# EDGAR Filing Document

**Accession Number:** 0001130598
**File Stem:** 0001104659-25-079454
**Filing Date:** 2025-8
**Character Count:** 53129
**Document Hash:** 951546630b2fdf05231858809fbb9a7b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-079454.hdr.sgml**: 20250818

**ACCESSION NUMBER**: 0001104659-25-079454

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 61

**CONFORMED PERIOD OF REPORT**: 20250818

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250818

**DATE AS OF CHANGE**: 20250818

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Traws Pharma, Inc.
- **CENTRAL INDEX KEY:** 0001130598
- **STANDARD INDUSTRIAL CLASSIFICATION:** PHARMACEUTICAL PREPARATIONS [2834]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-36020
- **FILM NUMBER:** 251226259

**BUSINESS ADDRESS:**
- **STREET 1:** 12 PENNS TRAIL
- **CITY:** NEWTOWN
- **STATE:** PA
- **ZIP:** 18940
- **BUSINESS PHONE:** 267-759-3680

**MAIL ADDRESS:**
- **STREET 1:** 12 PENNS TRAIL
- **CITY:** NEWTOWN
- **STATE:** PA
- **ZIP:** 18940

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Onconova Therapeutics, Inc.
- **DATE OF NAME CHANGE:** 20090526

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ONCONOVA THERAPEUTICS, INC.
- **DATE OF NAME CHANGE:** 20090526

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ONCONOVA THERAPEUTICS INC
- **DATE OF NAME CHANGE:** 20001226

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, DC 20549**

**FORM 8-K**

**CURRENT REPORT**

**PURSUANT TO SECTION 13 OR 15(d) OF THE**

**SECURITIES EXCHANGE ACT OF 1934**

Date of Report (Date of earliest event reported): August 18, 2025

**Traws Pharma, Inc.**

(Exact name of Registrant as specified in its charter)

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| | | |
|:---|:---|:---|
| **Delaware** | **001-36020** | **22-3627252** |
| (State or Other Jurisdiction<br> of Incorporation or Organization) | (Commission<br> File Number) | (I.R.S. Employer<br> Identification No.) |

---

---

| |
|:---|
| **12 Penns Trail**<br> **Newtown, PA 18940** |
| **(267) 759-3680** |

---

(Address, Including Zip Code, and Telephone Number, Including Area Code, of Registrant's Principal Executive

Offices)

**Not Applicable** 

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

◻ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

◻ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

◻ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

◻ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Common stock, par value $.01 per share | TRAW | The Nasdaq Stock Market LLC |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ◻

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

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| | |
|:---|:---|
| **Item 7.01** | **Regulation FD Disclosure.** |

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On August 18, 2025, Traws Pharma, Inc. (the "Company") began using a new corporate presentation. A copy of that corporate presentation is furnished as Exhibit 99.1 hereto and incorporated herein by reference. The presentation will also be posted to the Company's website.

The information set forth under Item 7.01 of this Current Report on Form 8-K (this "Current Report"), including Exhibit 99.1 attached hereto, is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of such section. The information in Item 7.01 of this Current Report, including Exhibit 99.1, shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any incorporation by reference language in any such filing, except as expressly set forth by specific reference in such a filing. This Current Report will not be deemed an admission as to the materiality of any information in this Current Report that is required to be disclosed solely by Regulation FD.

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| | |
|:---|:---|
| **Item 8.01** | **Other Events.** |

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On August 18, 2025, the Company issued a press release (the "Press Release") announcing receipt of approval from the Human Research Ethics Committee to proceed with a Phase 2 study to evaluate ratutrelvir, a ritonavir-free treatment in newly diagnosed COVID subjects. A copy of the Press Release is filed herewith as Exhibit 99.2 and is incorporated by reference into this Item 8.01.

***Forward-Looking Statements***

This Current Report, including Exhibits 99.1 and 99.2, contains certain forward-looking statements that involve substantial risks and uncertainties. When used herein, the terms "anticipates," "expects," "estimates," "believes," "will" and similar expressions, as they relate to the Company or its management, are intended to identify such forward-looking statements.

Forward-looking statements in this Current Report, including Exhibits 99.1 and 99.2, or hereafter, including in other publicly available documents filed with the Securities and Exchange Commission, reports to the stockholders of the Company and other publicly available statements issued or released by the Company involve known and unknown risks, uncertainties and other factors which could cause the Company's actual results, performance (financial or operating) or achievements to differ from the future results, performance (financial or operating) or achievements expressed or implied by such forward-looking statements. Such future results are based upon management's best estimates based upon current conditions and the most recent results of operations. These risks include, but are not limited to, the risks set forth herein and in such other documents filed with the Securities and Exchange Commission, each of which could adversely affect the Company's business and the accuracy of the forward-looking statements contained herein.

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| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits.** |

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(d) Exhibits.

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| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| [99.1](tm2523715d1_ex99-1.htm) | [Press Release, dated August 18, 2025.](tm2523715d1_ex99-1.htm) |
| [99.2](tm2523715d1_ex99-2.htm) | [Investor Presentation, dated August 2025.](tm2523715d1_ex99-2.htm) |
| 104 | Cover Page Interactive Data File (embedded within the inline XBRL Document) |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | |
|:---|:---|:---|
| Date: August 18, 2025 | **TRAWS PHARMA, INC.** | **TRAWS PHARMA, INC.** |
|  | By: | /s/ Iain Dukes |
|  |  | Iain Dukes |
|  |  | Interim Chief Executive Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

**Traws Pharma Receives Approval to Proceed with Phase 2 COVID Studies with Ratutrelvir, Expects Results by Year-End 2025**

*Non-inferiority trial to assess safety and efficacy, including rates of disease rebound and incidence of Long COVID development of ratutrelvir, a ritonavir-free treatment, compared to PAXLOVID<sup>®</sup>*

*Separate single-arm trial will assess safety and efficacy in PAXLOVID<sup>®</sup>-ineligible subjects, who represent a significant vulnerable population with few available treatment options*

*Top-line data from both trials expected by year-end 2025*

NEWTOWN, PA, August 18, 2025 (GLOBE NEWSWIRE) – Traws Pharma, Inc. (NASDAQ: TRAW) ("Traws Pharma", "Traws" or "the Company"), a clinical-stage biopharmaceutical company developing novel therapies to target critical threats to human health from respiratory viral diseases, today announced receipt from the Human Research Ethics Committee (HREC) of approval to proceed with a Phase 2 study to evaluate ratutrelvir, a ritonavir-free treatment in newly diagnosed COVID subjects.

