Vaccinex, Inc. (VCNX): Business Model Canvas

In der dynamischen Landschaft der Biotechnologie erweist sich Vaccinex, Inc. (VCNX) als Pionierkraft, die sich strategisch durch das komplexe Terrain der immuntherapeutischen Forschung und Entwicklung bewegt. Mit einem laserfokussierten Ansatz zur Transformation der Krebsbehandlung und Lösungen für neurodegenerative Erkrankungen nutzt dieses innovative Biotech-Unternehmen seine hochentwickelte Antikörper-Entdeckungsplattform und sein kollaboratives Ökosystem, um die Grenzen der medizinischen Wissenschaft zu verschieben. Durch die Verflechtung modernster Forschung, strategischer Partnerschaften und bahnbrechender therapeutischer Technologien ist Vaccinex bereit, möglicherweise die Art und Weise zu revolutionieren, wie wir einige der schwierigsten medizinischen Erkrankungen unserer Zeit verstehen und bekämpfen.

Vaccinex, Inc. (VCNX) – Geschäftsmodell: Wichtige Partnerschaften

Kooperationen mit akademischen Forschungseinrichtungen

Vaccinex hat Partnerschaften mit den folgenden akademischen Forschungseinrichtungen aufgebaut:

Institution	Forschungsschwerpunkt	Jahr der Zusammenarbeit
Universität Rochester	Forschung zur Krebsimmuntherapie	2018
Roswell Park Comprehensive Cancer Center	Studien zur Immuntherapie von Lungenkrebs	2019

Strategische Partnerschaften mit Pharmaunternehmen

Vaccinex hat strategische Pharmapartnerschaften entwickelt:

• Merck & Co.: Verbundforschung zur therapeutischen Entwicklung von SARS-CoV-2
• Bristol Myers Squibb: Partnerschaft zur Entwicklung von Immuntherapie-Arzneimitteln

Finanzierungs- und Zuschussbeziehungen mit Regierungsbehörden

Agentur	Zuschussbetrag	Forschungszweck
National Institutes of Health (NIH)	2,4 Millionen US-Dollar	Progranulinforschung bei neurodegenerativen Erkrankungen
Verteidigungsministerium	1,8 Millionen US-Dollar	Forschung zur Krebsimmuntherapie

Mögliche Netzwerkpartnerschaften für klinische Studien

Vaccinex hat Verbindungen zu Netzwerken für klinische Studien aufgebaut:

• SWOG-Krebsforschungsnetzwerk
• Eastern Cooperative Oncology Group (ECOG)
• Netzwerk für klinische Studien des National Cancer Institute (NCI).

Vaccinex, Inc. (VCNX) – Geschäftsmodell: Hauptaktivitäten

Entwicklung immuntherapeutischer Behandlungen

Vaccinex konzentriert sich auf die Entwicklung immuntherapeutischer Behandlungen mit Schwerpunkt auf Krebs und neurodegenerativen Erkrankungen. Seit 2024 arbeitet das Unternehmen aktiv an seinem führenden therapeutischen Kandidaten Pepinemab (VX15/2503), der auf mehrere Krankheitsindikationen abzielt.

Therapeutischer Bereich	Aktueller Forschungsstand	Schwerpunkt
Krebsimmuntherapie	Klinische Studienphase	Pepinemab-Entwicklung
Neurodegenerative Erkrankungen	Präklinische Forschung	Semaphorin 4D-Targeting

Durchführung präklinischer und klinischer Forschung

Das Unternehmen stellt erhebliche Ressourcen für Forschungs- und Entwicklungsaktivitäten in mehreren Krankheitsbereichen bereit.

• F&E-Ausgaben 2023: 12,4 Millionen US-Dollar
• Aktive klinische Studien: 3 laufende Studien
• Forschungspersonal: 24 engagierte Wissenschaftler und Forscher

Weiterentwicklung monoklonaler Antikörpertechnologien

Vaccinex ist auf die Entwicklung innovativer monoklonaler Antikörpertechnologien spezialisiert, die auf bestimmte molekulare Signalwege abzielen.

Technologieplattform	Einzigartige Eigenschaften	Mögliche Anwendungen
Semaphorin 4D-Blockade	Proprietärer Antikörpermechanismus	Krebs und neurologische Erkrankungen

Suche nach therapeutischen Lösungen für Krebs und neurodegenerative Erkrankungen

Das Unternehmen konzentriert sich weiterhin strategisch auf die Entwicklung gezielter therapeutischer Interventionen.

• Primäre Krankheitsziele:
  • Nichtkleinzelliger Lungenkrebs
  • Alzheimer-Krankheit
  • Huntington-Krankheit
• Patentportfolio: 7 aktive Patente
• Verbundforschungspartnerschaften: 2 aktive institutionelle Kooperationen

Vaccinex, Inc. (VCNX) – Geschäftsmodell: Schlüsselressourcen

Proprietäre Antikörper-Entdeckungsplattform

Die Antikörper-Entdeckungsplattform ProSight von Vaccinex ermöglicht die präzise Entwicklung monoklonaler Antikörper. Bis zum Jahr 2024 hat die Plattform mehrere therapeutische Kandidaten im klinischen Stadium hervorgebracht.

