Phio Pharmaceuticals (PHIO) AI Stock Analysis

• Market Cap: $12.59M
• Dividend Yield: N/A
• Average Volume (3M): 137.46K
• Price to Earnings (P/E): ―
• Beta (1Y): 2.52
• Revenue Growth: N/A
• EPS Growth: 83.95%
• Country: US
• Employees: 5
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.15
• Shares Outstanding: 10,764,428
• 10 Day Avg. Volume: 82,534
• 30 Day Avg. Volume: 137,459
• PEG Ratio: -0.01
• Price to Book (P/B): 0.31
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -0.72
• Enterprise Value/Market Cap: -0.68
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: 7.94
• Enterprise Value/Ebitda: 1.06
• 1Y Price Target: $14.00
• Price Target Upside: 1076.47% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): -1
• Revenue Forecast (FY): N/A

• Rating: 53 Neutral
• Price Target: $1.00 ▼(-15.97% Downside)
• Action: Reiterated Date: 03/06/26
• Date: Action: Reiterated 03/06/26

The score is held down primarily by weak financial performance (no revenue, ongoing losses, and meaningful cash burn), partially offset by a stronger balance sheet with no debt and increased equity. Technicals are mixed (short-term improvement vs. longer-term downtrend). Corporate events are a clear positive due to encouraging PH-762 safety/response data and regulatory progress, while valuation remains constrained by negative earnings.

Positive Factors

Board Appointment

The addition of David Deming, with his extensive experience in investment banking and asset management, is expected to enhance strategic decision-making and potentially improve funding opportunities, which is crucial for advancing Phio's technology in the competitive biotech sector.

Low Leverage

Minimal leverage provides Phio Pharmaceuticals with greater financial flexibility and reduces the risk of financial distress, which is beneficial for a company in a high-risk industry like biotechnology, where funding needs can be unpredictable.

Innovative Technology Platform

Phio's focus on pioneering RNAi technology positions it at the forefront of cancer immunotherapy, potentially offering competitive advantages and attracting partnerships with larger pharmaceutical companies, which can drive long-term growth.

Negative Factors

No Revenue Generation

The lack of revenue generation indicates challenges in product commercialization, which can hinder the company's ability to sustain operations and invest in R&D, crucial for long-term success in the biotech industry.

Negative Cash Flow

Persistent negative cash flow reflects operational inefficiencies and reliance on external financing, posing a risk to Phio's financial sustainability and its ability to fund future growth initiatives without securing new funding.

Ongoing Operational Losses

Continued operational losses highlight the company's struggle to achieve profitability, which can affect investor confidence and limit its ability to attract new partnerships or investments necessary for advancing its therapeutic pipeline.

Phio Pharmaceuticals Business Overview & Revenue Model

Company Description

Phio Pharmaceuticals Corp. develops immuno-oncology therapeutics in the United States. It offers INTASYL therapeutic platform focuses on targeting tumor and immune cells by regulating genes of the immune system. The company develops PH-762 that activates immune cells to recognize and kill cancer cells by reducing the expression of the checkpoint protein PD-1 for immunotherapy in adoptive cell transfer (ACT); PH-894 that silences the epigenetic protein BRD4, which is an intracellular regulator of gene expression for use in ACT; and PH-804 that targets the suppressive immune receptor TIGIT, which is a checkpoint protein present on T cells and natural killer cells for use in ACT. It has collaborations with AgonOx Inc. on clinical development of novel T cell-based cancer immunotherapies. The company was formerly known as RXi Pharmaceuticals Corporation and changed its name to Phio Pharmaceuticals Corp. in November 2018. Phio Pharmaceuticals Corp. was incorporated in 2011 and is headquartered in Marlborough, Massachusetts.

How the Company Makes Money

Phio Pharmaceuticals generates revenue through strategic partnerships, research collaborations, and licensing agreements related to its RNAi technology platform. The company aims to out-license its proprietary sd-rxRNA technology to larger pharmaceutical or biotechnology companies, which can incorporate these therapies into their own cancer treatment pipelines. Additionally, Phio may receive milestone payments and royalties from these partnerships based on the successful development and commercialization of its therapeutics. The company might also secure funding through grants and government programs aimed at supporting innovative cancer research.

