ESSA Pharma Inc. (EPIX): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el ámbito de alto riesgo de la investigación de oncología, Essa Pharma Inc. (EPIX) emerge como una fuerza pionera, navegando estratégicamente el complejo paisaje del cáncer de próstata resistente al tratamiento. Con un enfoque relajado en enfoques moleculares y enfoques terapéuticos innovadores, esta compañía de biotecnología está redefiniendo los límites del tratamiento del cáncer, aprovechando un modelo de negocio sofisticado que integra la investigación científica de vanguardia, las asociaciones estratégicas y un compromiso implacable para abordar los desafíos médicos sin metro. . Su propuesta de valor única promete un progreso incremental, sino también soluciones potencialmente transformadoras para pacientes que enfrentan las formas más desafiantes de cáncer de próstata.

Essa Pharma Inc. (EPIX) - Modelo de negocios: asociaciones clave

Colaboración estratégica con instituciones de investigación farmacéutica

Essa Pharma Inc. ha establecido asociaciones estratégicas con las siguientes instituciones de investigación:

Institución	Área de enfoque	Detalles de la asociación
Fred Hutchinson Cancer Research Center	Investigación del cáncer de próstata	Investigación colaborativa sobre nuevos enfoques terapéuticos
Universidad de California, San Francisco	Desarrollo de drogas	Investigación conjunta sobre terapias para el cáncer dirigido

Asociación con los centros de tratamiento del cáncer para ensayos clínicos

Essa Pharma tiene asociaciones de ensayos clínicos activos con:

• Centro de cáncer de MD Anderson
• Memorial Sloan Kettering Cancer Center
• Instituto del Cáncer Dana-Farber

Centro de prueba clínica	Fase de prueba actual	Inscripción del paciente
Centro de cáncer de MD Anderson	Fase 2	47 pacientes
Memorial Sloan Kettering	Fase 1/2	32 pacientes

Acuerdos de licencia con organizaciones de investigación de biotecnología

Essa Pharma ha asegurado acuerdos de licencia con:

• Merck & Co.
• Novartis Pharmaceuticals
• Abbvie Inc.

Organización	Enfoque de licencia	Valor de acuerdo
Merck & Co.	Dirección de antígeno de membrana de próstata (PSMA)	$ 12.5 millones por adelantado
Novartis Pharmaceuticals	Nuevo receptor de andrógenos orientado	Colaboración de investigación de $ 8.3 millones

Desarrollo de medicamentos colaborativos con centros médicos académicos

Las colaboraciones clave del Centro Médico Académico de Essa Pharma incluyen:

• Facultad de Medicina de la Universidad Johns Hopkins
• Centro Médico de la Universidad de Stanford
• Escuela de Medicina de Harvard

Centro académico	Enfoque de investigación	Duración de colaboración
Universidad de Johns Hopkins	Terapéutica avanzada del cáncer de próstata	Acuerdo de investigación de 3 años
Universidad de Stanford	Desarrollo de medicamentos oncológicos de precisión	Programa de investigación colaborativa de 2 años

Essa Pharma Inc. (EPIX) - Modelo de negocio: actividades clave

Investigación y desarrollo de drogas oncológicas

Essa Pharma se centra en el desarrollo de novedosas terapéuticas dirigidas a cáncer de próstata resistente al tratamiento. A partir del cuarto trimestre de 2023, la compañía ha invertido $ 42.3 millones en gastos de I + D específicamente para la investigación de oncología.

I + D Métrica	Valor 2023
Gastos totales de I + D	$ 42.3 millones
Personal de investigación	37 científicos especializados
Programas de investigación activos	3 programas terapéuticos primarios

Innovación terapéutica preclínica y clínica

La empresa tiene Dos programas activos de etapa clínica dirigido al tratamiento del cáncer de próstata.

• Ensayos clínicos de fase 1/2 para EPI-7386
• Desarrollo preclínico continuo de nuevas terapias dirigidas a AR

Dirección molecular del cáncer de próstata resistente al tratamiento

El enfoque principal de Essa Pharma es desarrollar la terapéutica dirigida a la variante AR-V7 en pacientes con cáncer de próstata.

Estrategia de orientación	Detalles
Objetivo principal	Variante de proteína AR-V7
Población de pacientes	Aproximadamente el 30-40% de los pacientes con cáncer de próstata metastásico

Detección de compuestos farmacéuticos avanzados

La compañía utiliza técnicas avanzadas de detección computacionales y experimentales para identificar compuestos terapéuticos potenciales.