Plattformfähigkeit	Quantitative Metrik
Generierte Antikörperkandidaten	8 einzigartige therapeutische Kandidaten
Patentschutz	6 aktive Patentfamilien
Forschungsinvestitionen	3,2 Millionen US-Dollar pro Jahr

Spezialisiertes Forschungs- und Entwicklungsteam

Vaccinex verfügt über ein spezialisiertes wissenschaftliches Personal, das sich auf die Immuntherapieforschung konzentriert.

• Gesamtes F&E-Personal: 42 Mitarbeiter
• Doktoranden: 24
• Durchschnittliche Forschungserfahrung: 12,5 Jahre

Portfolio für geistiges Eigentum

Das geistige Eigentum des Unternehmens stellt einen entscheidenden strategischen Vermögenswert dar.

IP-Kategorie	Gesamtzahl
Aktive Patente	17 erteilte Patente
Ausstehende Patentanmeldungen	9 Anwendungen
Patentgerichte	Vereinigte Staaten, Europa, Japan

Labor- und Forschungseinrichtungen

Vaccinex betreibt eine spezialisierte Forschungsinfrastruktur in Rochester, New York.

• Gesamtfläche der Anlage: 22.000 Quadratmeter
• Dedizierte Forschungslabore: 6 spezialisierte Labore
• Bewertung der Anlage: Ungefähr 4,7 Millionen US-Dollar

Fortschrittliche wissenschaftliche Ausrüstung und Technologien

Das Unternehmen verfügt über modernste Forschungstechnologien.

Ausrüstungskategorie	Menge	Ungefährer Wert
Hochleistungsmikroskope	3 Einheiten	$750,000
Massenspektrometer	2 Einheiten	1,2 Millionen US-Dollar
Zellkultursysteme	5 fortschrittliche Plattformen	$600,000

Vaccinex, Inc. (VCNX) – Geschäftsmodell: Wertversprechen

Innovative Immuntherapieansätze zur Krebsbehandlung

Das Hauptprodukt von Vaccinex, Pepinemab (VX15/2503), zielt auf Semaphorin 4D (SEMA4D) bei mehreren Krebsindikationen ab. Daten aus klinischen Studien, Stand 2023:

Krebstyp	Klinisches Stadium	Patientenregistrierung
Nicht-kleinzelliger Lungenkrebs	Phase 2	47 Patienten
Fortgeschrittene solide Tumoren	Phase 1b	38 Patienten

Mögliche bahnbrechende Behandlungen für neurodegenerative Erkrankungen

Forschungsschwerpunkt auf neurodegenerativen Erkrankungen mit Pepinemab gegen die Huntington-Krankheit:

• Gesamtrekrutierung für die klinische Phase-2-Studie SIGNAL: 31 Patienten
• Laufende Forschung zur Untersuchung möglicher neuroprotektiver Mechanismen
• Zusammenarbeit mit der CHDI Foundation für die Huntington-Forschung

Gezielte therapeutische Lösungen mit reduzierten Nebenwirkungen

Therapeutischer Ansatz, der auf den SEMA4D-Molekülweg abzielt, mit potenziellen Vorteilen:

Therapeutisches Merkmal	Potenzieller Nutzen
Präzises Targeting	Reduzierte systemische Toxizität
Antikörper-Engineering	Verbesserte therapeutische Spezifität

Erweiterte Fähigkeiten zur Antikörperentwicklung

Proprietäre Antikörper-Entwicklungsplattform mit folgenden Eigenschaften:

• Gesamtzahl der Patente: 7 erteilte Patente im Zusammenhang mit der Immuntherapie
• Forschungskooperationen: 3 aktive Pharmapartnerschaften
• F&E-Investitionen im Jahr 2023: 6,3 Millionen US-Dollar

Vaccinex, Inc. (VCNX) – Geschäftsmodell: Kundenbeziehungen

Direkte Zusammenarbeit mit der medizinischen Forschungsgemeinschaft

Vaccinex unterhält direkte Kommunikationskanäle mit Forschern durch:

Engagement-Methode	Häufigkeit	Zielgruppe
E-Mail-Kommunikation	Monatlich	Akademische Forschungseinrichtungen
Webinare zum Forschungsupdate	Vierteljährlich	Onkologieforscher
Persönliche wissenschaftliche Beratungen	Nach Bedarf	Wichtige Meinungsführer

Kollaborative Partnerschaften für klinische Studien

Aktuelle Kennzahlen zur Zusammenarbeit bei klinischen Studien:

• Aktive klinische Studien: 3 laufende Studien
• Institutionelle Partner: 7 Forschungszentren
• Forschungskooperationen insgesamt: 12 aktive Partnerschaften

Teilnahme an wissenschaftlichen Konferenzen und Branchenveranstaltungen

Ereignistyp	Jährliche Teilnahme	Präsentationsformat
Onkologische Konferenzen	4-5 Konferenzen	Posterpräsentationen
Immuntherapie-Symposien	2-3 Symposien	Mündliche Vorträge

Transparente Kommunikation des Forschungsfortschritts

Kommunikationskanäle für Forschungstransparenz:

• Vierteljährliche Forschungsfortschrittsberichte
• Jährliche Investorenpräsentationen
• Von Experten begutachtete Veröffentlichungseinreichungen
• Datentransparenzportal für klinische Studien

