Dogwood Therapeutics Announces Third Quarter 2026 Financial Results

Lower acquired research expenses drove the quarterly expense reduction, while financing supports preparations for Halneuron Phase 3.

Rhea-AI Summary

Dogwood Therapeutics (DWTX) reported a narrower third-quarter net loss and completed its Halneuron Phase 2b chemotherapy-induced neuropathic pain trial. Net loss attributable to common stockholders was $4,882,942, or $0.14 per share, versus $15,744,616, or $8.20 per share, a year earlier. Research and development expenses fell to $3,352,977 from $14,521,342, primarily reflecting lower acquired research expenses.

The trial enrolled 239 patients; Dogwood expects top-line results in November 2026. Its 95-patient extension study is fully enrolled, with completion expected in early 2027. Dogwood closed a $5 million private placement with largest shareholder Sealbond to advance Phase 3 preparations. The company expects September 30 cash of $4.9 million plus the placement to fund operations through the first quarter of 2027. Nine-month results included a $9,190,897 impairment of acquired research assets.

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2 major · 10 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate pointThird-quarter common-stockholder net loss narrowed to $4,882,942, or $0.14 per share, from $15,744,616, or $8.20.
• Moderate pointClosed $5 million private placement with Sealbond, its largest shareholder, to advance Phase 3 preparations. 13% of market cap
• Moderate point. Forward-looking: it has not happened yet and may not happen.Dogwood expects cash plus the placement to support operations through the first quarter of 2027.
• Moderate pointThird-quarter research expenses fell to $3,352,977 from $14,521,342, primarily reflecting lower acquired research expenses.
• Moderate pointNine-month related-party debt conversion loss was zero, versus $6,134,120 a year earlier.
• Moderate pointTotal liabilities declined to $11,475,000 at September 30, 2026, from $15,274,370 at December 31, 2025.

9 minor points

• Minor pointNine-month common-stockholder net loss narrowed to $21,399,165, or $0.63 per share, from $31,733,583, or $18.02.
• Minor point. Forward-looking: it has not happened yet and may not happen.Halneuron Phase 2b trial completed with 239 patients; Dogwood expects top-line results in November 2026.
• Minor point. Forward-looking: it has not happened yet and may not happen.Halneuron extension study fully enrolled 95 patients; Dogwood expects completion in early 2027.
• Minor pointThird-quarter licensing revenue reached $100,000 from none a year earlier, representing the first PRIDCor license payment.
• Minor pointNine-month research and development expenses fell to $9,269,275 from $19,528,283.
• Minor pointThird-quarter sublease income reached $27,241 from zero; nine-month income reached $64,138 from zero.
• Minor pointNine-month net interest income rose to $185,734 from $44,871.
• Minor pointNine-month deferred tax benefit was $2,480,340, versus a $189,255 expense a year earlier.
• Minor pointNine-month preferred-stock dividend accrual was zero, versus $1,256,662 a year earlier.

Negative

• Major pointNine-month acquired research asset impairment totaled $9,190,897, versus zero a year earlier. 23% of market cap
• Major pointThird-quarter weighted-average shares rose to 34,129,553 from 1,919,433; nine-month shares rose to 33,936,760 from 1,761,237.
• Moderate pointCash declined to $4,948,266 at September 30, 2026, from $6,524,744 at December 31, 2025.
• Minor pointThird-quarter general and administrative expenses rose to $1,576,219 from $1,287,783.
• Minor pointNine-month general and administrative expenses rose to $5,608,915 from $4,633,883.

5 minor points

• Minor pointFirst PRIDCor license payment incurred $88,104 in CVR expense, versus none a year earlier.
• Minor pointThird-quarter net interest income fell to $42,035 from $80,582.
• Minor pointThird-quarter exchange loss increased to $35,757 from $17,509; nine-month loss increased to $72,186 from $36,251.
• Minor pointTotal assets declined to $75,608,219 at September 30, 2026, from $90,171,237 at December 31, 2025.
• Minor pointStockholders’ equity declined to $64,133,219 at September 30, 2026, from $74,896,867 at December 31, 2025.

