NEWTOWN, PA — Traws Pharma, Inc. (Nasdaq: TRAW) reported its financial results for the year ended December 31, 2025, and outlined progress across its antiviral pipeline, alongside a private financing expected to fund operations into early 2027.
The company announced April 15, 2026, that it secured up to $60 million in private investment in public equity (PIPE) financing, including $10 million in gross proceeds at closing, with additional funding tied to milestone-based warrants.
The financing, combined with existing cash, is expected to support operations through the first quarter of 2027, including completion of a planned Phase 2a human challenge trial for its lead candidate, tivoxavir marboxil (TXM), as a once-monthly oral prophylactic for influenza.
Chief Executive Officer Iain Dukes said the company expects to initiate the challenge trial in the second quarter of 2026, pending approval from the United Kingdom’s Medicines and Healthcare products Regulatory Agency, while continuing discussions with the U.S. Food and Drug Administration to resolve a clinical hold on the program.
TXM is being developed as both a preventive and treatment option for seasonal influenza and H5N1 bird flu, with ongoing studies evaluating a compressed tablet formulation designed to extend drug exposure and enable monthly dosing.
The company is also advancing ratutrelvir, an investigational oral antiviral for COVID-19, with Phase 2a data showing comparable symptom resolution timing to Paxlovid in eligible patients and faster symptom resolution in patients unable to take ritonavir-based therapies, along with a favorable safety profile.
For the year ended December 31, 2025, Traws reported revenue of $2.8 million, up from $0.2 million in 2024, primarily due to recognition of deferred revenue following termination of a license agreement.
Research and development expenses totaled $12.1 million, down from $12.8 million in the prior year, while general and administrative expenses declined to $8.5 million from $12.3 million.
The company reported net income of $9.2 million, or $0.83 per share, compared with a net loss of $166.5 million, or $35.21 per share, in 2024.
Cash and cash equivalents stood at approximately $3.8 million as of December 31, 2025, compared with $21.3 million a year earlier, excluding proceeds from the April 2026 financing.
Traws had 10,157,257 shares of common stock outstanding as of April 14, 2026.
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