Phio Pharmaceuticals Corp. (PHIO) stock rallied today following the presentation of data at ESMO 2021. The PHIO stock price saw a surge of 8.62% to reach $2.14 a share at the time of this writing. The stock was gloomy in the previous trade and went low by 1.99% at closing. Let discuss more this stock.
Phio Pharmaceuticals Corp is the biotech stock that operates by developing immune-oncology therapeutics in the U.S. It is developing PH-762 for targeting the checkpoint PD-1 on immune cells for use in adoptive cell transfer.
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PHIO stock today announced new study results that show local treatment in Vivo with INTASYL can cure tumor along with the generation of systemic tumor immunity that is durable as well as tumor-specific. The purpose of the study was to show co-targeting PD-1 and BRD4 synergistic activity with one INTASYL formulation in a preclinical in vivo hepatocellular carcinoma model. According to the results, 83% animals who took treatment with PH-3861 showed complete response with low doses. Furthermore, the study team observed specific systemic anti-tumor immune response without further treatment.
The data presented today demonstrates that multiple genes can be targeted in one INTASYL product. The treatment shows complete resistance against tumors and generates tumor-specific immunity that lasts for months.
Financial View of PHIO stock:
Back in August 13, 2021, PHIO stock announced second-quarter 2021 financial results according to which
- PHIO stock suffered a net loss of $2.7 million, or $0.20 per share in the second quarter of 2021. This compares to a net loss of $1.7 million, or $0.34 per share in the same quarter of last year.
- Phio spent $1.7 million in research and development expenses in the second quarter of 2021. These expenses were $0.8 million in the same tenure of the previous year.
- General and administrative expenses jumped from $0.9 million in Q2,2020 to $1.0 million in Q2,2021. The increase is attributable to an increase in stock-based compensation.
- By the end of the second quarter, PHIO stock had $29.4 million in cash as compared to $14.2 million as of December 31, 2020.
Investors are responding positively to the recent presentation at ESMO 2021. The management is looking forward to further validate INTASYL in the upcoming clinical trial with its lead INTASYL product candidate.