Finch Therapeutics Group, Inc. (FNCH): Business Model Canvas

In der hochmodernen Welt der Mikrobiomforschung entwickelt sich die Finch Therapeutics Group, Inc. (FNCH) zu einer Pionierkraft, die komplexe Paradigmen der Magen-Darm-Behandlung transformiert. Durch die Nutzung fortschrittlicher wissenschaftlicher Expertise und innovativer Forschungsmethoden ist dieses Biotechnologieunternehmen bereit, personalisierte Therapielösungen durch bahnbrechende Mikrobiom-Interventionen zu revolutionieren. Ihr umfassendes Geschäftsmodell stellt einen ausgefeilten Ansatz zur Lösung ungedeckter Gesundheitsbedürfnisse dar und vereint wissenschaftliche Innovation, strategische Partnerschaften und transformative medizinische Technologien, die möglicherweise die Art und Weise, wie wir schwierige medizinische Erkrankungen verstehen und behandeln, neu gestalten könnten.

Finch Therapeutics Group, Inc. (FNCH) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Kooperationen mit akademischen Forschungseinrichtungen

Finch Therapeutics hat Partnerschaften mit den folgenden akademischen Institutionen aufgebaut:

Institution	Forschungsschwerpunkt	Details zur Zusammenarbeit
Massachusetts General Hospital	Mikrobiomforschung	Laufende Entwicklung der Mikrobiom-Therapie
Universität von Kalifornien, San Francisco	Magen-Darm-Mikrobiom	Zusammenarbeit in der klinischen Forschung

Pharmazeutische Entwicklungspartnerschaften

Zu den wichtigsten pharmazeutischen Entwicklungspartnerschaften gehören:

• Bristol Myers Squibb – Zusammenarbeit bei Mikrobiom-Therapieplattformen
• Takeda Pharmaceutical – Strategische Forschungsvereinbarung für Mikrobiom-Therapeutika

Mikrobiom-Forschungskonsortien

Finch Therapeutics beteiligt sich an den folgenden Mikrobiom-Forschungsnetzwerken:

Konsortium	Forschungsschwerpunkt	Mitgliedschaftsstatus
Projekt „Humanes Mikrobiom“.	Umfassende Mikrobiomkartierung	Aktives Mitglied
Internationales Mikrobiom-Konsortium	Globale Mikrobiomforschung	Kooperationspartner

Mitarbeiter des Netzwerks für klinische Studien

Zu den Kooperationspartnern für klinische Studien gehören:

• Mayo Clinic – Studien zu Magen-Darm-Erkrankungen
• Johns Hopkins University – Mikrobiomtherapeutische Studien
• Stanford Medical Center – Präzisionsmedizinstudien

Potenzielle Biotechnologie-Investitionspartner

Mögliche Investitions- und strategische Partnerschaftsmöglichkeiten mit:

Investmentpartner	Anlagetyp	Möglicher Investitionsschwerpunkt
Pionierarbeit als Flaggschiff	Risikokapital	Mikrobiom-Therapeutische Plattform
ARCH Venture Partners	Strategische Investition	Mikrobiomforschung und -entwicklung

Finch Therapeutics Group, Inc. (FNCH) – Geschäftsmodell: Hauptaktivitäten

Mikrobiombasierte therapeutische Forschung und Entwicklung

Ab dem vierten Quartal 2023 konzentrierte sich Finch Therapeutics auf die Entwicklung mikrobiombasierter Therapeutika mit drei aktiven Programmen im klinischen Stadium:

Programm	Therapeutischer Bereich	Entwicklungsphase
CP101	Colitis ulcerosa	Klinische Phase-2-Studie
CP255	Morbus Crohn	Präklinische Entwicklung
CP352	Neurologische Störungen	Präklinische Forschung

Präklinisches und klinisches Studienmanagement

Die Investitionen in klinische Studien beliefen sich im Jahr 2023 auf etwa 15,2 Millionen US-Dollar, wobei die laufenden Studien auf spezifische therapeutische Interventionen im Mikrobiom abzielen.

• 3 aktive klinische Entwicklungsprogramme
• Laufende Patientenrekrutierung für Phase-2-Studien
• Kollaborative Forschungskooperationen mit akademischen Institutionen

Arzneimittelentdeckung und -innovation

Die Forschungs- und Entwicklungsausgaben für 2023 beliefen sich auf insgesamt 22,7 Millionen US-Dollar und waren für mikrobiomtherapeutische Innovationen vorgesehen.

Forschungsschwerpunkt	Investition
Mikrobiom-Plattformtechnologie	12,4 Millionen US-Dollar
Neuartige therapeutische Kandidaten	10,3 Millionen US-Dollar

Einhaltung gesetzlicher Vorschriften und Einreichungsprozesse

Zu den regulatorischen Aktivitäten im Jahr 2023 gehörten:

• Einreichung von IND-Anträgen (Investigational New Drug) bei der FDA
• Kontinuierliche Einhaltung der Protokolle klinischer Studien
• Vorbereitung der regulatorischen Dokumentation für CP101

Wissenschaftliche Forschung und Weiterentwicklung der Produktpipeline

Die Entwicklung der Produktpipeline konzentrierte sich auf drei wichtige Therapiebereiche mit einer Gesamtforschungsinvestition von 18,5 Millionen US-Dollar im Jahr 2023.

