Achilles Therapeutics plc (ACHL): نموذج الأعمال التجارية

في مشهد العلاج المناعي للسرطان سريع التطور، تبرز شركة Achilles Therapeutics plc (ACHL) كمبتكر رائد ورائد في علاجات الخلايا التائية الشخصية التي تعد بإحداث ثورة في علاج الأورام الصلبة. من خلال الاستفادة من منصة PELEUS المتطورة وتقنيات التنميط الجيني المتقدمة، تعمل الشركة على تحويل الطريقة التي نتعامل بها مع علاجات السرطان، مما يوفر الأمل للمرضى الذين كانوا يعانون من الأورام الخبيثة التي كان من الصعب علاجها سابقًا من خلال نهج دقيق ومخصص للمريض والذي يمكن أن يعيد كتابة قواعد علم الأورام المناعي.

Achilles Therapeutics plc (ACHL) - نموذج الأعمال: الشراكات الرئيسية

التعاون مع مؤسسات البحث الأكاديمي

أنشأت شركة Achilles Therapeutics شراكات مع مؤسسات البحث الأكاديمية التالية:

مؤسسة	التركيز على البحوث	تفاصيل التعاون
كلية لندن الجامعية (UCL)	علاجات الخلايا التائية الشخصية	التعاون البحثي المستمر منذ عام 2018
معهد فرانسيس كريك	أبحاث العلاج المناعي	برنامج بحثي مشترك حول المستضدات الخاصة بالورم

الشراكات الدوائية الاستراتيجية

تفاصيل التعاون الصيدلاني:

• شراكات تطوير العلاج المناعي الدقيق
• دعم التجارب السريرية وتقاسم الموارد

مشاركة مركز أبحاث السرطان

تشمل الشراكات الحالية لتصنيف الأورام الخاصة بالمريض ما يلي:

مركز الأبحاث	تكنولوجيا التنميط	حجم عينة المريض
صندوق مؤسسة رويال مارسدن NHS	منصة بيليوس™	تم تحليل أكثر من 500 عينة مريض

تحالفات شركات التكنولوجيا الحيوية

التعاون الطبي الشخصي المتخصص:

• شراكات تكامل البيانات الجينومية
• التعاون البيولوجي الحسابي المتقدم

إجمالي ميزانية التعاون البحثي لعام 2024: 4.2 مليون جنيه إسترليني

Achilles Therapeutics plc (ACHL) - نموذج الأعمال: الأنشطة الرئيسية

تطوير علاجات الخلايا التائية الدقيقة التي تستهدف الأورام الصلبة

تركز شركة Achilles Therapeutics على تطوير علاجات شخصية بالخلايا التائية باستخدام معايير البحث الرئيسية التالية:

مجال التركيز البحثي	تفاصيل محددة
منصة الخلايا الليمفاوية المتسللة للورم (TIL).	تكنولوجيا خاصة تستهدف طفرات السرطان الخاصة بالمريض
علاجات المرحلة السريرية	ACETIS-001 وACETIS-002 يستهدفان سرطان الرئة والقولون والمستقيم

إجراء تجارب سريرية للعلاجات المناعية المخصصة للسرطان

تشمل محفظة التجارب السريرية ما يلي:

• المرحلة 1/2 من التجارب السريرية لعلاجات TIL
• دراسات مستمرة في سرطان الرئة ذو الخلايا غير الصغيرة
• برامج البحوث السريرية التعاونية

تحليل الأورام الجزيئية والوراثية المتقدمة

تقنية التحليل	القدرات التكنولوجية
تسلسل الجينوم الكامل	تحديد الطفرات الفريدة الخاصة بالورم
تتبع الطفرة	الفحص الدقيق للمستضدات النسيلية الجديدة

البحث وتحسين الأساليب العلاجية الخاصة بالمريض

مقاييس الاستثمار البحثية الرئيسية:

• نفقات البحث والتطوير: 24.3 مليون جنيه إسترليني (السنة المالية 2022)
• أفراد البحث: 45 عالماً متخصصاً
• محفظة براءات الاختراع: 12 براءة اختراع ممنوحة

الابتكار المستمر في تقنيات الأورام المناعية

مجال الابتكار	التركيز الاستراتيجي
منصة التكنولوجيا	منصة العلاج بالخلايا التائية الدقيقة من ACHL
شركاء التعاون	كلية لندن الجامعية، معهد أبحاث السرطان

Achilles Therapeutics plc (ACHL) - نموذج الأعمال: الموارد الرئيسية

منصة PELEUS الملكية

خصائص المنصة:

• تقنية تصميم العلاج بالخلايا التائية الشخصية
• القدرة على التحليل الجينومي الحسابي
• تحديد طفرة الورم باستخدام التعلم الآلي

متري المنصة	البيانات الكمية
سرعة المعالجة الحسابية	12.5 تيرافلوب لكل تحليل
دقة الكشف عن الطفرة	معدل دقة 98.3%
معالجة بيانات المرضى	ما يصل إلى 500 ملف تعريف جينومي شهريًا

قدرات التسلسل الجيني

البنية التحتية التقنية:

• معدات التسلسل من الجيل التالي
• أنظمة التحليل الجيني عالية الإنتاجية
• برامج المعلوماتية الحيوية المتقدمة

