Dogwood Therapeutics Reports Fourth Quarter and Full Year 2025 Financial Results
Rhea-AI Summary
Dogwood Therapeutics (Nasdaq: DWTX) reported Q4 and full-year 2025 results and clinical updates. Key items: interim Phase 2b analysis showed Halneuron® separating from placebo in a 97-patient subset; 143 patients recruited; trial >50% enrolled with top-line data expected in Q3 2026. The company completed a financing of up to $26.9M, receiving $12.5M gross and $11.4M net in Jan 2026, and had $6.5M cash at Dec 31, 2025, expected to fund operations into Q4 2026.
Full-year R&D rose to $21.8M vs $3.5M in 2024; net loss was $35.5M or $7.13 per share.
Positive
- Interim Phase 2b signal in 97-patient subset
- 143 patients recruited to Halneuron® trial
- Financing up to $26.9M secured to fund Phase 2b
- Company expects funding into Q4 2026
Negative
- Full-year net loss $35.5M (2025)
- Cash and cash equivalents of only $6.5M at Dec 31, 2025
- R&D spend increased to $21.8M from $3.5M in 2024
News Market Reaction – DWTX
In the Mar 18 session, DWTX declined 7.76%, reflecting a notable negative market reaction. Argus tracked a trough of -12.5% from its starting point during tracking. Our momentum scanner triggered 5 alerts that day, indicating moderate trading interest and price volatility. Trading volume was elevated at 2.0x the daily average, suggesting increased selling activity.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Nov 06 | Q3 2025 earnings | Neutral | -6.5% | Reported higher R&D from SP16 acquisition and increased net loss with limited cash runway. |
| Aug 13 | Q2 2025 earnings | Neutral | -1.0% | Updated Halneuron Phase 2b progress and cash runway with modest operating losses. |
| May 08 | Q1 2025 earnings | Neutral | -1.5% | Outlined early Phase 2b dosing, higher R&D and G&A, and Nasdaq compliance status. |
| Mar 31 | FY 2024 earnings | Neutral | -11.2% | Reported larger 2024 net loss, higher expenses, and strengthened cash via equity raises. |
| Nov 07 | Q3 2024 earnings | Neutral | +0.0% | Post-combination update on pipeline, new financing, and increased quarterly net loss. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Earnings releases have historically seen a modestly negative average move of -4.04%, suggesting past financial updates often weighed on sentiment.
Across the last five earnings releases from Nov 2024 through Nov 2025, Dogwood coupled financial updates with progress on Halneuron® and capital structure moves, including debt-to-equity conversion and licensing SP16. These events typically produced small to moderate share price declines, averaging -4.04%. Compared with those periods, the current report adds higher 2025 R&D, a larger net loss, but also a streamlined Q4 G&A and a clearer cash runway tied to recent financings.
Key Terms
phase 2b medical
interim analysis medical
independent statistical review committee medical
placebo medical
statistically significant medical
AI-generated analysis. How Rhea-AI works. Not financial advice.
ATLANTA, March 18, 2026 (GLOBE NEWSWIRE) -- Dogwood Therapeutics, Inc. (Nasdaq: DWTX) (the “Company”), a development-stage biotechnology company developing new medicines to treat pain and neuropathy, today announced financial results for the fourth quarter and full year ended December 31, 2025.
“The Company continues to execute at a high level, including recruitment of 143 patients in our ongoing Halneuron® Phase 2b trial, commencement of a Phase 2b extension trial and the recent execution of a financing to provide us with operational runway through the Phase 2b final data readout later this year,” said Greg Duncan, Chief Executive Officer of Dogwood Therapeutics.
Key Highlights
- In December 2025, the Company announced the results of an interim analysis of the Halneuron® Phase 2b trial. The independent statistical review committee concluded that Halneuron® was separating from placebo in the 97 patient subset included in the analysis.
- The independent statistical review committee determined that a sample size of 210-240 is expected to provide 80
-85% power to see a statistically significant Halneuron® pain reduction result versus placebo. - CINP Phase 2b study is over
50% enrolled, Company expects top-line results in Q3 2026. - In January 2026, the Company completed a financing of up to
$26.9 million to progress Halneuron® through Phase 2b development, of which gross proceeds of$12.5 million have been received.
