Traws Pharma Raises $60M PIPE, Eyes Q2 Human Flu Trial
TRAW•Traws Pharma secured up to $60M in PIPE financing (including $10M upfront at $1.673/share) to fund operations into Q1 2027 and completion of a Q2 2026 human influenza challenge trial for tivoxavir marboxil. Q1 net loss widened to $7.1M on $4.9M R&D spend and $2.0M G&A.
1. Private Financing Secures Runway
On April 15, 2026, Traws Pharma closed a PIPE financing agreement for up to $60 million, including $10 million received at closing through the sale of 5,982,919 shares at $1.673 per share and additional milestone-based warrants. The company estimates these proceeds, combined with existing cash, will fund operations and the planned human influenza challenge trial into Q1 2027.
2. Influenza and Hantavirus Programs Advance
Traws is advancing its lead candidate, tivoxavir marboxil (TXM), through a Phase 1 bridging study in Australia and plans a single-dose human influenza challenge trial in Q2 2026 upon MHRA approval. The U.S. IND remains on clinical hold pending toxicology data review, and management aims to resolve FDA concerns by year end. The pipeline also now includes a preclinical antiviral program targeting hantavirus, addressing a disease with a 30–50% fatality rate and no approved treatments.
3. Q1 Financial Results
For the quarter ended March 31, 2026, Traws reported cash and cash equivalents of approximately $3.1 million, down from $3.8 million at year-end, excluding anticipated PIPE proceeds. Revenue was $0.0 million, R&D expenses rose to $4.9 million from $2.5 million year-over-year, G&A decreased to $2.0 million from $2.8 million, and the net loss totalled $7.1 million, or $0.53 per share.