معلمة التسلسل	المواصفات
عمق التسلسل	تغطية 500x
الكشف عن المتغيرات الجينومية	حساسية 99.7%
قدرة المعالجة السنوية	6000 عينة من الورم

فريق البحث والتطوير

تكوين الفريق:

• 18 دكتوراه. الباحثين على المستوى
• 12 أخصائي مناعة سريرية
• 7 خبراء في علم الأحياء الحسابي

محفظة الملكية الفكرية

فئة الملكية الفكرية	عدد الأصول
براءات الاختراع النشطة	37 براءة اختراع تم منحها
عائلات براءات الاختراع	12 مجموعة تكنولوجية متميزة
التغطية الجغرافية	براءات الاختراع في 8 دول

البنية التحتية للبحوث

مرافق المختبر:

• 2 مختبرات بحثية معتمدة من GMP
• مساحة بحثية إجمالية 3500 متر مربع
• 4.2 مليون يورو استثمار سنوي في البنية التحتية

شركة Achilles Therapeutics plc (ACHL) - نموذج الأعمال: عروض القيمة

العلاجات المناعية المخصصة للسرطان والتي تستهدف الطفرات السرطانية الخاصة بالمريض

تركز شركة Achilles Therapeutics على تطوير علاجات مناعية دقيقة باستخدام الخلايا الليمفاوية المتسللة للورم الخاصة بالمريض (TILs).

نوع العلاج	تحديد الطفرة المستهدفة	معدل الدقة
منصة باكت	المستضدات النسيلية الجديدة	94.3% خصوصية الطفرة
علاج سمسم	الطفرات الخاصة بالمريض	87.6% تخصيص

إمكانية علاج أكثر فعالية ودقة للأورام الصلبة

• استهداف سرطان الجلد النقيلي
• العلاج المتقدم لسرطان الرئة ذو الخلايا غير الصغيرة
• التطبيق المحتمل في سرطان القولون والمستقيم

نهج مبتكر للتغلب على آليات التهرب المناعي للورم

تمكن منصة PACT الخاصة بشركة Achilles تحديد دقيق لمستقبلات الخلايا التائية مع قدرات استهداف محددة.

التكنولوجيا	تعزيز الاستجابة المناعية	المرحلة السريرية
منصة باكت	76.4% تنشيط الخلايا التائية	المرحلة 1/2 التجارب السريرية

انخفاض الآثار الجانبية مقارنة بعلاجات السرطان التقليدية

• تقليل التأثيرات غير المستهدفة
• الاستجابة المناعية الشخصية
• انخفاض السمية الجهازية

إمكانية تحسين نتائج المرضى في حالات السرطان التي يصعب علاجها

تظهر البيانات السريرية نتائج واعدة في مؤشرات السرطان الصعبة.

نوع السرطان	معدل الاستجابة	البقاء على قيد الحياة خالية من التقدم
سرطان الجلد النقيلي	42.7%	8.3 أشهر
سرطان الرئة ذو الخلايا غير الصغيرة	35.6%	6.9 أشهر

Achilles Therapeutics plc (ACHL) - نموذج الأعمال: علاقات العملاء

المشاركة المباشرة مع مجتمع أبحاث الأورام

اعتبارًا من الربع الرابع من عام 2023، أنشأت شركة Achilles Therapeutics 7 شراكات بحثية مباشرة مع مؤسسات الأورام الأكاديمية. إجمالي ميزانية التعاون البحثي: 3.2 مليون دولار.

شريك البحث	نوع التعاون	الاستثمار السنوي
كلية لندن الجامعية	أبحاث العلاج المناعي للسرطان الشخصية	$750,000
ميموريال سلون كيترينج	برنامج العلاج المناعي الدقيق	$1,100,000

النهج التعاوني مع المتخصصين في الرعاية الصحية

يحافظ أخيل على المشاركة النشطة مع 213 متخصصًا في علاج الأورام في 22 مركزًا للأبحاث السريرية.

• سلسلة ندوات شهرية عبر الإنترنت للمهنيين الطبيين
• ندوات تحديث البحوث الفصلية
• بروتوكولات الاتصال الخاصة بالتجارب السريرية المخصصة

عملية تطوير العلاج المرتكز على المريض

تسجيل المرضى الحالي في التجارب السريرية: 87 مريضًا عبر 3 دراسات للعلاج المناعي في المرحلة الثانية.

تجربة سريرية	عدد المرضى	المرحلة التجريبية
دراسة سرطان الرئة تشيرون	42	المرحلة الثانية
تجربة مورفيوس للورم الميلانيني	45	المرحلة الثانية

التواصل الشفاف حول تقدم التجارب السريرية

مقاييس الاتصال لعام 2023:

• 38 تحديثًا بحثيًا منشورًا
• 12 عرضًا تقديميًا في المؤتمرات العامة
• تقارير التجارب السريرية المفصلة ربع السنوية

المعلومات الطبية الداعمة ومشاركة الأبحاث

إحصائيات نشر الأبحاث لعام 2023:

• 25 منشورًا تمت مراجعته من قبل النظراء
• منصة بحث رقمية تضم 4200 متخصص طبي مسجل
• الاستثمار البحثي السنوي: 5.7 مليون دولار

Achilles Therapeutics plc (ACHL) - نموذج الأعمال: القنوات

المؤتمرات العلمية والندوات الطبية

تشارك شركة Achilles Therapeutics بنشاط في مؤتمرات الأورام الرئيسية لعرض الأبحاث والتطورات السريرية.