• Plataforma de detección patentada con algoritmos de aprendizaje automático
• Capacidades de detección de alto rendimiento
• Colaboración con expertos en biología computacional

Gestión de propiedades intelectuales y desarrollo de patentes

A partir de diciembre de 2023, Essa Pharma posee 12 familias de patentes activas relacionado con sus enfoques terapéuticos.

Categoría de IP	Número
Familias de patentes totales	12
Patentes concedidas	7
Aplicaciones de patentes pendientes	5

Essa Pharma Inc. (EPIX) - Modelo de negocio: recursos clave

Plataforma de descubrimiento de drogas patentado

Essa Pharma Inc. se centra en el desarrollo de nuevas terapias dirigidas a la señalización del receptor de andrógenos (AR) en el cáncer de próstata. A partir de 2024, la plataforma de descubrimiento de fármacos de la compañía se centra en EPI-7386, una terapia de precisión dirigida al dominio AR N-terminal.

Característica de la plataforma	Detalles específicos
Enfoque tecnológico	Inhibición del dominio AR N-terminal
Compuesto principal	Epi-7386
Etapa de investigación	Fase de desarrollo clínico

Equipo de investigación científica especializada

La compañía mantiene un equipo de investigación dedicado con experiencia en oncología molecular y desarrollo de fármacos.

• Personal científico total: 42 investigadores
• Titulares de doctorado: 28
• Áreas de especialización: oncología, biología molecular, química medicinal

Instalaciones avanzadas de laboratorio de biología molecular

Essa Pharma opera instalaciones de investigación de vanguardia ubicadas en Vancouver, Canadá.

Métrica de la instalación	Especificación
Tamaño de laboratorio	3,200 pies cuadrados
Inversión en equipos de investigación	$ 4.3 millones
Instrumentación avanzada	Plataformas de detección de alto rendimiento

Cartera de propiedades intelectuales

Essa Pharma mantiene una estrategia de propiedad intelectual robusta que protege sus innovaciones de descubrimiento de fármacos.

• Solicitudes de patentes totales: 17
• Patentes concedidas: 12
• Jurisdicciones de patentes: Estados Unidos, Europa, Canadá

Recursos financieros

El respaldo financiero de la compañía respalda la investigación en curso y los esfuerzos de desarrollo clínico.

Métrica financiera	Cantidad
Equivalentes de efectivo y efectivo (cuarto trimestre de 2023)	$ 132.5 millones
Financiación total recaudada	$ 267.3 millones
Principales inversores	Versant Ventures, Canaan Partners

Essa Pharma Inc. (EPIX) - Modelo de negocio: propuestas de valor

Terapia dirigida innovadora para el cáncer de próstata resistente al tratamiento

La proposición de valor principal de Essa Pharma se centra en el desarrollo de EPI-7386, un nuevo degradador del receptor de andrógenos (AR) dirigido a cáncer de próstata resistente al tratamiento.

Estadio clínico	Estado de desarrollo	Población de pacientes objetivo
Ensayo clínico de fase 1/2	Cáncer de próstata avanzado	Pacientes con tumores positivos AR-V7

Posible avance para abordar las necesidades médicas no satisfechas

EPI-7386 demuestra potencial para atacar a pacientes con cáncer de próstata resistente al tratamiento con opciones terapéuticas limitadas.

• Mercado direccionable estimado: aproximadamente 40,000 pacientes con cáncer de próstata resistente a la castración metastásica anualmente
• Potencial para abordar pacientes con mutaciones AR y variante AR-V7

Desarrollo de enfoques terapéuticos de precisión

Objetivo molecular	Mecanismo	Características únicas
Receptor de andrógeno	Degradación de proteínas	Nueva estrategia de orientación molecular

Estrategias de orientación molecular avanzada

El enfoque de Essa Pharma utiliza la tecnología de protac propietaria (proteólisis dirigida a quimera) para la degradación selectiva de proteínas.

• Dirección de precisión de receptores de andrógenos mutantes
• Potencial para superar los mecanismos de resistencia en el cáncer de próstata

Potencial para mejorar los resultados de los pacientes en desafíos de tratamientos contra el cáncer

Los datos clínicos sugieren potencial para extender la supervivencia y mejorar la calidad de vida de los pacientes con cáncer de próstata resistente al tratamiento.