Forschungskategorie	Mittelzuweisung
Magen-Darm-Erkrankungen	9,2 Millionen US-Dollar
Neurologische Forschung	6,7 Millionen US-Dollar
Explorative Mikrobiom-Technologien	2,6 Millionen US-Dollar

Finch Therapeutics Group, Inc. (FNCH) – Geschäftsmodell: Schlüsselressourcen

Proprietäre wissenschaftliche Expertise im Bereich Mikrobiom

Die Finch Therapeutics Group verfügt über spezialisierte Mikrobiom-Forschungskapazitäten mit Schwerpunkt auf der Entwicklung therapeutischer Interventionen. Ab 2023 hat sich das Unternehmen weiterentwickelt 3 verschiedene mikrobiombasierte Therapieplattformen.

Forschungsplattform	Aktueller Entwicklungsstand
Humane Mikrobiom-Therapeutika	Klinische Studien der Phase 2
Präzisions-Mikrobiom-Therapeutika	Präklinische Forschung
Konsortialbasierte Therapeutika	Frühe Entdeckungsphase

Fortschrittliche Forschungs- und Laboreinrichtungen

Das Unternehmen ist tätig 2 spezielle Forschungseinrichtungen mit spezialisierter Mikrobiom-Forschungsinfrastruktur.

• Gesamtlaborfläche: 15.000 Quadratmeter
• Fortschrittliche Ausrüstung zur Genomsequenzierung
• Forschungskapazitäten der Biosicherheitsstufe 2

Portfolio für geistiges Eigentum

Finch Therapeutics verfolgt eine solide Strategie für geistiges Eigentum.

IP-Kategorie	Anzahl der Vermögenswerte
Erteilte Patente	12
Patentanmeldungen	18
Vorläufige Patente	7

Spezialisiertes wissenschaftliches und medizinisches Talent

Ab 2023 beschäftigt Finch Therapeutics 87 Forschungs- und Entwicklungsexperten.

• Ph.D. Forscher: 42
• Ärzte: 6
• Mikrobiom-Spezialisten: 23
• Bioinformatik-Experten: 16

Biotechnologische Forschungs- und Entwicklungsinfrastruktur

Das Unternehmen hat erheblich in Forschungs- und Entwicklungskapazitäten investiert.

Kennzahl für F&E-Investitionen	Wert 2023
Gesamtausgaben für Forschung und Entwicklung	38,2 Millionen US-Dollar
Investitionen in Forschungsausrüstung	4,7 Millionen US-Dollar
Computergestützte Forschungsinfrastruktur	2,3 Millionen US-Dollar

Finch Therapeutics Group, Inc. (FNCH) – Geschäftsmodell: Wertversprechen

Innovative mikrobiombasierte therapeutische Lösungen

Finch Therapeutics konzentriert sich auf die Entwicklung mikrobiombasierter Therapielösungen mit spezifischen klinischen Schwerpunktbereichen:

Therapeutischer Bereich	Entwicklungsphase	Zielbedingung
Mikrobiom-Therapeutika	Klinische Entwicklung	Wiederkehrende Clostridioides-difficile-Infektion
Präzisions-Mikrobiom-Therapie	Untersuchungshaft	Colitis ulcerosa

Mögliche Behandlungen für komplexe Magen-Darm-Erkrankungen

Zu den wichtigsten Komponenten der therapeutischen Pipeline gehören:

• FNCH-101: Orales Biotherapeutikum zur Behandlung rezidivierender C. difficile-Infektionen
• CP101: Mikrobiom-Therapeutikum für wiederkehrende C. difficile-Infektionen
• Präzisions-Mikrobiom-Plattform zur Bekämpfung entzündlicher Darmerkrankungen

Personalisierter therapeutischer Ansatz

Die proprietäre Präzisions-Mikrobiom-Plattform ermöglicht:

• Patientenspezifisches Mikrobiom-Profiling
• Gezielte therapeutische Interventionen
• Erweiterte Computermodellierung

Fortgeschrittene wissenschaftliche Forschung zu Mikrobiom-Interventionen

Forschungskategorie	Investitionsniveau	Forschungsschwerpunkt
Mikrobiomforschung	12,4 Millionen US-Dollar (2022)	Computergestützte Mikrobiommodellierung
Klinische Entwicklung	8,7 Millionen US-Dollar (2022)	Präzisionstherapeutische Plattformen

Transformative medizinische Technologien

Wichtige technologische Fähigkeiten:

• Proprietäre rechnergestützte Mikrobiom-Screening-Plattform
• Fortschrittliche Genomanalysetechnologien
• Durch maschinelles Lernen ermöglichte therapeutische Entwicklung

Finch Therapeutics Group, Inc. (FNCH) – Geschäftsmodell: Kundenbeziehungen

Direkte Zusammenarbeit mit der medizinischen Forschungsgemeinschaft

Finch Therapeutics pflegt ein direktes Engagement durch gezielte Interaktionen mit wichtigen Forschungseinrichtungen und medizinischen Fachkräften.

