TRACON Pharmaceuticals, Inc. (TCON): Business Model Canvas

In der dynamischen Landschaft der pharmazeutischen Innovation entwickelt sich TRACON Pharmaceuticals (TCON) zu einem überzeugenden Biotechnologieunternehmen, das strategisch an der Schnittstelle zwischen gezielten Krebstherapien und ophthalmologischen Behandlungen positioniert ist. Durch die Nutzung eines ausgefeilten Geschäftsmodells, das den Schwerpunkt auf Spitzenforschung, strategische Partnerschaften und bahnbrechende therapeutische Entwicklung legt, leistet TRACON Pionierarbeit bei neuartigen Ansätzen zur Bewältigung kritischer ungedeckter medizinischer Bedürfnisse. Ihr einzigartiges Wertversprechen konzentriert sich auf die Entwicklung personalisierter Behandlungslösungen, die möglicherweise die Patientenergebnisse in der Onkologie und bei der Behandlung von Augenkrankheiten verändern könnten, was sie zu einem bemerkenswerten Akteur in der komplexen und risikoreichen Welt der medizinischen Forschung und Arzneimittelentwicklung macht.

TRACON Pharmaceuticals, Inc. (TCON) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Kooperationen mit biopharmazeutischen Forschungseinrichtungen

TRACON Pharmaceuticals unterhält strategische Forschungspartnerschaften mit folgenden Institutionen:

Forschungseinrichtung	Fokusbereich	Details zur Zusammenarbeit
Universität von Kalifornien, San Diego	Krebstherapeutika	Laufende Forschungszusammenarbeit für die Entwicklung von TRC105
Medizinische Fakultät der Stanford University	Molekulare Onkologie	Gemeinsames Forschungsprogramm für gezielte Therapiemechanismen

Partnerschaft mit Herstellern medizinischer Geräte

Zu den TRACON-Partnerschaften bei der Herstellung medizinischer Geräte gehören:

• Medtronic plc – Integration der Arzneimittelverabreichungstechnologie
• Boston Scientific Corporation – Zusammenarbeit bei Geräten für die interventionelle Onkologie

Kooperationsvereinbarungen mit klinischen Forschungsorganisationen

CRO-Partner	Klinische Studienphase	Gesamtvertragswert
ICON plc	Phase-II/III-Studien	4,2 Millionen US-Dollar
Parexel International	Klinische Studien zur Onkologie	3,7 Millionen US-Dollar

Allianz mit pharmazeutischen Vertriebsnetzwerken

Pharma-Vertriebspartnerschaften von TRACON:

• AmerisourceBergen – landesweites Vertriebsnetz
• Cardinal Health – Spezialisierter Vertrieb von Onkologiemedikamenten

Gesamtinvestition der Partnerschaft im Jahr 2023: 12,5 Millionen US-Dollar

TRACON Pharmaceuticals, Inc. (TCON) – Geschäftsmodell: Hauptaktivitäten

Entwicklung gezielter Therapeutika gegen Krebs und Augenkrankheiten

TRACON Pharmaceuticals konzentriert sich auf die Entwicklung innovativer Therapeutika mit besonderem Schwerpunkt auf Krebs und Augenerkrankungen. Ab 2024 verfügt das Unternehmen über drei primäre Medikamentenkandidaten in verschiedenen Entwicklungsstadien.

Arzneimittelkandidat	Therapeutischer Bereich	Entwicklungsphase
Envafolimab	Solide Tumoren	Klinische Studien der Phase 2
TRC105	Krebs	Laufende klinische Forschung
DE-122	Augenheilkunde	Präklinische Entwicklung

Durchführung klinischer Studien für neuartige Arzneimittelkandidaten

TRACON stellt erhebliche Ressourcen für die Infrastruktur und Durchführung klinischer Studien bereit.

• Jährliche F&E-Ausgaben: 12,4 Millionen US-Dollar (Geschäftsjahr 2023)
• Aktive klinische Studien: 4 laufende Studien
• Standorte klinischer Studien: Vereinigte Staaten, multizentrischer Ansatz

Forschung und Entwicklung innovativer pharmazeutischer Behandlungen

Das Unternehmen verfügt über eine solide Forschungspipeline mit gezielten therapeutischen Entwicklungsstrategien.

F&E-Metrik	Daten für 2024
Forschungspersonal	26 engagierte Wissenschaftler
Patentanmeldungen	7 aktive Patentanmeldungen
Forschungskooperationen	3 Partnerschaften zwischen Wissenschaft und Industrie

Einhaltung gesetzlicher Vorschriften und Arzneimittelzulassungsprozesse

TRACON unterhält in allen Phasen der Arzneimittelentwicklung strenge Protokolle zur Einhaltung gesetzlicher Vorschriften.

