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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>As filed with the Securities
and Exchange Commission on September 29, 2023</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Registration No.&nbsp;333-</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 3pt auto; width: 100%"><DIV STYLE="border-top: Black 2pt solid; font-size: 1pt">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549 </B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM S-8</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REGISTRATION STATEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNDER</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>THE SECURITIES ACT OF 1933</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 18pt"><B>PHIO PHARMACEUTICALS
CORP.<BR>
</B></FONT><FONT STYLE="font-size: 10pt">(Exact name of Registrant as specified in its charter)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Delaware</B></FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 49%; text-align: center"><FONT STYLE="font-size: 10pt"><B>45-3215903</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(State or other jurisdiction of incorporation or organization)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(IRS Employer Identification Number)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>257 Simarano Drive, Suite 101<BR>
Marlborough, Massachusetts 01752<BR>
</B>(Address, including zip code, of principal executive offices)</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Phio Pharmaceuticals Corp. 2020 Long Term Incentive
Plan<BR>
</B>(Full title of the plans)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Robert J. Bitterman</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>President &amp; CEO</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Phio Pharmaceuticals Corp.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>257 Simarano Drive, Suite 101</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Marlborough, Massachusetts 01752</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(508) 767-3861</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Name, address and telephone number, including
area code, of agent for service)</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>Copy to</I>:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Steven J. Abrams</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Hogan Lovells US LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">1735 Market Street, Suite 2300</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Philadelphia, Pennsylvania 19103</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(267) 675-4600</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">Indicate by check mark whether the Registrant is
a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See
the definitions of &ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer,&rdquo; &ldquo;smaller reporting company,&rdquo; and
&ldquo;emerging growth company&rdquo; in Rule 12b-2 of the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"></P>

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  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 37%"><FONT STYLE="font-size: 10pt">Large accelerated filer</FONT></TD>
    <TD STYLE="width: 1%">&#160;</TD>
    <TD STYLE="width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="width: 6%">&#160;</TD>
    <TD STYLE="width: 35%"><FONT STYLE="font-size: 10pt">Accelerated filer</FONT></TD>
    <TD STYLE="width: 1%">&#160;</TD>
    <TD STYLE="width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Non-accelerated filer</FONT></TD>
    <TD>&#160;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;</FONT></TD>
    <TD>&#160;</TD>
    <TD><FONT STYLE="font-size: 10pt">Smaller reporting company</FONT></TD>
    <TD>&#160;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD><FONT STYLE="font-size: 10pt">Emerging growth company</FONT></TD>
    <TD>&#160;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. &#9744;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>EXPLANATORY NOTE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">This registration statement on Form S-8 (this
&ldquo;Registration Statement&rdquo;) is being filed by Phio Pharmaceuticals Corp. (the &ldquo;Registrant&rdquo;) to register 125,500
additional shares of the Registrant&rsquo;s common stock, par value $0.0001 (the &ldquo;Common Stock&rdquo;), issuable under the Phio
Pharmaceuticals Corp. 2020 Long Term Incentive Plan, as amended (the &ldquo;2020 Plan&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 24.5pt">Pursuant to General Instruction E to Form S-8,
this Registration Statement incorporates by reference the contents of the registration statement on Form S-8 previously filed with the
Securities and Exchange Commission (the &ldquo;Commission&rdquo;) by the Registrant on December 23, 2020 (File No. 333-251670) relating
to the 2020 Plan, except to the extent supplemented, amended or superseded by the information set forth herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PART II</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item&nbsp;3. Incorporation of Documents by Reference</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The following documents filed by the Registrant
