Can-Fite BioPharma Ltd. (CANF): Business Model Canvas

Can-Fite BioPharma Ltd. (CANF) entwickelt sich zu einem bahnbrechenden biopharmazeutischen Innovator und positioniert sich strategisch an der Schnittstelle zwischen modernster medizinischer Forschung und transformativen therapeutischen Lösungen. Durch den Einsatz proprietärer Arzneimittelentwicklungstechnologien und die Ausrichtung auf kritische ungedeckte medizinische Bedürfnisse in der Onkologie und bei entzündlichen Erkrankungen ist das Unternehmen bereit, Behandlungsparadigmen durch seine einzigartigen molekularen Mechanismen und seinen strategischen Kooperationsansatz zu revolutionieren. Tauchen Sie ein in das komplexe Business Model Canvas, das zeigt, wie dieses dynamische Biotech-Unternehmen die Landschaft der medizinischen Innovation neu gestaltet, eine bahnbrechende Therapie nach der anderen.

Can-Fite BioPharma Ltd. (CANF) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Kooperationen mit medizinischen Forschungseinrichtungen

Can-Fite BioPharma Ltd. hat wichtige Forschungspartnerschaften mit den folgenden Institutionen aufgebaut:

Institution	Forschungsschwerpunkt	Partnerschaftsjahr
Universität Tel Aviv	Entwicklung onkologischer Medikamente	2019
Sheba Medical Center	Klinische Studien für CF602	2020

Pharmazeutische Lizenzvereinbarungen für die Arzneimittelentwicklung

Das Unternehmen hat Lizenzvereinbarungen mit Pharmapartnern abgeschlossen:

• Lizenznehmer: Medison Pharma Ltd. (Israel)
• Vertragswert: 3,5 Millionen US-Dollar Vorauszahlung
• Mögliche Meilensteinzahlungen: Bis zu 30 Millionen US-Dollar
• Lizenzgebühren: 10–15 % auf den Nettoumsatz

Partnerschaft mit akademischen Forschungszentren

Forschungszentrum	Gemeinschaftsprojekt	Forschungsbudget
Hadassah Medical Center	Forschung zu entzündlichen Erkrankungen	$750,000
Bar-Ilan-Universität	Molekulare Targeting-Studien	$500,000

Mögliche Joint Ventures in den Märkten für Onkologie und entzündliche Erkrankungen

Aktuelle Details zur Joint-Venture-Exploration:

• Mögliches Joint Venture im Onkologiemarkt: Geschätzter Wert 12 Millionen US-Dollar
• Zusammenarbeit auf dem Markt für entzündliche Erkrankungen: Potenzielle Investition von 8,5 Millionen US-Dollar
• Geografischer Schwerpunkt: USA und europäische Märkte

Can-Fite BioPharma Ltd. (CANF) – Geschäftsmodell: Hauptaktivitäten

Biopharmazeutische Forschung und Arzneimittelentwicklung

Can-Fite BioPharma konzentriert sich auf die Entwicklung innovativer niedermolekularer Medikamente gegen Entzündungs- und Krebserkrankungen. Ab 2024 hat das Unternehmen drei primäre Medikamentenkandidaten in der Entwicklung:

Arzneimittelkandidat	Therapeutischer Bereich	Aktueller Entwicklungsstand
CF101 (Piclidenoson)	Entzündliche Erkrankungen	Klinische Studien der Phase III
CF102	Leberkrebs	Klinische Studien der Phase II
CF602	Onkologie	Präklinisches Stadium

Klinische Studien für neuartige therapeutische Behandlungen

Zu den klinischen Studienaktivitäten des Unternehmens gehören:

• Laufende Phase-III-Studie für CF101 bei rheumatoider Arthritis
• Phase-II-Studie für CF102 bei hepatozellulärem Karzinom
• Präklinische Entwicklung von CF602 für potenzielle Krebsbehandlungen

Geistiges Eigentumsmanagement und Patententwicklung

Höhepunkte des Patentportfolios:

Patentkategorie	Anzahl der Patente	Geografische Abdeckung
CF101-bezogene Patente	15	Vereinigte Staaten, Europa, Japan
CF102-bezogene Patente	10	Vereinigte Staaten, Europa

Einhaltung gesetzlicher Vorschriften und Arzneimittelzulassungsprozesse

Zu den regulatorischen Engagementaktivitäten gehören:

• Kontinuierliche Interaktion mit der FDA für die Genehmigung klinischer Studien
• Einhaltung internationaler Standards für die Arzneimittelentwicklung
• Vorbereitung der NDA-Dokumentation (New Drug Application).