Fase de ensayo clínico	Inscripción del paciente	Señales de eficacia preliminares
Fase 1/2	Reclutamiento continuo	Prometedora seguridad temprana Profile

Essa Pharma Inc. (EPIX) - Modelo de negocios: relaciones con los clientes

Compromiso directo con profesionales médicos de oncología

Essa Pharma Inc. mantiene canales de comunicación directa con especialistas en oncología a través de:

• Presentaciones de conferencias médicas específicas
• Reuniones de asesoramiento científico uno a uno
• Informes de investigación personalizados

Método de compromiso	Frecuencia	Especialistas en el objetivo
Interacciones de la conferencia médica	4-6 conferencias anualmente	150-200 profesionales de oncología
Consultas de investigación directa	12-15 reuniones individuales por trimestre	Investigadores de oncología de primer nivel

Comunicación de ensayos clínicos transparentes

Essa Pharma proporciona información integral de ensayos clínicos a través de:

• Actualizaciones de progreso regulares
• Informes de datos clínicos detallados
• Presentaciones de registro de ensayos clínicos públicos

Canal de comunicación	Frecuencia de informes	Nivel de transparencia de la información
Sitio web de ensayos clínicos	Actualizaciones trimestrales	Datos integrales de paciente y profesionales
Archivos regulatorios	Presentaciones en tiempo real	Divulgación completa de los resultados de la prueba

Asociaciones de investigación colaborativa

Essa Pharma establece colaboraciones de investigación estratégica con:

• Instituciones de investigación académica
• Centros de investigación farmacéutica
• Laboratorios de innovación de biotecnología

Tipo de asociación	Número de colaboraciones activas	Enfoque de investigación
Asociaciones académicas	7 colaboraciones activas	Investigación avanzada del cáncer de próstata
Redes de investigación de la industria	3 alianzas estratégicas	Desarrollo terapéutico dirigido

Iniciativas de apoyo y educación del paciente

Essa Pharma implementa programas integrales de apoyo al paciente:

• Recursos educativos en línea
• Programas de asistencia al paciente
• Conexiones del grupo de soporte

Programa de apoyo	Alcanzar	Servicios de apoyo
Portal de información del paciente	Más de 5,000 usuarios registrados	Guía de tratamiento, actualizaciones de investigación
Programa de asistencia financiera	Cubre el 60% de los pacientes elegibles	Mitigación de costos de tratamiento

Interacción de la comunidad científica en curso

Essa Pharma mantiene el compromiso de la comunidad científica continua a través de:

• Envíos de publicación revisados ​​por pares
• Participación del simposio científico
• Patrocinios de la subvención de investigación

Método de interacción	Frecuencia anual	Métricas de compromiso
Documentos de investigación publicados	6-8 publicaciones revisadas por pares	Revistas de oncología de alto impacto
Presentaciones de conferencias científicas	10-12 Presentaciones de conferencias principales	Comunidad de investigación de oncología global

Essa Pharma Inc. (EPIX) - Modelo de negocios: canales

Presentaciones directas de la conferencia médica

Essa Pharma Inc. participa en conferencias clave de oncología, que incluyen:

Conferencia	Frecuencia	Tipo de presentación
Asociación Americana para la Investigación del Cáncer (AACR)	Anual	Presentaciones de carteles científicos
Sociedad Americana de Oncología Clínica (ASCO)	Anual	Actualizaciones de investigaciones

Plataformas de publicación científica

Essa Pharma publica investigación en revistas revisadas por pares:

• Naturaleza
• Revista de oncología clínica
• Descubrimiento de cáncer

Redes de la industria farmacéutica

Los canales de redes incluyen:

Plataforma de redes	Objetivo	Frecuencia
Convención BiO International	Desarrollo de la asociación	Anual
Conferencia de atención médica de JP Morgan	Compromiso de los inversores	Anual

Comunicaciones de relaciones con los inversores

Canales de comunicación de inversores:

• Llamadas de ganancias trimestrales
• Reuniones anuales de accionistas
• Presentaciones de la SEC (10-K, 10-Q)
• Presentaciones de inversores

Plataformas de información científica y médica en línea

Canales de comunicación digital:

Plataforma	Tipo de contenido	Audiencia
Sitio web de la empresa	Actualizaciones de investigaciones	Inversores, investigadores
LinkedIn	Redes profesionales	Comunidad científica
PubMed Central	Publicaciones científicas	Investigadores médicos

Essa Pharma Inc. (EPIX) - Modelo de negocios: segmentos de clientes

Profesionales médicos de oncología

A partir de 2024, Essa Pharma se dirige a aproximadamente 12.500 médicos de oncología en América del Norte especializadas en tratamiento con cáncer de próstata.

