Traws Pharma (TRAW) said Monday it entered agreements to raise up to $72.6 million through an equity offering.

An initial tranche of $20 million will involve the sale of around 3.9 million shares of common stock and pre-paid warrants, with an additional $52.6 million contingent on the exercise of non-prepaid warrants tied to upcoming bird flu data milestones in early and mid-2025, Traws Pharma said.

Closing is expected around Tuesday, the company said.

Traws Pharma shares plunged more than 37% in recent premarket activity.