The financial foundation has eroded significantly, with total assets declining from $55.5M in 2021Q4 to $8.2M in 2026Q2, resulting in a negative equity position of -$5.3M.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 |
|---|
| Total Current Assets | 5.67M | 7.98M | 24.95M | 22.66M | 39.35M | 55.43M | 19.78M | 23.47M | 17.77M | 4.9M | 23.07M | 23.18M | 46.91M | 104.39M | 83.25M | 3.82M |
| Cash & Short-Term Investments | 3.13M | 3.82M | 21.34M | 20.82M | 38.76M | 55.07M | 19.02M | 22.73M | 16.97M | 4.02M | 21.45M | 19.8M | 43.58M | 100M | 81.53M | 2.71M |
| Cash Only | 3.13M | 3.82M | 21.34M | 20.82M | 38.76M | 55.07M | 19.02M | 22.73M | 16.97M | 4.02M | 21.45M | 19.8M | 43.58M | 60.01M | 81.53M | 2.71M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 39.99M | 0 | 0 |
| Accounts Receivable | 1.69M | 3.79M | 1.76M | 18K | 29K | 28K | 37K | 98K | 35K | 59K | 31K | 1.5M | 132K | 0 | 0 | 478K |
| Days Sales Outstanding | 280.26 | 496.35 | 2.85K | 29.07 | 46.84 | 45.22 | 58.46 | 16.39 | 10.4 | 27.36 | 2.04 | 47.92 | 60.23 | - | - | 117.33 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 542K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 845K | 89K | 178K | 401K | 40K | 35K | -362K | 140K | 68K | 77K | 73K | 245K | 380K | 449K | 195K | 0 |
| Total Non-Current Assets | 2.49M | 2.64M | 11K | 23K | 25K | 48K | 202K | 200K | 158K | 76K | 164K | 260K | 432K | 763K | 600K | 644K |
| Property, Plant & Equipment | 6K | 7K | 10K | 22K | 24K | 38K | 52K | 50K | 9K | 64K | 152K | 248K | 420K | 626K | 463K | 507K |
| Fixed Asset Turnover | 360.00x | 398.57x | 22.60x | 10.27x | 9.42x | 5.95x | 4.44x | 43.66x | 136.44x | 12.30x | 36.49x | 46.19x | 1.90x | 7.59x | 99.76x | 2.93x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 2.48M | 2.53M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 1K | 104K | 1K | 1K | 1K | 10K | 150K | 150K | 149K | 12K | 12K | 12K | 12K | 137K | 137K | 137K |
| Total Assets | 8.16M | 10.62M | 24.96M | 22.68M | 39.37M | 55.48M | 19.99M | 23.67M | 17.92M | 4.98M | 23.23M | 23.45M | 47.34M | 105.15M | 83.85M | 4.46M |
| Asset Turnover | 0.19x | 0.26x | 0.01x | 0.01x | 0.01x | 0.00x | 0.01x | 0.09x | 0.07x | 0.16x | 0.24x | 0.49x | 0.02x | 0.05x | 0.55x | 0.33x |
| Asset Growth % | -111.61% | -57.47% | 10.05% | -42.39% | -29.03% | 177.58% | -15.58% | 32.09% | 259.97% | -78.57% | -0.9% | -50.47% | -54.98% | 25.4% | 1779.25% | - |
| Total Current Liabilities | 13.21M | 11.15M | 11.53M | 9.22M | 8.05M | 6.12M | 10.02M | 8.29M | 8.44M | 9.98M | 10.16M | 7.61M | 10.26M | 10.34M | 25.38M | 12.08M |
| Accounts Payable | 7.67M | 5.65M | 8.19M | 5.62M | 3.86M | 2.76M | 4.83M | 4.27M | 4.04M | 6.19M | 5.32M | 3.42M | 4.03M | 3.71M | 5.52M | 5.61M |
| Days Payables Outstanding | 1.2M | - | 248.99K | - | - | - | - | - | - | - | - | - | - | - | 6.31K | - |
| Short-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 226K | 0 | 226K | 226K | 226K | 226K | 226K | 226K | 226K | 455K | 455K | 455K | 455K | 788K | 3.91M | 455K |
| Other Current Liabilities | 5.54M | 1.06M | 265K | 2.37M | 1.19M | 1.92M | 2.72M | 2.26M | 2.52M | 1.26M | 2.81M | 444K | 877K | 603K | 12.43M | 4.46M |
| Current Ratio | 0.43x | 0.72x | 2.16x | 2.46x | 4.89x | 9.06x | 1.97x | 2.83x | 2.11x | 0.49x | 2.27x | 3.05x | 4.57x | 10.10x | 3.28x | 0.32x |
| Quick Ratio | 0.43x | 0.72x | 2.16x | 2.46x | 4.89x | 9.06x | 1.92x | 2.83x | 2.11x | 0.49x | 2.27x | 3.05x | 4.57x | 10.10x | 3.28x | 0.32x |
| Cash Conversion Cycle | -1.2M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 259K | 100K | 45.06M | 2.79M | 3.02M | 3.24M | 3.79M | 3.81M | 4.1M | 5.86M | 7.95M | 5M | 13.46M | 13.91M | 216.78M | 130.8M |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 259K | 100K | 42.49M | 0 | 0 | 0 | 321K | 113K | 176K | 1.77M | 3.4M | 0 | 1K | 6K | 201.36M | 120.08M |
| Total Liabilities | 13.47M | 11.25M | 56.59M | 12.01M | 11.06M | 9.36M | 13.81M | 12.1M | 12.54M | 15.84M | 18.11M | 12.61M | 23.71M | 24.25M | 242.16M | 142.88M |
| Total Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Debt | -3.13M | -3.82M | -21.34M | -20.82M | -38.76M | -55.07M | -19.02M | -22.73M | -16.97M | -4.02M | -21.45M | -19.8M | -43.58M | -60.01M | -81.53M | -2.71M |