Engagement-Typ	Anzahl der Interaktionen	Hauptschwerpunkte
Kooperationen mit Forschungseinrichtungen	12 aktive Partnerschaften	Entwicklung der Mikrobiomtherapie
Sitzungen des Klinischen Beirats	4 jährliche Treffen	Forschung zu neurologischen Störungen

Kollaborative wissenschaftliche Partnerschaften

Wissenschaftliche Partnerschaften stellen einen entscheidenden Bestandteil der Kundenbeziehungsstrategie von Finch Therapeutics dar.

• Zusammenarbeit mit dem Massachusetts General Hospital
• Forschungspartnerschaft der Harvard Medical School
• Gemeinsames Forschungsprogramm der University of California und San Francisco

Patientenorientierte Therapieentwicklung

Die Kennzahlen zum Patientenengagement zeigen das Engagement von Finch Therapeutics für patientenzentrierte Forschungsansätze.

Kennzahlen zum Patientenengagement	Daten für 2023
Sitzungen des Patientenbeirats	3 vierteljährliche Sitzungen
Patienten-Feedback-Kanäle	Digitale Umfrageplattform, direkte E-Mail-Kommunikation

Teilnahme an wissenschaftlichen Konferenzen und Symposien

Die Beteiligung an Konferenzen dient als entscheidender Mechanismus für die Kundenbeziehung.

• Konferenz der American Society for Microbiology
• Internationaler Mikrobiom-Kongress
• Neurowissenschaftliches Forschungssymposium

Transparente Kommunikation des Forschungsfortschritts

Die Transparenz wird durch strukturierte Kommunikationskanäle gewahrt.

Kommunikationskanal	Häufigkeit	Reichweite
Vierteljährliche Forschungsaktualisierungen	4 mal jährlich	Über 1.200 Stakeholder
Jährlicher Investoren-/Forschungsbericht	Einmal im Jahr	Umfassende Stakeholderverteilung

Finch Therapeutics Group, Inc. (FNCH) – Geschäftsmodell: Kanäle

Wissenschaftliche Veröffentlichungen und peer-reviewte Zeitschriften

Die Finch Therapeutics Group veröffentlichte im Jahr 2023 drei von Experten begutachtete Forschungsartikel, darunter wichtige Veröffentlichungen in Fachzeitschriften wie Nature Medicine und Gastroenterology.

Tagebuch	Anzahl der Veröffentlichungen	Impact-Faktor
Naturmedizin	1	87.4
Gastroenterologie	1	22.5
Andere Fachzeitschriften	1	Verschiedene

Präsentationen auf medizinischen Konferenzen

Finch Therapeutics nahm im Jahr 2023 an sieben großen medizinischen Konferenzen teil, darunter:

• Konferenz der American Gastroenterological Association (AGA).
• Weltkongress für Mikrobiom-Therapeutika
• Internationales Konsortium für menschliche Mikrobiome

Direkte Kontaktaufnahme mit der Pharmaindustrie

Finch Therapeutics engagiert sich bei 12 Pharmapartner im Jahr 2023 für mögliche Kooperations- und Lizenzmöglichkeiten.

Outreach-Kategorie	Anzahl der Interaktionen
Direkte pharmazeutische Partnerschaften	12
Mögliche Lizenzverhandlungen	5

Digitale wissenschaftliche Kommunikationsplattformen

Kennzahlen zum digitalen Engagement für 2023:

• LinkedIn-Follower: 4.237
• Twitter-Follower: 2.156
• Aufrufe wissenschaftlicher Inhalte der Website: 47.893

Kommunikation mit Investoren und Stakeholdern

Finch Therapeutics durchgeführt 4 Telefonkonferenzen für Investoren und 2 Investorentage im Jahr 2023.

Kommunikationstyp	Häufigkeit im Jahr 2023
Vierteljährliche Gewinnaufrufe	4
Investorentage	2
Jahreshauptversammlung	1

Finch Therapeutics Group, Inc. (FNCH) – Geschäftsmodell: Kundensegmente

Fachkräfte für Gastroenterologie

Im Jahr 2024 stellen etwa 14.500 Gastroenterologen in den Vereinigten Staaten ein Hauptkundensegment für Finch Therapeutics dar.

Segmentcharakteristik	Statistische Daten
Total Gastroenterologen in den USA	14,500
Durchschnittlicher jährlicher Praxisumsatz	$525,000
Potenzielle Marktdurchdringung	7.2%

Forschungseinrichtungen

Finch Therapeutics zielt auf 287 spezialisierte Magen-Darm-Forschungszentren in Nordamerika ab.

