Financial Performance - Total operating expenses for the three months ended March 31, 2025, were $4.4 million, significantly higher than $1.3 million for the same period in 2024[142] - For the three months ended March 31, 2025, the net cash used in operations was $4.7 million, consisting of a net loss of $10.9 million and non-cash items of $6.4 million[152] - In comparison, for the three months ended March 31, 2024, the net cash used in operations was $0.9 million, with a net loss of $1.3 million[153] - Net cash used in operating activities for the three months ended March 31, 2025, was $(4.7) million, compared to $(0.9) million for the same period in 2024[151] Expenses - Research and development expenses increased by $2.1 million to $2.4 million for the three months ended March 31, 2025, compared to $0.3 million for the same period in 2024[143] - General and administrative expenses rose by $1.0 million to $2.0 million for the three months ended March 31, 2025, from $1.0 million in the prior year[144] Cash and Financing - As of March 31, 2025, the company's cash totaled $17.5 million, expected to fund operations through the first quarter of 2026[145] - The company raised gross proceeds of approximately $4.8 million from a registered direct offering of 578,950 shares of Common Stock at $8.26 per share on March 14, 2025[147] - Net cash provided by financing activities during the three months ended March 31, 2025, was $7.4 million, attributed to cash proceeds from a Loan Agreement of $3.0 million and gross proceeds from a registered direct offering of $4.8 million[154] - There were no financing activities reported for the three months ended March 31, 2024[155] - The company entered into a Loan Agreement for a total principal amount of $19.5 million, with $16.5 million disbursed on October 7, 2024[136] Future Financing Needs - The company anticipates needing additional financing beyond the first quarter of 2026 to continue its clinical trials and operations[150] - The company has incurred losses and generated negative cash flows from operations since inception, with substantial doubt regarding its ability to continue as a going concern within the next 12 months[150] Clinical Trials - The HALT-CINP-203 clinical trial commenced in the first quarter of 2025, involving 200 patients with moderate to severe neuropathic pain[129] Accounting and Reporting - There were no significant changes to critical accounting policies during the three months ended March 31, 2025, compared to the previous year[159] - The company is classified as an "emerging growth company" under the JOBS Act, allowing it to take advantage of reduced reporting requirements[160] - The company is not required to provide an auditor's attestation report on internal controls over financial reporting as per the JOBS Act provisions[161] - The company did not disclose any quantitative and qualitative disclosures about market risk, as it is not required for smaller reporting companies[162] Off-Balance Sheet Arrangements - As of March 31, 2025, the company did not have any off-balance sheet arrangements or relationships with unconsolidated entities[156]
Dogwood Therapeutics, Inc(DWTX) - 2025 Q1 - Quarterly Report