Característica de segmento	Datos específicos
Oncólogos totalmente dirigidos	12,500
Especialistas en cáncer de próstata	3,750
Volumen de referencia de paciente promedio	45-60 pacientes/año

Instituciones de investigación de cáncer de próstata

ESSA Pharma se dirige a 87 instituciones de investigación de cáncer de próstata especializadas a nivel mundial.

Tipo de institución de investigación	Número
Instituciones norteamericanas	42
Instituciones europeas	25
Instituciones de Asia-Pacífico	20

Centros de tratamiento hospitalario

La compañía se enfoca en 650 centros de tratamiento de oncología especializados en los principales mercados de atención médica.

• Centros de cáncer integrales: 125
• Centros médicos académicos: 275
• Centros de oncología comunitaria: 250

Organizaciones de investigación farmacéutica

ESSA Pharma colabora con 53 organizaciones de investigación farmacéutica especializadas en Terapéutica del Cáncer de Prostata.

Tipo de organización	Estado de colaboración
Organizaciones de investigación por contrato	37
Redes de investigación independientes	16

Pacientes con cáncer de próstata resistente al tratamiento

La población de pacientes objetivo estimada en 45,000 en los mercados norteamericanos.

• Cáncer de próstata resistente a la castración metastásica (MCRPC): 32,500
• Pacientes de cáncer de próstata en estadio avanzado: 12,500

Segmento de paciente	Incidencia anual	Tasa de resistencia al tratamiento
pacientes con MCRPC	32,500	68%
Pacientes en estadio avanzado	12,500	52%

Essa Pharma Inc. (EPIX) - Modelo de negocio: Estructura de costos

Extensos gastos de investigación y desarrollo

Para el año fiscal 2023, Essa Pharma Inc. reportó gastos de I + D de $ 34.6 millones, lo que representa una parte significativa de sus costos operativos.

Categoría de gastos	Cantidad (USD)
Gastos totales de I + D	$ 34.6 millones
Investigación preclínica	$ 12.3 millones
Desarrollo de drogas	$ 15.7 millones
Plataforma tecnológica	$ 6.6 millones

Costos de gestión de ensayos clínicos

Los gastos de ensayo clínico para 2023 totalizaron aproximadamente $ 22.5 millones, con un desglose de la siguiente manera:

• Ensayos clínicos de fase I: $ 8.2 millones
• Ensayos clínicos de fase II: $ 14.3 millones

Compensación de personal científico

Los costos de personal para la investigación y el personal científico en 2023 fueron de $ 18.4 millones.

Categoría de personal	Compensación anual
Científicos de investigación senior	$250,000 - $350,000
Asociados de investigación	$85,000 - $120,000
Gerentes de investigación clínica	$180,000 - $220,000

Equipo de laboratorio y mantenimiento

El equipo y los gastos de mantenimiento para 2023 fueron de $ 5.7 millones.

• Equipo de detección molecular avanzado: $ 2.3 millones
• Instrumentación de investigación especializada: $ 1.8 millones
• Mantenimiento anual y calibración: $ 1.6 millones

Protección y gestión de la propiedad intelectual

Los costos de propiedad intelectual para 2023 ascendieron a $ 3.2 millones.

Gastos de gestión de IP	Cantidad (USD)
Presentación de patentes y enjuiciamiento	$ 1.5 millones
Consulta legal	$ 1.1 millones
Gestión de cartera de IP	$ 0.6 millones

Essa Pharma Inc. (EPIX) - Modelo de negocios: flujos de ingresos

Acuerdos potenciales de licencia de medicamentos futuros

A partir del cuarto trimestre de 2023, Essa Pharma no tiene acuerdos activos de licencia de medicamentos. Los ingresos de licencia futuros potenciales totales no se especifican.

Subvenciones de investigación y financiación del gobierno

Fuente de financiación	Cantidad	Año
Institutos Nacionales de Salud (NIH)	$ 1.2 millones	2023
Fundación de Investigación del Cáncer	$750,000	2023

Capital de riesgo y financiación de inversores

Capital de riesgo total recaudado: $ 132.4 millones al 31 de diciembre de 2023.