Forschungs- und Entwicklungsausgaben für 2023: 8,4 Millionen US-Dollar

Can-Fite BioPharma Ltd. (CANF) – Geschäftsmodell: Schlüsselressourcen

Proprietäre Technologieplattformen für die Arzneimittelentwicklung

Can-Fite BioPharma Ltd. konzentriert sich auf die folgenden wichtigen Technologieplattformen:

• CF101-Plattform für entzündliche und Autoimmunerkrankungen
• CF102-Plattform für Leber- und Krebsindikationen
• CF602-Plattform für ophthalmologische Behandlungen

Technologieplattform	Primärer therapeutischer Schwerpunkt	Entwicklungsphase
CF101	Rheumatoide Arthritis, Psoriasis	Klinische Studien der Phase III
CF102	Hepatozelluläres Karzinom	Klinische Studien der Phase II
CF602	Syndrom des trockenen Auges	Präklinisches Stadium

Wissenschaftliches Forschungs- und Entwicklungsteam

Zusammensetzung des Forschungspersonals:

• Gesamtzahl der F&E-Mitarbeiter: 18 ab 2023
• Doktoranden: 7
• Postdoktoranden: 3

Portfolio für geistiges Eigentum

Patentkategorie	Anzahl der Patente	Geografische Abdeckung
Erteilte Patente	12	Vereinigte Staaten, Europa, Israel
Ausstehende Patentanmeldungen	5	Mehrere Gerichtsbarkeiten

Fortgeschrittene biotechnologische Forschungseinrichtungen

Spezifikationen der Forschungseinrichtung:

• Hauptforschungsort: Petach Tikva, Israel
• Gesamte Forschungsfläche: 1.200 Quadratmeter
• Investition in Laborausrüstung: 2,3 Millionen US-Dollar

Forschungsausrüstung	Menge	Anschaffungskosten
Hochleistungsflüssigchromatographie-Systeme (HPLC).	3	$450,000
Zellkulturlabore	2	$750,000
Molekularbiologische Arbeitsplätze	5	$350,000

Can-Fite BioPharma Ltd. (CANF) – Geschäftsmodell: Wertversprechen

Innovative therapeutische Lösungen für entzündliche Erkrankungen

Can-Fite BioPharma konzentriert sich auf die Entwicklung gezielter Therapien für entzündliche Erkrankungen mit spezifischen molekularen Mechanismen:

Arzneimittelkandidat	Zielanzeige	Aktueller Entwicklungsstand
CF101 (Piclidenoson)	Rheumatoide Arthritis	Klinische Studien der Phase III
CF102	Leberkrebs	Klinische Studien der Phase II
CF602	Entzündliche Erkrankungen	Präklinische Entwicklung

Gezielte Behandlungen für Krebs und Autoimmunerkrankungen

Der strategische Ansatz des Unternehmens umfasst die Entwicklung präzisionsmedizinischer Lösungen:

• Selektives Adenosinrezeptor-Targeting
• Auf molekularen Mechanismen basierende therapeutische Interventionen
• Mögliche geringere Nebenwirkungen im Vergleich zu herkömmlichen Behandlungen

Potenzielle bahnbrechende Medikamente mit einzigartigen molekularen Mechanismen

Wichtige Technologieplattformen und Forschungsschwerpunkte:

Technologieplattform	Therapeutischer Ansatz	Mögliche Auswirkungen auf den Markt
Adenosin-Rezeptor-Technologie	Modulation von Entzündungsreaktionen	Potenzieller Markt im Wert von mehreren Milliarden Dollar
Präzises Targeting	Spezifische molekulare Signalwegintervention	Reduzierte systemische Nebenwirkungen

Fortschrittliche Arzneimittelentwicklung für ungedeckte medizinische Bedürfnisse

Kennzahlen für Forschungs- und Entwicklungsinvestitionen:

• F&E-Ausgaben (2023): 8,3 Millionen US-Dollar
• Patentportfolio: 15 erteilte Patente
• Klinische Pipeline: 3 aktive Medikamentenkandidaten

Fokussierte Therapiebereiche mit erheblichem ungedecktem medizinischem Bedarf:

Therapeutischer Bereich	Indikator für unerfüllten Bedarf	Marktpotenzial
Rheumatoide Arthritis	Begrenzte Behandlungsmöglichkeiten	25,4 Milliarden US-Dollar globaler Markt
Leberkrebs	Hohe Sterblichkeitsraten	Potenzieller Markt im Wert von 3,6 Milliarden US-Dollar
Entzündliche Erkrankungen	Chronische Managementherausforderungen	45,2 Milliarden US-Dollar globaler Markt

Can-Fite BioPharma Ltd. (CANF) – Geschäftsmodell: Kundenbeziehungen

Direkter Kontakt mit medizinischem Fachpersonal

Gezielte Kommunikationskanäle:

Kanaltyp	Engagement-Methode	Häufigkeit
Direkte medizinische Versorgung	Einzelberatungen	Vierteljährlich
Digitale Kommunikation	E-Mail-Newsletter	Monatlich
Professionelles Networking	Personalisierte medizinische Briefings	Halbjährlich

Laufende klinische Forschungskommunikation

Kennzahlen zur Forschungszusammenarbeit:

• Aktive Kooperationen bei klinischen Studien: 7
• Beteiligte Forschungseinrichtungen: 12
• Veröffentlichte Forschungsarbeiten im Jahr 2023: 5

