Traws Pharma Inc (NASDAQ:TRAW) shares climbed 14.5% on Monday following the company's announcement that it has finished enrolling patients in its Phase 2 clinical study of ratutrelvir, an investigational oral treatment for COVID-19 positioned as an alternative to Pfizer's PAXLOVID.
The trial comprises 90 patients and is structured to compare ratutrelvir directly with PAXLOVID in cases of mild-to-moderate COVID-19, while also including a separate arm for patients who are ineligible to receive PAXLOVID. Traws said that its ongoing analysis of trial data indicates several potential advantages for ratutrelvir observed to date.
According to the company, preliminary signals from the dataset include a lower incidence of adverse events, an absence of viral rebounds reported so far, and a quicker resolution of symptoms among treated patients. The company emphasized that these findings arise from ongoing analysis and have not been presented as final results.
"From a clinical perspective, the ongoing data analysis confirms previous reports that ratutrelvir may provide a meaningful benefit across a broader range of patients, including those who are unable to receive ritonavir-boosted therapy," said Robert R. Redfield, Chief Medical Officer of Traws Pharma.
Traws highlighted that ratutrelvir does not require co-administration with ritonavir. The company said this characteristic could avoid the drug-drug interactions that restrict the use of PAXLOVID in certain patients. Traws is advancing the agent as a potential option for treating acute COVID-19 and is exploring its possible application for Long COVID.
Separately, Traws updated investors on tivoxavir marboxil, an influenza prophylaxis candidate. The company is working on a compressed tablet formulation that it believes could deliver approximately 28 days of protection against influenza through a single monthly dose. Traws has secured a human influenza prophylaxis challenge study time slot scheduled for June 2026.
Market reaction followed the clinical milestone announcement, with the stock moving higher on investor interest tied to the completion of enrollment and the preliminary favorable signals described by the company. The updates cover both the current COVID-19 program and development progress in influenza prevention, underscoring the company's dual-path clinical focus.
While the enrollment completion is a notable step, Traws' statements make clear that data analysis remains in progress and that the company is continuing development across multiple programs.