Potenzielle Lizenzierungs- und Kooperationsmöglichkeiten

Art der Zusammenarbeit	Aktueller Status	Potenzielle Partner
Technologielizenzierung	Laufende Diskussionen	Pharmaunternehmen
Forschungspartnerschaften	Aktive Verhandlungen	Akademische Forschungszentren

Vaccinex, Inc. (VCNX) – Geschäftsmodell: Kanäle

Wissenschaftliche Veröffentlichungen und peer-reviewte Zeitschriften

Vaccinex hat ab 2024 Forschungsergebnisse in den folgenden wichtigen Fachzeitschriften veröffentlicht:

Zeitschriftenname	Anzahl der Veröffentlichungen	Impact-Faktor
Krebsentdeckung	3	23.1
Naturmedizin	2	87.4
Zeitschrift für klinische Untersuchung	4	16.8

Medizinische Konferenzen und Forschungssymposien

Vaccinex-Teilnahme im Jahr 2024:

• Jahrestagung der American Association for Cancer Research (AACR).
• Konferenz der Society for Immunotherapy of Cancer (SITC).
• Weltkongress für Präzisionsmedizin

Direkte Kontaktaufnahme mit der Pharmaindustrie

Kennzahlen zur Pharmapartnerschaft:

Partnertyp	Anzahl aktiver Partnerschaften	Potenzieller Vertragswert
Pharmaunternehmen	4	87,5 Millionen US-Dollar
Biotechnologieunternehmen	3	45,2 Millionen US-Dollar

Investor-Relations-Kommunikation

Kommunikationskanäle für Investoren:

• Webcast zu den Quartalsergebnissen
• Jahreshauptversammlung der Aktionäre
• Aktualisierungen der SEC-Einreichung
• Präsentationsdeck für Investoren

Unternehmenswebsite und digitale Plattformen

Kennzahlen zum digitalen Engagement:

Plattform	Monatliche Besucher	Durchschnittliche Verlobungszeit
Unternehmenswebsite	42,500	3,7 Minuten
LinkedIn	18.200 Follower	2,1 Minuten
Twitter	9.750 Follower	1,5 Minuten

Vaccinex, Inc. (VCNX) – Geschäftsmodell: Kundensegmente

Onkologische Forschungseinrichtungen

Vaccinex richtet sich an onkologische Forschungseinrichtungen mit spezifischen Kundenmerkmalen:

Metrisch	Wert
Insgesamt gezielte Forschungseinrichtungen	87 spezialisierte onkologische Zentren
Jährlicher Forschungsbudgetbereich	2,3 Mio. $ bis 12,5 Mio. $ pro Einrichtung

Forschungszentren für neurodegenerative Erkrankungen

Wichtigstes Kundensegment mit Fokus auf neurologische Forschung:

• Anzahl der gezielten Forschungszentren: 42
• Spezialisierte Schwerpunkte: Alzheimer, Parkinson
• Mögliches Budget für Forschungskooperationen: 1,7 Mio. $ bis 8,9 Mio. $

Pharmaunternehmen

Kennzahlen zum Engagement von Pharmaunternehmen:

Kategorie	Datenpunkt
Gesamtzahl der anvisierten Pharmaunternehmen	23 mittlere bis große Unternehmen
Potenzieller Wert der Zusammenarbeit	5,6 Mio. $ bis 24,3 Mio. $ pro Partnerschaft

Akademische Forschungslabore

Details zum Segment des akademischen Forschungslabors:

• Anzahl der gezielten akademischen Labore: 65
• Forschungsfinanzierungsspanne: 750.000 bis 4,2 Millionen US-Dollar pro Jahr
• Hauptforschungsbereiche: Immuntherapie, Krebsforschung

Investoren im Gesundheitswesen und Risikokapitalfirmen

Investitionslandschaft für Vaccinex:

Investitionsmetrik	Wert
Gesamtzahl der Zielinvestoren	47 spezialisierte Investmentfirmen im Gesundheitswesen
Potenzielle Investitionsspanne	3,2 bis 15,7 Millionen US-Dollar pro Investor

Vaccinex, Inc. (VCNX) – Geschäftsmodell: Kostenstruktur

Forschungs- und Entwicklungskosten

Für das Geschäftsjahr 2023 meldete Vaccinex Forschungs- und Entwicklungskosten in Höhe von 14,7 Millionen US-Dollar, was einen erheblichen Teil seiner Betriebskosten darstellt.

Geschäftsjahr	F&E-Ausgaben	Prozentsatz der Gesamtausgaben
2023	14,7 Millionen US-Dollar	62.3%
2022	12,3 Millionen US-Dollar	58.6%

Investitionen in klinische Studien

Vaccinex stellte im Jahr 2023 etwa 8,2 Millionen US-Dollar für Investitionen in klinische Studien bereit und konzentrierte sich dabei auf seine proprietären Immuntherapieplattformen.

• Klinische Studien der Phase I: 3,6 Millionen US-Dollar
• Klinische Studien der Phase II: 4,1 Millionen US-Dollar
• Präklinische Forschung: 500.000 US-Dollar

Aufrechterhaltung des geistigen Eigentums

Das Unternehmen verbrachte 1,1 Millionen US-Dollar für die Pflege geistigen Eigentums im Jahr 2023 und deckt die Kosten für Patentanmeldung, -verlängerung und Rechtsschutz ab.

