Traws Pharma holder Squadron exits 13G position

Traws Pharma, Inc. received an amended Schedule 13G filing (Amendment No. 4) from Squadron Master Fund LP, Squadron Capital Management, LLC, Matthew Sesterhenn, and William Blank.

Rhea-AI Filing Summary

Traws Pharma, Inc. received an amended Schedule 13G filing (Amendment No. 4) from Squadron Master Fund LP, Squadron Capital Management, LLC, Matthew Sesterhenn, and William Blank. The group now reports beneficial ownership of 0 shares of Traws Pharma common stock, representing 0% of the class.

The filing states that each reporting person has no sole or shared voting power and no sole or shared dispositive power over any shares of Traws Pharma common stock, confirming that they collectively own 5 percent or less of the class.

Key Figures

Shares beneficially owned: 0 shares Percent of class: 0% Sole voting power: 0 +3 more

6 metrics

Shares beneficially owned 0 shares Reported by each of Squadron Master Fund LP, Squadron Capital Management, LLC, Matthew Sesterhenn, and William Blank

Percent of class 0% Beneficial ownership percentage of Traws Pharma common stock for each reporting person

Sole voting power 0 Number of shares over which each reporting person has sole power to vote

Shared voting power 0 Number of shares over which each reporting person has shared power to vote

Sole dispositive power 0 Number of shares over which each reporting person has sole dispositive power

Shared dispositive power 0 Number of shares over which each reporting person has shared dispositive power

Key Terms

beneficially owned, sole voting power, shared voting power, sole dispositive power, +2 more

6 terms

beneficially owned financial

"Amount beneficially owned: Squadron Master Fund LP - 0"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

sole voting power financial

"Number of shares as to which the person has (i) Sole power to vote"

Sole voting power is the exclusive right to cast votes attached to a shareholder’s stock without needing approval from anyone else. Like holding the only remote control for a TV, it lets that holder decide corporate matters such as board members, mergers, and policy changes, making it important to investors because it concentrates control and can strongly influence a company’s strategy and the value of its shares.

shared voting power financial

"(ii) Shared power to vote or to direct the vote"

Shared voting power occurs when two or more parties jointly have the right to vote or decide how a block of company shares is cast, like co-owners who must agree before moving a piece of furniture. Investors care because who controls voting rights affects board elections, major corporate decisions and takeover outcomes, and shared control can alter regulatory disclosures and the practical influence any holder has over a company’s direction and value.

sole dispositive power financial

"(iii) Sole power to dispose or to direct the disposition of"

Sole dispositive power is the exclusive legal authority to decide what happens to a security — for example, whether to sell, transfer, or retain shares — without needing anyone else’s permission. Investors care because it signals who truly controls the economic outcome of an investment: like holding the only key to a safe, the holder can realize gains or losses and may trigger regulatory reporting, insider rules, or influence over corporate ownership.

shared dispositive power financial

"(iv) Shared power to dispose or to direct the disposition of"

Ownership of 5 percent or Less of a Class financial

"Item 5. | Ownership of 5 Percent or Less of a Class."

FAQ

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

What did Squadron Master Fund report in this Schedule 13G/A for TRAW?

Squadron Master Fund and related filers reported 0 shares of Traws Pharma common stock beneficially owned, representing 0% of the class, and no voting or dispositive power over any shares.

Who are the reporting persons in the TRAW Schedule 13G/A Amendment No. 4?

The reporting persons are Squadron Master Fund LP, Squadron Capital Management, LLC, Matthew Sesterhenn, and William Blank, all of whom report 0% beneficial ownership of Traws Pharma common stock.

What percentage of Traws Pharma (TRAW) does Squadron now own?

The reporting group states it beneficially owns 0% of Traws Pharma’s common stock, with 0 shares held and no sole or shared voting or dispositive power over any shares.

Does Squadron retain any voting power over Traws Pharma (TRAW) shares?

No. The filing reports 0 shares with no sole or shared voting power and no sole or shared dispositive power for all reporting persons regarding Traws Pharma common stock.