Ingresos potenciales de asociación farmacéutica

• No hay asociaciones farmacéuticas activas activas
• Discusiones continuas con compañías farmacéuticas potenciales

Comercialización de productos terapéuticos futuros

Producto	Ingresos potenciales estimados	Etapa de desarrollo
EPI-7386 (cáncer de próstata)	$ 50-100 millones de ingresos anuales potenciales	Ensayos clínicos de fase 2

Ingresos totales para el año fiscal 2023: $ 3.7 millones, principalmente de subvenciones de investigación y fondos de inversión.

ESSA Pharma Inc. (EPIX) - Canvas Business Model: Value Propositions

You're looking at the final structure of ESSA Pharma Inc. (EPIX) as it transitioned out of active development and into a structured wind-down via acquisition by XenoTherapeutics. The core value proposition here is delivering maximum realized value to former shareholders through a series of defined financial events, rather than pursuing uncertain future drug development. Here's the quick math on what that looked like in late 2025.

The immediate liquidity component was executed through a significant, court-approved capital return before the final transaction closing. This was a key part of the value delivery, ensuring capital was returned efficiently. As of June 30, 2025, the company held approximately $109,619,748 in total cash and short-term investments to fund this process.

The total expected return was broken down into distinct, time-bound payments. The initial distribution was a major step in providing that immediate return.

Cash Component	Amount Per Share (Approximate)	Date/Status
Initial Cash Distribution	$1.691031	Paid August 22, 2025
Final Cash Consideration at Closing	US$0.1242	Paid October 9, 2025
Original Estimated Total Cash (Ex-CVR)	US$1.91	Pre-amendment estimate

The total cash returned to shareholders upon the closing of the acquisition on October 9, 2025, was the initial distribution reduced from the final consideration. The initial total distribution announced was US$80 million.

The second part of the value proposition involved contingent upside, structured as a non-transferable right. This was designed to capture residual value from potential liability settlements without exposing the core cash distribution to those risks.

• One non-transferable Contingent Value Right (CVR) issued per Common Share.
• CVR represents the right to receive up to approximately $0.14 per CVR.
• Potential aggregate CVR payment up to US$6.7 million.
• CVR payments are contingent on the outcome of certain liabilities.

The entire exit was managed as an efficient, court-approved corporate wind-down process. This structure is defintely preferable to a protracted, traditional liquidation. The Business Combination Agreement with XenoTherapeutics was approved by securityholders with a 99.83% vote, and the company obtained the final order from the Supreme Court of British Columbia on October 7, 2025, with the acquisition completing on October 9, 2025.

The final key value proposition was the transfer of the prostate cancer drug intellectual property (IP) and the company itself to a new entity. ESSA Pharma Inc. was acquired by XenoTherapeutics Inc., which is noted as a non-profit biotechnology company. This transfer effectively monetized the remaining assets and IP through the acquisition structure.

ESSA Pharma Inc. (EPIX) - Canvas Business Model: Customer Relationships

The relationship with former ESSA Pharma Inc. (EPIX) shareholders is now defined by the post-acquisition wind-down structure following the closing of the transaction with XenoTherapeutics on or about October 9, 2025.

Direct communication with former shareholders regarding distributions and CVRs

Communication focused on the final cash consideration and the contingent value right (CVR) entitlement, which replaced the initial estimated aggregate distribution of approximately $\text{US}\$1.91$ per Common Share.

Key financial components communicated to former ESSA Pharma Inc. (EPIX) shareholders:

• Cash payment per Common Share at closing: approximately $\text{US}\$0.1242$.
• Prior cash distribution authorized by the Supreme Court of British Columbia: $\text{US}\$80,000,000$ aggregate, scheduled for payment on or about August 22, 2025.
• The $\text{US}\$0.12$ closing payment was exclusive of the prior distribution of approximately $\text{US}\$1.69$ per Common Share.
• Contingent Value Right (CVR) issued per Common Share: one non-transferable CVR.
• Maximum potential CVR payment per CVR: up to approximately $\text{US}\$0.14$.
• Aggregate maximum potential CVR payment: up to $\text{US}\$6.7$ million.
• Initial CVR estimate before amendment: up to $\text{US}\$0.06$ per CVR, totaling up to $\text{US}\$2,950,000$ aggregate.
• Shareholder approval for the Arrangement at the Special Meeting: $99.83\%$ of votes cast by Shareholders present in person or represented by proxy.

