TRAW · Onconova Therapeutics, Inc.

Traws Pharma swung to net income of $9.2 million for FY 2025 from a $166.5 million loss in 2024, driven by revenue recognition of $2.8 million from the Symbio license termination and elimination of $117.5 million in acquired in-process R&D expense related to the prior year's Trawsfynydd merger. R&D expenses dipped slightly to $12.1 million, reflecting reduced oncology spending offset by virology investments, while G&A fell to $8.5 million from lower professional fees. Cash stood at $3.8 million at year-end, down from $21.3 million, but the concurrent $60 million PIPE financing—$10 million upfront plus up to $50 million in milestone and three-year warrants—bolsters runway into Q1 2027 to complete the TXM Phase 2a Challenge Trial. CEO Iain Dukes highlighted progress on TXM's compressed tablet formulation in an Australian Phase 1 bridging study, targeting MHRA approval for a UK Challenge Trial in Q2 2026, alongside FDA engagement to lift the U.S. clinical hold. Ratutrelvir's Phase 2a data showed equivalent efficacy to PAXLOVID in eligible patients, faster symptom resolution (HR 1.31, p=0.018) in ineligible ones, and superior safety, positioning it for ritonavir-free COVID treatment. The financing, backed by new and existing investors, ties additional capital to key TXM milestones like MHRA approval and trial data, preserving optionality amid 10.2 million shares outstanding.