SCHEDULE: Orca Capital AG Discloses 6.5% Stake in Phio Pharmaceuticals

Orca Capital AG has reported a 6.5% beneficial ownership stake in Phio Pharmaceuticals Corp., holding 700,421 shares of common stock.

Summary

• Orca Capital AG, a German entity, filed an Amendment No. 4 to Schedule 13G regarding its beneficial ownership in Phio Pharmaceuticals Corp.
• Orca Capital AG beneficially owns 700,421 shares of Phio Pharmaceuticals Corp. Common Stock.
• This ownership represents 6.5% of the Issuer's outstanding Common Stock.
• The ownership percentage is calculated based on 10,764,428 shares outstanding, as reported in Phio Pharmaceuticals Corp.'s Form 10-Q for the period ended September 30, 2025.
• The reported shares exclude 4,196,334 shares issuable upon warrant exercise due to a 4.99% blocker, which prevents Orca Capital AG from exceeding this ownership threshold.
• Orca Capital AG holds sole voting and dispositive power over all 700,421 shares.

Sentiment

Score: 6

Explanation: Neutral to slightly positive. The filing is a routine disclosure of a significant passive stake by an institutional investor, which can be seen as a vote of confidence, but it contains no new operational or financial news about the company itself.

Positives

• A significant institutional investor, Orca Capital AG, maintains a substantial stake, potentially indicating confidence in Phio Pharmaceuticals Corp.
• The 4.99% blocker on warrant exercise suggests a long-term, passive investment strategy rather than an immediate attempt to gain control.

Negatives

• The filing itself does not present explicit negative financial or operational information about Phio Pharmaceuticals Corp.; it is a disclosure of ownership.

Risks

• The existence of a 4.99% blocker on warrant exercise limits Orca Capital AG's ability to increase its stake beyond this threshold, potentially capping its influence or future investment flexibility.
• The value of Orca Capital AG's investment is subject to the performance and market fluctuations of Phio Pharmaceuticals Corp. Common Stock.

Future Outlook

The filing is a disclosure of current beneficial ownership and does not contain forward-looking statements or guidance from the issuer or the reporting person regarding future performance or strategy, beyond the implicit intention of holding the shares.

Management Comments

• Orca Capital AG's director, Thomas Konig, certified that the securities were not acquired or held for the purpose or effect of changing or influencing control of the issuer.

Industry Context

This filing indicates continued institutional interest in Phio Pharmaceuticals Corp., a company likely in the biotechnology or pharmaceutical sector. Such disclosures are routine for significant shareholders and provide transparency on ownership structure within the industry.

Comparison to Industry Standards

• This is a standard Schedule 13G filing, indicating a passive investment stake above 5%. There are no specific results to compare to industry benchmarks or comparable companies within this filing itself, as it's purely an ownership disclosure.

Stakeholder Impact

• Shareholders: Provides transparency on a significant institutional holder, potentially influencing market perception.
• Company Management: Awareness of a large passive investor on their cap table.

Key Dates

Recommendation

This filing is a routine disclosure of a passive beneficial ownership stake by Orca Capital AG. It does not contain new financial results, operational updates, or strategic shifts from Phio Pharmaceuticals Corp. that would warrant a change in investment recommendation. The 6.5% stake by an institutional investor is noted, but without further company-specific news, a 'hold' recommendation is appropriate as the filing itself provides no new fundamental catalysts for a 'buy' or 'sell' decision.

Keywords

Phio Pharmaceuticals Corp., Orca Capital AG, Schedule 13G, Beneficial Ownership, Common Stock, Institutional Investor, Equity Stake, SEC Filing, Investment Disclosure