The balance sheet is heavily reliant on $12.4 million in goodwill as of 2025Q4, while accumulated deficits have eroded equity to a total of $74.9 million.
| Total Current Assets | 15M | 8.43M | 16.54M | 4.17M | 8.37M | 15.78M | 31.47M | 315.9K | 42.4K |
| Cash & Short-Term Investments | 13.23M | 6.52M | 14.85M | 3.32M | 7.03M | 14.01M | 29.8M | 309.38K | 30.03K |
| Cash Only | 13.23M | 6.52M | 14.85M | 3.32M | 7.03M | 14.01M | 29.8M | 309.38K | 30.03K |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 0 | 0 | 0 | 0 | 0 | 0 | 324 | 785 | 334 |
| Days Sales Outstanding | - | - | - | - | - | - | - | - | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 66.88K | 4.88K | 28.01K | 3.56K | 7.29K | 863 | 0 | 0 | 0 |
| Total Non-Current Assets | 80.2M | 81.74M | 77.76M | 0 | 0 | 0 | 0 | 0 | 23.54K |
| Property, Plant & Equipment | 159.29K | 194.93K | 222.65K | 0 | 0 | 0 | 0 | 0 | 0 |
| Fixed Asset Turnover | 0.00x | - | - | - | - | - | - | - | - |
| Goodwill | 12.19M | 12.4M | 11.81M | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 67.83M | 68.99M | 65.71M | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 37.87K | 0 | 18.13K | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 18.72K | 158.96K | 0 | 0 | 0 | 0 | 0 | 0 | 23.54K |
| Total Assets | 95.21M | 90.17M | 94.31M | 4.17M | 8.37M | 15.78M | 31.47M | 315.9K | 65.94K |
| Asset Turnover | 0.00x | - | - | - | - | - | - | - | - |
| Asset Growth % | 6482.2% | -4.39% | 2164.06% | -50.23% | -46.95% | -49.87% | 9862.88% | 379.11% | - |
| Total Current Liabilities | 2.56M | 3.06M | 3.18M | 358.55K | 1.04M | 1.28M | 1.53M | 1.62M | 1.33M |
| Accounts Payable | 144.4K | 760.95K | 1.23M | 111.91K | 573.16K | 353.86K | 368.9K | 35.42K | 145.66K |
| Days Payables Outstanding | - | - | - | - | - | - | - | - | - |
| Short-Term Debt | 0 | 0 | 49.7K | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 9.57K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 2M | 745.08K | 687.59K | 0 | 159.7K | 532.68K | 573.48K | 0 | 0 |
| Current Ratio | 5.86x | 2.76x | 5.21x | 11.62x | 8.02x | 12.37x | 20.55x | 0.19x | 0.03x |
| Quick Ratio | 5.86x | 2.76x | 5.21x | 11.62x | 8.02x | 12.37x | 20.55x | 0.19x | 0.03x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 12.02M | 12.22M | 26.85M | 0 | 0 | 0 | 0 | 3.64M | 0 |
| Long-Term Debt | 0 | 0 | 15.38M | 0 | 0 | 0 | 0 | 3.64M | 0 |
| Capital Lease Obligations | 446.08K | 105.76K | 154.88K | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 48.04M | 12.11M | 11.31M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 14.58M | 15.27M | 30.03M | 358.55K | 1.04M | 1.28M | 1.53M | 5.26M | 1.33M |
| Total Debt | 144.93K | 162.6K | 15.59M | 0 | 0 | 0 | 0 | 3.64M | 0 |
| Net Debt | -13.08M | -6.36M | 737.71K | -3.32M | -7.03M | -14.01M | -29.8M | 3.33M | -30.03K |
| Debt / Equity | 0.00x | 0.00x | 0.24x | - | - | - | - | - | - |
| Debt / EBITDA | -0.01x | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 0.46x | - | - | - | - | - | - | - | - |
| Interest Coverage | - | - | -132.96x | - | - | - | -26.04x | -7.38x | -12.90x |
| Total Equity | 80.62M | 74.9M | 64.28M | 3.81M | 7.33M | 14.5M | 29.94M | -4.94M | -1.26M |
| Equity Growth % | 11637.02% | 16.51% | 1588.54% | -48.04% | -49.48% | -51.57% | 705.78% | -292.14% | - |
| Book Value per Share | 2.40 | 9.11 | 62.54 | 5.07 | 16.55 | 43.52 | 151.92 | -25.57 | -6.52 |
| Total Shareholders' Equity | 80.62M | 74.9M | 64.28M | 3.81M | 7.33M | 14.5M | 29.94M | -4.94M | -1.26M |
| Common Stock | 3.34K | 2.97K | 133 | 77 | 1.83K | 833 | 830 | 12.6M | 12.6M |
| Retained Earnings | -113.06M | -108.08M | -73.82M | -61.47M | -56.17M | -43.93M | -27.97M | -17.62M | -15.15M |
| Treasury Stock | -299.13K | -299.13K | -299.13K | -299.13K | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -1.72M | -587.04K | -3.86M | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent liquidity exhaustion
As reported in recent financial statements, DWTX's cash position plummeted to $6.5 million by 2025Q4, a significant contraction from the $17.5 million held in 2025Q1, which leaves the company with a precarious liquidity buffer to fund its ongoing, capital-intensive Phase 3 clinical trial development programs.
The sharp decline in cash reserves suggests that the company is rapidly consuming its remaining runway, leaving little margin for error in its clinical execution. Investors should monitor the current ratio, which has tightened significantly, as it indicates a diminishing ability to cover short-term obligations without immediate external capital injections.
Based on the company's reported figures, retained earnings have deteriorated to a deficit of $108.1 million as of 2025Q4, reflecting the persistent, non-revenue-generating nature of the business model and the heavy reliance on equity-based financing to sustain operations throughout the clinical development lifecycle.
The consistent expansion of the accumulated deficit underscores the lack of operational profitability and the ongoing destruction of shareholder value inherent in the current development-stage model. This trend suggests that future equity raises may be required to replenish the balance sheet, which would likely result in further dilution for existing shareholders.
According to quarterly balance sheet data, DWTX's asset composition is heavily skewed toward intangible assets, with $12.4 million in goodwill reported in 2025Q4, which highlights the company's reliance on intellectual property valuations rather than tangible, revenue-generating infrastructure or productive physical assets.
The concentration of value in intangible assets implies that the company's balance sheet strength is entirely contingent on the perceived future success of its clinical pipeline. Should the underlying therapeutic hypotheses fail to meet regulatory endpoints, the carrying value of these assets may be subject to significant impairment risks.
As indicated by the historical data, the 2025Q1 spike in debt to $75.9 million, followed by a rapid reduction, suggests a volatile and potentially unsustainable approach to capital management that warrants further investigation into the terms of financing and the potential for future dilutive debt-to-equity conversions.
The extreme fluctuations in debt levels suggest that the company's capital structure is highly sensitive to the timing of financing rounds, which may mask the true cost of capital. Investors should be wary of the potential for future 'down-round' financing, which could significantly alter the company's equity profile and further impair the value of existing holdings.
Quick answers to the most common questions about buying DWTX stock.
As of 2025, Dogwood Therapeutics, Inc. (DWTX) had total assets of $90.2M including $8.4M in current assets.
Dogwood Therapeutics, Inc. (DWTX) carries total debt of $0.2M, offset by $6.5M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Dogwood Therapeutics, Inc. (DWTX) has total shareholders' equity (book value) of $74.9M ($9.11 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Dogwood Therapeutics, Inc. (DWTX) reported a current ratio of 2.76x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.