The firm continues to experience significant liquidity depletion, reporting a negative free cash flow of $4.0 million in 2026Q1, which aligns with its OCF/NI ratio of 1.00.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 |
|---|
| Cash from Operations | -10.71M | -7.98M | -7.11M | -10.75M | -12.13M | -11.86M | -8.8M | -8.64M | -7.52M | -9.51M | -7.76M | -7.32M | -7.76M | -6.31M | -5.06M | -9.99M |
| Operating CF Margin % | - | - | - | - | - | - | - | -41166.67% | -5449.28% | -63426.67% | -40842.11% | -21520.59% | -10926.76% | -1581.7% | -5218.56% | - |
| Operating CF Growth % | -315.3% | -12.19% | 33.84% | 11.38% | -2.29% | -34.72% | -1.82% | -14.96% | 20.96% | -22.6% | -6.05% | 5.68% | -22.93% | -24.67% | 49.32% | - |
| Net Income | -10.93M | -8.7M | -7.15M | -10.83M | -11.48M | -13.29M | -8.79M | -8.91M | -7.36M | -12.45M | -8.99M | -10.22M | -8.8M | -20.93M | -12.88M | -10.22M |
| Depreciation & Amortization | 4K | 3K | 35K | 184K | 193K | 75K | 72K | 67K | 81K | 70K | 53K | 77K | 87K | 99K | 147K | 163K |
| Stock-Based Compensation | 164K | 481K | 147K | 303K | 414K | 480K | 136K | 300K | 282K | 314K | 756K | 1.53M | 1.85M | 1.98M | 968K | 2.11M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | -233K | 0 | 0 | 0 | -1.62M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 589K | 0 | -6K | 126K | 0 | 117K | 111K | 109K | 405K | 4.71M | -9K | 228K | -10K | 12.25M | 6.18M | -2.36M |
| Working Capital Changes | -532K | 235K | -138K | -536K | -1.26M | 990K | -327K | -213K | -523K | -530K | 434K | 1.07M | -881K | 286K | 525K | 317K |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -166K | 183K | -404K | -122K | 496K | -445K | -81K | 259K | 39K | -608K | -246K | 878K | 122K | -253K | 29K | -337K |
| Cash from Investing | -7K | -12K | 8K | -5K | -121K | -51K | -19K | -72K | -5K | -103K | 5.35M | -5.56M | 2.92M | -3.09M | 16K | -112K |
| Capital Expenditures | -10K | -12K | -1K | -5K | -121K | -51K | -19K | -72K | -5K | -203K | -4K | -57K | -95K | -78K | -15K | -59K |
| CapEx % of Revenue | - | - | - | - | - | - | - | 342.86% | 3.62% | 1353.33% | 21.05% | 167.65% | 133.8% | 19.55% | 15.46% | - |
| Acquisitions | 3K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 100K | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 9K | 0 | 0 | 0 | 0 | 0 | 0 | 100K | -150K | -5.5K | 12K | -15K | 31K | -53K |
| Cash from Financing | 14.47M | 23.64M | 4M | 7.41M | -26K | 21.72M | 16.13M | 772K | 18.82M | 292K | 10.2M | 9.49M | 1.95M | 15.67M | 9.67M | 3.71M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 204K | -6K | 0 | 0 | 0 | 0 | 0 | -5K | 471K | 383K |
| Equity Issued (Net) | 14.5M | 23.67M | 4M | 7.44M | 2K | 19.58M | 12.07M | 709K | 18.82M | 292K | 10.2M | 0 | 1.95M | 15.68M | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -209K | -4.13M | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | -1K | -11K | 0 | 0 | -15K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -30K | -30K | -5K | -26K | -28K | 2.15M | 3.85M | 69K | 0 | 0 | 0 | 9.7M | 0 | -7K | 9.2M | 3.33M |
| Net Change in Cash | 3.75M | 15.65M | -3.11M | -3.34M | -12.28M | 9.81M | 7.31M | -7.95M | 11.3M | -9.32M | 7.79M | -3.38M | -2.89M | 6.26M | 4.62M | -6.39M |
| Free Cash Flow | -10.72M | -7.99M | -7.11M | -10.75M | -12.25M | -11.91M | -8.82M | -8.72M | -7.53M | -9.72M | -7.76M | -7.37M | -7.85M | -6.39M | -5.08M | -10.05M |
| FCF Margin % | - | - | - | - | - | - | - | -41509.52% | -5452.9% | -64780% | -40863.16% | -21688.24% | -11060.56% | -1601.25% | -5234.02% | - |
