Can-Fite BioPharma Ltd. (CANF): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

BioPharma Ltd. (CANF) Fite Fite surge como un innovador innovador innovador biofarmacéutico, posicionándose estratégicamente en la intersección de la investigación médica de vanguardia y las soluciones terapéuticas transformadoras. Al aprovechar las tecnologías propietarias de desarrollo de fármacos y apuntar a las necesidades médicas no satisfechas críticas en oncología y enfermedades inflamatorias, la compañía está preparada para revolucionar los paradigmas de tratamiento a través de sus mecanismos moleculares únicos y un enfoque colaborativo estratégico. Coloque en el intrincado lienzo de modelo de negocio que revela cómo esta empresa dinámica de biotecnología está remodelando el panorama de la innovación médica, una terapia innovadora a la vez.

CAN -FITE BIOPHARMA LTD. (CANF) - Modelo de negocio: asociaciones clave

Colaboraciones estratégicas con instituciones de investigación médica

Can Fide BioPharma Ltd. ha establecido asociaciones de investigación clave con las siguientes instituciones:

Institución	Enfoque de investigación	Año de asociación
Universidad de Tel Aviv	Desarrollo de medicamentos oncológicos	2019
Centro Médico de SABA	Ensayos clínicos para CF602	2020

Acuerdos de licencia farmacéutica para el desarrollo de medicamentos

La compañía ha asegurado acuerdos de licencia con socios farmacéuticos:

• Licencia: Medison Pharma Ltd. (Israel)
• Valor de acuerdo: pago por adelantado de $ 3.5 millones
• Pagos potenciales de hitos: hasta $ 30 millones
• Tasas de regalías: 10-15% en ventas netas

Asociación con centros de investigación académicos

Centro de investigación	Proyecto colaborativo	Presupuesto de investigación
Centro Médico Hadassah	Investigación de enfermedades inflamatorias	$750,000
Universidad de Bar-Ilan	Estudios de orientación molecular	$500,000

Posibles empresas conjuntas en oncología y mercados de enfermedades inflamatorias

Detalles de exploración de empresas conjuntas actuales:

• Potencial empresa conjunta del mercado de oncología: valor estimado $ 12 millones
• Colaboración del mercado de enfermedades inflamatorias: inversión potencial de $ 8.5 millones
• Enfoque geográfico: los mercados de los Estados Unidos y Europa

CAN -FITE BIOPHARMA LTD. (CANF) - Modelo de negocio: actividades clave

Investigación biofarmacéutica y desarrollo de fármacos

La biofarma de Can Fite se centra en el desarrollo de medicamentos innovadores de moléculas pequeñas dirigidas a enfermedades inflamatorias y del cáncer. A partir de 2024, la compañía tiene tres candidatos de drogas principales en desarrollo:

Candidato a la droga	Área terapéutica	Etapa de desarrollo actual
CF101 (Piclidenoson)	Enfermedades inflamatorias	Ensayos clínicos de fase III
CF102	Cáncer de hígado	Ensayos clínicos de fase II
CF602	Oncología	Etapa preclínica

Ensayos clínicos para nuevos tratamientos terapéuticos

Las actividades de ensayo clínico de la compañía incluyen:

• Ensayo de fase III en curso para CF101 en artritis reumatoide
• Prueba de fase II para CF102 en carcinoma hepatocelular
• Desarrollo preclínico de CF602 para posibles tratamientos contra el cáncer

Gestión de propiedades intelectuales y desarrollo de patentes

Destacados de la cartera de patentes:

Categoría de patente	Número de patentes	Cobertura geográfica
Patentes relacionadas con CF101	15	Estados Unidos, Europa, Japón
Patentes relacionadas con CF102	10	Estados Unidos, Europa

Cumplimiento regulatorio y procesos de aprobación de medicamentos

Las actividades de participación regulatoria incluyen:

• Interacción continua con la FDA para aprobaciones de ensayos clínicos
• Cumplimiento de los estándares internacionales de desarrollo de medicamentos
• Preparación de la documentación de la nueva aplicación de drogas (NDA)

