Dogwood Therapeutics (DWTX) Q4 2025 earnings summary

Executive summary

• Achieved key clinical milestones, including over 50% enrollment in the Halneuron® Phase 2b trial and initiation of an extension study.

• Completed a financing round in January 2026, securing up to $26.9 million, with $12.5 million received to date.

Financial highlights

• Research and development expenses for Q4 2025 were $2.3 million, flat year-over-year; full year R&D expenses rose to $21.8 million from $3.5 million, mainly due to acquired in-process R&D and clinical trial costs.

• General and administrative expenses for Q4 2025 were $1.5 million, down from $5.2 million in Q4 2024 due to lower transaction costs; full year G&A expenses decreased to $6.1 million from $8.7 million.

• Net loss attributable to common stockholders for Q4 2025 was $3.8 million ($0.26 per share), compared to $8.2 million ($6.29 per share) in Q4 2024; full year net loss was $35.5 million ($7.13 per share) versus $12.9 million ($12.52 per share) in 2024.

• Cash and cash equivalents as of December 31, 2025, totaled $6.5 million.

Outlook and guidance

• Cash on hand plus January 2026 financing proceeds are expected to fund operations through the Halneuron® Phase 2b final data readout and into Q4 2026.

• Top-line results from the Halneuron® CINP Phase 2b study are anticipated in Q3 2026.