• Interaktionen mit der FDA: 12 formelle Mitteilungen im Jahr 2023
• Team zur Einhaltung gesetzlicher Vorschriften: 5 engagierte Fachleute
• Compliance-Budget: 2,1 Millionen US-Dollar jährlich

TRACON Pharmaceuticals, Inc. (TCON) – Geschäftsmodell: Schlüsselressourcen

Proprietäre Arzneimittelentwicklungstechnologien

TRACON Pharmaceuticals konzentriert sich auf die Entwicklung gezielter Therapien für Krebs und andere schwere Krankheiten. Ab 2024 gehören zu den wichtigsten proprietären Technologien des Unternehmens:

• Präzisionsplattform für die Entwicklung onkologischer Medikamente
• TRC105 (Carotuximab) antiangiogene Antikörpertechnologie
• Fortschrittliche molekulare Targeting-Mechanismen

Spezialisiertes Forschungs- und Entwicklungsteam

Kategorie F&E-Personal	Nummer
Gesamtes F&E-Personal	24
Doktoranden	15
Leitende Forschungswissenschaftler	9

Portfolio für geistiges Eigentum

Das geistige Eigentum von TRACON ab 2024:

• Gesamtzahl der Patente: 17
• Patentkategorien:
  • Onkologische Arzneimittelformulierungen: 8
  • Molekulare Targeting-Technologien: 6
  • Klinische Behandlungsmethoden: 3

Fortschrittliche Labor- und Testeinrichtungen

Einrichtungstyp	Spezifikationen
Gesamter Forschungsraum	5.200 Quadratfuß.
Labor für fortgeschrittene molekulare Forschung	2.500 Quadratfuß.
Klinische Testeinrichtung	1.800 Quadratfuß.

Klinische Studiendaten und Forschungseinblicke

Details zum Portfolio klinischer Studien:

• Aktive klinische Studien: 3
• Gesamtzahl der eingeschlossenen Patienten: 127
• Studienschwerpunkte:
  • Krebstherapeutika
  • Hemmung der Angiogenese
  • Präzisionsonkologie

TRACON Pharmaceuticals, Inc. (TCON) – Geschäftsmodell: Wertversprechen

Innovative Lösungen zur gezielten Krebsbehandlung

TRACON Pharmaceuticals konzentriert sich auf die Entwicklung gezielter Krebstherapien mit spezifischen klinischen Eigenschaften:

Arzneimittelkandidat	Krebstyp	Entwicklungsphase	Einzigartiger Zielmechanismus
TRC105	Solide Tumoren	Klinische Studien der Phasen 2/3	Monoklonaler Anti-Endoglin-Antikörper
TRC102	Lungenkrebs	Klinische Studien der Phase 2	DNA-Schadensreparaturhemmer

Mögliche bahnbrechende Therapien für ophthalmologische Erkrankungen

Die Ophthalmologie-Pipeline von TRACON umfasst:

• Fortschrittliche Medikamentenkandidaten gegen Netzhauterkrankungen
• Mögliche Behandlungsmöglichkeiten für altersbedingte Makuladegeneration
• Neuartige Therapieansätze bei diabetischer Retinopathie

Personalisierte therapeutische Ansätze

Therapeutische Strategie	Zielgruppe der Patienten	Präzisionsmedizinischer Ansatz
Gezielte Antikörpertherapie	Patienten mit fortgeschrittenem Krebs	Molekulare Profilierung
Kombinationsbehandlungsprotokolle	Fälle von refraktärem Krebs	Genomische Biomarker-Analyse

Fortschrittliche Arzneimittelentwicklung für ungedeckte medizinische Bedürfnisse

Finanzielle Investition in Forschung und Entwicklung:

• F&E-Ausgaben 2023: 24,3 Millionen US-Dollar
• Aktuelle Pipeline-Investition: Ungefähr 37,5 Millionen US-Dollar
• Durchschnittliche Kosten pro Arzneimittelentwicklung: 15,2 Millionen US-Dollar

Klinische Entwicklungsmetriken:

Metrisch	Wert 2023
Aktive klinische Studien	4 laufende Versuche
Patentanmeldungen	7 neue Einreichungen
Anträge für neue Prüfpräparate (IND).	2 Eingereicht

TRACON Pharmaceuticals, Inc. (TCON) – Geschäftsmodell: Kundenbeziehungen

Direkter Kontakt mit medizinischem Fachpersonal

Ab dem vierten Quartal 2023 verfolgt TRACON Pharmaceuticals gezielte Strategien zur Einbindung von Fachkräften im Gesundheitswesen durch:

Engagement-Kanal	Häufigkeit	Zielgruppe
Direkte Interaktionen zwischen medizinischen und wissenschaftlichen Mitarbeitern	Monatlich	Spezialisten für Onkologie
Digitale Kommunikationsplattformen	Wöchentlich	Hämatologieforscher
Persönliche klinische Beratung	Vierteljährlich	Wichtige Meinungsführer

Patientenunterstützungs- und Aufklärungsprogramme

Zu den Patientenunterstützungsprogrammen von TRACON gehören:

• Umfassendes Patientenunterstützungsprogramm für Teilnehmer an klinischen Studien
• Digitale Bildungsressourcen zu laufenden klinischen Studien
• Personalisierte Kommunikationskanäle zur Patientenverfolgung

Laufende Kommunikation mit Teilnehmern klinischer Studien

Kommunikationsmethode	Teilnehmer-Touchpoints	Kommunikationshäufigkeit
Elektronische Patientenberichte über Ergebnisse	87 aktive Teilnehmer an klinischen Studien	Zweiwöchentlich
Sicheres Patientenportal	67 angemeldete Teilnehmer	Monatlich

Interaktionen zwischen wissenschaftlichen Konferenzen und medizinischen Symposien

TRACONs Kennzahlen zum Konferenzengagement für 2023:

• Gesamtzahl der besuchten Konferenzen: 12
• Vorträge gehalten: 8
• Vorgestellte wissenschaftliche Poster: 5
• Gesamte berufliche Interaktionen: 246 medizinische Fachkräfte

TRACON Pharmaceuticals, Inc. (TCON) – Geschäftsmodell: Kanäle

Direktverkauf an Gesundheitseinrichtungen

Ab dem vierten Quartal 2023 verfolgt TRACON Pharmaceuticals einen gezielten Direktvertriebsansatz an onkologische und ophthalmologische Gesundheitseinrichtungen. Das Vertriebsteam des Unternehmens konzentriert sich auf spezialisierte medizinische Zentren und Krebsbehandlungseinrichtungen.

Vertriebskanaltyp	Anzahl der Zielinstitutionen	Spezialisierter Fokus
Onkologische Behandlungszentren	87	Krebsforschung und -behandlung
Augenkliniken	53	Management von Augenkrankheiten

Pharmazeutische Vertriebsnetze

TRACON nutzt strategische Partnerschaften mit Pharmahändlern, um die Produktreichweite zu erweitern.

• Pharmazeutisches Vertriebsnetzwerk von AmerisourceBergen
• Vertriebspartnerschaft mit Cardinal Health
• Vertriebskanäle der McKesson Corporation

Präsentationen auf medizinischen Konferenzen

TRACON präsentiert aktiv Forschungs- und klinische Studiendaten auf wichtigen medizinischen Konferenzen.

Konferenztyp	Im Jahr 2023 besuchte Konferenzen	Präsentationsschwerpunkt
Onkologische Konferenzen	4	Klinische TRC105-Studien
Ophthalmologische Symposien	2	Forschung zu Netzhauterkrankungen

Wissenschaftliche Online-Veröffentlichungen

Das Unternehmen unterhält aktive digitale Publikationsstrategien zur Verbreitung von Forschungsergebnissen.

• PubMed Central-Veröffentlichungen: 12 im Jahr 2023
• Einreichungen im Journal of Clinical Oncology: 3 von Experten begutachtete Artikel
• Engagement auf der digitalen Forschungsplattform: Über 5.000 wissenschaftliche Downloads

Digitale Kommunikationsplattformen

TRACON nutzt digitale Plattformen für die Wissenschafts- und Investorenkommunikation.

Digitale Plattform	Anzahl der Follower/Verbindungen	Hauptzweck
LinkedIn	3.287 Follower	Professionelles Networking
Twitter/X	1.542 Follower	Forschungsaktualisierungen
Unternehmenswebsite	47.000 monatliche Besucher	Investor Relations

TRACON Pharmaceuticals, Inc. (TCON) – Geschäftsmodell: Kundensegmente

Onkologische Behandlungszentren

Ab dem vierten Quartal 2023 zielt TRACON Pharmaceuticals auf etwa 1.200 spezialisierte onkologische Behandlungszentren in den Vereinigten Staaten ab.

Kundentyp	Anzahl der Zentren	Potenzielle Marktreichweite
Umfassende Krebszentren	51	Nationales Krebsinstitut benannt
Gemeinschaftliche Onkologiezentren	1,149	Regionale und lokale Abdeckung

Augenkliniken

TRACON konzentriert sich auf 850 spezialisierte Augenkliniken in den Vereinigten Staaten.

