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Traws Pharma, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a net loss of $8,475,000, compared to a net loss of $4,739,000 in the same quarter the previous year. The increase in net loss is attributed to higher research and development expenses.
Research and development expenses increased to $5,113,000 from $2,460,000, primarily due to the initiation and completion of a Phase 1 study for TRX100 in Australia.
General and administrative expenses rose to $3,480,000 from $2,686,000, driven by increased professional and consulting fees.
Revenue for the quarter was $57,000, consistent with the previous year, derived from deferred revenue related to a collaboration agreement with SymBio.
Traws Pharma reported cash and cash equivalents of $5,410,000 as of September 30, 2024, down from $20,821,000 at the end of 2023.
The filing notes that the company has an accumulated deficit of $619,232,000 and anticipates continued operating losses.
Traws Pharma underwent a one-for-25 reverse stock split in September 2024 to regain compliance with Nasdaq's minimum bid price requirement.
The company is exploring additional financing options to fund ongoing clinical trials and operations, acknowledging substantial doubt about its ability to continue as a going concern.
Traws Pharma acquired Trawsfynydd Therapeutics, Inc. (TRAW-1.62%) in April 2024, which was accounted for as an asset acquisition, with a significant portion of the acquisition cost expensed as in-process research and development.
The company is developing several clinical programs, including TRX100 for influenza and TRX01 for COVID-19, and is seeking strategic alliances and funding to support these initiatives.
Traws Pharma attended a Nasdaq hearing on November 14, 2024, to address non-compliance with the minimum stockholders’ equity requirement.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Traws Pharma Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.