Dogwood Therapeutics, Inc.

Listed Company

DWTXCIK 0001818844NasdaqNon-AcceleratedSmaller ReportingPharmaceutical PreparationsDelawareFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$-34.26M

Total Assets

$90.17M

Equity

$74.90M

Shares Out

33.40M

Op. Cash Flow

$-15.62M

Business

Dogwood Therapeutics, Inc. is a pre-revenue, development-stage biopharmaceutical company developing medicines for pain and fatigue-related disorders. Its main product candidates include Halneuron®, a non-opioid NaV1.7 modulator using tetrodotoxin for neuropathic pain, and IMC-1/IMC-2, fixed-dose antiviral combinations of nucleoside analogs and celecoxib targeting fibromyalgia and Long‑COVID. The company’s pipeline is organized into two pillars—Nav1.7 analgesics and combination antiviral therapies—and includes the acquired Pharmagesic/Wex subsidiaries. Clinical development primarily occurs in the United States, it relies on third‑party manufacturing and seeks commercial partnerships to sell through specialty and primary care channels.

Summary from filing dated 2025-03-31

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Research and development	22	4	2	8	11
General and administrative expenses	6	9	4	4	5
Total operating expenses	28	12	5	12	16
Loss from operations	−28	−12	−5	−12	−16
Loss on debt conversion with related party	−6	—	—	—	—
Loss on fixed asset disposal	−2,731	—	—	—	—
Interest income (expense), net	96,938	−92,192	150,904	—	—
Exchange loss, net	−27,916	−30,787	—	—	—
Total other expense	−6	−122,979	150,904	67,475	−319,328
Loss before income taxes	−34	−12	−5	−12	−16
Deferred income tax (expense) benefit	−221,096	503	—	—	—
Net loss	−34	−12	−5	−12	−16
Accrual of paid-in-kind dividends on Series A Non-Voting Convertible Preferred Stock	−1	−514,105	—	—	—
Net loss attributable to common stockholders	−36	−13	−5	—	—
Net loss per common share, basic (in dollars per share)	−7.13	−12.52	−7.05	−1.11	−1.92
Net loss per common share, diluted (in dollars per share)	−7.13	−12.52	−7.05	−1.11	−1.92
Weighted average number of shares outstanding - basic (in shares)	5	1	751,071	11	8
Weighted average number of shares outstanding - diluted (in shares)	5	1	751,071	11	8
Foreign currency translation adjustment	3	−4	—	—	—
Comprehensive loss	−31	−16	−5	—	—

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	7	15	3	7	14
Prepaid expenses and other current assets	2	2	848,496	1	2
Total current assets	8	17	4	8	16
Property and equipment, net	12,754	16,811	—	—	—
Right-of-use assets	163,140	205,837	—	—	—
Prepaid expenses, long-term	19,037	18,133	—	—	—
Goodwill	12	12	—	—	—
Intangible assets	69	66	—	—	—
Deferred issuance costs	158,956	—	—	—	—
Total assets	90	94	4	8	16
Accounts payable	760,945	1	111,913	573,164	353,863
Accrued expenses	2	2	246,635	470,098	921,760
Lease liability, current portion	56,841	49,696	—	—	—
Total current liabilities	3	3	358,548	1	1
Debt with related party, net of issuance costs	—	15	—	—	—
Lease liability, long-term portion	105,763	154,885	—	—	—
Deferred tax liability	12	11	0	—	—
Total liabilities	15	30	358,548	1	1
Commitments and contingencies (Note 12)	—	—	—	—	—
Series A Non-Voting Convertible Preferred Stock, $0.0001 par value; 2,104 shares authorized and 2,103.1494 shares issued and no shares outstanding at December 31, 2025 and 2,270 shares authorized and 2,213.8044 shares issued and outstanding at December 31, 2024	—	74	—	—	—
Common stock, $0.0001 par value; 43,000,000 shares authorized; 29,751,234 and 29,743,516 shares issued and outstanding at December 31, 2025, respectively; and 1,339,896 and 1,332,178 shares issued and outstanding at December 31, 2024, respectively	2,974	133	77	1,833	833
Additional paid-in capital	184	68	66	63	58
Accumulated deficit	−108	−74	−61	−56	−44
Accumulated other comprehensive loss	−587,039	−4	—	—	—
Stockholders' equity before treasury stock	75	−10	4	7	—
Less: Treasury stock, 7,718 shares of common stock at cost	−299,128	−299,128	−299,128	—	—
Total stockholders' equity (deficit)	75	−10	4	7	15
Total liabilities, Series A Non-Voting Convertible Preferred Stock and stockholders' equity (deficit)	90	94	4	8	16

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net loss	−34	−12	−5	−12	−16
Loss on foreign exchange	27,916	30,787	—	—	—
Amortization of loan costs	52,373	58,432	—	—	0
Depreciation	2,063	12,177	—	—	—
Reduction in carrying amount of right-of-use asset	66,115	—	—	—	—
Acquisition of license for research and development	12	—	—	—	—
Non-cash transaction costs	—	4	—	—	—
Share-based compensation expense	355,642	476,021	619,972	582,659	322,881
Increase in prepaid expenses and other current assets	−208,687	−498,717	490,268	429,739	−91,138
(Decrease) increase in accounts payable	−532,607	219,888	−461,251	219,301	270,007
Increase (decrease) in accrued expenses and other liabilities	608,290	−302,439	−223,463	—	—
Net cash used in operating activities	−16	−9	−5	−11	−16
Cash acquired through the acquisition of Pharmagesic	—	4	—	—	—
Net cash provided by investing activities	—	4	—	—	—
Proceeds from public offering of common stock, net of offering costs	4	1	—	—	—
Proceeds from loan with related party, net of fees	3	15	—	—	—
Payout of fractional shares with reverse stock split	—	−351	—	—	—
Proceeds from issuance of shares on ATM, net of cash fees paid	86,366	—	1	—	—
Cash payment of issuance costs	−53,805	—	—	—	—
Net cash provided by financing activities	7	17	1	4	−97,604
Net (decrease) increase in cash	−8	12	−4	−7	−16
Effect of foreign currency translation on cash and cash equivalents	10,640	−144,592	—	—	—
Issuance costs included in accounts payable and accrued expenses	106,266	—	—	—	—
Conversion of debt with related party into Series A-1 Non-Voting Convertible Preferred Stock	20	—	—	—	—
Conversion of accrued interest on debt with related party into Series A-1 Non-Voting Convertible Preferred Stock	426,891	—	—	—	—
Conversion of Series A Non-Voting Convertible Preferred Stock from temporary equity to permanent equity	6	—	—	—	—
Accrual of paid-in-kind dividends on Series A Non-Voting Convertible Preferred Stock	1	514,105	—	—	—
Preferred stock issued in connection with License Agreement	10	—	—	—	—
Common stock issued in connection with License Agreement	2	—	—	—	—
Conversion of preferred stock into common stock	110	—	—	—	—
Preferred stock issued in connection with acquisition of Pharmagesic	—	70	—	—	—
Common stock issued in connection with acquisition of Pharmagesic	—	893,093	—	—	—

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