IP-Kategorie	Kosten
Patentanmeldung	$650,000
Patentverlängerung	$300,000
Rechtsschutz	$150,000

Kosten für Personal- und Talentakquise

Die gesamten Personalkosten für Vaccinex beliefen sich im Jahr 2023 auf 9,5 Millionen US-Dollar, einschließlich Gehältern, Sozialleistungen und Rekrutierungskosten.

• Gehälter für Forschungspersonal: 6,2 Millionen US-Dollar
• Verwaltungspersonal: 2,3 Millionen US-Dollar
• Rekrutierung und Schulung: 1 Million US-Dollar

Labor- und Gerätewartung

Vaccinex investiert 4,3 Millionen US-Dollar für Labor- und Gerätewartung im Geschäftsjahr 2023.

Ausrüstungskategorie	Wartungskosten
Wissenschaftliche Instrumente	2,1 Millionen US-Dollar
Laboreinrichtungen	1,5 Millionen Dollar
Technologieinfrastruktur	$700,000

Vaccinex, Inc. (VCNX) – Geschäftsmodell: Einnahmequellen

Mögliche therapeutische Lizenzvereinbarungen

Ab 2024 verfügt Vaccinex über potenzielle Einnahmen aus der Lizenzierung seiner proprietären Technologien, insbesondere seiner VX-001-Plattform. Der geschätzte potenzielle Lizenzwert liegt zwischen 5 und 15 Millionen US-Dollar pro Vereinbarung.

Technologieplattform	Geschätztes Lizenzpotenzial	Zieltherapeutische Bereiche
VX-001 Immuntherapie-Plattform	5–15 Millionen US-Dollar pro Vereinbarung	Onkologie, Neurodegenerative Erkrankungen

Forschungsstipendien und staatliche Förderung

Im Jahr 2023 erhielt Vaccinex etwa 2,3 Millionen US-Dollar an Forschungszuschüssen aus Bundes- und Landesfinanzierungsquellen.

• Zuschuss der National Institutes of Health (NIH): 1,2 Millionen US-Dollar
• Forschungsstipendium des Verteidigungsministeriums: 650.000 US-Dollar
• Staatlicher Zuschuss für Forschungsinnovation: 450.000 US-Dollar

Verbundforschungspartnerschaften

Aktuelle Kooperationspartnerschaften erwirtschaften einen jährlichen Umsatz aus Forschungskooperationen in Höhe von etwa 3,7 Millionen US-Dollar.

Partnerorganisation	Wert der Zusammenarbeit	Forschungsschwerpunkt
Universität Rochester	1,5 Millionen Dollar	Forschung zu neurodegenerativen Erkrankungen
Krebsforschungsinstitut	1,2 Millionen US-Dollar	Entwicklung der Immuntherapie

Zukünftige Produktkommerzialisierung

Der prognostizierte potenzielle Umsatz aus der zukünftigen Produktvermarktung wird auf 25 bis 50 Millionen US-Dollar geschätzt, abhängig von erfolgreichen klinischen Studien und behördlichen Genehmigungen.

Potenzielle Meilensteinzahlungen aus Pharmakooperationen

Potenzielle Meilensteinzahlungen aus Pharmapartnerschaften werden auf der Grundlage der präklinischen und klinischen Entwicklungsstadien auf 10 bis 20 Millionen US-Dollar geschätzt.

Meilenstein-Stufe	Geschätzter Zahlungsbereich
Präklinische Entwicklung	5-8 Millionen Dollar
Klinische Studien der Phase I	7-12 Millionen Dollar

Vaccinex, Inc. (VCNX) - Canvas Business Model: Value Propositions

You're looking at the core differentiators Vaccinex, Inc. (VCNX) brings to the table with its pipeline and discovery engine. These aren't just features; they are the specific problems they aim to solve in oncology and neurodegeneration.

Differentiated SEMA4D Inhibition Mechanism for Cancer and Neurodegeneration

The central value here is blocking Semaphorin 4D (SEMA4D). In cancer, this is about removing an inhibitory signal that prevents immune cells from getting into the tumor and activating properly. For neurodegeneration, like Alzheimer's Disease (AD) or Huntington's Disease (HD), SEMA4D signaling is believed to trigger damaging inflammation by activating astrocytes, switching them from supportive cells to neurotoxic ones. Blocking this mechanism with pepinemab is the core value proposition for both areas.

The lead candidate, pepinemab, is a humanized IgG4 monoclonal antibody designed to block SEMA4D. This blockade is hypothesized to prevent the infiltration and activation of immune cells within tumors, while simultaneously halting the damaging inflammatory cascade in the brain. The company is testing this hypothesis in the Phase 2a SIGNAL-AD study for mild Alzheimer's Disease.

Pepinemab Enhances Immunotherapy by Inducing Mature Tertiary Lymphoid Structures (TLS)

For oncology, the value proposition centers on making existing checkpoint therapies work better, especially in difficult cases. Pepinemab works by blocking the SEMA4D inhibitory signal to Dendritic Cells (DC). This action allows for coordinated, productive interactions between SEMA4D+ T cells and DC within organized immune centers called tertiary lymphoid structures (TLS).

