Phio Pharmaceuticals has entered into agreements for a registered direct offering and concurrent private placement on December 23, 2024. The company will sell 240,000 shares of common stock at $2.00 per share, along with unregistered warrants to purchase an additional 240,000 shares at the same exercise price. The warrants will be exercisable immediately and expire in five years.The offering, expected to close on December 24, 2024, will generate gross proceeds of approximately $0.48 million before deducting fees and expenses. H.C. Wainwright & Co. serves as the exclusive placement agent, receiving a 7.5% cash fee, 1% management fee, and warrants to purchase up to 18,000 shares at $2.50 per share.The company plans to use the net proceeds for working capital and general corporate purposes. As part of the agreement, Phio is restricted from issuing additional shares until January 8, 2025, and from entering variable rate transactions until December 23, 2025, with certain exceptions including the ability to establish an at-the-market facility with the placement agent after January 9, 2025.

Phio Pharmaceuticals has entered into agreements for a registered direct offering and concurrent private placement on December 23, 2024. The company will sell 240,000 shares of common stock at $2.00 per share, along with unregistered warrants to purchase an additional 240,000 shares at the same exercise price. The warrants will be exercisable immediately and expire in five years.The offering, expected to close on December 24, 2024, will generate gross proceeds of approximately $0.48 million before deducting fees and expenses. H.C. Wainwright & Co. serves as the exclusive placement agent, receiving a 7.5% cash fee, 1% management fee, and warrants to purchase up to 18,000 shares at $2.50 per share.The company plans to use the net proceeds for working capital and general corporate purposes. As part of the agreement, Phio is restricted from issuing additional shares until January 8, 2025, and from entering variable rate transactions until December 23, 2025, with certain exceptions including the ability to establish an at-the-market facility with the placement agent after January 9, 2025.