The company's revenue base has completely collapsed, recording zero revenue in 2026Q2 compared to historical quarterly figures of $113K, while R&D spending remains a persistent drain on resources.
| 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 |
|---|
| Sales/Revenue | 2.79M | 2.79M | 226K | 226K | 226K | 226K | 231K | 2.18M | 1.23M | 787K | 5.55M | 11.46M | 800K | 4.75M | 46.19M | 1.49M |
| Revenue Growth % | 606.33% | 1134.51% | 0% | 0% | 0% | -2.16% | -89.42% | 77.77% | 56.04% | -85.81% | -51.59% | 1332% | -83.17% | -89.71% | 3006.25% | - |
| Cost of Goods Sold | 2K | 0 | 12K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 319K | 0 |
| COGS % of Revenue | - | - | 5.31% | - | - | - | - | - | - | - | - | - | - | - | 0.69% | - |
| Gross Profit | 2.79M | 2.79M | 214K | 226K | 226K | 226K | 231K | 2.18M | 0 | 0 | 0 | 0 | 0 | 0 | 45.87M | 0 |
| Gross Margin % | 99.93% | 100% | 94.69% | 100% | 100% | 100% | 100% | 100% | - | - | - | - | - | - | 99.31% | - |
| Gross Profit Growth % | - | 1203.74% | -5.31% | 0% | 0% | -2.16% | -89.42% | - | - | - | - | - | - | -100% | - | - |
| Operating Expenses | 26.89M | 20.66M | 49.56M | 20.52M | 19.85M | 16.72M | 25.22M | 23.88M | 24.45M | 26.44M | 29.15M | 35.28M | 64.11M | 66.53M | 68.15M | 28.74M |
| OpEx % of Revenue | - | 740.68% | 21930.09% | 9081.42% | 8784.51% | 7399.12% | 10919.48% | 1094% | 1991.45% | 3359.09% | 525.66% | 307.94% | 8013.75% | 1399.66% | 147.54% | 1933.02% |
| Selling, General & Admin | 9.54M | 8.52M | 12.29M | 9.09M | 8.45M | 9.43M | 8.33M | 8.35M | 7.59M | 7.41M | 9.08M | 9.38M | 14.69M | 16.79M | 15.39M | 6.12M |
| SG&A % of Revenue | - | 305.45% | 5437.61% | 4023.89% | 3737.61% | 4170.35% | 3604.33% | 382.27% | 617.75% | 940.91% | 163.76% | 81.9% | 1835.63% | 353.31% | 33.31% | 411.57% |
| Research & Development | 17.35M | 12.14M | 130.31M | 11.43M | 11.41M | 7.3M | 16.9M | 15.54M | 16.87M | 19.03M | 20.07M | 25.89M | 49.42M | 49.73M | 52.76M | 22.62M |
| R&D % of Revenue | - | 435.23% | 57659.73% | 5057.52% | 5046.9% | 3228.76% | 7315.15% | 711.73% | 1373.7% | 2418.17% | 361.9% | 226.04% | 6178.13% | 1046.35% | 114.23% | 1521.45% |
| Other Operating Expenses | 0 | 0 | -93.04M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -6.96B | -17.88M | -49.35M | -20.3M | -19.63M | -16.5M | -24.99M | -21.7M | -23.28M | -25.74M | -23.7M | -23.97M | -63.74M | -62.22M | -22.28M | -27.57M |
| Operating Margin % | -249575.38% | -640.68% | -21835.4% | -8981.42% | -8684.51% | -7299.12% | -10819.48% | -994% | -1895.93% | -3270.27% | -427.39% | -209.25% | -7968% | -1309.11% | -48.23% | -1854.27% |
| Operating Income Growth % | - | 63.78% | -143.12% | -3.42% | -18.98% | 34% | -15.18% | 6.8% | 9.54% | -8.58% | 1.12% | 62.39% | -2.45% | -179.29% | 19.2% | - |
| EBITDA | -6.96B | -17.81M | -49.34M | -20.28M | -19.61M | -16.48M | -24.98M | -21.68M | -23.23M | -25.65M | -23.61M | -23.82M | -63.31M | -61.78M | -21.96M | -27.26M |
| EBITDA Margin % | -249572.11% | -638.49% | -21830.09% | -8974.34% | -8678.32% | -7292.92% | -10813.85% | -993.36% | -1891.45% | -3259.09% | -425.66% | -207.94% | -7913.75% | -1299.73% | -47.54% | -1833.02% |
| EBITDA Growth % | -18791.59% | 63.89% | -143.25% | -3.41% | -19% | 34.02% | -15.19% | 6.64% | 9.44% | -8.65% | 0.9% | 62.37% | -2.48% | -181.31% | 19.43% | - |
| D&A (Non-Cash Add-back) | 91K | 61K | 12K | 16K | 14K | 14K | 13K | 14K | 55K | 88K | 96K | 150K | 434K | 446K | 319K | 316K |
| EBIT | -24.04M | -17.88M | -166.52M | -20.3M | -19.63M | -16.5M | -24.99M | -21.7M | -20.53M | -24.08M | -19.65M | -24.01M | -63.77M | -62.12M | -21.3M | -26.27M |
| Net Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2K | -4K | -8.61M | -19K |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2K | 4K | 8.61M | 19K |
| Other Income/Expense | -160.68M | 27.05M | -117.17M | 1.35M | 663K | 333K | -160K | 206K | 2.75M | 1.66M | 4.05M | -35K | -32K | 101K | -7.63M | 1.28M |
| Pretax Income | -7.12B | 9.17M | -166.52M | -18.95M | -18.96M | -16.16M | -25.15M | -21.49M | -20.53M | -24.08M | -19.65M | -24.01M | -63.78M | -62.12M | -29.91M | -26.29M |
| Pretax Margin % | -255334.52% | 328.67% | -73682.74% | -8384.07% | -8391.15% | -7151.77% | -10888.74% | -984.56% | -1672.15% | -3059.59% | -354.36% | -209.56% | -7972% | -1306.99% | -64.76% | -1768.26% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 4K | 10K | -124K | 13K | 14K | 16K | 19K | 435K | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | -0.02% | -0.05% | 0.6% | -0.05% | -0.07% | -0.07% | -0.03% | -0.7% | 0% | 0% |
| Net Income | -23.94M | 9.17M | -54.67M | -18.95M | -18.96M | -16.16M | -25.16M | -21.5M | -20.57M | -24.09M | -19.67M | -23.98M | -63.68M | -64.86M | -33.87M | -30.31M |
| Net Margin % | -858.06% | 328.67% | -24192.04% | -8384.07% | -8391.15% | -7151.77% | -10890.48% | -985.02% | -1675.33% | -3061.25% | -354.62% | -209.31% | -7960.25% | -1364.67% | -73.32% | -2038.6% |