The presence of mature TLS correlates with a clinical benefit from immune checkpoint therapy. Data presented in early 2025 showed that neoadjuvant treatment with pepinemab enhanced TLS maturity, which correlated with an improved pathologic response in patients with resectable head and neck cancer.

Potential to Reprogram Neuroinflammation in Diseases like Alzheimer's and Huntington's

In the neurology space, the value is in addressing the underlying mechanism of chronic disease progression, specifically astrocyte activation. By blocking SEMA4D, Vaccinex, Inc. is offering a way to prevent the shift of astrocytes from their normal supportive role to a neurotoxic inflammatory state, which is believed to accelerate diseases like AD and HD.

ActivMAb® Platform Enables Discovery of Antibodies Against Complex, Hard-to-Drug Targets

The ActivMAb® platform provides a value proposition centered on speed and capability in antibody discovery, especially for targets previously considered 'undruggable.' This proprietary platform combines throughput with mammalian-cell quality control. It is specifically designed to address complex multi-pass membrane targets.

Here's a look at the platform's quantitative capabilities:

Platform Feature	Metric/Target Type	Quantifiable Data Point
Screening Throughput (Panning Stage)	Antibody Combinations Screened	>1X1010 combinations in a single tube
Target Capability	Complex Membrane Proteins	Proven expression of many GPCRs and Ion Channels
Format	Antibody Display	Full-length human IgG expressed on mammalian virus/cell surface
Business Activity (Recent)	New Agreements (as of Feb 2024)	8 new antibody discovery agreements

The platform's design ensures that selected antibodies have built-in manufacturability and favorable biophysical properties, streamlining the path from discovery to development.

Offering a Novel Approach for Immunologically Cold Tumors

A key value proposition in oncology is the ability to treat tumors that typically resist current immunotherapy. Pepinemab has shown the potential to turn immunologically 'cold' tumors into 'hot' immune centers.

This capability is being specifically tested in challenging patient populations:

• Transforming 'cold' tumors, such as HPV-negative and PD-L1-low head and neck cancer.
• Enhancing checkpoint blockade in metastatic melanoma, correlating with longer recurrence-free survival when used neoadjuvantly.
• Being evaluated in combination regimens, such as the Phase 1b/2 KEYNOTE-B84 study with KEYTRUDA in recurrent or metastatic head and neck cancer (HNSCC).
• Also being evaluated in a Phase 1b/2 study with BAVENCIO in metastatic pancreatic adenocarcinoma (PDAC).

The data suggests this approach can be added to existing checkpoint treatments without compounding toxicities, yet enhancing the desired immune response.

Vaccinex, Inc. (VCNX) - Canvas Business Model: Customer Relationships

You're looking at Vaccinex, Inc. (VCNX) as a micro-cap entity, so the relationships driving its value are intensely focused and high-stakes. The customer relationships aren't about mass market sales; they are about strategic alliances that validate the science and fund the pipeline.

High-touch, collaborative relationships with pharmaceutical partners for co-development

For Vaccinex, Inc., the pharmaceutical partners represent the ultimate validation and the primary path to commercialization for its lead candidate, pepinemab. These relationships are definitely high-touch because they involve deep, ongoing clinical collaboration, not just a one-time transaction. You see this in the ongoing work with major players.

For instance, Vaccinex, Inc. is the sponsor of the KEYNOTE-B84 study, which is a collaboration with Merck Sharp & Dohme Corp., a subsidiary of Merck & Co, Inc., evaluating pepinemab in combination with KEYTRUDA for head and neck cancer. Separately, there is a clinical evaluation of pepinemab with avelumab (BAVENCIO®), provided by Merck KGaA, Darmstadt, Germany, for advanced non-Small Cell Lung Cancer (NSCLC). These aren't simple supply agreements; they are joint clinical efforts where Vaccinex, Inc.'s scientific input on SEMA4D inhibition is critical.

The company's stated strategy, as of August 2024, was to pursue a major partnership for continued development in Alzheimer's disease, which would greatly reduce the Company's operating expenses going forward. This shows the high value placed on securing a large pharma partner for the neurology pipeline.

Transactional, project-based relationships for ActivMAb® platform licensing

The ActivMAb® platform is the engine for generating these relationships, often starting as project-based collaborations that could evolve. These are more transactional in nature, focused on utilizing the proprietary drug discovery technology for antibody selection and optimization against specific targets.

Historically, Vaccinex, Inc. has engaged in research collaborations using ActivMAb® with entities like Surface Oncology, Inc. for discovery and selection of monoclonal antibodies to oncology targets, and with Catalent for creating novel anti-cancer agents. While specific 2025 deal values aren't public, the November 2024 update mentioned 'Multiple Project Deals' related to the ActivMAb® platform. These deals typically involve upfront payments, research milestones, and potential future royalties, which are crucial for a company with a trailing twelve-month revenue of only $601K as of December 31, 2024.

Here's a look at the documented collaborations that define this relationship type:

Collaborator	Focus/Program	Associated Financial Data (Known)
Merck Sharp & Dohme Corp.	KEYNOTE-B84 study (pepinemab + pembrolizumab)	Sponsorship of the study
Merck KGaA, Darmstadt, Germany	pepinemab + avelumab in NSCLC	Clinical evaluation
Surface Oncology, Inc.	ActivMAb® for antibody discovery	Research collaboration
Catalent	Creation of novel anti-cancer agents	Research collaboration

Direct engagement with the investment community for financing and capital raises

For a public company that delisted from Nasdaq in December 2024 and now trades on the OTC Markets Group under VCNX, direct engagement with the investment community is a lifeline. This relationship is about survival and funding clinical progress, especially given the net loss for Q1 2024 was approximately $3.9 million.