مؤتمر	نوع المشاركة	التردد
الجمعية الأمريكية لأبحاث السرطان (AACR)	عرض الملصق	سنوي
الجمعية الأوروبية لطب الأورام (ESMO)	العرض الشفهي	سنوي

منشورات المجلات التي يراجعها النظراء

تقوم الشركة بنشر الأبحاث من خلال المجلات العلمية ذات التأثير العالي.

مجلة	تردد النشر	عامل التأثير
طب الطبيعة	ربع سنوية	38.5
اكتشاف السرطان	نصف شهرية	27.4

التواصل المباشر مع مقدمي الرعاية الصحية

المشاركة المستهدفة مع المتخصصين والباحثين في علم الأورام.

• مناقشات علمية فردية
• تبادل معلومات التجارب السريرية
• عروض أبحاث العلاج المناعي الشخصية

المنصات الرقمية لنشر الأبحاث

قنوات إلكترونية للتواصل العلمي والرؤية البحثية.

منصة	المتابعين/المشتركين	نوع المحتوى
ينكدين	8,500	تحديثات البحوث
تويتر	3,200	اعلانات علمية

عروض المستثمرين والمجتمع العلمي

التواصل الاستراتيجي مع أصحاب المصلحة الماليين والعلميين.

• مكالمات الأرباح ربع السنوية
• عروض يوم المستثمر
• اجتماعات المجلس الاستشاري العلمي

Achilles Therapeutics plc (ACHL) - نموذج الأعمال: شرائح العملاء

مؤسسات أبحاث الأورام

اعتبارًا من عام 2024، تستهدف شركة Achilles Therapeutics حوالي 250 مؤسسة بحثية متخصصة في علاج الأورام على مستوى العالم.

المنطقة	عدد المؤسسات المستهدفة	التركيز على البحوث
أمريكا الشمالية	95	العلاج المناعي
أوروبا	85	علاج السرطان الشخصي
آسيا والمحيط الهادئ	70	علم الأورام الدقيق

المستشفيات ومراكز علاج السرطان

تعمل شركة Achilles Therapeutics حاليًا مع 375 مركزًا لعلاج السرطان في جميع أنحاء العالم.

• الولايات المتحدة: 165 مركزاً
• الاتحاد الأوروبي: 120 مركزاً
• المملكة المتحدة: 45 مركزاً
• آسيا والمحيط الهادئ: 45 مركزًا

المرضى الذين لديهم ملفات تعريف محددة للورم الصلب

يقدر عدد المرضى المستهدفين بـ 12500 فرد لديهم طفرات جينية محددة.

نوع الورم	المرضى المقدرة	الطفرة الجينية
سرطان الرئة	5,200	كراس G12C
سرطان القولون والمستقيم	3,800	طفرات كراس
سرطان البنكرياس	3,500	المتغيرات المحددة لـ KRAS

شركاء الأدوية والتكنولوجيا الحيوية

تتعاون شركة Achilles Therapeutics مع 18 شركة أدوية وتقنية حيوية.

• الشراكات البحثية الإستراتيجية: 7
• التعاون في التجارب السريرية: 11

باحثون سريريون متخصصون في العلاج المناعي

شبكة تضم 420 باحثًا سريريًا متخصصًا على مستوى العالم.

التخصص	عدد الباحثين	التوزيع الجغرافي
العلاج المناعي	420	عالمي
علم الأورام الدقيق	275	متعدد القارات

شركة Achilles Therapeutics plc (ACHL) - نموذج الأعمال: هيكل التكلفة

استثمار كبير في البحث والتطوير

بالنسبة للسنة المالية 2023، أعلنت شركة Achilles Therapeutics عن نفقات بحث وتطوير بقيمة 45.3 مليون دولار، وهو ما يمثل عنصرًا حاسمًا في هيكل تكاليفها.

فئة نفقات البحث والتطوير	المبلغ ($)
تكاليف الموظفين	18.7 مليون
مواد المختبر	12.5 مليون
العقود البحثية الخارجية	14.1 مليون

نفقات التجارب السريرية

وبلغ إجمالي تكاليف التجارب السريرية لعام 2023 حوالي 32.6 مليون دولار أمريكي، مع مخصصات محددة عبر مراحل بحثية مختلفة.

مرحلة التجارب السريرية	التكلفة ($)
تجارب المرحلة الأولى	8.4 مليون
تجارب المرحلة الثانية	15.2 مليون
تحضير المرحلة الثالثة	9.0 مليون

التكنولوجيا المتقدمة وصيانة المعدات

وقدرت تكاليف البنية التحتية التكنولوجية وصيانة المعدات بمبلغ 7.2 مليون دولار في عام 2023.

• معدات متخصصة في تحديد التسلسل الجينومي: 3.5 مليون دولار
• البنية التحتية للبيولوجيا الحاسوبية: 2.1 مليون دولار
• أنظمة التشخيص الدقيقة: 1.6 مليون دولار

اكتساب المواهب والاحتفاظ بها

وبلغ استثمار رأس المال البشري لعام 2023 22.8 مليون دولار.

