Phio Pharmaceuticals Corp (PHIO)

[sabaidii2]

"The float is a concern to me, I initially thought it was much lower"

Yeah, RXI did a dilution about a month ago. Resulted in doubling the number of outstanding shares. In return it received $4.1 million - about 6 months of operating cash.

Again, barring a deal, expect dilutions on a regular basis. Btw, reverse splits occur annually after the dilutions force the share price under $1/share. NASDAQ gives companies one year get it back above $1. RXI knows the procedure quite well - as do the unfortunate share holders.

One more bearish point, the insiders have largely never/rarely bought shares on the open market. Only the CEO has bought token amounts over the years.