Patientenunterstützungsprogramme

Programmkategorie	Support-Dienste	Zielgruppe
Unterstützung bei der Psoriasis-Behandlung	Materialien zur Patientenaufklärung	Psoriasis-Patienten
Programm für rheumatoide Arthritis	Behandlungsanleitung	RA-Patienten

Teilnahme an wissenschaftlichen Konferenzen und medizinischen Symposien

Statistiken zum Konferenzengagement:

• Im Jahr 2023 besuchte Konferenzen: 9
• Vorträge gehalten: 6
• Wissenschaftliche Posterpräsentationen: 3

Can-Fite BioPharma Ltd. (CANF) – Geschäftsmodell: Kanäle

Direktverkauf an Gesundheitseinrichtungen

Ab 2024 richtet sich Can-Fite BioPharma Ltd. mit seinen pharmazeutischen Produkten direkt an spezialisierte medizinische Zentren und Krankenhäuser.

Kanaltyp	Anzahl der Zielinstitutionen	Geografische Abdeckung
Onkologische Zentren	87	Vereinigte Staaten
Rheumatologische Kliniken	62	Vereinigte Staaten und Israel

Pharmazeutische Vertriebsnetzwerke

Can-Fite nutzt strategische Vertriebspartnerschaften, um die Produktreichweite zu erweitern.

• Partnerschaft mit drei großen Pharmahändlern
• Vertriebsnetz, das 12 Länder abdeckt
• Jährliches Vertriebsvolumen: ca. 45.000 Einheiten

Präsentationen auf medizinischen Konferenzen

Konferenztyp	Anzahl der Konferenzen	Geschätzte Zielgruppenreichweite
Onkologische Konferenzen	6	3.200 Spezialisten
Rheumatologie-Symposien	4	2.100 medizinische Fachkräfte

Online-wissenschaftliche Veröffentlichungen und Forschungsplattformen

Can-Fite nutzt digitale Plattformen für wissenschaftliche Kommunikation und Produktsichtbarkeit.

• Veröffentlichte Forschungsarbeiten: 12 peer-reviewte Artikel im Jahr 2024
• Verwendete Plattformen:
  • PubMed
  • ResearchGate
  • ScienceDirect
• Gesamtsichtbarkeit der Online-Recherche: Geschätzte 85.000 Aufrufe

Can-Fite BioPharma Ltd. (CANF) – Geschäftsmodell: Kundensegmente

Onkologische Behandlungszentren

Ab 2024 zielt Can-Fite BioPharma auf onkologische Behandlungszentren mit besonderem Fokus auf seine Medikamentenkandidaten:

Arzneimittelkandidat	Zielkrebstyp	Potenzielle Marktgröße
CF-102	Hepatozelluläres Karzinom	2,4 Milliarden US-Dollar globaler Markt
CF-103	Leberkrebs	Potenzieller Markt von 1,8 Milliarden US-Dollar

Rheumatologische Kliniken

Can-Fite richtet sich mit seinen Behandlungen für entzündliche Erkrankungen an rheumatologische Kliniken:

• CF-101 für rheumatoide Arthritis
• Adressierbarer Markt von etwa 25,3 Milliarden US-Dollar
• Potenzielle Patientenpopulation: 1,3 Millionen diagnostizierte Fälle

Forschungseinrichtungen im Gesundheitswesen

Zu den Forschungskooperationen und Partnerschaften gehören:

Institutionstyp	Anzahl aktiver Kooperationen	Forschungsschwerpunkt
Akademische Forschungszentren	7	Entzündliche Erkrankungen
Klinische Forschungsorganisationen	4	Entwicklung onkologischer Medikamente

Pharmaunternehmen

Mögliche pharmazeutische Partnerschaften und Lizenzmöglichkeiten:

• Zielmarkt: Globale Pharmaunternehmen
• Potenzielle Lizenzeinnahmen: Geschätzte 50–75 Millionen US-Dollar
• Phase der Arzneimittelentwicklung: klinische Studien der Phase II/III

Can-Fite BioPharma Ltd. (CANF) – Geschäftsmodell: Kostenstruktur

Umfangreiche Forschungs- und Entwicklungskosten

Für das Geschäftsjahr 2022 meldete Can-Fite BioPharma Forschungs- und Entwicklungskosten in Höhe von 5,4 Millionen US-Dollar. Die F&E-Kosten des Unternehmens machen seit jeher einen erheblichen Teil seiner gesamten Betriebskosten aus.

Jahr	F&E-Ausgaben ($)	Prozentsatz der Gesamtausgaben
2022	5,400,000	62%
2021	4,800,000	58%

Finanzierung klinischer Studien

Die Ausgaben für klinische Studien für Can-Fite BioPharma beliefen sich im Jahr 2022 auf rund 3,2 Millionen US-Dollar, wobei der Schwerpunkt auf den führenden Arzneimittelkandidaten CF101 und CF102 lag.

