The EPS beat, pipeline catalysts (Halneuron Phase 2b data fall 2026, SP16 IND clearance), and up-to-$100M partnership for legacy assets are significant positive catalysts. Monitor for Halneuron Phase 2b enrollment completion and top-line data as the primary binary event.
Price Chart
Executive Summary
Dogwood Therapeutics reported Q1 2026 net loss of $5.0M ($0.15/share), beating consensus estimates of -$0.20 by 25%. The company highlighted Halneuron Phase 2b enrollment at 164 patients with top-line results expected fall 2026, FDA IND clearance for SP16, and a legacy antiviral partnership with potential value up to $100M. Cash runway extends into Q4 2026.
Key Financial Metrics
Key Facts
- Q1 2026 net loss attributable to common stockholders: $5.0M ($0.15/share) vs $12.2M ($8.45/share) in Q1 2025
- EPS of -$0.15 beat consensus estimate of -$0.20 by 25%
- Halneuron Phase 2b CINP trial enrolled 164 patients; top-line results expected fall 2026
- SP16 received FDA IND approval; Phase 1b CIPPN trial fully funded by NCI, enrolling mid-2026
- Worldwide development and commercialization partnership for legacy antiviral assets with potential value up to $100M
- Cash and cash equivalents $13.2M as of March 31, 2026, providing runway into Q4 2026
- Weighted average shares outstanding increased to 33.5M from 1.4M YoY due to January 2026 financing
Financial Impact
Net loss improved to $5.0M from $12.2M YoY; EPS beat consensus by 25%
Risk Factors
- Pre-revenue development-stage biotech with no approved products; Halneuron Phase 2b failure would be value-destructive
- Dilution risk: share count surged to 33.5M from 1.4M YoY; further financing may be needed post-Q4 2026
- Partnership value up to $100M is contingent on milestones; upfront payment amount not disclosed
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001104659-26-060747 |
| Document: dwtx-20260514x8k.htm | 0001104659-26-060747 |
| Document: 0001104659-26-060747-index-headers.html | 0001104659-26-060747 |
| Document: 0001104659-26-060747-index.html | 0001104659-26-060747 |
| Document: 0001104659-26-060747.txt | 0001104659-26-060747 |
| 8-K Data (Synthetic) | 0001104659-26-060747 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 21, 2026 4d ago | SC 13D/A | $1.12 | awaiting T+60 | — | $1.12 (+0.16%) |
Oct 19, 2026 7d ago | 8-K | $1.21 | awaiting T+60 | — | $1.12 (−7.29%) |
Oct 19, 2026 7d ago | Press Release | $1.21 | awaiting T+60 | — | $1.12 (−7.29%) |
Aug 13, 2026 10w ago | 8-K | $1.98 | awaiting T+60 | — | $1.12 (+43.34%) |
May 18, 2026 23w ago | Press Release | $1.70 $1.93 | ▲ +13.24% | ▲ +8.38% | $1.12 (−34.01%) |
May 14, 2026 23w ago | 8-K | $1.98 $1.83 | ▼ −7.58% | ▼ −11.16% | $1.12 (−43.34%) |
May 14, 2026 23w ago | Press Release | $1.98 $1.83 | ▼ −7.58% | ▼ −11.16% | $1.12 (−43.34%) |
Apr 15, 2026 27w ago | Press Release | $1.71 $1.42 | ▼ −16.96% | ▼ −25.10% | $1.12 (−34.40%) |
Mar 18, 2026 31w ago | Press Release | $2.97 $1.57 | ▼ −47.14% | ▼ −58.66% | $1.12 (−62.23%) |
US Market Status
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