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Jun 30
Onconova Q2 2025 Earnings Report
Traws Pharma reported its second quarter 2025 financial results, highlighting significant revenue growth due to deferred revenue recognition and a substantial reduction in net loss compared to the previous year.
Key Takeaways
Traws Pharma experienced a significant increase in revenue to $2.7 million in Q2 2025, up from $57 thousand in Q2 2024, primarily due to the recognition of deferred revenue from a terminated licensing agreement. The company also dramatically reduced its net loss to $0.9 million, compared to a $123.1 million net loss in the prior year, which included a large one-time charge. Operating expenses decreased, and the company ended the quarter with $13.1 million in cash and cash equivalents.
Revenue for Q2 2025 surged to $2.7 million, a substantial increase from $57 thousand in Q2 2024, driven by the recognition of deferred revenue from a terminated licensing agreement.
Net loss significantly narrowed to $0.9 million in Q2 2025, a considerable improvement from the $123.1 million net loss reported in Q2 2024, which included a one-time charge for acquired in-process research and development.
Research and development expenses decreased to $2.3 million in Q2 2025 from $4.0 million in Q2 2024, mainly due to reduced oncology program and personnel expenses, partially offset by increased virology program costs.
The company maintained a cash position of approximately $13.1 million in cash, cash equivalents, and short-term investments as of June 30, 2025.
Onconova
Onconova
Forward Guidance
Traws Pharma is prioritizing its ratutrelvir program for Acute and Long COVID, with Phase 2 studies expected to report results by year-end 2025. The company is also advancing discussions with BARDA for the inclusion of Tivoxavir Marboxil (TXM) in the drug stockpiling initiative for influenza, including bird flu, and is seeking partnerships for its legacy oncology assets.
Positive Outlook
- Initiation of Phase 2 studies for ratutrelvir in newly diagnosed COVID patients, with extensions to assess rebound and Long COVID, and evaluation in PAXLOVID®-ineligible subjects.
- Expectation to report results of ratutrelvir Phase 2 studies by year-end 2025.
- Continued constructive discussions with BARDA for TXM inclusion in the drug stockpiling initiative for influenza, including bird flu.
- Recent approval of Phase 2 bird flu/seasonal flu protocol by Australian and South Korean regulatory authorities, allowing quick initiation if bird flu incidence increases.
- Seeking partnership opportunities for legacy oncology assets (rigosertib and narazaciclib) to support further development.
Challenges Ahead
- Immediate likelihood of successfully recruiting a Phase 2 study incorporating bird flu-infected subjects is low, leading to deferral of this study.
- FDA reaffirmed its position that clinical trial data, rather than reliance on the Animal Rule, is the registrational path for bird flu therapeutics, potentially extending development timelines.
- The company's strategic objective for legacy oncology assets is to establish additional partnerships, indicating a reliance on external funding or collaboration for these programs.
- Cash, cash equivalents, and short-term investments decreased from $21.3 million at December 31, 2024, to $13.1 million at June 30, 2025.
- The company acknowledges that COVID and influenza continue to mutate and pose critical threats to human health, implying ongoing challenges for their antiviral development.