Traws Pharma, Inc 10-Q for FY2023 Q2

Traws Pharma, Inc. (TRAW)

10-Q 2023-08-14 For: 2023-06-30

Added on April 10, 2026

About this 10-Q

Traws Pharma, Inc filed this 10-Q on August 14, 2023, covering the quarter ended June 30, 2023 (FY2023 Q2).

Headline figures

Quarter ended June 30, 2023, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $57K; unchanged from $57K a year earlier
Net loss: $4.25M; compared with a net loss of $4.02M a year earlier
Diluted EPS: -$0.20; compared with -$0.19 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	16
Item 3. Quantitative and Qualitative Disclosures About Market Risk	28
Item 4. Controls and Procedures	29

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	30
Item 4. Mine Safety Disclosures	30
Item 5. Other Information	30
Item 6. Exhibits	31
SIGNATURES	32


	June 30,		December 31,
	2023		2022
Assets	(unaudited)
Current assets:
Cash and cash equivalents	$	29,729,000	$	38,757,000
Receivables		17,000		29,000
Prepaid expenses and other current assets		704,000		561,000
Total current assets		30,450,000		39,347,000
Property and equipment, net		17,000		24,000
Other non-current assets		1,000		1,000
Total assets	$	30,468,000	$	39,372,000
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable	$	5,071,000	$	3,860,000
Accrued expenses and other current liabilities		3,369,000		3,960,000
Deferred revenue		226,000		226,000
Total current liabilities		8,666,000		8,046,000
Deferred revenue, non-current		2,904,000		3,017,000
Total liabilities		11,570,000		11,063,000

Commitments and contingencies

Stockholders’ equity:
Preferred stock, $0.01 par value, 5,000,000 shares authorized, none issued and outstanding at June 30, 2023 and December 31, 2022		—		—
Common stock, $0.01 par value, 125,000,000 shares authorized, 20,977,625 and 20,925,992 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively		210,000		209,000
Additional paid in capital		492,424,000		491,816,000
Accumulated deficit		(473,708,000)		(463,683,000)
Accumulated other comprehensive loss		(28,000)		(33,000)
Total stockholders’ equity		18,898,000		28,309,000
Total liabilities and stockholders’ equity	$	30,468,000	$	39,372,000


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Revenue	$	57,000	$	57,000	$	113,000	$	113,000
Operating expenses:
General and administrative		2,211,000		2,139,000		4,324,000		4,325,000
Research and development		2,456,000		2,038,000		6,536,000		4,040,000
Total operating expenses		4,667,000		4,177,000		10,860,000		8,365,000
Loss from operations		(4,610,000)		(4,120,000)		(10,747,000)		(8,252,000)
Other income, net		360,000		96,000		722,000		106,000
Net loss	$	(4,250,000)	$	(4,024,000)	$	(10,025,000)	$	(8,146,000)
Net loss per share, basic and diluted	$	(0.20)	$	(0.19)	$	(0.48)	$	(0.39)
Basic and diluted weighted average shares outstanding		20,979,766		20,904,085		20,970,022		20,904,085


	Three Month Periods Ended June 30, 2023 and 2022
								Accumulated
				Additional				other
	Common Stock			Paid in		Accumulated		comprehensive
	Shares	Amount		Capital		deficit		(loss) income		Total
Balance at March 31, 2023	20,969,559	$	210,000	$	492,151,000	$	(469,458,000)	$	(27,000)	$	22,876,000
Net loss	—		—		—		(4,250,000)		—		(4,250,000)
Other comprehensive loss	—		—		—		—		(1,000)		(1,000)
Stock-based compensation	—		—		273,000		—		—		273,000
Shares issued for vested restricted stock units	8,066		—		—		—		—		—
Balance at June 30, 2023	20,977,625	$	210,000	$	492,424,000	$	(473,708,000)	$	(28,000)	$	18,898,000

Balance at March 31, 2022	20,895,563	$	209,000	$	490,940,000	$	(448,841,000)	$	(21,000)	$	42,287,000
Net loss	—		—		—		(4,024,000)		—		(4,024,000)
Other comprehensive loss	—		—		—		—		(20,000)		(20,000)
Stock-based compensation	—		—		241,000		—		—		241,000
Balance at June 30, 2022	20,895,563	$	209,000	$	491,181,000	$	(452,865,000)	$	(41,000)	$	38,484,000


