Dogwood Therapeutics (DWTX) narrows Q1 loss and advances pain pipeline
Rhea-AI Filing Summary
Dogwood Therapeutics reported first quarter 2026 results, highlighting pipeline progress and stronger finances. The company recorded no revenue, with research and development expenses of $2.7 million and general and administrative expenses of $2.4 million, both modestly higher than a year earlier.
Net loss attributable to common stockholders narrowed to $5.0 million, or $0.15 per share, from $12.2 million, or $8.45 per share, in the first quarter of 2025. Cash and cash equivalents increased to $13.2 million as of March 31, 2026.
Operationally, Halneuron® remains on track for Phase 2b top-line data in chemotherapy-induced neuropathy in fall 2026, and SP16 advanced with FDA acceptance of its investigational new drug application and planned Phase 1b development. Dogwood also announced a worldwide development and commercialization partnership for legacy antiviral assets with potential value up to $100 million for the company and its current and former shareholders.
Positive
- Dogwood announced a worldwide development and commercialization partnership for legacy antiviral assets with potential value up to $100 million to the company and its current and former shareholders, a meaningful figure relative to total assets of $95.2 million as of March 31, 2026.
Negative
- None.
Insights
Pipeline advances and a potentially sizable antiviral partnership frame improving quarterly losses.
Dogwood Therapeutics reported a first quarter 2026 net loss of $4.99 million, down from $10.9 million a year earlier, helped by the absence of prior-year debt conversion losses and modest operating cost growth. Cash rose to $13.23 million versus $6.52 million at year-end 2025, supporting near-term development plans.
Strategically, Halneuron® is in a Phase 2b trial for chemotherapy-induced neuropathy with top-line data expected in fall 2026, and SP16 advanced after FDA acceptance of its investigational new drug application. A worldwide development and commercialization partnership for legacy antiviral assets carries potential value up to $100 million to Dogwood and its current and former shareholders, which is notable relative to total assets of $95.2 million as of March 31, 2026.
The company remains pre-revenue and continues to post operating losses, so future outcomes depend on clinical data and execution of the antiviral partnership. Subsequent disclosures may clarify timing and realization of the partnership’s contingent payments and progress of ongoing trials.
8-K Event Classification
Key Figures
Key Terms
Chemotherapy Induced Neuropathy medical
Investigational New Drug Application regulatory
fast track designation regulatory
contingent value rights financial
Phase 2b medical
Earnings Snapshot
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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Item 2.02 Results of Operations and Financial Condition.
On May 14, 2026, Dogwood Therapeutics, Inc. (the “Company”) issued a press release announcing the results of operations for the first quarter ended March 31, 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 | |
May 14, 2026 | ||
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Exhibit 99.1
Dogwood Therapeutics Announces First Quarter 2026 Financial Results
- Halneuron® Phase 2b trial in Chemotherapy Induced Neuropathy on track for top-line results in fall 2026 -
- FDA acceptance of SP16 Investigational New Drug Application for the treatment of Chemotherapy Induced Pain and Neuropathy –
- Announces Worldwide Development and Commercialization Partnership for Legacy Antiviral Assets with potential value up to $100M to Dogwood and its current and former shareholders -
ALPHARETTA, Ga., May 14, 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 first quarter ended March 31, 2026.
“Dogwood is off to a strong operational start to 2026 driven by significant pipeline progress for both Halneuron®, with Phase 2b data anticipated this fall, and SP16, which received FDA clearance to progress into Phase 1b development this quarter,” said Greg Duncan, Chief Executive Officer of Dogwood Therapeutics. “Furthermore, we executed a global development license for our legacy combination antiviral assets.”