What does 'Ownership of 5 percent or less of a class' mean for TRAW here?

This indicates the reporting persons collectively own 5 percent or less of Traws Pharma’s common stock. In this case, they specifically report 0 shares, or 0% of the class.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 08/14/2026 - 01:25 PM Accepted by SEC EDGAR 08/14/2026 - 01:24 PM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 4)

Traws Pharma, Inc.

(Name of Issuer)

Common Stock, par value $.01 per share

(Title of Class of Securities)

68232V884

(CUSIP Number)

06/30/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 68232V884

1

Names of Reporting Persons

Squadron Master Fund LP

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

0.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0.0 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP Number(s): 68232V884

1

Names of Reporting Persons

Squadron Capital Management LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

0.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0.0 %

12

Type of Reporting Person (See Instructions)

IA, HC

SCHEDULE 13G

CUSIP Number(s): 68232V884

1

Names of Reporting Persons

Matthew Sesterhenn

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

0.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0.0 %

12

Type of Reporting Person (See Instructions)

HC, IN

SCHEDULE 13G

CUSIP Number(s): 68232V884

1

Names of Reporting Persons

William Blank

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

0.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0.0 %

12

Type of Reporting Person (See Instructions)

HC, IN

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Traws Pharma, Inc.
(b)	Address of issuer's principal executive offices: 12 PENNS TRAIL, NEWTOWN, PENNSYLVANIA, 18940.
Item 2.
(a)	Name of person filing: Squadron Master Fund LP Squadron Capital Management, LLC Matthew Sesterhenn William Blank
(b)	Address or principal business office or, if none, residence: Squadron Master Fund LP c/o Squadron Capital Management, LLC 1211 West 22nd Street, Suite 1008 Oak Brook, IL 60523 Squadron Capital Management, LLC 1211 West 22nd Street, Suite 1008 Oak Brook, IL 60523 Matthew Sesterhenn c/o Squadron Capital Management, LLC 1211 West 22nd Street, Suite 1008 Oak Brook, IL 60523 William Blank c/o Squadron Capital Management, LLC 1211 West 22nd Street, Suite 1008 Oak Brook, IL 60523
(c)	Citizenship: Squadron Master Fund LP - Delaware Squadron Capital Management, LLC - Delaware Matthew Sesterhenn - United States William Blank - United States
(d)	Title of class of securities: Common Stock, par value $.01 per share
(e)	CUSIP No.: 68232V884
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: Squadron Master Fund LP - 0 Squadron Capital Management, LLC - 0 Matthew Sesterhenn - 0 William Blank - 0
(b)	Percent of class: Squadron Master Fund LP - 0% Squadron Capital Management, LLC - 0% Matthew Sesterhenn - 0% William Blank - 0%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: Squadron Master Fund LP - 0 Squadron Capital Management, LLC - 0 Matthew Sesterhenn - 0 William Blank - 0
	(ii) Shared power to vote or to direct the vote: Squadron Master Fund LP - 0 Squadron Capital Management, LLC - 0 Matthew Sesterhenn - 0 William Blank - 0
	(iii) Sole power to dispose or to direct the disposition of: Squadron Master Fund LP - 0 Squadron Capital Management, LLC - 0 Matthew Sesterhenn - 0 William Blank - 0
	(iv) Shared power to dispose or to direct the disposition of: Squadron Master Fund LP - 0 Squadron Capital Management, LLC - 0 Matthew Sesterhenn - 0 William Blank - 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Squadron Master Fund LP

Signature:	/s/ Matthew Sesterhenn
Name/Title:	Partner, Squadron Partners LLC, its General Partner
Date:	08/14/2026

Squadron Capital Management LLC

Signature:	/s/ Matthew Sesterhenn
Name/Title:	Partner
Date:	08/14/2026

Matthew Sesterhenn

Signature:	/s/ Matthew Sesterhenn
Name/Title:	Matthew Sesterhenn
Date:	08/14/2026

William Blank

Signature:	/s/ William Blank
Name/Title:	William Blank
Date:	08/14/2026