Phio Pharmaceuticals Corp Dossier - Source-backed chat

Phio Pharmaceuticals Corp

PHIONASDAQ

SectorHealth Care

IndustryBiotechnology

Beta (adjusted)0.83

Intrinsic Value

Insufficient data for a value estimateNot enough reliable inputs to publish a fair value for this company yet.

Market Price $1.00Price as of 1 Oct 2026

Data confidenceNot applicable

Market Cap $11.6M

Enterprise Value −$1.4M

Shares Outstanding 11.6M diluted

Next Earnings Date12 Nov 2026

All prices and values are periodic snapshots, not live quotes. Source dates are shown for reference.

Thesis

Street consensus, scenarios, merits, risks, and invalidation triggers

AI-assisted

Thesis Summary

Phio Pharmaceuticals is a clinical-stage biopharmaceutical company leveraging its proprietary INTASYL self-delivering siRNA platform to develop immuno-oncology therapeutics. The company's lead candidate, PH-762, has demonstrated highly encouraging efficacy in its Phase 1b trial for cutaneous squamous cell carcinoma (cSCC), achieving an 85% pathological response rate in the highest-dose cohort with a clean safety profile. While the scientific validation of the INTASYL platform is strong, Phio remains a pre-revenue micro-cap biotech with a limited cash runway extending into the first half of 2027. Near-term upside is highly dependent on positive regulatory feedback from the FDA regarding next-stage clinical designs and the company's ability to secure non-dilutive funding or strategic partnerships to avoid heavy dilution from its active ATM program.

This section is the 12-month view: analyst targets and the probability-weighted scenarios built from them. The intrinsic value at the top of this page answers a different question: what the business is worth today.

Street view · analyst 12-month targets1 analysts · as of 18 Aug 2026

Low · most bearish analyst$14.00

Mean target$14.00

High · most bullish analyst$14.00

Our research · scenarios, merits, risks, and invalidation triggersResearch as of 20 Jun 2026

Scenarios · 12-month scenario targetsAnchored at research date

Bear CaseDownside scenario

The FDA requires extensive, costly additional preclinical or toxicology studies before allowing Phase 2 initiation, delaying timelines. Cash burn accelerates, forcing aggressive utilization of the ATM program at low share prices, resulting in severe shareholder dilution and downward pressure on the stock.

Base CaseCentral scenario

The FDA provides clear guidance on a Phase 2 clinical design for PH-762 in cSCC. Phio successfully initiates the required non-clinical toxicology studies and utilizes its ATM facility selectively to maintain a stable cash runway. The stock trades in line with clinical-stage oncology peers as it transitions PH-762 into a registrational or advanced Phase 2 trial.

Bull CaseUpside scenario

Successful clinical advancement of PH-762 in cutaneous carcinomas leading to FDA pivotal trial clearance, coupled with potential licensing or partnership deals for the INTASYL platform.

Scenarios are anchored to street consensus at the research date, with our probabilities and rationale.

Key Investment Merits

Differentiated INTASYL platform: The only self-delivering siRNA technology focused on immuno-oncology, eliminating the need for complex formulation or delivery systems.
Strong Phase 1b efficacy: Achieved an 85% pathological response rate in the highest-dose cohort of cSCC patients, with 100% clearance in several patients.
Favorable safety profile: No dose-limiting toxicities or serious treatment-emergent adverse events observed across all five escalating dose cohorts.

Key Investment Risks

Limited cash runway: Cash of $17.03 million as of March 31, 2026, only funds operations into the first half of 2027, making future dilutive capital raises highly likely.
Single-asset concentration: Valuation is heavily tied to the clinical success of PH-762, with other pipeline candidates like PH-894 still in preclinical stages.
Regulatory hurdles: Transitioning to pivotal trials requires successful completion of non-clinical toxicology studies and alignment with FDA requirements.

Thesis Invalidation Triggers

FDA clinical hold or requirement of highly restrictive, multi-year preclinical studies before Phase 2 initiation.
Severe clinical safety signals or lack of efficacy in expanded patient cohorts.
Inability to raise capital or secure a partner, leading to a going-concern qualification or delisting warning.

All scenarios are estimates and subject to change. Past performance is not indicative of future results.

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ValuationIntrinsic value, the six-method breakdown, peer medians, and your assumptions sandbox.Financial SnapshotRevenue, profitability, returns, balance sheet, dividends, and the filing-level detail.Qualitative AnalysisBusiness overview, strategic initiatives, and mergers, acquisitions & partnerships.Outlook & Key DatesForward estimates, reporting calendar, and the monitoring framework.