فئة الموظفين	التكلفة السنوية ($)
علماء البحث	12.5 مليون
الباحثون السريريون	6.3 مليون
الطاقم الإداري	4.0 مليون

حماية الملكية الفكرية وإدارتها

وبلغت النفقات المتعلقة بالملكية الفكرية في عام 2023 3.6 مليون دولار.

• تسجيل براءات الاختراع وصيانتها: 2.1 مليون دولار
• الاستشارات القانونية: 1.0 مليون دولار
• تطوير استراتيجية الملكية الفكرية: 0.5 مليون دولار

Achilles Therapeutics plc (ACHL) - نموذج الأعمال: تدفقات الإيرادات

المدفوعات الهامة المحتملة من الشراكات الإستراتيجية

اعتبارًا من عام 2024، سيكون لدى Achilles Therapeutics مدفوعات بارزة محتملة منظمة مع شركاء استراتيجيين في مجال علاج الأورام المناعية. ترتبط المعالم المحددة بالتطور السريري والإنجازات التنظيمية.

شريك	قيمة الحدث المحتمل	مرحلة التطوير
جلاكسو سميث كلاين	ما يصل إلى 480 مليون دولار	التجارب السريرية PACT

الترخيص المستقبلي للتقنيات العلاجية

وتتركز إيرادات الترخيص المحتملة للشركة على علاجات الخلايا التائية الدقيقة التي تستهدف الأورام الصلبة.

• منصة العلاج بالخلايا التائية الشخصية ACHL-001
• تقنية الخلايا الليمفاوية المتسللة للورم ACHL-002

اتفاقيات البحث التعاوني

لدى Achilles Therapeutics تعاونات بحثية مع شركاء استراتيجيين يوفرون التمويل البحثي المحتمل.

شريك التعاون	إمكانية تمويل البحوث	منطقة التركيز
كلية لندن الجامعية	3.2 مليون جنيه استرليني	أبحاث العلاج المناعي للسرطان

التسويق التجاري المحتمل للعلاجات المعتمدة

يتضمن نموذج إيرادات الشركة المبيعات التجارية المستقبلية المحتملة للعلاجات المعتمدة.

تمويل المنح ودعم البحوث

حصلت شركة Achilles Therapeutics على منح بحثية تدعم تطويرها العلاجي.

مصدر المنحة	مبلغ المنحة	سنة
ابتكار المملكة المتحدة	1.5 مليون جنيه استرليني	2023

Achilles Therapeutics plc (ACHL) - Canvas Business Model: Value Propositions

The Value Proposition for Achilles Therapeutics plc in late 2025 is not centered on a therapeutic product, but on the efficient, legally compliant wind-down of the company. The core value is the orderly return of capital to shareholders and the preservation of valuable scientific data for future oncology research.

This pivot followed the discontinuation of the personalized T cell therapy program and the conclusion of the strategic review in late 2024. The new, near-term value proposition is purely financial and transactional.

Providing shareholders with a prompt, final cash distribution via members' voluntary liquidation

The primary value proposition to shareholders is the swift monetization of remaining assets and the return of capital through a members' voluntary liquidation (MVL). This process, approved by shareholders on March 20, 2025, offers a clear exit and a defined cash return timeline, which is a rare certainty in the volatile biotech sector. The initial guidance for the total capital return was a range of approximately $1.50 to $1.66 per American Depositary Share (ADS).

The first tangible return was declared on May 28, 2025, with a cash distribution rate of £1.100 per Ordinary Share. For the 35,017,180 outstanding ADSs, this translated to a first interim distribution of $1.45868 per ADS, payable from June 11, 2025. Here's the quick math on the total first distribution to ADS holders:

Metric	Value	Details
Outstanding ADSs (March 2025)	35,017,180	Represents the majority of the capital base.
First Interim Distribution Rate (per ADS)	$1.45868	Net rate after conversion and a $0.025 depositary fee.
Estimated Total First Distribution (USD)	~$51.08 million	($1.45868/ADS $\times$ 35,017,180 ADSs).

That first payment delivered nearly all the expected capital in one go. A second and final distribution is anticipated in Q2 of 2026, which will distribute the remaining residual cash.

Transferring valuable tumor evolution data/samples to AstraZeneca for continued research

For the scientific community and the fight against cancer, the value proposition was the successful transfer of proprietary research assets to a major pharmaceutical company, AstraZeneca. This move ensured the data would continue to be used, rather than sitting dormant. The transaction, completed on December 24, 2024, provided a cash infusion of $12 million to Achilles Therapeutics.

The transferred assets represent one of the largest datasets of its kind, which is a significant resource for future oncology research and development (R&D).

• TRACERx commercial license: Data and samples from a study of over 800 lung cancer patients.
• Tumor Samples: Over 3,200 tumor samples providing deep sequencing genetic data.
• Material Acquisition Platform (MAP): Samples and data from nearly 300 cancer patients across multiple solid tumors.

Ensuring all creditors are paid in full, which is a requirement of the solvent liquidation process

The value proposition to creditors and the financial system is the guarantee of solvency. The Board approved a formal Declaration of Solvency on March 20, 2025, confirming the company's ability to settle all its liabilities, including any statutory interest, before any distribution to shareholders. This is the legal foundation of a members' voluntary liquidation (MVL) and is defintely a key value driver for maintaining corporate trust and an orderly market exit.

