PHIO PHARMACEUTICALS CORP (PHIO)

NASDAQHealth CareBiotechnologySnapshot 2026-10-23

$0.85-2.30%

Close 2026-10-23 · 1-day change

Investment OutlookAs of Oct 24, 2026

What could strengthen or challenge PHIO PHARMACEUTICALS CORP’s outlook?

The long-term thesis, the evidence coming in, and the environment around it. Thesis dated Jul 8, 2026.

Higher potential upsideImproving expectations

Next-FY EPS estimate change · 30 days

Comparable estimates unavailable

+10% or more+5%0%−5%−10% or less

A matching fiscal period and sufficient coverage are required.

Higher risk of downsideWeakening expectations

One observable signal. This measures changing earnings expectations, not the probability of a gain or loss.

How this is measured

The calculation requires same-period, same-provider snapshots, positive EPS, at least five analysts and a baseline within three days of the requested lookback.

Measure / period	Management expectations	Analyst expectations
Quarter ending 2026-12-30
Revenue	—	0
EPS	—	-0.385
Annual ending 2026-12-31
Revenue	—	0
EPS	—	-1.445
Annual ending 2027-12-31
Revenue	—	0
EPS	—	-0.61

Management figures unavailable.

What the Thesis Depends On

4 published thesis conditions, with dated milestones shown separately.

Key Factor	Why It Matters	Current Status	Break Condition	Latest Evidence
Cash from operations remains above -$4.0 million	Phio aims to manage losses and negative cash flow.	Broken	Cash from operations falls below -$4.0 million in 2026-Q1	Cash from operations: $-4.035M FY2026-Q2; GAAP. Published target: >= -4.0 million USD. The stored target says 2026-Q1; this source reports FY2026-Q2. Fiscal/calendar alignment needs review. Source published Aug 6, 2026-4,035,000 USD · source valueSource reportLast status assessment Oct 24, 2026 Measurement source consolidated · GAAP FY2026-Q2 · Period ending Jun 30, 2026 Source: stock_quarterly_financials_fmp. Reference: 2026-Q2. Source status: unverified. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement. Management context Stated as a priority in 2 quarters: 2026-Q1 and 2026-Q2. Net loss increased from $2.2M in 2025-Q2 to $4.1M in 2026-Q2, driven by rising R&D expenses advancing PH-762. General and administrative expenses showed mixed trends. The trajectory indicates increasing losses consistent with clinical advancement costs. Delivery assessment Oct 24, 2026
Net income remains above -$4.0 million	Phio aims to manage losses and negative cash flow.	Broken	Net income falls below -$4.0 million in 2026-Q1	Net income: $-4.138M FY2026-Q2; GAAP. Published target: >= -4.0 million USD. The stored target says 2026-Q1; this source reports FY2026-Q2. Fiscal/calendar alignment needs review. Source published Aug 6, 2026-4,138,000 USD · source valueSource reportLast status assessment Oct 24, 2026 Measurement source consolidated · GAAP FY2026-Q2 · Period ending Jun 30, 2026 Source: company_financial_results. Reference: 593b5e15-7ca7-435c-a31d-fd974d6faa0c. Source status: eligible. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement. Management context Stated as a priority in 2 quarters: 2026-Q1 and 2026-Q2. Net loss increased from $2.2M in 2025-Q2 to $4.1M in 2026-Q2, driven by rising R&D expenses advancing PH-762. General and administrative expenses showed mixed trends. The trajectory indicates increasing losses consistent with clinical advancement costs. Delivery assessment Oct 24, 2026
Operating income remains above -$4.17 million	Phio aims to manage losses and negative cash flow.	Broken	Operating income falls below -$4.17 million in 2026-Q1	Operating income: $-4.268M FY2026-Q2; GAAP. Published target: >= -4.17 million USD. The stored target says 2026-Q1; this source reports FY2026-Q2. Fiscal/calendar alignment needs review. Source published Aug 6, 2026-4,268,000 USD · source valueSource reportLast status assessment Oct 24, 2026 Measurement source consolidated · GAAP FY2026-Q2 · Period ending Jun 30, 2026 Source: company_financial_results. Reference: 593b5e15-7ca7-435c-a31d-fd974d6faa0c. Source status: eligible. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement. Management context Stated as a priority in 2 quarters: 2026-Q1 and 2026-Q2. Net loss increased from $2.2M in 2025-Q2 to $4.1M in 2026-Q2, driven by rising R&D expenses advancing PH-762. General and administrative expenses showed mixed trends. The trajectory indicates increasing losses consistent with clinical advancement costs. Delivery assessment Oct 24, 2026
Raise approximately $21.3 million by mid-2027	The company has a new $21.3 million funding target for mid-2027.	Intact	Funding falls short of $21.3 million by mid-2027	Direct metric needs a verified mapping The published measure or accounting basis is not supported by an exact source binding. Source date unavailableLast status assessment Oct 24, 2026Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement.

Stored thesis · Jul 8, 2026. Latest Evidence uses source-matched measurements where available, alongside the last thesis-monitor assessment. Source periods and assessment dates are shown separately. A new measurement does not automatically change the published status or verify an older target.

