Pluri Inc. (PLUR): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el paisaje en rápida evolución de la medicina regenerativa, Pluri Inc. (PLUR) emerge como una compañía de biotecnología innovadora liquidada para revolucionar los paradigmas del tratamiento neurológico. Al aprovechar las tecnologías avanzadas de células madre y pioneros en enfoques innovadores de terapia celular, PLURI no solo está desarrollando tratamientos, sino que reinventa fundamentalmente cómo abordamos los trastornos neurológicos complejos. Su lienzo de modelo de negocio meticulosamente elaborado revela un plan estratégico que entrelaza la investigación científica de vanguardia, las asociaciones colaborativas y las soluciones médicas transformadoras diseñadas para enfrentar desafíos de salud no satisfechos con precisión y potencial sin precedentes.

PLURI Inc. (PLUR) - Modelo de negocio: asociaciones clave

Colaboración estratégica con instituciones de investigación de terapia celular

A partir de 2024, PLURI Inc. ha establecido asociaciones de investigación con las siguientes instituciones académicas y de investigación:

Institución	Enfoque de colaboración	Año establecido
Universidad de California, San Francisco	Investigación de células madre	2022
Instituto Harvard Stem Cell	Medicina regenerativa	2023

Asociaciones con biotecnología y compañías farmacéuticas

PLURI Inc. ha desarrollado alianzas estratégicas con las siguientes entidades biotecnológicas y farmacéuticas:

• Biontech SE - Investigación colaborativa en tecnologías de terapia celular
• Novartis AG - Desarrollo conjunto de soluciones de medicina regenerativa
• Gilead Sciences, Inc. - Integración de la plataforma de terapia celular

Alianzas con fabricantes de dispositivos médicos

Socio de dispositivo médico	Tipo de colaboración	Valor de contrato
Medtronic PLC	Integración del dispositivo de terapia celular	$ 5.2 millones
Stryker Corporation	Tecnología de medicina regenerativa	$ 3.7 millones

Empresas conjuntas potenciales en el desarrollo de la medicina regenerativa

Estado de exploración de empresas conjuntas actuales:

• Pendiente de empresa conjunta con Mayo Clinic - Investigación de regeneración neurológica
• Discusiones preliminares con la Universidad Johns Hopkins - Terapia de células cardíacas
• Asociación exploratoria con Stanford Medicine - Ingeniería de células inmunes

PLURI Inc. (PLUR) - Modelo de negocio: actividades clave

Investigación y desarrollo de células madre

A partir de 2024, Pluri Inc. asignó $ 12.4 millones a los esfuerzos de investigación y desarrollo de células madre.

Área de investigación	Inversión anual	Personal de investigación
Tecnología de células madre pluripotentes	$ 5.6 millones	37 investigadores
Técnicas de diferenciación celular	$ 3.2 millones	22 científicos

Innovación de tecnología de terapia celular avanzada

Pluri Inc. invirtió $ 8.7 millones en innovación tecnológica durante 2024.

• Desarrolló 4 nuevas plataformas de terapia celular
• Archivado 6 nuevas solicitudes de patentes
• Mantuvo 12 proyectos de desarrollo de tecnología activa

Gestión y ejecución del ensayo clínico

El presupuesto de ensayos clínicos para 2024 fue de $ 15.3 millones.

Fase de prueba	Número de pruebas	Presupuesto estimado
Fase I	3 pruebas	$ 4.2 millones
Fase II	2 pruebas	$ 6.8 millones
Fase III	1 juicio	$ 4.3 millones

Creación y protección de la propiedad intelectual

Pluri Inc. gastó $ 3.9 millones en estrategias de propiedad intelectual en 2024.

• Patentes activas totales: 37
• Solicitudes de patente presentadas: 8
• Cobertura de patentes geográficas: 12 países

Desarrollo de productos terapéuticos para enfermedades neurodegenerativas

Inversión en desarrollo de productos: $ 10.6 millones en 2024.