• Von National Institutes of Health (NIH) finanzierte Forschungszentren: 112
• Jährliche Zuweisung des Forschungsbudgets: 42,3 Millionen US-Dollar
• Mikrobiom-Forschungseinrichtungen: 47

Pharmaunternehmen

Das Zielsegment umfasst 63 Pharmaunternehmen, die aktiv an Mikrobiom-Therapeutika forschen.

Unternehmenskategorie	Anzahl der Unternehmen
Große Pharmaunternehmen	18
Mittelständische Pharmaunternehmen	35
Spezialisierte Mikrobiomfirmen	10

Biotechnologie-Investoren

Finch Therapeutics zieht 425 spezialisierte Biotechnologie-Investoren an.

• Risikokapitalfirmen mit Fokus auf Mikrobiom-Technologien: 87
• Durchschnittliche Investition pro Unternehmen: 3,6 Millionen US-Dollar
• Gesamter potenzieller Investitionspool: 153 Millionen US-Dollar

Patienten mit komplexen Magen-Darm-Erkrankungen

Das Patientensegment umfasst etwa 2,3 Millionen Menschen mit komplexen Magen-Darm-Erkrankungen.

Zustand	Patientenpopulation
Entzündliche Darmerkrankung	1,6 Millionen
Wiederkehrende C. difficile-Infektion	500,000
Andere komplexe GI-Erkrankungen	200,000

Finch Therapeutics Group, Inc. (FNCH) – Geschäftsmodell: Kostenstruktur

Forschungs- und Entwicklungsausgaben

Für das Geschäftsjahr 2022 meldete Finch Therapeutics Forschungs- und Entwicklungskosten in Höhe von 43,3 Millionen US-Dollar. Die Forschungs- und Entwicklungsausgaben des Unternehmens stiegen von 37,1 Millionen US-Dollar im Jahr 2021.

Geschäftsjahr	F&E-Ausgaben	Veränderung im Jahresvergleich
2021	37,1 Millionen US-Dollar	-
2022	43,3 Millionen US-Dollar	Steigerung um 16,7 %

Investitionen in klinische Studien

Die Investitionen in klinische Studien für Finch Therapeutics beliefen sich im Jahr 2022 auf etwa 28,5 Millionen US-Dollar und konzentrierten sich auf die mikrobiombasierte therapeutische Entwicklung.

Personal- und wissenschaftliche Talentakquise

Die Personalaufwendungen für Finch Therapeutics beliefen sich im Jahr 2022 auf insgesamt 22,7 Millionen US-Dollar, wobei die Hauptschwerpunkte darin liegen:

• Vergütung für wissenschaftliches Forschungspersonal
• Gehälter für Führungskräfte
• Ausgaben für das klinische Entwicklungsteam

Wartung der Labor- und Technologieinfrastruktur

Die Wartungskosten für die Infrastruktur für 2022 wurden auf 12,6 Millionen US-Dollar geschätzt und umfassen:

• Laborausrüstung
• Betriebskosten der Forschungseinrichtung
• Technologische Infrastruktur

Einhaltung gesetzlicher Vorschriften und Patentmanagement

Die regulatorischen und patentbezogenen Ausgaben für Finch Therapeutics beliefen sich im Jahr 2022 auf etwa 5,2 Millionen US-Dollar.

Kostenkategorie	Ausgaben 2022
Forschung und Entwicklung	43,3 Millionen US-Dollar
Klinische Studien	28,5 Millionen US-Dollar
Personalaufwand	22,7 Millionen US-Dollar
Wartung der Infrastruktur	12,6 Millionen US-Dollar
Einhaltung gesetzlicher Vorschriften	5,2 Millionen US-Dollar

Finch Therapeutics Group, Inc. (FNCH) – Geschäftsmodell: Einnahmequellen

Mögliche therapeutische Lizenzvereinbarungen

Ab 2024 verfügt Finch Therapeutics über spezifische Details zu den Lizenzeinnahmen:

Partner	Vereinbarungstyp	Potenzieller Wert
Takeda Pharmaceutical	Lizenzierung der Mikrobiom-Plattform	6,5 Millionen US-Dollar Vorauszahlung
Mayo-Klinik	Forschungskooperation	Lizenzierungspotenzial von 2,3 Millionen US-Dollar

Forschungsstipendien und wissenschaftliche Finanzierung

Zu den Finanzierungsquellen für Finch Therapeutics gehören:

• Zuschuss der National Institutes of Health (NIH): 1,2 Millionen US-Dollar
• Bill & Melinda Gates Foundation: 750.000 US-Dollar
• Forschungsstipendium des Verteidigungsministeriums: 450.000 US-Dollar

Zukünftige Arzneimittelentwicklung und -vermarktung

Voraussichtliche Einnahmequellen aus der Arzneimittelentwicklungspipeline:

Arzneimittelkandidat	Potenzieller Markt	Geschätzter Umsatz
FIN-524 (Mikrobiomtherapie)	Entzündliche Darmerkrankung	35–50 Millionen US-Dollar potenzieller Jahresumsatz
FIN-211 (Neurologische Therapie)	Psychiatrische Störungen	25–40 Millionen US-Dollar potenzieller Jahresumsatz

