UPDATE: Phio Pharmaceuticals (PHIO) - The ORR Keeps Shrinking

The Q1 print quietly walks the cSCC response rate down for the second time. The dilution machine keeps humming.

In my Phio deep dive, I called the equity “a masterclass in dilution” with “legitimate, interesting chemistry,” and flagged a small but uncomfortable discrepancy: the January 20, 2026 press release touted 14 of 20 cSCC patients (70% ORR) with 10 complete responses, but the 10-K filed in March quietly reported 13 responders and 9 CRs. I shrugged that off as “common as pathology reviews mature.”

Today’s 10-Q and Q1 earnings release confirm the lower number is the real number. The headline ORR for cSCC is now 65% (13/20) with 9 complete responses, not 70% with 10. The Phase 1b “pristine receipts” just got a haircut. Meanwhile R&D burn tripled, cash dropped to $17.0M, and the $6.36M ATM is loaded and waiting.