Frequency analysis of the photoacoustic radiofrequency signals and oxygen saturation estimates were used to monitor the in-vivo response of a novel, thermosensitive liposome treatment. The liposome encapsulated doxorubicin (HaT-DOX) releasing it rapidly (<20s) when the tumor was exposed to mild hyperthermia (43°C). Photoacoustic imaging (VevoLAZR, 750/850nm, 40MHz) of EMT-6 breast cancer tumors was performed 30min pre- and post-treatment and up to 7days post-treatment (at 2/5/24h timepoints). HaT-DOX-treatment responders exhibited on average a 22% drop in oxygen saturation 2h post-treatment and a decrease (45% at 750nm and 73% at 850nm) in the slope of the normalized PA frequency spectra. The spectral slope parameter correlated with treatment-induced hemorrhaging which increased the optical absorber effective size via interstitial red blood cell leakage. Combining frequency analysis and oxygen saturation estimates differentiated treatment responders from non-responders/control animals by probing the treatment-induced structural changes of blood vessel.