"The first trial will enable Traws to compare ratutrelvir, a potential best in class ritonavir-free agent, against the current gold standard, PAXLOVID<sup>®</sup>. Importantly, in second quarter 2025, Pfizer reported $427 million in sales for PAXLOVID<sup>®</sup>, representing a 70% increase compared to the same period in the prior year<sup>1</sup>," said **Iain D. Dukes, MA, DPhil, Interim Chief Executive Officer** of Traws Pharma. "This study will evaluate safety, as well as rates of infection, COVID symptoms, disease rebound and incidence of Long COVID. In addition, we will initiate a second trial to evaluate the safety and efficacy of ratutrelvir in PAXLOVID<sup>®</sup>-ineligible patients, a population at risk for poor outcomes from COVID infection with few available treatment options. Our expectation is to be able to report the results of both these Phase 2 studies by year-end 2025."

"Across the U.S., we see multiple signs that COVID-19 continues to threaten public health, especially among elderly and vulnerable individuals," said **Robert R. Redfield, MD, Chief Medical Officer** of Traws Pharma. "Current treatments do not fully control the virus, and require booster agents that often result in unfavorable drug interactions. Current therapies fail to prevent either the short-term rebound of symptoms or the onset of Long COVID. We believe that Traws' ritonavir-free COVID therapeutic candidate, ratutrelvir, has the potential to overcome shortcomings of current treatments and become the new standard of care. Ratutrelvir's good overall tolerability allows once-daily, single tablet dosing for 10 days, which could reduce the rate of rebound and the risk of Long COVID. We are pleased to initiate these two Phase 2 trials in the Southern Hemisphere. Positive results could provide important proof-of-concept data and represent a valuable inflection point for the program."

"The rapid spread of new viral variants and rising rates of test positivity indicate that a new COVID surge is ongoing in the U.S. In just four months, the new variant NB.1.8.1 appeared and increased to now represent 40% of all COVID cases<sup>2</sup>, showing the speed of virus spread in the population. With waning COVID immunity and declining vaccination rates, antiviral drugs are increasingly important for reducing symptoms of disease and possibly protecting family members from infection. However, approved therapies do not control all outcomes of COVID, especially among vulnerable populations, which include elderly and immunosuppressed individuals who are often excluded from treatment due to the presence of ritonavir in PAXLOVID<sup>®</sup>," said **C. David Pauza, PhD, Chief Science Officer** of Traws. "Ratutrelvir is ritonavir-free, highly potent and has a pharmacokinetic profile that could position it for wide adoption, especially among elderly and vulnerable individuals, based on its broad activity against a range of viruses including drug-resistant strains."

**About Ratutrelvir**

Ratutrelvir is an investigational oral, small molecule Mpro (3CL protease) inhibitor designed to be a broadly acting treatment for SARS-CoV-2/COVID-19 that is used without ritonavir. It has demonstrated *in vitro* activity against a range of virus strains. Preclinical and Phase 1 studies show that ratutrelvir does not require co-administration with a metabolic inhibitor, such as ritonavir, which could avoid ritonavir-associated drug-drug interactions, and potentially enable wider patient use. Phase 1 data also showed that ratutrelvir's pharmacokinetic (PK) profile demonstrated maintenance of target blood plasma levels approximately 13 times above the EC<sub>50</sub> using the target Phase 2 dosing regimen of 600 mg/day for ten days, which may reduce the likelihood of clinical rebound and, consequently, reduce the risk for Long COVID<sup>3</sup>. Industry data indicate that COVID treatment represents a potential multi-billion dollar market opportunity<sup>4</sup>.

**Source information:**

1. Pfizer
 Inc. Q2 2025 report, August 5, 2025

2. <u>https://covid.cdc.gov/covid-data-tracker/#variant-proportions</u> 

3. Carly
 Herbert et al. (2025) Clinical Infectious Diseases. <u>https://doi.org/10.1093/cid/ciae539</u> 

4. Pfizer
 Inc. 10-K report 2024, Feb 27, 2025

Third-party products mentioned herein are the trademarks of their respective owners.

**About Traws Pharma, Inc.**

Traws Pharma is a clinical stage biopharmaceutical company dedicated to developing novel therapies to target critical threats to human health in respiratory viral diseases. Traws integrates antiviral drug development, medical intelligence and regulatory strategy to meet real world challenges in the treatment of viral diseases. We are advancing novel investigational oral small molecule antiviral agents that have potent activity against difficult to treat or resistant virus strains that threaten human health: COVID-19/Long COVID and bird flu and seasonal influenza. Ratutrelvir is in development as a ritonavir-independent COVID treatment, targeting the Main protease (Mpro or 3CL protease). Tivoxavir marboxil is in development as a single dose treatment for bird flu and seasonal influenza, targeting the influenza cap-dependent endonuclease (CEN).

Traws is actively seeking development and commercialization partners for its legacy clinical oncology programs, rigosertib and narazaciclib. More details can be found on Traws' website at https://www.ir.trawspharma.com/partnering.

For more information, please visit www.trawspharma.com and follow us on LinkedIn.