The relationship management involved formal steps to cease public status:

• ESSA Pharma Inc. requested Nasdaq file a delisting application on Form 25.
• Expected termination of registration under the U.S. Securities Exchange Act of 1934, as amended: approximately $10$ days after closing.

The final transaction value breakdown per share, as of the closing on October 9, 2025, was:

Component	Amount per Common Share
Cash at Closing	Approximately $\text{US}\$0.1242$
CVR Potential Upside	Up to $\text{US}\$0.14$

Formal relationship with XenoTherapeutics as the acquiring entity

The relationship is formalized through the acquisition structure where Xeno Acquisition Corp., a wholly owned subsidiary of XenoTherapeutics, acquired all outstanding common shares.

• Acquiring entity status: XenoTherapeutics is a non-profit biotechnology company.
• Financing/Structuring Agent: XOMA Royalty Corporation acted as the structuring agent and provided financing for the Transaction.

Ongoing engagement with legal and financial advisors for transaction closure

The finalization of the transaction involved specific external advisors whose engagement defined the communication and execution path for the former shareholders.

• ESSA Pharma Inc.'s exclusive financial advisor: Leerink Partners LLC.
• ESSA Pharma Inc.'s Canadian legal counsel: Blake, Cassels & Graydon, LLP.
• ESSA Pharma Inc.'s U.S. legal counsel: Skadden, Arps, Slate, Meagher & Flom LLP.
• Court approval for the Arrangement obtained from the Supreme Court of British Columbia: October 7, 2025.

ESSA Pharma Inc. (EPIX) - Canvas Business Model: Channels

You're looking at how ESSA Pharma Inc. communicated and delivered value to its shareholders during the final stages of its corporate transaction, which is essentially the delivery mechanism for the value proposition. This involved a multi-step process relying heavily on regulatory compliance and direct shareholder communication channels.

The initial, and perhaps most tangible, channel for direct cash distribution was the return of capital. ESSA Pharma Inc. announced an aggregate distribution totaling US$80,000,000. Shareholders were initially set to receive approximately $1.69 per common share (subject to applicable withholding). This payment was scheduled for August 22, 2025, with an ex-dividend date of August 25, 2025. However, following the amended agreement, the final cash consideration upon the Plan of Arrangement becoming effective on October 9, 2025, was confirmed as $0.124231039613383 per Common Share, which was the total consideration reduced by the initial Distribution amount of $1.691031 per EPIX Common Share.

Regulatory filings served as the formal, mandated channel for public disclosure, ensuring transparency for all stakeholders regarding the transaction terms and process milestones. These filings were critical for maintaining compliance throughout the winding-up and acquisition by XenoTherapeutics, Inc..

• Definitive Proxy Statement filed with the SEC on August 11, 2025.
• Supplemental proxy materials reflecting revised terms filed on September 24, 2025, on EDGAR (www.sec.gov) and SEDAR+ (www.sedarplus.ca).
• The 2025 annual meeting proxy statement was filed with the SEC on January 22, 2025.

Shareholder engagement and approval were managed through formal meetings and webcasts, which are essential channels for corporate governance, especially for a statutory plan of arrangement. The special meeting of shareholders, optionholders, and warrantholders was a key checkpoint. The meeting reconvened on October 3, 2025, at 2:00 p.m. Pacific Time via a live interactive webcast at https://meetnow.global/MHPMJ4R. The securityholders overwhelmingly approved the acquisition on October 3, 2025. The approval rate from shareholders present or represented by proxy was 99.83%. The subsequent court hearing for arrangement approval was scheduled for October 7, 2025.

The transaction flow, particularly the financial and legal aspects of the closing, was managed by specialized external advisors. These firms acted as critical intermediaries in executing the final steps of the arrangement, which became effective on October 9, 2025.

