Detailed financial statements for Phio Pharmaceuticals Corp. (PHIO): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Phio Pharmaceuticals Corp., a clinical stage biopharmaceutical company, engages in the development of immuno-oncology therapeutics in the United States. It develops PH-762, an INTASYL compound designed to reduce the expression of PD-1 in multi-center Phase 1b dose-escalating clinical trials; PH-894, an INTASYL compound that is designed to specifically silence BRD4, a protein that controls gene expression in both T cells and tumor cells in preclinical studies.
Analysis Summary
Trailing-twelve-month margins: gross margin 0.0%, operating margin 0.0%, net margin 0.0%.
At the current price of $1.00, PHIO has negative trailing earnings (P/E not meaningful) and an ROE of -87.41%. Market capitalisation stands at $12M.
Balance sheet quality for PHIO: current ratio of 49.4. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | $19000 | $15000 | $138000 | $21000 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cost of Revenue | $5.4M | $5.4M | $4.3M | 0 | $3.7M | $8.9M | $7.0M | $6.3M | $3.6M | $4.6M |
| Gross Profit | -$5.4M | -$5.4M | -$4.2M | $21000 | -$3.7M | -$8.9M | -$7.0M | -$6.3M | -$3.6M | -$4.6M |
| Research & Development | $5.4M | $5.4M | $4.3M | $4.3M | $3.7M | $8.9M | $7.0M | $6.3M | $3.6M | $4.6M |
| Selling, General & Admin | $3.6M | $4.0M | $3.2M | $4.7M | $5.1M | $4.6M | $4.5M | $4.3M | $3.7M | $4.6M |
| Operating Expenses | $9.0M | $9.4M | $7.5M | $9.0M | $5.1M | $4.6M | $4.5M | $4.5M | $3.7M | $4.6M |
| Operating Income | -$9.0M | -$14.1M | -$7.4M | -$9.0M | -$8.8M | -$13.5M | -$11.5M | -$10.8M | -$7.4M | -$9.2M |
| EBITDA | -$9.0M | -$14.0M | -$7.3M | -$8.9M | -$8.7M | -$13.2M | -$11.4M | -$10.6M | -$7.1M | -$8.7M |
| Interest Expense | 0 | $1000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pre-tax Income | -$9.0M | -$14.1M | -$7.4M | -$8.9M | -$8.8M | -$13.3M | -$11.5M | -$10.8M | -$7.2M | -$8.7M |
| Income Tax | -$74000 | -$1.6M | $4000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Income | -$9.0M | -$12.5M | -$7.4M | -$8.9M | -$8.8M | -$13.3M | -$11.5M | -$10.8M | -$7.2M | -$8.7M |
| EPS | $-79282.81 | $-32801.22 | $-6218.35 | $-2074.18 | $-207.25 | $-111.32 | $-89.61 | $-46.87 | $-0.91 | $-1.45 |
| EPS (Diluted) | $-79282.81 | $-32801.22 | $-6218.35 | $-2074.18 | $-207.25 | $-111.32 | $-89.61 | $-46.76 | $-0.91 | $-1.45 |
| Shares Outstanding (Diluted) | $113 | $380 | $1184 | $4262 | $42432 | $118684 | $126159 | $231508 | $787466 | $6.0M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | 0 | 0 | 0 | 0 |
| Gross Profit | -$1.2M | -$1.5M | -$1000 | -$1000 |
| Operating Income | -$2.5M | -$2.5M | -$4.2M | -$4.3M |
| EBITDA | -$2.4M | -$2.4M | -$4.0M | -$4.3M |
| Net Income | -$2.4M | -$2.4M | -$4.0M | -$4.1M |
| EPS | $-0.44 | $-0.20 | $-0.34 | $-0.36 |
| EPS (Diluted) | $-0.44 | $-0.20 | $-0.34 | $-0.36 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $12.9M | $3.6M | $14.9M | $6.9M | $14.2M | $24.1M | $11.8M | $8.5M | $5.4M | $21.0M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $13.1M | $3.8M | $15.2M | $7.3M | $15.2M | $24.7M | $12.4M | $9.3M | $5.7M | $21.5M |
| Property, Plant & Equipment | $114000 | $248000 | $172000 | $721000 | $557000 | $416000 | $344000 | $39000 | $2000 | $11000 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $13.4M | $4.1M | $15.3M | $8.0M | $15.7M | $25.2M | $12.8M | $9.4M | $5.7M | $21.5M |
| Accounts Payable | $917000 | $511000 | $550000 | $809000 | $728000 | $283000 | $779000 | $657000 | $253000 | $435000 |
| Short-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $2.5M | $2.3M | $1.7M | $1.9M | $2.2M | $3.1M | $1.9M | $1.6M | $1.0M | $435000 |
| Long-term Debt | 0 | 0 | 0 | 0 | $231000 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | $2.5M | $2.3M | $1.7M | $2.3M | $2.7M | $3.2M | $2.0M | $1.6M | $1.0M | $1.3M |
| Retained Earnings | -$66.1M | -$78.6M | -$85.9M | -$94.8M | -$103.6M | -$116.9M | -$128.4M | -$139.2M | -$146.4M | -$155.1M |
| Total Equity | $10.9M | $1.8M | $13.6M | $5.7M | $13.0M | $21.9M | $10.8M | $7.7M | $4.7M | $20.1M |
