SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 3)

Traws Pharma, Inc.

(Name of Issuer)

Common Stock

(Title of Class of Securities)

68232V884

(CUSIP Number)

OrbiMed Advisors LLC
601 Lexington Avenue, 54th Floor
New York, NY, 10022
(212) 739-6400

OrbiMed Capital GP VIII LLC
601 Lexington Avenue, 54th Floor
New York, NY, 10022
(212) 739-6400

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

04/16/2026

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. Checkbox not checked

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

CUSIP Number(s):

68232V884

Name of reporting person

ORBIMED ADVISORS LLC

Check the appropriate box if a member of a Group (See Instructions)

(a)

(b)

SEC use only

Source of funds (See Instructions)

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

Checkbox not checked

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 1,876,198.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 1,876,198.00

Aggregate amount beneficially owned by each reporting person

1,876,198.00

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

Checkbox not checked

Percent of class represented by amount in Row (11)

11.9 %

Type of Reporting Person (See Instructions)

SCHEDULE 13D

CUSIP Number(s):

68232V884

Name of reporting person

OrbiMed Capital GP VIII LLC

Check the appropriate box if a member of a Group (See Instructions)

(a)

(b)

SEC use only

Source of funds (See Instructions)

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

Checkbox not checked

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 1,876,198.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 1,876,198.00

Aggregate amount beneficially owned by each reporting person

1,876,198.00

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

Checkbox not checked

Percent of class represented by amount in Row (11)

11.9 %

Type of Reporting Person (See Instructions)

SCHEDULE 13D

Item 1.

Security and Issuer

(a)

Title of Class of Securities:

Common Stock

(b)

Name of Issuer:

Traws Pharma, Inc.

(c)

Address of Issuer's Principal Executive Offices:

12 Penns Trail, Newtown, PENNSYLVANIA , 18940.

Item 1 Comment:

This Amendment No. 3 ("Amendment No. 3") to Schedule 13D supplements and amends the Statement on Schedule 13D of OrbiMed Advisors LLC ("OrbiMed Advisors") and OrbiMed Capital GP VIII LLC ("OrbiMed GP") (collectively, the "Reporting Persons") originally filed with the Securities and Exchange Commission (the "SEC") on September 23, 2024, as amended by Amendment No. 1 filed with the SEC on November 6, 2024 and Amendment No. 2 filed with the SEC on January 29, 2025. This Amendment No. 3 is being filed to report certain changes in the Reporting Persons' beneficial ownership of the outstanding Shares of the Issuer as described in Item 3 and Item 5 below.

Item 2.

Identity and Background

(a)

OrbiMed Advisors is a limited liability company organized under the laws of Delaware and a registered investment adviser under the Investment Advisers Act of 1940, as amended. OrbiMed GP is a limited liability company organized under the laws of Delaware. Carl L. Gordon is a United States citizen. Sven H. Borho is a German and Swedish citizen. W. Carter Neild is a United States citizen. Geoffrey C. Hsu is a United States citizen. C. Scotland Stevens is a United States citizen. David P. Bonita is a United States citizen. Peter A. Thompson is a United States citizen. Matthew S. Rizzo is a United States citizen. Mona Ashiya, a United States citizen. Trey Block is a United States citizen.

(b)

601 Lexington Avenue, 54th Floor, New York, New York 10022.

(c)

OrbiMed Advisors is the managing member or general partner of certain entities as more particularly described in Item 6 below. OrbiMed GP is the general partner of a limited partnership as more particularly described in Item 6 below. Carl L. Gordon is a member of OrbiMed Advisors. Sven H. Borho is a member of OrbiMed Advisors. W. Carter Neild is a member of OrbiMed Advisors. Geoffrey C. Hsu is a member of OrbiMed Advisors. C. Scotland Stevens is a member of OrbiMed Advisors. David P. Bonita is a member of OrbiMed Advisors. Peter A. Thompson is a member of OrbiMed Advisors. Matthew S. Rizzo is a member of OrbiMed Advisors. Mona Ashiya is a member of OrbiMed Advisors. Trey Block is the Chief Financial Officer of OrbiMed Advisors.

(d)

Not applicable.