**Forward-Looking Statements**

Some of the statements in this release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, and involve risks and uncertainties including statements regarding the Company, its business and product candidates, including the potential opportunity, market size, benefits, effectiveness, safety, and the clinical and regulatory plans for ratutrelvir and tivoxavir marboxil, as well as plans for its legacy programs. The Company has attempted to identify forward-looking statements by terminology including "believes", "estimates", "anticipates", "expects", "plans", "intends", "may", "could", "might", "will", "should", "preliminary", "encouraging", "approximately" or other words that convey uncertainty of future events or outcomes. Although Traws believes that the expectations reflected in such forward-looking statements are reasonable as of the date made, expectations may prove to have been materially different from the results expressed or implied by such forward looking statements. These statements are only predictions and involve known and unknown risks, uncertainties, and other factors, including the success and timing of Traws' clinical trials, including when Traws will report results of the Phase 2 studies of ratutrelvir; Traws' interactions with the FDA, BARDA and similar foreign regulators; collaborations; market conditions; regulatory requirements and pathways for approval; the ongoing need for improved therapy to reduce the frequency of clinical rebound and the concomitant risk for Long COVID; the extent of the spread and threat of the bird flu; Traws' ability to raise additional capital when needed; and those discussed under the heading "Risk Factors" in Traws' filings with the U.S. Securities and Exchange Commission (SEC). Any forward-looking statements contained in this release speak only as of its date. Traws undertakes no obligation to update any forward-looking statements contained in this release to reflect events or circumstances occurring after its date or to reflect the occurrence of unanticipated events, except to the extent required by law.

**Traws Pharma Contact:**

Charles Parker

Traws Pharma, Inc.<br> cparker@trawspharma.com

www.trawspharma.com

**Investor Contact:**

John Fraunces<br> LifeSci Advisors, LLC<br> 917-335-2395<br> jfraunces@lifesciadvisors.com

## Exhibit 99.2

**Exhibit 99.2**

![](tm2523715d1_ex99-2img01.jpg)

NASDAQ: TRAW August 2025 Corporate Presentation

![](tm2523715d1_ex99-2img02.jpg)

Forward - looking statements 2 This presentation contains, and certain oral statements made by management from time to time may contain, "forward - looking state ments" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended (the "Securiti es Act"), and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements include actions, events, results, strategies and expectations and are often identifiable by use of t he words "believes", "expects", "intends", "anticipates", "plans", "seeks", "estimates", "projects", "may", "will", "could", "might", or "continues" or similar expressions. Forward - looking statem ents within this presentation include, but are not limited to, express or implied statements regarding the nature, strategy, opportunities and focus of Traws Pharma, Inc. (" Traws "); the development, commercial potential and potential benefits of any product candidates; anticipated clinical drug development activities, related timelines and expected milestones; anticipated int eractions with regulatory authorities, including both the FDA and BARDA and international regulatory agencies; and other statements that are not historical fact. All statements other than st atements of historical fact contained in this communication are forward - looking statements. These forward - looking statements are made as of the date they were first issued, and were based on t he then - current expectations, estimates, forecasts, and projections, as well as the beliefs and assumptions of management. There can be no assurance that future developments affecti ng the company will be those that have been anticipated. Forward - looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances th at are beyond Traws ' control. Traws ' actual results could differ materially from those stated or implied in forward - looking statements due to a number of factors, including but not limit ed to (i) the uncertainties associated with Traws ' product candidates, as well as risks associated with the clinical development and regulatory approval of product candidates, includin g p otential delays in the commencement and completion of clinical trials, studies and evaluations; (ii) risks related to the inability of Traws to obtain sufficient additional capital to continue to advance its product candidates and operate its business; (iii) uncertainties in obtaining successful clinical results for product candidates and unexpected costs that may result therefrom; (i v) risks related to the failure to realize any value from product candidates currently being developed and anticipated to be developed in light of inherent risks and difficulties involved in suc cessfully bringing product candidates to market; (v) uncertainties in retaining key personnel, including the executive team and directors; (vi) risks that may stem from changes in the regulato ry, economic and/or political landscape, (vii) disruption and volatility in the global currency, capital, and credit markets; and (viii) risks associated with the possible failure to realize certain an ticipated benefits of Traws ' 2024 merger with Trawsfynydd Therapeutics, Inc., including with respect to future financial and operating results and the other risks and uncertainties in clu ded in Traws ' Annual Report on Form 10 - K for the year ended December 31, 2024 and Traws ' subsequent filings with the U.S. Securities and Exchange Commission (the "SEC"). Actual results and the timing of events co uld differ materially from those anticipated in such forward - looking statements as a result of these risks and uncertainties. You should not place undue reliance on these forward - looking statements, which are made only as of the date hereof or as of the dates indicated in the forward - looking statements. Traws expressly disclaims any obligation or undertaking, unless required by applicable law, to release publicly any updates or revisions to any forward - looking statements contained herein to reflect any change in its expectations with regar d thereto or any change in events, conditions or circumstances on which any such statements are based. This communication does not purport to summarize all of the conditions, risks and oth er attributes of an investment in Traws . This presentation is for informational purposes only and shall not constitute an offer to sell or a solicitation of an offer to buy the securities of the Traws , nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the se cur ities laws of such state or jurisdiction. No offer of securities shall be made, except by means of a prospectus meeting the requirements of Section 10 of the Securities Act or an exemption therefrom.

![](tm2523715d1_ex99-2img03.jpg)

Targeting Critical Viral Threats to Human Health 3 Potential first - in - class bird flu program , with an initial goal to build out the US strategic stockpile (estimated 300 million to 600 million doses 2) Potential best - in - class COVID program to replace existing therapies (>$6B revenue, 2024), prevent clinical rebound and explore treatment of Long COVID 1 4 5 F ocusing on small molecule antiviral drugs active against respiratory viruses with pandemic potential Experienced team, supported by recognized institutional investors, including OrbiMed and Perceptive Advisors. Progressing business development exit strategies for legacy oncology assets (rigosertib and narazaciclib) Source: 1. Pfizer 2024 financial results here, p. 24 , Merck 2024 financial results here, p5 = $5.7B + $964M = >$6B 2. TRAW internal information.