Incoming Evidence

Compare these dated observations with the operating requirements above

Expectations trend

Same fiscal period

FY2027 · fiscal year ending 2027-12-31 · fmp

FY2027 EPS: comparable history unavailable.

FY2027 revenue: comparable history unavailable.

Exact estimates & source dates

One fiscal period and provider throughout. At least five contributors are required for each plotted metric; missing coverage stays a gap. Axes show the observed range. Counts measure coverage, not revisions.

FY2027 estimate observations · fmp
Snapshot	EPS	Revenue	EPS / revenue analysts
2026-07-24	Unavailable	Unavailable	2 / 0
2026-07-25	Unavailable	Unavailable	2 / 0
2026-07-26	Unavailable	Unavailable	2 / 0
2026-07-27	Unavailable	Unavailable	2 / 0
2026-07-28	Unavailable	Unavailable	2 / 0
2026-07-29	Unavailable	Unavailable	2 / 0
2026-07-30	Unavailable	Unavailable	2 / 2
2026-07-31	Unavailable	Unavailable	2 / 2
2026-08-01	Unavailable	Unavailable	2 / 0
2026-08-02	Unavailable	Unavailable	2 / 2
2026-08-03	Unavailable	Unavailable	2 / 2
2026-08-04	Unavailable	Unavailable	2 / 0
2026-08-05	Unavailable	Unavailable	2 / 2
2026-08-06	Unavailable	Unavailable	2 / 0
2026-08-07	Unavailable	Unavailable	2 / 0
2026-08-08	Unavailable	Unavailable	2 / 2
2026-08-09	Unavailable	Unavailable	2 / 0
2026-08-10	Unavailable	Unavailable	2 / 2
2026-08-12	Unavailable	Unavailable	2 / 2
2026-08-13	Unavailable	Unavailable	2 / 0
2026-08-14	Unavailable	Unavailable	2 / 0
2026-08-15	Unavailable	Unavailable	2 / 0
2026-08-16	Unavailable	Unavailable	2 / 0
2026-08-17	Unavailable	Unavailable	2 / 0
2026-08-18	Unavailable	Unavailable	2 / 0
2026-08-19	Unavailable	Unavailable	2 / 0
2026-08-20	Unavailable	Unavailable	2 / 0
2026-08-21	Unavailable	Unavailable	2 / 0
2026-08-22	Unavailable	Unavailable	2 / 0
2026-08-23	Unavailable	Unavailable	2 / 0
2026-08-24	Unavailable	Unavailable	2 / 0
2026-08-25	Unavailable	Unavailable	2 / 0
2026-08-26	Unavailable	Unavailable	2 / 0
2026-08-27	Unavailable	Unavailable	2 / 0
2026-08-28	Unavailable	Unavailable	2 / 0
2026-08-29	Unavailable	Unavailable	2 / 0
2026-08-30	Unavailable	Unavailable	2 / 0
2026-08-31	Unavailable	Unavailable	2 / 0
2026-09-01	Unavailable	Unavailable	2 / 0
2026-09-02	Unavailable	Unavailable	2 / 0
2026-09-03	Unavailable	Unavailable	2 / 0
2026-09-04	Unavailable	Unavailable	2 / 0
2026-09-05	Unavailable	Unavailable	2 / 0
2026-09-06	Unavailable	Unavailable	2 / 0
2026-09-07	Unavailable	Unavailable	2 / 0
2026-09-08	Unavailable	Unavailable	2 / 0
2026-09-09	Unavailable	Unavailable	2 / 0
2026-09-10	Unavailable	Unavailable	2 / 0
2026-09-11	Unavailable	Unavailable	2 / 0
2026-09-12	Unavailable	Unavailable	2 / 0
2026-09-13	Unavailable	Unavailable	2 / 0
2026-09-14	Unavailable	Unavailable	2 / 0
2026-09-15	Unavailable	Unavailable	2 / 0
2026-09-16	Unavailable	Unavailable	2 / 0
2026-09-17	Unavailable	Unavailable	2 / 0
2026-09-18	Unavailable	Unavailable	2 / 0
2026-09-19	Unavailable	Unavailable	2 / 0
2026-09-20	Unavailable	Unavailable	2 / 0
2026-09-21	Unavailable	Unavailable	2 / 0
2026-09-22	Unavailable	Unavailable	2 / 0
2026-09-23	Unavailable	Unavailable	2 / 0
2026-09-24	Unavailable	Unavailable	2 / 0
2026-09-25	Unavailable	Unavailable	2 / 0
2026-09-26	Unavailable	Unavailable	2 / 0
2026-09-27	Unavailable	Unavailable	2 / 0
2026-09-28	Unavailable	Unavailable	2 / 0
2026-09-29	Unavailable	Unavailable	2 / 0
2026-09-30	Unavailable	Unavailable	2 / 0
2026-10-01	Unavailable	Unavailable	2 / 0
2026-10-02	Unavailable	Unavailable	2 / 0
2026-10-03	Unavailable	Unavailable	2 / 0
2026-10-04	Unavailable	Unavailable	2 / 0
2026-10-05	Unavailable	Unavailable	2 / 0
2026-10-06	Unavailable	Unavailable	2 / 0
2026-10-07	Unavailable	Unavailable	2 / 0
2026-10-08	Unavailable	Unavailable	2 / 0
2026-10-09	Unavailable	Unavailable	2 / 0
2026-10-10	Unavailable	Unavailable	2 / 0
2026-10-11	Unavailable	Unavailable	2 / 0
2026-10-12	Unavailable	Unavailable	2 / 0
2026-10-13	Unavailable	Unavailable	2 / 0
2026-10-14	Unavailable	Unavailable	2 / 0
2026-10-15	Unavailable	Unavailable	2 / 0
2026-10-16	Unavailable	Unavailable	2 / 0
2026-10-17	Unavailable	Unavailable	2 / 0
2026-10-18	Unavailable	Unavailable	2 / 0
2026-10-19	Unavailable	Unavailable	2 / 0
2026-10-20	Unavailable	Unavailable	2 / 0
2026-10-21	Unavailable	Unavailable	2 / 0
2026-10-22	Unavailable	Unavailable	2 / 0
2026-10-23	Unavailable	Unavailable	2 / 0
2026-10-24	Unavailable	Unavailable	2 / 0

