The company has maintained a zero-revenue profile for ten consecutive quarters, with operating losses widening to $4.2 million in 2026Q1 due to rising R&D expenditures.
| 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 |
|---|
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 21K | 138K | 15K | 19K | 34K | 71K | 399K | 97K | 0 |
| Revenue Growth % | - | - | - | - | - | - | -100% | -84.78% | 820% | -21.05% | -44.12% | -52.11% | -82.21% | 311.34% | - | - |
| Cost of Goods Sold | 1.07M | 0 | 3.64M | 6.33M | 7.01M | 8.89M | 3.72M | 0 | 4.33M | 5.37M | 5.42M | 6.92M | 5.68M | 17.65M | 12.97M | 0 |
| COGS % of Revenue | - | - | - | - | - | - | - | - | 3134.78% | 35800% | 28500% | 20367.65% | 8000% | 4423.81% | 13376.29% | - |
| Gross Profit | -1.07M | 0 | -3.64M | -6.33M | -7.01M | -8.89M | -3.72M | 21K | -4.19M | -5.36M | -5.4M | -6.89M | -5.61M | -17.25M | -12.88M | 0 |
| Gross Margin % | - | - | - | - | - | - | - | 100% | -3034.78% | -35700% | -28400% | -20267.65% | -7900% | -4323.81% | -13276.29% | - |
| Gross Profit Growth % | - | 100% | 42.47% | 9.7% | 21.09% | -139.13% | -17795.24% | 100.5% | 21.79% | 0.76% | 21.7% | -22.86% | 67.49% | -33.96% | - | - |
| Operating Expenses | 10.44M | 9.22M | 3.74M | 4.49M | 4.45M | 4.63M | 5.08M | 9.01M | 7.5M | 9.38M | 9.03M | 10.27M | 8.9M | 21.35M | 13.07M | 12.77M |
| OpEx % of Revenue | - | - | - | - | - | - | - | 42895.24% | 5436.23% | 62540% | 47547.37% | 30208.82% | 12530.99% | 5350.38% | 13476.29% | - |
| Selling, General & Admin | 4.99M | 4.6M | 3.74M | 4.29M | 4.45M | 4.63M | 5.08M | 4.71M | 3.18M | 4.01M | 3.62M | 3.35M | 3.22M | 3.7M | 2.62M | 6.15M |
| SG&A % of Revenue | - | - | - | - | - | - | - | 22419.05% | 2301.45% | 26740% | 19047.37% | 9841.18% | 4530.99% | 926.57% | 2702.06% | - |
| Research & Development | 6.53M | 4.62M | 3.64M | 6.33M | 7.01M | 8.89M | 3.72M | 4.3M | 4.33M | 5.37M | 5.42M | 6.92M | 5.68M | 17.65M | 10.45M | 6.62M |
| R&D % of Revenue | - | - | - | - | - | - | - | 20476.19% | 3134.78% | 35800% | 28500% | 20367.65% | 8000% | 4423.81% | 10774.23% | - |
| Other Operating Expenses | -1000K | 0 | -3.64M | -6.13M | -7.01M | -8.89M | -3.72M | 0 | 4K | 4.7M | 3.11M | 2.44M | 2.21M | 2.63M | 0 | 0 |
| Operating Income | -11.52M | -9.22M | -7.39M | -10.82M | -11.46M | -13.51M | -8.79M | -8.99M | -7.36M | -14.06M | -9.02M | -10.24M | -8.83M | -20.95M | -12.97M | -12.77M |
| Operating Margin % | - | - | - | - | - | - | - | -42795.24% | -5336.23% | -93746.67% | -47447.37% | -30108.82% | -12430.99% | -5250.38% | -13376.29% | - |
| Operating Income Growth % | - | -24.81% | 31.75% | 5.57% | 15.17% | -53.66% | 2.16% | -22.04% | 47.63% | -55.98% | 11.94% | -15.99% | 57.87% | -61.46% | -1.61% | - |
| EBITDA | -11.51M | -9.22M | -7.38M | -10.64M | -11.39M | -13.44M | -8.72M | -8.92M | -7.28M | -13.99M | -8.96M | -10.16M | -8.74M | -20.85M | -12.83M | -12.61M |
| EBITDA Margin % | - | - | - | - | - | - | - | -42476.19% | -5277.54% | -93280% | -47168.42% | -29882.35% | -12308.45% | -5225.56% | -13224.74% | - |
| EBITDA Growth % | -66.87% | -24.81% | 30.59% | 6.59% | 15.22% | -54.06% | 2.23% | -22.48% | 47.95% | -56.13% | 11.79% | -16.26% | 58.09% | -62.54% | -1.75% | - |
| D&A (Non-Cash Add-back) | 4.5K | 3K | 2K | 184K | 71K | 75K | 72K | 67K | 81K | 70K | 53K | 77K | 87K | 99K | 147K | 163K |
| EBIT | -11.52M | -9.22M | -7.39M | -10.83M | -11.46M | -13.51M | -8.79M | -8.99M | -7.36M | -14.07M | -9.02M | -10.24M | -8.83M | -20.95M | -12.97M | 0 |
| Net Interest Income | 280K | 0 | 231K | 0 | 0 | 0 | 0 | 0 | 0 | -1K | 15K | 16K | 17K | 24K | -30K | 0 |
| Interest Income | 280K | 0 | 231K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 15K | 16K | 17K | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1K | 0 | 0 | 0 | 24K | 30K | 0 |
| Other Income/Expense | 583K | 522K | 237K | -2K | -18K | 224K | -1K | 79K | 4K | -11K | 21K | 14K | 26K | 24K | 108K | 2.55M |
| Pretax Income | -10.93M | -8.7M | -7.15M | -10.83M | -11.48M | -13.29M | -8.79M | -8.91M | -7.36M | -14.07M | -8.99M | -10.22M | -8.8M | -20.93M | -12.88M | -10.22M |
| Pretax Margin % | - | - | - | - | - | - | - | -42419.05% | -5333.33% | -93820% | -47336.84% | -30067.65% | -12394.37% | -5244.36% | -13278.35% | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4K | -1.62M | -74K | -91K | 0 | 0 | -95K | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -0.05% | 11.52% | 0.82% | 0.89% | 0% | 0% | 0.74% | 0% |
| 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 |