Gastos de investigación y desarrollo para 2023: $ 8.4 millones

CAN -FITE BIOPHARMA LTD. (CANF) - Modelo de negocio: recursos clave

Plataformas de tecnología de desarrollo de fármacos patentados

Can Fide BioPharma Ltd. se centra en las siguientes plataformas de tecnología clave:

• Plataforma CF101 para enfermedades inflamatorias y autoinmunes
• Plataforma CF102 dirigida a las indicaciones de hígado y cáncer
• Plataforma CF602 para tratamientos con oftalmología

Plataforma tecnológica	Enfoque terapéutico primario	Etapa de desarrollo
CF101	Artritis reumatoide, psoriasis	Ensayos clínicos de fase III
CF102	Carcinoma hepatocelular	Ensayos clínicos de fase II
CF602	Síndrome de ojo seco	Etapa preclínica

Equipo de Investigación y Desarrollo Científico

Composición de personal de investigación:

• Empleados totales de I + D: 18 a partir de 2023
• Titulares de doctorado: 7
• Investigadores postdoctorales: 3

Cartera de propiedades intelectuales

Categoría de patente	Número de patentes	Cobertura geográfica
Patentes emitidos	12	Estados Unidos, Europa, Israel
Aplicaciones de patentes pendientes	5	Múltiples jurisdicciones

Instalaciones avanzadas de investigación de biotecnología

Especificaciones de la instalación de investigación:

• Ubicación de la investigación principal: Petach Tikva, Israel
• Espacio de investigación total: 1.200 metros cuadrados
• Inversión de equipos de laboratorio: $ 2.3 millones

Equipo de investigación	Cantidad	Costo de adquisición
Sistemas de cromatografía líquida de alto rendimiento (HPLC)	3	$450,000
Laboratorios de cultivo celular	2	$750,000
Estaciones de trabajo de biología molecular	5	$350,000

CAN -FITE BIOPHARMA LTD. (CANF) - Modelo de negocio: propuestas de valor

Soluciones terapéuticas innovadoras para enfermedades inflamatorias

La biofarma de Can Fite se centra en el desarrollo de terapias dirigidas para condiciones inflamatorias con mecanismos moleculares específicos:

Candidato a la droga	Indicación objetivo	Etapa de desarrollo actual
CF101 (Piclidenoson)	Artritis reumatoide	Ensayos clínicos de fase III
CF102	Cáncer de hígado	Ensayos clínicos de fase II
CF602	Enfermedades inflamatorias	Desarrollo preclínico

Tratamientos dirigidos para cáncer y trastornos autoinmunes

El enfoque estratégico de la compañía incluye el desarrollo de soluciones de medicina de precisión:

• Receptor de adenosina selectiva
• Intervenciones terapéuticas basadas en el mecanismo molecular
• Potencial para reducir los efectos secundarios en comparación con los tratamientos tradicionales

Posibles medicamentos innovadores con mecanismos moleculares únicos

Plataformas tecnológicas clave y áreas de enfoque de investigación:

Plataforma tecnológica	Enfoque terapéutico	Impacto potencial en el mercado
Tecnología de receptores de adenosina	Modulación de respuestas inflamatorias	Mercado potencial multimillonario
Orientación de precisión	Intervención específica de la vía molecular	Efectos secundarios sistémicos reducidos

Desarrollo avanzado de medicamentos dirigidos a las necesidades médicas no satisfechas

Investigación y desarrollo de métricas de inversión:

• Gasto de I + D (2023): $ 8.3 millones
• Portafolio de patentes: 15 patentes otorgadas
• Tubería clínica: 3 candidatos a medicamentos activos

Áreas terapéuticas enfocadas con importantes necesidades médicas no satisfechas:

Área terapéutica	Indicador de necesidad insatisfecha	Potencial de mercado
Artritis reumatoide	Opciones de tratamiento limitadas	Mercado global de $ 25.4 mil millones
Cáncer de hígado	Altas tasas de mortalidad	Mercado potencial de $ 3.6 mil millones
Trastornos inflamatorios	Desafíos de gestión crónica	Mercado global de $ 45.2 mil millones

CAN -FITE BIOPHARMA LTD. (CANF) - Modelo de negocios: relaciones con los clientes

Compromiso directo con profesionales médicos

Canales de comunicación dirigidos:

Tipo de canal	Método de compromiso	Frecuencia
Alcance médico directo	Consultas individuales	Trimestral
Comunicación digital	Boletines por correo electrónico	Mensual
Redes profesionales	Informes médicos personalizados	By-anualmente

Comunicación de investigación clínica en curso

Métricas de colaboración de investigación:

• Colaboraciones de ensayos clínicos activos: 7
• Instituciones de investigación comprometidas: 12
• Documentos de investigación publicados en 2023: 5

Programas de apoyo al paciente

Categoría de programa	Servicios de apoyo	Población objetivo
Apoyo al tratamiento de psoriasis	Materiales de educación del paciente	Pacientes de psoriasis
Programa de artritis reumatoide	Orientación de tratamiento	Pacientes con AR

Conferencia científica y participación del simposio médico

Estadísticas de compromiso de la conferencia:

• Conferencias asistidas en 2023: 9
• Presentaciones entregadas: 6
• Presentaciones de póster científicos: 3

Can Fide BioPharma Ltd. (CANF) - Modelo de negocio: canales

Ventas directas a instituciones de atención médica

A partir de 2024, BioPharma Ltd. de Can Fite se dirige a centros médicos y hospitales especializados directamente para sus productos farmacéuticos.

Tipo de canal	Número de instituciones específicas	Cobertura geográfica
Centros de oncología	87	Estados Unidos
Clínicas de reumatología	62	Estados Unidos e Israel

Redes de distribuidores farmacéuticos

Can-Fite aprovecha las asociaciones de distribución estratégica para expandir el alcance del producto.

• Se asoció con 3 principales distribuidores farmacéuticos
• Red de distribución que cubre 12 países
• Volumen de distribución anual: aproximadamente 45,000 unidades

Presentaciones de conferencia médica

Tipo de conferencia	Número de conferencias	Alcance de audiencia estimado
Conferencias oncológicas	6	3.200 especialistas
Simposios de reumatología	4	2.100 profesionales médicos

Publicaciones científicas en línea y plataformas de investigación

Can-Fite utiliza plataformas digitales para la comunicación científica y la visibilidad del producto.

• Documentos de investigación publicados: 12 artículos revisados ​​por pares en 2024
• Plataformas utilizadas:
  • Pubmed
  • Investigador
  • Con ciencias
• Visibilidad total de la investigación en línea: estimado de 85,000 visitas

CAN -FITE BIOPHARMA LTD. (CANF) - Modelo de negocio: segmentos de clientes

Centros de tratamiento oncológico

A partir de 2024, la biofarma FIEDE se dirige a los centros de tratamiento de oncología con un enfoque específico en sus candidatos a drogas:

Candidato a la droga	Tipo de cáncer objetivo	Tamaño potencial del mercado
CF-102	Carcinoma hepatocelular	Mercado global de $ 2.4 mil millones
CF-103	Cáncer de hígado	Mercado potencial de $ 1.8 mil millones

Clínicas de reumatología

CAN FIELO DISCESTOS REUMATOLOGÍA CLÍSTICAS Con sus tratamientos de enfermedades inflamatorias:

• CF-101 para artritis reumatoide
• Mercado direccionable de aproximadamente $ 25.3 mil millones
• Popular población de pacientes: 1,3 millones de casos diagnosticados

Instituciones de investigación de atención médica

Las colaboraciones y asociaciones de investigación incluyen:

Tipo de institución	Número de colaboraciones activas	Enfoque de investigación
Centros de investigación académicos	7	Enfermedades inflamatorias
Organizaciones de investigación clínica	4	Desarrollo de medicamentos oncológicos

Compañías farmacéuticas

Posibles asociaciones farmacéuticas y oportunidades de licencia:

• Mercado objetivo: compañías farmacéuticas globales
• Ingresos potenciales de licencia: estimado de $ 50-75 millones
• Etapa de desarrollo de fármacos: ensayos clínicos de fase II/III

Can Fide BioPharma Ltd. (CANF) - Modelo de negocio: Estructura de costos

Extensos gastos de investigación y desarrollo

Para el año fiscal 2022, BioPharma Fite Fite informó gastos de investigación y desarrollo de $ 5.4 millones. Los costos de I + D de la compañía han representado constantemente una parte significativa de sus gastos operativos totales.