Revenue and EPS estimates track expectations. They are not delivered results or like-for-like proof of a required annual path.

Compare required revenue and earnings

Analyst view

Monthly observations

Buy / Strong BuyHoldSell / Strong Sell

Exact monthly counts

Monthly rating snapshots · fmp. Missing snapshots are not zero.
Date	Buy*	Hold	Sell*
2026-05-01	1	0	0
2026-06-01	1	0	0
2026-07-01	1	0	0
2026-08-01	1	0	0
2026-09-01	1	0	0
2026-10-01	1	0	0

*Buy includes Strong Buy; Sell includes Strong Sell. Monthly counts describe the analyst mix, not the firms behind each recent action.

Latest: 1 Buy / Strong Buy · 0 Hold · 0 Sell / Strong Sell

0 upgrades0 downgrades0 maintains

Recent actions · Sep 25–Oct 24 · 0 recorded

Price-target changes

30 days

Individual price-target observations are unavailable.

0 raises · 0 cuts · 0 unchanged · 0 without a comparable prior

How this is measured

Sep 25, 2026–Oct 24, 2026. Each firm's latest positive target is paired only with its immediately prior positive target from the same provider, at most 180 days earlier. Unmatched observations have one dot; conflicting observations are not compared.

Outlook in Brief

The evidence, the remaining questions, and what comes next

What's improving

No recovery evidence is reported in the available driver assessments.

Still unresolved / key risks

Cash from operations remains above -$4.0 millionPublished status: Broken
Net income remains above -$4.0 millionPublished status: Broken
Operating income remains above -$4.17 millionPublished status: Broken
Raise approximately $21.3 million by mid-2027Direct metric needs a verified mapping

Next proof point

Nov 12, 2026

Look for updated results and guidance against the published targets, plus direct evidence for unresolved drivers.

Review earnings

Bottom line

4 of 4 published conditions remain under pressure or need verification. The next results need to address those conditions.

The dated weekly assessment and its assumptions are available in Read detailed Outlook.

Historical risk context

Observed price history; separate from operating scenarios

Price sensitivity

2.0%Typical daily move · historical

Downside history

-60.6%Maximum drawdown · trailing year

Read detailed Outlook Company context, assumptions & risks

PHIO PHARMACEUTICALS CORP outlook in detail

The weekly editorial context below is a separate assessment from the dated monitor evidence above. Recovery observations do not automatically change the published thesis. Unverified outside influences are hypotheses, not measured driver evidence.

Updated Oct 24, 2026

What kind of bet this is

This is speculative clinical-stage biotechnology, not an established earnings compounder. The long-term thesis is on watch: PH-762 has reached planned development milestones, but recent financial performance is weak and the company remains loss-making.

What's priced into PHIO PHARMACEUTICALS CORP

The evidence snapshot does not provide a valuation measure or specific market expectations, so whether the shares are cheap or expensive versus peers cannot be assessed. The available evidence points to a high-risk setup, with no clear basis to say what clinical progress or future results are already reflected in valuation.

What the fundamentals likely do

Near term, losses and cash use remain important concerns. Cash declined from $21.0 million at 2025-Q4 to $13.0 million at 2026-Q2, while management expects funds to support operations into the second half of 2027. Over the multi-year view, management has completed the PH-762 Phase 1b trial, submitted an FDA briefing package, and plans to start Phase 2b in Q1 2027, though the next-quarter miss risk is elevated.

What PHIO PHARMACEUTICALS CORP hinges on

The thesis depends on PH-762 advancing through planned clinical and regulatory steps while cash lasts long enough to support development. A guidance cut or weaker economic data could add pressure, while stronger results and guidance from healthcare bellwethers could improve the sector backdrop.