Phio Pharmaceuticals Corp. (PHIO) has reached a new 52-week low, with shares trading at $3.8. This marks a significant downturn for the biotechnology company, which specializes in developing immuno-oncology therapeutics. The 52-week low of $3.8 is a stark contrast to the company's previous performance, indicating a challenging period for the firm.
Over the past year, Phio Pharmaceuticals has seen a drastic change in its stock value. The 1-year change data reveals a decrease of -83.01%, a substantial drop that underscores the company's current financial struggles. This downturn has raised concerns among investors and market analysts, who are closely monitoring the company's performance and future prospects.
In other recent news, Phio Pharmaceuticals has terminated its share purchase agreement with Triton Funds LP, which previously provided Triton the option to acquire up to 18.8% of Phio's common stock. The termination may have implications for Phio's capital structure and funding efforts. However, the company has not yet disclosed any future financing plans.
In a separate development, Phio has advanced to the next dose concentration in its Phase 1b clinical trial of PH-762, following positive safety data from the initial cohort. This trial evaluates the safety and efficacy of PH-762, part of Phio's INTASYL siRNA gene silencing technology, when administered directly into tumors.
Additionally, Phio has secured a patent in South Korea for its INTASYL RXI-185 compound, targeting skin aging and disorders. The patented compound aims to improve skin conditions by slowing the progression of skin thickening, elasticity loss, and wrinkle formation, particularly those related to photo-aging.
Phio also recently secured an investment from TRITON Funds, resulting in the purchase of approximately 18.8% of its common shares. This transaction is expected to yield gross proceeds of up to $621,000 for Phio.
Lastly, Phio presented new preclinical data on its INTASYL Compound PH-905 at the 10th Immunotherapy of Cancer Conference in Munich, Germany, demonstrating its potential to enhance the effectiveness of natural killer cells in fighting cancer.
InvestingPro Insights
As Phio Pharmaceuticals Corp. (PHIO) grapples with its 52-week low, insights from InvestingPro shed light on some underlying financial metrics and forecasts that could be pivotal for investors. With a market capitalization of just $2.16M, the company's valuation reflects the significant challenges it faces. Notably, the adjusted price-to-earnings (P/E) ratio for the last twelve months as of Q1 2024 stands at -0.24, underscoring the company's lack of profitability during this period.
InvestingPro Tips suggest that while Phio holds more cash than debt, which is a positive sign for liquidity, the company is rapidly burning through cash and has weak gross profit margins. Additionally, the stock has not only performed poorly over the past month, with a -27.71% return, but also has a troubling history over the last decade. On a potentially brighter note, analysts predict that Phio may reach profitability this year, which could be a turning point if achieved.
For investors seeking a deeper dive into Phio Pharmaceuticals' financial health and future prospects, InvestingPro offers a comprehensive list of tips. By using the coupon code PRONEWS24, readers can get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription, gaining access to additional insights that could inform investment decisions. There are currently 12 additional InvestingPro Tips available for PHIO at https://www.investing.com/pro/PHIO, providing a more detailed analysis of the company's financial standing and market potential.
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