Summary by Futu AI
Phio Pharmaceuticals reported Q2 2024 financial results with cash position of $4.7 million as of June 30, 2024, down from $8.5 million at year-end 2023. The company secured additional $2.6 million through warrant exercises in July 2024. Q2 net loss decreased to $1.8 million from $2.5 million YoY, with R&D expenses down 37% to $0.9 million.The Phase 1b clinical trial for lead candidate PH-762 received positive safety recommendation, showing no dose-limiting toxicities or clinically relevant adverse events in the initial cohort. The trial is now enrolling for the second cohort with five clinical sites, including the newly added University of Pittsburgh Medical Center.Recent corporate updates include the appointment of Robert M. Infarinato as CFO, completion of a 1-for-9 reverse stock split, regaining Nasdaq compliance, and entering an exploratory collaboration with a global skin care company. The company also strengthened its patent portfolio with a new South Korean patent for INTASYL compounds targeting aging skin disorders.