Fourth Quarter 2025 Financial Results
Research and development expenses for the fourth quarter of 2025 remained level with the fourth quarter of 2024 at
General and administrative expenses for the fourth quarter of 2025 were
Net loss attributable to common stockholders for the fourth quarter of 2025 was
Full Year 2025 Financial Results
Research and development expenses for the year ended December 31, 2025 were
General and administrative expenses for the year ended December 31, 2025 were
Net loss attributable to common stockholders for the year ended December 31, 2025 was
As of December 31, 2025, Dogwood Therapeutics’ cash and cash equivalents totaled
About Dogwood Therapeutics
Dogwood Therapeutics (Nasdaq: DWTX) is a development-stage biopharmaceutical company focused on developing new medicines to treat pain and neuropathic disorders. The Dogwood 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 Food and Drug Administration (“FDA”) for the treatment of CINP. Halneuron® is a non-opioid, NaV 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 chemotherapy-induced neuropathic pain (“CINP”).
SP16 IV is a low-density lipoprotein receptor related protein-1 (LRP1) agonist 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 CINP trial will commence following consultation with FDA and is fully funded by the National Cancer Institute.
Dogwood Therapeutic’s 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.
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. 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:
-Financial Tables Follow-
DOGWOOD THERAPEUTICS
Selected Financial Data
(unaudited)
| Condensed Statements of Operations Data | Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||
| Revenue | $ | — | $ | — | $ | — | $ | — | |||||||||
| Operating expenses: | |||||||||||||||||
| Research and development | 2,337,788 | 2,315,950 | 21,866,071 | 3,530,913 | |||||||||||||
| General and administrative | 1,468,491 | 5,226,202 | 6,102,374 | 8,696,335 | |||||||||||||
| Total operating expenses | 3,806,279 | 7,542,152 | 27,968,445 | 12,227,248 | |||||||||||||
| Loss from operations | (3,806,279 | ) | (7,542,152 | ) | (27,968,445 | ) | (12,227,248 | ) | |||||||||
| Other income (expense): | |||||||||||||||||
| Loss on debt conversion with related party | — | — | (6,134,120 | ) | — | ||||||||||||
| Loss on fixed asset disposal | (2,731 | ) | — | (2,731 | ) | — | |||||||||||
| Interest income (expense), net | 52,067 | (155,436 | ) | 96,938 | (92,192 | ) | |||||||||||
| Exchange gain (loss), net | 8,335 | (30,787 | ) | (27,916 | ) | (30,787 | ) | ||||||||||
| Total other income (expense) | 57,671 | (186,223 | ) | (6,067,829 | ) | (122,979 | ) | ||||||||||
| Loss before income taxes | (3,748,608 | ) | (7,728,375 | ) | (34,036,274 | ) | (12,350,227 | ) | |||||||||
| Deferred income tax (expense) benefit | (31,841 | ) | 503 | (221,096 | ) | 503 | |||||||||||
| Net Loss | (3,780,449 | ) | (7,727,872 | ) | (34,257,370 | ) | (12,349,724 | ) | |||||||||
| Accrual of paid-in-kind dividends on Series A Non-Voting Convertible Preferred Stock | — | (514,105 | ) | (1,256,662 | ) | (514,105 | ) | ||||||||||
| Net loss attributable to common stockholders | $ | (3,780,449 | ) | $ | (8,241,977 | ) | $ | (35,514,032 | ) | $ | (12,863,829 | ) | |||||
| Net loss per common share — basic and diluted | $ | (0.26 | ) | $ | (6.29 | ) | $ | (7.13 | ) | $ | (12.52 | ) | |||||
| Weighted average number of shares outstanding — basic and diluted | 14,521,199 | 1,310,474 | 4,977,446 | 1,027,788 | |||||||||||||
| Condensed Consolidated Balance Sheet Data | December 31, | December 31, | |||||
| 2025 | 2024 | ||||||
| Cash and cash equivalents | $ | 6,524,744 | $ | 14,847,949 | |||
| Total assets | 90,171,237 | 94,308,246 | |||||
| Total liabilities | 15,274,370 | 30,027,223 | |||||
| Total stockholders’ equity (deficit) | 74,896,867 | (10,124,339 | ) | ||||
Source: Dogwood Therapeutics, Inc.
