Checkpoint Therapeutics, Inc. (CKPT): Business Model Canvas

Checkpoint Therapeutics, Inc. (CKPT) entwickelt sich zu einem Pionier der Biotechnologie, der sich strategisch durch die komplexe Landschaft onkologischer Innovationen bewegt. Mit einem laserfokussierten Ansatz zur Entwicklung bahnbrechender Krebstherapien nutzt dieses dynamische Unternehmen hochentwickelte Forschungsplattformen und Kooperationspartnerschaften, um die Zukunft der Präzisionsmedizin zu verändern. Ihr Business Model Canvas offenbart eine sorgfältig ausgearbeitete Strategie, die wissenschaftliche Expertise, gezielte Forschung und transformatives Potenzial im Kampf gegen anspruchsvolle Krebsbehandlungen miteinander verbindet und Patienten und Investoren gleichermaßen Hoffnung verspricht.

Checkpoint Therapeutics, Inc. (CKPT) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Zusammenarbeit mit akademischen Forschungseinrichtungen

Ab 2024 unterhält Checkpoint Therapeutics kooperative Forschungspartnerschaften mit folgenden akademischen Institutionen:

Institution	Forschungsschwerpunkt	Partnerschaftsstatus
Dana-Farber-Krebsinstitut	Immunonkologische Forschung	Aktive Kooperationsvereinbarung
Memorial Sloan Kettering Krebszentrum	Klinische Studienforschung	Dauerhafte Partnerschaft

Pharmazeutische Entwicklungspartnerschaften

Checkpoint Therapeutics hat pharmazeutische Entwicklungspartnerschaften aufgebaut mit:

• Incyte Corporation
• Merck & Co.
• BeiGene, Ltd.

Auftragsforschungsinstitute (CROs)

CRO-Name	Erbrachte Dienstleistungen	Vertragswert
IQVIA	Management klinischer Studien	3,2 Millionen US-Dollar (2023–2024)
Parexel International	Regulatorische Unterstützung	2,7 Millionen US-Dollar (2023–2024)

Mögliche Lizenzvereinbarungen

Zu den aktuellen potenziellen Lizenzvereinbarungen gehören:

• Lizenzkandidat: CK-101 EGFR-Inhibitor
• Möglicher Lizenznehmer: Große Pharmaunternehmen
• Geschätzter potenzieller Lizenzwert: 50–75 Millionen US-Dollar

Investoren und Risikokapitalnetzwerke

Investor	Investitionsbetrag	Investitionsjahr
OrbiMed-Berater	12,5 Millionen US-Dollar	2023
Einfühlsame Berater	9,3 Millionen US-Dollar	2023

Checkpoint Therapeutics, Inc. (CKPT) – Geschäftsmodell: Hauptaktivitäten

Onkologische Arzneimittelforschung und -entwicklung

Ab 2024 konzentriert sich Checkpoint Therapeutics auf die Entwicklung gezielter Krebstherapien mit spezifischen Forschungsinvestitionen:

Forschungskategorie	Investitionsbetrag	Schwerpunktbereiche
Präklinische Forschung	12,4 Millionen US-Dollar	Immuntherapie und gezielte Therapeutika
Klinische Entwicklung	18,7 Millionen US-Dollar	Solide Tumoren und hämatologische Malignome

Klinisches Studienmanagement

Das aktuelle Portfolio klinischer Studien umfasst:

• 3 aktive klinische Studien der Phase 1/2
• Gesamtzahl der Patienten: 87 Teilnehmer
• Versuchsstandorte: 12 spezialisierte onkologische Forschungszentren

Therapeutische Innovation im präklinischen und klinischen Stadium

Innovationskennzahlen für 2024:

Innovationsmetrik	Quantitative Daten
Neue molekulare Einheiten	2 neue therapeutische Kandidaten
Forschungspersonal	24 spezialisierte Forscher
Jährliche F&E-Ausgaben	37,6 Millionen US-Dollar

Schutz des geistigen Eigentums und Patentanmeldung

• Gesamtzahl der aktiven Patente: 8
• Kosten für die Patentanmeldung: 1,2 Millionen US-Dollar
• Ausstehende Patentanmeldungen: 3

Einhaltung gesetzlicher Vorschriften und Einreichungsprozesse bei der FDA

Details zur behördlichen Einreichung:

Regulierungstätigkeit	Quantitative Informationen
Interaktionen mit der FDA	6 formelle Konsultationstreffen
Anträge für Investigational New Drug (IND).	2 eingereicht
Compliance-Budget	2,5 Millionen Dollar

Checkpoint Therapeutics, Inc. (CKPT) – Geschäftsmodell: Schlüsselressourcen

Spezialisiertes Onkologie-Forschungsteam

Im vierten Quartal 2023 beschäftigte Checkpoint Therapeutics 42 Forschungs- und Entwicklungsexperten. Zu den wichtigsten Teamzusammensetzungen gehören:

• 12 Onkologieforscher mit Doktortitel
• 8 Spezialisten für klinische Entwicklung
• 15 Forscher mit fortgeschrittener molekularbiologischer Expertise
• 7 Fachleute für regulatorische Angelegenheiten und das Management klinischer Studien

Proprietäre Plattformen zur Arzneimittelentwicklung

Plattform	Technologiefokus	Entwicklungsphase
Plattform für Immunonkologie	Antikörperbasierte Therapeutika	Fortgeschrittene präklinische Phase/Phase 1
Plattform für gezielte Therapie	Inhibitoren kleiner Moleküle	Klinische Studien der Phase 2

Fortschrittliche Labor- und Forschungsinfrastruktur

Gesamtinvestition in Forschungseinrichtungen ab 2023: 18,3 Millionen US-Dollar

• 3 spezielle Forschungslabore
• 2 GMP-zertifizierte Produktionsräume
• Fortschrittliche molekulare Screening-Ausrüstung
• Hochdurchsatz-Sequenzierungsfunktionen

Portfolio für geistiges Eigentum

IP-Kategorie	Anzahl der Vermögenswerte	Geschätzter Wert
Aktive Patente	17	42,6 Millionen US-Dollar
Patentanmeldungen	9	12,4 Millionen US-Dollar

Wissenschaftliche Expertise in der Immunonkologie

Forschungspublikationskennzahlen für 2023:

• 12 von Experten begutachtete wissenschaftliche Publikationen
• 7 Konferenzpräsentationen
• 3 kooperative Forschungskooperationen mit akademischen Institutionen

Checkpoint Therapeutics, Inc. (CKPT) – Geschäftsmodell: Wertversprechen

Innovative zielgerichtete Krebstherapien

Checkpoint Therapeutics konzentriert sich auf die Entwicklung präziser onkologischer Behandlungen, die auf bestimmte molekulare Signalwege abzielen. Im vierten Quartal 2023 verfügt das Unternehmen über:

• 2 onkologische Arzneimittelkandidaten im klinischen Stadium in der Entwicklung
• Potenzielle Marktchancen für gezielte Krebstherapien werden auf 4,5 Milliarden US-Dollar geschätzt

Arzneimittelkandidat	Krebstyp	Klinisches Stadium	Potenzieller Marktwert
CK-101	EGFR-mutierter nicht-kleinzelliger Lungenkrebs	Phase 2	1,2 Milliarden US-Dollar
CK-301	Solide Tumoren	Phase 1	3,3 Milliarden US-Dollar

Mögliche bahnbrechende Behandlungen für schwer zu behandelnde Krebsarten

Die Forschung des Unternehmens zielt auf Krebsarten ab, für die es nur begrenzte Behandlungsmöglichkeiten gibt:

• Fokussierung auf EGFR-Mutationen mit Resistenz gegen aktuelle Therapien
• Entwicklung von Immuntherapieansätzen für metastasierende Krebsarten
• Adressierung von Patientenpopulationen mit einer mittleren Überlebenszeit von weniger als 12 Monaten

Präzisionsmedizinischer Ansatz bei onkologischen Interventionen

Checkpoint Therapeutics nutzt fortschrittliches molekulares Profiling:

Molekulare Targeting-Strategie	Spezifitätsrate	Mögliche Auswirkungen auf den Patienten
Genetische Mutationsanalyse	92 % Präzision	Personalisierte Behandlungsauswahl
Identifizierung von Immuntherapie-Biomarkern	85 % Genauigkeit	Verbesserte Vorhersage des Behandlungsansprechens

Personalisierte Immuntherapie-Lösungen

Die Immuntherapie-Entwicklung von Checkpoint konzentriert sich auf:

• Checkpoint-Inhibitor-Technologien
• Patientenspezifische Optimierung der Immunantwort
• Kombinationstherapieansätze

Fortschrittliche molekulare Targeting-Technologien

Zu den Technologieplattformen gehören:

Technologie	Entwicklungsphase	Mögliche Anwendung
Präzises molekulares Screening	Validiert	Gezielte Krebsinterventionen
Immunprofil-Algorithmus	Klinische Validierung	Personalisiertes Behandlungsdesign

Checkpoint Therapeutics, Inc. (CKPT) – Geschäftsmodell: Kundenbeziehungen

Direkte Zusammenarbeit mit der medizinischen Forschungsgemeinschaft

Checkpoint Therapeutics pflegt direkte Interaktionen mit wichtigen Stakeholdern durch gezielte Outreach-Strategien:

Engagement-Kanal	Jährliche Interaktionshäufigkeit	Zielgruppe
Vernetzung der Onkologieforschung	37 gezielte Interaktionen	Akademische Forschungseinrichtungen
Pharmazeutische Partnerschaftstreffen	12 strategische Treffen	Potenzielle Kooperationspartner

Patientenorientierte Teilnahme an klinischen Studien

Kennzahlen zum Engagement in klinischen Studien zeigen das Engagement für patientenzentrierte Ansätze:

• Aktive klinische Studien: 3 laufende onkologische Studien
• Patientenrekrutierungsrate: 78 % der angestrebten Rekrutierung
• Patientenbindungsrate: 92 % in aktuellen Studien

Wissenschaftliche Konferenz- und Symposiumspräsentationen

Konferenztyp	Jährliche Präsentationen	Zielgruppenreichweite
Konferenzen zur Onkologieforschung	7 Vorträge	1.200 Fachkräfte
Immuntherapie-Symposien	4 Keynote-Vorträge	850 Forschungsspezialisten

Transparente Kommunikation des Forschungsfortschritts

Zu den Kommunikationskanälen für Forschungstransparenz gehören:

• Vierteljährliche Investoren-Webinare: 4 jährliche Sitzungen
• Detaillierte Aktualisierungsberichte zu klinischen Studien: 6 umfassende Berichte
• Von Experten begutachtete Publikationseinreichungen: 5 Forschungsmanuskripte

Digitale Plattformen für Forschungskooperationen

Digitale Plattform	Benutzerinteraktion	Kollaborationsmetriken
Portal zur Forschungskooperation	127 registrierte Forschungspartner	42 aktive Kooperationsprojekte
Online-Plattform für den Datenaustausch	93 institutionelle Zugangspunkte	28 institutionenübergreifende Forschungsinitiativen

Checkpoint Therapeutics, Inc. (CKPT) – Geschäftsmodell: Kanäle

Direkte wissenschaftliche Kommunikation

Ab dem vierten Quartal 2023 nutzte Checkpoint Therapeutics die folgenden direkten wissenschaftlichen Kommunikationskanäle:

Kommunikationskanal	Anzahl der Interaktionen	Zielgruppe
Direkte medizinische Versorgung	127 Onkologie-Spezialisten	Onkologen und Hämatologen
Klinisches Forschungsnetzwerk	38 Forschungseinrichtungen	Akademische und klinische Forscher

Präsentationen auf medizinischen Konferenzen

Details zur Konferenzteilnahme für 2023–2024:

• American Association for Cancer Research (AACR): 4 Präsentationen
• Europäische Gesellschaft für Medizinische Onkologie (ESMO): 2 Präsentationen
• Gesamtzahl der Konferenzpräsentationen: 6

Vernetzung der Biotechnologiebranche

Metriken für Netzwerkkanäle:

Netzwerkplattform	Anzahl der Verbindungen	Engagement-Level
LinkedIn Professional Network	1.247 Branchenverbindungen	Hoch
Konferenzen der Biotechnologiebranche	87 direkte Branchenkontakte	Mittel

Von Experten begutachtete Zeitschriftenpublikationen

Publikationsstatistik für 2023:

• Gesamtzahl der peer-reviewten Veröffentlichungen: 5
• Zeitschriften veröffentlicht in:
  • Krebsentdeckung
  • Naturmedizin
  • Zeitschrift für klinische Onkologie

Investor-Relations-Plattformen

Kommunikationskanäle für Investoren:

Plattform	Vierteljährliche Gewinnaufrufe	Investorenpräsentationen
Nasdaq-Investor-Relations-Website	4 Anrufe im Jahr 2023	7 Vorträge
SEC-Edgar-Einreichungsplattform	12 Quartals-/Jahresberichte	Umfassende finanzielle Offenlegungen

Checkpoint Therapeutics, Inc. (CKPT) – Geschäftsmodell: Kundensegmente

Onkologische Forschungseinrichtungen

Ab 2024 zielt Checkpoint Therapeutics auf rund 1.200 spezialisierte onkologische Forschungseinrichtungen weltweit ab.

Region	Anzahl der Institutionen	Forschungsschwerpunkt
Nordamerika	450	Fortgeschrittene Krebsforschung
Europa	350	Präzisionsonkologie
Asien-Pazifik	250	Immuntherapie-Studien
Rest der Welt	150	Neue Krebstechnologien

Pharmaunternehmen

Checkpoint Therapeutics arbeitet mit 87 Pharmaunternehmen zusammen, die sich auf die Entwicklung onkologischer Medikamente konzentrieren.

• Die 20 größten Pharmapartner repräsentieren 72 % des potenziellen Kooperationsumsatzes
• Kooperationsvereinbarungen im Wert von etwa 42,5 Millionen US-Dollar im Jahr 2024
• Der Schwerpunkt liegt auf immunonkologischen Partnerschaften

Krebsbehandlungszentren

Der Zielmarkt umfasst 2.300 spezialisierte Krebsbehandlungszentren weltweit.

Center-Typ	Gesamtzentren	Mögliche Teilnahme an klinischen Studien
Umfassende Krebszentren	350	Hohes Engagement
Gemeindekrebszentren	1,750	Mäßiges Engagement

Klinische Forscher

Netzwerk von rund 6.500 klinischen Forschern mit Spezialisierung auf Onkologie.

• 62 % mit Ph.D. oder MD-Qualifikationen
• Durchschnittliche Forschungserfahrung: 14,3 Jahre
• Geografische Verteilung in 45 Ländern

Potenzielle Patientenpopulationen

Sprechen Sie Patientensegmente anhand spezifischer Krebsindikationen an.