(e)

Not applicable.

(f)

Item 2(a) is incorporated herein by reference.

Item 3.

Source and Amount of Funds or Other Consideration

On December 31, 2024, the Issuer closed an offering (the "Offering") of (i) Class A Units ("Class A Units"), each Class A Unit consisting of one Share or one Pre-Funded Warrant to purchase one Share (a "Pre-Funded Warrant") and one Series A Warrant to purchase one Share (a "2024 Series A Warrant"), and (ii) Class B Units ("Class B Units"), each Class B Unit consisting of one Pre-Funded Warrant. The aggregate purchase price per Share and 2024 Series A Warrant was $5.103 and the aggregate purchase price per Pre-Funded Warrant and 2024 Series A Warrant was $5.093. The Pre-Funded Warrants have an exercise price of $0.01 and will become exercisable upon stockholder approval of the exercise of the Pre-Funded Warrants, in accordance with Nasdaq listing rules. The Pre-Funded Warrants do not expire. The 2024 Series A Warrants have an exercise price of $13.42 and will become exercisable on June 30, 2025; provided however, that the 2024 Series A Warrants may not be exercised prior to the Issuer's receipt of stockholder approval of the exercise of the 2024 Series A Warrants, in accordance with Nasdaq listing rules. The 2024 Series A Warrants expire on the date that is the earlier of (i) December 31, 2029, and (ii) subject to the fulfilment of certain equity conditions, thirty trading days after the last of the following data readouts to occur, as announced by the Issuer: (a) Ferret animal model Bird Flu data, (b) non-human primate Bird Flu data, or (c) Phase 2a Influenza A human clinical data. In connection with the Offering, OrbiMed Private Investments VIII, LP ("OPI VIII"), a limited partnership organized under the laws of Delaware, purchased 96,348 Class A Units for an aggregate purchase price of $490,700. The source of funds for such purchases was the working capital of OPI VIII. On April 15, 2026, the Issuer entered into a securities purchase agreement (the "Purchase Agreement") with certain investors (the "Investors"), pursuant to which the Issuer agreed to issue and sell to the Investors in a private placement (the "Private Placement") an aggregate of (i) 5,982,919 Shares (or, in lieu of Shares, pre-funded warrants to purchase Shares), (ii) Series A warrants to purchase up to 5,982,919 Shares (the "2026 Series A Warrants"), (iii) Series B warrants to purchase up to 5,982,919 Shares (the "Series B Warrants"), and (iv) Series C warrants to purchase up to 17,948,757 Shares (the "Series C Warrants" and, together with the 2026 Series A Warrants and Series B Warrants, the "2026 Warrants"). The price per purchased Share and accompanying 2026 Warrants was $1.6730. The Private Placement closed on April 16, 2026. In connection with the Private Placement, OPI VIII purchased 597,729 Shares, 597,729 2026 Series A Warrants, 597,729 Series B Warrants, and 1,793,187 Series C Warrants. The 2026 Warrants beneficially owned by the Reporting Persons are not presently exercisable.

Item 4.

Purpose of Transaction

The Reporting Persons from time to time intend to review their investment in the Issuer on the basis of various factors, including the Issuer's business, financial condition, results of operations and prospects, general economic and industry conditions, the securities markets in general and those for the Issuer's Shares in particular, as well as other developments and other investment opportunities. Based upon such review, the Reporting Persons will take such actions in the future as the Reporting Persons may deem appropriate in light of the circumstances existing from time to time. If the Reporting Persons believe that further investment in the Issuer is attractive, whether because of the market price of Shares or otherwise, they may acquire Shares or other securities of the Issuer either in the open market or in privately negotiated transactions. Similarly, depending on market and other factors, the Reporting Persons may determine to dispose of some or all of the Shares currently owned by the Reporting Persons or otherwise acquired by the Reporting Persons either in the open market or in privately negotiated transactions. Except as set forth in this Schedule 13D, the Reporting Persons have not formulated any plans or proposals which relate to or would result in: (a) the acquisition by any person of additional securities of the Issuer or the disposition of securities of the Issuer, (b) an extraordinary corporate transaction, such as a merger, reorganization or liquidation, involving the Issuer or any of its subsidiaries, (c) a sale or transfer of a material amount of the assets of the Issuer or any of its subsidiaries, (d) any change in the present Board of Directors or management of the Issuer, including any plans or proposals to change the number or term of directors or to fill any existing vacancies on the board, (e) any material change in the Issuer's capitalization or dividend policy of the Issuer, (f) any other material change in the Issuer's business or corporate structure, (g) any change in the Issuer's charter or bylaws or other instrument corresponding thereto or other action which may impede the acquisition of control of the Issuer by any person, (h) causing a class of the Issuer's securities to be deregistered or delisted from a national securities exchange or to cease to be authorized to be quoted in an inter-dealer quotation system of a registered national securities association, (i) a class of equity securities of the Issuer becoming eligible for termination of registration pursuant to Section 12(g)(4) of the Act or (j) any action similar to any of those enumerated above.