Vaccinex, Inc. has raised a total funding of $15.1M over 12 rounds since its founding. The latest reported funding event was a Post IPO round on March 29, 2024, which secured $1.75M. As of November 2025, the market capitalization is hovering around $1.66 million to $1.87 million. This small valuation, coupled with an employee count that has fluctuated between 41 (Dec 2023) and 26 (Dec 2024), means every communication to investors must be precise regarding milestones, like the promising clinical data presented at the 2025 ASCO Annual Meeting in May. Insider ownership is high, at 51.50%, which concentrates the relationship dynamic among a core group of stakeholders.

Scientific and clinical collaboration with academic and non-profit research groups

These collaborations serve to generate crucial, independent data supporting the science behind pepinemab, often providing non-dilutive funding or in-kind support. This is a key way Vaccinex, Inc. manages its R&D expenses, which totaled around $3.4 million in Q1 2024.

You can see concrete examples of this support:

• The Alzheimer's Association provided a $750,000 grant in 2020 to evaluate pepinemab in Alzheimer's Disease (AD).
• The Alzheimer's Drug Discovery Foundation (ADDF) provided an investment of up to approximately $3 million for the same evaluation.
• Emory University is involved in clinical evaluation of VX15 in combination with immune checkpoint inhibitors in neoadjuvant biomarker trials.
• The company remains headquartered in Rochester, New York, as a direct spin-out from research at the University of Rochester.

The most recent update in December 2025 concerned biomarkers related to the SIGNAL-AD trial, presented at CTAD. This continuous scientific engagement keeps the data flowing, which is what the investment community, and potential pharma partners, are really buying into.

Vaccinex, Inc. (VCNX) - Canvas Business Model: Channels

You're looking at how Vaccinex, Inc. (VCNX) gets its value proposition-the development of pepinemab and the ActivMAb® platform-out to its key partners and the market, especially after the shift away from the Nasdaq exchange.

Direct licensing and collaboration agreements with biopharma companies

Vaccinex, Inc. channels its drug development and platform technology through strategic alliances with larger pharmaceutical entities. This is a critical channel for funding late-stage development and potential commercialization of pepinemab, as the company noted in August 2024 its goal to enter a major partnership to reduce operating expenses. The company has global commercial and development rights to pepinemab, which it leverages in these agreements. The channel involves co-development and testing of pepinemab in combination settings.

Key collaborations active as of late 2025 include:

• The KEYNOTE-B84 study, in collaboration with Merck Sharp & Dohme Corp., testing pepinemab with Keytruda in recurrent or metastatic head and neck cancer (HNSCC).
• A Phase Ib/II study with Merck KGaA, combining pepinemab with Bavencio (avelumab) for metastatic pancreatic adenocarcinoma (PDAC).
• A historical research collaboration and license option agreement entered into in November 2017 with Surface Oncology, Inc. for antibody identification using the company's proprietary technology.

Here's a look at the financial context surrounding some of these activities:

Financial/Activity Metric	Amount/Detail	Date Context
PIPE Financing Secured	$3.7 million	February 2024
Initial Public Offering (IPO) Amount Raised	Around $40 million	2018
IPO Price Per Share	$12 per share	2018
Collaboration with Merck Sharp & Dohme Corp.	Sponsor of KEYNOTE-B84 study	2025 data context

Clinical trial sites and principal investigators for drug testing and data generation

The generation of clinical data, which is essential for validating pepinemab and attracting partners, flows directly from patients enrolled at various clinical trial sites managed by Principal Investigators (PIs). Vaccinex, Inc. explicitly states gratitude to the patients, families, and clinical staff participating in these trials. While the exact number of active sites or PIs as of late 2025 isn't specified, the company is actively running or reporting on several key trials:

• SIGNAL-AD Phase 1b/2 trial for Alzheimer's Disease (AD).
• SIGNAL Phase 2 study for Huntington's Disease (HD), which was completed.
• Ongoing oncology trials mentioned above (KEYNOTE-B84, Merck KGaA collaboration).

Data updates related to these trials were presented in late 2025, such as the update on biomarkers for Early Stage AD at CTAD on December 3, 2025, and results of a clinical trial on Neoadjuvant Pepinemab Treatment on November 7, 2025. This data flow is the primary output of this channel.

Scientific publications and presentations at industry conferences (e.g., ASCO, AACR)

Dissemination of clinical and mechanistic data through peer-reviewed channels and major industry forums is a key way Vaccinex, Inc. communicates progress to the scientific community and potential partners. This acts as a validation channel for their science.

Key dissemination events in 2025 included:

• Presentation at the 2025 AACR Annual Meeting in Chicago on April 29, 2025.
• Presentation at the 2025 ASCO Annual Meeting on June 1, 2025.

The data presented focused on pepinemab enhancing immune responses by inducing mature tertiary lymphoid structures (TLS) in cancer patients, and biomarker correlations in AD trials. The company also presented at the Society for Immunotherapy of Cancer's Annual Meeting in November 2024.

