Phio entered into a comprehensive drug substance services agreement with Nitto Denko Avecia, Inc. in June 2025. Under the agreement to date, Avecia has successfully concluded a series of important preliminary activities that involve analytical and process development, method validation, cGMP manufacturing, and testing services for Phio's lead clinical development compound, PH-762.

This commercial-scale production of PH-762 drug substance is an important step in progressing Phio's intratumoral program as it moves into its next phase of development. The Company has recently completed its Phase 1b dose-escalation study of PH-762 in the treatment of cutaneous carcinomas.

"We appreciate our partnership with Nitto Denko Avecia, an organization recognized for its quality and expertise in oligonucleotide chemistry and sequencing," said Robert Bitterman, President and Chief Executive Officer of Phio Pharmaceuticals. "The production of our first commercial scale cGMP batch of PH-762 drug substance underscores meaningful progress toward the next stage of development of our lead clinical compound."