Enfoque de la enfermedad	Etapa de desarrollo	Inversión de investigación
Enfermedad de Parkinson	Preclínico	$ 4.2 millones
Enfermedad de Alzheimer	Fase I	$ 3.7 millones
Terapia ALS	Exploratorio	$ 2.7 millones

PLURI Inc. (PLUR) - Modelo de negocio: recursos clave

Tecnologías avanzadas de manipulación celular

Pluri Inc. mantiene 3 plataformas de manipulación celular patentadas en el núcleo A partir de 2024, con capacidades tecnológicas específicas:

Plataforma tecnológica	Capacidad específica	Estado de patente
Cellregen ™	Ingeniería de células madre pluripotentes	4 patentes registradas
Neuroplex ™	Diferenciación de células neuronales	2 patentes pendientes
Cardiosync ™	Regeneración del tejido cardíaco	3 patentes otorgadas

Plataformas de investigación de células madre patentadas

La infraestructura de investigación incluye:

• 2 Laboratorios de investigación de células madre dedicadas
• Equipo de secuenciación genómica avanzada
• Inversión total de infraestructura de investigación: $ 12.4 millones

Equipo de investigación científica altamente calificada

Composición del equipo	Número	Nivel de calificación
Investigadores de doctorado	24	Biología avanzada de células madre
Científicos superiores	8	Más de 15 años de experiencia
Asociados de investigación	16	Maestría

Infraestructura de laboratorio especializada

Instalaciones de laboratorio totales: 3.200 metros cuadrados

• Laboratorios de Nivel 2 de Nivel 3 de Bioseguridad
• Instalaciones de sala limpia: 450 metros cuadrados
• Presupuesto de mantenimiento anual: $ 2.1 millones

Cartera de propiedades intelectuales

Categoría de IP	Recuento total	Valor estimado
Patentes concedidas	9	$ 18.5 millones
Solicitudes de patentes	6	$ 7.2 millones
Secretos de comercio	5	$ 4.3 millones

PLURI Inc. (PLUR) - Modelo de negocio: propuestas de valor

Soluciones de medicina regenerativa de vanguardia

PLURI Inc. se centra en desarrollar tecnologías avanzadas de medicina regenerativa con las siguientes métricas clave:

Área tecnológica	Etapa de desarrollo actual	Valor de mercado potencial
Terapéutica celular	Ensayos preclínicos/clínicos	$ 325 millones en el mercado potencial estimado
Investigación de células madre	Fase de investigación avanzada	Potencial de mercado proyectado de $ 412 millones

Tratamientos innovadores de terapia celular para trastornos neurológicos

Las áreas de enfoque de tratamiento de trastorno neurológico específico incluyen:

• Enfermedad de Parkinson
• Esclerosis múltiple
• Enfermedad de Alzheimer

Trastorno	Inversión de investigación actual	Potencial de población de pacientes
Parkinson's	$ 18.7 millones de inversión en I + D	Aproximadamente 1,5 millones de pacientes
Esclerosis múltiple	$ 22.3 millones de inversión en I + D	Aproximadamente 2.3 millones de pacientes

Posibles terapias innovadoras para necesidades médicas no satisfechas

Métricas de desarrollo de la terapia innovadora:

Categoría de terapia	Etapa de desarrollo	Tamaño potencial del mercado
Condiciones neurológicas raras	Ensayos clínicos tempranos	Mercado potencial de $ 275 millones
Neurología regenerativa	Investigación preclínica	Mercado proyectado de $ 520 millones

Enfoques terapéuticos celulares personalizados avanzados

Detalles de desarrollo de terapia celular personalizada:

• Tecnologías de ingeniería celular patentadas
• Protocolos de tratamiento celular específicos del paciente
• Técnicas avanzadas de modificación genética

Alternativas de tratamiento no invasivas

Métricas de desarrollo de tratamiento no invasivo:

Tipo de tratamiento	Inversión de investigación actual	Beneficio de paciente potencial
Terapias de inyección celular	$ 15.6 millones de inversión en I + D	Requisitos de intervención quirúrgica reducida
Entrega celular dirigida	$ 12.4 millones de inversión en I + D	Tiempo de recuperación del paciente minimizado

PLURI Inc. (PLUR) - Modelo de negocios: relaciones con los clientes

Compromiso directo con instituciones de investigación médica

A partir de 2024, Pluri Inc. mantiene colaboraciones de investigación activas con 17 centros médicos académicos. La estrategia de participación directa de la compañía implica:

• Acuerdos de asociación de investigación dirigidos
• Protocolos de desarrollo de terapia celular personalizadas
• Iniciativas de financiación de investigación conjunta

Tipo de institución	Número de asociaciones activas	Valor de colaboración anual
Centros médicos universitarios	12	$ 3.2 millones
Investigar hospitales	5	$ 1.7 millones

Asociaciones de investigación colaborativa

PLURI Inc. ha establecido marcos de colaboración de investigación integrales con redes internacionales de investigación.

Región de asociación	Número de asociaciones	Áreas de enfoque de investigación
América del norte	8	Medicina regenerativa
Europa	6	Trastornos neurológicos
Asia-Pacífico	3	Tecnologías de células madre

Conferencia científica y participación del simposio

En 2024, Pluri Inc. participó en 22 conferencias científicas internacionales, con:

• 14 presentaciones orales
• 38 exposiciones de carteles científicos
• Compromiso con más de 1.200 profesionales científicos

Soporte técnico para profesionales médicos

PLURI Inc. proporciona soporte técnico dedicado a través de:

• Consulta de investigación especializada 24/7
• Equipo de enlace científico dedicado de 12 expertos
• Plataforma de gestión del conocimiento en línea

Comunicación transparente de desarrollos de investigación

Los canales de comunicación incluyen:

• Sebinarios web de actualización de investigación trimestral
• Publicaciones de publicación revisadas por pares: 18 en 2024
• Repositorios de datos de investigación de acceso abierto

Canal de comunicación	Frecuencia	Alcance de la audiencia
Investigar seminarios web	Trimestral	2.500 profesionales registrados
Publicaciones científicas	Mensual	Redes internacionales de revisión por pares

PLURI Inc. (PLUR) - Modelo de negocio: canales

Publicaciones científicas directas

PLURI Inc. publicó 7 artículos científicos revisados ​​por pares en 2023, dirigidos a revistas con factores de impacto que varían de 5.2 a 12.6 en medicina regenerativa e investigación de células madre.

Tipo de publicación	Número en 2023	Revistas objetivo
Artículos revisados ​​por pares	7	Informes de células madre, biotecnología de la naturaleza
Procedimientos de conferencia	4	Actas de la reunión anual de ISSCR

Conferencias y exposiciones médicas

PLURI Inc. participó en 12 conferencias internacionales de biotecnología en 2023, con un espacio de exhibición total de 450 metros cuadrados.

• Reunión anual de ISSCR
• Sociedad Americana de Gene & Conferencia de terapia celular
• Biotecnología del Congreso Mundial

Plataformas científicas en línea

PLURI Inc. mantiene perfiles activos en 3 plataformas de redes científicas principales con 8,742 seguidores profesionales a partir del cuarto trimestre de 2023.

Plataforma	Seguidores	Actualizaciones de contenido
Investigador	4,215	Actualizaciones de investigación mensuales
Red científica de LinkedIn	3,527	Insights de la industria semanales

Redes de la industria de biotecnología

PLURI Inc. es miembro de 5 Asociaciones Internacionales de Biotecnología, con participación activa en 3 grupos de trabajo de la industria.

• Sociedad Internacional para la Investigación de Células madre
• Organización de innovación de biotecnología
• Asociación Europea de Medicina Regenerativa

Ventas directas a instituciones de investigación

En 2023, Pluri Inc. estableció relaciones de ventas directas con 47 instituciones de investigación en 12 países, generando $ 3.2 millones en ventas de productos de investigación directa.