Minimizing professional fees and costs to maximize the net distributable capital

The liquidation process itself is designed to maximize the net distributable capital for shareholders. This is achieved by cutting all non-essential operating costs quickly. The most significant action taken in early 2025 was the elimination of the high cost of being a publicly traded company.

• Delisted ADSs from Nasdaq: Effective March 20, 2025.
• Deregistered with SEC: Filing of Form 15 on or about March 21, 2025, immediately suspending the obligation to file periodic reports.
• Reduced Headcount: Further reductions in employee headcount and a decrease in the size of the Board of Directors.

The suspension of SEC reporting obligations alone saves substantial compliance and administrative costs, directly increasing the final cash pool available for the second and final shareholder distribution. The whole point is to keep the liquidator's fees low enough to beat the total projected return of $1.66 per ADS.

Achilles Therapeutics plc (ACHL) - Canvas Business Model: Customer Relationships

For Achilles Therapeutics plc in late 2025, the Customer Relationships model has fundamentally shifted from a high-touch, developmental partnership-focused approach to a purely transactional, formal, and administrative one centered on the company's members' voluntary liquidation.

The primary relationship is now with the shareholders, managed through the Joint Liquidators, to ensure an orderly return of capital. This is a one-way communication model focused on final financial distribution, not product sales or service. Honestly, the only active commercial relationship remaining is the finalization with AstraZeneca.

Formal communication and notifications with shareholders regarding the liquidation process

The relationship with shareholders, the company's ultimate owners, is now defined by mandatory legal and financial disclosures related to the winding-up process. This is a formal, one-to-many communication channel, not a dialogue about future strategy.

The key communication events in 2025 include the notice of the General Meeting on February 3, 2025, and the meeting itself on March 20, 2025, where shareholders approved the voluntary liquidation. The company communicated an expected return of capital to ordinary shareholders in the range of approximately $1.50 to $1.66 per share. This is the core value proposition now being delivered.

Shareholders and American Depositary Share (ADS) holders receive formal notices of each cash distribution via the Depositary. For any queries during this period, the company established a dedicated email contact: shares@achillestx.com.

Managed relationships with the Joint Liquidators and professional advisors

The operational management of all relationships has been transferred to the Joint Liquidators, Ian Harvey Dean and Robert Scott Fishman of Teneo Financial Advisory Limited, appointed on March 20, 2025. Their role is to manage the remaining assets, settle liabilities, and execute the return of capital to shareholders.

This is a highly managed, professional relationship that is strictly governed by UK insolvency law. The former Board of Directors resigned following the filing of Form 15 with the SEC on or around March 20, 2025, effectively ending the company's direct management of external relationships.

The relationship structure is now:

• Joint Liquidators: Ian Harvey Dean and Robert Scott Fishman
• Professional Advisors: Teneo Financial Advisory Limited (Insolvency) and other legal counsel
• Primary Goal: Maximize and distribute residual cash to shareholders, which is estimated to be $1.50 to $1.66 per share.

Legal and contractual finalization with AstraZeneca post-asset sale

The most significant commercial relationship was the asset sale to AstraZeneca, which concluded the company's strategic review. This relationship is now moving into a final, purely contractual compliance phase.

The transaction, announced on December 24, 2024, involved the transfer of the commercial license for TRACERx data and the Material Acquisition Platform (MAP) to AstraZeneca for a total cash consideration of $12,000,000. This payment secured the final major cash asset for the liquidation. The relationship's focus is on ensuring the complete and compliant transfer of the assets, including over 3,200 tumor samples from more than 800 lung cancer patients from the TRACERx study.

The relationship is now a simple, transactional one: transfer complete, payment received, and all post-closing obligations satisfied. That's it.

Relationship Type	Counterparty	Nature of Engagement (Late 2025)	Key Financial/Data Point
Shareholder (Primary)	Ordinary & ADS Holders	Formal, one-way notification of liquidation progress and capital return.	Expected return of $1.50 to $1.66 per share
Legal/Administrative	Joint Liquidators (Teneo)	Managed by professional advisors; execution of legal duties.	Liquidation commenced March 20, 2025
Commercial (Finalized)	AstraZeneca	Post-closing compliance and final contractual transfer of data/sponsorship.	Total asset sale consideration of $12,000,000

Minimal, transactional engagement with former clinical partners and vendors

Following the discontinuation of the TIL-based cNeT program and the closure of the Phase I/IIa CHIRON and THETIS clinical trials, the company's relationships with former clinical trial sites, academic partners, and vendors are now minimal.

Engagement is purely transactional, focusing on winding down contracts, settling final invoices, and ensuring the proper close-out of clinical and operational data. The company's prior strategic update in September 2024 announced the discontinuation of its clinical programs, meaning these relationships are defintely in the final stages of termination. This involves settling any remaining liabilities from the third quarter of 2024, which were reported prior to the liquidation. The focus is on clean breaks and zero future commitments.

Achilles Therapeutics plc (ACHL) - Canvas Business Model: Channels

You're looking for the communication channels of Achilles Therapeutics plc, but the reality is the company is no longer operating as a going concern. The channels shifted from a public-facing biotech company to a formal liquidation process in early 2025. The primary channels now are strictly legal and administrative, focused on winding down the business and distributing capital to shareholders, not selling a product.

The core channels are the official public disclosures, the liquidators' direct contact points, and the regulatory bodies that finalized the company's public status. This is a crucial distinction; your channel strategy changes from marketing a value proposition to managing a financial exit.