![](tm2523715d1_ex99-2img04.jpg)

4 Antiviral drugs attack a conserved virus component that does not vary according to seasonal changes in virus Antiviral drugs are small molecules that inhibit the activity of critical viral enzymes and are used specifically to treat active infections or to prevent virus spread to close contacts of an infected person Sources: 1. TRAW information. 2. https://www.nejm.org/doi/full/10.1056/NEJMsb2506929 3. BIKTARVY is a registered trademark of Gilead Science, Inc. 4. PAXLOVID® is a registered trademark of Pfizer, Inc. 5 Antiviral Drugs Represent a Significant Growth Sector for Biopharma 1 V accine use is waning dramatically due to fast development of resistance and regulatory hurdles for approvals, including new guidance restricting broad use in the absence of long - term safety studies 2 Antivirals have experienced continued blockbuster growth (2024 revenue): • BIKTARVY®: $13.4 billion 3 (Gilead: HIV, 2018 introduction) • PAXLOVID®: $5.7 billion 4 (Pfizer: COVID, 2021 introduction) Traws ' next generation antivirals are designed to maximize efficacy and safety while overcoming resistance to existing agents

![](tm2523715d1_ex99-2img05.jpg)

Comments/Potential Next Steps Phase 3 Phase 2 Phase 1 Preclinical Program/Market Respiratory Viruses • Demonstrated suppression of a broad range of native and resistant strains • Positive Phase 1 safety, PK/PD data in 10 - day regimen without ritonavir • Approved for Phase 2 studies in Q3 2025 COVID - 19 (acute treatment and long COVID) Ratutrelvir • Demonstrated protection against mortality and disease in 3 species • Positive Phase 1 safety and PK data • Ongoing interactions with FDA and BARDA on bird flu development path Bird Flu/Seasonal flu Tivoxavir marboxil (TXM) High - Potential Antiviral Pipeline Focused on Critical Threats to Human Health from Respiratory Viral Diseases 5

![](tm2523715d1_ex99-2img06.jpg)

Key Program Highlights 6 Source: TRAW data on file. Notes: PK = pharmacokinetics. PAXLOVID® is a registered trademark of Pfizer, Inc. Tamiflu® is a tr ade mark registered of Roche. Xofluza® is a registered trademark of Genentech Pharmaceuticals COVID - Ratutrelvir Broad potency against many viral strains, including strains resistant to Tamiflu® and Xofluza® Positive data from 3 animal models commonly used to assess bird - flu confirm drug activity One dose of TXM showed favorable Phase 1 PK with plasma blood levels > EC 90 for ~3 weeks with good safety Single dose therapy suitable for bird flu or seasonal flu treatment or prophylaxis; strong candidate for inclusion in strategic stockpile for pandemic preparedness Seeking accelerated approval for bird flu under the FDA Animal Rule; detailed feedback on path forward for bird and seasonal flu received from the FDA and discussions continue Potent across many SARS - CoV2 viral strains, with superior in vitro suppression of COVID versus benchmarks and emerging drug candidates Ritonavir - independent regimen mitigates patient exclusion due to drug - drug interactions, providing access to protease inhibitor therapy for patients who cannot take PAXLOVID® Single, daily dose showed favorable Phase 1 PK with good safety supporting a proposed 10 - day dose regimen The 10 - day dosing regimen (compared to 5 - day PAXLOVID®) has the potential to prevent both COVID - rebound and Long COVID H5N1 Bird Flu – Tivoxavir marboxil

![](tm2523715d1_ex99-2img07.jpg)

COVID: Potential b est - in - class agent to replace existing therapies, and prevent clinical rebound, as well as Long COVID. Expecting increased demand for COVID therapy as vaccine effectiveness/use declines Bird Flu: In short term, US strategic stockpile approx. 300,000,000 - 600,000,000 dose s Seasonal Flu: Potential best in class agent to replace existing therapies addressing emerging resistant strains Cash , cash equivalents and short - term investments as of March 31, 2025, $15.9m 1 Cash position to support planned operations into Q1 2026 Selected Financial Information Milestone Program • HREC approved for Phase 2 studies in Q3 2025 • Increase focus on preventing clinical rebound and mitigating risk for Long COVID Ratutrelvir • Continue discussions with FDA and BARDA regarding the development of tivoxavir marboxil for avian H5N1 influenza pandemic preparedness • Targeting entry of tivoxavir marboxil into the national stockpile Tivoxavir Marboxil Finance Dashboard Source: 1. TRAW data on file, Existing therapies include PAXLOVID is a registered trademark of Pfizer, Inc., and LAGREVRIO is tr ademark of Merck Sharpe & Dohme Corp. Financial information as of TRAW 10Q filed May 15, 2025 Market Potential 1 7

![](tm2523715d1_ex99-2img08.jpg)

Strong Team with Track Record of Executing and Creating Value Robert R. Redfield, MD Chief Medical Officer C. David Pauza, PhD Chief Science Officer Charles Parker Interim Chief Financial Officer Board of Directors Nikolay Savchuk , PhD Chief Operating Officer, Director Chairman Jack E. Stover Interim CEO, Director Iain D. Dukes, MA D Phil COO, Director Nikolay Savchuk , PhD Special Advisor, Director Werner Cautreels , PhD Director Trafford Clarke Director Teresa Shoemaker 8 Iain D. Dukes, MA D Phil Interim CEO, Director

![](tm2523715d1_ex99-2img09.jpg)

9 COVID - 19 Ratutrelvir (TRX01) Investigational Main protease (Mpro) inhibitor Ritonavir - independent,10 - day, once - daily dosing regimen

![](tm2523715d1_ex99-2img10.jpg)

COVID Continues to be a Critical Threat to Human Health Risk of viral rebound (>20% of PAXLOVID treated cases) and Long COVID (10 - 20% of cases) 10 Notes: PAXLOVID® is a registered trademark of Pfizer, Inc. COVID estimates: https://www.cdc.gov/covid/php/surveillance/burden - estimates.html . Long COVID: Carly Herbert et al. (2025): https://doi.org/10.1093/cid/ciae539 . COVID rebound: https:// www.acpjournals.org / doi /10.7326/M23 - 1756

![](tm2523715d1_ex99-2img11.jpg)

Long COVID Associates with Slow Viral Clearance and Viral Rebound During Acute SARS - CoV - 2 Infection 11 Symptoms associated with the risk of Long COVID Herbert, C., et al., Poster 0935, 2025 Conference on Retroviruses and Opportunistic Infection (CROI)

