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1. An early-stage Gilead Sciences for chronic conditions like Long COVID, focused on antiviral-based therapies.

2. A biotech like an aspiring Vertex Pharmaceuticals, but one that innovates by combining existing antivirals for complex diseases instead of creating new molecules.

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• IMC-1: A fixed dose combination of famciclovir and celecoxib developed to treat fibromyalgia.
• IMC-2: A combination of valacyclovir and celecoxib aimed at managing the fatigue, sleep, attention, pain, autonomic function, and anxiety associated with long COVID.

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Dogwood Therapeutics Inc. (DWTX) is a development-stage biotechnology company focused on bringing antiviral therapies to market. As described, the company's lead candidates, IMC-1 and IMC-2, are still in development and have not yet been commercialized. Consequently, Dogwood Therapeutics Inc. does not currently have major customers, as it is not yet selling products to individuals or other companies.

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Greg Duncan, Chief Executive Officer and Chairman

Mr. Duncan is the Chief Executive Officer and Chairman of the Board of Directors of Dogwood Therapeutics. He previously served as President and Chief Executive Officer of Celtaxsys, Inc., a privately held biotechnology company, where he secured capital to advance development candidates. Prior to Celtaxsys, he was an Executive Committee member at UCB, a specialty pharmaceutical company. Before UCB, Mr. Duncan held several executive U.S. and international appointments at Pfizer, including President of Pfizer's Latin America Operations and Senior Vice President of Marketing. He has also served as a director for various organizations, including Biotie Therapeutics and the Bio International Organization (BIO).

Angela Walsh, Chief Financial Officer, Secretary and Treasurer

Ms. Walsh is the Senior Vice President of Finance, Secretary and Treasurer of Dogwood Therapeutics, having joined the company in April 2020 and becoming CFO in October 2024. She has over three decades of experience in financial management and accounting, including expertise in mergers and acquisitions, strategic planning, and compliance. Before Dogwood, she was the VP of Finance for Celtaxsys, Inc., overseeing the company's financial and accounting activities. Prior to that, Ms. Walsh was the CFO for Green Circle Bio Energy, where she was part of the executive team that led a successful acquisition by Enviva Partners, LP, which subsequently conducted a $214 million initial public offering. Her career also includes roles at Vennskap, LLC, Atlanco, and Altea Therapeutics.

R. Michael Gendreau, Chief Medical Officer

Dr. Gendreau serves as the Chief Medical Officer of Dogwood Therapeutics. Before this role, he worked as a healthcare consultant specializing in biotechnology for Gendreau Consulting, LLC, providing services as Acting CMO to Dogwood Therapeutics since 2012. Dr. Gendreau's prior experience includes various positions at Cypress Bioscience, Inc., such as Vice President of Research and Development and Chief Medical Officer. He also held the role of Vice President of Research and Development and Chief Medical Officer for MicroProbe Corporation, a developer and manufacturer of DNA/RNA probe-based diagnostic products.

Ralph Grosswald, Senior Vice President of Operations

Mr. Grosswald has 25 years of experience in developing innovative drugs and medical devices. He was a founder and Vice President of Operations at Celtaxsys, Inc., where he managed operations, nonclinical development, and clinical trials. Previously, Mr. Grosswald founded GMP Companies, Inc., where he managed the development programs for the first Microinvasive Glaucoma Shunt and the LifeSync Wireless ECG. He began his career as a clinical trial coordinator at the Emory University School of Medicine.

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Key Risks to Dogwood Therapeutics (DWTX):

1. Clinical Trial Failure and Regulatory Approval Risk: As a development-stage biotechnology company, Dogwood Therapeutics Inc.'s business prospects are entirely dependent on the successful outcome of its clinical trials for IMC-1 (fibromyalgia) and IMC-2 (long COVID), as well as obtaining regulatory approvals. Failure to demonstrate efficacy and safety in clinical trials, or the inability to secure necessary regulatory clearances, would severely jeopardize the company's ability to commercialize its product candidates and could lead to significant financial losses or the failure of the company.

2. Commercialization and Market Adoption Risk: Even if Dogwood Therapeutics Inc. successfully obtains regulatory approval for IMC-1 or IMC-2, there is a significant risk associated with the successful commercialization and market adoption of these therapies. This includes competition from existing treatments for fibromyalgia, the rapidly evolving and complex treatment landscape for long COVID, potential challenges in market access and reimbursement, and the company's ability to effectively market and distribute its products. Factors such as pricing pressure, physician acceptance, and patient uptake will be critical for generating revenue and achieving profitability.

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Dogwood Therapeutics (DWTX) focuses on developing antiviral therapies for diseases such as fibromyalgia and long COVID. The addressable markets for their main products are as follows:

IMC-1 (Fibromyalgia)

The global fibromyalgia treatment market is estimated to be approximately $3.63 billion in 2025 and is projected to grow to approximately $5.16 billion by 2034. In North America, the market is expected to hold a leading position, with the U.S. market valued at $907.2 million in 2024.

