On this page of StockholderLetter.com we present the 6/9/2023 shareholder letter from Phio Pharmaceuticals Corp. — ticker symbol PHIO. Reading current and past PHIO letters to shareholders can bring important insights into the investment thesis.

 •  6/9/2023 Letter Continued (Full PDF)
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 •  8/14/2026 PHIO Stockholder Letter
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 •  PHIO Benford's Law Stock Score = 94

PHIO 6/9/2023 Shareholder/Stockholder Letter Transcript:

2022


Phio Pharmaceuticals Corp.
Annual Report




Dear Shareholders and Friends of Phio:
This past year has been a decisive time in Phio   s evolution transitioning from drug discovery to a clinical
development company. We recently achieved a significant milestone with FDA approval to commence our
first self-directed U.S. human clinical trial targeting various types of skin cancers with our INTASYL   
compound PH-762.
Last year under the guidance of Phio   s Board of Directors and senior management, we undertook intense
strategic planning, assessing every facet of our Company in the context of the current and projected
immuno-oncology market. We specifically assessed where we should focus our technology, capital and
human resources to meaningfully impact human health and, in turn, create shareholder value. After five
months of rigorous Company introspection, medical market analysis and financial modeling, management
developed a detailed three-year strategic plan, endorsed by our Board of Directors. This plan was driven
by four immediate critical imperatives which management and the Board regarded as essential to driving
shareholder value:
x
x
x
x
To immediately commence the process of compiling, submitting and securing FDA clearance of
an IND (Investigational New Drug) application to begin a phase 1b trial under Phio   s direction to
establish our patented INTASYL    technology as safe and efficacious in man.
To clearly articulate and align all aspects of our corporate messaging to be consistent and
understandable among our stakeholders and target audiences.
To determine and implement the appropriate business architecture to successfully execute the
bridge from a drug discovery company to a clinical development company.
To preserve the integrity of our NASDAQ Exchange listing.
We have already met each of these imperatives.
Today, we are primed to execute a dose-escalating clinical trial with our INTASYL compound (PH-762), in
the 2nd half of 2023, to treat Stages I and II for cutaneous squamous cell carcinoma (cSCC) and late
stages metastatic melanoma, Merkel and cSCC. Cutaneous squamous cell carcinoma represents over
50% of all solid tumors in the U.S. (excluding basal cell carcinoma) reaching 1.8 million incidents
annually, a significant unsatisfied market. We believe our INTASYL drug may offer the optimal
combination of relative efficacy, safety, tolerability, convenience and cost to many of those afflicted.
Concurrently, in concert with our development partner AgonOx, Inc., in conjunction with the Providence
Cancer Institute, we have received FDA clearance to commence a combination trial of our PH-762 with
the AgonOx    double positive    (DP) CD8 tumor infiltrating lymphocytes (TIL) as adoptive cell therapy. This
trial will treat metastatic melanoma, head and neck and other solid tumors.
In preparation for these clinical trials, we have implemented the redesign of our organization. We have
secured human resource experience with a track record. Individuals who can drive these clinical
imperatives without over-extending our infrastructure.
To more effectively convey the versatility of our RNA interference platform and compounds based on
Nobel Prize winning technology, we completely revamped our website, facilitating access to information
we believe you will find current and relevant. We invite you to access our website at
www.phiopharma.com in order to learn more about who we are and what our technology can do.
In summary, we see extraordinary potential to improve human health and in turn enhance shareholder
value by continuing to focus and hone our unique technology to address the unmet needs of selected
cancer targets. We appreciate your continued support.
Sincerely,
Robert J. Bitterman
President and CEO

6/9/2023 Letter Continued (Full PDF)

 

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