Dogwood Therapeutics (DWTX) AI Stock Analysis

• Market Cap: $89.51M
• Dividend Yield: N/A
• Average Volume (3M): 1.54M
• Price to Earnings (P/E): ―
• Beta (1Y): 2.46
• Revenue Growth: N/A
• EPS Growth: -295.27%
• Country: US
• Employees: 12
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -8.20
• Shares Outstanding: 32,082,462
• 10 Day Avg. Volume: 77,367
• 30 Day Avg. Volume: 1,536,657
• PEG Ratio: >-0.01
• Price to Book (P/B): 0.04
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -0.29
• Enterprise Value/Market Cap: -0.05
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: $21.00
• Price Target Upside: 566.67% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 45 Neutral
• Price Target: $3.00 ▼(-4.76% Downside)

The score is held down primarily by weak financial performance (no revenue, widening losses, and accelerating cash burn) and bearish technicals (price well below key moving averages with negative momentum). Corporate events provide a partial offset via added financing and pipeline progress, but valuation signals are limited due to negative earnings and no dividend.

Positive Factors

Low leverage / sizable equity

Very low debt and substantial equity relative to assets reduce solvency risk and preserve financing optionality. This balance-sheet strength gives Dogwood more flexibility to absorb R&D losses and pursue clinical milestones without near-term covenant pressure, supporting multi-quarter operations.

Recent committed financing

The registered direct financing and associated warrant package materially extends runway to advance Phase 2b and prepare for Phase 3 activities. Secured institutional capital reduces immediate refinancing risk and aligns resources to hit development and regulatory milestones over the next 6–18 months.

Advancing pipeline & IP steps

Concrete enrollment progress, a synthetic manufacturing route, new IP extending exclusivity, and a clear IND/Phase 1b plan materially de-risk the program pathway. These structural developments enhance long-term commercial potential in an underserved non-opioid cancer pain market if pivotal data are positive.

Negative Factors

Pre-revenue with widening losses

Sustained lack of revenue and sharply larger net losses indicate the company remains dependent on financing rather than operations. Persistent negative earnings will erode equity over time absent successful clinical results or commercial launches, raising dilution and solvency concern over multiple quarters.

Accelerating cash burn

Rapidly worsening operating cash outflows increase reliance on external capital to fund trials and manufacturing. Even with recent financings, elevated and growing burn rates heighten execution risk, making the pace of clinical progress and milestone delivery critical to avoid disruptive follow-on financings.

Very small employee base

A tiny headcount limits internal capacity for running complex Phase 2b operations, manufacturing bridging studies, and regulatory submissions. Continued development will likely require outsourcing or partnerships, which can slow timelines, add cost, and increase dependency on third-party execution over the long term.

Dogwood Therapeutics Business Overview & Revenue Model

Company Description

Dogwood Therapeutics, Inc., a development-stage biotechnology company, focuses on developing novel antiviral therapies to treat diseases associated with a viral triggered abnormal immune response. The company's lead development candidate is the IMC-1, a fixed dose combination of famciclovir and celecoxib to treat fibromyalgia. It also develops IMC-2, a combination of valacyclovir and celecoxib for the treatment of managing the fatigue, sleep, attention, pain, autonomic function, and anxiety associated with long COVID. The company was formerly known as Virios Therapeutics, Inc. and changed its name to Dogwood Therapeutics, Inc. in October 2024. The company was founded in 2012 and is headquartered in Alpharetta, Georgia.

How the Company Makes Money

Dogwood Therapeutics generates revenue primarily through the development and commercialization of its proprietary drug candidates. The company engages in strategic partnerships with larger pharmaceutical firms to co-develop and market its therapies, often receiving upfront payments, milestone payments, and royalties on sales. Additionally, Dogwood Therapeutics may secure funding through research grants and collaborations with academic institutions, contributing to its R&D efforts. Licensing agreements for its proprietary technologies and intellectual property serve as another significant revenue stream, allowing the company to monetize its innovations while expanding its market reach.