![](tm2523715d1_ex99-2img12.jpg)

Why Improving COVID Therapy Matters Significant cause of human disease and mortality in vulnerable populations 1 12 Increasing clinical and economic burden of Long COVID Many people seeking COVID19 therapy are ineligible for PAXLOVID® due to drug interactions of the boosting agent ritonavir. Estimated that ~20% of persons seeking treatment are denied because they are using common medications that are incompatible with ritonavir Declining vaccine use, regulatory hurdles slowing vaccine approval, and poor match of vaccine with current variants increases virus spread and potential for serious disease Approved PAXLOVID® label limited to 5 - days, which may be insufficient to prevent clinical rebound and Long COVID Sources and Notes: 1. Traws information, 2. Carly Herbert et al. (2025) Clinical Infectious Diseases. https://doi.org/10.1093/cid/ciae539 . PAXLOVID® is a registered trademark of Pfizer, Inc COVID is now established as a long - term public health challenge with an increasing burden of people suffering from Post - Acute Sequelae of COVID (PASC, aka Long COVID) 2

![](tm2523715d1_ex99-2img13.jpg)

Ratutrelvir Value Proposition for COVID/Long COVID 13 Differentiating features of ratutrelvir , a potent oral antiviral agent Dose at RP2D maintains favorable PK, with plasma drug levels at > 4 - times the EC 9 0, and we predict that drug concentrations will be higher in lung compared to blood plasma Broadly more active against original COVID strains, variants of concern, and emerging drug - resistant strains compared to nirmatrelvir, ensitrelvir , and ibuzatrelvir A Phase 1 clinical study with 10 continuous days of ratutrelvir dosing demonstrated excellenet safety/tolerability, and maintained drug levels above the predicted therapeutic range without the use of ritonavir Good overall tolerability enables increased duration and intensity of treatment, which may reduce the rate of clinical rebound and mitigate the risk of Long COVID Good overall safety profile allows once daily, single tablet dosing for 10 days to prevent rebound, compared to PAXLOVID® with multiple tablets taken twice a day for 5 days where rebound risk was higher than among untreated patients Favorable profile could enable accessibility to a larger number of vulnerable individuals Notes: TRAW data on file. Nirmatrelvir is the active agent in PAXLOVID® (a registered trademark of Pfizer, Inc); ibuzatrelvir is being developed by Pfizer, Inc.

![](tm2523715d1_ex99-2img14.jpg)

Ratutrelvir is Consistently More Potent than Competitor Agents for Suppressing COVID virus growth in vitro 14 Superior to nirmatrelvir or ibuzatrelvir , across multiple virus strains Notes: Data represents a comparison of literature data v. Traws ' in vitro assay results. EC50 – effective concentration for 50% inhibition of virus replication in vitro; EC90 – effective concentration for 90% inhibition of virus replication in vitro, COVID = SARS - CoV - 2. Nirmatrelvir is the active ingredi ent in PAXLOVID®a registered trademark of Pfizer, Inc. ibuzatrelvir is being developed by Pfizer, Inc. Traws data on file. EC50 values for Mpro inhibitors against multiple COVID strains (results in nM) Representative EC50 values for Mpro inhibitors and the number of strains tested (results in nM)

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Ratutrelvir is Active Against Viruses with Acquired Resistance to PAXLOVID® or Ensitrelvir 15 Notes/Sources: PAXLOVID® is a registered trademark of Pfizer, Inc. 1 Tamura, et al. "Emerging SARS - CoV - 2 Resistance After Antiviral Treatment." JAMA Network Open 7(9): e2435431 - e2435431. 2 Uehara, et al., (2025). " Ensitrelvir treatment – emergent amino acid substitutions in SARS - CoV - 2 3CLpro detected in the SCORPIO - SR phase 3 trial." Antiviral Research 236: 106097. 3 In vitro selection for ratutrelvir resistance; Not Detected – mutation not observed after in vitro selection for ratutrelvir resistance; TRAWS internal information Effect of Reported Mutations on Ratutrelvir Activity 3 Mutations Decreasing Drug Activity by > 2.5 fold Overall Rate of Resistant Variants Clinical Treatment Not Detected G138S 11.4% (in clinical studies) 1 PAXLOVID® <2.5 fold E166V Not Detected H172Y Not Detected Q189K <2.5 fold P252L Not Detected V297A Not Detected M49L 9.3% for 125 mg drug dose 2 Ensitrelvir Not Detected M49I Not Detected S144A Not Detected T25I Not Detected T25A

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Phase 1 MAD Results: Daily Oral 600 mg Dose Sustains Drug Levels above EC 90 for 10 days in Healthy Volunteers (NCT06402136) 16 No treatment related adverse events Source: TRAWS data on file, Notes: MAD = multiple ascending dosing 9,415 nM (Exposure Limit) 25 nM EC90 (3xEC50) Multiple Ascending Doses in human trough concentrations 0 1 2 3 4 5 6 7 8 9 10 11 12 13 1 10 100 1000 10000 100000 Days R a t u t r e l v i r , n M 48 nM 600 mg, QDx10 days Multiple Ascending Doses in human 0 4 8 12 16 20 24 28 1 10 100 1000 10000 100000 Hours R a t u t r e l v i r , n M 48 nM 600 mg, QDx10 days (Day 0) 600 mg, QDx10 days (Day 9) Plasma drug levels are similar during 0 - 24 h on first (Day 0) and last (Day 9) of 600 mg, daily dosing, showing no induction of drug metabolism Daily plasma drug levels (24 h after dosing) remain above EC 90 for daily dosing of 600 mg

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Consistent High Plasma Drug Levels Could Allow for Protection Against New Variants 17 No treatment related adverse events Source: TRAWS data on file, Notes: MAD = multiple ascending dosing study 9,415 nM (Exposure Limit) 25 nM EC90 (3xEC50) Multiple Ascending Doses in human 0 1 2 3 4 5 6 7 8 9 10 11 12 13 1 10 100 1000 10000 100000 Days R a t u t r e l v i r , n M 48 nM 600 mg, QDx10 days 110 nM (13xEC50) Plasma drug l evels (24 h C trough values for Days 1 - 9) Above EC 90 for virus suppression and within the target PK window (>25 nM and below the exposure limit): based on more intensive data collection after first and last dose Phase 1 Multiple Ascending Dose Study

