aibioTraws Pharma reports Q1 2026 net loss of $7.1 million and financing
Tickers TRAW
Traws reports a net loss of $7.1 million for the quarter ended March 31, 2026, and says its private financing of up to $60 million supports operations into the first quarter of 2027.
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 first-quarter 2026 results and business highlights on May 15, 2026. In the press release, the company reported a net loss of $7.1 million, or $0.53 per share, for the quarter ended March 31, 2026. It said its private financing of up to $60 million, announced in April, supports operations into the first quarter of 2027.
The private financing
On April 15, 2026, Traws announced an up to $60 million private investment in public equity (PIPE) financing. It included $10 million in gross proceeds at closing, with up to approximately $50 million of additional potential gross proceeds from milestone-based and three-year warrants. 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. Only the $10 million is certain. The rest depends on milestones being met and on investors choosing to exercise warrants, and new shares add to the 15,150,669 already outstanding.
Chief Executive Officer Iain Dukes said: "The recently announced private financing of up to $60 million in gross proceeds provides us with a clear runway into Q1 2027 and supports our ability to execute on our key programs." The company said the upfront proceeds, the milestone-based warrants and current cash are estimated to fund operations into the first quarter of 2027, including completion of a human challenge trial for TXM.
First-quarter results
Traws reported cash and cash equivalents of approximately $3.1 million as of March 31, 2026, compared with approximately $3.8 million at December 31, 2025. Revenue for the quarter was $0.0 million, compared with $0.06 million a year earlier.
Research and development expense was $4.9 million for the quarter, compared with $2.5 million in the first quarter of 2025. The company said the $2.4 million increase primarily relates to expenses for completing antiviral clinical trial milestones. General and administrative expense was $2.0 million, compared with $2.8 million, a decrease of $0.7 million that the company attributed mainly to lower professional and consulting fees.
In the first quarter of 2025 the company booked $26.5 million of other income from remeasuring its warrant liability, which explains the prior-year profit. The net loss of $7.1 million compares with net income of $21.5 million, or $2.17 per basic share and $2.09 per diluted share, in the first quarter of 2025. Traws had 15,150,669 shares of common stock outstanding as of May 12, 2026.
Pipeline
The company's lead program is tivoxavir marboxil (TXM), an investigational oral, small molecule cap-dependent endonuclease inhibitor. The release says TXM is designed as a single-dose prophylactic agent for seasonal influenza and as a treatment for pandemic or bird flu. The ongoing Phase 1 bridging study in Australia, conducted under an open IND, is intended to evaluate whether the compressed tablet formulation provides 28 days of coverage.
After that study and receipt of MHRA approval, Traws plans a single-dose influenza virus challenge trial of TXM at hVIVO in the UK. The company said FDA placed the U.S. IND for TXM on clinical hold over concerns with the toxicology data package. It is preparing a comprehensive response, with the goal of resolving the hold and enabling global clinical studies by year end.
The release describes hantavirus as a rodent-borne virus with a 30-50% fatality rate in humans. It gives no data showing the company's candidates work against it.
Company background
Its annual report lists four clinical programs: TXM, ratutrelvir, narazaciclib (ON 123300) and rigosertib.
The XBRL financial data show 2025 revenue of $2.8 million and net income of $9.2 million, with cash used in operations of $18.2 million. Against that, cash was $3.1 million at March 31, the FDA has put a clinical hold on the U.S. IND for TXM, and the challenge trial still needs MHRA approval. The runway claim assumes the milestone money arrives. For 2024, revenue was $226,000, the net loss was $166.5 million and cash used in operations was $29.8 million.