<SEC-DOCUMENT>0000950170-25-072873.txt : 20250515
<SEC-HEADER>0000950170-25-072873.hdr.sgml : 20250515
<ACCEPTANCE-DATETIME>20250515172646
ACCESSION NUMBER:		0000950170-25-072873
CONFORMED SUBMISSION TYPE:	SCHEDULE 13G/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250515
DATE AS OF CHANGE:		20250515

SUBJECT COMPANY:	

	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:		SCHEDULE 13G/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-87566
		FILM NUMBER:		25955982

	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

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ikarian Capital, LLC
		CENTRAL INDEX KEY:			0001778253
		ORGANIZATION NAME:           	
		EIN:				473466768
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G/A

	BUSINESS ADDRESS:	
		STREET 1:		100 CRESCENT COURT
		STREET 2:		SUITE 1620
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75201
		BUSINESS PHONE:		214-364-2883

	MAIL ADDRESS:	
		STREET 1:		100 CRESCENT COURT
		STREET 2:		SUITE 1620
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75201
</SEC-HEADER>
<DOCUMENT>
<TYPE>SCHEDULE 13G/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/schedule13g" xmlns:xsd="http://www.w3.org/2001/XMLSchema" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
  <headerData>
    <submissionType>SCHEDULE 13G/A</submissionType>
    <filerInfo>
      <filer>
        <filerCredentials>
          <cik>0001778253</cik>
          <ccc>XXXXXXXX</ccc>
        </filerCredentials>
      </filer>
      <liveTestFlag>LIVE</liveTestFlag>



    </filerInfo>
  </headerData>
  <formData>
    <coverPageHeader>
      <amendmentNo>1</amendmentNo>
      <securitiesClassTitle>Common stock, par value $.01 per share</securitiesClassTitle>
      <eventDateRequiresFilingThisStatement>03/31/2025</eventDateRequiresFilingThisStatement>
      <issuerInfo>
        <issuerCik>0001130598</issuerCik>
        <issuerName>Traws Pharma, Inc.</issuerName>
        <issuerCusip>68232V884</issuerCusip>
        <issuerPrincipalExecutiveOfficeAddress>
          <street1 xmlns="http://www.sec.gov/edgar/common">12 Penns Trail</street1>
          <city xmlns="http://www.sec.gov/edgar/common">Newtown</city>
          <stateOrCountry xmlns="http://www.sec.gov/edgar/common">PA</stateOrCountry>
          <zipCode xmlns="http://www.sec.gov/edgar/common">18940</zipCode>
        </issuerPrincipalExecutiveOfficeAddress>
      </issuerInfo>
      <designateRulesPursuantThisScheduleFiled>
        <designateRulePursuantThisScheduleFiled>Rule 13d-1(b)</designateRulePursuantThisScheduleFiled>
      </designateRulesPursuantThisScheduleFiled>
    </coverPageHeader>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>Ikarian Capital, LLC</reportingPersonName>
      <memberGroup>b</memberGroup>
      <citizenshipOrOrganization>DE</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0</soleVotingPower>
        <sharedVotingPower>589502</sharedVotingPower>
        <soleDispositivePower>0</soleDispositivePower>
        <sharedDispositivePower>589502</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>589502</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>9.99</classPercent>
      <typeOfReportingPerson>IA</typeOfReportingPerson>
      <comments>
(1) The figures in Items 6, 8, and 9 represent common stock, par value $0.01 per share ("Common Stock") of Traws Pharma, Inc. (the "Issuer") held by Ikarian Healthcare Master Fund, L.P., a Cayman Islands exempted limited partnership (the "Fund"), and certain separate managed accounts. See Item 2 for more information.
(2) The figures in Items 6, 8, and 9 include 561,009 shares of Common Stock that may be acquired by the Reporting Persons within 60 days pursuant to warrants held by the Reporting Persons, the exercise of which are subject to certain restrictions on the ability of the Reporting Persons to convert such warrants if, upon such conversion, the number of shares of Common Stock then beneficially owned by the Reporting Persons would exceed 9.99% of the outstanding shares of Common Stock.
(3) The figure in Item 11 is based upon 5,895,024 shares of Common Stock outstanding, which includes the 561,009 shares of Common Stock that may be acquired by the Reporting Persons pursuant to warrants and the 5,334,015 shares of Common Stock outstanding as of April 28, 2025, as disclosed in the Issuer's amended annual report on Form 10-K for the fiscal period ended December 31, 2024, filed with the U.S. Securities and Exchange Commission (the "SEC") on April 30, 2025.