with the Commission are incorporated by reference in this registration statement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.5pt"></TD><TD STYLE="width: 20.25pt">(a)</TD><TD>The Registrant&rsquo;s Annual Report on <A HREF="http://www.sec.gov/Archives/edgar/data/1533040/000168316823001678/phio_i10k-123122.htm" STYLE="-sec-extract: exhibit">Form 10-K</A> for the fiscal year ended December 31, 2022, filed with the Commission on March
22, 2023;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 24.5pt"></TD><TD STYLE="width: 20.25pt">(b)</TD><TD>The Registrant&rsquo;s Quarterly Reports on Form 10-Q for the quarterly periods ended March 31, 2023 and June 30, 2023, filed with
the Commission on <A HREF="http://www.sec.gov/Archives/edgar/data/1533040/000168316823003213/phio_i10q-033123.htm" STYLE="-sec-extract: exhibit">May 11, 2023</A> and <A HREF="http://www.sec.gov/Archives/edgar/data/1533040/000168316823005514/phio_i10q-063023.htm" STYLE="-sec-extract: exhibit">August 10, 2023</A>, respectively;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 24.5pt"></TD><TD STYLE="width: 20.5pt">(c)</TD><TD>The Registrant&rsquo;s Current Reports on Form 8-K filed with the Commission on <A HREF="http://www.sec.gov/Archives/edgar/data/1533040/000168316823000098/phio_8k.htm" STYLE="-sec-extract: exhibit">January 6, 2023</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/1533040/000168316823000307/phio_8k.htm" STYLE="-sec-extract: exhibit">January 25, 2023</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/1533040/000168316823000781/phio_8k.htm" STYLE="-sec-extract: exhibit">February 13, 2023</A>,
<A HREF="http://www.sec.gov/Archives/edgar/data/1533040/000168316823001075/phio_8k.htm" STYLE="-sec-extract: exhibit">February 22, 2023</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/1533040/000168316823001424/phio_8k.htm" STYLE="-sec-extract: exhibit">March 10, 2023</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/1533040/000168316823002488/phio_8k.htm" STYLE="-sec-extract: exhibit">April 17, 2023</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/1533040/000168316823002493/phio_8k.htm" STYLE="-sec-extract: exhibit">April 18, 2023</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/1533040/000168316823002542/phio_8k.htm" STYLE="-sec-extract: exhibit">April 20, 2023</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/1533040/000168316823002559/phio_8k.htm" STYLE="-sec-extract: exhibit">April 20, 2023</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/1533040/000168316823003433/phio_8k.htm" STYLE="-sec-extract: exhibit">May 16, 2023</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/1533040/000168316823003671/phio_8k.htm" STYLE="-sec-extract: exhibit">May 24, 2023</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/1533040/000168316823003863/phio_8k.htm" STYLE="-sec-extract: exhibit">June 2,
2023</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/1533040/000168316823005094/phio_8k.htm" STYLE="-sec-extract: exhibit">July 26, 2023</A> and <A HREF="http://www.sec.gov/Archives/edgar/data/1533040/000168316823005923/phio_8k.htm" STYLE="-sec-extract: exhibit">August 21, 2023</A>; and</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 24.5pt"></TD><TD STYLE="width: 20.5pt">(d)</TD><TD>The description of the Registrant&rsquo;s Common Stock contained in the Registrant&rsquo;s registration statement on <A HREF="https://www.sec.gov/Archives/edgar/data/1533040/000119312514040787/d673041d8a12b.htm">Form 8-A12B</A> filed
with the SEC on February 7, 2014, as updated by the description of the Registrant&rsquo;s Common Stock filed as <A HREF="https://www.sec.gov/Archives/edgar/data/1533040/000168316820000969/phio_ex0413.htm">Exhibit 4.13</A> to the Registrant&rsquo;s
Annual Report on Form 10-K for the year ended December 31, 2019 filed with the Commission on March 26, 2020, including any amendment or
report filed for the purpose of updating such description.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">All documents filed by the Registrant pursuant
to Section 13(a), 13(c), 14 or 15(d) of the Securities Exchange Act of 1934, as amended, after the date hereof (excluding any documents
or portions of such documents that are furnished under Item 2.02 or Item 7.01 of a Current Report on Form 8-K and any exhibits included
with such Items), and prior to the filing of a post-effective amendment that indicates that all the securities offered hereby have been
sold or that deregisters the securities offered hereby then remaining unsold, shall also be deemed to be incorporated by reference in
this registration statement and to be a part hereof from the date of filing of such documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">Any statement contained in this registration statement
or in a document incorporated or deemed to be incorporated by reference in this registration statement will be deemed to be modified or
superseded to the extent that a statement contained herein or in any other subsequently filed document which also is or is deemed to be
incorporated by reference in this registration statement modifies or supersedes that statement. Any statement so modified or superseded
will not be deemed, except as so modified or superseded, to constitute a part of this registration statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item&nbsp;8. Exhibits</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">The following exhibits are submitted herewith
or incorporated by reference herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 12%">
    <P STYLE="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>Exhibit Number</B></P></TD>
