NEWTOWN, PA — Traws Pharma, Inc. (Nasdaq: TRAW) reported its financial results for the first quarter of 2024 this week, alongside an update on its business developments that signal a period of significant advancement.
The company’s CEO, Werner Cautreels, Ph.D., highlighted the completion of several key milestones, including the acquisition of Trawsfynydd, a $14 million private placement financing, and notable progress in its clinical trials. “2024 has already been a transformative year for Traws Pharma to advance our portfolio of novel treatments,” said Dr. Cautreels. The firm initiated first-in-human dosing for its COVID-19 product candidate and completed dose escalation for narazaciclib, a CDK4+ inhibitor with potential applications in oncology.
Traws Pharma ended the first quarter with $16.4 million in cash and equivalents, down from $20.8 million at the end of 2023. Despite this decrease, the company is optimistic about its financial runway, projecting sufficient funds to carry its clinical trials and business operations into the fourth quarter of 2024. This projection follows a successful April 2024 fundraising round that added $14 million to its coffers, through sales of common and preferred stock to notable investors including TPAV, LLC, and OrbiMed Private Investments VIII, LP.
Revenue for the quarter stood at fifty-six thousand dollars, consistent with the prior year’s same period. However, general and administrative expenses surged to $3.4 million, up from $2.1 million in the first quarter of 2023, attributed to costs related to the Trawsfynydd acquisition and higher legal and professional fees, offset by reductions in other operational expenses.
Research and development costs saw a notable decline to $1.9 million from $4.1 million the previous year, thanks to efficiencies in narazaciclib manufacturing and reduced clinical development consulting costs. Traws Pharma reported a net loss of $5.0 million, or $0.24 per share, an improvement over the $5.8 million, or $0.28 per share loss reported in the first quarter of 2023.
Dr. Cautreels expressed optimism about the future, citing preclinical profiles and early clinical data as indicators of the company’s potential. “Based on the preclinical profile and early clinical data from our infectious disease candidates and narazaciclib, I am optimistic about the outlook for Traws’ portfolio,” he stated, promising further updates through the year.
With key clinical milestones achieved and a solid financial strategy in place, Traws Pharma is poised for further developments that could potentially reshape treatment landscapes in these critical areas of healthcare.
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