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Phase 2a COVID19 Study Design 18 Enroll 90 COVID19 - positive subjects 18 - 65 years of age Three groups (n=30 each): • Daily 600 mg of ratutrelvir for 10 days in Paxlovid eligible patients • Paxlovid for 5 days • Daily 600 mg of ratutrelvir for 10 days in patients ineligible for Paxlovid Evaluate time to decrease duration and intensity of symptoms, pharmacokinetics, changes in virus burden, frequency and timing of clinical rebound Randomized, double - blind, controlled, international non - inferiority study to assess safety, tolerability, pharmacokinetics and activity of Ratutrelvir, oral, once - daily 600 mg for 10 days in patients eligible or ineligible for Paxlovid therapy compared to Paxlovid for 5 days Study Design Subjects Overall objectives Dosing

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Phase 2a COVID19 Study Design 19 Outcome Measures Include • Symptom relief • Hospitalization • Death • PK • Virus burden • Frequency of clinical rebound • Timing of clinical rebound

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20 Ratutrelvir has Successfully Completed Phase 1 Studies Phase 1 safety and dose escalation studies : have demonstrated excellent overall safety and tolerability and defined a Phase 2 target dose Next steps : Approved for Phase 2a non - inferiority trial evaluating ratutrelvir in patients eligible or ineligible for Paxlovid. Trial initiation in Q3 2025 Note: TRAW data on file

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Bird Flu Tivoxavir marboxil (TXM, TRX100) A single - dose investigational, CAP - dependent endonuclease inhibitor for treatment or prevention of H5N1 bird flu 21

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Influenza is a Critical Threat To Human Health Today High pandemic potential with no currently approved treatments 22 Major and increasing agricultural impact of bird flu There are n o approved bird flu therapies 4 5 High historical human mortality from bird flu, with human pandemic potential 1 L imited cross protection provided by current seasonal flu vaccines Inadequate potency of current antiviral agents for bird flu Source: See https:// www.who.int /publications/m/item/cumulative - number - of - confirmed - human - cases - for - avian - influenza - a(h5n1) - reported - to - who -- 2003 - 2025 -- 19 - march - 2025

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Tivoxavir Marboxil (TRX100/TXM): Value Proposition for Bird Flu 23 Differentiating features of TXM, a potent oral antiviral drug candidate A single dose reduced disease and prevented death in 3 preclinical animal models used commonly in flu drug development, with large reductions in lun g virus levels and lung pathology A singl e dose maintained plasma levels above the EC 90 for approximately 3 weeks in Phase 1 human studies 4 5 Broadly effective against bird flu strains including "Texas dairy worker strain", demonstrated through in vivo studies Large safety window enables use of higher TXM doses, if needed to treat future emergent resistant strains

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Tivoxavir Potently Inhibits Highly Pathogenic Avian Influenza Viruses 24 Tivoxavir (the active metabolite of TRX100) inhibits replication of HPAI H5N1 avian influenza viruses and reference (H3N2) influenza viruses 2 Note: Based on avian influenza virus circulating in 2022 - 2023, 2. Results from the Influenza replication inhibition neuraminidas e - based assay, provided by the US CDC (Atlanta) Tivoxavir (TRX101) Strain Designation EC 50 (nM) H5N1 viruses 0.40 A/ chicken /Idaho/22 - 011347 - 004/2022 0.52 A/ Canada_ goose /Wyoming/22 - 011671 - 001/2022 0.43 A/ Red_Shoulder_ Hawk /Minnesota/22 - 012000 - 004/2022 0.34 A/ dolphin /Florida/22 - 025319 - 002/2022 0.41 A/ black_ vulture /Florida/22 - 012333 - 001/2022 - c30 Reference A(H3N2) Viruses 1.21 A/Louisiana/50/2017 (Wt) 10.28 A/Louisiana/49/2017 (PA - I38M)

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Human H5N1 Virus is Resistant to Available Antiviral Drugs Multiple mutations related to increased transmission and growth in mammalian cells and natural resistance to oseltamivir (Tamiflu®) and baloxavir (Xofluza®) 25 Nine Mutations in A/Texas/37/2024 were Not Present in the Bovine Isolate Oseltamivir and Baloxavir are Less Potent Against A/Texas/37/2024 Compared to Other H1N1 and H5N1 Virus Isolates Sources: Adapted from Mostafa, et al (2025) DOI: 10.1080/22221751.2024.2447614 . Tamiflu® is a trademark registered of Roche. Xofluza® is a registered trademark of Genentech Pharmaceuticals, an independent subsidiary of Roche

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Mouse antiviral study using bird flu (H5N1) transmitted from cattle to a dairy worker 26 Notes: Challenge dose via intranasal delivery. TXM = tivoxavir marboxil , 5 animals per group sacrificed on D3 for determination of virus titer in lungs (data pending). Data on file, TRAWS Pharma. Virus Challenge Protocol Virus stock: H5N1(A/Texas/37/2024) Stock titer: 1.47x10 9 TCID 50 /mL Challenge dose: 7.34x10 0 TCID 50 /dose Oral TVX: Dosed 0 and 12 hours after challenge (total 50 mg/kg – equivalent to 240 mg in human) Two Groups: 15 animals per group Bird Flu Human isolate H5N1 intranasal Oral dose TRX100 TXM Provides 100% Protection Against Lethal Bird Flu Challenge in Mice

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27 1. Virus challenge protocol per slide 14. TCID = tissue culture infectious dose Virus Titer Group Animal 7x10 8 Vehicle 31 1.3x10 7 32 1.3x10 8 33 8.2x10 8 34 1.2x10 7 35 Virus Titer Group Animal BLLQ TXM Day 1 dose of 50 mg/kg 46 BLLQ 47 BLLQ 48 BLLQ 49 BLLQ 50 Virus titer – TCID 50 /gram of tissue; BLLQ – below lower limit of quantitation (2.2x10 3 TCID 50 /gram) Day 3 Lung Virus Titers (TCID 50) TXM Achieved Complete Viral Clearance in the Lung Based on murine viral challenge studies 1

