Phio Pharma Secures $13.4M Through Warrant Exercises Covering 5.66M Shares, Including Reduced $2.05 Pricing On 4.65M Shares

Phio Pharmaceuticals Corp. (NASDAQ:PHIO), a clinical-stage siRNA biopharmaceutical company developing therapeutics using its proprietary INTASYL® gene silencing technology to eliminate cancer, today announced the entry into definitive agreements to exercise certain outstanding warrants to purchase up to an aggregate of 5,663,182 shares of common stock of the Company originally issued in July 2024, December 2024, January 2025 and July 2025, having exercise prices between $2.00 and $5.45 per share. Warrants to purchase 60,000 shares of common stock will be exercised at their existing exercise price of $2.00 per share, warrants to purchase 948,596 shares of common stock will be exercised at their existing exercise price of $2.485 per share and warrants to purchase 4,654,586 shares of common stock will be exercised at a reduced exercise price of $2.05 per share. The shares of common stock issuable upon exercise of the warrants are registered pursuant to effective registration statements on Form S-1 (File No. 333-284381) and Form S-3 (File No. 333-289621). The gross proceeds to the Company from the exercise of the warrants are expected to be approximately $13.4 million, prior to deducting placement agent fees and offering expenses.

Phio intends to use the net proceeds from these warrant exercises for working capital, and, primarily, accelerated completion of certain required development activities in preparation for the next phase of clinical development of PH-762 for cutaneous carcinomas given recent positive safety and pathology outcomes in its dose escalating trial.