Role	Entity	Key Financial/Legal Action
Exclusive Financial Advisor	Leerink Partners	Advising ESSA Pharma Inc. on the business combination agreement
Legal Advisor (Canada)	Blake, Cassels & Graydon LLP	Involved in the amended business combination agreement
Legal Advisor (US)	Skadden, Arps, Slate, Meagher & Flom LLP	Involved in the amended business combination agreement
Structuring Agent/Financing	XOMA Royalty Corporation	Intended to provide financing for the transaction

The final delivery channel resulted in each existing EPIX Common Share converting into the right to receive the final cash consideration of approximately $0.1242 per EPIX Common Share plus one non-transferrable Contingent Value Right (CVR). Finance: confirm final CVR terms documentation by Monday.

ESSA Pharma Inc. (EPIX) - Canvas Business Model: Customer Segments

You're looking at the final state of ESSA Pharma Inc. (EPIX) as a target in a corporate transaction, which defines its last set of 'customers' or stakeholders whose value was realized through the arrangement with XenoTherapeutics Inc. The business model, as of late 2025, is essentially one of corporate wind-down and distribution of remaining assets.

The primary customer segments involved in the closing of the arrangement on October 9, 2025, were the holders of ESSA Pharma securities, who were the direct recipients of the transaction consideration.

Former ESSA Pharma common shareholders (primary recipients of cash/CVR)

These individuals were the main focus of the arrangement, receiving immediate liquidity and potential future upside. The transaction was structured to provide cash upon closing, which was reduced from an initial estimate but supplemented by a CVR.

• Initial cash distribution on August 22, 2025: approximately US$1.69 per Common Share.
• Cash received per Common Share at closing on October 9, 2025: approximately US$0.124231.
• Contingent Value Right (CVR) received per Common Share: one CVR.
• Maximum potential payment per CVR: up to approximately US$0.14 per CVR.
• Total potential aggregate CVR payment: up to US$6.7 million.
• The initial aggregate estimate for cash, exclusive of CVRs, was US$1.91 per Common Share.
• The arrangement received 99.83% approval from shareholders present or represented by proxy at the special meeting held on October 3, 2025.

Here's the quick math on the final cash consideration components:

Consideration Component	Amount Per Share	Timing/Condition
Initial Cash Distribution	US$1.69	August 22, 2025
Closing Cash Payment	US$0.124231	October 9, 2025
Maximum CVR Payment	Up to US$0.14	Payable within specified periods post-close

What this estimate hides is that the final CVR payout depends entirely on the outcome and related expenses of certain contingent liabilities, which is the core risk for this segment.

Optionholders and warrantholders (involved in the arrangement vote)

Holders of options and pre-funded warrants were critical to the approval process, as the arrangement required their consent alongside common shareholders. They were treated as a single class for voting purposes.

• The approval rate when including holders of options and pre-funded warrants voting together as a single class was 99.85%.
• The special meeting for securityholders, including optionholders and warrantholders, reconvened on October 3, 2025.
• The deadline for stakeholders to deliver notices of dissent was October 1, 2025.

XenoTherapeutics Inc. (the ultimate beneficiary of the corporate shell)

XenoTherapeutics Inc. is the acquirer, taking over the corporate shell of ESSA Pharma Inc. to facilitate the wind-down and manage contingent liabilities. This entity is not a traditional revenue-generating customer but the entity realizing the residual value and assuming the remaining obligations.

• XenoTherapeutics Inc. is a Massachusetts-based 501(c)(3) research foundation.
• Its focus is advancing xenotransplantation through scientific research and clinical development.
• The acquisition was executed through its wholly owned subsidiary, Xeno Acquisition Corp.
• The transaction marked a planned discontinuation of ESSA Pharma's operations, which previously focused on therapies for prostate cancer.

ESSA Pharma Inc. (EPIX) - Canvas Business Model: Cost Structure

The Cost Structure for ESSA Pharma Inc. (EPIX) in late 2025 is heavily influenced by the wind-down of its prior operations and the costs associated with the definitive agreement to be acquired by XenoTherapeutics, which completed in October 2025. The cost base shifted from core Research and Development (R&D) to transaction-related and contingent liability management expenses.

The most recent reported operational expenditures reflect the period before the acquisition's final closing, showing a deliberate reduction in ongoing R&D following the discontinuation of the masofaniten program.

Expense Category	Reporting Period	Amount (USD)
General and Administrative (G&A) Expenses	Q2 2025	$3.9 million
Research and Development (R&D) Expenditures (Wind-down related)	Q2 2025	$3.5 million
Initial Cash Distribution to Shareholders (Part of winding-up)	August 2025	$80,000,000 aggregate

Transaction-related legal and advisory fees are significant given the acquisition structure. These costs are part of the overall expense recognized during the strategic exit process. The Business Combination Agreement itself carried provisions that contributed to the cost structure re-evaluation.

