Phio Pharmaceuticals Corp. (PHIO) - Dilution Analysis

Visualizing historical and potential share dilution over time

Dilution Analysis

High Risk
Significant dilution risk
Last updated: May 07, 2026

Risk Assessment Details

Potential Dilution: 203.02% of current shares
Recent Dilution: 608.76% (2 years)
Historical Dilution Factor: significant recent dilution
Outstanding Shares
12M
Potential Supply
24M
Additional shares possible
Splits
1 Split 1 Reverse
Past 2 years

Summary

PHIO currently has 11.6M outstanding shares. with significant dilution risk as 23.6M authorized shares could dilute existing holders by 203.0%. The company has significantly diluted shareholders by 608.76% over the past 2 years, indicating aggressive capital raising. Recent corporate actions include 1 stock split (positive for accessibility) and 1 reverse split (concerning signal).

Share Structure Timeline

Outstanding Shares
Total Supply

Historical Data Points

Date Event Outstanding Supply
May 07, 2026

10-Q filing | 11.6M shares outstanding

12M 24M
Nov 20, 2025

S-3 filing: The selling stockholders are offering on a resale basis an aggregate of up to 11,763,800 shares of common stock of Phio Pharmaceuticals Corp.

5.8M 29M
Nov 13, 2025

10-Q filing | 5.5M shares outstanding

5.5M 18M
Aug 14, 2025

10-Q filing | 5.7M shares outstanding

5.7M 18M
May 15, 2025

10-Q filing | 4.8M shares outstanding

4.8M 19M
Mar 31, 2025

10-K filing | 4.8M shares outstanding

4.8M 19M
Jan 21, 2025

S-1 filing: The selling stockholders are offering on a resale basis an aggregate of up to 5,930,016 shares of common stock issuable upon exercise of warrants.

960K 22M
Nov 14, 2024

10-Q filing | 1.0M shares outstanding

990K 17M
Aug 14, 2024

10-Q filing | 0.9M shares outstanding

860K 17M
Jul 26, 2024

S-1 filing: The Selling Stockholders identified in this prospectus are offering on a resale basis up to 1,131,468 shares of Common Stock issuable upon exercise of the Warrants.

510K 17M
Jul 05, 2024
Stock Split

8-K filing: Stock split 1-for-9 | Outstanding: 4,591,700 → 510,188

510K 1.3M
May 20, 2024

S-3 filing: Phio Pharmaceuticals Corp. files an S-3 form to register the offering of common stock, preferred stock, and/or debt securities with a total value of up to $100,000,000 using a shelf registration process.

4.6M 140M
May 17, 2024

S-1 filing: Phio Pharmaceuticals Corp. files an S-1 form to register the offering of common stock, preferred stock, debt securities, warrants, and/or units with a total value of up to $100,000,000.

4.6M 140M
May 09, 2024

10-Q filing | 4.6M shares outstanding

4.6M 6.3M
Apr 01, 2024

10-K filing | 4.6M shares outstanding

4.6M 6.3M
Dec 19, 2023

S-1 filing: This S-1 filing relates to the resale of up to 4,420,273 shares of Common Stock issuable upon exercise of warrants by selling stockholders; the company will not receive any proceeds from the sale of these shares, except for the warrant exercise price.

2.3M 8.6M
Nov 09, 2023

10-Q filing | 2.4M shares outstanding

2.4M 4M
Aug 10, 2023

10-Q filing | 2.2M shares outstanding

2.2M 4.2M
Jun 08, 2023

S-1 filing: This is an S-1 filing for Phio Pharmaceuticals Corp., a clinical stage biotechnology company, related to a registered direct offering and a concurrent private placement for shares of common stock and warrants.

1.2M 5.3M
May 11, 2023

10-Q filing | 1.5M shares outstanding

1.5M 4M
Apr 28, 2023

S-1 filing: This S-1 filing describes a registered direct offering of common stock and warrants, along with information about the company's INTASYL technology platform and clinical trials for its drug candidates PH-762 and PH-894.

