Start here if you're new
what it is
Dogwood is a 12-person drug developer making pain and nerve-damage medicines.
how it gets paid
Last year Dogwood Therapeutics made n/a in revenue. Halneuron® development was the main engine at $0.0M, or 40% of sales.
what just happened
Dogwood logged $23K of revenue and -$18.02 EPS in the latest quarter.
At a glance
C balance sheet — red flag territory — real financial stress
35/100 earnings predictability — expect surprises
-$12.52 fy2024 eps est
2.0% operating margin
2.4 beta
xvary composite: 26/100 — weak
What they do
Dogwood is a 12-person drug developer making pain and nerve-damage medicines.
Halneuron has FDA fast track. Jargon → a speed lane for review → so your lead drug spends less time waiting. SP16 IV gives you a second shot, and the company has 12 employees. Tiny overhead helps, but it also shows how early this is.
How they make money
n/a
annual revenue
Halneuron® development
$0.0M
SP16 IV development
$0.0M
IMC-1 legacy program
$0.0M
Corporate/other
$0.0M
The products that matter
non-opioid pain drug candidate
Halneuron
97-patient interim analysis · phase 2b
this is the whole company. Halneuron is a subcutaneous injection dosed eight times over 14 days, and the interim read from 97 patients showed separation from placebo with a 4% dropout rate. that is why the stock still has a story despite having no revenue.
single asset
Key numbers
-$12.52
fy2024 eps est
n/a
fy rev est
n/a
trailing p/e
n/a
dividend yield
Financial health
C
strength
- balance sheet grade C — very weak — significant financial distress
- risk rank 5 — safer than 5% of stocks
- price stability 5 / 100
- long-term debt $0M (0% of capital)
C — below average. watch for debt servicing and cash burn.
Total return vs. market
Return history isn't available for DWTX right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Dogwood logged $23K of revenue and -$18.02 EPS in the latest quarter.
EDGAR shows almost no sales and a much bigger loss. Gross margin was not reported, which fits a development-stage biotech.
$23K
revenue
$18.02
eps
n/a
n/a
the number that mattered
The $23K revenue line matters because it is a rounding error next to trial spending.
source: company 10-Q, EDGAR
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What could go wrong
Dogwood is unusually simple. one lead asset, no revenue, and a financing bridge that has to last until data. that means the risks are concentrated, visible, and hard to diversify away inside the same ticker.
med
phase 2b data disappoints
there is no bench of late-stage assets here to soften the blow. if Halneuron fails to confirm the signal seen in the 97-patient interim analysis, the main reason to own the stock goes with it.
this risk sits on top of almost 100% of the current equity story.
med
cash runway breaks before the readout
the January 2026 financing brought in $26.8M and is supposed to fund the company through Q3 2026. if spending runs hotter or the calendar slips, dilution comes back fast.
one more raise before data weakens your upside even if the science stays intact.
med
trial timing drifts
Dogwood said enrollment was 50% complete in March 2026. that's progress, not completion. delays in enrollment, site execution, or data cleaning push the catalyst out and extend the cash burn window.
for a no-revenue biotech, time itself becomes a funding risk.
med
good data still leaves a long road to sales
positive Phase 2b data would matter a lot, but it does not create revenue the next day. the company still has no approved product and no commercial machine today.
even a scientific win can be followed by more development work, more capital needs, and more waiting.
the $26.8M raise buys time. it does not diversify the thesis. if you own DWTX, you are underwriting one program, one timeline, and one funding plan.
source: institutional data · regulatory filings · risk analysis
Pay attention to
calendar
Q3 2026 top-line readout
this is the make-or-break date on the page. if it slips, your timeline and dilution risk both change.
metric
cash runway versus the $26.8M raise
you want that financing to last through the readout. if not, the next catalyst becomes dilution instead of data.
trend
enrollment progress after the 50% mark
March 2026 got the study halfway there. the next update tells you whether the timeline is tightening or starting to drift.
risk
another financing before data
if the company taps capital markets again ahead of Q3 2026, the market will read that as a runway warning.
Analyst rankings
earnings predictability
35 / 100
in human-speak, analysts do not have a stable earnings base to model here, so quarterly numbers can look absurd without changing the science.
beta
2.4
beta measures how hard a stock moves versus the market. at 2.4, DWTX has historically moved much more than the index. not a bunker stock.
source: institutional data
Institutional activity
institutional ownership data for DWTX is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$6
current price
n/a
target midpoint · n/a from current
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