Traws Pharma Inc. (NASDAQ: TRAW) announced it has entered into a securities purchase agreement for a private investment in public equity financing that provides $10 million in immediate gross proceeds and up to $50 million in additional funding through milestone-based and three-year warrants.

The financing was completed on April 15, 2026, with funding expected April 16, 2026, subject to customary closing conditions. The upfront proceeds come from the sale of common stock at $1.6730 per share, priced at-the-market under Nasdaq rules.

The structure includes three warrant series: Series A warrants providing up to $10 million upon regulatory approval from the Medicines and Healthcare products Regulatory Agency for a human challenge trial in the UK; Series B warrants offering up to $10 million following shareholder approval and announcement of challenge trial data; and Series C warrants with a three-year term providing up to $30 million following shareholder approval.

"The capital from this financing positions us to advance our influenza program through a human challenge trial in the UK while preserving access to additional capital as we achieve key development milestones," said Iain Dukes, chief executive officer of Traws Pharma.

The financing was led by Sirenia Capital Management LP. Cantor Fitzgerald & Co. served as lead placement agent, with Citizens JMP Securities LLC and Tungsten Advisors LLC acting as co-placement agents.

Traws Pharma develops therapies for respiratory viral diseases, with tivoxavir marboxil in development as a once-monthly oral prophylactic agent for influenza prevention. The company is also developing ratutrelvir as a COVID-19 treatment targeting the main protease.

The securities were sold in a private transaction and have not been registered under the Securities Act of 1933. The company has agreed to file a registration statement with the Securities and Exchange Commission for the resale of shares and warrants issued in the financing.