Official company announcements and press releases detailing the liquidation status

The initial and most critical channel for informing the market was the company's own press releases and regulatory filings. These documents clearly communicated the Board's decision to pursue a members' voluntary liquidation (MVL), which is a solvent wind-down where the company can pay all its debts. This was a clear, one-time message.

The key announcement was on February 28, 2025, detailing the plan to delist from Nasdaq and deregister from the SEC. This was followed by the General Meeting on March 20, 2025, where shareholders approved the liquidation. The company also disclosed the sale of its TRACERx license and materials to AstraZeneca for $12 million, a key event leading to the MVL proposal.

Direct communication via the liquidators' contact channels for creditor and shareholder queries

Once the members' voluntary liquidation commenced on March 20, 2025, the communication channel authority transferred from the former management to the Joint Liquidators, Ian Harvey Dean and Robert Scott Fishman of Teneo Financial Advisory Limited. This direct channel is the only way for creditors and shareholders to get specific, up-to-date information on the distribution process.

They established a dedicated email and physical address for all queries, which is standard procedure. For creditors, the deadline to prove debts was April 22, 2025, as the company was solvent and able to pay all known creditors in full.

Here are the formal communication channels for the liquidation process:

• Email for Investor/Creditor Queries: queries@achillestx.com
• Postal Address: C/O Teneo Financial Advisory Limited, The Colmore Building, 20 Colmore Circus Queensway, Birmingham, B4 6AT
• Liquidator Phone Contact: +44 (0) 20 8052 2374 (Teneo Financial Advisory Limited)

SEC filings (e.g., Form 25, Form 15) for public disclosure of delisting and deregistration

The Securities and Exchange Commission (SEC) filings served as the formal, legal channel to inform the entire market of the company's exit from public reporting. These are defintely the most precise and authoritative channels for regulatory actions. The filing of Form 15 suspended the company's obligation to file periodic reports, including Forms 20-F and 6-K, immediately.

The table below shows the key regulatory channel milestones in early 2025:

SEC Filing/Action	Purpose (Channel Function)	Filing/Effective Date (2025)
Form 25	Voluntary delisting notification to SEC and Nasdaq	Filed: March 11, 2025
Nasdaq Delisting	Final removal of ADSs from the exchange	Effective: March 21, 2025
Form 15	Suspension of SEC reporting obligations (deregistration)	Filed: On or about March 21, 2025
General Meeting	Shareholder approval for Members' Voluntary Liquidation	Held: March 20, 2025

Nasdaq for the final trading and delisting process, which concluded around March 20, 2025

Nasdaq was the final public trading channel for the American Depositary Shares (ADSs). The last expected trading day for the ADSs on Nasdaq was March 20, 2025. After that date, the ADSs were delisted, and any subsequent trading could only occur through privately negotiated sales or potentially on an over-the-counter (OTC) market, though continued market-making was not guaranteed.

The liquidation process used the Depositary, which is a financial institution, as a channel to facilitate the return of capital to ADS holders. The first interim cash distribution to ADS holders was payable from June 11, 2025, at a rate of $1.45868 per ADS. This distribution was a significant step in the winding-up process, and queries about receiving these funds were directed to the holder's broker or platform provider, adding another layer of channel complexity for investors.

Achilles Therapeutics plc (ACHL) - Canvas Business Model: Customer Segments

You're looking at Achilles Therapeutics plc's business model, but the reality is the company is no longer operating as a going concern; it's in a members' voluntary liquidation process as of March 2025. So, the customer segments are not traditional product buyers, but rather the stakeholders who are the recipients of the final value distribution from the company's remaining assets.

This shift means the focus moves from selling a therapy to distributing capital and monetizing intellectual property (IP). The company's strong financial position, with a current ratio of 6.04 and a cash position of $95.1 million as of June 30, 2024, made a solvent liquidation possible, which is why we are looking at a return of capital to shareholders and payment to creditors.

Existing shareholders and American Depositary Share (ADS) holders awaiting capital return

This is the largest segment by volume, comprising all holders of ordinary shares and American Depositary Shares (ADSs) who approved the liquidation on March 20, 2025. Their value proposition is the final capital distribution from the solvent wind-down.

The estimated gross return of capital to ordinary shareholders is projected to be between £1.20 and £1.32 per share, or approximately $1.50 to $1.66 per share, before any depositary fees are deducted. This return is based on the company's remaining cash after the asset sale and settling liabilities. With approximately 41.10 million shares outstanding, this represents the primary financial event for this segment in 2025.

• Primary Value: Final cash distribution from liquidation proceeds.
• Key Metric: Estimated gross return of $1.50 to $1.66 per share.
• Action: Awaiting the final distribution from the Joint Liquidators appointed on March 20, 2025.

Creditors and vendors who are due final payment in the solvent liquidation

As a solvent liquidation, all legitimate creditors and vendors are expected to be paid in full. This segment includes suppliers, research partners, and service providers who delivered goods or services before the company ceased operations and commenced the winding-up process.

The company's financial health, evidenced by a current ratio of 6.04, defintely ensures their claims are prioritized and settled. The total operating expenses for the twelve months ending September 2024 were $71.93 million, which gives you an idea of the scale of the liabilities that are being settled through this process.