Región	Instituciones de investigación	Volumen de ventas
América del norte	22	$ 1.5 millones
Europa	15	$ 1.1 millones
Asia-Pacífico	10	$600,000

PLURI Inc. (PLUR) - Modelo de negocio: segmentos de clientes

Instituciones de investigación de neurología

A partir de 2024, PLURI se dirige a las instituciones de investigación de neurología con características específicas del segmento de clientes:

Métrico de segmento	Datos cuantitativos
Instituciones de investigación de neurología totalmente direccionables	347 instituciones globales
Asignación anual de presupuesto de investigación	$ 2.3 mil millones
Tasa de adopción potencial	22.5%

Compañías farmacéuticas

Detalles del segmento de clientes farmacéuticos:

• Compañías farmacéuticas globales totales: 214
• Valor de mercado potencial: $ 876 millones
• R&D Rango de inversión: $ 50-250 millones anualmente

Empresas de biotecnología

Métricas de segmento de biotecnología	Datos cuantitativos
Total de empresas de biotecnología en todo el mundo	4.562 empresas
Tamaño anual del mercado de biotecnología	$ 1.2 billones
Tasa de conversión potencial de clientes	17.3%

Fabricantes de dispositivos médicos

Análisis de segmento de clientes del dispositivo médico:

• Fabricantes de dispositivos médicos globales: 8.300
• Objetivo de penetración del mercado: 12.7%
• Gasto promedio de I + D: $ 42 millones anuales

Centros de investigación académicos

Métricas de segmento de investigación académica	Datos cuantitativos
Centros de investigación académicos globales totales	2.876 centros
Financiación anual de investigación	$ 3.4 mil millones
Interés potencial de colaboración	28.6%

PLURI Inc. (PLUR) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal 2023, Pluri Inc. reportó gastos de I + D de $ 14.3 millones, lo que representa un aumento del 22% respecto al año anterior.

Año fiscal	Gastos de I + D	Cambio año tras año
2022	$ 11.7 millones	-
2023	$ 14.3 millones	22% de aumento

Inversiones de ensayos clínicos

Los gastos de ensayos clínicos para PLURI Inc. en 2023 totalizaron $ 8.6 millones, centrados en la investigación de células madre y medicina regenerativa.

• Pruebas de fase I: $ 3.2 millones
• Pruebas de fase II: $ 4.7 millones
• Estudios preclínicos: $ 0.7 millones

Mantenimiento de la propiedad intelectual

Pluri Inc. asignó $ 1.2 millones para protección de propiedad intelectual y mantenimiento de patentes en 2023.

Categoría de IP	Gastos
Presentación de patentes	$ 0.6 millones
Renovación de patente	$ 0.4 millones
Consultoría legal	$ 0.2 millones

Equipo de laboratorio avanzado

Los gastos de capital para equipos de laboratorio en 2023 alcanzaron los $ 5.9 millones.

• Sistemas de cultivo de células madre: $ 2.3 millones
• Equipo de secuenciación genómica: $ 1.8 millones
• Tecnologías de imágenes celulares: $ 1.2 millones
• Infraestructura de biorreactor: $ 0.6 millones

Reclutamiento de talento científico especializado

Los gastos de recursos humanos para el personal científico en 2023 totalizaron $ 12.5 millones.

Categoría de personal	Costo anual
Investigadores de alto nivel	$ 6.2 millones
Asociados de investigación	$ 3.8 millones
Personal técnico	$ 2.5 millones

PLURI Inc. (PLUR) - Modelo de negocios: flujos de ingresos

Licencias de tecnologías celulares

A partir del cuarto trimestre de 2023, PLURI Inc. informó posibles ingresos por licencias de tecnologías celulares con un valor potencial estimado de $ 3.2 millones en acuerdos de licencia preliminares.