| Total Debt | 0 | 0 | 0 | $518000 | $642000 | $295000 | $170000 | $35000 | 0 | 0 |
| Net Debt | -$12.9M | -$3.6M | -$14.9M | -$6.4M | -$13.6M | -$23.8M | -$11.6M | -$8.5M | -$5.4M | -$21.0M |
| Working Capital | $10.6M | $1.6M | $13.4M | $5.4M | $13.0M | $21.7M | $10.5M | $7.7M | $4.7M | $21.0M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $10.7M | $21.0M | $17.0M | $13.0M |
| Total Assets | $11.5M | $21.5M | $17.4M | $14.3M |
| Total Liabilities | $1.7M | $1.3M | $950000 | $1.7M |
| Total Equity | $9.8M | $20.1M | $16.5M | $12.6M |
| Total Debt | 0 | 0 | 0 | 0 |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$9.0M | -$12.5M | -$7.4M | -$8.9M | -$8.8M | -$13.3M | -$11.5M | -$10.8M | -$7.2M | -$8.7M |
| Depreciation & Amortization | $53000 | $70000 | $81000 | $67000 | $72000 | $75000 | $193000 | $184000 | $35000 | $3000 |
| Stock-based Compensation | $756000 | $314000 | $282000 | $300000 | $136000 | $480000 | $414000 | $303000 | $147000 | $481000 |
| Change in Working Capital | $434000 | -$530000 | -$523000 | -$213000 | -$327000 | $990000 | -$1.3M | -$536000 | -$138000 | $235000 |
| Operating Cash Flow | -$7.8M | -$9.5M | -$7.5M | -$8.6M | -$8.8M | -$11.9M | -$12.1M | -$10.7M | -$7.1M | -$8.0M |
| Capital Expenditure | -$4000 | -$203000 | -$5000 | -$72000 | -$19000 | -$51000 | -$121000 | -$5000 | -$1000 | -$12000 |
| Acquisitions | 0 | $100000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | -$15000 | 0 | 0 | -$11000 | -$1000 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$7.8M | -$9.7M | -$7.5M | -$8.7M | -$8.8M | -$11.9M | -$12.2M | -$10.8M | -$7.1M | -$8.0M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | -$2.1M | -$2.1M | -$4.0M | -$4.0M |
| Capital Expenditure | -$7000 | 0 | 0 | 0 |
| Free Cash Flow | -$2.1M | -$2.1M | -$4.0M | -$4.0M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $113000 | 0 | $318000 | $278000 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue Growth (YoY) | | -21.1% | +820.0% | -84.8% | -100.0% | | | | | |
| Net Income Growth (YoY) | | -38.4% | +40.9% | -21.0% | +1.3% | -51.1% | +13.6% | +5.7% | +34.0% | -21.7% |
| EPS Growth (YoY) | | +58.6% | +81.0% | +66.6% | +90.0% | +46.3% | +19.5% | +47.7% | +98.1% | -59.3% |
| Shares Change (YoY) | | +234.6% | +211.8% | +260.1% | +895.5% | +179.7% | +6.3% | +83.5% | +240.1% | +659.9% |
| FCF Growth (YoY) | | -25.2% | +22.6% | -15.8% | -1.2% | -35.0% | -2.9% | +12.2% | +33.9% | -12.3% |
| Gross Margin | -28400.0% | -35700.0% | -3034.8% | 100.0% | | | | | | |
| Operating Margin | -47447.4% | -93746.7% | -5336.2% | -42795.2% | | | | | | |
| EBITDA Margin | -47168.4% | -93353.3% | -5277.5% | -42476.2% | | | | | | |
| Net Margin | -47336.8% | -83013.3% | -5333.3% | -42419.0% | | | | | | |
| FCF Margin | -40863.2% | -64780.0% | -5452.9% | -41509.5% | | | | | | |
| Effective Tax Rate | 0.8% | 11.5% | -0.1% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $-68440.26 | $-25596.65 | $-6357.76 | $-2045.09 | $-207.89 | $-100.34 | $-97.10 | $-46.45 | $-9.03 | $-1.34 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $113 | $380 | $1184 | $4262 | $42432 | $118684 | $126159 | $231000 | $787466 | $6.0M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | -87.41% |
| Return on Invested Capital | -100.51% |
| Return on Assets | -90.19% |
| Gross Margin | 0.00% |
| Operating Margin | 0.00% |
| Net Margin | 0.00% |
Financial Health
| Debt / Equity | 0.00 |
| Current Ratio | 15.87 |
| Piotroski F-Score | 3 |
| Altman Z-Score | -7.53 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -0.54 | -1.01 | -0.32 | -0.49 | -1.40 | -0.97 | -0.45 | -0.15 | -1.98 | -0.72 |
| P/B | 0.44 | 6.84 | 0.17 | 0.75 | 0.95 | 0.58 | 0.47 | 0.20 | 0.30 | 0.31 |
| P/S | 253.47 | 835.53 | 16.81 | 206.17 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Margin | -28400.0% | -35700.0% | -3034.8% | 100.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Operating Margin | -47447.4% | -93746.7% | -5336.2% | -42795.2% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net Margin | -47336.8% | -83013.3% | -5333.3% | -42419.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |