.4M+40.9%	-$12.5M-38.4%	-$9.0M+12.0%	-$10.2M-16.2%	-$8.8M+57.9%	-$20.9M-62.5%	-$12.9M-407.7%	-$2.5M
EPS (Diluted)	—	N/A	-$9.08	-$46.76	-$10.10+18.7%	-$12.43	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
R&D Expenses	$3.1M+10.3%	$2.8M	N/A	$1.2M+10.0%	$1.1M+21.2%	$886K	N/A	$644K
SG&A Expenses	$1.2M-13.7%	$1.4M	N/A	$1.3M+7.2%	$1.2M+25.3%	$986K	N/A	$946K
Operating Income	-$4.3M-2.4%	-$4.2M	N/A	-$2.5M-8.5%	-$2.3M-23.3%	-$1.9M	N/A	-$1.6M
Interest Expense	N/A	N/A	N/A	N/A	N/A	-$125K	N/A	N/A
Net Income	-$4.1M-3.4%	-$4.0M	N/A	-$2.4M-10.4%	-$2.2M-22.4%	-$1.8M	N/A	-$1.5M
EPS (Diluted)	N/A	N/A	N/A	N/A	-$0.45-9.8%	-$0.41	N/A	-$1.54

Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit.

TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.

PHIO Balance Sheet

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

PHIO annual balance sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12	FY11
Total Assets	$21.5M+274.5%	$5.7M-38.7%	$9.4M-26.9%	$12.8M-49.1%	$25.2M+59.9%	$15.7M+95.8%	$8.0M-47.5%	$15.3M+273.9%	$4.1M-69.4%	$13.4M+20.1%	$11.2M+21.4%	$9.2M-38.5%	$14.9M+167.1%	$5.6M+230.1%	$1.7M
Current Assets	$21.5M+274.4%	$5.7M-38.5%	$9.3M-25.1%	$12.4M-49.7%	$24.7M+63.1%	$15.2M+107.7%	$7.3M-51.8%	$15.2M+295.4%	$3.8M-70.8%	$13.1M+19.4%	$11.0M+22.1%	$9.0M-39.0%	$14.7M+173.4%	$5.4M+302.7%	$1.3M
Cash & Equivalents	$21.0M+290.8%	$5.4M-36.6%	$8.5M-28.2%	$11.8M-50.9%	$24.1M+68.7%	$14.3M+104.7%	$7.0M-53.2%	$14.9M+316.9%	$3.6M-72.3%	$12.9M+152.2%	$5.1M-39.8%	$8.5M-25.4%	$11.4M+122.2%	$5.1M+919.3%	$503K
Total Liabilities	$1.3M+32.0%	$1.0M-37.9%	$1.6M-17.2%	$2.0M-39.0%	$3.2M+19.0%	$2.7M+18.8%	$2.3M+31.4%	$1.7M-23.0%	$2.3M-10.9%	$2.5M+12.0%	$2.3M-64.8%	$6.4M-35.5%	$10.0M-12.6%	$11.4M+401.2%	$2.3M
Current Liabilities	N/A	$1.0M-37.9%	$1.6M-15.7%	$1.9M-36.8%	$3.1M+39.7%	$2.2M+16.8%	$1.9M+7.8%	$1.7M-23.0%	$2.3M-10.9%	$2.5M+12.0%	$2.3M+70.1%	$1.3M-35.7%	$2.1M+23.6%	$1.7M-5.5%	$1.8M
Long-Term Debt	N/A	N/A	N/A	N/A	$0-100.0%	$231K	$0	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$20.1M+326.6%	$4.7M-38.9%	$7.7M-28.7%	$10.8M-50.6%	$21.9M+68.5%	$13.0M+126.5%	$5.7M-57.7%	$13.6M+640.8%	$1.8M-83.1%	$10.9M+22.1%	$8.9M+223.9%	$2.7M-44.5%	$4.9M+184.6%	-$5.8M-894.9%	-$587K
Retained Earnings	-$155.1M-5.9%	-$146.4M-5.1%	-$139.2M-8.4%	-$128.4M-9.8%	-$116.9M-12.8%	-$103.6M-9.3%	-$94.8M-10.4%	-$85.9M-9.4%	-$78.6M-18.8%	-$66.1M-15.7%	-$57.1M-21.8%	-$46.9M-23.1%	-$38.1M-322.0%	$17.2M	N/A