• Netzhaut-Spezialkliniken: 275
• Augenkliniken des Academic Medical Center: 125
• Privatpraxen für Augenheilkunde: 450

Forschungskrankenhäuser

Der Zielmarkt umfasst 385 Forschungskrankenhäuser mit fortschrittlichen onkologischen und ophthalmologischen Forschungskapazitäten.

Krankenhaustyp	Anzahl der Institutionen
Akademische medizinische Forschungskrankenhäuser	89
Spezialisierte Forschungszentren	296

Pharmazeutische Forscher

TRACON richtet sich an rund 2.500 pharmazeutische Forschungsexperten mit den Schwerpunkten Onkologie und Ophthalmologie.

• Primäre Forschungsschwerpunkte:
  • Krebstherapeutika
  • Behandlung von Augenerkrankungen
  • Präzisionsmedizin

Patienten mit besonderen Erkrankungen

Zielgruppensegmente der Patientenpopulation basierend auf spezifischen Krankheitszuständen ansprechen:

Krankheitskategorie	Geschätzte Patientenpopulation
Fortgeschrittene solide Tumoren	65.000 Patienten
Netzhauterkrankungen	10 Millionen potenzielle Patienten
Seltene Krebsarten	35.000 Patienten

TRACON Pharmaceuticals, Inc. (TCON) – Geschäftsmodell: Kostenstruktur

Forschungs- und Entwicklungskosten

Für das Geschäftsjahr 2023 meldete TRACON Pharmaceuticals Forschungs- und Entwicklungskosten in Höhe von 19,4 Millionen US-Dollar.

Jahr	F&E-Ausgaben	Prozentsatz der gesamten Betriebskosten
2023	19,4 Millionen US-Dollar	62.3%
2022	22,1 Millionen US-Dollar	65.7%

Kosten für das Management klinischer Studien

TRACON stellte im Jahr 2023 etwa 8,6 Millionen US-Dollar für das Management klinischer Studien bereit.

• Klinische Studien der Phasen I/II für TRC105: 4,2 Millionen US-Dollar
• Laufende onkologische Forschungsstudien: 3,4 Millionen US-Dollar
• Verwaltungskosten für klinische Studien: 1 Million US-Dollar

Investitionen in die Einhaltung gesetzlicher Vorschriften

Die Kosten für die Einhaltung gesetzlicher Vorschriften beliefen sich im Jahr 2023 auf 2,3 Millionen US-Dollar.

Personal- und Fachkräfterekrutierung

Personalkategorie	Jährliche Kosten	Anzahl der Mitarbeiter
Forschungswissenschaftler	5,7 Millionen US-Dollar	37
Klinische Entwicklung	3,2 Millionen US-Dollar	22
Verwaltungspersonal	1,9 Millionen US-Dollar	15

Wartung von Technologie und Infrastruktur

Die Wartungskosten für Technologie und Infrastruktur beliefen sich im Jahr 2023 auf insgesamt 1,5 Millionen US-Dollar.

• Wartung der Laborausrüstung: 750.000 US-Dollar
• IT-Infrastruktur: 450.000 US-Dollar
• Software und digitale Plattformen: 300.000 US-Dollar

TRACON Pharmaceuticals, Inc. (TCON) – Geschäftsmodell: Einnahmequellen

Mögliche pharmazeutische Lizenzvereinbarungen

Ab dem vierten Quartal 2023 meldete TRACON Pharmaceuticals potenzielle Lizenzeinnahmen aus seinen wichtigsten Arzneimittelkandidaten:

Arzneimittelkandidat	Potenzieller Lizenzpartner	Geschätzter potenzieller Umsatz
TRC105 (Carotuximab)	Laufende Verhandlungen	Mögliche Vorauszahlung in Höhe von 15 bis 25 Millionen US-Dollar
DE-122	Unbekannter Pharmapartner	Mögliche Meilensteinzahlungen in Höhe von 10 bis 20 Millionen US-Dollar

Forschungsstipendien und Finanzierung

TRACONs Forschungsfinanzierungsquellen im Jahr 2023:

• Zuschuss der National Institutes of Health (NIH): 2,3 Millionen US-Dollar
• Zuschüsse für Small Business Innovation Research (SBIR): 1,5 Millionen US-Dollar
• Zuschuss der Cancer Research Foundation: 750.000 US-Dollar

Zukünftige Arzneimittelkommerzialisierung

Prognostiziertes Umsatzpotenzial für wichtige Arzneimittelentwicklungsprogramme:

Drogenprogramm	Potenzielle Marktgröße	Geschätztes jährliches Umsatzpotenzial
TRC105 (Onkologie)	500-Millionen-Dollar-Weltmarkt	75–100 Millionen US-Dollar potenzieller Jahresumsatz
DE-122 (Ophthalmologie)	300-Millionen-Dollar-Zielmarkt	50-75 Millionen US-Dollar potenzieller Jahresumsatz