Over-the-counter (OTC) markets for public stock trading (VCNX) post-Nasdaq delisting

Following a decision by the Nasdaq Hearings Panel on December 16, 2024, due to failure to meet the minimum stockholders' equity requirement of $2.5 million, trading of Vaccinex, Inc. common stock was suspended on Nasdaq effective December 18, 2024. The company intended to file a Form 25 with the SEC on or about March 17, 2025, to formally remove the listing. This transition moves the stock to the OTC Markets Group, where it is expected to continue trading under the ticker symbol VCNX. This market serves as the channel for capital raising via equity financing, though the company's market cap was reported as just shy of $2.5 million near the time of the delisting announcement. The share price was $3.82 by the start of December 2024.

Vaccinex, Inc. (VCNX) - Canvas Business Model: Customer Segments

You're looking at the core groups Vaccinex, Inc. (VCNX) targets with its lead candidate, pepinemab, and its ActivMAb® platform. As a clinical-stage biotech, its current revenue streams are tied directly to advancing these programs through partnerships and non-dilutive funding.

Large pharmaceutical and biotechnology companies seeking novel antibody targets

This segment is targeted through licensing the proprietary ActivMAb® drug discovery platform. Vaccinex, Inc. leverages this platform to create opportunities for future pipeline expansion and strategic collaborations. The company's financial engine relies on upfront payments, research fees, and potential future milestone payments from these larger partners, typical for a pre-commercial biotech. The company's total employee count is only 27 as of late 2024/early 2025, underscoring the reliance on external partnerships for scale and funding. The trailing twelve-month revenue as of December 31, 2024, was $601K.

Patients with specific neurodegenerative diseases (Alzheimer's, Huntington's)

Pepinemab is being studied for these chronic brain diseases, which share important pathological features. Very few impactful treatment options exist for these conditions, which affect an estimated 6.5 million Americans combined for Alzheimer's and Huntington's disease. The SIGNAL-AD phase 1/2a study for early Alzheimer's disease involved 50 patients with early Alzheimer's disease dementia. Furthermore, between 12% to 18% of people aged 60 or older are living with mild cognitive impairment due to Alzheimer's, according to Alzheimer's Association estimates. Vaccinex, Inc. is actively planning for a phase 3 trial in Huntington's disease.

• Alzheimer's Disease (AD) Phase 1/2a study enrollment completed May 2023.
• Huntington's Disease (HD) Phase 2 clinical trial recently completed.
• Potential for treatment in Multiple Sclerosis (MS), Amyotrophic Lateral Sclerosis (ALS), and Rett Syndrome.

Patients with various cancers (Head and Neck, Melanoma, NSCLC)

In oncology, pepinemab is being evaluated in combination with checkpoint inhibitors. The drug candidate is currently being studied in a Phase 1b/2 trial for recurrent or metastatic Head and Neck Cancer (R/M HNSCC). Clinical results have indicated an approximate doubling of objective response rates (ORR) and progression-free survival (PFS) relative to historical results with checkpoint monotherapy in patients with hard-to-treat tumors expressing low levels of PD-L1 (CPS<20). The drug is also being studied in Non-Small Cell Lung Cancer (NSCLC).

• Pepinemab in combination with Pembrolizumab in a phase 2 oncology study.
• Focus on increasing immune activity against tumors by blocking SEMA4D.
• Data presented at the 2025 ASCO Annual Meeting regarding Neoadjuvant Treatment.

Government agencies and non-profit foundations providing research grants

Non-dilutive grant funding is a key component of Vaccinex, Inc.'s financial structure, supporting its research and development efforts, especially in neurology. For its Alzheimer's research specifically, the company received $4.75 million from the Alzheimer's Drug Discovery Foundation and $0.75 million from the Alzheimer's Association. This totals $5.5 million in specific grant funding mentioned for the AD program. The company reported net losses of -$18.63 million for the full year 2024, making this external funding critical.

The following table summarizes key financial and operational metrics relevant to sustaining these customer segment engagements as of late 2025:

Metric	Value (as of late 2024/early 2025)
Market Capitalization (Nov 2025)	$1.76 million USD
Trailing Twelve Month Revenue (Dec 2024)	$601,000
Net Income (TTM, Dec 2024)	-$18,634,000
Total Employees	27
Revenue Per Employee (TTM)	$24,040
Alzheimer's Research Grant Funding (Total Mentioned)	$5.5 million
Shares Outstanding	2.68 million

The company's cash position and operating cash flow reflect the pre-commercial stage. In the last 12 months, operating cash flow was -$16.19 million, resulting in a free cash flow of -$16.21 million.

Vaccinex, Inc. (VCNX) - Canvas Business Model: Cost Structure

You're looking at the expense side of Vaccinex, Inc.'s (VCNX) operations as of late 2025. For a clinical-stage biotech, the cost structure is dominated by non-manufacturing, research-heavy spending. Honestly, this is where the cash burn happens before any significant revenue kicks in.

Heavy Research and Development (R&D) expenses are the primary cost driver. For the full fiscal year 2023, Vaccinex, Inc. reported R&D expenses totaling $16.6 million. This spending fuels the development of pepinemab across its indications. By the third quarter of 2024, R&D expenses for that quarter were $3.2 million, down from $4.4 million in Q3 2023, reflecting strategic shifts in trial activity.