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Total Assets	$14.3M-17.8%	$17.4M-19.0%	$21.5M+86.8%	$11.5M+1.8%	$11.3M-15.9%	$13.4M+134.2%	$5.7M-2.2%	$5.9M
Current Assets	$14.3M-17.8%	$17.4M-19.0%	$21.5M+86.9%	$11.5M+1.8%	$11.3M-15.9%	$13.4M+134.2%	$5.7M-2.2%	$5.9M
Cash & Equivalents	$13.0M-23.7%	$17.0M-19.0%	$21.0M+96.5%	$10.7M-0.6%	$10.8M-18.9%	$13.3M+146.7%	$5.4M-0.1%	$5.4M
Total Liabilities	$1.7M+79.5%	$950K-29.1%	$1.3M-19.6%	$1.7M+38.1%	$1.2M-5.0%	$1.3M+25.1%	$1.0M+10.4%	$919K
Current Liabilities	N/A	N/A	N/A	N/A	$1.2M-5.0%	$1.3M+25.1%	$1.0M+10.4%	$919K
Total Equity	$12.6M-23.4%	$16.5M-18.3%	$20.1M+104.8%	$9.8M-2.5%	$10.1M-17.1%	$12.2M+157.7%	$4.7M-4.5%	$4.9M
Retained Earnings	-$163.2M-2.6%	-$159.1M-2.6%	-$155.1M-1.6%	-$152.7M-1.6%	-$150.3M-1.5%	-$148.1M-1.2%	-$146.4M-1.1%	-$144.7M

Not reported in any period shown, so not listed: Inventory, Accounts Receivable, Goodwill.

PHIO Cash Flow Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

PHIO annual cash flow statement

Metric	TTM	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12	FY11
Operating Cash Flow	-$12.2M	-$8.0M-12.2%	-$7.1M+33.8%	-$10.7M+11.4%	-$12.1M-2.3%	-$11.9M-34.7%	-$8.8M-1.8%	-$8.6M-15.0%	-$7.5M+21.0%	-$9.5M-22.6%	-$7.8M-6.1%	-$7.3M+5.7%	-$7.8M-22.9%	-$6.3M-24.7%	-$5.1M	N/A
Capital Expenditures	$7K	$12K+1100.0%	$1K-80.0%	$5K-95.9%	$121K+137.3%	$51K+168.4%	$19K-73.6%	$72K+1340.0%	$5K-97.5%	$203K+4975.0%	$4K-93.0%	$57K-40.0%	$95K+21.8%	$78K+420.0%	$15K	N/A
Free Cash Flow	-$12.2M	-$8.0M-12.3%	-$7.1M+33.9%	-$10.8M+12.2%	-$12.3M-2.9%	-$11.9M-35.0%	-$8.8M-1.2%	-$8.7M-15.8%	-$7.5M+22.6%	-$9.7M-25.2%	-$7.8M-5.3%	-$7.4M+6.1%	-$7.9M-22.9%	-$6.4M-25.8%	-$5.1M	N/A
Investing Cash Flow	-$4K	-$12K-250.0%	$8K+260.0%	-$5K+95.9%	-$121K-137.3%	-$51K-168.4%	-$19K+73.6%	-$72K-1340.0%	-$5K+95.1%	-$103K	N/A	N/A	N/A	-$3.1M-19431.3%	$16K	N/A
Financing Cash Flow	$14.4M	$23.6M+491.6%	$4.0M-46.1%	$7.4M+28611.5%	-$26K-100.1%	$21.7M+34.7%	$16.1M+1989.5%	$772K-95.9%	$18.8M+6346.2%	$292K	N/A	N/A	N/A	$15.7M+62.0%	$9.7M	N/A

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Operating Cash Flow	-$4.0M-0.8%	-$4.0M-92.5%	-$2.1M+0.3%	-$2.1M+17.9%	-$2.5M-99.2%	-$1.3M+7.0%	-$1.4M+29.8%	-$2.0M
Capital Expenditures	$0	$0	$0-100.0%	$7K+133.3%	$3K+50.0%	$2K+100.0%	$1K	$0
Free Cash Flow	-$4.0M-0.8%	-$4.0M-92.5%	-$2.1M+0.6%	-$2.1M+17.7%	-$2.5M-99.1%	-$1.3M+6.9%	-$1.4M+29.7%	-$2.0M
Investing Cash Flow	$0-100.0%	$3K	$0+100.0%	-$7K-133.3%	-$3K-50.0%	-$2K-125.0%	$8K	$0
Financing Cash Flow	$0	$0-100.0%	$12.4M+513.5%	$2.0M+4955.0%	$40K-99.6%	$9.2M+577.0%	$1.4M-48.8%	$2.6M

Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.

PHIO Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples.

