Dogwood Therapeutics (DWTX) posts $11.5M Q2 loss as Halneuron trial advances
Rhea-AI Filing Summary
Dogwood Therapeutics, Inc. reported second quarter 2026 results with no revenue and a focus on advancing its non-opioid pain pipeline. The Halneuron® Phase 2b trial in chemotherapy-induced neuropathic pain is on track for top-line data in fall 2026, with 217 patients enrolled and plans to enroll over 220 patients to provide more than 80% statistical power.
For the quarter ended June 30, 2026, research and development expenses were $3.25 million and general and administrative expenses were $1.63 million. Dogwood recorded a non-cash IPR&D impairment charge of $9.19 million, leading to a net loss attributable to common stockholders of $11.53 million, or $0.34 per share. Cash was $9.61 million as of June 30, 2026.
Strategically, Dogwood highlighted a worldwide development and commercialization partnership for legacy antiviral assets with potential value of up to $100 million for the company and its CVR holders, the start of a Phase 2b long-term extension study of Halneuron®, and a fully National Cancer Institute–funded forthcoming SP16 IV Phase 1b trial.
Positive
- Halneuron® Phase 2b CINP trial advancing: 217 patients enrolled with top-line data expected in fall 2026 and plans to enroll over 220 patients to achieve >80% statistical power.
- Potentially meaningful antiviral partnership economics: worldwide development and commercialization partnership for legacy antiviral assets with potential value of up to $100 million to Dogwood and its CVR holders.
- Non-dilutive support for SP16 IV program: forthcoming SP16 IV Phase 1b CIPPN trial is fully funded by the National Cancer Institute, reducing direct trial cost burden on Dogwood.
- Halneuron® regulatory and clinical profile: lead asset has FDA fast track designation for CINP and has shown statistically significant, durable pain reduction with an acceptable safety profile in clinical data to date.
Negative
- Large non-cash IPR&D impairment: Dogwood recorded an IPR&D impairment of $9.19 million in Q2 2026, contributing to a net non-cash impairment charge of $6.7 million following a decline in market capitalization.
- Substantial quarterly net loss: net loss attributable to common stockholders for Q2 2026 was $11.53 million, or $0.34 per share, compared to $3.81 million, or $1.99 per share, for Q2 2025.
- Rising operating expenses: total operating expenses increased to $14.06 million in Q2 2026 from $3.92 million in Q2 2025, reflecting higher R&D, G&A, and the IPR&D impairment.
- No current product revenue: revenue remained $0 for both the three- and six-month periods ended June 30, 2026 and 2025, underscoring continued reliance on external funding rather than commercial sales.
Filing Explained
For the announced antiviral partnership, any payment qualifying as an “Upfront Payment” or “Milestone Payment” under Dogwood’s October 17, 2024 CVRs must be delivered to the rights agent for onward payment to CVR holders.
8-K Event Classification
Key Figures
Key Terms
Chemotherapy Induced Neuropathy medical
IPR&D impairment financial
fast track designation regulatory
contingent value rights financial
Earnings Snapshot
FAQ
What were Dogwood Therapeutics (DWTX) key financial results for Q2 2026?
How is Dogwood Therapeutics (DWTX) progressing its Halneuron® CINP program?
What is the size of Dogwood Therapeutics’ (DWTX) impairment recorded in Q2 2026?
What partnership economics did Dogwood Therapeutics (DWTX) highlight in this update?
What is Dogwood Therapeutics’ (DWTX) cash and balance sheet position as of June 30, 2026?
How are SP16 IV development costs handled for Dogwood Therapeutics (DWTX)?
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On August 13, 2026, Dogwood Therapeutics, Inc. (the “Company”) issued a press release announcing the results of operations for the second quarter ended June 30, 2026. A copy of the press release is included as Exhibit 99.1 to this Current Report on Form 8-K and is hereby incorporated by reference into this Item 2.02.
The information provided pursuant to this Item 2.02, including Exhibit 99.1, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933 or the Exchange Act.