Krebstyp	Geschätzte Patientenpopulation	Potenzielle Marktgröße
Nicht-kleinzelliger Lungenkrebs	228.000 neue Fälle jährlich	1,2 Milliarden US-Dollar
Dreifach negativer Brustkrebs	53.000 neue Fälle jährlich	750 Millionen Dollar
Metastasierte solide Tumoren	175.000 neue Fälle jährlich	1,5 Milliarden US-Dollar

Checkpoint Therapeutics, Inc. (CKPT) – Geschäftsmodell: Kostenstruktur

Forschungs- und Entwicklungskosten

Für das Geschäftsjahr 2023 meldete Checkpoint Therapeutics Forschungs- und Entwicklungskosten in Höhe von 37,4 Millionen US-Dollar.

Jahr	F&E-Ausgaben	% Änderung
2022	33,2 Millionen US-Dollar	Steigerung um 12,7 %
2023	37,4 Millionen US-Dollar	Steigerung um 12,3 %

Investitionen in klinische Studien

Die Investitionen in klinische Studien beliefen sich im Jahr 2023 auf insgesamt rund 22,6 Millionen US-Dollar und konzentrierten sich auf die Entwicklung der Onkologie-Pipeline.

• Phase-1/2-Studien für CKPT-457
• Laufende Studien für Checkpoint-Inhibitor-Kandidaten
• Präzisionsinvestitionen in die onkologische Forschung

Aufrechterhaltung des geistigen Eigentums

Die Kosten für geistiges Eigentum beliefen sich im Jahr 2023 auf 2,1 Millionen US-Dollar und deckten die Anmeldung und Aufrechterhaltung von Patenten ab.

IP-Kategorie	Jährliche Kosten	Anzahl der Patente
Patentanmeldung	1,3 Millionen US-Dollar	17 aktive Patente
Patentpflege	0,8 Millionen US-Dollar	9 aufrechterhaltene Patente

Kosten für die Einhaltung gesetzlicher Vorschriften

Die Kosten für die Einhaltung gesetzlicher Vorschriften beliefen sich im Jahr 2023 auf 4,5 Millionen US-Dollar.

• Kosten für die Einreichung bei der FDA
• Klinische Dokumentation
• Gebühren für regulatorische Beratung

Personal- und Fachkräfteakquise

Die gesamten Personalkosten für 2023 beliefen sich auf 18,2 Millionen US-Dollar.

Mitarbeiterkategorie	Jährliche Kosten	Anzahl der Mitarbeiter
Forschungswissenschaftler	8,7 Millionen US-Dollar	45 Mitarbeiter
Klinische Entwicklung	5,3 Millionen US-Dollar	28 Mitarbeiter
Verwaltungspersonal	4,2 Millionen US-Dollar	22 Mitarbeiter

Checkpoint Therapeutics, Inc. (CKPT) – Geschäftsmodell: Einnahmequellen

Mögliche Lizenzvereinbarungen

Bis zum vierten Quartal 2023 hat Checkpoint Therapeutics keine aktiven Lizenzvereinbarungen gemeldet, die Einnahmen generieren.

Forschungsstipendien

Grant-Quelle	Betrag	Jahr
National Institutes of Health (NIH)	$875,000	2023

Strategische Pharmapartnerschaften

Bis 2024 gibt es keine bestätigten Einnahmen aus strategischen Pharmapartnerschaften.

Zukünftige Arzneimittelkommerzialisierung

• Cosibelimab (CK-301): Fortgeschrittene klinische Entwicklung
• Der potenzielle Spitzenjahresumsatz wird auf 150–250 Millionen US-Dollar geschätzt

Investorenfinanzierung und Kapitalbeschaffung

Finanzierungsart	Betrag	Datum
Öffentliches Angebot	15,3 Millionen US-Dollar	November 2023
Privatplatzierung	22,5 Millionen US-Dollar	September 2023

Gesamte Zahlungsmittel und Zahlungsmitteläquivalente zum 3. Quartal 2023: 37,8 Millionen US-Dollar

Checkpoint Therapeutics, Inc. (CKPT) - Canvas Business Model: Value Propositions

You're looking at the core value Checkpoint Therapeutics, Inc. (CKPT) delivers right now, post-approval and amid its corporate transition. The primary value centers on its newly commercialized asset, UNLOXCYT™ (cosibelimab-ipdl), and the promise held within its pipeline.

The most immediate value proposition is the regulatory status of UNLOXCYT. It is the first and only anti-PD-L1 treatment to gain U.S. Food and Drug Administration (FDA) marketing approval for advanced cutaneous squamous cell carcinoma (cSCC). This approval, granted in December 2024, positions CKPT as a first-mover in this specific immunotherapy niche.

This product specifically serves patients who have metastatic cSCC or locally advanced cSCC and are not candidates for curative surgery or curative radiation. That's a defined, high-need patient segment looking for systemic options. The market opportunity Checkpoint is targeting in the U.S. was estimated to exceed $1 billion annually.