    <TD STYLE="width: 88%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Description</B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9.35pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1533040/000168316818003505/phio_ex0302.htm" STYLE="-sec-extract: exhibit">Amended and Restated Certificate of Incorporation of Phio Pharmaceuticals Corp.</A> (incorporated by reference to Exhibit 3.2 to the Registrant&rsquo;s Current Report on Form 8-K filed with the Commission on November 19, 2018, File No. 001-36304).</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9.35pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1533040/000168316820000141/phio_ex0301.htm" STYLE="-sec-extract: exhibit">Certificate of Amendment to the Amended and Restated Certificate of Incorporation of Phio Pharmaceuticals Corp.</A> (incorporated by reference to Exhibit 3.1 to the Registrant&rsquo;s Current Report on Form 8-K filed with the Commission on January 14, 2020, File No. 001-36304).</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9.35pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.3</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1533040/000168316823000307/phio_ex0301.htm" STYLE="-sec-extract: exhibit">Certificate of Amendment to the Amended and Restated Certificate of Incorporation of Phio Pharmaceuticals Corp.</A> (incorporated by reference to Exhibit 3.1 to the Registrant&rsquo;s Current Report on Form 8-K filed with the Commission on January 25, 2023, File No. 001-36304).</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9.35pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.4</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1533040/000168316822007821/phio_ex0301.htm" STYLE="-sec-extract: exhibit">Certificate of Designation of Series D Preferred Stock, dated November 16, 2022</A> (incorporated by reference to Exhibit 3.1 to the Registrant&rsquo;s Current Report on Form 8-K filed with the Commission on November 16, 2022, File No. 001-36304).</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9.35pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.5</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1533040/000168316822003069/phio_ex0301.htm" STYLE="-sec-extract: exhibit">Amended and Restated Bylaws of Phio Pharmaceutical Corp.</A> (incorporated by reference to Exhibit 3.1 to the Registrant&rsquo;s Current Report on Form 8-K filed with the Commission on May 2, 2022, File No. 001-36304).</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9.35pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.6</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1533040/000168316818003505/phio_ex0304.htm" STYLE="-sec-extract: exhibit">Specimen Common Stock Certificate</A> (incorporated by reference to Exhibit 3.4 to the Registrant&rsquo;s Current Report on Form 8-K filed with the Commission on November 19, 2018, File No. 001-36304).</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9.35pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.7</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1533040/000168316823005094/phio_ex1001.htm" STYLE="-sec-extract: exhibit">Phio
    Pharmaceuticals Corp. 2020 Long Term Incentive Plan, as amended and restated</A> (incorporated by reference to Exhibit 10.1 to the
    Registrant&rsquo;s Current Report on Form 8-K filed with the Commission on July 26, 2023, File No. 001-36304).</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9.35pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.8</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="http://www.sec.gov/Archives/edgar/data/1533040/000168316821001062/phio_ex1003.htm" STYLE="-sec-extract: exhibit">Form of Restricted Stock Unit Award under the Phio Pharmaceuticals Corp. 2020 Long Term Incentive Plan</A> (incorporated by reference to Exhibit 10.3 to the Registrant&rsquo;s Annual Report on Form 10-K filed with the Commission on March 25, 2021, File No. 001-36304).</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9.35pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1*</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="phio_ex0501.htm">Opinion of Hogan Lovells US LLP.</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9.35pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.1*</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="phio_ex2301.htm">Consent
    of BDO USA, P.C., an Independent Registered Public Accounting Firm</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9.35pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.2*</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Hogan Lovells US LLP (included in <A HREF="phio_ex0501.htm">Exhibit 5.1</A>).</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9.35pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24*</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#poa">Power of Attorney</A> (included on signature page hereto).</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9.35pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">107*</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="phio_ex107.htm">Filing Fee Table.</A></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white">* Filed herewith.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 33.75pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 33.75pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 33.75pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 33.75pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 33.75pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 33.75pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 33.75pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 33.75pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 33.75pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 23.75pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 23.75pt">Pursuant <FONT STYLE="background-color: white">to