| Debt / Equity | -0.00x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Debt / EBITDA | -0.00x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 0.00x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Interest Coverage | - | - | - | - | - | - | - | - | - | - | - | - | -31887.00x | -15529.25x | -2.47x | -1382.89x |
| Total Equity | -5.31M | -629K | -31.63M | 10.67M | 28.31M | 46.12M | 6.17M | 11.57M | 5.39M | -10.86M | 5.13M | 10.84M | 23.62M | 80.9M | -158.31M | -138.42M |
| Equity Growth % | -354.82% | 98.01% | -396.38% | -62.3% | -38.62% | 646.88% | -46.65% | 114.85% | 149.6% | -311.84% | -52.7% | -54.11% | -70.8% | 151.1% | -14.37% | - |
| Book Value per Share | -0.50 | -0.08 | -20.37 | 12.71 | 33.85 | 68.50 | 13.31 | 301.74 | 489.86 | -6788.13 | 6514.96 | 26814.27 | 61363.53 | 429538.19 | -702892.86 | -614592.79 |
| Total Shareholders' Equity | -5.31M | -629K | -31.63M | 10.67M | 28.31M | 46.12M | 6.17M | 11.57M | 5.39M | -11.69M | 4.3M | 10.01M | 22.75M | 80.41M | -158.31M | -138.42M |
| Common Stock | 101K | 90K | 36K | 210K | 209K | 209K | 124K | 1.11M | 57K | 8K | 68K | 25K | 217K | 215K | 26K | 22K |
| Retained Earnings | -647.09M | -639.98M | -649.15M | -482.63M | -463.68M | -444.72M | -428.56M | -403.4M | -381.9M | -362.32M | -338.22M | -318.56M | -294.58M | -230.9M | -168.35M | -138.44M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -2K | 6K | -42K | -23K | -33K | -14K | 14K | -18K | -12K | 3K | -31K | -22K | -13K | 1K | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 830K | 830K | 830K | 874K | 487K | 0 | 0 |
Imminent liquidity and dilution
As reported in recent financial filings, TRAW's total assets have declined from $55.5M in 2021Q4 to $8.2M in 2026Q2, signaling a consistent contraction in the company's resource base as it exhausts capital to fund ongoing clinical development without generating offsetting commercial revenue.
The persistent decline in total assets reflects a business model that is consuming its capital base to sustain operations rather than building value. This downward trajectory suggests that the company's financial flexibility is rapidly diminishing, leaving little room for error in its clinical trial execution.
Based on the company's reported figures, the current ratio has plummeted from 9.06 in 2021Q4 to a precarious 0.43 in 2026Q2, indicating that TRAW's liquid assets are no longer sufficient to cover its near-term liabilities as the cash balance dwindles to $3.1M.
A current ratio below 1.0 is a significant red flag that warrants immediate investor attention regarding the firm's ability to meet short-term obligations. This liquidity profile suggests that the company may be forced into highly dilutive financing rounds or emergency capital raises to maintain its research activities.
According to the latest balance sheet data, TRAW's equity has deteriorated into a negative position of -$5.3M as of 2026Q2, a stark reversal from the $46.1M reported in 2021Q4, driven by the accumulation of massive retained losses over the past several years.
The shift to negative equity indicates that the company's cumulative losses have now exceeded the capital invested by shareholders. This structural impairment suggests that the firm's historical R&D investments have failed to create tangible book value, placing the entire burden of future recovery on the success of its current pipeline.
As indicated in the 2026Q2 balance sheet, the presence of $2.5M in goodwill on a total asset base of $8.2M suggests that a significant portion of the company's remaining value is intangible and potentially subject to future impairment if clinical milestones are not met.
Investors should monitor this goodwill closely, as it represents a non-cash asset that does not contribute to the company's liquidity or operational capacity. The reliance on such intangibles in a period of shrinking cash reserves may indicate that the balance sheet is more fragile than the headline asset figures imply.
Quick answers to the most common questions about buying TRAW stock.
As of 2025, Traws Pharma, Inc. (TRAW) had total assets of $10.6M including $8.0M in current assets.
Traws Pharma, Inc. (TRAW) carries total debt of $0.0M, offset by $3.8M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Traws Pharma, Inc. (TRAW) has total shareholders' equity (book value) of $-0.6M ($-0.08 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Traws Pharma, Inc. (TRAW) reported a current ratio of 0.72x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.