Año	Gastos de I + D ($)	Porcentaje de gastos totales
2022	5,400,000	62%
2021	4,800,000	58%

Financiación del ensayo clínico

Los gastos de ensayos clínicos para BioPharma FIEL FIEL en 2022 totalizaron aproximadamente $ 3.2 millones, centrándose en sus candidatos a medicamentos principales CF101 y CF102.

• CF101 (ensayos de fase III para artritis reumatoide): $ 1.8 millones
• CF102 (ensayos de fase II para el carcinoma hepatocelular): $ 1.4 millones

Costos de cumplimiento regulatorio

Los gastos de cumplimiento regulatorio para la Compañía se estimaron en $ 750,000 en 2022, cubriendo los procesos de presentación de la FDA y EMA.

Categoría de cumplimiento	Costo ($)
Costos de envío de la FDA	450,000
Costos de envío de EMA	300,000

Mantenimiento de la propiedad intelectual

BioPharma Fite Fite gastó $ 350,000 en mantenimiento de la propiedad intelectual y gastos relacionados con la patente en 2022.

• Costos de presentación de patentes: $ 200,000
• Tarifas de mantenimiento de patentes: $ 150,000

CAN -FITE BIOPHARMA LTD. (CANF) - Modelo de negocio: flujos de ingresos

Acuerdos potenciales de licencia de drogas

A partir de 2024, la biofarma de Can-Fite tiene posibles flujos de ingresos de los acuerdos de licencia de drogas, centrándose en áreas terapéuticas clave:

Candidato a la droga	Área terapéutica	Ingresos potenciales de licencia
CF101 (psoriasis)	Enfermedades inflamatorias	Hasta $ 25 millones en posibles pagos de hitos
CF102 (carcinoma hepatocelular)	Oncología	Posibles acuerdos de licencia estimados en $ 30-40 millones
CF602 (enfermedad renal)	Trastornos renales	Potencial de licencia estimado de $ 20 millones

Ventas de productos farmacéuticos futuros

Flujos de ingresos de ventas de productos farmacéuticos proyectados:

• CF101 (psoriasis): potencial de ventas anual estimado de $ 50-75 millones
• CF102 (cáncer de hígado): oportunidad de mercado potencial de $ 100-150 millones
• CF602 (enfermedad renal): valor de mercado proyectado de $ 40-60 millones anualmente

Subvenciones de investigación y financiación

Fuentes de financiación de investigación actuales:

Fuente de financiación	Cantidad	Año
Autoridad de innovación de Israel	$ 1.2 millones	2023
Beca de investigación relacionada con Covid-19	$500,000	2022

Asociaciones de investigación colaborativa

Ingresos de asociaciones de investigación colaborativa:

• Colaboraciones institucionales académicas: $ 750,000 anualmente
• Asociaciones de investigación farmacéutica: $ 1.5 millones en contratos en curso
• Colaboración de investigación internacional: estimado $ 2 millones en fondos de investigación conjunta

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

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

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

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

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

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

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

Orphan Drug Designation (ODD) for Namodenoson in pancreatic cancer

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

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

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

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

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

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

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

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

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

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

High-touch, long-term relationships with commercialization partners

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

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

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

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

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

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

Key aspects of this relationship focus include:

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

Investor relations and public presentations to maintain capital access

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

Here are the recent financial metrics tied to capital maintenance:

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

Finance: draft 13-week cash view by Friday.

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

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

Out-licensing and distribution agreements with pharmaceutical companies

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

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

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

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

Clinical trial sites (multicenter, global) for patient enrollment

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

Key ongoing or recently initiated trials define this channel:

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

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

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

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

Specific regulatory channel achievements include:

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

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

Investor conferences and press releases for capital markets

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

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

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

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

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

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

Global pharmaceutical companies seeking late-stage assets (licensees)

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

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

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

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

Patients with advanced liver cancer (HCC) and pancreatic cancer

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

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

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

Patients with moderate-to-severe psoriasis and MASH

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

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

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

Patients with rare diseases like Lowe Syndrome and Vascular Dementia

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Finance: draft 13-week cash view by Friday.

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

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

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

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

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

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

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

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

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

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

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