the requirements of the Securities Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets all of
the requirements for filing on Form S-8 and has duly caused this registration statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the city of Marlborough, Massachusetts, </FONT>on the 29th day of September, 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 23.75pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 23.75pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 47%">&#160;</TD>
    <TD STYLE="width: 7%">&#160;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&#160;</TD>
    <TD STYLE="width: 45%">&#160;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&#160;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt"><B>PHIO PHARMACEUTICALS CORP.</B></FONT></TD></TR>
  <TR>
    <TD>&#160;</TD>
    <TD>&#160;</TD>
    <TD COLSPAN="2">&#160;</TD></TR>
  <TR>
    <TD>&#160;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="vertical-align: bottom">&#160;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt"><FONT STYLE="text-decoration: underline">/s/ Robert J. Bitterman&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</FONT></FONT></TD></TR>
  <TR>
    <TD>&#160;</TD>
    <TD STYLE="vertical-align: top">Name:</TD>
    <TD STYLE="vertical-align: bottom">&#160;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Robert J. Bitterman</FONT></TD></TR>
  <TR>
    <TD>&#160;</TD>
    <TD STYLE="vertical-align: top">Title:</TD>
    <TD STYLE="vertical-align: bottom">&#160;</TD>
    <TD STYLE="vertical-align: bottom">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">President and Chief Executive Officer</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 23.75pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 23.75pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.5in; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="poa"></A><B>POWER OF ATTORNEY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 33.75pt">Each person whose signature appears below constitutes
and appoints Robert J. Bitterman his or her true and lawful attorney-in-fact, with the power of substitution, for him or her in any and
all capacities, to sign any amendments (including post-effective amendments) to this registration statement, and to file the same, with
exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, hereby ratifying and confirming
all that said attorney-in-fact, or his substitute or substitutes, may do or cause to be done by virtue hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 33.75pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 23.75pt">Pursuant to the requirements of the Securities
Act of 1933, this registration statement has been signed by the following persons in the capacities indicated on September 29, 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 23.75pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%; border-bottom: Black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Signature</B></FONT></TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 57%; border-bottom: Black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Title</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Robert J. Bitterman</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify; font-size: 10pt">&nbsp;</TD>
    <TD ROWSPAN="2">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">President, Chief Executive Officer and Director</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Principal Executive Officer and Principal Financial
    Officer)</P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Robert J. Bitterman</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Caitlin Kontulis</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify; font-size: 10pt">&nbsp;</TD>
    <TD ROWSPAN="2">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Vice President of Finance and Administration and
    Secretary</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Principal Accounting Officer)</P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Caitlin Kontulis</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Patricia A. Bradford</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify; font-size: 10pt">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Patricia A. Bradford</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Robert L. Ferrara</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify; font-size: 10pt">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Robert L. Ferrara</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Jonathan E. Freeman</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify; font-size: 10pt">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jonathan E. Freeman, Ph.D.</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Curtis A. Lockshin</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify; font-size: 10pt">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Curtis A. Lockshin, Ph.D.</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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As filed with the Securities
and Exchange Commission on September 29, 2023
Registration No. 333-
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
PHIO PHARMACEUTICALS
CORP.