Item 9.01 Financial Statements and Exhibits.
(d)Exhibits.
Exhibit Number | | Description |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| DOGWOOD THERAPEUTICS, INC. | |
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| By: | /s/ Angela Walsh |
| Name: | Angela Walsh |
Title: | Chief Financial Officer, Corporate Secretary and Treasurer | |
August 13, 2026 | ||
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Exhibit 99.1
Dogwood Therapeutics Announces Second Quarter 2026 Financial Results
- Halneuron® Phase 2b trial in Chemotherapy Induced Neuropathy on track for top-line results in fall 2026, 217 patients enrolled –
- Commencement of Phase 2b Long-Term Extension Study to assess Halneuron® reduction in pain over three months of treatment –
- Appointment of Iain Dukes, D.Phil., Venture Partner at OrbiMed, as Chair of Scientific Advisory
Board –
- Announced Worldwide Development and Commercialization Partnership for Legacy Antiviral Assets with potential value up to $100M to Dogwood Therapeutics and its CVR Holders –
ALPHARETTA, Ga., August 13, 2026 -- 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 second quarter ended June 30, 2026.
“Topline data readout for our Halneuron® Phase 2b trial is on track for this fall, a potentially transformative moment for the care of CINP patients as well as Dogwood,” said Greg Duncan, Chief Executive Officer of Dogwood Therapeutics. “Halneuron® has demonstrated statistically significant and durable pain reduction in the clinical data developed to date, with an acceptable safety profile. Interim results from the on-going Phase 2b trial demonstrated Halneuron® treatment separating from placebo in terms of pain improvement. We anticipate enrolling over 220 patients to provide 80+% statistical power to support a clinically significant pain reduction effect when we report our results this fall,” Mr. Duncan continued. “If successful, we believe Halneuron® could represent the first new therapeutic agent for treating CINP, a condition for which there are currently no approved therapies.”
Key Highlights
| • | The Company currently has enrolled 217 patients in its Halneuron® Phase 2b Chemotherapy Induced Neuropathic Pain (“CINP”) study, with top-line results readout expected in the fall of 2026. |
| • | SP16 granted IND approval from the FDA. Study to begin enrolling in the second-half of 2026 for the treatment of chemotherapy induced pain and peripheral neuropathy (“CIPPN”). The study is fully funded by the National Cancer Institute and will be conducted at the University of Virginia. |
| • | Dogwood commences Phase 2b long-term extension study to assess Halneuron®’s reduction in pain over three months of treatment. Patients completing the ongoing Halneuron® 4-week CINP Phase 2b study are now eligible to enroll in the new 12-week open-label follow-on trial. |
| • | The Company appointed Iain Dukes, D.Phil., Venture Partner at OrbiMed, as Chair of its Scientific Advisory Board. |
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| • | Cash on hand of $9.6 million provides operational runway through the Phase 2b readout in the fourth quarter of 2026. |
Second Quarter 2026 Financial Results
Research and development expenses for the second quarter of 2026 were $3.2 million, compared to $2.6 million for the second quarter of 2025. The $0.6 million increase quarter over quarter primarily related to an increase in the Halneuron® Phase 2b CINP study costs of $0.7 million offset by a decrease in drug development and manufacturing costs of $0.1 million.
General and administrative expenses for the second quarter of 2026 were $1.6 million, compared to $1.3 million for the second quarter of 2025. The $0.3 million increase quarter over quarter was primarily due to increases in salaries and related personnel costs of $0.3 million and an increase in franchise fees of $0.1 million offset by a decrease in public company costs of $0.1 million.
During the first and second quarter of 2026, the Company experienced a decline in its stock price resulting in market capitalization being less than stockholders’ equity, which management concluded was an impairment indicator. As a result, the Company performed a quantitative assessment for goodwill and IPR&D impairment and recognized a net non-cash impairment charge of $6.7 million. This IPR&D impairment, which has no bearing on the Company’s cash runway, is comprised of a $9.2 million non-cash expense in the second quarter of 2026 which was partially offset by a reduction in the Company’s deferred tax liability expense of $2.5 million.