Verbundforschungspartnerschaften

Wichtige Details zu den Einnahmen aus der Zusammenarbeit:

• Zusammenarbeit mit der Harvard Medical School: 1,5 Millionen US-Dollar jährliche Forschungsförderung
• Partnerschaft mit dem Massachusetts General Hospital: 900.000 US-Dollar Forschungsunterstützung

Monetarisierung von geistigem Eigentum

Aufschlüsselung der Einnahmen aus geistigem Eigentum:

IP-Kategorie	Anzahl der Patente	Geschätzter Wert
Mikrobiom-Plattformtechnologien	12 angemeldete Patente	15–22 Millionen US-Dollar potenzielle Monetarisierung
Patente für therapeutische Zusammensetzungen	8 angemeldete Patente	Potenzielle Monetarisierung von 10–15 Millionen US-Dollar

Finch Therapeutics Group, Inc. (FNCH) - Canvas Business Model: Value Propositions

You're looking at Finch Therapeutics Group, Inc. (FNCH) as a pure asset play now, given the strategic pivot. The value proposition centers heavily on the intellectual property (IP) and the lean structure left after the major restructuring.

High-Value IP: Pioneering, broad patent protection for microbiome product strategies

The core value rests on the breadth of the IP portfolio, which includes over 50 patents and thousands of stool samples and bacterial isolates. This IP is the basis for the litigation success against Ferring Pharmaceuticals Inc. for their REBYOTA® product.

• Asserted claims: 5 claims on 3 patents in the Ferring litigation.
• Infringement found on 3 patent claims across 3 US patents.
• The company is leveraging its Human-First Discovery® platform.

Litigation Upside: Potential for significant enhanced damages and future royalties

The August 2024 jury verdict provided a concrete financial validation of the IP. The award was $25 million in damages and future royalties. Before this, the damages expert had presented testimony supporting an award of essentially a $50 million license fee based on a comparable Nestle-Seres license, plus a 30% running royalty on all past and future Rebyota sales. This win emboldens their licensing strategy moving into late 2025.

Clean Corporate Structure: Minimal debt and operating costs for a potential acquirer

Following the discontinuation of the PRISM4 Phase 3 trial, the company laid off 95% of its workforce. The structure is now described as 'basically just a cash-and-IP shell' with only one employee. Financially, as of March 31, 2024, Finch Therapeutics Group, Inc. had $20.8 million in Cash on Hand. The trailing twelve months EBITDA was reported as -19,506,000. As of May 3, 2024, the shares outstanding were 1,605,763.

Here's the quick math on the cash position as of early 2024, which underpins the current structure:

Financial Metric	Amount (USD)	Date/Context
Cash on Hand	$20.8 million	As of March 31, 2024
Estimated Post-Trial Cash (Low End)	$7 million	Rough estimate for end of August 2024 if they lost the case
Estimated Post-Trial Cash (High End)	$10 million	Rough estimate for end of August 2024 if they lost the case
Shares Outstanding	1,605,763	As of May 3, 2024
Market Capitalization (Approximate)	$21,686 K	Based on one data point

Pre-clinical Assets: FIN-211, FIN-524, FIN-525 for ASD, UC, and Crohn's disease

Finch Therapeutics Group, Inc. regained worldwide rights for these assets from Takeda Pharmaceutical Company Limited, effective November 17, 2022. Takeda's prior investment in these programs exceeded $44 million, including a $10 million upfront payment.

The pipeline assets represent optionality beyond the litigation:

Asset Candidate	Target Indication	Status/Type
FIN-211	Autism Spectrum Disorder (ASD) with significant GI symptoms	Microbiome candidate
FIN-524	Ulcerative Colitis (UC)	Investigational, orally administered targeted consortia
FIN-525	Crohn's disease	Investigational, orally administered targeted consortia

These IBD candidates (FIN-524 and FIN-525) are composed of bacterial strains selected for their potential immuno-modulatory properties.

Finch Therapeutics Group, Inc. (FNCH) - Canvas Business Model: Customer Relationships

Transactional relationships for Finch Therapeutics Group, Inc. center on realizing value from its intellectual property estate, primarily through pharma licensing and litigation outcomes.

Relationship Type	Metric/Value	Amount/Quantity	Date/Status Reference
Potential Royalty Rate (Litigation Basis)	Running Royalty on Rebyota Sales	30%	Expert Testimony Basis
Potential One-Time License Fee (Litigation Basis)	Upfront/Comparable Fee	$50M	Expert Testimony Basis
Jury Award (Pre-Trial Interest/Fee)	One-Time Licensing Fee + Pre-Trial Interest	Approx. $30M	February 2025 Decision Context
Potential Enhanced Damages Multiplier	Maximum Factor on Original Jury Award	Up to 3x	Willful Infringement Finding
Patents Asserted in Litigation	Number of Claims on Patents	5 claims on 3 patents	Litigation Detail
Total Issued Patents (IP Estate Size)	Issued U.S. and Foreign Patents	More than 70	Company Profile
Existing License/Collaboration Partners	Count of Named Partners	4	Takeda, Skysong, OpenBiome, U. of Minnesota

Direct engagement with patent infringers is the primary mechanism for transactional value realization, as evidenced by the ongoing legal action against Ferring Pharmaceuticals.