Key Figures

Phase 2b enrollment: 239 patients Top-line results timing: November 2026 Extension study enrollment: 95 patients +5 more

Phase 2b enrollment

239 patients

Halneuron chemotherapy-induced neuropathic pain trial completed

Top-line results timing

November 2026

Expected results from the completed Phase 2b trial

Extension study enrollment

95 patients

Phase 2b long-term extension study fully recruited

Extension treatment period

three months

Pain reduction assessment with Halneuron

Private placement

$5 million

Closed with Sealbond Limited for Phase 3 preparation and working capital

Operational runway

Through the first quarter of 2027

Cash on hand and private placement proceeds

Research and development expenses

$3.3 million vs. $14.5 million

Third quarter 2026 vs. third quarter 2025

Net loss attributable to common stockholders

$4.9 million vs. $15.7 million

Third quarter 2026 vs. third quarter 2025

Previous Earnings Reports

2 past events · Latest: Aug 13

Same Type 2 events

1. Aug 13

   Q2 2026 earnings

   24h Move

   +2.9%

   Halneuron Phase 2b enrollment reached 217 patients, and a 12-week extension study had begun.

2. Nov 06

   Q3 2025 earnings

   24h Move

   -6.5%

   Reported $14.5 million R&D expense and $15.7 million net loss, including a $12.0 million IPR&D charge.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

private placement, open-label, fast track designation, voltage-gated sodium channel, +1 more

5 terms

private placement financial

"Closed a $5 million private placement with Sealbond Limited"

A private placement is a sale of securities directly to a selected group of investors, typically institutions or accredited investors, instead of through a public offering. It lets a company raise money faster and with fewer regulatory steps; for existing shareholders it matters because the newly issued shares, often sold at a discount, increase the share count and can dilute their ownership.

open-label medical

"eligible to enroll in the 12-week open-label follow-on trial"

Open-label describes a situation where everyone involved in a study or process knows the full details, such as who is receiving a treatment or intervention. For investors, understanding whether a project or product is open-label helps gauge the level of transparency and potential biases, influencing trust and decision-making. It’s like knowing whether a test or experiment is conducted openly or behind closed doors.

fast track designation regulatory

"granted fast track designation from the FDA"

Fast track designation is a status the U.S. Food and Drug Administration grants to drugs intended to treat serious conditions and address an unmet medical need. It gives the developer more frequent communication with the FDA and can allow parts of the application to be reviewed on a rolling basis, and it may pave the way to priority review or accelerated approval. It can shorten development timelines, though it does not guarantee approval.

voltage-gated sodium channel medical

"a highly specific voltage-gated sodium channel modulator"

A voltage-gated sodium channel is a membrane protein complex that opens in response to a change (depolarization) in a cell’s electrical charge and briefly allows sodium ions (Na+) to flow into the cell. The rapid, transient influx of Na+ through these channels initiates and helps propagate electrical impulses (action potentials) in nerve, muscle and cardiac cells; channels typically consist of a pore-forming alpha subunit and one or more auxiliary beta subunits, and they display fast activation and inactivation kinetics. Mutations or drugs that alter their opening, closing, or ion selectivity change excitability and can cause or treat disorders known as channelopathies (for example certain epilepsies, arrhythmias, or pain syndromes).

contingent value rights financial

"the terms and conditions applicable to the contingent value rights"

Contingent value rights are special financial instruments that give their holder the potential to receive additional payments if certain future events or conditions happen, such as the achievement of specific business milestones. They are like a promise of extra rewards that depend on how well a project or company performs later on. Investors care about them because they offer a chance for extra gains but also carry uncertainty, as the extra payments are not guaranteed.

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- Completed the Halneuron^® Phase 2b trial in Chemotherapy Induced Neuropathy, top-line results to be announced in November 2026 -

- Phase 2b Long-Term Extension Study fully recruited, 95 patients enrolled, assessing Halneuron^® reduction in pain over three months of treatment with Halneuron^® -

- Closed $5M Private Placement with Sealbond Limited, a subsidiary of CK Life Sciences Int’l., (Holdings) Inc., to Advance Phase 3 Preparatory Activities -

ALPHARETTA, Ga., Nov. 05, 2026 (GLOBE NEWSWIRE) -- Dogwood Therapeutics, Inc. (Nasdaq: DWTX) (“Dogwood” or the “Company”), a company that focuses on developing first-in-class, new non-opioid medicines to treat pain and neuropathy, today announced financial results for the third quarter ended September 30, 2026.

“Tens of millions of cancer patients worldwide previously treated with chemotherapy suffer from long-term, moderate-to-severe neuropathic pain (“CINP”),” said Greg Duncan, Chief Executive Officer of Dogwood Therapeutics. “Despite the massive unmet medical need associated with significant pain from ‘off-target’ chemotherapy-related nerve damage, there are no FDA approved medicines to treat CINP. Halneuron^® has demonstrated statistically and/or clinically significant and durable pain reduction in cancer and CINP clinical trials to date. With results from the recently completed Phase 2b CINP study to be reported in November, we believe that if successful, Halneuron^® could represent the first new therapeutic agent for millions of CINP patients in the US and tens of millions of CINP patients across the globe.”