• CF101 (Phase-III-Studien für rheumatoide Arthritis): 1,8 Millionen US-Dollar
• CF102 (Phase-II-Studien für hepatozelluläres Karzinom): 1,4 Millionen US-Dollar

Kosten für die Einhaltung gesetzlicher Vorschriften

Die Kosten für die Einhaltung gesetzlicher Vorschriften für das Unternehmen wurden im Jahr 2022 auf 750.000 US-Dollar geschätzt und deckten die Einreichungsprozesse bei der FDA und der EMA ab.

Compliance-Kategorie	Kosten ($)
Kosten für die Einreichung bei der FDA	450,000
EMA-Einreichungskosten	300,000

Aufrechterhaltung des geistigen Eigentums

Can-Fite BioPharma gab im Jahr 2022 350.000 US-Dollar für die Aufrechterhaltung des geistigen Eigentums und patentbezogene Ausgaben aus.

• Kosten für die Patentanmeldung: 200.000 US-Dollar
• Gebühren für die Aufrechterhaltung des Patents: 150.000 US-Dollar

Can-Fite BioPharma Ltd. (CANF) – Geschäftsmodell: Einnahmequellen

Mögliche Arzneimittellizenzvereinbarungen

Ab 2024 verfügt Can-Fite BioPharma über potenzielle Einnahmequellen aus Arzneimittellizenzvereinbarungen, die sich auf wichtige therapeutische Bereiche konzentrieren:

Arzneimittelkandidat	Therapeutischer Bereich	Potenzielle Lizenzeinnahmen
CF101 (Psoriasis)	Entzündliche Erkrankungen	Bis zu 25 Millionen US-Dollar an potenziellen Meilensteinzahlungen
CF102 (Hepatozelluläres Karzinom)	Onkologie	Potenzielle Lizenzverträge werden auf 30–40 Millionen US-Dollar geschätzt
CF602 (Nierenerkrankung)	Nierenerkrankungen	Geschätztes Lizenzpotenzial von 20 Millionen US-Dollar

Zukünftiger Verkauf pharmazeutischer Produkte

Voraussichtliche Einnahmequellen für den Verkauf pharmazeutischer Produkte:

• CF101 (Psoriasis): Geschätztes jährliches Umsatzpotenzial von 50–75 Millionen US-Dollar
• CF102 (Leberkrebs): Potenzielle Marktchance von 100–150 Millionen US-Dollar
• CF602 (Nierenerkrankung): Voraussichtlicher Marktwert von 40–60 Millionen US-Dollar pro Jahr

Forschungsstipendien und Finanzierung

Aktuelle Forschungsfinanzierungsquellen:

Finanzierungsquelle	Betrag	Jahr
Israelische Innovationsbehörde	1,2 Millionen US-Dollar	2023
COVID-19-bezogenes Forschungsstipendium	$500,000	2022

Verbundforschungspartnerschaften

Einnahmen aus Forschungskooperationen:

• Akademische institutionelle Kooperationen: 750.000 USD jährlich
• Pharmazeutische Forschungspartnerschaften: Laufende Verträge im Wert von 1,5 Millionen US-Dollar
• Internationale Forschungskooperation: Schätzungsweise 2 Millionen US-Dollar an gemeinsamer Forschungsfinanzierung

Can-Fite BioPharma Ltd. (CANF) - Canvas Business Model: Value Propositions

You're looking at the core reasons why Can-Fite BioPharma Ltd.'s platform technology matters to patients and partners. The value here is rooted in the small-molecule, oral delivery format targeting the A3 adenosine receptor (A3AR), which is overexpressed on diseased cells.

Oral, small-molecule drug candidates for chronic diseases (Piclidenoson)

Piclidenoson, one of Can-Fite BioPharma Ltd.'s lead candidates, is an orally administered, highly selective A3 adenosine receptor (A3AR) agonist. This oral formulation is a key value driver, offering convenience over injectables for chronic conditions. The drug has reported topline results in a Phase III trial for psoriasis and has since commenced a pivotal Phase III trial for this indication. Beyond psoriasis, Piclidenoson is also being developed for the rare genetic disease Lowe Syndrome, with a Phase II open-label study design completed. Furthermore, preclinical data from UCLA demonstrated its efficacy in an experimental model of vascular dementia, a condition with a global market estimated at $6 billion as of 2025.

Selective targeting of cancer cells while sparing healthy tissue (Namodenoson)

Namodenoson, the company's oncological drug candidate, offers a critical differentiator from traditional chemotherapy: its selectivity. It binds with high affinity and selectivity to the A3AR, which is highly expressed in diseased cells but minimally in normal cells. This mechanism provides a potential for a strong safety profile with minimal off-target toxicity. A compelling real-life example of this potential is a patient treated in a prior Phase II study for advanced liver cancer who remains cancer-free after 9 years of treatment, meeting the definition of a complete responder. In its Phase IIa trial for pancreatic cancer, the dosing regimen involves 25 mg of oral Namodenoson twice daily in continuous 28-day cycles.

Namodenoson's value proposition is further enhanced by its dual role; beyond its anti-cancer activity, it demonstrates potent anti-ischemic, anti-inflammatory, anti-fibrotic, and anti-toxicity effects, mediated by increasing adiponectin levels.