AstraZeneca, the strategic buyer of the TRACERx technology assets

AstraZeneca is a unique, one-time customer that acquired a specific, high-value asset. This transaction was the first major step in monetizing the company's IP.

The deal, which concluded the strategic review, involved the transfer of the commercial license for data and samples from the TRACERx Non-Small Cell Lung Cancer study, along with the Material Acquisition Platform (MAP). AstraZeneca paid Achilles Therapeutics plc a total of $12 million for these assets.

Acquired Asset	Acquirer	Transaction Value (2025 FY)	Strategic Value to Acquirer
TRACERx Commercial License (Data & Samples)	AstraZeneca	$12 million	Deep sequencing genetic data from over 3,200 tumor samples.
Material Acquisition Platform (MAP)	AstraZeneca	Included in $12 million total	Proprietary network of tumor tissue/blood samples from nearly 300 cancer patients.

Potential buyers/licensees for the remaining PELEUS platform technology

This segment represents the future potential revenue stream for the Liquidators, as the PELEUS platform is the last major IP asset to be monetized. The PELEUS platform is a proprietary, AI-powered bioinformatics tool designed to identify clonal neoantigens-the unique protein markers on cancer cells-for precision T cell therapies.

The company's strategic pivot before liquidation was to explore engagement with third parties developing alternative modalities to target these neoantigens. This means the target customer is a biopharma company looking to integrate this specific, validated bioinformatics capability into their own drug development pipeline. The value here is not in a product, but in the licensing of a powerful, validated algorithm.

Here's the quick math: The TRACERx sale netted $12 million. The PELEUS platform's value will be determined by its utility to companies focused on next-generation oncology treatments.

• Target Customer Profile: Biopharmaceutical companies.
• Focus Area: Oncology research and development.
• Modalities of Interest: Neoantigen vaccines, Antibody-Drug Conjugates (ADCs), and TCR-T therapies.

Achilles Therapeutics plc (ACHL) - Canvas Business Model: Cost Structure

You're looking at the final cost structure for Achilles Therapeutics plc, and it's a picture of a company in wind-down, not growth. The entire cost base has shifted from a high-burn clinical development model to an asset-realization and liquidation-focused structure, effective immediately after the shareholder-approved members' voluntary liquidation commenced on March 20, 2025. This is a cost-minimization strategy, pure and simple.

The near-term costs are dominated by one-off termination expenses and professional fees necessary to finalize the company's affairs and return capital to shareholders. The major win here is the elimination of substantial future public company compliance costs. That's a big cash saver.

Professional fees for the Joint Liquidators and legal/tax advisors

The most clearly defined cost in the immediate 2025 liquidation process is the expense for the Joint Liquidators and their advisors. This is a fixed, non-negotiable cost of winding down the business.

The estimated cost for the Joint Liquidators and the winding-up process, excluding the costs of realizing the remaining assets, is up to £400,000 (exclusive of VAT). Here's the quick math for US investors: using the approximate exchange rate of 1 GBP to 1.2919 USD from March 2025, this professional fee amounts to roughly $516,760. This retention fund covers the initial legal, tax, and advisory work to manage the solvent liquidation.

Final employee retention and severance costs from workforce reduction

The costs associated with the workforce reduction, which began following the discontinuation of the TIL-based cNeT program in September 2024, represent a significant, one-time cash outflow in the 2025 liquidation fund. You have to pay to shut down, and this includes severance liabilities.

The company recorded initial restructuring charges totaling $4.5 million in the third quarter of 2024, split between Research and Development and General and Administrative expenses. Additionally, Achilles Therapeutics plc estimated it would incur an additional $2.2 million to $4.0 million related to severance for involuntary employee terminations and clinical trial close-out costs. The total cash impact from restructuring and severance is therefore expected to be up to $8.5 million.

• Initial Q3 2024 Restructuring Charge: $4.5 million.
• Estimated Additional Severance/Close-out Costs: Up to $4.0 million.

Research and development (R&D) expenses

The R&D expense line has collapsed from its historical run rate, moving from a major operating cost to a final clean-up cost. For context, R&D expenses for the third quarter ended September 30, 2024, were $16.4 million. Following the program discontinuation and liquidation, the 2025 R&D costs are residual, covering only the final winding down of clinical trials and facilities, which are largely accounted for in the restructuring charges.

The most significant R&D-related cost in 2025 is the $4.0 million portion of the restructuring charge already allocated to R&D expenses for employee termination liabilities and clinical trial closure costs.

General and administrative (G&A) expenses, now focused on liquidation support

G&A expenses have also been drastically curtailed and repurposed. The Q3 2024 G&A expense was $4.0 million, but this figure is not representative of the ongoing liquidation-focused costs. In 2025, G&A is essentially the overhead for the wind-down process.

This category now primarily includes the professional fees for the Joint Liquidators, the $0.5 million G&A portion of the restructuring charge, and minimal ongoing corporate costs like legal, audit, and director fees required to maintain the corporate entity until final dissolution.

Costs associated with Nasdaq delisting and SEC deregistration

The costs of delisting the American Depositary Shares (ADSs) from Nasdaq, effective March 20, 2025, and deregistering with the SEC (by filing Form 15 on or about March 21, 2025) are a critical part of the final G&A. While a specific line-item cost for the filing fees is not separately disclosed, these expenses are embedded within the overall professional fees for the liquidation.

