aibioTraws Pharma receives Nasdaq notice on $1.00 minimum bid price
Tickers TRAW
Nasdaq says Traws has until January 25, 2027 to regain compliance with the minimum bid price requirement, and that its listing remains fully effective for now.
Key facts
- Company
- Traws Pharma, Inc. (NASDAQ: TRAW)
- News type
- Listings
- Primary source
- Traws Pharma, Inc. SEC filing (Form 8-K)
Traws Pharma, Inc. (NASDAQ: TRAW) received a notice from Nasdaq saying that it is not in compliance with the minimum bid price requirement for continued listing on The Nasdaq Capital Market. The company disclosed the notice in a Form 8-K filed on July 31, 2026, under Item 3.01. The Nasdaq letter is dated July 29, 2026. It follows a closing bid price below $1.00 per share for at least 30 consecutive business days.
What the notice requires
The notice cites Nasdaq Listing Rule 5550(a)(2). Traws has 180 calendar days from July 29, 2026, or until January 25, 2027, to regain compliance. To do so, the closing bid price must close at or above $1.00 per share for a minimum of 10 consecutive business days. Nasdaq may extend that period to as many as 20 consecutive business days at its discretion.
The company said the notice has no immediate effect on the listing of its common stock, which remains fully effective. Traws intends to keep monitoring the closing bid price until January 25, 2027, and to consider the available options for resolving the deficiency.
If the company does not regain compliance by January 25, 2027, Nasdaq may grant a second 180-calendar-day grace period. To qualify, Traws must meet the continued listing requirement for market value of publicly held shares and all other initial listing standards for The Nasdaq Capital Market, except the bid price requirement. It must also notify Nasdaq of its intent to cure the deficiency during the second period. If the company does not regain compliance within the allotted time, Nasdaq will provide notice that the common stock will be subject to delisting. Traws would then be entitled to appeal that determination to a Nasdaq hearings panel.
The company and its programs
Traws describes itself as a clinical-stage biopharmaceutical company developing novel therapies for critical threats to human health from respiratory viral diseases. Its four clinical programs are tivoxavir marboxil, ratutrelvir, narazaciclib (ON 123300) and rigosertib, according to its 2025 annual report on Form 10-K.
Tivoxavir marboxil is an investigational oral, small molecule cap-dependent endonuclease inhibitor. The company intends to develop it as a single-dose oral treatment for bird flu and seasonal influenza, and as a once-monthly oral drug for influenza prevention. In preclinical work, the company reported that TXM significantly reduced disease progression and increased survival in mice, ferrets and nonhuman primates infected with an H5N1 virus isolated from a Texas dairy worker. Animal results do not show benefit in people.
A first-in-man study ran from May to September 2023 in Russia and enrolled 28 healthy males. Traws then ran a Phase 1 randomized, blinded, placebo-controlled study in Australia, with four cohorts of eight participants. Topline data showed good overall tolerability, and a single dose maintained detectable plasma drug levels for 23 days. Both human studies enrolled only healthy volunteers in small cohorts, and neither tested whether the drug prevents or treats influenza.
Traws was formerly Onconova Therapeutics, Inc., and merged with Trawsfynydd Therapeutics, Inc. on April 1, 2024.
Financial position
The XBRL data in the filing show 2025 revenue of $2.8 million and net income of $9.2 million, with cash used in operations of $18.2 million. For 2024, the company reported revenue of $226,000, a net loss of $166.5 million and cash used in operations of $29.8 million. The financial data are the company's own reported figures.
What the notice signals
A share price under $1.00 for 30 business days says the market values the company at little per share, and the 8-K gives no plan beyond monitoring the price and considering options. The company would need a close of $1.00 or more for at least 10 consecutive business days. The second 180-day period is available only if Traws meets Nasdaq's other listing standards, and a missed deadline would bring a delisting notice. The company has no product on the market and used $18.2 million of cash in operations in 2025, so raising money while the price is low would mean selling shares cheaply.