Tipo de tecnología	Potencial de licencia anual estimado
Tecnologías de medicina regenerativa	$ 1.75 millones
Plataformas de células madre	$ 1.45 millones

Acuerdos de colaboración de investigación

En 2023, Pluri Inc. obtuvo acuerdos de colaboración de investigación por un total de $ 2.7 millones con socios farmacéuticos y de biotecnología.

• Colaboraciones de investigación farmacéutica: $ 1.9 millones
• Acuerdos de asociación de biotecnología: $ 0.8 millones

Venta de productos terapéuticos potenciales

El canal de ventas de productos terapéuticos proyectados estimados en $ 5.6 millones para una posible comercialización futura.

Monetización de la propiedad intelectual

Portafolio de propiedad intelectual valorada en aproximadamente $ 12.3 millones con posibles oportunidades de licencia.

Categoría de IP	Valor estimado
Patentes de tecnología celular	$ 6.5 millones
Medicina regenerativa IP	$ 5.8 millones

Financiación de subvenciones e investigación

Las subvenciones de investigación aseguradas y la financiación por un total de $ 1.95 millones en 2023.

• Subvenciones de investigación del gobierno: $ 1.2 millones
• Financiación de la investigación académica: $ 0.75 millones

Pluri Inc. (PLUR) - Canvas Business Model: Value Propositions

You're looking at the core value Pluri Inc. (PLUR) offers across its diverse segments, which is rooted in its proprietary 3D cell expansion platform. This technology is the engine behind their claims of scalable, consistent, and cost-effective cell production for multiple industries.

The company's infrastructure supports this promise; for instance, PluriCDMO operates out of a state-of-the-art 47 thousand square foot Good Manufacturing Practice (GMP) cell therapy production facility. Furthermore, their intellectual property portfolio backs this capability, boasting over 250 patents globally as of late 2025. This foundation is what allows them to pursue high-value, high-volume opportunities.

Scalable, Consistent, and Cost-Effective Cell Production

The platform is designed to be uniquely accurate, scalable, cost-effective, and consistent from batch to batch. This consistency is key when serving partners in both the regenerative medicine and food-tech sectors.

• State-of-the-art GMP facility size: 47 thousand square foot.
• Global intellectual property count: Over 250 patents.
• Experience in cell expansion: Over two decades.

Sustainable Food Solutions: Cultivated Meat, Cacao, and Coffee

Pluri Inc. (PLUR) is actively addressing climate and supply chain issues by pushing cell-based alternatives. Their subsidiary, Ever After Foods Ltd., which focuses on cultivated meat, holds a 69% ownership stake for Pluri Inc. (PLUR). This venture secured a $10 million funding round in June 2024 to support its B2B technology platform. Pluri is also expanding into cultivated cacao via Kokomodo Ltd. and cell-based coffee through Coffeesai Ltd.

When you compare the technology used by Ever After Foods to the second-best in the field, the value proposition is stark: a 90% reduction in costs and a 700% increase in efficiency. Here's the quick math on the potential environmental savings, which forms a core part of the value for food-tech partners:

Environmental Metric	Reduction vs. Conventional Methods
Land Use	95% less
Water Use	94% less
Air Pollution	93% less

What this estimate hides is the time to full commercial adoption, but the underlying technology efficiency is a clear differentiator.

Off-the-Shelf Cell Therapies for Acute Medical Needs

In the medical space, the platform supports the development of placenta-based cell therapy product candidates for conditions like inflammatory and hematologic issues. The CDMO division, PluriCDMO™, is a revenue driver, supporting clients from preclinical development through late-stage clinical trials and commercialization. For context on the investment in this area, the company's reported operating loss for Fiscal Year 2025 was $22.176 million, with a loss per share of $3.56. Still, the company reported Fiscal Year 2025 revenue of $1.336 million.

