NEWTOWN, PA — Traws Pharma, Inc. announced its second quarter 2024 financial results and highlighted key developments following its merger with Trawsfynydd Therapeutics. The merger, completed in April, included a $14 million private placement, providing a cash runway to support planned operations through year-end.
CEO Werner Cautreels stated, “The last several months have been transformational for Traws Pharma, with strategic and product development progress and an increase in capital. Completion of the merger agreement that created Traws Pharma expanded our investor base to include recognized healthcare investors, Orbimed and Torrey Pines, while broadening our portfolio to include compounds that we believe have best-in-class potential for influenza (flu), including bird flu, and COVID-19. In addition, ISTs are enhancing our multi-kinase inhibitors for cancer, narazaciclib and rigosertib.”
Key Developments
Traws Pharma’s lead antiviral program, tivoxavir marboxil, is now dosing the first cohort in its Phase 1 dose extension study in Australia. This program targets both seasonal and pandemic influenza strains, including avian flu. The COVID-19 program, ratutrelvir, completed its Phase 1 studies in Australia, showing promise without needing a CYP-inhibitor.
The oncology strategy includes upcoming investigator-sponsored trials (ISTs) for narazaciclib and continued support for rigosertib. Narazaciclib, a multi-kinase inhibitor, will target various solid tumors.
Financial Highlights
For the quarter ended June 30, 2024, Traws Pharma had cash, cash equivalents, and short-term investments totaling $16.9 million. This is down from $20.8 million at December 31, 2023. The company believes its cash balance will support operations through year-end 2024.
R&D expenses for Q2 2024 were $4 million, up from $2.5 million in the same period in 2023. These expenses reflect the ongoing Phase 1 studies for tivoxavir marboxil and ratutrelvir, and the narazaciclib Phase 1/2 dose escalation study. G&A expenses were $2 million, slightly down from $2.2 million in Q2 2023.
The net loss for Q2 2024 was $123.1 million, or $4.87 per share, primarily due to a non-cash charge of $117.5 million related to in-process R&D from the merger. This compares to a net loss of $4.3 million, or $0.20 per share, in Q2 2023.
Pioneering Growth Through Strategic Mergers and Clinical Breakthroughs
Traws Pharma’s recent merger and strategic focus on antiviral and oncology programs position the company for significant growth. The collaboration with Trawsfynydd Therapeutics expands its clinical pipeline, potentially offering best-in-class treatments for influenza and COVID-19. The upcoming Phase 2 studies and ISTs could provide key data readouts, paving the way for future advancements.
In conclusion, Traws Pharma’s merger with Trawsfynydd Therapeutics and its robust clinical pipeline offer promising growth potential. The company’s focus on strategic partnerships and advanced clinical programs makes it an attractive opportunity for investors.
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