Phio Pharmaceuticals raises $2.5 million through warrant exercise

Phio Pharmaceuticals Corp. (NASDAQ: PHIO) announced the exercise of outstanding warrants for approximately $2.5 million in gross proceeds. The clinical-stage biopharmaceutical company entered into agreements to exercise warrants for 928,596 shares of common stock originally issued in December 2024 and January 2025.

The warrant exercise involves two components: 100,000 shares at the existing exercise price of $2.00 per share and 828,596 shares at a reduced exercise price of $2.485 per share. The shares are registered under an effective Form S-1 registration statement.

In exchange for immediate cash exercise and an additional payment of $0.125 per new warrant, totaling $232,149, exercising holders will receive new unregistered warrants for up to 1,857,192 shares of common stock at $2.485 per share. These new warrants will have terms of 24 months for warrants covering 1,538,596 shares and five years for warrants covering 318,596 shares.

H.C. Wainwright & Co. is serving as the exclusive placement agent for the offering. The transaction is expected to close on or about July 28, 2025, subject to customary closing conditions.

Phio Pharmaceuticals plans to use the net proceeds for working capital and general corporate purposes. The company develops siRNA therapeutics using its INTASYL gene silencing technology for cancer treatment. Its lead clinical program, PH-762, is currently in a Phase 1b trial for cutaneous squamous cell carcinoma, melanoma and Merkel cell carcinoma.

The new warrants were offered in a private placement to accredited investors under an exemption from Securities Act registration requirements. The company has agreed to file a registration statement covering the resale of shares issuable upon exercise of the new warrants.

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