TRAW · Onconova Therapeutics, Inc.

Traws Pharma reported a net loss of $7.1 million for Q1 2026, compared to net income of $21.5 million in Q1 2025, primarily due to a $2.4 million increase in R&D expenses (to $4.9 million) related to antiviral clinical trial milestones and a $0.7 million decrease in G&A expenses (to $2.0 million). The prior-year quarter included a $26.5 million gain from change in fair value of warrant liability, which reversed to a $0.2 million expense in Q1 2026. Revenue was negligible ($0 vs $57,000). The company ended the quarter with $3.1 million in cash, but subsequently closed a $60 million PIPE financing (April 15, 2026) with $10 million upfront and milestone-based warrants, extending the cash runway into Q1 2027. Key pipeline updates: TXM is advancing toward a human influenza challenge trial as a once-monthly prophylactic, with initiation planned in Q2 2026 pending MHRA approval and completion of a Phase 1 bridging study. The FDA clinical hold on TXM's IND remains; the company is preparing a response to resolve it by year-end. A new hantavirus program was initiated following a recent outbreak, with plans to rapidly advance a clinical candidate. Management expressed confidence in the financing and pipeline progress, with CEO Iain Dukes highlighting the $60 million financing as providing a clear runway.