Overview

• U.S. biopharma developer reported no Q1 revenue, net loss narrowed from prior year

• Q1 R&D and G&A expenses rose due to increased drug development and personnel costs

• Company announced global partnership for legacy antiviral assets, potential value up to $100 mln

Outlook

• Dogwood expects top-line results from Halneuron Phase 2b trial in fall 2026

• Company says cash on hand provides operational runway into Q4 2026

Result Drivers

• INCREASED R&D SPENDING - Q1 research and development expenses rose due to higher drug development costs for Halneuron and increased personnel costs

• HIGHER ADMINISTRATIVE COSTS - General and administrative expenses increased mainly due to higher salaries and personnel costs, partially offset by lower franchise fees

Company press release: ID:nGNXbpc6D8

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Net Income		-$5 mln

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 2 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the biotechnology & medical research peer group is "buy"

• Wall Street's median 12-month price target for Dogwood Therapeutics Inc is $15.00, about 706.5% above its May 13 closing price of $1.86

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