IMC-2 (Long COVID)

The global COVID-19 therapeutics market, which is shifting towards therapies for long COVID, is projected to be $32.54 billion in 2025. Beyond direct therapeutics, the broader annual global economic cost of long COVID, due to factors like lost productivity and healthcare strain, is estimated to be approximately $1 trillion. Some analyses suggest a total cost reaching $3.7 trillion, which includes lost quality of life, lost earnings, and additional medical expenses.

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For Dogwood Therapeutics (DWTX), anticipated drivers of future revenue growth over the next 2-3 years are primarily linked to the clinical advancement and potential commercialization or strategic partnering of its pipeline assets, as the company is currently in a development stage with no commercialized products generating revenue.

1. Successful Clinical Development and Partnering of Halneuron® for Chemotherapy-Induced Neuropathic Pain (CINP): Halneuron®, a lead product and a non-opioid, Nav 1.7 inhibitor, is currently in Phase 2b development for CINP, with top-line results from this trial anticipated in Q3 2026. Positive outcomes could lead to further clinical progression, potential regulatory approvals, or lucrative partnership agreements, including upfront and milestone payments, driving future revenue.
2. Advancement and Potential Commercialization of IMC-2 for Long COVID: IMC-2, a combination of valacyclovir and celecoxib, is in Phase 2 development for Long COVID. Early investigator-initiated study data indicated clinically meaningful reductions in fatigue and sleep disturbance with a low dose, and the company is planning a larger Phase 2 study. Successful progression through these clinical stages could position IMC-2 as an early entrant in a market with significant unmet medical need, potentially attracting partnerships or leading to market entry within the longer end of the 2-3 year forecast.
3. Strategic Partnerships for IMC-1 in Fibromyalgia: IMC-1, a fixed-dose combination of famciclovir and celecoxib for fibromyalgia, is considered "Phase 3 ready." Dogwood Therapeutics is actively exploring external partnerships to execute its Phase 3 program. The successful formation of such partnerships could generate significant upfront payments and milestone payments, contributing to revenue growth.
4. Progression of SP16 IV for Chemotherapy-Induced Peripheral Neuropathy (CIPN): Dogwood Therapeutics holds a royalty-free, global license for SP16 IV, a clinical-stage development candidate poised to enter Phase 1b research for CIPN symptoms. The Phase 1b trial is fully funded by the National Cancer Institute, with an Investigational New Drug (IND) filing planned for Q4 2025 and patient dosing expected in the first half of 2026. While direct product sales may extend beyond the 2-3 year horizon, successful advancement through these early clinical stages enhances the company's pipeline value and could attract further investment or strategic collaborations.

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Share Issuance

• In January 2026, Dogwood Therapeutics announced a registered direct offering and concurrent private placement of 4,386,037 common shares (or pre-funded warrants) and detachable warrants, with upfront gross proceeds expected to be $12.5 million, and a potential for an additional $14.4 million upon warrant exercises.
• As part of the October 2024 business combination with Wex Pharmaceuticals, Sealbond, the sole stockholder of Wex, received 211,383 shares of common stock and 2,108.3854 shares of non-voting convertible preferred stock, representing approximately 94% of the combined entity's fully diluted ownership.
• In May 2024, Virios Therapeutics (now Dogwood Therapeutics) completed a public offering of 8,500,000 shares at $0.20 per share, raising $1.7 million to fund preparations for the IMC-2 Long-COVID Phase 2b study and for general corporate purposes.

Inbound Investments

• In October 2024, Dogwood Therapeutics secured $19.5 million in committed debt financing from an affiliate of CK Life Sciences as part of its business combination with Wex Pharmaceuticals. $16.5 million was funded at closing, with an additional $3 million expected in Q1 2025.
• In March 2025, CK Life Sciences Int'l (CKLS), the largest shareholder of Dogwood Therapeutics, agreed to convert $19.5 million in outstanding debt, including accrued interest, into 284.2638 shares of Series A-1 Non-Voting Convertible Preferred Stock of the company.

Outbound Investments

• In October 2024, Dogwood Therapeutics acquired Pharmagesic (Holdings) Inc., the parent company of Wex Pharmaceuticals, Inc., as part of the business combination that led to the formation of Dogwood Therapeutics.
• Dogwood Therapeutics obtained a worldwide, royalty-free license for SP16, an LRP1 agonist, through an all-stock transaction with Serpin Pharma, intended for the development of treatments for cancer-related pain, specifically chemotherapy-induced peripheral neuropathy.

Capital Expenditures

• Dogwood Therapeutics has reported an average capital expenditures (CapEx) of 0% over the past 5 years.
• The company's primary focus for capital deployment is on research and development expenses, including ongoing clinical trials for its drug candidates like Halneuron, IMC-1, and IMC-2, as well as chronic toxicology programs and drug development and manufacturing costs.