Phio Pharmaceuticals (Phio) is a clinical stage biopharma company developing RNAi therapies that enhance innate immune responses, with an initial focus on skin cancer indications. Phio's lead asset, PH-762, is nearing the end of a Phase 1b clinical trial. We believe a favorable FDA review of this trial would position the company for inflection. Given favorable Phase 1b trial results, Phio is also likely to have a variety of commercialization opportunities, including co-development partnerships, out-licensing agreements, or strategic collaborations with larger pharma companies. The path to commercial revenue through the FDA drug approval process will take several years, with initial commercial sales likely no earlier than 2030. Phio's record of disciplined cost controls and prudent expense management are in line with biopharma industry norms and give us confidence in the company's ability to effectively scale operations through later stage trials.