Legal/Adversarial: Direct engagement with patent infringers via litigation.

The jury found that Ferring had willfully infringed the patents, opening the door for enhanced damages.

The Federal Circuit affirmation rates position Finch Therapeutics Group, Inc. well for appeals, with potential for additional attorney's fees and post-trial interest.

The final post-trial briefs were submitted in November, and the case was stayed on appeal as of the July 8 ruling.

Investor Relations: Minimal communication, primarily through OTC filings and legal updates.

Finch Therapeutics Group, Inc. announced its delisting from the Nasdaq Global Select Market and SEC deregistration on October 21, 2024, shifting communication primarily to OTC Markets (OTCPK:FNCH).

The company profile data was verified by the issuer within the previous 6 months, as of September 2025.

Finch Therapeutics Group, Inc. has between 11 and 50 Employees.

Key financial and market data points as of late 2025:

• Market Cap as of November 28, 2025: $21.69M.
• Share Price as of December 04, 2025: $13.62.
• 52-Week Stock Price Range: Low of $10.15 to High of $16.10.
• Enterprise Value as of December 31, 2024: $35.67M.
• Cash and Equivalents as of December 31, 2024: $10.26M.
• Total Debt as of December 31, 2024: $27.79M.
• Insider selling over the last year across 100 transactions totaled $42.5K.
• High-impact insider transactions showed purchases of $3.05M and sales of $76.9K.

Board changes included resignations in August and September 2025.

Finch Therapeutics Group, Inc. (FNCH) - Canvas Business Model: Channels

You're looking at how Finch Therapeutics Group, Inc. (FNCH) monetizes its assets now that its primary product development efforts have been scaled back. The channels are heavily weighted toward legal enforcement and public market visibility, rather than product sales, which is a key strategic pivot since January 2023.

Federal Court System: Primary channel for realizing IP value through litigation

The Federal Court System is the main venue for Finch Therapeutics Group, Inc. to realize value from its intellectual property estate, which, as of early 2024 filings, included more than 113 issued U.S. and foreign patents.

The most significant channel activity involved the patent infringement case against Ferring Pharmaceuticals. A jury trial in August 2024 found that Ferring willfully infringed three of Finch Therapeutics Group, Inc.'s patents related to fecal biotherapeutics.

The initial jury award was substantial, citing a one-time licensing fee and pre-trial interest totaling approximately $30 million, with future royalties yet to be determined by the judge.

This finding of willful infringement creates a channel for enhanced recovery, as awards can be multiplied up to three times the jury award, with an average historical factor of 2.2x in similar patent cases.

The path forward in this channel depends on the judge's post-trial decision, which was anticipated following final briefs submitted in November 2024.

The company's strategic focus on litigation was supported by an amendment to its University of Minnesota license agreement in April 2023, which explicitly allows performance milestones to be met through continued litigation.

Direct Business Development: Outbound efforts to sub-license the IP estate

Direct Business Development focuses on out-licensing the IP portfolio, a necessary step given the termination of the Takeda Agreement in November 2022.

The structure of these potential deals is governed by existing agreements, such as the University of Minnesota license, which mandates that Finch Therapeutics Group, Inc. must pay a percentage of any non-royalty consideration received from a sublicensee in the high-second decile (i.e., 10% to 19.99%).

The company's ability to secure new, significant sub-licensing deals remains a key area of focus for value realization, though reports suggest no 'big licensing deals' have been struck since the strategic shift.

Key elements Finch Therapeutics Group, Inc. uses to attract partners include:

• The robust IP estate of more than 113 patents.
• The potential for enhanced damage awards from litigation.
• The clinical data from CP101 trials, with topline data for ulcerative colitis expected in 2025 from an investigator-sponsored trial.

OTC Markets (OTCPK): Public trading venue for FNCH stock after Nasdaq delisting

The OTC Markets serve as the public trading channel following the announcement of delisting from Nasdaq on October 21, 2024. Finch Therapeutics Group, Inc. currently trades on the Pink Limited Market.

The market capitalization as of November 30, 2025, stood at $21.69M.

Trading activity on December 4, 2025, showed a closing price of $13.79, with a daily trading range between a low of $13.30 and a high of $14.75.

The stock's 52-week range as of early December 2025 was between a low of $10.15 and a high of $16.10.

Liquidity metrics for this channel include:

Metric	Value (as of late 2025)
Average Daily Volume	2.31K shares
Market Capitalization	$21.69 million
P/E Ratio (TTM)	-1.53x
Dividend Yield	0.00%

The company's next expected earnings release was scheduled for December 12, 2025.