Dogwood Therapeutics Financial Statement Overview

Summary

Pre-revenue profile with materially widening losses (net income deteriorated to -$38.2M TTM) and accelerating cash burn (operating cash flow -$18.1M TTM). Balance sheet leverage is very low (debt-to-equity ~0.00) and equity is sizable, but sharply negative returns (ROE -66% TTM) underscore ongoing capital erosion risk without commercialization.

Income Statement

Dogwood Therapeutics has no revenue across the annual periods provided and in TTM (Trailing-Twelve-Months), consistent with a pre-commercial biotech profile. Losses have widened materially, with net income deteriorating from -$12.3M (2024) to -$38.2M in TTM (Trailing-Twelve-Months), indicating a rising cost base and heavier investment. With negative gross profit and deeply negative EBIT/EBITDA, profitability and operating leverage are key weaknesses; the main offset is that the loss profile can be typical for R&D-stage biotech, but the trajectory is clearly worse in the most recent period.

Balance Sheet

The balance sheet is a relative strength: leverage is very low in TTM (Trailing-Twelve-Months) with debt-to-equity near 0.00 (0.0023), suggesting limited balance-sheet financial risk. Equity is sizable ($77.4M) versus total assets ($92.0M) in TTM (Trailing-Twelve-Months). However, the company previously carried meaningfully higher debt in 2024 (debt-to-equity 0.24; total debt $15.6M), and returns remain sharply negative (ROE -66% in TTM), reflecting significant losses that can erode capital over time if not funded.

Cash Flow

Cash flow remains pressured, with operating and free cash flow both negative in every period shown. Burn accelerated in the latest period, with operating cash flow falling from -$8.8M (2024) to -$18.1M in TTM (Trailing-Twelve-Months), implying higher ongoing funding needs. The one positive is that free cash flow closely tracks net income (near 1.0), suggesting limited non-cash distortion, but overall cash generation is weak and dependent on external financing until revenue emerges.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	0.00	0.00
Gross Profit	-29.43K	-12.18K	0.00	0.00	0.00	0.00
EBITDA	-31.62M	-12.25M	-5.45M	-12.32M	-15.64M	-10.01M
Net Income	-38.20M	-12.35M	-5.30M	-12.25M	-15.96M	-10.35M
Balance Sheet
Total Assets	―	94.31M	4.17M	8.37M	15.78M	31.47M
Cash, Cash Equivalents and Short-Term Investments	―	14.85M	3.32M	7.03M	14.01M	29.80M
Total Debt	―	15.59M	0.00	0.00	0.00	0.00
Total Liabilities	―	30.03M	358.55K	1.04M	1.28M	1.53M
Stockholders Equity	―	64.28M	3.81M	7.33M	14.50M	29.94M
Cash Flow
Free Cash Flow	-18.11M	-8.79M	-4.87M	-11.47M	-15.69M	-3.90M
Operating Cash Flow	-18.11M	-8.79M	-4.87M	-11.47M	-15.69M	-3.90M
Investing Cash Flow	3.76M	3.76M	0.00	0.00	0.00	0.00
Financing Cash Flow	22.57M	16.70M	1.16M	4.49M	-97.60K	33.38M

Dogwood Therapeutics Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 3.15
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DWTX, the sentiment is Negative. The current price of 3.15 is above the 20-day moving average (MA) of 3.15, below the 50-day MA of 4.74, and below the 200-day MA of 5.10, indicating a bearish trend. The MACD of -0.49 indicates Negative momentum. The RSI at 34.43 is Neutral, neither overbought nor oversold. The STOCH value of 32.79 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for DWTX.