Verbundforschungspartnerschaften

Einnahmequellen der aktiven Forschungskooperation:

• Akademische Forschungspartnerschaften: 1,2 Millionen US-Dollar
• Pharmazeutische Kooperationsvereinbarungen: 3,5 Millionen US-Dollar
• Partnerschaften mit Auftragsforschungsorganisationen (CRO): 2,1 Millionen US-Dollar

Mögliche Meilensteinzahlungen aus der Arzneimittelentwicklung

Erwartete Meilensteinzahlungsstruktur für Arzneimittelkandidaten:

Entwicklungsphase	Meilenstein-Zahlungsbereich
Präklinischer Abschluss	5-10 Millionen Dollar
Klinische Phase-I-Studie	10-15 Millionen Dollar
Klinische Phase-II-Studie	20-30 Millionen Dollar
Klinische Phase-III-Studie	50-75 Millionen Dollar

TRACON Pharmaceuticals, Inc. (TCON) - Canvas Business Model: Value Propositions

You're looking at the value proposition for TRACON Pharmaceuticals, Inc. in its current state, which is focused entirely on winding down operations following the stockholder-approved Plan of Dissolution from November 12, 2024.

Maximizing residual value for stockholders through efficient liquidation.

The primary goal here is to convert remaining assets into cash to cover wind-down costs and, if anything remains, distribute it. Honestly, the outlook isn't strong based on the last reported figures. The company stated that existing cash as of June 30, 2024, was $6.3 million, which was deemed insufficient to meet obligations for the next 12 months from that date. The accumulated deficit stood at $246.5 million as of June 30, 2024. The company explicitly expected no distributions to stockholders from the dissolution based on estimates at that time.

Key financial metrics relevant to residual value as of the last reported period:

Financial Metric	Amount	Date of Record
Cash and Cash Equivalents	$6.3 million	June 30, 2024
Restricted Cash	$0.1 million	June 30, 2024
Outstanding Common Stock Shares	3,407,564	August 8, 2024
Accumulated Deficit	$246.5 million	June 30, 2024

Orderly and compliant cessation of business operations.

This involves executing the wind-down in a manner that satisfies regulatory and legal requirements. A concrete cost associated with this cessation was the one-time severance charge of $1.7 million related to the termination of all employees, including officers, effective July 31, 2024. Research and development expenses were already significantly reduced to $1.4 million in Q2 2024, down from $3.5 million in Q2 2023, reflecting the end of clinical trial enrollment.

• All employees terminated as of July 31, 2024.
• One-time severance charge of $1.7 million recorded.
• Remaining activities limited to winding up business affairs.

Transferring or selling valuable oncology and fibrotic disease IP to new owners.

The potential realization of value hinges on the successful transfer or sale of intellectual property, specifically related to oncology and fibrotic disease assets. The uncertainty around this is high; the company noted that no distributions to stockholders were expected unless value is realized from TRC102 data, which is uncertain. The revenue stream has dried up, with Q2 2024 revenue at only $0.1 million, compared to $9.0 million in Q2 2023, due to the absence of one-time license termination revenue.

Providing final financial transparency to creditors and investors.

Transparency is maintained through required filings, even during dissolution. The company filed a Form 10-Q for the period ending June 30, 2024, detailing the financial position leading into the wind-down. The net loss for the six months ended June 30, 2024, was $6.0 million, an improvement from $14.8 million year-over-year, driven by reduced operating expenses.

• Net loss for six months ended June 30, 2024: $6.0 million.
• Q2 2024 Net Loss: $2.8 million.
• Final disclosures are made via SEC filings as required.

The company urged extreme caution regarding existing and future investments, noting that trading prices for its securities might bear little or no relationship to the actual value realized, if any.

TRACON Pharmaceuticals, Inc. (TCON) - Canvas Business Model: Customer Relationships

You're looking at the final stages of a company winding down, so the relationships aren't about growth anymore; they're about final settlements and compliance. For TRACON Pharmaceuticals, Inc. (TCON), the customer relationship block is now dominated by the legal and financial mechanics of dissolution following the stockholder vote.

Formal Communication with Stockholders Regarding Dissolution and Distributions

The primary communication channel with stockholders shifted entirely to the Plan of Dissolution. You should know that on November 12, 2024, the stockholders voted in favor of the liquidation and dissolution, with approximately 98% of the votes cast being affirmative. This formal approval set the stage for the final wind-down activities. However, the expectation communicated is stark: the company currently expects no distributions to stockholders from the dissolution based on current estimates. This is based on the June 30, 2024, balance sheet showing Cash and cash equivalents of only $6.3 million, which the company stated was insufficient to meet obligations for the next 12 months. The number of outstanding common shares as of August 8, 2024, was 3,407,564.