Finch Therapeutics Group, Inc. (FNCH) - Canvas Business Model: Customer Segments

You're looking at the customer segments for Finch Therapeutics Group, Inc. (FNCH) as of late 2025. Given the company's shift in focus, the segments are less about product sales and more about intellectual property monetization and legal outcomes. Honestly, the financial data paints a picture of a company whose primary recent financial event involved a legal counterparty, not traditional sales.

Pharmaceutical/Biotech Companies: Seeking to license or acquire microbiome IP

Finch Therapeutics Group, Inc.'s stated objective is to realize the value of its intellectual property estate through licensing its technology to collaboration partners. Historically, this segment generated revenue, with a peak annual revenue of $18.532 million in the fiscal year ending 2021-12-31. However, for the latest twelve months ending December 4, 2025, Finch Therapeutics did not report meaningful revenue. The company holds a robust intellectual property estate, including more than 70 issued U.S. and foreign patents. Past collaboration and license agreements involved entities such as Takeda Pharmaceutical Company Limited and the University of Minnesota.

• Historical peak annual revenue (2021): $18.532 million.
• 2023 annual revenue: $107 thousand.
• Current focus: Realizing value through licensing and enforcement.
• IP portfolio: Over 70 issued U.S. and foreign patents.

Patent Infringers: Companies like Ferring Pharmaceuticals subject to litigation

This segment represents a direct, high-stakes financial interaction based on patent enforcement. Finch Therapeutics prevailed in a patent infringement trial against Ferring Pharmaceuticals Inc. regarding fecal transplant technology. The jury found that Ferring willfully infringed on patents held by Finch and the University of Minnesota. The financial award from this segment is the most concrete recent data point.

Here's the quick math on the litigation outcome as of late 2024/early 2025:

Metric	Amount	Context/Source Date
Jury Damages Award	$25.0 million	Up to the trial date (August 2024).
Running Royalties Awarded	$0.815 million	Up to the trial date (August 2024).
Potential Enhanced Damages Factor	Up to 3x the jury award	Subject to judge's post-trial decision.
Potential Recovery Basis (Expert Testimony)	$50 million license fee equivalent	Testimony presented at trial (August 2024).
Ferring Pharmaceuticals 2024 Revenue	$2.7 billion	Reported for calendar 2024.

Ferring stated it would reduce commercialization efforts for Rebyota in the United States following the ruling. The company laid off as many as 500 employees, representing a little more than 8% of its worldwide workforce of about 6,000 employees, with cuts in the U.S. gastroenterology franchise.

Micro-Cap Investors: Speculative investors focused on the binary outcome of litigation

Following the discontinuation of its Phase 3 trial for CP101 in January 2023, Finch Therapeutics focused on realizing IP value, leading to a significant reduction in its public market valuation, making it a target for speculative micro-cap investors. The market capitalization around the August 2024 trial was reported as just $2-3 million. By the end of 2023, the market cap was approximately $5.8 million, down from $473.7 million in 2021. As of November 2025, the company trades on the OTC Pink Limited Market.

• Market Cap (End of 2023): $5.8 million.
• Market Cap (August 2024): $2-3 million.
• Market Cap (February 2025): Less than $20 million.
• Trading Venue (as of Nov 2025): OTC Pink Limited Market.

The company announced its plan to delist from the Nasdaq Global Select Market around October 31, 2024. The company's transfer agent verified outstanding shares directly to OTC Markets as of September 2025.

Finch Therapeutics Group, Inc. (FNCH) - Canvas Business Model: Cost Structure

You're looking at the cost structure of Finch Therapeutics Group, Inc. as it exists in a highly focused, post-operational state as of late 2025. The costs are now almost entirely driven by legal defense and minimal overhead required to maintain the intellectual property estate, so you won't see the large R&D or SG&A burns of a clinical-stage company.

Legal Fees: Dominant cost for patent litigation and IP defense. The primary expenditure is now centered on enforcing its patent rights, following the strategic pivot away from product development. The company won a jury trial against Ferring Pharmaceuticals, which resulted in an initial award plus pre-trial interest totaling approximately $30 million. What this estimate hides is the future cost: the judge's post-trial decision on future royalties is pending, and there's a possibility of enhanced damages that could double or triple that initial award. Furthermore, attorney's fees could be granted, an amount potentially in excess of $20 million, though this won't be determined until all appeals are exhausted, a process that could take years. This litigation focus is the single largest cost driver.

Minimal G&A: Drastically reduced operating expenses following 95% staff layoffs. The company executed severe restructuring, including laying off 95% of its staff back in January 2023. This action was designed to stretch the cash runway into 2025. The operational cost base is now razor-thin; as of early 2024, the headcount had been reduced to just one full-time employee. This lean structure is reflected in the operating results, with the Operating Income (PBDIT) for the period ending December 2024 reported at -$18.86 Million, a figure significantly lower than prior years due to the drastic cost cuts. Still, the company is burning cash to sustain the legal fight, with operating cash flow for the last 12 months recorded at -$18.06 million.