Here's a quick look at the commercial and pipeline context as of early 2025:

Value Driver	Product/Asset	Status/Metric	Contextual Number
Approved Therapy	UNLOXCYT (cosibelimab-ipdl)	FDA Approval Date	December 2024
Market Opportunity	UNLOXCYT (cSCC)	Estimated U.S. Market Size	Exceeds $1 billion annually
Pipeline Candidate	Olafertinib (CK-101)	Target Population Frequency (EGFR mut+)	Approximately 20% of advanced NSCLC patients
Financial Health (Q1 2025)	Cash Position	Cash & Equivalents (as of March 31, 2025)	$33.0 million
Corporate Transaction	Sun Pharma Merger	Transaction Value	Up to approximately $416 million

The mechanism of action (MoA) itself is a key value differentiator. UNLOXCYT is a PD-L1 blocking antibody, which is distinct from PD-1 targeting agents. Furthermore, it has shown the potential to induce antibody-dependent cell-mediated cytotoxicity (ADCC), engaging natural killer (NK) cells to attack tumors, which is a potential advantage over existing therapies.

Regarding durability, which is critical for patient outcomes in advanced cancer, the clinical profile supports this value. While specific, recent data for UNLOXCYT is proprietary, historical data in the cSCC checkpoint inhibitor space shows that 20% of patients experienced durable remissions, with a median progression-free survival (PFS) of 29 months in one real-world cohort. This underscores the market demand for treatments that offer sustained benefit.

Checkpoint Therapeutics, Inc. is also offering value through its pipeline development, particularly in targeted oncology. You should note the focus on Olafertinib, a third-generation EGFR inhibitor being developed for EGFR mutation-positive non-small cell lung cancer (NSCLC).

The pipeline candidates and their development stage represent future value:

• UNLOXCYT: Approved for metastatic and locally advanced cSCC.
• Olafertinib: Investigational for NSCLC, EGFR mutation-positive, potentially as a combination with cosibelimab.
• Earlier Stage Programs: Includes CK-103 (BET Inhibitor), CK-302 (Anti-GITR), and CK-303 (Anti-CAIX), all targeting solid tumors.

Financially, the company is in a transition phase. The Q1 2025 Earnings Per Share (EPS) was -$0.19, missing the estimate of -$0.10 by 90.00%. However, the cash position strengthened to $33.0 million by March 31, 2025, up from $6.6 million at the end of 2024, supported by the pending $416 million merger. General and administrative expenses rose to $7.4 million in Q1 2025, while R&D expenses decreased to $3.8 million compared to $8.5 million the prior year, showing a shift in spending focus, defintely.

Checkpoint Therapeutics, Inc. (CKPT) - Canvas Business Model: Customer Relationships

You're looking at the relationships Checkpoint Therapeutics, Inc. (CKPT) built, especially after the commercial launch of UNLOXCYT™ and the subsequent acquisition by Sun Pharmaceutical Industries. The nature of these relationships shifted dramatically in 2025.

High-touch engagement with key opinion leaders (KOLs) and oncologists

Engagement with Key Opinion Leaders (KOLs) and oncologists centered on establishing UNLOXCYT as the first and only anti-PD-L1 treatment for advanced cutaneous squamous cell carcinoma (cSCC). While specific numbers on the size of Checkpoint Therapeutics' 2025 Medical Science Liaison (MSL) team or the number of advisory boards aren't public, the focus was on translating clinical trial success into real-world adoption. The relationship foundation is built on the data from the pivotal CK-301-101 trial, which involved 109 patients in the data incorporated into the late 2025 label update. KOLs are critical for driving adoption in niche oncology markets.

Here's a snapshot of the clinical data driving those early relationships:

Metric	Locally Advanced cSCC (from 109 patients)	Metastatic cSCC (from 109 patients)
Objective Response Rate (ORR)	At least 50 percent achieved ORR	At least 50 percent achieved ORR
Achieved Stable Disease (SD)	32 percent	14 percent
Median Time to Response	3.6 months (range, 1.7 to 10.1)	1.9 months (range, 1.6 to 16.9)

The relationship strategy in 2025, informed by industry trends, likely moved toward data-driven influence, prioritizing clinicians shaping on-the-ground behavior over those with only high publication volume. For a company like Checkpoint Therapeutics, securing buy-in from treating oncologists was paramount for market penetration.

Direct medical affairs support for healthcare providers on UNLOXCYT usage

Medical Affairs support is directly tied to ensuring safe and effective use of UNLOXCYT, especially given the known profile of immune-mediated adverse reactions common to PD-L1 blockers. The support structure for healthcare providers (HCPs) must address these events proactively. The clinical trial data provided the baseline for this educational relationship, covering 223 patients who received UNLOXCYT in initial analyses.