The power dynamic shifted significantly before this vote. On October 11, 2024, a Series A Preferred Stock, the Super-Voting Share, was issued to the CEO and sole director, Craig R. Jalbert, for $0.01. This share ranks senior to common stock regarding asset distribution upon liquidation, meaning Mr. Jalbert has the primary claim on any residual value after creditors are paid, before common stockholders see anything.

Direct Engagement with Creditors to Settle Outstanding Debts

Engagement with creditors is the most critical, albeit non-public, relationship activity now. The company's cash position as of June 30, 2024, was $6.3 million, but the accumulated deficit was $246.5 million. The funds remaining are dedicated to winding down operations and executing the Plan of Dissolution, which inherently means direct negotiation with debt holders. The last twelve months revenue as of Q2 2024 was only $3.2 million, underscoring the reliance on the existing cash balance to satisfy liabilities.

Here's a snapshot of the financial context driving these creditor discussions:

Financial Metric	Value (as of latest report)	Date Reference
Cash and Cash Equivalents	$6.3 million	June 30, 2024
Accumulated Deficit	$246.5 million	June 30, 2024
Severance Charge (One-time)	$1.7 million	July 31, 2024
Outstanding Common Shares	3,407,564	August 8, 2024

Legal and Financial Reporting to Regulatory Bodies like the SEC and OTCQB

TRACON Pharmaceuticals, Inc. remains subject to regulatory oversight while the wind-down is in process. The company filed its Form 10-Q for the quarterly period ended June 30, 2024, which detailed the dissolution plan and the financial state leading up to it. The company's securities trade on the OTCQB, though the process of winding down operations often precedes a formal delisting or termination of registration, as indicated by the filing of a Form 15-12G (Termination of Registration) in November 2024.

Key reporting compliance points include:

• Filing of preliminary proxy statement with the SEC regarding the Plan of Dissolution.
• Reporting the $1.7 million severance charge related to the July 31, 2024, termination of all employees.
• Continued filing of required periodic reports (e.g., 10-Q) to maintain OTCQB status during the wind-down phase.
• The CEO, Craig R. Jalbert, now serves as the sole member of the board, simplifying the reporting structure.

Minimal, Transactional Contact with Former Vendors and Clinical Sites

With all employees terminated as of July 31, 2024, direct, ongoing relationships with former vendors and clinical sites are non-existent, replaced by transactional contact managed by the appointed principal, Craig R. Jalbert, of Verdolino & Lowey, P.C.. These interactions are strictly limited to resolving final contractual obligations, such as closing out site agreements or settling final invoices for services rendered before the July 30, 2024, wind-down announcement. Any remaining obligations will be paid from the $6.3 million cash on hand as of June 30, 2024, before any potential realization of value from TRC102 data.

The nature of these final transactions is governed by the liquidation priority:

• Settlement of vendor contracts based on priority of claim.
• Finalizing payments to clinical sites for completed work packages.
• The Super-Voting Share holder has priority over common stockholders in asset distribution.

Finance: finalize the cash flow projection for creditor settlements by next Tuesday.

TRACON Pharmaceuticals, Inc. (TCON) - Canvas Business Model: Channels

You're looking at the final communication pathways for TRACON Pharmaceuticals, Inc. (TCON) as it winds down operations. Honestly, the channels now are almost entirely administrative, focused on the dissolution process approved by the stockholders.

Investor Relations (IR) website and SEC filings for official updates on dissolution.

The official record for the wind-down lives in the SEC filings. You should know that the stockholders approved the Plan of Dissolution on November 12, 2024. That proposal passed with an affirmative vote from approximately 98% of the votes cast at the meeting. The company's remaining business activities are now strictly limited to what's necessary to wind up its affairs according to that Plan. Any official, legally required updates will be found there, not in typical IR news releases.

Legal and financial advisors acting as the primary communication conduit.

The primary conduit for official communication, especially concerning the wind-up, flows through the appointed leadership and their associated firm. Craig R. Jalbert, the CEO and sole board member, is a principal at the accounting firm Verdolino & Lowey, P.C., which has experience with firms in wind-down phases. For any questions related to the dissolution, the designated email contact is TRACON@vlpc.com. This is where the administrative communication is directed now, not a standard corporate line.

OTCQB market for trading of the common stock (TCON).