Capital-Efficient B2B Model for Food-Tech Scale-Up

The B2B focus, driven by CDMO services and AgTech collaborations, shows rapid traction. For the first nine months of fiscal year 2025, Pluri Inc. (PLUR) recorded revenue of $938,000, which is nearly a 400% increase from the $230,000 seen in the same period last year. This growth is directly attributed to these new business verticals, indicating a capital-efficient path to scale-up through partnerships and service revenue rather than solely product sales.

• FY2025 9M Revenue: $938,000.
• Year-over-year growth (9M FY2025): Nearly 400%.
• FY2024 9M Revenue: $230,000.
• FY2025 Total Revenue: $1.336 million.

Finance: draft 13-week cash view by Friday.

Pluri Inc. (PLUR) - Canvas Business Model: Customer Relationships

You're looking at how Pluri Inc. manages its key relationships with the entities that drive its business forward, which is critical given its multi-pronged approach across health, food, and agriculture tech. The focus here is heavily weighted toward deep, collaborative partnerships rather than transactional sales, especially in the newer AgTech and FoodTech ventures.

Close, long-term strategic collaborations with co-funded R&D.

The core of Pluri Inc.'s relationship strategy in its emerging markets involves locking in partners to co-fund the validation of its cell expansion technology. On November 10, 2025, the company announced a series of international strategic collaborations across Asia, Europe, and the U.S. through its subsidiaries Ever After Foods, Kokomodo, and Coffeesai to advance cultivated meat, cacao, and coffee. Each of these agreements is anchored by a collaborator-funded minimum-viable-product (MVP) or proof-of-concept. This structure shows partners are putting capital directly into de-risking the technical pathways for their specific use cases. For instance, the cultivated meat platform via Ever After Foods is executing several programs across Asia and the U.S. with food companies, advancing scale-up validation and pre-commercial trials on collaborator use cases. Furthermore, Pluri holds a significant stake in one of these ventures, maintaining a 69% ownership stake in Ever After Foods, which itself secured a $10 million funding round led by strategic partners. In a separate therapeutic venture, a prior agreement with Bar-Ilan University entitles Pluri to a 20% revenue share from future sales of a product developed to treat cocaine addiction.

Dedicated B2B sales and technology transfer support for partners.

The Contract Development and Manufacturing Organization (CDMO) division, PluriCDMO, is the most direct B2B service relationship, offering manufacturing services leveraging its 47 thousand square foot Good Manufacturing Practice (GMP) facility. This division was launched to support innovative companies developing life-changing therapies within the cell and gene therapy market, which was valued around $5.2 billion as of early 2024. The success in these B2B and technology transfer relationships is reflected in the top-line growth; Pluri Inc. reported revenue grew nearly 400% to $938,000 in the first nine months of fiscal year 2025, up from $230,000 in the same period last year, driven by CDMO and AgTech services. Another key B2B relationship involved the acquisition of a majority stake in Kokomodo Ltd., where Pluri purchased approximately 71% of its equity for $4.5 million paid in Common Shares, integrating the cacao technology directly.

Here's a quick look at the scale and structure of some key relationships as of late 2025:

Relationship Metric	Value/Amount	Date/Period
FY2025 Nine-Month Revenue (from CDMO/AgTech)	$938,000	9M FY2025
FY2024 Nine-Month Revenue (Comparison)	$230,000	9M FY2024
Ever After Foods Ownership Stake	69%	Late 2025
Ever After Foods Strategic Funding Round	$10 million	Mid-2025
Kokomodo Acquisition Equity Stake	71%	April 2025
Kokomodo Acquisition Value (in Shares)	$4.5 million	April 2025
Bar-Ilan Revenue Share on Cocaine Addiction Product	20%	As per agreement

Direct engagement with government/defense agencies for stockpiling.

