SEC Form SC 13G/A filed by Phio Pharmaceuticals Corp. (Amendment)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

Under the Securities Exchange Act of 1934

(Amendment No. 4)*

Phio Pharmaceuticals Corp.

(Name of Issuer)

Common Stock, $0.0001 par value per share

(Title of Class of Securities)

71880W402

(CUSIP Number)

December 31, 2023

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

The information required in the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

This Amendment No. 4 is being filed jointly by the Reporting Persons and amends the Schedule 13G initially filed by the Reporting Persons with the Securities and Exchange Commission (the “SEC”) on February 13, 2020, as amended by Amendment No. 1 thereto filed by the Reporting Persons with the SEC on January 29, 2021, as amended by Amendment No. 2 thereto filed by the Reporting Persons with the SEC on February 11, 2022, and as amended by Amendment No. 3 thereto filed by the Reporting Persons with the SEC on February 8, 2023 (the “Schedule 13G”).

Except as set forth below, all Items of the Schedule 13G remain unchanged. All capitalized terms not otherwise defined herein shall have the meanings ascribed to such terms in the Schedule 13G.

Item 2.

(e) CUSIP Number

71880W402

Item 4. Ownership.

(a) and (b):

As of the close of business on December 31, 2023, each of the Reporting Persons may have been deemed to have beneficial ownership of 891,401 shares of Common Stock, which consisted of (i) 13,539 shares of Common Stock issuable upon exercise of a warrant held by Intracoastal (“Intracoastal Warrant 1”), (ii) 12,533 shares of Common Stock issuable upon exercise of a second warrant held by Intracoastal (“Intracoastal Warrant 2”), (iii) 21,458 shares of Common Stock issuable upon exercise of a third warrant held by Intracoastal (“Intracoastal Warrant 3”), (iv) 248,500 shares of Common Stock issuable upon exercise of a fourth warrant held by Intracoastal (“Intracoastal Warrant 4”), (v) 218,864 shares of Common Stock issuable upon exercise of a fifth warrant held by Intracoastal (“Intracoastal Warrant 5”), (vi) 74,608 shares of Common Stock issuable upon exercise of a sixth warrant held by Intracoastal (“Intracoastal Warrant 6”), (vii) 291,500 shares of Common Stock issuable upon exercise of a seventh warrant held by Intracoastal (“Intracoastal Warrant 7”) and (viii) 10,399 shares of Common Stock issuable upon exercise of an eighth warrant held by Intracoastal (“Intracoastal Warrant 8”), and all such shares of Common Stock represented beneficial ownership of approximately 9.99% of the Common Stock, based on (1) 8,031,540 shares of Common Stock outstanding as of December 28, 2023, as reported by the Issuer, plus (2) 13,539 shares of Common Stock issuable upon exercise of Intracoastal Warrant 1, (3) 12,533 shares of Common Stock issuable upon exercise of Intracoastal Warrant 2, (4) 21,458 shares of Common Stock issuable upon exercise of Intracoastal Warrant 3, (5) 248,500 shares of Common Stock issuable upon exercise of Intracoastal Warrant 4, (6) 218,864 shares of Common Stock issuable upon exercise of Intracoastal Warrant 5, (7) 74,608 shares of Common Stock issuable upon exercise of Intracoastal Warrant 6, (8) 291,500 shares of Common Stock issuable upon exercise of Intracoastal Warrant 7 and (9) 10,399 shares of Common Stock issuable upon exercise of Intracoastal Warrant 8. The foregoing excludes (I) 208,465 shares of Common Stock issuable upon exercise of Intracoastal Warrant 8 because Intracoastal Warrant 8 contains a blocker provision under which the holder thereof does not have the right to exercise Intracoastal Warrant 8 to the extent (but only to the extent) that such exercise would result in beneficial ownership by the holder thereof, together with the holder’s affiliates, and any other persons acting as a group together with the holder or any of the holder’s affiliates, of more than 9.99% of the Common Stock, (II) 74,608 shares of Common Stock issuable upon exercise of a ninth warrant held by Intracoastal (“Intracoastal Warrant 9”) because Intracoastal Warrant 9 contains a blocker provision under which the holder thereof does not have the right to exercise Intracoastal Warrant 9 to the extent (but only to the extent) that such exercise would result in beneficial ownership by the holder thereof, together with the holder’s affiliates, and any other persons acting as a group together with the holder or any of the holder’s affiliates, of more than 9.99% of the Common Stock and (III) 3,249 shares of Common Stock issuable upon exercise of a tenth warrant held by Intracoastal (“Intracoastal Warrant 10”) because Intracoastal Warrant 10 contains a blocker provision under which the holder thereof does not have the right to exercise Intracoastal Warrant 10 to the extent (but only to the extent) that such exercise would result in beneficial ownership by the holder thereof, together with the holder’s affiliates, and any other persons acting as a group together with the holder or any of the holder’s affiliates, of more than 4.99% of the Common Stock. Without such blocker provisions, each of the Reporting Persons may have been deemed to have beneficial ownership of 1,177,723 shares of Common Stock.

(c) Number of shares as to which each Reporting Person has:

(i) Sole power to vote or to direct the vote:       0       .

(ii) Shared power to vote or to direct the vote:       891,401       .

(iii) Sole power to dispose or to direct the disposition of       0       .

(iv) Shared power to dispose or to direct the disposition of       891,401       .

Item 10. Certification

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.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Date: February 6, 2024

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