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Virus Challenge Study in Ferrets: Key Data to Support Clinical and Regulatory Strategy for TXM in Bird Flu 28 Note: TRAW data on file. intranasal challenge/inoculation. Virus challenge stock: A/Texas/37/2024 (H5N1); 4 animals per group sa crificed at three days after viral inoculation for lung virus burden determinations Oral treatment: 8 hours after virus inoculation Doses: 120 mg human equivalent 240 mg in human equivalent Two Groups: 10 Animals per group (5F/5M), 13 - 15 weeks of age Treated and control Endpoints: Survival, changes in body weight, virus burden in lung and nasal tissues Topline Data: Substantial improvements in disease progression observed after a single dose of TXM • Lethal challenge showed that TXM increased the proportion of surviving animals • Lowered the viral burden in lungs and nasal tissues • Delayed and reduced body weight loss Promising topline data in ferret model using virus isolated from a dairy worker. Viral inoculum: 1X10 3 TCID 50 of A/Texas/37/2024 H5N1 via intranasal instillation Ferret model

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Vehicle Control Equivalent to 240 mg human dose Equivalent to 120 mg human dose TXM Dose - dependently Increased Survival in Ferrets Infected with Bird Flu 29 Note: TRAW data on file. intranasal challenge/inoculation. Virus challenge stock: A/Texas/37/2024 (H5N1); 4 animals per group sa crificed at three days after viral inoculation for lung virus burden determinations

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Vehicle Control High dose (equivalent to 240 mg human dose Low dose (equivalent to 120 mg human dose) Vehicle Control Equivalent to 240 mg human dose Equivalent to 120 mg human dose TXM Doses Prevented Rapid Body Weight Loss in Ferrets Infected with Bird Flu 30 Note: TRAW data on file. intranasal challenge/inoculation. Virus challenge stock: A/Texas/37/2024 (H5N1); 4 animals per group sa crificed at three days after viral inoculation for lung virus burden determinations

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Vehicle Control Equivalent to 240 mg human dose Equivalent to 120 mg human dose Single Oral Dose of TXM Reduced Lung Virus Burden in Ferrets 31 Note: TRAW data on file. intranasal challenge/inoculation. Virus challenge stock: A/Texas/37/2024 (H5N1); 4 animals per group sa crificed at three days after viral inoculation for lung virus burden determinations. TCID = tissue culture infectious doses

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Control – no drug 0% survival Equivalent to 240 mg human dose 50% survival Equivalent to 120 mg human dose 30% survival Viral RNA copies per mL Single Oral Dose of TXM Increased Survival and Reduced Lung Virus Burden in Bird Flu - Infected Ferrets 32 Note: TRAW data on file. intranasal challenge/inoculation. Virus challenge stock: A/Texas/37/2024 (H5N1); 4 animals per group sa crificed at three days after viral inoculation for lung virus burden determinations

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TXM Treatment Reduced Lung Pathology in Ferrets Infected with Bird Flu Virus: Dose - Dependent Impact on Cellular Infiltration of the Lungs 33 Note: TRAW data on file. intranasal infection with A/Texas/37/2024 (H5N1); lung pathology assessed three days after infectio n. Note: 1 = TXM dose of 10.6 mg; 2 = TSM dose of 21.2 mg. HE = human equivalent Day 3: Control Day 3 2 : Human Equivalent 240 mg Day 3 1 : Human Equivalent 120 mg Cellular infiltration/inflammation: basophilic, dark - staining areas (solid arrows) • Control : Extensive cellular infiltration of lung • TXM 10.6 mg (HE120 mg): Areas of cellular infiltration greater than the 21.2 mg dose animals, far less than untreated controls • TXM 21.2 mg (HE 240 mg): Few areas of cellular infiltration, lung mostly normal with open alveoli

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Virus Challenge Study in Non - Human Primate: Key Data to Support Clinical and Regulatory Strategy for TXM in Bird Flu 34 Oral treatment 12 hours after non - lethal virus inoculation Dose: One dose (480 mg human equivalent dose) Two Groups: 5 animals per group (treated and control) Endpoints: Virus burden in lung and nasal tissues, body weight Non - human primate model Topline Data: Substantial changes in disease progression observed after a single dose of TXM • Non - lethal challenge showed that tivoxavir marboxil significantly lowered lung virus burden • No virus - induced weight loss Promising topline data in non - human primate (NHP) model using virus isolated from a dairy worker. Viral inoculum:1X10 6 TCID 50 of A/Texas/37/2024 H5N1 with half delivered via intranasal instillation and half delivered to the oropharynx Note: TRAW data on file. Virus challenge stock: A/Texas/37/2024 (H5N1); 5 animals per group

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Post - Exposure TXM Treatment Prevented Body Weight Loss in A/H5N1 - Infected Non - Human Primates (p < 0.004) 35 Note: TRAW data on file. Virus challenge stock: A/Texas/37/2024 (H5N1); 5 animals per group

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Post - Exposure TXM Treatment Reduced A/H5N1 Titer in Bronchoalveolar Lavage (BAL) and Nasal Swab (NS) Specimens from Infected Nonhuman Primates 36 Note: TRAW data on file. Virus challenge stock: A/Texas/37/2024 (H5N1); 5 animals per group

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Post - Exposure TXM Treatment Reduced A/H5N1 Levels Detected by Quantitative PCR (qPCR) in Bronchoalveolar Lavage (BAL) and Nasal Swab (NS) Specimens from Infected Nonhuman Primates 37 Note: TRAW data on file. Virus challenge stock: A/Texas/37/2024 (H5N1); 5 animals per group

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Control Animals – no drug treatment • Results for individual animals are depicted • Results from bronchoalveolar lavage samples collected on Study Day 3 and analyzed by TCID 50 assay • < 10e3 – below the lower limit of quantitation Animals treated with equivalent of human dose 480 mg Virus Infectivity per mL Single Oral Dose of TXM Blocks Bird Flu Replication in the Lungs of NHPs 38 Note: TRAW data on file. Virus challenge stock: A/Texas/37/2024 (H5N1); 5 animals per group