Key Highlights 

• The Company completed its Halneuron^® Phase 2b Chemotherapy Induced Neuropathic Pain (“CINP”) study, enrolling 239 patients. Top-line results are expected to be announced in November 2026.
• Dogwood has fully enrolled 95 patients in its Phase 2b long-term extension study to assess Halneuron^®’s reduction in pain over three months of treatment. Patients who completed the ongoing Halneuron^® 4-week CINP Phase 2b study were eligible to enroll in the 12-week open-label follow-on trial. The long-term extension study is expected to be completed in early 2027.
• The Company closed a $5 million private placement with Sealbond Limited, its largest shareholder, and a subsidiary of CK Life Sciences Int’l., (Holdings) Inc. to advance Phase 3 preparatory activities for Halneuron^® and for working capital and general corporate purposes.
• Cash on hand of $4.9 million along with the private placement of $5 million provides operational runway through the first quarter of 2027.

Third Quarter 2026 Financial Results

Revenue and CVR expense for the third quarter of 2026 were $0.1 million and $0.1 million, respectively, compared to no revenue and no CVR expense in the third quarter of 2025. In the third quarter of 2026, the Company received and recognized $0.1 million in licensing revenue for its first payment under the PRIDCor License Agreement and recognized cost of goods sold of $0.1 million related to the corresponding payment to its CVR Holders under the CVR Agreement.

Research and development expenses for the third quarter of 2026 were $3.3 million, compared to $14.5 million for the third quarter of 2025. The $11.2 million decrease year over year primarily related to a decrease in acquired in-process research and development (“IPR&D”) expenses of $12.0 million related to the Serpin Licensing Agreement that took place in the third quarter of 2025 offset by an increase in the Halneuron^® Phase 2b CINP study costs of $0.5 million, an increase in drug development and manufacturing costs of $0.2 million and an increase in salaries and related personnel costs of $0.1 million.

General and administrative expenses for the third quarter of 2026 were $1.6 million, compared to $1.3 million for the third quarter of 2025. The $0.3 million increase year over year was primarily due to increases in salaries and related personnel costs of $0.4 million offset by a decrease in legal and accounting fees of $0.1 million.

Net loss attributable to common stockholders for the third quarter of 2026 was $4.9 million, or $0.14 basic and diluted net loss per share, compared to a net loss attributable to common stockholders of $15.7 million, or $8.20 basic and diluted net loss per share, for the third quarter of 2025.

About Dogwood Therapeutics

Dogwood Therapeutics (Nasdaq: DWTX) is a development-stage biopharmaceutical company focused on developing first-in-class, non-opioid medicines to treat pain and neuropathic disorders. Dogwood’s research pipeline includes two first-in-class development candidates, Halneuron^® and SP16 IV.

Our lead product candidate, Halneuron^®, is in Phase 2b development to treat pain conditions including the neuropathic pain associated with chemotherapy treatment. Halneuron^® has been granted fast track designation from the FDA for the treatment of CINP. Halneuron^® is a non-opioid, Na_V 1.7 analgesic which is a highly specific voltage-gated sodium channel modulator, a mechanism known to be effective for reducing pain transmission. In clinical studies, Halneuron^® treatment has demonstrated pain reduction in pain related to general cancer and in pain related to chronic CINP.

SP16 IV is a low-density lipoprotein receptor related protein-1 agonist (“LRP1”) with potential to treat neuropathy and prevent or repair nerve damage following chemotherapy. SP16 acts as an LRP1 agonist that in turn provides alpha-1-antitrypsin-like activity. Consistent with alpha-1-antitrypsin anti-inflammatory and immunomodulatory actions, SP16 preclinically demonstrated anti-inflammatory (analgesic) action via potential reductions in IL-6, IL-8, IL1B and TNF-alpha levels, as well as potential to repair damaged tissue via increases in pAKT and pERK that regulate fundamental processes like growth, proliferation and survival. The forthcoming SP16 IV Phase 1b CIPN trial is fully funded by the National Cancer Institute.

Dogwood Therapeutics’ largest shareholder is a member of CK Life Sciences Int’l., (Holdings) Inc., which is listed on the Hong Kong Stock Exchange (Stock code: 0775).

For more information, please visit www.dwtx.com.

