On December 22, 2025, Dogwood Therapeutics, Inc. announced positive results from an interim analysis of 97 patients who had completed treatment in the Phase 2b clinical trial of Halneuron for the treatment of Chemotherapy Induced Neuropathic Pain (CINP). The unblinded data reviewed by the independent statistical review committee showed that Halneuron-treated patients are demonstrating separation from placebo-treated patients in pain improvement. We anticipate topline results from the trial in the third quarter of 2026. The study is currently powered at approximately 80-85% to detect a Halneuron treatment difference. Lastly, the overall study dropout rate of 4.4% is well below the rates typically observed with other FDA approved chronic pain medicines. Based on these results we have increased our valuation to $15 per share.