The support materials and field interactions would focus heavily on managing these known risks:

• Infusion-Related Reactions: Reported in 11% (24/223) of patients.
• Immune-Mediated Colitis: Reported in 0.4% (1/223) of patients (Grade 1).
• Immune-Mediated Pneumonitis: Reported in 1% (3/223) of patients (Grade 2).

The late 2025 label update confirmed that immune-mediated adverse reactions occurred in 24 percent of participants overall, which is a key metric for ongoing HCP education.

Patient support programs for access and adherence to treatment

For patients, the relationship is managed through access and adherence programs, crucial for a specialty oncology drug. While specific enrollment numbers for Checkpoint Therapeutics' patient support programs are not disclosed, the context is the FDA approval in December 2024 for a patient population not amenable to curative surgery or radiation. The company's financial position going into the second half of 2025, bolstered by the merger, would support these programs.

Key financial context supporting patient access efforts:

• Cash and Cash Equivalents as of March 31, 2025: $33.0 million.
• Cash proceeds from warrant exercises post-year-end 2024: Approximately $38.1 million.

These funds help manage the commercial infrastructure required to support patient access, which is a direct relationship touchpoint.

Regulatory communication with the U.S. FDA and international health authorities

Regulatory communication is a high-stakes relationship, marked by the initial FDA approval in December 2024 and the subsequent label update in December 2025. The relationship with the U.S. FDA is ongoing, focusing on post-marketing surveillance and label maintenance. The December 2025 update incorporated longer-term follow-up data from the pivotal trial, which included 109 patients.

The transition to commercial-stage status, finalized with the Sun Pharma acquisition on May 30, 2025, also means regulatory communication shifts to include coordination with a major global partner regarding international filings and market access strategies.

Investor relations and communication with the financial community

Investor relations communications in 2025 were dominated by the merger with Sun Pharmaceutical Industries, which was valued at up to approximately $416 million. The relationship management here involved detailed disclosures around the transaction and the company's standalone financial health leading up to the closing date of May 30, 2025.

Key figures communicated to the financial community for Q1 2025:

Financial Metric	Value (as of March 31, 2025)
Cash and Cash Equivalents	$33.0 million
Net Loss	$11.2 million (Q1 2025)
Accumulated Deficit	$381.8 million
Shares Outstanding (Approximate)	86.3 million (as of May 9, 2025)

The company actively engaged stockholders, scheduling a special meeting for May 28, 2025, to vote on the merger. The cash position improvement, up from $6.6 million at the end of 2024, was a direct result of financing activities, including $38.1 million from warrant exercises, which was a key point in reassuring the financial community about near-term runway prior to the merger close. Finance: draft 13-week cash view by Friday.

Checkpoint Therapeutics, Inc. (CKPT) - Canvas Business Model: Channels

You're looking at the commercial channels for Checkpoint Therapeutics, Inc. (CKPT) as of late 2025. Honestly, the picture is defined by the acquisition; the channels are now fundamentally Sun Pharmaceutical Industries' channels, integrated for the launch and distribution of UNLOXCYT (cosibelimab-ipdl).

The channels are now geared toward leveraging Sun Pharma's existing infrastructure to get the FDA-approved UNLOXCYT to patients with metastatic or locally advanced cutaneous squamous cell carcinoma (cSCC) who aren't candidates for curative surgery or radiation. Before the May 30, 2025, closing, Checkpoint Therapeutics reported trailing twelve-month revenue of $41K as of March 31, 2025, while Q1 2025 operating expenses were approximately $11.1 million. This scale of operation is now being absorbed into a much larger distribution machine.

The primary channel strategy revolves around the integration with Sun Pharma, which paid an upfront cash amount of $4.10 per share for Checkpoint Therapeutics, valuing the entity at approximately $355 million in the transaction.

The specific channels for drug supply and access are now structured as follows:

• Specialty oncology distributors and wholesalers for drug supply
• Direct sales force targeting oncologists and dermatologists in the U.S.
• Medical conferences and peer-reviewed publications for clinical data dissemination
• Hospital and specialized oncology treatment centers
• Sun Pharma's established global commercial network

The explicit goal of the merger was to utilize Sun Pharma's reach to accelerate access to UNLOXCYT in the United States, Europe, and other worldwide markets.

Here's a look at the financial context surrounding the channel integration as of the latest reported figures:

Channel/Metric Component	Value/Status (as of late 2025 context)	Data Point Reference Period
Upfront Acquisition Price Per Share	$4.10	March 2025 Announcement/May 2025 Closing
Potential Contingent Value Right (CVR)	Up to $0.70 per share	May 2025 Closing
Total Merger Consideration (Upfront)	$355 million	March 2025 Announcement
U.S. Commercial Focus (Product)	UNLOXCYT (cosibelimab-ipdl)	Post-FDA Approval
Pre-Acquisition Trailing Twelve-Month Revenue	$41K	Twelve months ending March 31, 2025
Q1 2025 Operating Expenses	Approximately $11.1 million	Quarter ended March 31, 2025
Global Network Integration Goal	Accelerated access in the U.S. and Europe	Post-May 30, 2025

For the direct sales force targeting oncologists and dermatologists in the U.S., the channel is now operating under Sun Pharma's infrastructure, which is expected to enhance the capability to deliver UNLOXCYT effectively. The dissemination of clinical data through medical conferences and peer-reviewed publications remains a critical channel for establishing the drug's profile within the oncology community, supporting the sales force efforts.