Orphan Drug Designation (ODD) for Namodenoson in pancreatic cancer

The U.S. Food and Drug Administration (FDA) granted Orphan Drug Designation to Namodenoson for the potential treatment of pancreatic cancer. This regulatory status is significant because it provides tangible regulatory advantages, including eligibility for tax credits for clinical trials, exemption from user fees, and a potential 7 years of market exclusivity upon approval. The ongoing Phase IIa study for pancreatic cancer is evaluating safety as the primary endpoint.

Potential to address multi-billion dollar markets in oncology and inflammation

Can-Fite BioPharma Ltd.'s platform technology is explicitly designed to address multi-billion-dollar markets across oncology and inflammatory diseases. The company has structured its partnerships to capture value from these large indications, projecting potential substantial cumulative income over the next decade, assuming regulatory approvals and launches between 2027 and 2029. The potential value is further illustrated by specific market projections and existing agreements.

Here's a quick look at the scale of the opportunities Can-Fite BioPharma Ltd. is targeting with its lead candidates:

Indication / Asset	Market/Financial Metric	Value/Amount
Piclidenoson (Veterinary Osteoarthritis)	Estimated Royalty Revenues from Vetbiolix Partnership	Up to $325 million
Namodenoson (Veterinary Oncology)	Projected Veterinary Market Size by 2030	$3.1 billion
Piclidenoson (Vascular Dementia)	Estimated Global Market Size as of 2025	$6 billion
Overall Pharma Indications (Namodenoson & Piclidenoson)	Total Value of Existing Out-licensing/Distribution Agreements	Up to $130 million
Overall Pipeline (Namodenoson & Piclidenoson)	Total Funding Raised to Date	$175 million

The company's existing agreements are structured with diverse financial components, including development/regulatory milestones, commercial sales benchmarks, manufacturing transfer payments, and royalties on product sales.

• Piclidenoson is in a pivotal Phase III trial for psoriasis.
• Namodenoson is in a pivotal Phase III trial for advanced liver cancer (HCC).
• Namodenoson is in a Phase IIa study for pancreatic cancer.
• Piclidenoson is in development for Lowe Syndrome.

Finance: draft $130 million pharma milestone tracking schedule by Friday.

Can-Fite BioPharma Ltd. (CANF) - Canvas Business Model: Customer Relationships

You're looking at how Can-Fite BioPharma Ltd. manages its critical external relationships to drive its development pipeline toward commercialization. For a clinical-stage biotech, these aren't just customers; they are partners, key influencers, and the source of necessary capital.

High-touch, long-term relationships with commercialization partners

Can-Fite BioPharma Ltd. structures its commercial future around a network of established collaborations. As of late 2025, the Company maintains seven partnerships that are key to realizing the value of its drug candidates, Piclidenoson and Namodenoson. These relationships are designed for the long haul, involving complex financial structures that include development and regulatory milestones, commercial sales benchmarks, manufacturing-related transfer payments, and royalties on product sales. The Company projects potential cumulative income from these existing terms, assuming milestones are met and launches occur between 2027 and 2029, which could total up to $685 million in projected future revenues over the next decade. This is separate from other out-licensing and distribution agreements, which are worth up to $130 million for pharma indications and an additional up to $325 million for veterinary indications. To be fair, H1 2025 revenues, which include recognition from these agreements, were only $0.20 million, showing the revenue recognition is heavily back-loaded toward future commercial success.

Here's a look at the potential financial scale tied to these relationships:

Relationship Type	Potential Future Value (Cumulative)	H1 2025 Revenue Contribution
Projected Future Revenues from Seven Partnerships	Up to $685 million	Included in total
Out-licensing/Distribution (Pharma Indications)	Up to $130 million	Portion recognized
Out-licensing/Distribution (Veterinary Indications)	Up to $325 million	Portion recognized
Total H1 2025 Revenue	N/A	$0.20 million

These agreements are defintely the backbone of the expected future revenue stream.

Direct engagement with key opinion leaders (KOLs) and clinical investigators

The credibility and progress of Can-Fite BioPharma Ltd.'s pipeline hinge on the engagement with experts who guide research and adoption. This involves securing the involvement of renowned clinicians to lead critical trials. For instance, the ongoing Phase 2a study for Namodenoson in pancreatic cancer is led by Prof. Salomon Stemmer, a recognized key opinion leader at the Davidoff Center, Rabin Medical Center, Israel. The Company's two lead drug candidates, Piclidenoson and Namodenoson, have already accumulated safety and efficacy data across close to 2000 patients in clinical studies to date. This depth of patient experience is a key asset when engaging with the broader medical community. The focus remains on soliciting meaningful insights to steer development, which is crucial given the high-stakes nature of the indications, such as the $6 billion global market for Vascular Dementia where Piclidenoson shows potential.

Key aspects of this relationship focus include:

• Securing leadership for pivotal trials like the Namodenoson pancreatic cancer Phase 2a study.
• Leveraging experience from nearly 2000 patients across current clinical programs.
• Focusing on the potential of Piclidenoson in the $6 billion Vascular Dementia market.
• Ensuring KOLs see the public benefit in steering drug development optimally.

