aibioTraws Pharma reports Q2 2026 results and updated MHRA timeline
Tickers TRAW
Traws reports $5.0 million in cash at June 30, 2026, and says existing cash plus expected at-the-market proceeds fund planned 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 financial results for the quarter ended June 30, 2026, on August 14, 2026. In the press release filed on Form 8-K, the company reported $5.0 million of cash and cash equivalents at June 30, 2026, no revenue for the quarter, and a net loss of $3.0 million, or $0.16 per share.
Regulatory path for tivoxavir marboxil
The main development update concerns tivoxavir marboxil (TXM), the company's investigational oral influenza candidate. Traws is preparing an updated toxicology data package for the UK Medicines and Healthcare products Regulatory Agency (MHRA) after feedback on its planned Phase 2a human influenza challenge study. The company expects to resubmit the package at the end of the third quarter of 2026. If the MHRA accepts it, which is not assured after its feedback, the study would be conducted in healthy volunteers at hVIVO, which the release describes as a global leader in the conduct of human challenge studies.
Chief Executive Officer Iain Dukes said: "Our conviction in tivoxavir marboxil's potential as a prophylactic agent for seasonal influenza is unchanged." That is belief, and the drug has not been cleared for the challenge study.
The U.S. Food and Drug Administration placed the U.S. IND for TXM on clinical hold over concerns with the toxicology data package. Traws is preparing a comprehensive response, with the goal of resolving the hold and advancing the program in the U.S. by the end of 2026.
Financing and cash
In April 2026 the company completed a financing that delivered $10.0 million in upfront proceeds and can provide up to $50.0 million more through three tranches of warrants. The Series A warrant, worth $10.0 million, becomes exercisable upon MHRA approval of the challenge study. The Series B warrant, also $10.0 million, becomes exercisable upon announcement of data from the challenge study. Shareholders approved the Series B and Series C tranches on July 8, 2026. The Series C warrant can provide up to $30.0 million. Access to the tranches remains subject to program milestones, sequential exercise of the earlier tranches and investor participation. The release names no underwriter or placement agent for the April 2026 financing. The $50.0 million is not committed money: it depends on regulatory approval, trial data and investors choosing to exercise.
Cash and cash equivalents totaled $5.0 million at June 30, 2026, compared with $3.8 million at December 31, 2025. Traws said the increase primarily reflects the April private placement and sales under its at-the-market equity program, partly offset by cash used in operations. The company believes its existing cash, together with anticipated at-the-market proceeds, will fund planned operations into the first quarter of 2027. That is a short runway, and it relies on selling more shares, which dilutes holders.
Quarterly and six-month results
Research and development expense was $1.1 million for the quarter, compared with $2.3 million a year earlier, mainly on lower spending on the TXM program. For the six months, R&D expense was $6.0 million, against $4.8 million, reflecting work on ratutrelvir and TXM. That work included completion of the ratutrelvir Phase 2a trial and a TXM bridging study that began in March 2026. General and administrative expense was $3.5 million for the quarter, up from $1.7 million, on higher professional and consulting fees and non-cash stock-based compensation.
Traws recorded no revenue for the quarter, compared with $2.7 million a year earlier, when it recognized non-recurring deferred revenue from ending a licensing agreement for a legacy oncology program. For the six months, the net loss was $10.2 million, or $0.64 per share, compared with net income of $20.6 million in the prior-year period. That prior-year figure included a $26.7 million non-cash gain from the change in fair value of warrant liabilities. Traws had 15,368,277 shares of common stock outstanding on August 13, 2026.
The financial data in the company's SEC filings show 2025 revenue of $2.8 million and net income of $9.2 million, with cash used in operations of $18.2 million. The cash used in operations is the better guide to the burn than the profit. For 2024, revenue was $226,000, the net loss was $166.5 million and cash used in operations was $29.8 million.