November 12, 2020
Phio Pharma ends Q3 with $16.9M on hand
Photo | Courtesy
Gerrit Dispersyn became the new CEO of Phio Pharmaceuticals in March.
By Sam Bonacci
Marlborough drugmaker Phio Pharmaceuticals has ended the third quarter of the year with $16.9 million on hand as it ramps up its research and development of its cancer therapy technology.
The company reported R&D costs of $1.3 million for the quarter on Nov. 10, compared to $1 million for the third quarter of 2019, according to a release from the company.
The company reported a net loss of $2.3 million, or $0.40 per share, compared to $2.1 million, or $4.53 per share, for the quarter ended Sept. 30, 2019. The increase in loss was attributed to the increase in research and development, while the change in net loss per share related to an increase in the number of shares due to capital-raising activities.
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