PHIO annual financial ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12	FY11
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	-42795.2%	-5336.2%	-93746.7%	-47447.4%	-30108.8%	N/A	-5250.4%	-13376.3%	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	-42419.0%	-5333.3%	-83013.3%	-47336.8%	-30067.6%	N/A	-5244.4%	-13278.4%	N/A
Return on Equity	-43.2%+108.2pp	-151.4%-11.3pp	-140.1%-34.1pp	-105.9%-45.3pp	-60.6%+7.0pp	-67.6%+87.4pp	-155.0%-100.8pp	-54.2%+625.1pp	-679.3%-596.5pp	-82.9%+32.1pp	-115.0%+205.6pp	-320.6%+102.8pp	-423.4%	N/A	N/A
Return on Assets	-40.5%+84.1pp	-124.6%-9.0pp	-115.6%-26.0pp	-89.6%-36.8pp	-52.8%+3.1pp	-55.9%+54.9pp	-110.8%-62.8pp	-48.0%+255.8pp	-303.9%-236.7pp	-67.1%+24.5pp	-91.6%+4.2pp	-95.8%+44.3pp	-140.1%+90.3pp	-230.3%-80.6pp	-149.8%
Current Ratio	N/A	5.65-0.1x	5.71-0.7x	6.42-1.6x	8.06+1.2x	6.91+3.0x	3.88-4.8x	8.69+7.0x	1.69-3.5x	5.16+0.3x	4.84-1.9x	6.74-0.4x	7.10+3.9x	3.21+2.5x	0.75
Debt-to-Equity	0.07-0.1x	0.210.0x	0.210.0x	0.18+0.2x	0.000.0x	0.020.0x	0.00-0.1x	0.13-1.1x	1.24+1.0x	0.230.0x	0.26-2.1x	2.35+0.3x	2.02	N/A	N/A
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	-41509.5%	-5452.9%	-64780.0%	-40863.2%	-21688.2%	N/A	-1601.3%	-5234.0%	N/A

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Return on Equity	-32.8%-8.5pp	-24.3%	N/A	-24.3%-2.8pp	-21.5%-6.9pp	-14.5%	N/A	-30.8%
Return on Assets	-28.9%-5.9pp	-23.0%	N/A	-20.8%-1.6pp	-19.2%-6.0pp	-13.2%	N/A	-26.0%
Current Ratio	N/A	N/A	N/A	N/A	9.36-1.2x	10.58+4.9x	5.65-0.7x	6.38
Debt-to-Equity	0.14+0.1x	0.060.0x	0.07-0.1x	0.170.0x	0.120.0x	0.10-0.1x	0.210.0x	0.19

Not reported in any period shown, so not listed: Gross Margin.

Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.

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Where Phio Pharmaceuticals Corp Ranks

Frequently Asked Questions

Is Phio Pharmaceuticals Corp profitable?

No, Phio Pharmaceuticals Corp (PHIO) reported a net income of -$8.7M in fiscal year 2025.

What is Phio Pharmaceuticals Corp's EBITDA?

Phio Pharmaceuticals Corp (PHIO) had EBITDA of -$9.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is Phio Pharmaceuticals Corp's return on equity (ROE)?

Phio Pharmaceuticals Corp (PHIO) has a return on equity of -43.2% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Phio Pharmaceuticals Corp's free cash flow?

Phio Pharmaceuticals Corp (PHIO) recorded an outflow of $8.0M in free cash flow during fiscal year 2025. This represents a -12.3% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Phio Pharmaceuticals Corp's operating cash flow?

Phio Pharmaceuticals Corp (PHIO) recorded an outflow of $8.0M in operating cash flow during fiscal year 2025, representing cash used by core business activities.

What are Phio Pharmaceuticals Corp's total assets?

Phio Pharmaceuticals Corp (PHIO) had $21.5M in total assets as of fiscal year 2025, including both current and long-term assets.

What are Phio Pharmaceuticals Corp's capital expenditures?

Phio Pharmaceuticals Corp (PHIO) invested $12K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Phio Pharmaceuticals Corp spend on research and development?

Phio Pharmaceuticals Corp (PHIO) invested $4.6M in research and development during fiscal year 2025.

How many shares does Phio Pharmaceuticals Corp have outstanding?

Phio Pharmaceuticals Corp (PHIO) had 12M shares outstanding as of fiscal year 2025.

What is Phio Pharmaceuticals Corp's debt-to-equity ratio?

Phio Pharmaceuticals Corp (PHIO) had a debt-to-equity ratio of 0.07 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Phio Pharmaceuticals Corp's return on assets (ROA)?

Phio Pharmaceuticals Corp (PHIO) had a return on assets of -40.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Phio Pharmaceuticals Corp's cash runway?

Based on fiscal year 2025 data, Phio Pharmaceuticals Corp (PHIO) had $21.0M in cash against an annual operating cash burn of $8.0M. This gives an estimated cash runway of approximately 32 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Phio Pharmaceuticals Corp's Piotroski F-Score?

Phio Pharmaceuticals Corp (PHIO) has a Piotroski F-Score of 2 out of 5 computable signals; 4 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Phio Pharmaceuticals Corp's earnings high quality?

Phio Pharmaceuticals Corp (PHIO) reported a net loss of $8.7M while operations used $8.0M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.