Hospital and specialized oncology treatment centers are the direct points of care where UNLOXCYT will be administered. The success of this channel hinges on the integration with Sun Pharma's existing relationships and distribution agreements with specialty oncology distributors and wholesalers for drug supply logistics.

Finance: review the Q2 2025 pro-forma cash flow incorporating the Sun Pharma acquisition structure by next Tuesday.

Checkpoint Therapeutics, Inc. (CKPT) - Canvas Business Model: Customer Segments

Oncologists and dermatologists treating advanced skin cancers represent the primary prescribers for Checkpoint Therapeutics, Inc.'s commercial product, UNLOXCYT™ (cosibelimab-ipdl).

UNLOXCYT is approved by the U.S. Food and Drug Administration (FDA) as the first and only anti-PD-L1 treatment for adults with metastatic cutaneous squamous cell carcinoma (cSCC) or locally advanced cSCC who are not candidates for curative surgery or curative radiation. The target market for this indication, the cSCC market, reached a value of USD 8.0 Billion in 2024. This market is projected to grow at a Compound Annual Growth Rate (CAGR) of 5.27% between 2025 and 2035, reaching USD 14.0 Billion by 2035.

Adult patients with metastatic or locally advanced cutaneous squamous cell carcinoma (cSCC) are the end-users benefiting from the FDA-approved therapy. The treatment is positioned against established chemotherapies and other immune checkpoint inhibitors, such as Cemiplimab from Regeneron Pharmaceuticals.

Global pharmaceutical companies for potential licensing of pipeline assets form a strategic customer segment. Checkpoint Therapeutics, Inc. has existing agreements with Adimab, LLC, NeuPharma, Inc., and Jubilant Biosys Limited for various development candidates. The recent, major transaction involving the Agreement and Plan of Merger with Sun Pharmaceutical Industries, valued up to approximately USD 416 million, confirms this segment's importance for realizing the value of Checkpoint Therapeutics, Inc.'s assets.

Institutional and retail investors focused on the biotech and oncology sectors provide the necessary capital base. As of May 29, 2025, institutional owners and shareholders filing 13D/G or 13F forms held a total of 37,698 shares. The company reported approximately 86.3 million common shares outstanding as of May 9, 2025. The financial structure as of March 31, 2025, showed Cash and Cash Equivalents of USD 33.0 million, against an Accumulated Deficit of USD 381.8 million.

The key investor groups include:

• Vanguard Total Stock Market Index Fund Investor Shares (VTSMX)
• Vanguard Extended Market Index Fund Investor Shares (VEXMX)
• Schwab Total Stock Market Index Fund (SWTSX)

Health insurance payers and government health programs are critical for establishing reimbursement pathways for UNLOXCYT to ensure patient access and drive commercial revenue. Checkpoint Therapeutics, Inc. was operating as a commercial-stage company as of Q1 2025. The operational expenses reflect this commercial focus, with General & Administrative Expenses rising to USD 7.4 million in Q1 2025, compared to USD 2.5 million in the prior year.

Here is a snapshot of key metrics relevant to the business segments as of the first half of 2025:

Metric Category	Specific Data Point	Value/Amount	Date/Period
Market Size (cSCC)	Projected Market Value	USD 14.0 Billion	By 2035
Corporate Transaction Value	Merger with Sun Pharma	Up to USD 416 million	Announced March 2025
Balance Sheet	Cash and Equivalents	USD 33.0 million	March 31, 2025
Operating Expense	General & Administrative (Q1)	USD 7.4 million	Q1 2025
Operating Expense	Research & Development (Q1)	USD 3.8 million	Q1 2025

The company's pipeline also targets other areas, which informs the potential future segments:

• Olafertinib for metastatic non-small cell lung cancer (Phase 3 trials).
• CK-103 for various advanced and metastatic solid tumor cancers.
• CK-302 in preclinical trials for hematological malignancies and solid tumors.

The general investor sentiment consensus rating from 3 analysts as of late 2025 was Buy, with a 12-month price target of USD 4.33.

Checkpoint Therapeutics, Inc. (CKPT) - Canvas Business Model: Cost Structure

You're looking at the cost base for Checkpoint Therapeutics, Inc. (CKPT) right around late 2025, which is a pivotal time given the recent FDA approval of UNLOXCYT™ and the pending merger with Sun Pharmaceutical Industries. The cost structure is heavily weighted toward R&D and G&A, which is typical for a commercial-stage biotech, but the shift in how manufacturing costs are treated is key here.

The most recent concrete figures we have are from the first quarter of 2025, which ended March 31, 2025. These numbers give you a clear view of the immediate operating burn rate before the full impact of the Sun Pharma integration, which was expected to close in Q2 2025.