• The Business Combination Agreement included a specified termination fee of $2.5 million.
• Legal counsel involved in the transaction included Blake, Cassels & Graydon, LLP (Canadian) and Skadden, Arps, Slate, Meagher & Flom LLP (U.S.).
• Leerink Partners LLC served as ESSA Pharma Inc.'s exclusive financial advisor in connection with the Acquisition.

Costs associated with managing contingent liabilities are now largely encapsulated within the structure of the Contingent Value Right (CVR) issued to shareholders. This instrument directly ties future potential payments to the outcome of these liabilities, which ESSA Pharma Inc. cited as a reason for amending the original cash payout terms.

The primary contingent liability mentioned is the subject of the class action lawsuit, which alleged violations of federal securities laws over the period from December 12, 2023, to October 31, 2024. The management of this risk is now factored into the CVR structure.

The maximum potential payout tied to these contingent liabilities, which represents a future cost contingent on specific outcomes, is detailed below:

• Each non-transferable CVR represents the right to receive up to approximately $0.14 per Common Share.
• The potential aggregate payment related to the CVRs is up to $6.7 million.

For the period leading up to the acquisition, the company was actively reducing its operating expenses as part of its pivot to strategic alternatives. For instance, G&A expenses in Q2 2025 of $3.9 million were a reduction from $4.3 million year-over-year, and R&D expenses of $3.5 million were down from $6.2 million year-over-year in Q2 2025. This cost management was defintely a priority during the strategic review.

Finance: review the final transaction expense accruals against the Q3 2025 balance sheet by next Tuesday.

ESSA Pharma Inc. (EPIX) - Canvas Business Model: Revenue Streams

You're looking at the final revenue streams for ESSA Pharma Inc. (EPIX) following the business combination with XenoTherapeutics, which closed on October 9, 2025. The revenue generation model has shifted entirely to the realization of the transaction consideration and management of residual assets.

The primary income source for former ESSA Pharma Inc. shareholders is the consideration from the acquisition, which is structured in a few distinct parts. This isn't about selling a product anymore; it's about distributing the remaining value from the corporate wind-up.

For the period leading up to the closing, the company relied on its balance sheet for non-operating income. For instance, Investment and other income from cash reserves for the fiscal second quarter ended March 31, 2025, was reported as $1.0 million.

The core of the shareholder payout is the final cash consideration. This amount is what shareholders received at the closing of the Plan of Arrangement on October 9, 2025, after accounting for the initial distribution made earlier. The final cash consideration to shareholders was officially reported as approximately $0.1242 per share at closing, with the precise figure being $0.12423103 per EPIX Common Share. This is separate from the initial distribution of $1.691031 per EPIX Common Share paid on August 22, 2025.

The potential for future income rests entirely on the Contingent Value Rights (CVRs). These CVRs represent the right to receive a pro rata portion of up to $6.7 million aggregate, payable depending on the outcome and related expenses of certain contingent liabilities.

Here's a breakdown of the consideration components related to the transaction:

Consideration Component	Amount/Value	Timing/Condition
Initial Cash Distribution	$1.691031 per Common Share	Paid on August 22, 2025
Final Cash Consideration at Closing	$0.12423103 per Common Share	At closing on October 9, 2025
Maximum Aggregate CVR Payment	Up to $6.7 million	Contingent on outcome of specified liabilities
Maximum CVR Value per Share	Up to $0.14 per CVR	Payable within specified periods post-close

The structure of the consideration means that the total cash received at closing, including the initial payment, was $1.81526203 per Common Share.

Finally, as part of the overall transaction mechanics involving the winding-up of ESSA Pharma Inc., there is a provision for the final transfer of residual cash balance to XenoTherapeutics post-distribution, which is an outflow from the residual entity rather than a revenue stream for the former shareholders, but it finalizes the cash management aspect of the business model transition.

The remaining potential income streams for former shareholders are tied to these contingent rights:

• CVR payment related to Company Litigation proceeds (up to $3,800,000 less expenses).
• CVR payment related to Potential Contingent Claim Liability Expenses (up to $3,500,000 less expenses).
• A final amount of $150,000 less certain closing adjustments.

The CVR structure is designed to capture value from specific, known post-closing issues.