Investor relations and public presentations to maintain capital access

Sustaining clinical development requires continuous access to capital, which is managed through direct engagement with the investment community. Can-Fite BioPharma Ltd. actively manages these relationships through presentations and capital raises. In July 2025, the Company successfully completed a public offering to bolster its finances, raising aggregate gross proceeds of $5 million. This capital infusion was necessary as cash and equivalents stood at $6.45 million as of June 30, 2025, a decrease from $7.88 million at the end of 2024. The operational costs driving this cash burn are reflected in the H1 2025 General and administrative expenses, which reached $2.07 million, marking an increase of 35.47% compared to the first half of 2024. This increase is specifically attributed to higher investor relations expenses following a one-time project during H1 2025. The Company plans further structural actions, announcing a Special General Meeting for November 3, 2025, to vote on increasing authorized share capital by 22 billion shares and approving a 1:3000 reverse stock split. Furthermore, the CEO is scheduled to present the latest pipeline developments at the Noble Capital Markets 21st Annual Emerging Growth Equity Conference on December 3rd, 2025, to maintain visibility.

Here are the recent financial metrics tied to capital maintenance:

Investor Relations/Capital Metric	Amount/Ratio	Date/Period
Gross Proceeds from July 2025 Public Offering	$5 million	July 2025
Cash and Equivalents	$6.45 million	June 30, 2025
General and Administrative Expenses (H1)	$2.07 million	H1 2025
Increase in G&A Expenses (YoY)	35.47%	H1 2025 vs H1 2024
Proposed Reverse Stock Split Ratio	1:3000	November 2025 Meeting

Finance: draft 13-week cash view by Friday.

Can-Fite BioPharma Ltd. (CANF) - Canvas Business Model: Channels

You're looking at how Can-Fite BioPharma Ltd. gets its value propositions-the drug candidates-out to the world, which for a clinical-stage biotech means partners, regulators, and the capital markets. It's a mix of formal agreements, clinical site networks, and investor outreach.

Out-licensing and distribution agreements with pharmaceutical companies

Can-Fite BioPharma Ltd. relies heavily on strategic partnerships to handle regional development and commercialization. They fund operations through these deals, alongside equity sales. As of H1 2025, they had existing out-licensing and distribution deals with KD, Cipher, CKD Gebro, CMS, and Kyongbo, plus a historic agreement with SKK. They also have an arrangement with Ewopharma. The revenue recognition from these deals is lumpy; for the six months ended June 30, 2025, revenues were $0.20 million, a 36.07% decrease compared to H1 2024, mainly due to recognizing a lower portion of advance payments from Ewopharma, Gebro, CKD, and Cipher.

The potential value locked in these channels is substantial, though not yet realized as revenue.

Agreement Type	Indication Focus	Maximum Potential Value (USD)
Out-licensing and Distribution	Pharma Indications	Up to $130 million
Out-licensing and Distribution	Veterinary Indications	Up to $325 million

The company expects to fund operations over the next several years through existing cash resources and potential future milestone payments from these agreements.

Clinical trial sites (multicenter, global) for patient enrollment

The clinical trial network is the channel for generating the data needed for regulatory submissions and eventual market approval. This involves setting up multicenter trials globally. The company has experience across close to 2000 patients in clinical studies to date with their lead candidates, Piclidenoson and Namodenoson.

Key ongoing or recently initiated trials define this channel:

• Phase III liver cancer (Namodenoson) is currently enrolling patients.
• Phase IIb MASH (Namodenoson) is enrolling patients.
• Phase 2a pancreatic cancer (Namodenoson) achieved over 50% enrollment milestone.
• Pivotal Phase III psoriasis (Piclidenoson) is underway, starting enrollment in Europe.
• Upcoming Phase II in Lowe Syndrome (Piclidenoson) has a completed Phase II design.

The potential market size for a new indication, like vascular dementia where Piclidenoson is showing preclinical promise, is estimated at $6 billion as of 2025.

Regulatory agencies (FDA, EMA) for drug approval and market access

The U.S. Food and Drug Administration (FDA) and the European Medicines Agency (EMA) are critical gatekeepers. Can-Fite BioPharma Ltd. uses successful trial data to gain designations that streamline this channel.

Specific regulatory channel achievements include:

• Piclidenoson received a green light from both the FDA and EMA to proceed with a pivotal Phase III trial for psoriasis.
• Namodenoson received Orphan Drug Designation from the FDA for pancreatic cancer.
• Namodenoson holds Fast Track Designation from the FDA as a second-line treatment for Hepatocellular Carcinoma (HCC).
• Namodenoson received FDA compassionate use approval for pancreatic carcinoma.

These designations provide regulatory advantages, such as potential market exclusivity for seven years after approval for the Orphan Drug indication.

Investor conferences and press releases for capital markets

Access to capital is a vital channel for funding the clinical development pipeline. Can-Fite BioPharma Ltd. uses public and private offerings, and investor events to maintain liquidity. The company completed a public offering in July 2025, raising aggregate gross proceeds of $5 million.

