Traws Pharma (TRAW) investor relations material

Executive summary

• Cash and cash equivalents were $6.4 million as of September 30, 2025, with an accumulated deficit of $632.5 million.

• Substantial doubt exists about the ability to continue as a going concern for more than one year without additional funding.

• Advanced Phase 2 studies for ratutrelvir, a ritonavir-free protease inhibitor for acute and Long COVID, with topline data expected by year-end 2025.

• The company is a clinical-stage biopharmaceutical firm with four clinical programs, focusing on respiratory viral diseases and cancer.

• Recent developments include the acquisition of assets from Viriom and the termination of a license agreement with Symbio.

Financial highlights

• Net income for the nine months ended September 30, 2025, was $16.6 million, compared to a net loss of $136.6 million for the same period in 2024.

• Revenue for the nine months ended September 30, 2025, was $2.8 million, up from $0.2 million in 2024, mainly due to the recognition of deferred revenue from the terminated Symbio agreement.

• Operating expenses for the nine months ended September 30, 2025, were $13.3 million, down from $137.3 million in 2024, reflecting a significant decrease in acquired in-process R&D expenses.

• R&D expenses decreased to $2.3 million for Q3 2025 from $5.1 million year-over-year, and G&A expenses fell to $1.7 million from $3.5 million.

• Net loss for Q3 2025 was $4.0 million ($0.34 per share), improved from $8.5 million ($1.49 per share) in Q3 2024.

Outlook and guidance

• The company expects to incur significant expenses and operating losses for the foreseeable future as it continues clinical development and seeks regulatory approvals.

• Topline Phase 2 data for ratutrelvir expected by year-end 2025.

• Management is exploring various funding sources, including equity, debt, and strategic partnerships, but there is no assurance of success.

• Research and development expenditures are expected to increase as the TRX01 study progresses.

• Actively seeking partnerships for legacy oncology assets to support further development.