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Traws Pharma announced its Q1 2024 financial results and provided a business update, highlighting significant developments. The company completed the acquisition of Trawsfynydd and raised $14 million in private placement financing.
Key pipeline advancements include the initiation of first-in-human dosing for their COVID-19 product candidate and completion of the last dose escalation cohort for their CDK4+ inhibitor, narazaciclib. They plan to advance their influenza treatment and ritonavir-free COVID-19 protease inhibitor into expanded Phase 1 and Phase 2 studies in H2 2024.
First quarter financials show cash and equivalents at $16.4 million, a slight decrease from $20.8 million at the end of 2023. Revenue remained consistent at $56,000. G&A expenses rose to $3.4 million due to acquisition-related costs, while R&D expenses decreased to $1.9 million. The net loss narrowed to $5.0 million from $5.8 million in Q1 2023.
Traws Pharma completed dosing in the first cohort of the Phase 1 study for its COVID-19 therapy, travatrelvir. The oral protease inhibitor showed preclinical activity against multiple SARS-CoV-2 variants, doesn't need ritonavir co-administration, and is in line for Phase 2 starting later in 2024.
