Marlborough cancer-therapy firm maintains runway through 2023 with $24M in cash
Photo | Grant Welker
Phio Pharmaceuticals' office at the Marlborough Technology Center
Marlborough drugmaker Phio Pharmaceuticals ended the 2021 fiscal year with $24.1 million cash in hand, enough to carry the drugmaker through the second quarter of 2023.
In a press release, Phio Pharma reported it had nearly doubled cash on hand to $24.1 million in December of 2021 compared to December of 2020, when it had $14.2 million on hand. With these funds, the company expects to be able to pay for operations into the second quarter of 2023.
The announcement came as the company reported rising research expenses, with $8.9 million spent in 2021 as opposed to $3.7 in 2020. However, general and administrative expenses declined to $4.6 million in 2021 from $5.1 million in 2020.
Net loss for the firm was $13.3 million, or $1.04 per share, for 2021 compared with $8.8 million, or $1.92 per share, in 2020.
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