</comments>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>Neil Shahrestani</reportingPersonName>
      <memberGroup>b</memberGroup>
      <citizenshipOrOrganization>X1</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0</soleVotingPower>
        <sharedVotingPower>589502</sharedVotingPower>
        <soleDispositivePower>0</soleDispositivePower>
        <sharedDispositivePower>589502</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>589502</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>9.99</classPercent>
      <typeOfReportingPerson>IN</typeOfReportingPerson>
      <typeOfReportingPerson>HC</typeOfReportingPerson>
      <comments>
(1) The figures in Items 6, 8, and 9 represent Common Stock of the Issuer held by the Fund and certain separate managed accounts. See Item 2 for more information.
(2) The figures in Items 6, 8, and 9 include 561,009 shares of Common Stock that may be acquired by the Reporting Persons within 60 days pursuant to warrants held by the Reporting Persons, the exercise of which are subject to certain restrictions on the ability of the Reporting Persons to convert such warrants if, upon such conversion, the number of shares of Common Stock then beneficially owned by the Reporting Persons would exceed 9.99% of the outstanding shares of Common Stock.
(3) The figure in Item 11 is based upon 5,895,024 shares of Common Stock outstanding, which includes the 561,009 shares of Common Stock that may be acquired by the Reporting Persons pursuant to warrants and the 5,334,015 shares of Common Stock outstanding as of April 28, 2025, as disclosed in the Issuer's amended annual report on Form 10-K for the fiscal period ended December 31, 2024, filed with the SEC on April 30, 2025.
</comments>
    </coverPageHeaderReportingPersonDetails>
    <items>
      <item1>
        <issuerName>Traws Pharma, Inc.</issuerName>
        <issuerPrincipalExecutiveOfficeAddress>12 Penns Trail, Newtown, PA 18940</issuerPrincipalExecutiveOfficeAddress>
      </item1>
      <item2>
        <filingPersonName>This statement is filed jointly by and on behalf of each of Ikarian Capital, LLC, a Delaware limited liability company ("Ikarian Capital"), and Neil Shahrestani (together referred herein as the "Reporting Persons"). The Fund, and certain separately managed accounts managed by Ikarian Capital (collectively, the "Managed Accounts"), are the record owners of the securities covered by this statement. Ikarian Capital is an investment adviser registered under the Investment Advisers Act of 1940, as amended, and serves as investment manager to the Fund and as sub-adviser to the Managed Accounts, and may be deemed to have beneficial ownership of the securities covered by this statement through the investment discretion it has over the Fund and the Managed Accounts. Ikarian Capital is ultimately controlled, indirectly, by Mr. Shahrestani. Accordingly, Mr. Shahrestani may be deemed to indirectly beneficially own securities beneficially owned by Ikarian Capital. The Fund disclaims beneficial ownership of the shares held by the Managed Accounts. The Managed Accounts disclaim beneficial ownership of the shares held by the Fund.

Each Reporting Person declares that neither the filing of this statement nor anything herein shall be construed as an admission that such person is, for the purposes of Section 13(d) or 13(g) of the Act or any other purpose, the beneficial owner of any securities covered by this statement.

Each Reporting Person may be deemed to be a member of a group with respect to the issuer or securities of the issuer for the purpose of Section 13(d) or 13(g) of the Act. Each of the Reporting Persons declares that neither the filing of this statement nor anything herein shall be construed as an admission that such person is, for the purpose of Section 13(d) or 13(g) of the Act or any other purpose, (i) acting (or has agreed or is agreeing to act together with any other person) as a partnership, limited partnership, syndicate, or other group for the purpose of acquiring, holding, or disposing of securities of the issuer or otherwise with respect to the issuer or any securities of the issuer or (ii) a member of any group with respect to the issuer or any securities of the issuer.

</filingPersonName>
        <principalBusinessOfficeOrResidenceAddress>The address of the principal business office of each of the Reporting Persons is c/o Ikarian Capital, LLC, 100 Crescent Court, Suite 1620, Dallas, Texas 75201.</principalBusinessOfficeOrResidenceAddress>
        <citizenship>See Item 4 on the cover page(s) hereto</citizenship>
      </item2>
      <item3>
        <notApplicableFlag>N</notApplicableFlag>
        <typeOfPersonFiling>IA</typeOfPersonFiling>
        <typeOfPersonFiling>HC</typeOfPersonFiling>
      </item3>
      <item4>
        <amountBeneficiallyOwned>See Item 9 on the cover pages(s) hereto.</amountBeneficiallyOwned>
        <classPercent>See Item 11 on the cover page(s) hereto.</classPercent>
        <numberOfSharesPersonHas>
          <solePowerOrDirectToVote>See Item 5 on the cover page(s) hereto.</solePowerOrDirectToVote>
          <sharedPowerOrDirectToVote>See Item 6 on the cover page(s) hereto.</sharedPowerOrDirectToVote>
          <solePowerOrDirectToDispose>See Item 7 on the cover page(s) hereto.</solePowerOrDirectToDispose>
          <sharedPowerOrDirectToDispose>See Item 8 on the cover page(s) hereto.</sharedPowerOrDirectToDispose>
        </numberOfSharesPersonHas>
      </item4>
      <item5>
        <notApplicableFlag>Y</notApplicableFlag>
      </item5>
      <item6>
        <notApplicableFlag>N</notApplicableFlag>
        <ownershipMoreThan5PercentOnBehalfOfAnotherPerson>The information set forth in Item 2(a) is incorporated by reference herein.</ownershipMoreThan5PercentOnBehalfOfAnotherPerson>
      </item6>
      <item7>
        <notApplicableFlag>Y</notApplicableFlag>
      </item7>
      <item8>
        <notApplicableFlag>Y</notApplicableFlag>
      </item8>
      <item9>
        <notApplicableFlag>Y</notApplicableFlag>
      </item9>
      <item10>
        <notApplicableFlag>N</notApplicableFlag>
        <certifications>By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.</certifications>
      </item10>
    </items>
    <exhibitInfo>A Joint Filing Agreement is incorporated herein by reference to Exhibit 99.1 to the Schedule 13G filed on February 14, 2025 by the Reporting Persons with the SEC.</exhibitInfo>
    <signatureInformation>
      <reportingPersonName>Ikarian Capital, LLC</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Neil Shahrestani</signature>
        <title>Neil Shahrestani, Sole Manager</title>
        <date>05/15/2025</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>Neil Shahrestani</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Neil Shahrestani</signature>
        <title>Neil Shahrestani, Sole Manager</title>
        <date>05/15/2025</date>
      </signatureDetails>
    </signatureInformation>
  </formData>
</edgarSubmission>
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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