Phio Pharmaceuticals Financial Statement Overview

Summary

Income statement and cash flow are weak due to no revenue (2020–2025), ongoing net losses (worse in 2025 at -$8.7M vs. -$7.2M in 2024), and continued cash burn (2025 operating/FCF at -$8.7M). The balance sheet is a relative strength with $0 debt in 2024–2025 and a sharply higher equity base in 2025, but fundamentals remain funding-dependent.

Income Statement

The company reports no revenue across all provided annual periods (2020–2025), while remaining consistently loss-making. Net losses persist and were worse in 2025 (net income of -$8.7M vs. -$7.2M in 2024), despite improvement versus the larger losses seen in 2021–2023. Overall, the trajectory suggests a pre-commercial model with limited operating leverage today and ongoing reliance on funding rather than earnings.

Balance Sheet

Leverage is very low, with total debt at $0 in 2024–2025 (and minimal debt prior), which reduces financial risk. Equity increased sharply in 2025 ($20.1M vs. $4.7M in 2024) and assets rose to $21.5M, indicating strengthened capitalization. The key weakness is profitability: returns on equity remain deeply negative due to ongoing net losses, meaning the balance sheet strength depends on continued access to capital rather than internally generated profits.

Cash Flow

Cash burn remains significant, with operating cash flow at -$8.7M and free cash flow at -$8.7M in 2025, following -$7.1M in 2024. Cash outflows have improved materially versus 2021–2023 levels, and free cash flow improved year-over-year in 2025, but the business is still not self-funding. Free cash flow is roughly in line with the net loss (near 1:1), which suggests losses are translating into real cash usage rather than being primarily non-cash accounting items.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	0.00	0.00
Gross Profit	-1.08M	0.00	-3.64M	-6.33M	-7.01M	-8.89M
EBITDA	-8.09M	0.00	-7.38M	-10.64M	-11.39M	-13.44M
Net Income	-7.95M	-8.70M	-7.15M	-10.83M	-11.48M	-13.29M
Balance Sheet
Total Assets	11.51M	21.49M	5.74M	9.36M	12.81M	25.17M
Cash, Cash Equivalents and Short-Term Investments	10.71M	21.03M	5.38M	8.49M	11.78M	24.06M
Total Debt	0.00	0.00	0.00	35.00K	170.00K	295.00K
Total Liabilities	1.67M	1.34M	1.01M	1.63M	1.97M	3.24M
Stockholders Equity	9.84M	20.15M	4.72M	7.73M	10.84M	21.93M
Cash Flow
Free Cash Flow	-7.28M	-8.71M	-7.11M	-10.75M	-12.25M	-11.91M
Operating Cash Flow	-7.27M	-8.70M	-7.11M	-10.75M	-12.13M	-11.86M
Investing Cash Flow	-4.00K	-12.00K	8.00K	-5.00K	-121.00K	-51.00K
Financing Cash Flow	12.59M	23.64M	4.00M	7.41M	-26.00K	21.72M

Phio Pharmaceuticals Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 1.19
• 50DMA: Positive
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For PHIO, the sentiment is Positive. The current price of 1.19 is above the 20-day moving average (MA) of 1.12, above the 50-day MA of 1.10, and below the 200-day MA of 1.80, indicating a neutral trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 52.93 is Neutral, neither overbought nor oversold. The STOCH value of 62.29 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for PHIO.

Phio Pharmaceuticals Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
PHIO	53 Neutral	$12.59M	-0.72	-107.58%	―	―	83.95%
IBIO	53 Neutral	$91.20M	-5.32	-70.22%	―	185.71%	79.03%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
BRTX	44 Neutral	$4.55M	-1.09	-207.73%	―	1.70%	-111.67%
EVGN	43 Neutral	$6.86M	0.64	―	―	-29.78%	88.96%
WINT	39 Underperform	$468.55K	―	―	―	―	99.09%

Phio Pharmaceuticals Corporate Events

Phio Pharmaceuticals Boosts CEO Severance and Incentive Compensation

On February 17, 2026, Phio Pharmaceuticals Corp. amended the employment agreement of its President and CEO, Robert J. Bitterman, revising key severance and incentive terms. The change increases his severance to 12 months of base salary if he is terminated without cause or resigns for good reason, aligning his protection with typical biotech executive packages.

