Phio Pharmaceuticals raises $13.4 million through warrant exercises

Phio Pharmaceuticals Corp. (NASDAQ: PHIO) announced the exercise of outstanding warrants to purchase 5,663,182 shares of common stock for approximately $13.4 million in gross proceeds.

The clinical-stage biopharmaceutical company entered into agreements to exercise warrants originally issued between July 2024 and July 2025. Under the arrangement, 60,000 shares will be exercised at $2.00 per share, 948,596 shares at $2.485 per share, and 4,654,586 shares at a reduced exercise price of $2.05 per share.

H.C. Wainwright & Co. serves as the exclusive placement agent for the offering. The transaction includes two planned closings, with the first expected November 4, 2025, and the second by November 18, 2025.

In exchange for immediate warrant exercise and an additional $0.125 payment per new warrant, exercising holders will receive new unregistered warrants to purchase common stock. The new warrants carry a $2.05 exercise price, are immediately exercisable upon issuance, and expire 24 months after the effective date of a related registration statement.

The King of Prussia, Pennsylvania-based company stated it intends to use net proceeds for working capital and accelerated completion of development activities for PH-762, its lead clinical program targeting cutaneous carcinomas. The company cited recent positive safety and pathology outcomes from PH-762's dose escalating trial.

Phio develops therapeutics using its INTASYL gene silencing technology. The company's ongoing Phase 1b trial evaluates PH-762 for treating cutaneous squamous cell carcinoma, melanoma and Merkel cell carcinoma.

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