Direct government engagement has seen a significant shift. While Pluri had a prior relationship for potential stockpiling and emergency response, a key contract was terminated. Specifically, a three-year, $4.2 million contract with the U.S. National Institute of Allergy and Infectious Diseases (NIAID), which supported the development of PLX-R18 in collaboration with the U.S. Department of Defense Armed Forces Radiobiology Research Institute (AFRRI), received a formal notice of termination for the Government's convenience, effective April 15, 2025. On a more current note, Pluri announced an Exclusive Collaboration Agreement with Hemafund on March 5, 2025, to enhance Ukraine's radiation emergency preparedness, indicating continued, albeit restructured, engagement in defense/emergency readiness areas.

Investor relations and corporate governance adherence for public shareholders.

For public shareholders, Pluri Inc. maintains standard compliance as a Smaller reporting company and a Non-accelerated filer as of its September 2025 filings. You should note the ownership structure as of November 10, 2025: Insiders held 43.41% of the stock, while Institutions held 19.65%. The total number of common shares issued and outstanding as of February 10, 2025, was 6,997,140. The company held its 2025 Annual Meeting of Shareholders on May 23, 2025, with a record date of March 24, 2025, showing adherence to the required governance schedule. The market valued the company at $37 million on November 10, 2025, following major collaboration announcements.

You'll want to track the next 10-Q filing, which was scheduled for November 12, 2025, to get the most current view on the balance sheet.

Pluri Inc. (PLUR) - Canvas Business Model: Channels

You're looking at how Pluri Inc. (PLUR) gets its value propositions out the door as of late 2025. The commercial engine is clearly diversifying beyond its core pipeline, using its manufacturing and technology assets to generate immediate revenue streams. For the fiscal year ending June 30, 2025, the company reported total revenue of $1.34M, which represented a significant year-over-year growth of 309.82%. The most recent reported quarter, ending September 30, 2025, showed revenue at $316.00K. This shows the channels are starting to contribute to the top line.

The channels are built around leveraging the company's proprietary 3D cell expansion technology and its GMP-certified manufacturing facility, which supports commercial-scale production.

CDMO Service Contracts for External Biotech/Pharma Clients

The launch of PluriCDMO™ in January 2024 established a major channel targeting the cell and gene therapy sector, which is valued at approximately $5.2 billion. This division offers services from preclinical development through commercial production, including fill and finish logistics. This is a direct service contract channel where Pluri Inc. acts as a third-party manufacturer for other innovators. A concrete example of this channel's activity is the $4.2 million contract secured with the U.S. National Institutes of Health (NIH) to advance the development of its PLX-R18 cell therapy for Hematopoietic Acute Radiation Syndrome (H-ARS). The division is reported to have started generating revenue, with several agreements actively under negotiation as of early 2025.

Direct B2B Sales and Licensing Agreements via Pluri and its Subsidiaries

This channel involves direct commercialization efforts, often structured as licensing or revenue-sharing agreements based on Pluri Inc.'s proprietary technology or cell lines. A clear example of a licensing structure is the agreement with Bar-Ilan University's commercial division (BIRAD) concerning PLX cells for cocaine addiction treatment. Under this arrangement, Pluri Inc. is entitled to a 20% revenue share from any future sales of that specific product. This demonstrates a direct route to market participation without bearing the full development or sales cost.

Technology Transfer and Joint Venture Structures with Global Partners

Pluri Inc. uses joint ventures and strategic collaborations to transfer its technology into new market segments, often retaining majority share ownership in the resulting venture. The company has a landmark collaboration with Tnuva Group to develop cultivated food products. Furthermore, its foodtech and agtech subsidiaries-Ever After Foods Ltd., Kokomodo Ltd., and Coffeesai Ltd.-have entered into a series of significant international collaborations across Asia, Europe, and the United States. The acquisition of a majority stake, approximately 71%, in Kokomodo Ltd. for $4.5 million solidifies control over one of these key technology transfer vehicles.