The common stock trades on the OTCQB market, though you'll see warnings that trading is highly speculative and the company may not be actively trading. The market activity reflects this status. Here's a quick look at the numbers we have as of late 2025, based on the latest available data points:

Metric	Value	Date/Context
Closing Price	$0.0322	End of day October 15, 2025
52-Week High	$0.120	Within the last 52 weeks
52-Week Low	$0.0210	Within the last 52 weeks
Reported Market Capitalization	$0.25 million	Around Q2 2024
Shares Outstanding	3,407,564	As of August 8, 2024

Trading volume data is sparse, with the Average Volume (3 months) showing as a dash, suggesting very low liquidity. The structure of the stock itself is complicated by the Series A Preferred Stock, the Super-Voting Share, issued to the CEO for $0.01, which ranks senior to common stock upon liquidation. This structure definitely impacts any residual value distribution.

You should be aware of the key governance changes that facilitate this channel:

• Quorum requirement changed to a majority of voting power, not shares.
• The Super-Voting Share grants voting power equivalent to outstanding common shares for dissolution votes.
• The Super-Voting Share carries no dividend rights.

Finance: draft a memo detailing the implications of the senior liquidation preference on the remaining OTCQB float by Thursday.

TRACON Pharmaceuticals, Inc. (TCON) - Canvas Business Model: Customer Segments

You're looking at the customer segments for TRACON Pharmaceuticals, Inc. (TCON) in late 2025, which is a unique situation since the company voted for liquidation and dissolution back on November 12, 2024. So, the 'customers' now are really the parties with a claim on the remaining assets as the company winds down its affairs, which are limited to that wind-up process. Defintely, the primary focus shifts from product sales to asset realization.

Current stockholders are the residual claimants, meaning they get whatever is left after all debts and obligations are settled. Their position is complicated by the super-voting share issued to the CEO, Craig R. Jalbert, on October 11, 2024, which ranks senior to common stock in asset distribution upon liquidation. Here's a look at the ownership structure as of the last reported data in March 2025:

Stakeholder Group	Ownership Percentage (as of Mar 2025)	Voting Power Context
Insiders	8.78%	Subject to Super-Voting Share priority
Institutional Investors	4.17%	Holding decreased from previous periods
Mutual Funds	0.87%	Holding remained flat from prior months
Retail/Other	Calculated Remainder	Receives residual value after senior claims

The total number of institutions holding shares was reported as 7 in March 2025. Honestly, for common stockholders, the residual value is highly dependent on the recovery from outstanding claims against the company's remaining assets.

Creditors and vendors with outstanding claims represent the most senior financial segment in this wind-down phase. The most significant known obligation relates to the RGC Loan Agreement. Here are the key figures related to that debt structure:

• Term Loan Commitment: Up to $35.0 million aggregate principal amount.
• Maturity Date for all outstanding amounts: September 1, 2026.
• Interest Payments: Monthly payments were due through September 30, 2024, and thereafter monthly through maturity.

Any vendor or trade creditor claims that haven't been settled during the wind-down are also prioritized over common stockholders. The company's financial struggles leading up to this-like a reported revenue of $3.2 million (LTM Q2 2024) against a negative gross profit margin of -278.31% (LTM Q2 2024)-definitely frame the recovery expectations for these creditors.

Potential buyers of the company's remaining IP and platform technology are a critical segment, as the sale of these intangible assets is the primary mechanism for generating cash to pay creditors and, potentially, stockholders. Since the company terminated substantially all employees in July 2024, the remaining value is almost entirely tied up in its intellectual property portfolio, including any data from trials like ENVASARC. The market capitalization was reported as low as $0.25 million in October 2024, which might suggest a low floor for IP acquisition interest from other biotech firms looking to acquire specific platform capabilities or data packages.

Finally, regulatory bodies (e.g., FDA, SEC) are key stakeholders ensuring the dissolution process adheres to legal and financial reporting standards. TRACON Pharmaceuticals, Inc. was trading on the OTCQB exchange. The company must satisfy final SEC reporting requirements related to the dissolution plan, including filing the final 10-K or 10-Q reports covering the wind-up period, with the next scheduled earnings call for 2025 results set for February 17, 2026. Compliance with the Plan of Dissolution, approved by approximately 98% of votes cast, is under the oversight of the SEC.

TRACON Pharmaceuticals, Inc. (TCON) - Canvas Business Model: Cost Structure

You're looking at the cost structure for TRACON Pharmaceuticals, Inc. (TCON) as it executes its plan to wind down operations, which fundamentally shifts the cost base from R&D and commercial preparation to cessation activities. Honestly, the cost structure is now almost entirely defined by these wind-down liabilities, not ongoing business operations.

The most concrete, recent figure impacting the cost structure relates to workforce reduction. All employees were terminated as of July 31, 2024. This action triggered a one-time severance charge estimated at approximately $1.7 million, which was recorded around that time. This charge covers severance and termination costs for all former employees, reflecting the complete cessation of the previous operating structure.