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Tivoxavir Marboxil Treatment Reduced Lung Pathology in Nonhuman Primates Infected with Bird Flu Virus 39 Note: TRAW data on file. Virus challenge stock: A/Texas/37/2024 (H5N1); 5 animals per group: Based on Day 10 necropsy. X = ma gni fication. 1 = TXM dose at 480 mg human equivalent t dose Cellular infiltration and inflammation: basophilic, dark - staining areas (solid arrows) Untreated TXM - treated 1 Control (untreated) : extensive areas of basophilic staining indicating cellular infiltration and inflammation TXM (Treated) : no areas of cellular infiltration. Lung is normal in appearance with open alveoli 1.25x 10x

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Phase 1 Study Design for TXM 40 Notes: TRAW data on file. Sentinels observed for 24 hours before dosing Main Group. Tivoxavir marboxil dose given as powder - in - capsule. Safety Review Committee evaluation 10 days after dosing. Pharmacokinetic study continued until 28 days after dosing. Eligibility : Healthy volunteers Flu - negative men and women, ages 18 - 64 years of age Endpoints: Primary: • Safety and tolerability Secondary: • Ability to maintain plasma blood levels above the EC 90 • Pharmacokinetics Treatment 80 mg,120 mg, 240 mg, 480 mg doses • 8 patients/dose (6 active, 2 placebo) per cohort • All cohorts were fasted and included an initial 2 - patient sentinel safety dose (1 active, 1 placebo) Single - dose regimen Assessments • Plasma drug level assessment multiple times over three weeks

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Phase 1 Data Show that TXM Maintains Plasma Blood Levels > EC 90 for ~3 weeks (NCT06757738) 41 No treatment related adverse events Notes: Four doses evaluated (80, 120, 240, 480mg, all fasted). Each group included a sentinel dose with 24h observation (1 ac tiv e, 1 placebo), following by the main group (5 active, 1 placebo). Tivoxavir marboxil dosed as powder - in - capsule. Safety Review Committee evaluation 10 days after dosing. Pharmacokinetic study continued until 28 days after dosing.. Data on file, TRAWS Pharma. Tivoxavir in plasma (ng/mL) Plasma drug levels above EC 90 for ~3 weeks days after single 480 mg dose in healthy volunteers Time (hours) EC90 ~0.82 ng/mL 3 weeks

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Pre - IND Meeting Feedback Received from FDA 42 Note: CFR314.600 thru 314.650 , October 2015 , https://www.fda.gov/media/88625/download Regulatory strategy focused on the Animal Rule to accelerate development and combined dose - ranging efficacy/safety study in seasonal and bird flu infected patients ▪ Animal Rule intended to provide a path to approval in situations when human clinical studies would be unethical or impractical ▪ Allows FDA to rely on adequate and well - controlled animal efficacy studies to support approval of a drug ▪ Demonstration of human safety is a requirement ▪ Discussions continue with FDA on specified next steps in TXM development; reaffirmed that Animal Rule not currently applicable for accelerated approval for influenza

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Sources: 1. CFR314.600 thru 314.650 , October 2015 , https://www.fda.gov/media/88625/download. 2 . Traws information 3. b ird flu case fatality rate: WHO information : https://cdn.who.int/media/docs/default - source/wpro --- documents/emergency/surveillance/avian - influenza/ai_20250131.pdf . TXM Could Be a Fit for the "Animal Rule" 1,2 Human challenge studies of bird flu are not possible • Virus evolved to a more virulent strain (dairy worker, mild symptoms) • History of A/H5N1 virus strains with up to 50% case fatality rate 3 • Virus can be 100% fatal in 3 - 5 days in animals (mice, ferrets, NHP) 2 • Placebo - controlled trials would be unethical and not feasible • Preclinical studies used commonly accepted flu models (mice, ferrets and non - human primates) • Positive Phase 1 safety/dosing escalation data (healthy volunteers) includes dose levels that were protective in animal studies • Maintained plasma levels above the EC 90 for more than 3 weeks, with good overall safety Requires Adequate and Well - Controlled Animal Studies Exceptional Pathogenic Potential Human Safety and Pharmacokinetics are Required 43

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Phase 2a Seasonal/Pandemic Flu Study Design 44 Expected to enroll ~150 influenza - positive subjects 18 - 65 years of age Expected to incorporate five dosing groups (n=30 each): • TXM dose level 1 (seasonal) • TXM dose level 2 (seasonal) • TXM dose level 2 (H5N1) • Baloxavir marboxil (seasonal) • Oseltamivir (H5N1) Evaluate two dose levels of TXM versus baloxavir marboxil in seasonal influenza and TXM versus oseltamivir in H5N1 influenza; assess time to symptom relief, safety, virology, with follow - up out to 28 days Randomized, double - blind, controlled, international non - inferiority study to assess safety, tolerability, pharmacokinetics and activity of a one - time dose of TXM in subjects with acute, uncomplicated, community - acquired influenza compared to standard of care, or TXM for subjects with confirmed H5N1 influenza Study Design Subjects Overall objectives Dosing

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Phase 2a Seasonal Flu Study Design: Including H5N1 or H5N2 infections 45

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Targeting Critical Viral Threats to Human Health 46 Potential first - in - class bird flu program , with an initial goal to build out the US strategic stockpile (estimated 300 million to 600 million doses 2) Potential best - in - class COVID program to replace existing therapies (>$6B revenue, 2024), prevent clinical rebound and mitigate the threat of Long COVID 1 4 5 F ocusing on small molecule antiviral drugs active against respiratory viruses with pandemic potential Experienced team, supported by recognized institutional investors, including OrbiMed and Perceptive Advisors. Progressing business development exit strategies for legacy oncology assets (rigosertib and narazaciclib) Source: 1. Pfizer 2024 financial results here, p. 24 , Merck 2024 financial results here, p5 = $5.7B + $964M = >$6B 2. TRAW internal information.

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