Dogwood Therapeutics Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
MRKR	53 Neutral	$26.68M	-1.30	-110.67%	―	-12.99%	-13.67%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
SNSE	51 Neutral	$11.98M	-0.45	-67.47%	―	―	9.63%
BOLT	48 Neutral	$11.32M	-0.26	-81.97%	―	-46.88%	34.83%
DWTX	45 Neutral	$89.51M	-0.11	-97.54%	―	―	-295.27%
ACXP	45 Neutral	$5.55M	-0.28	-291.07%	―	―	61.10%
BRTX	44 Neutral	$10.12M	-0.75	-207.73%	―	1.70%	-111.67%

Dogwood Therapeutics Corporate Events

Dogwood Therapeutics outlines 2026 plans for pain pipeline

In a January 20, 2026 shareholder letter, Dogwood Therapeutics reported that during 2025 it advanced its non-opioid pain and neuropathy pipeline by recruiting over 100 patients into its Phase 2b HALT-CINP study of Halneuron, securing a royalty-free global license to develop and commercialize SP16 IV for cancer-related pain and neuropathy, progressing a chemically synthesized version of Halneuron to lower manufacturing costs and improve yields, and filing new intellectual property that could extend Halneuron protection to 2046. Looking ahead through 2026, the company plans to deliver final Phase 2b Halneuron data in the third quarter following a January financing, file an IND for SP16 with the FDA and begin Phase 1b dosing by mid-2026, conduct a bridging study between biological and synthetic Halneuron, and submit end-of-Phase 2, manufacturing and Phase 3 development plans to regulators, milestones that, if achieved, would significantly advance its lead assets toward late-stage development in the competitive non-opioid cancer pain market.

The most recent analyst rating on (DWTX) stock is a Hold with a $3.00 price target. To see the full list of analyst forecasts on Dogwood Therapeutics stock, see the DWTX Stock Forecast page.

Dogwood Therapeutics Raises Capital via Registered Direct Financing

On January 11, 2026, Dogwood Therapeutics entered into a securities purchase agreement with a single institutional investor for a financing structure combining a registered direct offering and a concurrent private placement, issuing 2,338,948 shares of common stock and private pre-funded and common stock warrants tied to a total of 4,386,037 shares, at a combined price of $2.85 per share (or $2.8499 per pre-funded warrant) and warrant. The offering, which closed on January 13, 2026, is expected to generate approximately $12.5 million in gross proceeds, with the warrants carrying an exercise price of $3.28 and exercisability subject to shareholder approval, and includes customary ownership caps and anti-dilution adjustments; in parallel, Dogwood terminated its prior at-the-market equity distribution agreement with Northland Securities on January 9, 2026, after having raised only $89,792 under that program. The company has also entered into a registration rights agreement obligating it to register the resale of the newly issued shares and warrant shares within specified timelines, and retained Maxim Group LLC as sole placement agent under a placement agency agreement that provides for a 7% cash fee and expense reimbursement; taken together, the financing package of up to $26.8 million, including potential additional proceeds from warrant exercises, provides Dogwood with a significantly strengthened capital position to advance its lead non-opioid pain candidate Halneuron® through Phase 2b development and support future Phase 3 work, reinforcing its strategic focus on chemotherapy-induced pain and neuropathy where there are currently no FDA-approved treatments.

The most recent analyst rating on (DWTX) stock is a Hold with a $3.00 price target. To see the full list of analyst forecasts on Dogwood Therapeutics stock, see the DWTX Stock Forecast page.

Dogwood Therapeutics Approves Equity Plan Amid Business Merger

On November 21, 2025, Dogwood Therapeutics, Inc. held a special meeting where stockholders approved the Second Amended and Restated Equity Incentive Plan, increasing the shares reserved for issuance significantly. This approval, alongside the conversion of Series A, A-1, and A-2 Non-Voting Convertible Preferred Stock, facilitated the completion of a business combination with Sealbond Limited, marking a strategic move in the company’s growth and compliance with Nasdaq Listing Rules.

The most recent analyst rating on (DWTX) stock is a Buy with a $12.00 price target. To see the full list of analyst forecasts on Dogwood Therapeutics stock, see the DWTX Stock Forecast page.