The amendment also raises Bitterman’s annual target bonus opportunity to 50% of his base salary from the prior 40% level. The move signals the board’s effort to strengthen executive retention and incentive alignment as the company navigates its ongoing strategic and operational priorities.

The most recent analyst rating on (PHIO) stock is a Buy with a $14.00 price target. To see the full list of analyst forecasts on Phio Pharmaceuticals stock, see the PHIO Stock Forecast page.

Phio Pharmaceuticals Reports Positive PH-762 Phase 1b Safety Results

On February 10, 2026, Phio Pharmaceuticals reported that an independent Safety Monitoring Committee completed its review of the Phase 1b trial of PH-762 in skin cancers with a positive safety conclusion, finding no serious adverse events or dose-limiting toxicities among 22 patients across five dose-escalation cohorts. The company said the highest dose cohort showed an 85% pathological response rate, with four of six responders achieving complete tumor clearance, supporting continued evaluation of this dose in subsequent studies.

Updated efficacy data from the trial showed a 65% overall response rate in cutaneous squamous cell carcinoma, with 13 of 20 patients classified as pathologic responders and no cases of disease progression reported among any participants. Phio also noted that chemistry, manufacturing and controls work is progressing, with active pharmaceutical ingredient material expected in March 2026 to enable a non-human primate study and plans to begin cGMP manufacturing in the second half of 2026, marking a key step toward potential pivotal trials and reinforcing its development trajectory in immuno-oncology.

The most recent analyst rating on (PHIO) stock is a Hold with a $1.00 price target. To see the full list of analyst forecasts on Phio Pharmaceuticals stock, see the PHIO Stock Forecast page.

Phio Reports Positive Phase 1b PH-762 Skin Cancer Data

On January 20, 2026, Phio Pharmaceuticals reported pathology and safety data from all five cohorts in its Phase 1b intratumoral PH-762 dose-escalation trial in cutaneous carcinomas, showing favorable safety and tolerability across a 20-fold dose range with no dose-limiting toxicities or clinically relevant treatment-emergent adverse effects. Among 20 patients with cSCC, 14 were pathologic responders, including 10 with complete responses (100% clearance), two with major responses (over 90% clearance) and two with partial responses (over 50% clearance), contributing to a 70% overall response rate for squamous cell carcinomas, while one patient with metastatic Merkel cell carcinoma achieved a partial response and no patients experienced disease progression, positioning PH-762 as a promising non-surgical candidate in skin cancer treatment and informing the design of follow-on clinical trials.

The most recent analyst rating on (PHIO) stock is a Hold with a $1.00 price target. To see the full list of analyst forecasts on Phio Pharmaceuticals stock, see the PHIO Stock Forecast page.

Phio Advances PH-762 With FDA-Backed Toxicology Study

On December 23, 2025, Phio Pharmaceuticals announced that the U.S. Food and Drug Administration had accepted the nonclinical protocol study design for PH-762, allowing the company to begin an FDA-required toxicology study in the first quarter of 2026 ahead of a potential pivotal human trial. The company is simultaneously working to secure commercially viable PH-762 drug product that meets current Good Manufacturing Practices in 2026, funded in part by recent financing, and reported encouraging interim data from its ongoing Phase 1b dose-escalation trial in skin cancer patients, with multiple complete and partial responses, no clinical disease progression, and no dose-limiting toxicities observed to date, underscoring both the clinical potential of PH-762 and a meaningful de-risking step in its development pathway.

The most recent analyst rating on (PHIO) stock is a Buy with a $14.00 price target. To see the full list of analyst forecasts on Phio Pharmaceuticals stock, see the PHIO Stock Forecast page.