Key Highlights
| • | The Company currently has enrolled 164 patients in its Halneuron® Phase 2b Chemotherapy Induced Neuropathic Pain (“CINP”) study, with top-line results expected fall of 2026. |
| • | SP16 granted IND approval from the FDA. Study to begin enrolling in mid-2026 for the treatment of chemotherapy-induced pain and peripheral neuropathy (“CIPPN”). It is fully funded by the National Cancer Institute and will be conducted at the University of Virginia. |
| • | 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. |
| • | Cash on hand of $13.2 million provides operational runway into the fourth quarter of 2026. |
Dogwood Therapeutics Proprietary Pipeline Includes:
| ● | Halneuron® is in Phase 2b clinical development as a non-opioid, NaV 1.7 inhibitor 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. Top line results from the ongoing Phase 2b trial are expected in the fall of 2026. |
| ● | 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 |
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| 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 Phase 1b CIPPN trial is fully funded by the National Cancer Institute. |
First Quarter 2026 Financial Results
Research and development expenses for the first quarter of 2026 were $2.7 million, compared to $2.4 million for the first quarter of 2025. The $0.3 million increase quarter over quarter was primarily related to an increase in drug development costs for Halneuron® of $0.1 million and salaries and related personnel costs of $0.2 million.
General and administrative expenses for the first quarter of 2026 were $2.4 million, compared to $2.0 million for the first quarter of 2025. The $0.4 million increase quarter over quarter was primarily due to an increase in salaries and related personnel costs of $0.5 million offset by a decrease in franchise fees of $0.1 million.
Net loss attributable to common stockholders for the first quarter of 2026 was $5.0 million or $0.15 basic and diluted net loss per share, compared to a net loss attributable to common stockholders of $12.2 million, or $8.45 basic and diluted net loss per share, for the first 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. 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 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.
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.
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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, INC.
Selected Financial Data
(unaudited)
Condensed Consolidated Statements of Operations Data | | | Three Months Ended March 31, | | ||||||
| | | | | 2026 | | | | 2025 | |
Revenue | | | | $ | — | | | $ | — | |
Operating expenses: | | | | | | | | | | |
Research and development | | | | | 2,669,779 | | | | 2,436,998 | |
General and administrative | | | | | 2,406,587 | | | | 1,992,928 | |
Total operating expenses | | | | | 5,076,366 | | | | 4,429,926 | |
Loss from operations | | | | | (5,076,366 | ) | | | (4,429,926 | ) |
Other income (expense): | | | | | | | | | | |
Sublease income | | | | | 19,455 | | | | — | |
Loss on debt conversion with related party | | | | | — | | | | (6,134,120 | ) |
Interest income (expense), net | | | | | 77,350 | | | | (147,090 | ) |
Exchange loss, net | | | | | (5,860 | ) | | | (23,274 | ) |
Total other income (expense), net | | | | | 90,945 | | | | (6,304,484 | ) |
Loss before income taxes | | | | | (4,985,421 | ) | | | (10,734,410 | ) |
Deferred income tax expense | | | | | (1,193 | ) | | | (190,542 | ) |
Net Loss | | | | | (4,986,614 | ) | | | (10,924,952 | ) |
Accrual of paid-in-kind dividends on Series A non-voting convertible preferred stock | | | | | — | | | | (1,256,662 | ) |
Net loss attributable to common stockholders | | | | $ | (4,986,614 | ) | | $ | (12,181,614 | ) |
Net loss per share of common stock — basic and diluted | | | | $ | (0.15 | ) | | $ | (8.45 | ) |
Weighted average shares outstanding — basic and diluted | | | | | 33,544,748 | | | | 1,441,535 | |
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Condensed Consolidated Balance Sheet Data | March 31, | | | December 31, | | ||
| 2026 | | | 2025 | | ||
| | | | | | | |
Cash and cash equivalents | $ | 13,227,839 | | | $ | 6,524,744 | |
Total assets | | 95,207,871 | | | | 90,171,237 | |
Total liabilities | | 14,584,519 | | | | 15,274,370 | |
Total stockholders’ equity | | 80,623,352 | | | | 74,896,867 | |
Source: Dogwood Therapeutics, Inc.
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