Item 5.

Interest in Securities of the Issuer

(a)

The following disclosure is based upon 15,150,669 outstanding Shares of the Issuer, as set forth in the Issuer's Annual Report on Form 10-K, filed with the SEC on April 30, 2026, and includes an additional 672,938 Shares subject to presently convertible shares of the Issuer's Series C Non-Voting Convertible Preferred Stock ("Series C Preferred Stock"). As of the date of this filing, OPI VIII, a limited partnership organized under the laws of Delaware, holds 1,203,260 Shares constituting approximately 7.9% of the issued and outstanding Shares and beneficially owns an additional 672,938 Shares (on an as-converted basis) subject to presently convertible shares of Series C Preferred Stock, which, together with the Shares held by OPI VIII, constitutes 11.9% of the issued and outstanding Shares. OPI VIII holds 1,682.3473 shares of Series C Preferred Stock, which equates to 672,938 Shares (on an as-converted basis) subject to presently convertible shares of Series C Preferred Stock that are deemed to be beneficially owned for purposes of this Amendment No. 3. Each share of Series C Preferred Stock is convertible into 400 Shares, subject to an issuance limitation that prohibits the holder from converting such shares of Series C Preferred Stock to the extent that after giving effect to the issuance of Shares after such conversion, the holder (together with the holder's affiliates and any other persons acting as a group together with the holder or any of the holder's affiliates) would beneficially own in excess of 19.9% of the Shares outstanding. Additionally, OPI VIII holds 96,348 Pre-Funded Warrants and 96,348 2024 Series A Warrants. OrbiMed GP is the general partner of OPI VIII, pursuant to the terms of the limited partnership agreement of OPI VIII, and OrbiMed Advisors is the managing member of OrbiMed GP, pursuant to the terms of the limited liability company agreement of OrbiMed GP. As a result, OrbiMed Advisors and OrbiMed GP share power to direct the vote and disposition of the Shares held by OPI VIII and may be deemed directly or indirectly, including by reason of their mutual affiliation, to be the beneficial owners of the Shares, Pre-Funded Warrants, 2024 Series A Warrants, 2026 Series A Warrants, Series B Warrants, Series C Warrants and Series C Preferred Stock held by OPI VIII. OrbiMed Advisors exercises this investment and voting power through a management committee comprised of Carl L. Gordon, Sven H. Borho, and W. Carter Neild, each of whom disclaims beneficial ownership of the Shares, Pre-Funded Warrants, 2024 Series A Warrants, 2026 Series A Warrants, Series B Warrants, Series C Warrants and Series C Preferred Stock held by OPI VIII.

(b)

Item 5(a) is incorporated by reference herein.

(c)

Except as disclosed in Item 3, the Reporting Persons have not effected any transactions during the past sixty (60) days.

(d)

Not applicable.

(e)

Not applicable.

Item 6.

Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer

In addition to the relationships between the Reporting Persons described in Items 2 and 5 above, OrbiMed GP is the general partner of OPI VIII, pursuant to the terms of the limited partnership agreement of OPI VIII. Pursuant to this agreement and relationship, OrbiMed GP has discretionary investment management authority with respect to the assets of OPI VIII. Such authority includes the power to vote and otherwise dispose of securities held by OPI VIII. The number of outstanding Shares attributable to OPI VIII is 1,876,198 Shares, which includes 672,938 Shares (on an as-converted basis) subject to presently convertible shares of Series C Preferred Stock and excludes 96,348 Pre-Funded Warrants, 96,348 2024 Series A Warrants, and 2,988,645 2026 Warrants. OrbiMed GP, pursuant to its authority under the limited partnership agreement of OPI VIII, may be considered to hold indirectly 1,876,198 Shares. In addition to the relationships between the Reporting Persons described in Items 2 and 5 above, OrbiMed Advisors is the managing member of OrbiMed GP, pursuant to the terms of the limited liability company agreement of OrbiMed GP. Pursuant to these agreements and relationships, OrbiMed Advisors and OrbiMed GP have discretionary investment management authority with respect to the assets of OPI VIII. Such authority includes the power of OrbiMed GP to vote and otherwise dispose of securities held by OPI VIII. The number of outstanding Shares attributable to OPI VIII is 1,876,198 Shares, which includes 672,938 Shares (on an as-converted basis) subject to presently convertible shares of Series C Preferred Stock and excludes 96,348 Pre-Funded Warrants, 96,348 2024 Series A Warrants, and 2,988,645 2026 Warrants. OrbiMed Advisors, pursuant to its authority under the terms of the limited liability company agreement of OrbiMed GP, may also be considered to hold indirectly 1,876,198 Shares. Support Agreement In connection with the Offering, OPI VIII and certain other stockholders of the Issuer entered into support agreements with the Issuer (the "Support Agreement") whereby the stockholders agreed to vote their Shares outstanding as of the date of the Offering in favor of (i) the issuance of more than 19.99% of the Issuer's outstanding Shares upon exercise of the 2024 Series A Warrants and Pre-Funded Warrants and (ii) the issuance of Shares to certain insiders of the Issuer upon exercise of the 2024 Series A Warrants and Pre-Funded Warrants, each in accordance with the listing rules of Nasdaq. Registration Rights Agreement In connection with the Private Placement, the Issuer entered into a registration rights agreement (the "Registration Rights Agreement") with the Investors, including OPI VIII, pursuant to which the Issuer agreed that, within 30 days following April 16, 2026, the Issuer will file with the SEC a registration statement registering the resale of the purchased Shares and Shares issuable upon the exercise of the 2026 Warrants. The foregoing description of the Support Agreement and the Registration Rights Agreement do not purport to be complete and are qualified in their entirety by reference to the full texts of each of the Support Agreement and Registration Rights Agreement, which are filed as Exhibits 2 and 3 and incorporated herein by reference.

Item 7.

Material to be Filed as Exhibits.

Exhibit Description 1. Joint Filing Agreement among OrbiMed Advisors LLC and OrbiMed Capital GP VIII LLC. 2. Form of Stockholder Support Agreement (incorporated by reference to Exhibit 10.2 to the Issuer's Current Report on Form 8-K, filed with the SEC on December 31, 2024). 3. Form of Registration Rights Agreement (incorporated by reference to Exhibit 10.2 to the Issuer's Current Report on Form 8-K (File No. 001-36020) filed with the SEC on April 15, 2026. 4. Form of Series A Warrant (incorporated by reference to Exhibit 4.2 to the Issuer's Current Report on Form 8-K (File No. 001-36020) filed with the SEC on April 15, 2026. 5. Form of Series B Warrant (incorporated by reference to Exhibit 4.3 to the Issuer's Current Report on Form 8-K (File No. 001-36020) filed with the SEC on April 15, 2026. 6. Form of Series C Warrant (incorporated by reference to Exhibit 4.4 to the Issuer's Current Report on Form 8-K (File No. 001-36020) filed with the SEC on April 15, 2026.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

ORBIMED ADVISORS LLC

Signature:	/s/ Carl L. Gordon
Name/Title:	Carl L. Gordon/Member
Date:	05/05/2026

OrbiMed Capital GP VIII LLC

Signature:	/s/ Carl L. Gordon
Name/Title:	Carl L. Gordon/Member of OrbiMed Advisors LLC
Date:	05/05/2026

Amendment: SEC Form SCHEDULE 13D/A filed by Traws Pharma Inc.