Traws Pharma, Inc 10-Q for FY2022 Q1

Traws Pharma, Inc. (TRAW)

10-Q 2022-05-13 For: 2022-03-31

Added on April 10, 2026

About this 10-Q

Traws Pharma, Inc filed this 10-Q on May 13, 2022, covering the quarter ended March 31, 2022 (FY2022 Q1).

Headline figures

Quarter ended March 31, 2022, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $56K; unchanged from $56K a year earlier
Net loss: $4.12M; compared with a net loss of $4.72M a year earlier
Diluted EPS: -$0.20; compared with -$0.32 a year earlier

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Delaware		22-3627252
(State or other jurisdiction of		(I.R.S. Employer
incorporation or organization)		Identification No.)

12 Penns Trail, Newtown, PA		18940
(Address of principal executive offices)		(Zip Code)

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☒
		Emerging growth company	☐


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $.01 per share	ONTX	The Nasdaq Stock Market LLC


	Page
PART I — FINANCIAL INFORMATION

Item 1. Financial Statements (Unaudited)	3
Condensed Consolidated Balance Sheets	3
Condensed Consolidated Statements of Operations	4
Condensed Consolidated Statements of Comprehensive Loss	5
Consolidated Statement of Stockholders’ Equity (Deficit)	6
Condensed Consolidated Statements of Cash Flows	7
Notes to Condensed Consolidated Financial Statements	8
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	19
Item 3. Quantitative and Qualitative Disclosures About Market Risk	30
Item 4. Controls and Procedures	30

PART II — OTHER INFORMATION

Item 1. Legal Proceedings	30
Item 1A. Risk Factors	30
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	30
Item 3. Defaults Upon Senior Securities	31
Item 4. Mine Safety Disclosures	31
Item 5. Other Information	31
Item 6. Exhibits	31
SIGNATURES	32


	March 31,		December 31,
	2022		2021
Assets	(unaudited)
Current assets:
Cash and cash equivalents	$	50,767,000	$	55,070,000
Receivables		27,000		28,000
Prepaid expenses and other current assets		583,000		332,000
Total current assets		51,377,000		55,430,000
Property and equipment, net		35,000		38,000
Other non-current assets		10,000		10,000
Total assets	$	51,422,000	$	55,478,000
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable	$	3,122,000	$	2,757,000
Accrued expenses and other current liabilities		2,600,000		3,132,000
Deferred revenue		226,000		226,000
Total current liabilities		5,948,000		6,115,000
Deferred revenue, non-current		3,187,000		3,243,000
Total liabilities		9,135,000		9,358,000

Commitments and contingencies

Stockholders’ equity:
Preferred stock, $0.01 par value, 5,000,000 shares authorized, none issued and outstanding at March 31, 2022 and December 31, 2021		—		—
Common stock, $0.01 par value, 125,000,000 shares authorized, 20,895,563 shares issued and outstanding at March 31, 2022 and December 31, 2021		209,000		209,000
Additional paid in capital		490,940,000		490,644,000
Accumulated deficit		(448,841,000)		(444,719,000)
Accumulated other comprehensive loss		(21,000)		(14,000)
Total stockholders’ equity		42,287,000		46,120,000
Total liabilities and stockholders’ equity	$	51,422,000	$	55,478,000


	Three Months Ended March 31,
	2022		2021
Revenue	$	56,000	$	56,000
Operating expenses:
General and administrative		2,186,000		2,217,000
Research and development		2,002,000		1,937,000
Total operating expenses		4,188,000		4,154,000
Loss from operations		(4,132,000)		(4,098,000)
Change in fair value of warrant liability		—		(636,000)
Other income, net		10,000		19,000
Net loss	$	(4,122,000)	$	(4,715,000)
Net loss per share, basic and diluted	$	(0.20)	$	(0.32)
Basic and diluted weighted average shares outstanding		20,904,085		14,616,139


	Three Month Periods Ended March 31, 2022 and 2021
								Accumulated
				Additional				other
	Common Stock			Paid in		Accumulated		comprehensive
	Shares	Amount		Capital		deficit		(loss) income		Total
Balance at December 31, 2021	20,895,563	$	209,000	$	490,644,000	$	(444,719,000)	$	(14,000)	$	46,120,000
Net loss	—		—		—		(4,122,000)		—		(4,122,000)
Other comprehensive loss	—		—		—		—		(7,000)		(7,000)
Stock-based compensation	—		—		296,000		—		—		296,000
Balance at March 31, 2022	20,895,563	$	209,000	$	490,940,000	$	(448,841,000)	$	(21,000)	$	42,287,000

Balance at December 31, 2020	12,396,219	$	124,000	$	434,593,000	$	(428,556,000)	$	14,000	$	6,175,000
Net loss	—		—		—		(4,715,000)		—		(4,715,000)
Other comprehensive loss	—		—		—		—		(16,000)		(16,000)
Exercise of stock options	2,867		—		17,000		—		—		17,000
Stock-based compensation	—		—		65,000		—		—		65,000
Issuance of common stock, net	3,220,075		32,000		35,115,000		—		—		35,147,000
Issuance of common stock upon exercise of warrants	160,000		2,000		478,000		—		—		480,000
Balance at March 31, 2021	15,779,161	$	158,000	$	470,268,000	$	(433,271,000)	$	(2,000)	$	37,153,000