(Exact name of Registrant as specified in its charter)
Delaware
45-3215903
(State or other jurisdiction of incorporation or organization)
(IRS Employer Identification Number)
257 Simarano Drive, Suite 101
Marlborough, Massachusetts 01752
(Address, including zip code, of principal executive offices)
Phio Pharmaceuticals Corp. 2020 Long Term Incentive
Plan
(Full title of the plans)
Robert J. Bitterman
President & CEO
Phio Pharmaceuticals Corp.
257 Simarano Drive, Suite 101
Marlborough, Massachusetts 01752
(508) 767-3861
(Name, address and telephone number, including
area code, of agent for service)
Copy to
:
Steven J. Abrams
Hogan Lovells US LLP
1735 Market Street, Suite 2300
Philadelphia, Pennsylvania 19103
(267) 675-4600
Indicate by check mark whether the Registrant is
a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See
the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and
"emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
☐
Accelerated filer
☐
Non-accelerated filer
☒
Smaller reporting company
☒
Emerging growth company
☐
If
an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐
EXPLANATORY NOTE
This registration statement on Form S-8 (this
"Registration Statement") is being filed by Phio Pharmaceuticals Corp. (the "Registrant") to register 125,500
additional shares of the Registrant's common stock, par value $0.0001 (the "Common Stock"), issuable under the Phio
Pharmaceuticals Corp. 2020 Long Term Incentive Plan, as amended (the "2020 Plan").
Pursuant to General Instruction E to Form S-8,
this Registration Statement incorporates by reference the contents of the registration statement on Form S-8 previously filed with the
Securities and Exchange Commission (the "Commission") by the Registrant on December 23, 2020 (File No. 333-251670) relating
to the 2020 Plan, except to the extent supplemented, amended or superseded by the information set forth herein.
2
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3. Incorporation of Documents by Reference
The following documents filed by the Registrant
with the Commission are incorporated by reference in this registration statement:
(a)
The Registrant's Annual Report on
Form 10-K
for the fiscal year ended December 31, 2022, filed with the Commission on March
22, 2023;
(b)
The Registrant's Quarterly Reports on Form 10-Q for the quarterly periods ended March 31, 2023 and June 30, 2023, filed with
the Commission on
May 11, 2023
and
August 10, 2023
, respectively;
(c)
The Registrant's Current Reports on Form 8-K filed with the Commission on
January 6, 2023
,
January 25, 2023
,
February 13, 2023
,
February 22, 2023
,
March 10, 2023
,
April 17, 2023
,
April 18, 2023
,
April 20, 2023
,
April 20, 2023
,
May 16, 2023
,
May 24, 2023
,
June 2,
2023
,
July 26, 2023
and
August 21, 2023
; and
(d)
The description of the Registrant's Common Stock contained in the Registrant's registration statement on
Form 8-A12B
filed
with the SEC on February 7, 2014, as updated by the description of the Registrant's Common Stock filed as
Exhibit 4.13
to the Registrant's
Annual Report on Form 10-K for the year ended December 31, 2019 filed with the Commission on March 26, 2020, including any amendment or
report filed for the purpose of updating such description.
All documents filed by the Registrant pursuant
to Section 13(a), 13(c), 14 or 15(d) of the Securities Exchange Act of 1934, as amended, after the date hereof (excluding any documents
or portions of such documents that are furnished under Item 2.02 or Item 7.01 of a Current Report on Form 8-K and any exhibits included
with such Items), and prior to the filing of a post-effective amendment that indicates that all the securities offered hereby have been
sold or that deregisters the securities offered hereby then remaining unsold, shall also be deemed to be incorporated by reference in
this registration statement and to be a part hereof from the date of filing of such documents.
Any statement contained in this registration statement
or in a document incorporated or deemed to be incorporated by reference in this registration statement will be deemed to be modified or
superseded to the extent that a statement contained herein or in any other subsequently filed document which also is or is deemed to be
incorporated by reference in this registration statement modifies or supersedes that statement. Any statement so modified or superseded
will not be deemed, except as so modified or superseded, to constitute a part of this registration statement.
3
Item 8. Exhibits
The following exhibits are submitted herewith
or incorporated by reference herein.