Development and Commercialization Partnership Payments

To the extent that any payment to Dogwood resulting from the development and commercialization partnership constitutes either an “Upfront Payment” or a “Milestone Payment” under the terms and conditions applicable to the contingent value rights (“CVRs”) issued by Dogwood on October 17, 2024, Dogwood will cause any required amounts to be delivered to the rights agent for further payment to holders of the CVRs.

Forward-Looking Statements:

Statements in this press release contain “forward-looking statements,” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, that are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as “anticipate,” “believe,” “contemplate,” “could,” “estimate,” “expect,” “intend,” “seek,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “suggest,” “target,” “aim,” “should,” "will,” “would,” or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on Dogwood’s current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict, including risks related to the completion, timing and results of current and future clinical studies relating to Dogwood’s product candidates. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. These and other risks and uncertainties are described more fully in the section titled “Risk Factors” in the most recently filed Annual Report on Form 10-K, which has been filed with the Securities and Exchange Commission (the “SEC”). Forward-looking statements contained in this announcement are made as of this date, and Dogwood undertakes no duty to update such information except as required under applicable law.

Investor Relations:

Dan Ferry
Managing Director
LifeSci Advisors, LLC
daniel@lifesciadvisors.com

-Financial Tables Follow-

DOGWOOD THERAPEUTICS
Selected Financial Data  
(unaudited)

Condensed Consolidated Statements of Operations Data		Three Months Ended September 30,									Nine Months Ended September 30,
		2026				2025					2026				2025
Licensing revenue		$	100,000			$		—			$	100,000			$	—
CVR expense			88,104					—				88,104				—
Gross profit			11,896					—				11,896				—
Operating expenses:
Research and development			3,352,977					14,521,342				9,269,275				19,528,283
General and administrative			1,576,219					1,287,783				5,608,915				4,633,883
IPR&D impairment			—					—				9,190,897				—
Total operating expenses			4,929,196					15,809,125				24,069,087				24,162,166
Loss from operations			(4,917,300	)				(15,809,125	)			(24,057,191	)			(24,162,166	)
Other income (expense):
Sublease income			27,241					—				64,138				—
Loss on debt conversion with related party			—					—				—				(6,134,120	)
Interest income, net			42,035					80,582				185,734				44,871
Exchange loss, net			(35,757	)				(17,509	)			(72,186	)			(36,251	)
Total other income (expense), net			33,519					63,073				177,686				(6,125,500	)
Loss before income taxes			(4,883,781	)				(15,746,052	)			(23,879,505	)			(30,287,666	)
Deferred income tax benefit (expense)			839					1,436				2,480,340				(189,255	)
Net Loss			(4,882,942	)				(15,744,616	)			(21,399,165	)			(30,476,921	)
Accrual of paid-in-kind dividends on Series A non-voting convertible preferred stock			—					—				—				(1,256,662	)
Net loss attributable to common stockholders		$	(4,882,942	)		$		(15,744,616	)		$	(21,399,165	)		$	(31,733,583	)
Net loss per share of common stock — basic and diluted		$	(0.14	)		$		(8.20	)		$	(0.63	)		$	(18.02	)
Weighted average shares outstanding — basic and diluted			34,129,553					1,919,433				33,936,760				1,761,237

   

Condensed Consolidated Balance Sheet Data	September 30,				December 31,
	2026				2025
Cash and cash equivalents	$	4,948,266			$	6,524,744
Total assets		75,608,219				90,171,237
Total liabilities		11,475,000				15,274,370
Total stockholders’ equity		64,133,219				74,896,867

Source: Dogwood Therapeutics, Inc.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

When will Dogwood Therapeutics announce Halneuron Phase 2b results?

Dogwood expects to announce top-line results in November 2026. The completed Phase 2b trial enrolled 239 patients with chemotherapy-induced neuropathic pain.

How much financing did Dogwood Therapeutics raise and how long will its cash last?

Dogwood closed a $5 million private placement with Sealbond and expects that financing, together with $4.9 million in cash, to support operations through the first quarter of 2027. Sealbond is its largest shareholder and a subsidiary of CK Life Sciences.

What does Dogwood Therapeutics’ Halneuron extension study assess?

The extension study assesses pain reduction over three months of Halneuron treatment. Patients who completed the four-week Phase 2b study were eligible for the 12-week open-label follow-on trial.

How do Dogwood Therapeutics’ partnership payments affect contingent value rights holders?

Qualifying upfront or milestone payments from the development and commercialization partnership require Dogwood to deliver applicable amounts to the rights agent for payment to contingent value rights holders. This obligation applies under the terms of the rights issued on October 17, 2024.