SCHEDULE 13G/A 0001493152-25-024820 0002052389 XXXXXXXX LIVE 5 Common Stock, par value $0.0001 per share 12/08/2025 0001533040 Phio Pharmaceuticals Corp. 71880W501 11 Apex Drive, Suite 300A, PMB 2006 Marlborough MA 01752 Rule 13d-1(c) Orca Capital AG 2M 538707.00 0.00 538707.00 0.00 538707.00 N 4.9 CO All ownership percentages set forth in this Schedule 13G are calculated based upon an aggregate of 10,764,428 shares of Common Stock outstanding as set forth in the Issuer's quarterly report on Form 10-Q for the period ended September 30, 2025 and excludes 4,165,015 shares of Common Stock issuable upon the exercise of warrants, subject to the 4.99% blocker (defined below). Pursuant to the terms of the warrants, the Reporting Person cannot exercise any of the warrants to the extent the Reporting Person would beneficially own, after any such exercise, more than 4.99% of the Issuer's outstanding Common Stock (the "4.99% Blocker"). Phio Pharmaceuticals Corp. 11 Apex Drive, Suite 300A, PMB 2006 Marlborough, Massachusetts 01752 Orca Capital AG Sperlring 2 85276 Hettenshausen Deutschland Germany 538,707 4.9% 538,707 0 538,707 0 N Y Y Y Y Y N By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11. Orca Capital AG /s/ Thomas Konig 12/11/2025