<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0708</schemaVersion>

    <submissionType>D</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001533040</cik>
        <entityName>Phio Pharmaceuticals Corp.</entityName>
        <issuerAddress>
            <street1>411 SWEDELAND ROAD</street1>
            <street2>SUITE 23-1080</street2>
            <city>KING OF PRUSSIA</city>
            <stateOrCountry>PA</stateOrCountry>
            <stateOrCountryDescription>PENNSYLVANIA</stateOrCountryDescription>
            <zipCode>19406</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>(508) 767-3861</issuerPhoneNumber>
        <jurisdictionOfInc>DELAWARE</jurisdictionOfInc>
        <issuerPreviousNameList>
            <previousName>Rxi Pharmaceuticals Corporation</previousName>
        </issuerPreviousNameList>
        <edgarPreviousNameList>
            <previousName>RXi Pharmaceuticals Corp</previousName>
        </edgarPreviousNameList>
        <entityType>Corporation</entityType>
        <yearOfInc>
            <overFiveYears>true</overFiveYears>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Robert</firstName>
                <middleName>J.</middleName>
                <lastName>Bitterman</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>411 SWEDELAND ROAD</street1>
                <street2>SUITE 23-1080</street2>
                <city>KING OF PRUSSIA</city>
                <stateOrCountry>PA</stateOrCountry>
                <stateOrCountryDescription>PENNSYLVANIA</stateOrCountryDescription>
                <zipCode>19406</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Patricia</firstName>
                <middleName>A.</middleName>
                <lastName>Bradford</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>411 SWEDELAND ROAD</street1>
                <street2>SUITE 23-1080</street2>
                <city>KING OF PRUSSIA</city>
                <stateOrCountry>PA</stateOrCountry>
                <stateOrCountryDescription>PENNSYLVANIA</stateOrCountryDescription>
                <zipCode>19406</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Robert</firstName>
                <lastName>Ferrara</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>411 SWEDELAND ROAD</street1>
                <street2>SUITE 23-1080</street2>
                <city>KING OF PRUSSIA</city>
                <stateOrCountry>PA</stateOrCountry>
                <stateOrCountryDescription>PENNSYLVANIA</stateOrCountryDescription>
                <zipCode>19406</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Jonathan</firstName>
                <lastName>Freeman</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>411 SWEDELAND ROAD</street1>
                <street2>SUITE 23-1080</street2>
                <city>KING OF PRUSSIA</city>
                <stateOrCountry>PA</stateOrCountry>
                <stateOrCountryDescription>PENNSYLVANIA</stateOrCountryDescription>
                <zipCode>19406</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Curtis</firstName>
                <lastName>Lockshin, Ph.D.</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>411 SWEDELAND ROAD</street1>
                <street2>SUITE 23-1080</street2>
                <city>KING OF PRUSSIA</city>
                <stateOrCountry>PA</stateOrCountry>
                <stateOrCountryDescription>PENNSYLVANIA</stateOrCountryDescription>
                <zipCode>19406</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Lisa</firstName>
                <lastName>Carson</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>411 SWEDELAND ROAD</street1>
                <street2>SUITE 23-1080</street2>
                <city>KING OF PRUSSIA</city>
                <stateOrCountry>PA</stateOrCountry>
                <stateOrCountryDescription>PENNSYLVANIA</stateOrCountryDescription>
                <zipCode>19406</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>David</firstName>
                <middleName>H.</middleName>
                <lastName>Deming</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>411 SWEDELAND ROAD</street1>
                <street2>SUITE 23-1080</street2>
                <city>KING OF PRUSSIA</city>
                <stateOrCountry>PA</stateOrCountry>
                <stateOrCountryDescription>PENNSYLVANIA</stateOrCountryDescription>
                <zipCode>19406</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>Biotechnology</industryGroupType>
        </industryGroup>
        <issuerSize>
            <revenueRange>Decline to Disclose</revenueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06b</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>false</isAmendment>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2025-07-28</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>false</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isOptionToAcquireType>true</isOptionToAcquireType>
            <isSecurityToBeAcquiredType>true</isSecurityToBeAcquiredType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>0</minimumInvestmentAccepted>
        <salesCompensationList></salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>5080826</totalOfferingAmount>
            <totalAmountSold>232149</totalAmountSold>
            <totalRemaining>4848677</totalRemaining>
            <clarificationOfResponse>The offering amount reflects the aggregate purchase price received and exercise price due to the Company assuming cash exercise of all warrants issued to the accredited investors and placement agent in the private placement under Rule 506(b).</clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>2</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>261753</dollarAmount>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
            <clarificationOfResponse>In connection with the offering, the placement agent received $261,753 and warrants to purchase up to 69,645 shares of common stock, 7,500 of which are exercisable at $2.8125 per share and 62,145 of which are exercisable at $3.4188 per share.</clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
            </grossProceedsUsed>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>Phio Pharmaceuticals Corp.</issuerName>
                <signatureName>/s/ Robert J. Bitterman</signatureName>
                <nameOfSigner>Robert J. Bitterman</nameOfSigner>
                <signatureTitle>President and Chief Executive Officer</signatureTitle>
                <signatureDate>2025-08-04</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