	Symbio
	Upfront Payment
Deferred balance at December 31, 2021	$	3,469,000
Recognition to revenue		(56,000)

Deferred balance at March 31, 2022	$	3,413,000


					Balance				Balance
		Exercise		Expiration	December 31,	Warrants	Warrants	Warrants	March 31,
Description	Classification	Price		Date	2021	Issued	Exercised	Expired	2022
Non-tradable pre-funded warrants	Equity	$	2.25	July 2023	26	—	—	—	26
Non-tradable warrants	Equity	$	24.00	December 2022	26,189	—	—	—	26,189
Non-tradable pre-funded warrants	Equity	$	2.25	none	3,522	—	—	—	3,522
Non-tradable warrants	Equity	$	24.00	December 2022	120,407	—	—	—	120,407
Non-tradable pre-funded warrants	Equity	$	2.25	none	4,974	—	—	—	4,974
Non-tradable warrants	Equity	$	30.00	September 2023	7,306	—	—	—	7,306
Non-tradable warrants	Equity	$	3.00	November 2024	244,500	—	—	—	244,500
Non-tradable warrants	Equity	$	6.54375	December 2024	16,953	—	—	—	16,953
Non-tradable warrants	Equity	$	6.75450	December 2024	46,263	—	—	—	46,263
Non-tradable warrants	Equity	$	6.77850	December 2023	29,968	—	—	—	29,968
					500,108	—	—	—	500,108


	Options Outstanding
				Weighted
		Weighted-		Average
		Average		Remaining	Aggregate
	Number	Exercise		Contractual	Intrinsic
	of Shares	Price		Term (in years)	Value
Balance, December 31, 2021	452,999	$	20.71	9.42	$	—
Authorized	—
Granted	418,125	$	1.82	9.86		—
Exercised	—	$	—	—	$	—
Forfeitures/adjustments	718	$	13,792.50	—
Balance, March 31, 2022	871,842	$	11.64	9.50	$	8,362.50
Exercisable at March 31, 2022	32,874	$	218.85	7.25	$	—


	As of March 31, 2022

Risk-free interest rate		2.42	%
Expected volatility		132.18	%
Expected term		5.39	years
Expected dividend yield		0	%


	Narazaciclib	Palbociclib	Ribociclib	Abemaciclib
Sponsor	Onconova	Pfizer	Novartis	Lilly
		CDK Family
CDK4/cyclin D1	2	2	3	0.8
CDK6/cyclin D1	0.6	0.8	6.0	0.6
CDK1/cyclin A	2190	>10,000	>10,000	270
CDK2/cyclin E	69	2300	>10,000	130
CDK9/T1	48	630	390	7
		Other Kinases
CSF1R	0.7	>10,000	>10,000	>10,000
ARK 5/NUAK 1	5	1,400	1,540	773
FLT3	6.0	496	753	72


Exhibit Number		Description
31.1		Rule 13a-14(a)/15d-14(a) Certifications of Principal Executive Officer
31.2		Rule 13a-14(a)/15d-14(a) Certifications of Principal Financial Officer
32.1		Section 1350 Certifications of Principal Executive Officer
32.2		Section 1350 Certifications of Principal Financial Officer

101.INS		XBRL Instance – The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
101.SCH		XBRL Taxonomy Extension Schema Document
101.CAL		XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF		XBRL Taxonomy Extension Definition Linkbase Document
101.LAB		XBRL Taxonomy Extension Labels Linkbase Document
101.PRE		XBRL Taxonomy Extension Presentation Linkbase Document
104		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)


	ONCONOVA THERAPEUTICS, INC.

Dated: May 13, 2022

	/s/ STEVEN M. FRUCMTMAN, M. D.
	Steven M. Fruchtman, M.D.
	President and Chief Executive Officer
	(Principal Executive and Principal Operating Officer)

Dated: May 13, 2022

	/s/ MARK GUERIN
	Mark Guerin
	Chief Financial Officer
	(Principal Financial Officer)


Dated: May 13, 2022
	/s/ Steven M. Fruchtman, M.D.
	Steven M. Fruchtman, M.D.
	President and Chief Executive Officer
	(Principal Executive and Principal Operating Officer)


	Three Months Ended March 31,
	2022		2021
Professional & consulting fees	$	462,000	$	518,000
Stock based compensation		187,000		56,000
Personnel related		997,000		778,000
Public company costs		205,000		532,000
Insurance & other		335,000		333,000
	$	2,186,000	$	2,217,000


	Three Months Ended March 31,
	2022		2021
Preclinical & clinical development	$	234,000	$	567,000
Personnel related		585,000		821,000
Manufacturing, formulation & development		749,000		155,000
Stock based compensation		109,000		9,000
Consulting fees		325,000		385,000
	$	2,002,000	$	1,937,000


	Three Months Ended March 31,
	2022		2021
Net cash (used in) provided by:
Operating activities	$	(4,296,000)	$	(6,648,000)
Investing activities		—		—
Financing activities		—		35,644,000
Effect of foreign currency translation		(7,000)		(16,000)
Net increase (decrease) in cash and cash equivalents	$	(4,303,000)	$	28,980,000