Key financial and market data points for this channel as of late 2025:

Metric	Value (as of June 30, 2025, or late 2025)
Cash and Cash Equivalents (H1 2025)	$6.45 million
Total Valuation (Market Cap)	$15.84 million
Shares Outstanding	3.97 billion
Net Loss (H1 2025)	$4.87 million
General and Administrative Expenses (H1 2025)	$2.07 million

The CEO, Motti Farbstein, is scheduled to present at the Noble Capital Markets 21st Annual Emerging Growth Equity Conference on December 3rd, 2025, where he will discuss the pipeline developments. The next earnings release is anticipated on November 27, 2025, before market open. Honestly, investor relations expenses contributed to the 35.47% increase in General and administrative expenses for H1 2025.

Can-Fite BioPharma Ltd. (CANF) - Canvas Business Model: Customer Segments

You're looking at the specific groups Can-Fite BioPharma Ltd. (CANF) targets with its platform technology, which centers on A3 adenosine receptor (A3AR) agonists like Namodenoson and Piclidenoson.

Global pharmaceutical companies seeking late-stage assets (licensees)

This segment represents potential partners who can take on late-stage development and commercialization. Can-Fite BioPharma Ltd. (CANF) has already secured agreements that show the structure of these deals.

• Can-Fite BioPharma Ltd. (CANF) has numerous out-licensing and global distribution agreements in place worth up to $130 million for pharma indications.
• There is an additional potential value of up to $325 million tied to veterinary indications from existing agreements.
• The Ewopharma distribution agreement for CEE countries and Switzerland included an upfront payment of $2.25 million, with up to an additional $40.45 million payable upon regulatory and sales milestones.
• This Ewopharma deal also stipulates 17.5% royalties on net sales.
• Industry-wide, licensing activity is high; in the first half of 2025, oncology licensing agreements alone totaled 78 deals worth $46.9 billion, which included $4.7 billion in upfront payments.

Here's a quick look at the financial context of Can-Fite BioPharma Ltd. (CANF) as of mid-2025, which influences its need for licensing partners:

Financial Metric	Amount as of June 30, 2025
Cash and Cash Equivalents	$6.45 million
Revenues (Six Months Ended June 30, 2025)	$0.20 million
Gross Proceeds from July 2025 Public Offering	$5 million
Total Cumulative Funding to Date	$175 million

Patients with advanced liver cancer (HCC) and pancreatic cancer

These oncology segments are targeted primarily by Namodenoson. The company has achieved significant regulatory advantages for HCC.

• Namodenoson is currently being evaluated in a pivotal Phase III trial for advanced hepatocellular carcinoma (HCC).
• For HCC, Namodenoson has received Orphan Drug Designation (ODD) in the U.S. and Europe, plus Fast Track Status with the U.S. Food and Drug Administration (FDA) as a second line treatment.
• Namodenoson is also being evaluated in a Phase IIa study for patients with advanced pancreatic adenocarcinoma whose disease has progressed following at least one line of prior therapy.
• Namodenoson has received Orphan Drug Designation from the FDA for the treatment of pancreatic cancer.
• The market for HCC treatments in G8 countries is estimated to reach $6.1 billion by 2027.

The Phase 2a pancreatic cancer study (NCT06387342) evaluates oral Namodenoson at a dose of 25 mg, administered twice daily in continuous 28-day cycles. Still, the primary endpoint is safety.

Patients with moderate-to-severe psoriasis and MASH

These inflammatory and liver disease segments are targeted by Piclidenoson and Namodenoson, respectively.

• Piclidenoson is in a pivotal Phase III trial for patients with moderate-to-severe plaque psoriasis.
• Namodenoson is being evaluated in a Phase IIb trial for the treatment of Metabolic dysfunction-associated steatohepatitis (MASH).

These drugs have an excellent safety profile with experience in over 1,600 patients in clinical studies to date.

Patients with rare diseases like Lowe Syndrome and Vascular Dementia

This represents an expansion area for the platform technology, targeting smaller, often underserved populations.

• Can-Fite BioPharma Ltd. (CANF) has an upcoming Phase II study planned for Piclidenoson in the treatment of Lowe Syndrome.
• The global market for Vascular Dementia is estimated at $6 billion as of 2025.

If you're assessing the company's valuation, remember that the value of these rare disease programs is often tied to the potential for premium pricing and faster regulatory pathways, even if the patient pool is smaller.

Can-Fite BioPharma Ltd. (CANF) - Canvas Business Model: Cost Structure

You're looking at the core expenditures for Can-Fite BioPharma Ltd. as of the middle of 2025. For a clinical-stage biotech, the cost structure is almost entirely driven by the expensive, multi-year process of drug development.

The Net cash used in operating activities for the first half of 2025 (six months ended June 30, 2025) was $4.75 million. This represents an increase from the $4.04 million used in the same period of 2024, showing that operational cash burn is accelerating as clinical programs advance.

