Dogwood Therapeutics, Inc. (Nasdaq: DWTX) reported financial results for the first quarter ended March 31, 2026, highlighting significant pipeline advancements for its non-opioid pain treatments. The company announced that its Phase 2b study of Halneuron® for chemotherapy-induced neuropathic pain (CINP) has enrolled 164 patients, with top-line results expected in fall 2026. Additionally, SP16 received FDA clearance to begin a Phase 1b trial for chemotherapy-induced pain and peripheral neuropathy (CIPPN), which is fully funded by the National Cancer Institute and will be conducted at the University of Virginia.
“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,” said Greg Duncan, Chief Executive Officer of Dogwood Therapeutics. “Furthermore, we executed a global development license for our legacy combination antiviral assets.”
Halneuron® is a non-opioid, NaV 1.7 inhibitor that has received fast track designation from the FDA for CINP. The company also completed a financing of up to $26.9 million in January 2026, with gross proceeds of $12.5 million received, to support the Halneuron® program. As of March 31, 2026, cash and cash equivalents totaled $13.2 million, providing operational runway into the fourth quarter of 2026.
SP16 is a low-density lipoprotein receptor related protein-1 agonist (LRP1) that has shown potential to treat neuropathy and prevent or repair nerve damage following chemotherapy. Preclinical studies demonstrated anti-inflammatory action via reductions in IL-6, IL-8, IL1B, and TNF-alpha levels, as well as potential to repair damaged tissue through increases in pAKT and pERK. The forthcoming Phase 1b CIPPN trial is fully funded by the National Cancer Institute.
Financial results for the first quarter of 2026 included research and development expenses of $2.7 million, up from $2.4 million in the same period in 2025, driven by increased drug development costs for Halneuron® and higher personnel costs. General and administrative expenses were $2.4 million, compared to $2.0 million in the prior year, primarily due to higher salaries and personnel costs. Net loss attributable to common stockholders was $5.0 million, or $0.15 per share, compared to a net loss of $12.2 million, or $8.45 per share, in the first quarter of 2025. The improvement was largely due to the absence of a loss on debt conversion with a related party that impacted the prior year period.
Dogwood Therapeutics is a development-stage biopharmaceutical company focused on first-in-class, non-opioid medicines for pain and neuropathic disorders. Its pipeline includes Halneuron® and SP16 IV. The company’s largest shareholder is a member of CK Life Sciences Int’l., (Holdings) Inc., listed on the Hong Kong Stock Exchange. For more information, visit www.dwtx.com.