	Six Month Periods Ended June 30, 2023 and 2022
								Accumulated
				Additional				other
	Common Stock			Paid in		Accumulated		comprehensive
	Shares	Amount		Capital		deficit		income (loss)		Total
Balance at December 31, 2022	20,925,992	$	209,000	$	491,816,000	$	(463,683,000)	$	(33,000)	$	28,309,000
Net loss	—		—		—		(10,025,000)		—		(10,025,000)
Other comprehensive loss	—		—		—		—		5,000		5,000
Stock-based compensation	—		—		609,000		—		—		609,000
Shares issued for vested restricted stock units	51,633		1,000		(1,000)		—		—		—
Balance at June 30, 2023	20,977,625	$	210,000	$	492,424,000	$	(473,708,000)	$	(28,000)	$	18,898,000

Balance at December 31, 2021	20,895,563	$	209,000	$	490,644,000	$	(444,719,000)	$	(14,000)	$	46,120,000
Net loss	—		—		—		(8,146,000)		—		(8,146,000)
Other comprehensive loss	—		—		—		—		(27,000)		(27,000)
Stock-based compensation	—		—		537,000		—		—		537,000
Balance at June 30, 2022	20,895,563	$	209,000	$	491,181,000	$	(452,865,000)	$	(41,000)	$	38,484,000


	Symbio
	Upfront Payment
Deferred balance at December 31, 2022	$	3,243,000
Recognition to revenue		(113,000)

Deferred balance at June 30, 2023	$	3,130,000


					Balance				Balance
		Exercise		Expiration	December 31,	Warrants	Warrants	Warrants	June 30,
Description	Classification	Price		Date	2022	Issued	Exercised	Expired	2023
Non-tradable pre-funded warrants	Equity	$	2.25	July 2023	26	—	—	—	26
Non-tradable pre-funded warrants	Equity	$	2.25	none	3,522	—	—	—	3,522
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
					353,512	—	—	—	353,512


	Options Outstanding
				Weighted
		Weighted-		Average
		Average		Remaining	Aggregate
	Number	Exercise		Contractual	Intrinsic
	of Shares	Price		Term (in years)	Value
Balance, December 31, 2022	1,397,763	$	7.15	9.18	$	—
Granted	478,250	$	0.75	10.00		—
Exercised	—	$	—	—	$	—
Forfeitures/adjustments	(164,216)	$	1.92	9.10
Balance, June 30, 2023	1,711,797	$	5.11	8.71	$	—
Exercisable at June 30, 2023	460,431	$	15.24	7.34	$	—


	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 -The cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document


	ONCONOVA THERAPEUTICS, INC.

Dated: August 14, 2023

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

Dated: August 14, 2023

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


Dated: August 14, 2023
	/s/ Steven M. Fruchtman, M.D.
	Steven M. Fruchtman, M.D.
	President and Chief Executive Officer
	(Principal Executive Officer)


	June 30,
	2023	2022
Warrants	344,990	491,586
Stock options	1,711,797	850,553
	2,056,787	1,342,139


	Six months ended June 30,
	2023			2022
Risk-free interest rate		3.63	%		2.01	%
Expected volatility		121.00	%		121.49	%
Expected term		5.85	years		5.85	years
Expected dividend yield		0	%		0	%
Weighted average grant date fair value	$	0.64		$	1.51


	Three Months Ended June 30,
	2023		2022
Professional & consulting fees	$	496,000	$	417,000
Stock based compensation		168,000		72,000
Personnel related		869,000		919,000
Public company costs		403,000		372,000
Insurance & other		275,000		359,000
	$	2,211,000	$	2,139,000


	Three Months Ended June 30,
	2023		2022
Preclinical & clinical development	$	1,099,000	$	574,000
Personnel related		383,000		645,000
Manufacturing, formulation & development		406,000		272,000
Stock based compensation		105,000		169,000
Consulting fees		463,000		378,000
	$	2,456,000	$	2,038,000