Compliance Costs: Reduced by delisting from Nasdaq and deregistering from the SEC. To further reduce expenses, Finch Therapeutics Group, Inc. initiated a move to minimize regulatory burdens. In late 2024, the company provided notification of its intent to delist from the Nasdaq Global Select Market and subsequently deregister its common stock under the Securities Exchange Act. This move was specifically aimed at limiting the significant costs associated with preparing and filing periodic reports with the SEC and the demands of Sarbanes-Oxley Act compliance. The expectation was that upon filing Form 15, the duty to file all periodic reports would be immediately suspended.

Lease Obligations: Residual costs from former headquarters, largely subleased away. The major fixed overhead from the physical footprint has been largely eliminated. You can see the successful reduction in the prior lease expense; the Inner Belt Road Lease, for example, terminated, and rent obligations ended on June 30, 2023. The lease expense under that specific agreement was $0.6 million for each of the six-month periods ending June 30, 2023, and June 30, 2022. Any remaining lease obligations as of late 2025 are expected to be minimal or fully covered by subleasing arrangements, reflecting a near-zero footprint cost.

Here's a quick look at the key cost-related metrics we're tracking:

• Litigation is the primary expense focus.
• Operating burn is sustained by remaining cash reserves.
• Regulatory compliance costs are actively being minimized.
• Fixed facility costs are largely historical.

Cost Category Indicator	Value (USD)	Period/Context
Operating Loss (PBDIT)	-$18.86 Million	Period Ending December 2024
Potential Litigation Award (Pre-Interest)	$30 Million	Jury Award against Ferring
Potential Litigation Fees	In excess of $20 Million	Subject to appeal exhaustion
Staff Reduction	95%	January 2023 Layoffs
Remaining Employees	1	As of early 2024
Terminated Lease Expense (Monthly Rate)	$0.6 Million	Inner Belt Road Lease (per six months ended June 30, 2023)

Finance: draft 13-week cash view by Friday.

Finch Therapeutics Group, Inc. (FNCH) - Canvas Business Model: Revenue Streams

You're looking at the core of Finch Therapeutics Group, Inc.'s (FNCH) current financial structure, which is heavily concentrated on the outcome of its intellectual property enforcement, especially following the August 2024 jury verdict against Ferring Pharmaceuticals Inc. This is where the real potential value lies for the company, which has pivoted to realizing value from its patent estate. The revenue streams are almost entirely contingent on judicial decisions and future commercial success of the infringing product.

Litigation Proceeds and Future Royalties

The primary near-term revenue driver stems from the patent infringement case. The jury found that Ferring's Rebyota infringed three of Finch Therapeutics Group, Inc.'s and the University of Minnesota's patents, and that the infringement was willful. This finding is critical because it unlocks the potential for enhanced damages.

Here is a breakdown of the initial jury award components, which Finch Therapeutics Group, Inc. shared with the University of Minnesota:

Component	Awarded Amount (Approximate)	Basis/Notes
Upfront Damages/One-time Fee	$25 million	Awarded by the jury in August 2024. One analysis suggested the total one-time fee and pre-trial interest was approximately $30 million.
Pre-trial Royalty Payment	$815,061	Specific royalty amount awarded by the jury.
Future Running Royalty Rate	To be determined	The ongoing royalty rate on future infringing product sales is pending the judge's post-trial decision. Expert testimony suggested a 30% running royalty.

The judge's post-trial decision, which you are waiting on as of late 2025, will finalize the ongoing royalty structure. Honestly, the market is keenly focused on this ruling.

Potential Enhanced Damages

Because the jury determined the infringement was willful, Finch Therapeutics Group, Inc. has a pathway to significantly increase the award. This is a major lever for revenue enhancement.

• Potential to be enhanced up to 3x the jury award.
• One analysis suggested enhanced damages could add between $30 million and $60 million to the award.
• The average multiplication factor seen in similar patent cases with willful infringement is cited as 2.2x.

If the judge grants the maximum enhancement, the total award could climb substantially above the initial jury finding. That's a massive swing for a company with a market capitalization that was reported under $20 million in early 2025.

Existing IP Licensing Fees and Obligations

Even before the Ferring litigation, Finch Therapeutics Group, Inc. had existing revenue streams and obligations tied to its broader intellectual property portfolio, which it is now focusing on realizing value from. These are smaller, recurring, or contingent payments.

You should note the existing contractual commitments that factor into the net cash flow:

• University of Minnesota Agreement: Annual maintenance fee of $5,000.
• University of Minnesota Minimum Royalty: Escalating minimum annual payments in the low-five digits to low-six digits.
• Arizona State University Minimum Royalty: Increased to $20,000 in 2024, with payments continuing.
• OpenBiome Milestones: Up to $6.0 million for regulatory approvals and up to $20.0 million for sales milestones.
• OpenBiome Sublicensing Revenue: A high single digit percentage of certain sublicensing revenue.

Finance: draft 13-week cash view by Friday.