1.1M 4.4M
Mar 22, 2023

10-K filing | 1.1M shares outstanding

1.1M 4M
Jan 26, 2023
Stock Split

8-K filing: Stock split 1-for-12 | Outstanding: 13,662,857 → 1,100,000

1.1M 4.1M
Nov 10, 2022

10-Q filing | 13.7M shares outstanding

14M 48M
Aug 11, 2022

10-Q filing | 13.7M shares outstanding

14M 48M
May 12, 2022

10-Q filing | 13.6M shares outstanding

14M 48M
Mar 22, 2022

10-K filing | 13.5M shares outstanding

14M 48M
Nov 10, 2021

10-Q filing | 13.5M shares outstanding

14M 48M
Aug 12, 2021

10-Q filing | 13.5M shares outstanding

14M 48M
May 13, 2021

10-Q filing | 13.5M shares outstanding

14M 48M
May 13, 2021

S-3 filing: Phio Pharmaceuticals is filing an S-3 to register an indeterminate number of shares of common stock, preferred stock, debt securities, warrants and/or units with a total offering price not to exceed $100,000,000.

14M 48M
Mar 25, 2021

10-K filing | 13.5M shares outstanding

14M 0
Feb 17, 2021

8-K filing: Phio Pharmaceuticals Corp. completed an offering of 2,246,784 shares of common stock at a price of $3.42 per share, resulting in net proceeds of approximately $6.9 million. ($7.68M proceeds)

10M 3M
Feb 04, 2021

S-3/A filing: This is an S-3/A filing to register additional securities for an offering, with the registrant amending the registration statement to delay its effective date.

10M 3M
Jan 29, 2021

S-3 filing: The Selling Stockholders are offering on a resale basis an aggregate of 8,323,694 shares of Common Stock.

10M 3M
Jan 25, 2021

8-K filing: Phio Pharmaceuticals Corp. closed a private placement on January 25, 2021, issuing 4,420,863 shares of common stock, 140,065 pre-funded warrants exercisable for 140,065 shares, and 3,420,696 common warrants exercisable for 3,420,696 shares, resulting in gross proceeds of approximately $14.0 million before deducting fees and expenses. ($13.99M proceeds)

5.8M 0
Nov 10, 2020

10-Q filing | 5.8M shares outstanding

5.8M 0
Aug 12, 2020

10-Q filing | 5.8M shares outstanding

5.8M 0
Jul 09, 2020

S-1 filing: This S-1 filing relates to the potential resale of common stock issuable upon the exercise of warrants by selling stockholders, with Phio Pharmaceuticals not receiving proceeds except for the warrant exercise price.

5.8M 0
May 28, 2020

S-1/A filing: Selling stockholders are offering on a resale basis an aggregate of 1,841,544 shares of common stock, including shares issuable upon the exercise of outstanding warrants.

4.6M 130K
May 12, 2020

S-1 filing: The selling stockholders are offering on a resale basis an aggregate of 1,841,544 shares of common stock, 1,713,064 shares of which are issuable upon the exercise of outstanding warrants purchased pursuant to a securities purchase agreement dated March 31, 2020, as well as 128,480 shares of which are issuable upon the exercise of Warrants issued to the Company's financial advisor in connection with the Purchase Agreement.

4.6M 130K
May 12, 2020

10-Q filing | 4.6M shares outstanding

4.6M 130K
Apr 02, 2020

8-K filing: Phio Pharmaceuticals Corp. completed an offering and private placement on April 2, 2020, selling 1,713,064 shares of common stock at $2.21 per share, along with warrants to purchase up to 1,713,064 shares at an exercise price of $2.21 per share, resulting in net proceeds of approximately $3.5 million. ($4.0M proceeds)

2.9M 0
Mar 26, 2020

10-K filing | 2.9M shares outstanding

2.9M 0
Feb 13, 2020

8-K filing: Phio Pharmaceuticals Corp. completed a public offering of 993,633 Units and 1,006,367 Pre-Funded Units at $4.00 and $3.999 per unit, respectively, for net proceeds of approximately $7.0 million.

470K 0
Feb 07, 2020

S-1/A filing: The filing is an S-1/A filing, where the company is offering up to 1,086,956 units consisting of one share of common stock and one warrant. They are also offering pre-funded units, where each pre-funded unit consists of one pre-funded warrant to purchase one share of common stock and one warrant to purchase one share of common stock.

470K 1.2M
Feb 06, 2020

8-K filing: Phio Pharmaceuticals Corp. completed an offering and private placement on February 6, 2020, selling 197,056 shares of common stock at $8.705 per share and warrants to purchase up to 197,056 shares at $0.125 per warrant share, resulting in net proceeds of approximately $1.4 million.

470K 1.9M
Jan 31, 2020

S-1/A filing: The company is offering up to 955,566 units, each consisting of one share of common stock and one warrant, and pre-funded units, each consisting of one pre-funded warrant and one warrant.

470K 1.9M
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