| Net Margin % | - | - | - | - | - | - | - | -42419.05% | -5333.33% | -83013.33% | -47336.84% | -30067.65% | -12394.37% | -5244.36% | -13278.35% | - |
| Net Income Growth % | -61.6% | -21.65% | 33.96% | 5.7% | 13.6% | -51.09% | 1.28% | -21.03% | 40.89% | -38.45% | 12.02% | -16.17% | 57.95% | -62.46% | -26.04% | - |
| Net Income (Continuing) | -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 |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.94 | -1.45 | -0.91 | -46.76 | -89.61 | -111.32 | -207.25 | -2074.18 | -6218.35 | -32801.22 | -79282.81 | -93029.39 | -238075.91 | -999999.00 | -999999.00 | -999999.00 |
| EPS Growth % | 100% | -59.34% | 98.05% | 47.82% | 19.5% | 46.29% | 90.01% | 66.64% | 81.04% | 58.63% | 14.78% | 60.92% | 77.52% | 26.98% | -11.86% | - |
| EPS (Basic) | - | -1.45 | -0.91 | -46.87 | -89.61 | -111.32 | -207.25 | -2074.18 | -6218.35 | -32801.22 | -79282.81 | -93029.39 | -238075.91 | -999999.00 | -999999.00 | -999999.00 |
| Diluted Shares Outstanding | 11.62M | 5.98M | 787.47K | 231.51K | 126.16K | 118.68K | 42.43K | 4.26K | 1.18K | 380 | 113 | 110 | 37 | 20 | 9 | 8 |
| Basic Shares Outstanding | 11.62M | 5.98M | 787.47K | 231K | 126.16K | 118.68K | 42.43K | 4.26K | 1.18K | 380 | 113 | 110 | 37 | 20 | 9 | 8 |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Clinical Trial Funding Exhaustion
As indicated by the company's historical financial filings, Phio Pharmaceuticals has maintained a zero-revenue profile over the last ten quarters, confirming its status as a pre-commercial entity entirely dependent on external capital injections rather than organic product sales to sustain its ongoing research and development operations.
The lack of top-line growth underscores the company's reliance on milestone-based collaborations and equity financing. Investors should interpret this trajectory as a binary outcome scenario where revenue generation remains contingent on the successful clinical validation of the INTASYL platform rather than existing market demand.
According to recent quarterly income statements, Phio's research and development expenditures have trended upward, reaching $2.8 million in 2026Q1, which highlights the intensifying financial pressure of advancing clinical-stage programs without a corresponding offset from commercial product revenue or sustainable long-term partnership income streams.
The steady increase in R&D spending suggests that clinical trial enrollment and laboratory requirements are becoming more capital-intensive over time. This trend warrants close monitoring, as the company's cost structure appears to be scaling in direct opposition to its limited cash reserves.
Based on reported figures, the company's operating losses have widened to $4.2 million in 2026Q1, reflecting a lack of operating leverage as SG&A and R&D costs continue to climb while the firm remains unable to generate any meaningful gross profit to cover its fixed overhead expenses.
The absence of gross profit indicates that the company has not yet achieved the scale necessary to absorb its fixed cost base. This suggests that the current operating model is inherently loss-making, with no immediate path to profitability without a significant shift in the business model.
As disclosed in recent financial statements, the company has utilized stock-based compensation, reaching $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 is a common tool for cash preservation in early-stage biotech, its usage here suggests management is prioritizing liquidity over shareholder equity. Analysts should consider the impact of this share count creep when evaluating the long-term value proposition for existing investors.
Financial data suggests that Phio's reliance on external funding is reaching a critical juncture, as the $21 million cash position reported in recent filings may be insufficient to support the current burn rate through the completion of necessary Phase 1/2 clinical trials for its lead programs.
The persistent negative net income and lack of revenue suggest that the company is highly vulnerable to equity market volatility. Investors should be wary of the potential for significant future dilution, as the company may be forced to raise capital under unfavorable terms to maintain operations.
Quick answers to the most common questions about buying PHIO stock.
For fiscal year 2025, Phio Pharmaceuticals Corp. (PHIO) reported total revenue of $0.0M.
Phio Pharmaceuticals Corp. (PHIO) reported a net loss of $8.7M for the fiscal year ending 2025.