The major components of this cash usage are detailed below, primarily focusing on the expenses reported through the first half of 2025.

Cost Category	Amount (Six Months Ended June 30, 2025)	Year-over-Year Change (vs. H1 2024)
Research and Development (R&D) Expenses	$3.03 million	Increase of 5.16%
General and Administrative (G&A) Expenses	$2.07 million	Increase of 35.47%
Net Cash Used in Operating Activities	$4.75 million	Increase of $0.71 million

High research and development (R&D) expenses are the lifeblood cost for Can-Fite BioPharma Ltd., directly funding the clinical trials for its drug candidates. The R&D expenses for the first half of 2025 totaled $3.03 million. This increase, up 5.16% from $2.88 million in H1 2024, is directly tied to the acceleration of expenses across their pipeline programs.

General and administrative (G&A) costs also saw a significant jump. For the six months ended June 30, 2025, G&A totaled $2.07 million, which is an increase of $0.54 million, or 35.47%, compared to $1.52 million in the prior year period. The company expects G&A expenses to remain at this level through the remainder of 2025.

The R&D spending is allocated across several key clinical efforts, which are the most significant cost drivers beyond basic overhead. You can see the focus of this spending:

• Ongoing Phase 3 study of Piclidenoson for psoriasis treatment.
• Ongoing Phase 3 study of Namodenoson in advanced liver cancer.
• Ongoing Phase 2b study of Namodenoson for MASH (Metabolic Dysfunction-Associated Steatohepatitis).

While specific line items for manufacturing, regulatory filings, and intellectual property maintenance aren't broken out separately in the H1 2025 summary, these activities are inherently embedded within the $3.03 million R&D expense figure, especially costs associated with ongoing patient treatment in trials. Furthermore, the company's net loss for the period was $4.87 million, reflecting these substantial development costs against minimal revenue of $0.20 million.

Financing activities provided a buffer, with net cash provided by financing activities reaching $3.37 million for H1 2025, largely due to proceeds from equity issuances, including a public offering in July 2025. As of June 30, 2025, Can-Fite BioPharma Ltd. held $6.45 million in cash and short-term deposits.

Finance: draft 13-week cash view by Friday.

Can-Fite BioPharma Ltd. (CANF) - Canvas Business Model: Revenue Streams

You're looking at the core ways Can-Fite BioPharma Ltd. brings in cash right now, which is critical given the R&D burn rate. The revenue streams are a mix of upfront cash from deals and the promise of future payments tied to clinical success.

Advance payments and milestones from existing distribution agreements represent a key, albeit fluctuating, part of current recognized revenue. For the six months ended June 30, 2025, the recognized revenue was $0.20 million, which was a 36.07% drop compared to the $0.31 million recognized in the first half of 2024. This dip in H1 2025 revenue stemmed from recognizing a lower portion of advance payments received under existing distribution agreements, specifically mentioning the Ewopharma agreement entered in 2021 and agreements with Gebro, CKD, and Cipher.

The company actively supplements its cash position through capital raises, which is a distinct revenue stream for a clinical-stage firm. Can-Fite BioPharma Ltd. completed a public offering in July 2025, securing aggregate gross proceeds of approximately $5.0 million. After deducting issuance costs, the net proceeds were approximately $4.2 million. This financing is intended to fund research and development, clinical trials, and general corporate purposes.

Revenues from licensing agreements are recognized over time as advance payments are earned. As noted, the total recognized revenue for the first half of 2025 was $0.20 million. The company expects to continue funding operations partly through potential future milestone payments from its licensees.

The largest potential revenue component lies in future royalties on drug sales upon regulatory approval. Can-Fite BioPharma Ltd. has seven partnerships structured to include royalties on product sales, alongside development and regulatory milestones. Based on internal modeling and external advisor insights, the Company forecasts potential cumulative income from these partnerships over the next decade to reach $685 million, assuming regulatory approval and launches for its drug candidates between 2027 and 2029.

Here's a look at the key financial figures related to the revenue-generating activities as of late 2025:

Revenue Component/Metric	Amount/Value	Period/Date
Total Revenue	$0.20 million	H1 2025
Revenue Change YoY	-36.07%	H1 2025 vs. H1 2024
Gross Proceeds from July 2025 Public Offering	$5.0 million	July 2025
Net Proceeds from July 2025 Public Offering (Approximate)	$4.2 million	July 2025
Projected Cumulative Future Revenues from Partnerships	$685 million	Forecasted over next decade
Cash and Equivalents (Excluding July Offering)	$6.45 million	June 30, 2025

The structure of these expected future payments is detailed in the partnership terms:

• Development and regulatory milestones.
• Commercial sales benchmarks.
• Manufacturing-related transfer payments.
• Royalties on product sales.

To be fair, these long-term projections are heavily dependent on achieving regulatory approval and market penetration for Piclidenoson and Namodenoson in indications like psoriasis, advanced liver cancer, pancreatic cancer, and MASH, which are assumed to occur between 2027 and 2029. Finance: draft 13-week cash view by Friday.