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Dogwood Therapeutics Inc. (DWTX) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements for the year, showing a net loss of $12,349,724, compared to a net loss of $5,296,015 in the previous year. The increase in net loss is attributed to higher research and development expenses and general and administrative expenses.
Research and development expenses increased to $3,530,913 from $1,728,078, primarily due to increased clinical trial costs, research activities, and drug development expenses.
General and administrative expenses rose to $8,696,335 from $3,718,841, mainly due to nonrecurring transaction costs related to the Combination with Pharmagesic.
The company reported cash and cash equivalents of $14,847,949 as of December 31, 2024, compared to $3,316,946 at the end of the previous year. This increase was mainly due to proceeds from a loan agreement and a public offering.
Dogwood completed a Combination with Pharmagesic, acquiring 100% of its shares. The Combination included a loan agreement with Conjoint Inc. for $19,500,000, of which $16,500,000 was disbursed in 2024.
The company effected a reverse stock split on October 7, 2024, converting every 25 shares of common stock into one share. The reverse stock split was part of the company's efforts to maintain compliance with Nasdaq listing requirements.
Dogwood's pipeline focuses on Nav 1.7 modulation for pain disorders and combination antiviral therapies targeting herpes virus mediated illnesses. The lead candidate, Halneuron®, is in late-stage clinical development for chemotherapy-induced neuropathic pain.
The company acknowledges the need for additional capital to fund operations beyond the first quarter of 2026 and plans to seek financing through equity offerings, debt financings, or other arrangements.
Dogwood continues to face risks related to its financial position, development activities, and regulatory approvals, as detailed in the risk factors section of the filing.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Dogwood Therapeutics Inc. annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.