Dogwood Therapeutics, Inc. DWTX
We are a pre-revenue, development-stage biopharmaceutical company focused on developing new medicines to treat pain and neuropathy. Following the closing of the Combination described below, we became the sole owner of Pharmagesic (Holdings) Inc. ("Pharmagesic") and their wholly owned subsidiary, Wex Pharmaceuticals, Inc. ("Wex"), and Wex's wholly owned subsidiaries, IWT Bio, Inc. ("IWT"), Wex Medical Corporation ("WMC"), and Wex Medical Limited ("WML").
Our pipeline is focused on treating chronic neuropathic pain and neuropathy. Our Halneuron® Nav1.7 modulation program is intended to treat chronic and acute pain disorders. Our recently licensed SP16 program is centered on a cell signaling molecule that has shown early promise in treating neuropathy and nerve damage. The Halneuron® program is a proprietary non-opioid Nav1.7 analgesic program centered on voltage-gated sodium channel modulation, a mechanism known to be effective for reducing pain. SP16 is the focus of a planned Phase 1b study that is fully funded through a research grant supplied by the National Cancer Institute, with patient enrollment projected to start in mid-2026.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| R&D | $21.9M | $3.5M | $1.7M | $8.1M | $10.8M | $194.0K | — |
| SG&A | $6.1M | $8.7M | $3.7M | $4.2M | $4.8M | $9.8M | — |
| Total operating expenses | $28.0M | $12.2M | $5.4M | $12.3M | $15.6M | $10.0M | — |
| Operating income | -$28.0M | -$12.2M | -$5.4M | -$12.3M | -$15.6M | -$10.0M | — |
| Interest expense | — | — | $150.9K | $67.5K | $5.7K | $384.2K | — |
| Pre-tax income | -$34.0M | -$12.4M | -$5.3M | -$12.2M | -$16.0M | -$10.3M | — |
| Income tax | $221.1K | $503 | — | — | — | — | — |
| Net income | -$34.3M | -$12.3M | -$5.3M | -$12.2M | -$16.0M | -$10.3M | — |
| EPS, basic | -7.13 | -12.52 | -7.05 | -1.11 | -1.92 | -2.10 | — |
| EPS, diluted | -7.13 | -12.52 | -7.05 | -1.11 | -1.92 | -2.10 | — |
| Shares, diluted (wtd. avg.) | 5.0M | 1.0M | 751,071 | 11.1M | 8.3M | 4.9M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Cash and equivalents | $6.5M | $14.8M | $3.3M | $7.0M | $14.0M | $29.8M | $309.4K |
| Total current assets | $8.4M | $16.5M | $4.2M | $8.4M | $15.8M | $31.5M | — |
| Property, plant and equipment | $12.8K | $16.8K | — | — | — | — | — |
| Goodwill | $12.4M | $11.8M | — | — | — | — | — |
| Other intangibles | $69.0M | $65.7M | — | — | — | — | — |
| Total assets | $90.2M | $94.3M | $4.2M | $8.4M | $15.8M | $31.5M | — |
| Accounts payable | $760.9K | $1.2M | $111.9K | $573.2K | $353.9K | $368.9K | — |
| Total current liabilities | $3.1M | $3.2M | $358.5K | $1.0M | $1.3M | $1.5M | — |
| Total liabilities | $15.3M | $30.0M | $358.5K | $1.0M | $1.3M | $1.5M | — |
| Retained earnings | -$108.1M | -$73.8M | -$61.5M | -$56.2M | -$43.9M | -$28.0M | — |
| Total equity | $74.9M | -$10.1M | $3.8M | $7.3M | $14.5M | $29.9M | -$5.0M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -$15.6M | -$8.8M | -$4.9M | -$11.5M | -$15.7M | -$3.9M | — |
| Depreciation and amortisation | $2.1K | $12.2K | — | — | — | — | — |
| Stock-based compensation | $355.6K | $476.0K | $620.0K | $582.7K | $322.9K | $7.4M | — |
| Investing cash flow | — | $3.8M | — | — | — | — | — |
| Financing cash flow | $7.3M | $16.7M | $1.2M | $4.5M | -$97.6K | $33.4M | — |
| Buybacks | — | — | $299.1K | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-049277.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|
| Revenue | — | — | — | — | — | — | — |
| Gross profit | — | — | — | — | — | — | — |
| Net income | — | -$10.3M | -$16.0M | -$12.2M | -$5.3M | -$12.3M | -$34.3M |
Recent filings and events
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Charter or fiscal year changed A change to the company's governing documents, or to when its year ends. Item 5.03
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Results announced Item 2.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Results announced Item 2.02
- Shareholder vote Item 5.07
- Regulation FD disclosure Item 7.01
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Material agreement terminated An agreement that mattered has ended. Often the other half of a deal that fell through. Item 1.02
- Unregistered share sale Shares issued outside a registered offering. Dilution, and for a small company often the way it is funded. Item 3.02
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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