| FCF Growth % | -68% | -12.34% | 33.86% | 12.21% | -2.86% | -35.01% | -1.19% | -15.84% | 22.56% | -25.15% | -5.29% | 6.1% | -22.91% | -25.84% | 49.47% | - |
| FCF per Share | -0.92 | -1.34 | -9.03 | -46.45 | -97.10 | -100.34 | -207.89 | -2045.09 | -6357.76 | -25596.65 | -68440.26 | -67103.47 | -212455.70 | -323362.69 | -571734.23 | -999999.00 |
| FCF Conversion (FCF/Net Income) | 0.98x | 0.92x | 0.99x | 0.99x | 1.06x | 0.89x | 1.00x | 0.97x | 1.02x | 0.76x | 0.86x | 0.72x | 0.88x | 0.30x | 0.39x | 0.98x |
| Interest Paid | 0 | 0 | 0 | 11K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Clinical Trial Funding Exhaustion
According to the company's reported financial statements, the OCF/NI ratio has fluctuated significantly, reaching 1.00 in 2026Q1, which underscores that the firm's net losses are essentially synonymous with its cash burn, as there are no non-cash revenue streams to decouple accounting losses from actual liquidity depletion.
The tight correlation between net income and operating cash flow confirms that Phio lacks the accrual-based accounting complexities typical of commercial-stage firms. Investors should interpret this as a pure cash-burn model where every dollar of reported loss represents a direct reduction in the company's limited runway.
As reported in recent quarterly filings, Phio has consistently generated negative free cash flow, with the 2026Q1 deficit reaching $4.0 million, illustrating a trajectory of sustained capital consumption that remains entirely unmitigated by any form of internal cash generation or operational self-sufficiency.
The absence of positive free cash flow is the defining characteristic of the firm's current financial profile. This trend suggests that the company remains in a high-intensity investment phase where the cost of clinical development continues to outpace any potential for near-term liquidity stabilization.
Based on the provided cash flow data, working capital changes have been highly erratic, swinging from a $451,000 inflow in 2025Q1 to a $425,000 outflow in 2025Q2, which suggests that the company's liquidity is sensitive to the timing of vendor payments and clinical trial-related accruals.
These fluctuations indicate that management is likely managing cash by modulating the timing of payables to match the availability of capital. Such volatility warrants further investigation into whether these shifts represent strategic cash preservation or merely the inherent unpredictability of clinical-stage operational expenses.
As disclosed in recent financial statements, the company has utilized stock-based compensation, peaking at $113,000 in 2025Q3, which serves to preserve cash but simultaneously introduces potential earnings dilution that may mask the true economic cost of retaining specialized scientific talent in a highly competitive biotechnology labor market.
While stock-based compensation provides a necessary buffer for cash preservation, it effectively shifts the burden of funding operations from the balance sheet to the shareholders through equity dilution. Analysts should view this as a non-cash expense that nonetheless represents a real cost to the equity value of the firm.
Quick answers to the most common questions about buying PHIO stock.
Phio Pharmaceuticals Corp. (PHIO) generated $-8.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Phio Pharmaceuticals Corp. (PHIO) reported negative free cash flow of $8.0M in 2025, indicating capital requirements exceeded cash from operations.
Phio Pharmaceuticals Corp. (PHIO) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.