| Net Income Growth % | 31.11% | 116.77% | -188.55% | 0.08% | -17.33% | 35.75% | -16.99% | -4.52% | 14.61% | -22.5% | 17.98% | 62.35% | 1.82% | -91.53% | -11.71% | - |
| Net Income (Continuing) | -23.94M | 9.17M | -166.52M | -18.95M | -18.96M | -16.16M | -25.16M | -21.5M | -20.41M | -24.09M | -19.67M | -24.02M | -63.8M | -62.56M | -29.91M | -26.29M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 830K | 830K | 830K | 874K | 487K | 0 | 0 |
| EPS (Diluted) | -2.25 | 0.82 | -35.21 | -22.57 | -22.68 | -24.01 | -54.21 | -560.58 | -1870.69 | -15056.00 | -24975.00 | -59062.00 | -165375.00 | -344250.00 | -150187.00 | -134437.00 |
| EPS Growth % | 76.36% | 102.33% | -56.01% | 0.47% | 5.54% | 55.71% | 90.33% | 70.03% | 87.58% | 39.72% | 57.71% | 64.29% | 51.96% | -129.21% | -11.72% | - |
| EPS (Basic) | - | 0.83 | -35.21 | -22.57 | -22.68 | -24.01 | -54.21 | -560.58 | -1870.69 | -15056.00 | -24975.00 | -59062.00 | -165375.00 | -344250.00 | -150187.00 | -134437.00 |
| Diluted Shares Outstanding | 10.64M | 8.38M | 1.55M | 839.55K | 836.33K | 673.29K | 464.1K | 38.36K | 11K | 1.6K | 787 | 404 | 385 | 188 | 225 | 225 |
| Basic Shares Outstanding | 10.64M | 8.23M | 1.55M | 839.55K | 836.33K | 673.29K | 464.1K | 38.36K | 11K | 1.6K | 787 | 404 | 385 | 188 | 225 | 225 |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Imminent liquidity and dilution risk
As reported in recent financial filings, TRAW's revenue has effectively evaporated, with the company recording zero revenue in 2026Q2 compared to historical quarterly figures of $113K, signaling a complete absence of recurring commercial income as the firm transitions away from its legacy Onconova licensing model.
The total absence of revenue in the most recent quarter underscores the company's status as a purely clinical-stage entity reliant on sporadic milestone payments. Investors should interpret this trend as a clear indicator that the business lacks a scalable commercial engine, making future valuation entirely dependent on successful pipeline development rather than operational performance.
Based on the company's reported income statements, R&D expenditures remain the primary driver of the firm's cash burn, with quarterly spending consistently ranging between $1.9M and $6.5M, reflecting the intensive capital requirements necessary to advance its respiratory and oncology pipeline assets through early-stage clinical trials.
The cost structure is heavily skewed toward R&D, which is typical for a pre-commercial biotech but highlights the lack of expense flexibility. Management's inability to significantly reduce these fixed costs while revenue remains non-existent suggests that the company is operating under extreme financial pressure that necessitates constant external funding.
According to historical data, the company's reported net margins have been heavily distorted by non-operating items, including a massive $634M stock-based compensation charge in 2026Q2, which masks the underlying reality of a business that is fundamentally loss-making and devoid of core operational profitability.
The extreme volatility in net income figures, particularly the recent massive stock-based compensation expense, warrants significant caution for analysts attempting to model normalized earnings. These non-cash items do not reflect the actual cash-generating capacity of the firm and should be excluded to focus on the true quarterly net cash burn.
As indicated by the company's reported cash position of $3.82M, TRAW faces a critical liquidity threshold that appears insufficient to fund its ongoing Phase 1/2 clinical trials, suggesting that the firm is highly vulnerable to dilutive financing or potential insolvency in the near term.
Short-sellers would likely focus on the widening gap between the company's cash reserves and its quarterly operating losses, which consistently exceed $6M. This mismatch implies that the current business model is unsustainable without a major capital infusion or a successful partnership, both of which remain highly speculative.
Quick answers to the most common questions about buying TRAW stock.
For fiscal year 2025, Traws Pharma, Inc. (TRAW) reported total revenue of $2.8M. This represents a 87.6% increase compared to $1.5M in 2011.
Traws Pharma, Inc. (TRAW) is profitable, generating $9.2M in net income for the fiscal year ending 2025 with a net profit margin of 328.7%.
Traws Pharma, Inc. (TRAW) reported an operating income of $-17.9M, resulting in an operating profit margin of -640.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Traws Pharma, Inc. (TRAW) generated $2.8M in gross profit for the year, representing a gross profit margin of 100.0%. This demonstrates the company's core pricing power and production efficiency.