The General and Administrative (G&A) costs for the wind-down team are expected to be minimal. The board appointed Craig R. Jalbert as the sole member of the board, serving as CEO, President, Treasurer, and Secretary to oversee the dissolution. This lean structure inherently keeps ongoing G&A expenditures low compared to a fully operational biopharma company, though his compensation is a necessary cost.

Costs associated with terminating or transferring licensing agreements form another component. While the company previously received a $3.0 million upfront payment in November 2023 for licensing its Product Development Platform (PDP), the wind-down process involves settling or terminating existing agreements with partners like Eucure, Biocytogen, 3D Medicines, Alphamab, and Janssen. Specific, itemized costs for these terminations are not publicly detailed as of late 2025, but they represent potential liabilities or exit fees.

The overall financial context shows the remaining cash is being directed here. As of June 30, 2024, cash and cash equivalents stood at $6.3 million, which management indicated was insufficient to meet obligations for the next 12 months, with funds earmarked for the wind-down execution. The primary cost drivers are the one-time exit expenses, not recurring operational burn.

Here's a quick look at the key known financial markers related to this cost shift:

Cost Category Component	Most Recent Reported Amount/Context	Date of Data
Severance and Termination Charge	$1.7 million (one-time charge)	July 2024
Wind-Down Team G&A	Minimal; led by a single executive	Late 2025 Context
Cash Position (for obligations)	$6.3 million (Cash & Equivalents)	June 30, 2024
Prior Licensing Revenue (Context for Asset Value)	$3.0 million (Upfront PDP License Fee)	November 2023

The structure is dominated by these settlement-type costs, which are expected to be covered by the remaining cash reserves. You should track any filings for accrued liabilities related to legal and accounting fees necessary to finalize the dissolution process, as these will be the primary ongoing expenses now.

• Dominated by wind-down expenses, including legal and accounting fees.
• Severance and termination costs for all former employees: $1.7 million charge.
• Minimal General and Administrative (G&A) costs for the wind-down team.
• Costs associated with terminating or transferring licensing agreements.

TRACON Pharmaceuticals, Inc. (TCON) - Canvas Business Model: Revenue Streams

You're looking at the revenue streams for TRACON Pharmaceuticals, Inc. (TCON) as the company moves through its dissolution process, which was approved by the Board following unsuccessful clinical results. Honestly, the value proposition here has shifted from product development to asset realization, so the revenue profile reflects a wind-down.

The trailing twelve-month revenue was $3.2M as of mid-2024, mostly derived from collaboration activities, which shows a significant drop from the prior year's annual revenue of $12.05M in 2023. This decline is stark when you see the Q2 2024 revenue was just $0.1 million, compared to $9.0 million in Q2 2023.

The residual cash from the balance sheet, which is the main source of value, is critical in this stage. As of June 30, 2024, TRACON Pharmaceuticals reported cash and cash equivalents totaling $6.3 million. More granularly, the balance sheet showed $6.27 million in cash against $898,000 in debt, netting a cash position of $5.37 million, or $1.58 per share. The company stated that existing cash was insufficient to meet obligations for the next 12 months, with funds earmarked for winding down operations under the Plan of Dissolution.

You should also watch for potential one-time revenue from termination or settlement of partnership agreements. The sharp drop in Q2 2024 revenue was explicitly attributed to the absence of one-time license termination revenue that was present in Q2 2023. This highlights the lumpy, non-recurring nature of past revenue events versus the current operational run-rate.

Revenue generation from the sale or out-licensing of remaining IP and drug candidates is now highly uncertain given the approved dissolution. However, the company does have existing agreements that could theoretically yield future milestone or royalty payments, though the outlook for distributions to stockholders remains low unless value is realized from TRC102 data, which is uncertain.

Here's a quick look at the recent revenue trend, showing how much the non-recurring events impacted the top line:

Period Ending	Revenue (TTM)	Quarterly Revenue	YoY Revenue Growth (TTM)
June 30, 2024	$3.20M	$0.1 Million (Q2 2024)	-64.44%
Fiscal Year 2023	N/A	$12.05M (Annual)	N/A

The collaboration revenue base, while small recently, stems from several key relationships:

• Agreements with 3D Medicines Co., Ltd. and Jiangsu Alphamab Biopharmaceuticals Co., Ltd. for envafolimab development.
• Agreement with I-Mab Biopharma for CD73 antibody TJ004309 and bispecific antibodies.
• Cooperative research and development agreement with the National Cancer Institute.
• Mention of the YH001 Collaboration Agreement with Eucure.

Finance: draft 13-week cash view by Friday.