$TRAW
Traws Pharma, Inc.

2024 Q2 Form 10-Q Financial Statement

#000155837024008326 Filed on May 15, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $57.00K $56.00K
YoY Change 0.0% 0.0%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.977M $3.356M
YoY Change -10.58% 58.83%
% of Gross Profit
Research & Development $3.964M $1.912M
YoY Change 61.4% -53.14%
% of Gross Profit
Depreciation & Amortization $4.000K $4.000K
YoY Change 0.0% 33.33%
% of Gross Profit
Operating Expenses $123.4M $5.268M
YoY Change 2544.2% -14.94%
Operating Profit -$123.3M -$5.212M
YoY Change 2575.66% -15.07%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $205.0K $229.0K
YoY Change -43.06% -36.74%
Pretax Income -$123.1M -$4.983M
YoY Change 2797.48% -13.71%
Income Tax
% Of Pretax Income
Net Earnings -$123.1M -$4.983M
YoY Change 2797.48% -13.71%
Net Earnings / Revenue -216040.35% -8898.21%
Basic Earnings Per Share -$4.87 -$0.24
Diluted Earnings Per Share -$4.87 -$0.24
COMMON SHARES
Basic Shares Outstanding 25.30M 21.04M
Diluted Shares Outstanding 25.31M 21.04M

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $16.89M $16.39M
YoY Change -43.2% -52.1%
Cash & Equivalents $16.89M $16.39M
Short-Term Investments
Other Short-Term Assets $583.0K $263.0K
YoY Change 120.83% 286.76%
Inventory
Prepaid Expenses
Receivables $18.00K $18.00K
Other Receivables $0.00 $0.00
Total Short-Term Assets $18.67M $18.15M
YoY Change -38.68% -48.19%
LONG-TERM ASSETS
Property, Plant & Equipment $14.00K $18.00K
YoY Change -17.65% -14.29%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.000K $1.000K
YoY Change 0.0% 0.0%
Total Long-Term Assets $15.00K $19.00K
YoY Change -16.67% -13.64%
TOTAL ASSETS
Total Short-Term Assets $18.67M $18.15M
Total Long-Term Assets $15.00K $19.00K
Total Assets $18.69M $18.17M
YoY Change -38.67% -48.17%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.174M $6.568M
YoY Change 21.75% 34.15%
Accrued Expenses $3.509M $2.628M
YoY Change 4.16% -35.93%
Deferred Revenue $227.0K $226.0K
YoY Change 0.44% 0.0%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $9.910M $9.422M
YoY Change 14.35% 2.15%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $2.677M $2.735M
YoY Change -7.82% -7.63%
Total Long-Term Liabilities $2.677M $2.735M
YoY Change -7.82% -7.63%
TOTAL LIABILITIES
Total Short-Term Liabilities $9.910M $9.422M
Total Long-Term Liabilities $2.677M $2.735M
Total Liabilities $12.59M $12.16M
YoY Change 8.79% -0.23%
SHAREHOLDERS EQUITY
Retained Earnings -$610.8M -$487.6M
YoY Change 28.93% 3.87%
Common Stock $505.3M $493.7M
YoY Change 2.56% 0.26%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $6.099M $6.015M
YoY Change
Total Liabilities & Shareholders Equity $18.69M $18.17M
YoY Change -38.67% -48.17%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income -$123.1M -$4.983M
YoY Change 2797.48% -13.71%
Depreciation, Depletion And Amortization $4.000K $4.000K
YoY Change 0.0% 33.33%
Cash From Operating Activities -$9.852M -$4.424M
YoY Change 119.42% -2.62%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$3.648M
YoY Change
Cash From Investing Activities -$3.648M
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 14.00M
YoY Change
NET CHANGE
Cash From Operating Activities -9.852M -4.424M
Cash From Investing Activities -3.648M
Cash From Financing Activities 14.00M
Net Change In Cash 499.0K -4.431M
YoY Change -111.11% -2.34%
FREE CASH FLOW
Cash From Operating Activities -$9.852M -$4.424M
Capital Expenditures
Free Cash Flow
YoY Change

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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">1. Nature of Business</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">The Company</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">Traws Pharma, Inc. (“Traws Pharma”), formerly known as Onconova Therapeutics, Inc. (the “Company”), was incorporated in the State of Delaware on December 22, 1998 and commenced operations on January 1, 1999. The Company's headquarters are located in Newtown, Pennsylvania. On April 1, 2024, the Company acquired Trawsfynydd Therapeutics, Inc., a Delaware corporation (“Trawsfynydd”), and the name change to Traws Pharma was effected (See Note 9 – Subsequent Events in these Notes to Condensed Consolidated Financial Statements). Traws Pharma is a clinical stage biopharmaceutical company aiming to address unmet medical needs in respiratory viral diseases and cancer. The viral respiratory disease program includes an oral inhibitor drug candidate of the SARS-CoV-2 Mpro (3CL protease) and an oral antiviral drug candidate for influenza. In the cancer program, Traws Pharma is developing the novel, proprietary multi-kinase CDK2/4/6 inhibitor narazaciclib for refractory endometrial cancer and potentially for other cancers.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Liquidity</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">The Company has incurred recurring operating losses since inception. For the three months ended March 31, 2024, the Company incurred a net loss of $4,983,000 and as of March 31, 2024 the Company had generated an accumulated deficit of $487,614,000. Traws Pharma anticipates that operating losses will continue for the foreseeable future due to, among other things, costs related to research, development of its product candidates and its preclinical programs, strategic alliances and its administrative organization. At March 31, 2024, the Company had cash and cash equivalents of $16,390,000. On April 1, 2024, the Company received $14,000,000 in a private placement of securities described in detail in Note 9 – Subsequent Events in these Notes to Condensed Consolidated Financial Statements. Based on current projections, Traws Pharma does not have sufficient cash and cash equivalents to support its operations for at least the 12 months following the date that these financial statements are issued. These conditions raise substantial doubt about Traws Pharma’s ability to continue as a going concern through the one-year period after the date that the financial statements are issued. Due to the inherent uncertainty involved in making estimates and the risks associated with the research, development, and commercialization of biotechnology products, Traws Pharma may have based this estimate on assumptions that may prove to be wrong, and Traws Pharma's operating plan may change as a result of many factors currently unknown to Traws Pharma.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">Traws Pharma will require substantial additional financing to fund its ongoing clinical trials and operations, and to continue to execute its strategy. To alleviate the conditions that raise substantial doubt about Traws Pharma’s ability to continue as a going concern, management plans to explore various dilutive and non-dilutive sources of funding, including equity financings, strategic alliances, business development and other sources. The future success of Traws Pharma is dependent upon its ability to obtain additional funding. There can be no assurance, however, that Traws Pharma will be successful in obtaining such funding in sufficient amounts, on terms acceptable to Traws Pharma, or at all. The failure to obtain sufficient capital on acceptable terms when needed would have a material adverse effect on Traws Pharma’s business, results of operations and financial condition. Accordingly, management has concluded that substantial doubt exists with respect to Traws Pharma's ability to continue as a going concern within one year after the date that these financial statements are issued.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business, and do not include any adjustments relating to recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should Traws Pharma be unable to continue as a going concern.</p>
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1002000
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43.7
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