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Exhibit 99.1 Phio Pharmaceuticals Reports Second Quarter 2026 Financial Results and Business Update Strategic milestone advancements for lead clinical candidate PH - 762 Initiation of commercial scale API , long term non - clinical toxicology , completion of Phase 1b pharmacology , and new IP announcements KING OF PRUSSIA , PA , August 6 , 2026 ( NEWSFILE ) —Phio Pharmaceuticals Corp. ( NASDAQ : PHIO ) is a clinical - stage siRNA biopharmaceutical company developing therapeutics using its proprietary INTASYL® gene silencing technology to eliminate cancer . Phio today reported its financial results for the quarter ended June 30 , 2026 , and provided a business update . " We realized significant headway on foundational building blocks advancing the PH - 762 development program during the 2nd quarter , " said Robert J. Bitterman , President and CEO . “ Commencement of commercial scale API and dosing of a long term non- clinical study , both expected to be completed by year end , and final analysis of pharmacology outcomes from the Phase 1b trial should provide strategic flexibility for our next clinical study design , now in its final preparation . " PH - 762 Progress PH - 762 was evaluated in a U.S. multi - center Phase 1b dose - escalating clinical trial through the intratumoral injection of PH - 762 for the treatment of patients with cutaneous squamous cell carcinoma , melanoma and Merkel cell carcinoma . The trial ( NCT 06014086 ) was designed to evaluate the safety and tolerability of neoadjuvant use of intratumorally injected PH - 762 , assess the tumor response , and determine the dose or dose range for continued study of PH - 762 . The study comprised 22 patients , including 20 with cutaneous squamous cell carcinoma , one with melanoma and one with Merkel cell carcinoma , which was completed in March of this year . Final comprehensive clinical study documentation is in final preparation stage , which will be submitted to the FDA . Phio intends to request an FDA meeting in the third quarter of 2026 to discuss next steps in the clinical trial design and development strategy for PH - 762 . Capital Sourcing 2Q 2026 In April 2026 , the Company established an at the market ( ATM ) equity offering program_pursuant to which it may offer and sell , from time to time , through H.C. Wainwright & Co. , LLC , acting as sales agent , shares of its common stock having an aggregate sales price of up to $ 6.36 million . Scientific News The Company presented its Phase 1b clinical trial data for PH - 762 at multiple conferences and virtual life science events including Force Family Office Fireside Chats , the Life Sciences Investor Forum , and Renmark Financial Virtual Non Deal Road Show events . The Company has received multiple favorable patent actions encompassing three notices of allowance and one grant decision to further strengthen Phio's global intellectual property portfolio in the United States , Canada , and Japan . This reinforces the Company's commitment to developing and safeguarding breakthrough technologies for the INTASYL compounds . Recently , the Company announced the appointment of Dr. R. Todd Plott M.D. to the Board of Directors who will serve as a member of the Governance Committee . Todd Plott , M.D. , is a board - certified dermatologist , accomplished researcher , inventor , and former FDA advisory committee member with more than 30 years of experience in dermatologic care and innovation . Financial Results Cash Position As of June 30 , 2026 , we had cash and cash equivalents of $ 13.0 million as compared with $ 21.0 million at December 31 , 2025. The Company continues to focus its resources on advancing PH - 762 while prudently managing general and administrative expenses and expects its existing cash and cash equivalents to fund planned operations into the second half of 2027 .