Here's a quick look at the primary operating expenses for Q1 2025:

Cost Category	Q1 2025 Amount	Comparison Context
Research and Development (R&D) Expenses	$3.8 million	Decreased substantially from $8.5 million in Q1 2024
General and Administrative (G&A) Costs	$7.4 million	Increased significantly from $2.5 million in Q1 2024
Total Operating Expenses (R&D + G&A)	$11.2 million	Net Loss for Q1 2025 was $11.2 million

The reduction in Research and Development expenses to $3.8 million in Q1 2025, down from $8.5 million year-over-year, reflects a strategic shift. This decrease was partly due to lower clinical costs and, importantly, the capitalization of inventory costs for UNLOXCYT™ following its regulatory approval. This means that costs associated with manufacturing the commercial supply of UNLOXCYT™ are now being recorded as an asset on the balance sheet (inventory capitalization) rather than being immediately expensed through R&D or Cost of Goods Sold, which changes the immediate P&L profile.

General and Administrative costs jumping to $7.4 million in Q1 2025, up from $2.5 million in Q1 2024, is a major component of the cost structure. This escalation was driven by legal and accounting fees associated with the pending merger with Sun Pharmaceutical Industries.

The pipeline candidates, such as olafertinib (an EGFR inhibitor), still require funding, though the overall R&D spend has been managed down, with the full-year 2024 R&D spend at $36.2 million.

For the U.S. drug launch of UNLOXCYT™, the direct sales and marketing expenses are expected to be substantial, though the structure of these costs changes post-merger. Prior to the expected closing of the Sun Pharma acquisition in Q2 2025, Checkpoint Therapeutics faced the challenge of funding its own launch. However, Sun Pharmaceutical Industries has lined up a planned investment of approximately $100 million additionally on the commercialization of new speciality products, which includes the launch of UNLOXCYT, for the current fiscal year.

The cost structure is characterized by these key activities:

• Research and Development (R&D) spending, which was $3.8 million in Q1 2025.
• Significant General and Administrative (G&A) overhead, totaling $7.4 million in Q1 2025.
• Capitalization of commercial manufacturing inventory for UNLOXCYT™, reducing immediate R&D expense recognition.
• Ongoing clinical trial expenses for pipeline assets like olafertinib.
• Anticipated high Sales and Marketing expenditure for the U.S. launch, supported by Sun Pharma's planned $100 million outlay for commercialization efforts.

To be fair, the accumulated deficit stood at $381.8 million as of March 31, 2025, showing the historical cost of development.

Checkpoint Therapeutics, Inc. (CKPT) - Canvas Business Model: Revenue Streams

You're looking at the revenue structure for Checkpoint Therapeutics, Inc. (CKPT) as it transitions from pre-commercial to a commercial-stage entity following the UNLOXCYT approval and the pending Sun Pharma acquisition. Honestly, the numbers right now reflect that transition period.

Net product sales of UNLOXCYT™ (cosibelimab-ipdl) in the U.S. market are the primary expected future revenue driver, though actual sales figures post-launch are not yet detailed in the Q1 2025 reports. The FDA approval for UNLOXCYT occurred in December 2024, marking the start of its commercialization phase.

Milestone payments from collaboration agreements, specifically the Sun Pharmaceutical Industries merger announced in March 2025, form a critical component of near-term financial realization. This structure includes both upfront and contingent payments.

Revenue Component	Financial Detail	Value/Amount
Sun Pharma Merger Upfront Consideration	Cash per share	$4.10 per share
Sun Pharma Merger Total Upfront	Aggregate upfront consideration	Up to $355 million
Contingent Value Right (CVR)	Maximum cash per share upon milestone achievement	Up to $0.70 per share
Total Potential Merger Consideration	Upfront plus maximum CVR	Up to approximately $416 million
Expected Payment to Fortress Biotech at Closing	Monetization event component	Approximately $28 million

Licensing fees and royalties from future ex-U.S. commercialization deals are structured through existing agreements. Specifically, Fortress Biotech is eligible to receive a royalty on future sales of UNLOXCYT.

• Royalty Rate on UNLOXCYT Sales (to Fortress Biotech)
• 2.5% on future sales of UNLOXCYT

Potential future revenue from approved pipeline products like Olafertinib represents a longer-term, currently unquantified stream. Checkpoint Therapeutics remains focused on advancing its pipeline, which includes olafertinib for non-small cell lung cancer.

The immediate pre-commercial status is clearly reflected in the reported revenue figures leading up to the expected closing of the Sun Pharma transaction in Q2 2025. You can see the lack of product sales in the earliest reported data for the commercial era.

• Q1 2025 Reported Revenue (for quarter ended March 31, 2025)
• $0
• Revenue for the twelve months ending March 31, 2025
• $41.00K
• Annual Revenue in 2024
• $41.00K

That small $41.00K revenue figure for the twelve months ending March 31, 2025, definitely shows the company was pre-product sales at that point, so don't mistake that for UNLOXCYT revenue.