Net loss attributable to common stockholders for the second quarter of 2026 was $11.5 million, or $0.34 basic and diluted net loss per share, compared to a net loss attributable to common stockholders of $3.8 million, or $1.99 basic and diluted net loss per share, for the second 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, 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 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 CIPPN trial is fully funded by the National Cancer Institute.
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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. 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-
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DOGWOOD THERAPEUTICS
Selected Financial Data
(unaudited)
Condensed Statements of Operations Data | | Three Months Ended June 30, | | | Six Months Ended June 30, | | |||||||||||
| | 2026 | | | 2025 | | | 2026 | | | 2025 | | |||||
Revenue | | $ | — | | | $ | — | | | $ | — | | | $ | — | | |
Operating expenses: | | | | | | | | | | | | | | | | | |
Research and development | | | 3,246,519 | | | | 2,569,943 | | | | 5,916,298 | | | | 5,006,941 | | |
General and administrative | | | 1,626,109 | | | | 1,353,172 | | | | 4,032,696 | | | | 3,346,100 | | |
IPR&D impairment | | | 9,190,897 | | | | — | | | | 9,190,897 | | | | — | | |
Total operating expenses | | | 14,063,525 | | | | 3,923,115 | | | | 19,139,891 | | | | 8,353,041 | | |
Loss from operations | | | (14,063,525 | ) | | | (3,923,115 | ) | | | (19,139,891 | ) | | | (8,353,041 | ) | |
Other income (expense): | | | | | | | | | | | | | | | | | |
Sublease income | | | 17,442 | | | | — | | | | 36,897 | | | | — | | |
Loss on debt conversion with related party | | | — | | | | — | | | | — | | | | (6,134,120 | ) | |
Interest income (expense), net | | | 66,349 | | | | 111,379 | | | | 143,699 | | | | (35,711 | ) | |
Exchange (loss) gain, net | | | (30,569 | ) | | | 4,532 | | | | (36,429 | ) | | | (18,742 | ) | |
Total other income (expense), net | | | 53,222 | | | | 115,911 | | | | 144,167 | | | | (6,188,573 | ) | |
Loss before income taxes | | | (14,010,303 | ) | | | (3,807,204 | ) | | | (18,995,724 | ) | | | (14,541,614 | ) | |
Deferred income tax benefit (expense) | | | 2,480,694 | | | | (149 | ) | | | 2,479,501 | | | | (190,691 | ) | |
Net Loss | | | (11,529,609 | ) | | | (3,807,353 | ) | | | (16,516,223 | ) | | | (14,732,305 | ) | |
Accrual of paid-in-kind dividends on Series A non-voting convertible preferred stock | | | — | | | | — | | | | — | | | | (1,256,662 | ) | |
Net loss attributable to common stockholders | | $ | (11,529,609 | ) | | $ | (3,807,353 | ) | | $ | (16,516,223 | ) | | $ | (15,988,967 | ) | |
Net loss per share of common stock — basic and diluted | | $ | (0.34 | ) | | $ | (1.99 | ) | | $ | (0.49 | ) | | $ | (9.51 | ) | |
Weighted average shares outstanding — basic and diluted | | | 34,129,553 | | | | 1,911,128 | | | | 33,838,766 | | | | 1,680,827 | | |
| | | | | | | | | | | | | | | | | |
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Condensed Consolidated Balance Sheet Data | June 30, | | | December 31, | | ||
| 2026 | | | 2025 | | ||
| | | | | | | |
Cash | $ | 9,610,033 | | | $ | 6,524,744 | |
Total assets | | 80,495,480 | | | | 90,171,237 | |
Total liabilities | | 12,129,372 | | | | 15,274,370 | |
Total stockholders’ equity | | 68,366,108 | | | | 74,896,867 | |
Source: Dogwood Therapeutics, Inc.
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