aibioTraws Pharma reports 2025 results and completes up to $60 million PIPE
Tickers TRAW
Traws says a $10 million upfront private placement, with up to $50 million more in warrants, supports operations into the first quarter of 2027, including a planned challenge trial of tivoxavir marboxil.
Key facts
- Company
- Traws Pharma, Inc. (NASDAQ: TRAW)
- News type
- Company Updates
- Primary source
- Traws Pharma, Inc. SEC filing (Form 8-K)
Traws Pharma, Inc. (NASDAQ: TRAW) reported results for the year ended December 31, 2025 on April 15, 2026. In the press release, the company also said it had completed a private investment in public equity (PIPE) of up to $60 million, including $10 million in gross proceeds at closing. The company said the financing, plus existing cash, supports operations into the first quarter of 2027.
The financing terms
The financing consists of 5,982,919 shares of common stock, or pre-funded warrants in lieu of shares, sold at $1.6730 per share. The warrant exercise price equals the deal price. The Series A milestone-based warrant has an aggregate exercise price of $10.0 million and becomes exercisable upon receipt of MHRA approval to conduct the challenge trial. The Series B milestone-based warrant, also $10.0 million, becomes exercisable after both shareholder approval and the announcement of challenge trial data.
The Series C common warrants have a three-year term and could provide potential additional gross proceeds of $30.0 million if fully exercised, after shareholder approval.
Chief Executive Officer Iain Dukes said: "The capital from the recent private financing, supported by a group of new and existing investors, positions Traws to complete the Challenge Trial, while preserving access to substantial additional capital as key milestones are achieved."
Program updates
Traws said it has made substantial progress on tivoxavir marboxil (TXM), its oral influenza candidate. A new compressed tablet formulation provides longer exposure and extended coverage in preclinical studies. A Phase 1 bridging study under an open IND in Australia is intended to confirm that the new formulation can provide 28 days of coverage. After that study and MHRA approval, the company plans to run a single-dose influenza virus challenge trial at hVIVO in the UK.
FDA informed the company that the U.S. IND for TXM has been placed on clinical hold over concerns with the toxicology data package. Traws plans to engage with the FDA and is working to submit a comprehensive response, with the goal of resolving the hold and advancing the program in the U.S. during 2026.
On ratutrelvir, the company's COVID-19 candidate, Traws said it is completing the final analysis of a 90-patient Phase 2a study. The release describes it as a once-daily, ritonavir-independent oral main protease (Mpro) inhibitor for acute COVID infection in a broad range of patients, including those who are PAXLOVID-ineligible, with potential to reduce the risk of COVID rebound and Long COVID. The company says topline data demonstrated safety and proof-of-concept efficacy in patients eligible and ineligible for PAXLOVID. In the ineligible group, the release reports a hazard ratio of 1.31 for faster symptom resolution (95% CI, 0.78-2.20, p=0.018). The confidence interval runs from below 1 to above 1, which does not fit a p-value of 0.018, and the release does not explain the gap. With 90 patients across groups, the subgroup is small, so the result is not firm proof of efficacy. The company said ratutrelvir showed fewer treatment-related adverse events than PAXLOVID, but the final analysis is not done.
Board and financial position
The XBRL financial data for the company 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, revenue was $226,000, the net loss was $166.5 million and cash used in operations was $29.8 million.
Traws said the completed financing positions it to finish the challenge trial and keep access to additional capital as its milestones are met. Only $10 million is upfront money. The Series A warrant needs MHRA approval, the Series B needs challenge trial data and shareholder approval, and the Series C also needs shareholder approval, so most of the $60 million is a possibility, not cash. Sales of shares and exercises of the warrants would dilute current holders. The IND clinical hold, the MHRA approval and the final ratutrelvir analysis are all open. The 2025 net income of $9.2 million sits beside negative cash from operations of $18.2 million and a runway of only into the first quarter of 2027.