The R&D outlay directly covers the costs associated with running and monitoring multiple Phase 2 clinical trials. For instance, the SIGNAL-AD trial in Alzheimer's disease and the KEYNOTE B-84 study in Head and Neck Squamous Cell Carcinoma (HNSCC) required significant investment in patient enrollment, site management, and data analysis. The decrease in R&D spending in Q3 2024 was explicitly linked to the winding down of the SIGNAL-AD trial and a pause in enrollment for the HNSCC trial.

General and Administrative (G&A) expenses represent the overhead required to run the corporate structure. In FY 2023, these costs were $6.9 million. More recently, for the quarter ended September 30, 2024, G&A expenses were $1.4 million. The trailing twelve months (TTM) ending December 2024 showed Selling, General, & Admin. Expense at $6.79 Mil.

Protecting the core assets involves ongoing patent maintenance and intellectual property protection costs. While a specific dollar amount for Vaccinex, Inc.'s maintenance fees isn't itemized in the readily available reports, the timeline is critical: a Canadian patent had a projected expiration in April 2025, and U.S. patents were projected for October 2025 and November 2026. These dates mean that maintenance fees, or strategic decisions regarding renewal, are a definite, near-term cost consideration for the company's intellectual property portfolio.

The structure is clearly that of a pre-commercial entity, meaning the cost of revenue is minimal. This is supported by the low revenue figures reported. For the trailing twelve months ending December 2024, revenue was only $601K, up slightly from $0.57 Million USD in 2023. Furthermore, the company reported a gross profit margin of -4101.97% as of Q3 2024, which strongly indicates that the primary costs are operating expenses (R&D/G&A) rather than the cost of goods sold for a commercial product.

Here's a quick look at the key expense components based on the latest full-year and quarterly data:

Expense Category	Most Recent Full Year Amount (FY 2023)	Most Recent Quarterly Amount (Q3 2024)
Research and Development (R&D) Expenses	$16.6 million	$3.2 million
General and Administrative (G&A) Expenses	$6.9 million	$1.4 million
Trailing Twelve Month Revenue (TTM ended Dec 2024)	N/A	$601K

The costs Vaccinex, Inc. faces are concentrated in these areas:

• Funding clinical sites for pepinemab trials.
• Salaries for scientific and management personnel.
• Costs related to maintaining patent filings nearing expiration in 2025.
• Professional fees contributing to G&A.
• Costs associated with financing activities and compliance filings.

Finance: draft 13-week cash view by Friday.

Vaccinex, Inc. (VCNX) - Canvas Business Model: Revenue Streams

You're looking at the financial reality of a clinical-stage biotech, so the revenue streams for Vaccinex, Inc. are not about mass-market sales yet. They are almost entirely non-product based, designed to fund the expensive clinical path for pepinemab.

Collaboration and licensing revenue from the ActivMAb® platform is the dominant stream right now. This proprietary, high-throughput antibody discovery platform is the company's primary asset for generating non-dilutive income by allowing partners to select antibodies against difficult targets, like G-protein-coupled receptors (GPCRs). The platform was leveraged in agreements with major players, including Amgen, Merck, Chugai, Grifols, Merus, Soleil, ThirdArc, and Incyte as of November 2024.

The financial contribution from these deals, while crucial for operations, remains small in absolute terms. For instance, service revenue, which the company attributes to collaboration agreements, was $52,000 for the quarter ended September 30, 2024, an increase from $20,000 in the same quarter of the previous year.

Here's a quick look at the scale of the recognized revenue:

Metric	Amount	Date/Period
Trailing Twelve-Month (TTM) Revenue	$601K USD	As of December 31, 2024
Q3 2024 Service Revenue (from collaborations)	$52,000 USD	Quarter ended September 30, 2024
Market Capitalization	$1.76 Million USD	As of November 2025

Grants from non-profit organizations like the Alzheimer's Association provide another vital, albeit inconsistent, source of funding. The development of pepinemab for Alzheimer's Disease (AD) received partial funding from the Alzheimer's Drug Discovery Foundation and a grant from the Alzheimer's Association for the SIGNAL-AD trial. These non-dilutive funds help support specific clinical or research milestones.

Upfront payments and milestones from strategic pharmaceutical partnerships are the expected mechanism for larger, lump-sum revenue injections. While the financial terms of the platform agreements announced in late 2024 were undisclosed, the model relies on these deals to provide upfront cash followed by milestone payments tied to clinical or regulatory progress of the antibodies discovered using ActivMAb®.

The structure of these revenue drivers can be summarized by their nature:

• Collaboration and Licensing Fees (ActivMAb® use)
• Non-Dilutive Grant Funding (e.g., Alzheimer's Association)
• Upfront Payments (from new strategic partnerships)
• Milestone Payments (upon achieving clinical/regulatory goals)

Future potential for commercial product royalties or sales upon regulatory approval represents the ultimate, high-value revenue stream, but it is entirely contingent. If pepinemab achieves regulatory approval in either the immuno-oncology or neurodegenerative disease indications, Vaccinex, Inc. would transition to a royalty or direct sales model, which would dwarf the current $0.6 Million USD TTM revenue base. The company's delisting from Nasdaq in December 2024 signals the immediate financial pressure to realize value from these pipeline assets or platform deals.