MeritValue

Phio Pharmaceuticals Corp.

PHIOdata completeness 75%23 fiscal years on file
The thesis, from the filings

Phio Pharmaceuticals Corp. earns about -100% on equity, but has diluted owners by 460% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue—————
Net income−$13.3M1−$11.5M2−$10.8M3−$7.15M4−$8.7M4
Operating cash flow−$11.9M5−$12.1M6−$10.7M7−$7.11M8−$7.98M8
Capital expenditure$51,0009$121,00010$5,00011$1,00012$12,00012
Free cash flow (derived)−$11.9M5−$12.3M6−$10.8M7−$7.11M8−$7.99M8
Total debt$013————
Cash & equivalents$24.1M14$11.8M15$8.49M16$5.38M17$21M17
Diluted shares1.1M1.1M231,508787,4666.0M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$33.67
your share of equity
Profit it earned you last year
−$14.54
Free cash flow it threw off
−$13.35
Debt you’d be carrying
—

10 shares is a claim on $33.67 of net worth that earned you −$14.54 and generated −$13.35 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-100% avg · 5y
FY21 -61%FY22 -106%FY23 -140%FY24 -151%FY25 -43%

It earned an average -100% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+460% shares · 5y

Share count is up 460% over 5 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001683168-23-001678 (NetIncomeLoss)
  2. 10-K · period ending 2022-12-31 · accession 0001683168-24-002021 (NetIncomeLoss)
  3. 10-K · period ending 2023-12-31 · accession 0001683168-25-002134 (NetIncomeLoss)
  4. 10-K · period ending 2024-12-31 · accession 0001437749-26-007078 (NetIncomeLoss)
  5. 10-K · period ending 2021-12-31 · accession 0001683168-23-001678 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2022-12-31 · accession 0001683168-24-002021 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2023-12-31 · accession 0001683168-25-002134 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2024-12-31 · accession 0001437749-26-007078 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2021-12-31 · accession 0001683168-23-001678 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 10-K · period ending 2022-12-31 · accession 0001683168-24-002021 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-12-31 · accession 0001683168-25-002134 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2024-12-31 · accession 0001437749-26-007078 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001683168-22-001833 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2021-12-31 · accession 0001683168-24-002021 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  15. 10-K · period ending 2022-12-31 · accession 0001683168-25-002134 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  16. 10-K · period ending 2023-12-31 · accession 0001683168-25-002134 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2024-12-31 · accession 0001437749-26-007078 (CashAndCashEquivalentsAtCarryingValue)