The key financial impact here is the avoidance of future compliance costs, which were previously substantial for a publicly traded company. The filing of Form 15 immediately suspended the obligation to file periodic reports with the SEC, a major cost-saving measure that preserves cash for shareholders.

Achilles Therapeutics plc: Key Liquidation-Related Costs (2025 Fiscal Year Focus)

Cost Category	Basis/Context (Q3 2024)	Estimated 2025 Liquidation Cost/Charge
R&D Expenses (Pre-Liquidation Run Rate)	$16.4 million (Q3 2024)	Minimal ongoing, largely covered by one-time charges.
G&A Expenses (Pre-Liquidation Run Rate)	$4.0 million (Q3 2024)	Reduced to core liquidation support.
Professional Fees (Joint Liquidators & Advisors)	N/A (New cost)	Up to $516,760 (£400,000 at 1.2919 USD/GBP).
Final Employee Severance & Retention	Workforce reduction announced Nov 2024	Up to $8.5 million (Includes $4.5M recorded Q3 2024 + up to $4.0M estimated additional).
Nasdaq Delisting & SEC Deregistration	N/A (One-time event)	Costs embedded in Professional Fees/G&A; eliminates substantial future compliance expense.

Achilles Therapeutics plc (ACHL) - Canvas Business Model: Revenue Streams

You need a clear picture of where the money is coming from at Achilles Therapeutics, and the simple truth is that the company is no longer an operating business generating commercial revenue. The revenue streams for late 2025 are entirely focused on a one-time asset sale and the preservation of capital as the company proceeds with its members' voluntary liquidation, which commenced in March 2025.

The business model canvas for Achilles Therapeutics now maps to a financial wind-down, not a growth strategy. Your focus should be on the remaining cash balance and the final distribution to shareholders, not on pipeline value. That's the cold reality of a clinical-stage biotech concluding its strategic review.

Cash proceeds from the sale of technology assets to AstraZeneca totaling $12,000,000

The most significant and definitive revenue event for the 2025 fiscal year was the one-time sale of key proprietary technology assets to AstraZeneca. This transaction, which concluded the company's strategic review announced in September 2024, provided a crucial cash injection as the company prepared for liquidation.

The total cash proceeds from this sale were exactly $12,000,000. This payment was for the commercial license of data and samples from the TRACERx Non-Small Cell Lung Cancer (NSCLC) study, which included over 3,200 tumor samples, plus the transfer of the Material Acquisition Platform (MAP). This is not a recurring revenue stream; it is a liquidation event. The company's expected revenue for Q1 2025 was forecast at $0, underscoring the non-operational status.

Interest income on the remaining cash and cash equivalents balance

With the company in a capital preservation phase, the second primary revenue stream is the interest earned on its remaining cash and cash equivalents. As of September 30, 2024, the cash and cash equivalents stood at $86.1 million, plus a subsequent $12.8 million R&D tax credit received in October 2024. Adding the $12.0 million from the AstraZeneca sale, the total liquid assets available for short-term investment are approximately $110.9 million.

Here's the quick math: Assuming a conservative annual interest rate of 3.9% for highly liquid, short-duration corporate investments, which aligns with the Federal Reserve's target range of 3.75%-4.00% for late 2025, the estimated annual interest income is substantial.

Metric	Value (USD)	Notes
Cash & Cash Equivalents (Sep 30, 2024)	$86,100,000	Pre-AstraZeneca sale and R&D credit.
R&D Tax Credit (Oct 2024)	$12,800,000	Cash received subsequent to Q3 2024.
AstraZeneca Sale Proceeds (Dec 2024)	$12,000,000	One-time, non-recurring revenue event.
Approximate Investable Balance	$110,900,000	Sum of the above.
Estimated Annual Interest Rate (2025)	3.9%	Representative rate based on Fed Funds/short-term Treasuries in late 2025.
Estimated Annual Interest Income	$4,325,100	$110.9M 3.9%.

This interest income, while a revenue stream, simply acts to slow the burn rate and maximize the final capital return to shareholders during the liquidation process.

Potential, but unlikely, final licensing fees or sales of residual IP assets

While the major asset sale to AstraZeneca is complete, the liquidators may still pursue nominal revenue from residual, non-core intellectual property (IP) assets or final, minor licensing fees. Honestly, this is a long shot.

The strategic review concluded with the AstraZeneca deal, and the company's subsequent move to voluntary liquidation suggests there are no significant, high-value assets remaining. Any potential revenue here would be minimal, likely in the low thousands of dollars, and would be classified as miscellaneous income in the final accounting. For all practical purposes in a financial model, you should budget $0 for this line item, as analysts expect zero revenue from operations.

The primary focus is capital preservation, not revenue generation, in this wind-down phase.

The entire revenue model has shifted from a high-risk, high-reward biotech pipeline to a low-risk, capital preservation strategy. The company is no longer spending on R&D for its discontinued T-cell therapy programs, having closed its Phase I/IIa CHIRON and THETIS clinical trials. The main goal is to manage the remaining cash to cover final legal, administrative, and liquidation costs, and then distribute the maximum possible capital to the members.

• Maximize final shareholder distribution.
• Minimize administrative and liquidation expenses.
• Earn interest on cash to offset remaining costs.

The only true 'revenue' is the one-time sale; everything else is a function of treasury management. Finance: defintely track the interest income against the liquidation costs weekly.