Dogwood Therapeutics, Inc. (Nasdaq: DWTX) reported its financial results for the first quarter ended March 31, 2026, and provided an update on its pipeline of non-opioid pain and neuropathy treatments. The company is advancing two first-in-class candidates: Halneuron®, a NaV 1.7 inhibitor, and SP16, an LRP1 agonist.
CEO Greg Duncan stated, “Dogwood is off to a strong operational start to 2026 driven by significant pipeline progress for both Halneuron®, with Phase 2b data anticipated this fall, and SP16, which received FDA clearance to progress into Phase 1b development this quarter. Furthermore, we executed a global development license for our legacy combination antiviral assets.”
Key pipeline highlights include enrollment of 164 patients in the Halneuron® Phase 2b Chemotherapy Induced Neuropathic Pain (CINP) study, with top-line results expected in fall 2026. Halneuron® has received fast track designation from the FDA for CINP. Additionally, SP16 received IND approval from the FDA, and its Phase 1b study for chemotherapy-induced pain and peripheral neuropathy (CIPPN) will begin enrolling in mid-2026. This trial is fully funded by the National Cancer Institute and will be conducted at the University of Virginia.
In January 2026, the company completed a financing of up to $26.9 million to progress Halneuron® through Phase 2b development, with gross proceeds of $12.5 million received to date. Cash on hand as of March 31, 2026, was $13.2 million, providing operational runway into the fourth quarter of 2026.
Financial results for the first quarter of 2026 showed research and development expenses of $2.7 million, compared to $2.4 million for the same period in 2025, an increase of $0.3 million primarily due to higher drug development costs for Halneuron® and increased personnel costs. General and administrative expenses were $2.4 million, up from $2.0 million in the prior year, driven by higher salaries and personnel costs partially offset by lower franchise fees. Net loss attributable to common stockholders was $5.0 million, or $0.15 per basic and diluted share, compared to a net loss of $12.2 million, or $8.45 per share, in the first quarter of 2025. The improved net loss was largely due to the absence of a loss on debt conversion with a related party that occurred in the prior year.
Dogwood Therapeutics is focused on developing non-opioid medicines for pain and neuropathic disorders. Halneuron® is a non-opioid, NaV 1.7 inhibitor that modulates voltage-gated sodium channels to reduce pain transmission and has demonstrated pain reduction in clinical studies for cancer-related pain and chronic CINP. SP16 is an LRP1 agonist with alpha-1-antitrypsin-like activity, shown preclinically to reduce inflammatory cytokines (IL-6, IL-8, IL1B, TNF-alpha) and to potentially repair damaged tissue via increases in pAKT and pERK. The company's largest shareholder is a member of CK Life Sciences Int’l., (Holdings) Inc., listed on the Hong Kong Stock Exchange (Stock code: 0775).
For more information, visit www.dwtx.com.