Exhibit Number
Description
4.1
Amended and Restated Certificate of Incorporation of Phio Pharmaceuticals Corp.
(incorporated by reference to Exhibit 3.2 to the Registrant's Current Report on Form 8-K filed with the Commission on November 19, 2018, File No. 001-36304).
4.2
Certificate of Amendment to the Amended and Restated Certificate of Incorporation of Phio Pharmaceuticals Corp.
(incorporated by reference to Exhibit 3.1 to the Registrant's Current Report on Form 8-K filed with the Commission on January 14, 2020, File No. 001-36304).
4.3
Certificate of Amendment to the Amended and Restated Certificate of Incorporation of Phio Pharmaceuticals Corp.
(incorporated by reference to Exhibit 3.1 to the Registrant's Current Report on Form 8-K filed with the Commission on January 25, 2023, File No. 001-36304).
4.4
Certificate of Designation of Series D Preferred Stock, dated November 16, 2022
(incorporated by reference to Exhibit 3.1 to the Registrant's Current Report on Form 8-K filed with the Commission on November 16, 2022, File No. 001-36304).
4.5
Amended and Restated Bylaws of Phio Pharmaceutical Corp.
(incorporated by reference to Exhibit 3.1 to the Registrant's Current Report on Form 8-K filed with the Commission on May 2, 2022, File No. 001-36304).
4.6
Specimen Common Stock Certificate
(incorporated by reference to Exhibit 3.4 to the Registrant's Current Report on Form 8-K filed with the Commission on November 19, 2018, File No. 001-36304).
4.7
Phio
    Pharmaceuticals Corp. 2020 Long Term Incentive Plan, as amended and restated
(incorporated by reference to Exhibit 10.1 to the
    Registrant's Current Report on Form 8-K filed with the Commission on July 26, 2023, File No. 001-36304).
4.8
Form of Restricted Stock Unit Award under the Phio Pharmaceuticals Corp. 2020 Long Term Incentive Plan
(incorporated by reference to Exhibit 10.3 to the Registrant's Annual Report on Form 10-K filed with the Commission on March 25, 2021, File No. 001-36304).
5.1*
Opinion of Hogan Lovells US LLP.
23.1*
Consent
    of BDO USA, P.C., an Independent Registered Public Accounting Firm
23.2*
Consent of Hogan Lovells US LLP (included in
Exhibit 5.1
).
24*
Power of Attorney
(included on signature page hereto).
107*
Filing Fee Table.
* Filed herewith.
4
SIGNATURES
Pursuant
to
the requirements of the Securities Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets all of
the requirements for filing on Form S-8 and has duly caused this registration statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the city of Marlborough, Massachusetts,
on the 29th day of September, 2023.
PHIO PHARMACEUTICALS CORP.
By:
/s/ Robert J. Bitterman
Name:
Robert J. Bitterman
Title:
President and Chief Executive Officer
POWER OF ATTORNEY
Each person whose signature appears below constitutes
and appoints Robert J. Bitterman his or her true and lawful attorney-in-fact, with the power of substitution, for him or her in any and
all capacities, to sign any amendments (including post-effective amendments) to this registration statement, and to file the same, with
exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, hereby ratifying and confirming
all that said attorney-in-fact, or his substitute or substitutes, may do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities
Act of 1933, this registration statement has been signed by the following persons in the capacities indicated on September 29, 2023.
Signature
Title
/s/ Robert J. Bitterman
President, Chief Executive Officer and Director
(Principal Executive Officer and Principal Financial
    Officer)
Robert J. Bitterman
/s/ Caitlin Kontulis
Vice President of Finance and Administration and
    Secretary
(Principal Accounting Officer)
Caitlin Kontulis
/s/ Patricia A. Bradford
Director
Patricia A. Bradford
/s/ Robert L. Ferrara
Director
Robert L. Ferrara
/s/ Jonathan E. Freeman
Director
Jonathan E. Freeman, Ph.D.
/s/ Curtis A. Lockshin
Director
Curtis A. Lockshin, Ph.D.
5