Executive Summary

Q2 2025 was operationally focused: Dogwood reported zero revenue, a net loss attributable to common shareholders of $3.8M ($1.99 loss per share), and maintained cash runway through Q1 2026 while progressing Halneuron Phase 2b enrollment toward a Q4 2025 interim readout .
Versus Wall Street, EPS modestly missed consensus (actual: $(1.99) vs consensus: $(1.90)), while revenue matched expectations at $0; spending reflected continued trial ramp .
Guidance reaffirmed: Halneuron Phase 2b interim analysis remains on track for Q4 2025; cash runway maintained through Q1 2026 .
Catalysts: Q4 2025 interim data; continued trial enrollment; capital markets updates and potential business development. CEO stressed potential first-approval position in CINP and broader NaV 1.7 pain applications .

What Went Well and What Went Wrong

What Went Well
- Enrollment and tolerance: 52 patients enrolled; low discontinuation (5.8% among first 38 completing) supports tolerability in Phase 2b CINP . “We have the opportunity to potentially enjoy the benefits of being the first and only approved CINP treatment” — CEO Greg Duncan .
- Cash runway intact: $13.4M cash as of June 30, funding operations through Q1 2026 .
- Strategic positioning: Fast Track designation for Halneuron in CINP; management emphasized NaV 1.7’s role in pain transmission and potential expansion to cancer-related pain and acute surgical pain .
What Went Wrong
- Continued losses: Net loss attributable to common shareholders was $3.8M; operating expenses rose with trial execution (R&D $2.57M, G&A $1.35M) .
- Financing dependence: 10-Q reiterated substantial doubt about going concern beyond Q1 2026 absent additional financing, underscoring capital needs post-interim readout .
- No revenue: Company remains pre-revenue; investor focus remains on clinical and financing milestones rather than P&L scaling .

Financial Results

Metric	Q4 2024	Q1 2025	Q2 2025
Revenue ($USD)	$0	$0	$0
Total Operating Expenses ($USD)	$7.542M	$4.430M	$3.923M
Net Loss Attributable to Common Stockholders ($USD)	$(8.242)M	$(12.182)M	$(3.807)M
Diluted EPS (Loss)	$(6.29)	$(8.45)	$(1.99)
Cash and Equivalents ($USD)	$14.848M	$17.539M	$13.403M
Weighted Avg Shares (Basic/Diluted)	1,310,474	1,441,535	1,911,128

Segment breakdown: Not applicable — single operating segment (R&D in pain/fatigue-related disorders) .

KPIs:

KPI	Q2 2025
Halneuron Phase 2b CINP Enrollment (patients)	52
Discontinuation due to AEs among first 38 completers	5.8%
Cash on Hand	$13.4M
FDA Designation	Halneuron Fast Track (CINP)

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Halneuron Phase 2b CINP interim analysis	Q4 2025	Q4 2025	Q4 2025	Maintained
Cash Runway	Through Q1 2026	Through Q1 2026	Through Q1 2026	Maintained

Earnings Call Themes & Trends

Note: No Q2 2025 earnings call transcript was available; themes reflect management’s press releases/10-Q.

Topic	Previous Mentions (Q4 2024, Q1 2025)	Current Period (Q2 2025)	Trend
R&D execution (Halneuron CINP)	Dosing commenced; interim readout Q4 2025	Enrollment 52; low discontinuation; interim readout reaffirmed	Steady progress
Regulatory/timelines	Fast Track noted; interim analysis plan outlined	Fast Track reiterated; interim analysis plan reaffirmed	Stable
Financing/cash runway	Debt conversion; capital raise; runway through Q1 2026	Runway through Q1 2026 maintained; going concern beyond requires financing	Watch funding post-Q1 2026
Safety/tolerability	Prior data supportive; Phase 2b design based on earlier CINP study	Low discontinuation rate early in 2b execution	Positive
Strategic scope (NaV 1.7)	Broad pain indications contemplated (CRP, acute pain)	CEO reiterates broader potential beyond CINP	Consistent

Management Commentary

“We have the opportunity to potentially enjoy the benefits of being the first and only approved CINP treatment” — Greg Duncan, CEO .
“The NaV 1.7 sodium channel plays a fundamental role in pain transmission... modulation of this pathway is likely to be applicable to the treatment of both chronic and acute pain states” — R. Michael Gendreau, MD, PhD, CMO .
Q1 reminder on balance sheet actions: debt conversion to equity and capital raise to support operations through Q1 2026 .

Q&A Highlights

No Q2 2025 earnings call/Q&A transcript identified. We searched for “DWTX earnings-call-transcript” for July–September 2025 and found none, indicating the company primarily communicated via press releases and the 10-Q during the quarter.

Estimates Context

Metric	Q2 2025 Actual	Q2 2025 Consensus
EPS ($)	$(1.99)	$(1.90)*
Revenue ($USD)	$0	$0*

EPS slightly missed consensus due to trial-driven OpEx; revenue in line as pre-revenue biotech*. Near-term estimate revisions likely hinge on Phase 2b enrollment pace and interim analysis timing; analysts may raise R&D/OpEx assumptions as the sample approaches ~40–50% for interim analysis .

Values with asterisk (*) retrieved from S&P Global.

Key Takeaways for Investors

Near-term catalyst: Halneuron Phase 2b interim readout in Q4 2025; tolerance and enrollment metrics to date are favorable .
Funding runway through Q1 2026 is adequate to reach interim analysis; expect capital planning updates thereafter given going concern disclosures beyond that horizon .
EPS modestly missed consensus, driven by clinical execution costs; trend ex-Q1’s one-time debt conversion expense suggests ongoing R&D run-rate into H2 2025 .
Strategic optionality: NaV 1.7 mechanism supports broader pain indications, potentially enhancing long-term platform value beyond CINP .
Trading implications: Stock likely sensitive to interim efficacy signals and financing progress; risk skewed to headline trial outcomes and capital markets conditions through Q4/Q1.
Medium-term thesis: First-to-approve potential in CINP within a ~$1.5B market, if clinical benefit is confirmed; execution risk remains tied to effect size vs placebo and regulatory path .
Monitor: Patient enrollment cadence, safety/tolerability updates, any BD/licensing moves, and financing milestones post-interim analysis .

Dogwood Therapeutics, Inc. (DWTX)·Q2 2025 Earnings Summary