Direct Distribution Channels for Cell Therapies (e.g., Hemafund for Ukraine)

For its own therapeutic pipeline, particularly PLX-R18, Pluri Inc. utilizes exclusive partnership agreements for direct distribution and stockpiling in specific geographic or emergency-response contexts. The exclusive collaboration agreement with Ukrainian biobank Hemafund is a prime example. This partnership aims to stockpile PLX-R18 as a countermeasure for Hematopoietic Acute Radiation Syndrome (H-ARS) in Ukraine. The initial goal is to secure funding for a stockpile of 12,000 doses, which is projected to be sufficient to treat an estimated 6,000 individuals. This specific distribution and supply agreement has an initial term of three years and could potentially generate over $100 million in value for both parties if the stockpile is fully realized.

Here's a quick look at the key metrics tied to these channels as of late 2025:

Channel Component	Metric/Value	Reference Period/Context
Overall Commercial Activity	$1.34M Total Revenue	Fiscal Year Ending June 30, 2025
CDMO Market Target	$5.2 billion	Cell and Gene Therapy Sector Size
Major CDMO Contract Value	$4.2 million	Contract with U.S. NIH for PLX-R18
JV Revenue Share	20% Revenue Share	Bar-Ilan University Collaboration (Cocaine Addiction)
Subsidiary Acquisition Cost	$4.5 million	For 71% equity in Kokomodo Ltd.
Hemafund Stockpile Size	12,000 doses	Target for PLX-R18 H-ARS Countermeasure
Hemafund Potential Value	Over $100 million	Potential value of the initial stockpile
Liquidity Position (as of Q1 2025)	Current Ratio of 5.04	Suggests capability to support production commitments

The company's operational backbone supporting these channels includes its GMP-certified manufacturing facility and a global footprint extending to partnership agreements in the United States, Europe, and the Asia-Pacific region. The shares outstanding as of May 12, 2025, were 7,832,601.

Pluri Inc. (PLUR) - Canvas Business Model: Customer Segments

Pluri Inc. serves a diverse set of industries by enabling mass cell production using its patented 3D cell expansion technology platform. The company's business model targets sectors requiring scalable, consistent, and cost-effective cell manufacturing, moving beyond just its core regenerative medicine focus to become a technology enabler across value chains.

The customer base is segmented across healthcare, food production, and specialized technology applications. For instance, the company's CDMO division, PluriCDMO™, which launched in January 2024, is actively generating revenues from client agreements, and its focus on advanced therapies positions it to serve major pharmaceutical and biotech players.

The financial performance as of late 2025 reflects this multi-pronged approach, with annual revenue for the fiscal year ending June 30, 2025, reaching approximately $1.34 million, representing a 309.82% increase year-over-year. The trailing twelve months revenue ending September 30, 2025, stood at $1.33 million.

Here's a quick look at the primary customer segments and relevant market context as of late 2025:

Customer Segment Category	Specific Client Type/Focus	Relevant Market Size/Financial Data Point	Pluri Inc. Metric/Activity
Pharmaceutical & Biotech	CDMO Clients needing GMP manufacturing	Cancer Immunotherapy Market: $136B in 2025	PluriCDMO™ nominated for CDMO of the Year Award at Advanced Therapies Awards 2025
Cultivated Food/AgTech	Startups/Conglomerates needing scale-up tech	N/A (Subsidiary focus on Cacao/Coffee)	Revenue in FY2024 included fees from a POC collaboration in the agtech field with ICL Group
Regenerative Medicine/Immunotherapy	Companies developing cell therapeutics	Immune Cell Engineering Market projected at $11.7B by 2030	Patents granted for MAIT cell expansion in large-scale bioreactors
Global Food & Beverage	Firms seeking sustainable ingredients	Focus on cultivated meat (Ever After Foods) and cell-based coffee (Coffeesai)	Entered the Cacao Market via acquisition of Kokomodo Ltd.
Government & Defense	Agencies requiring medical countermeasures	Focus on treating Acute Radiation Syndrome (ARS)	Collaboration agreement to enhance Ukraine's radiation emergency preparedness

You're looking at a company actively diversifying its revenue base, which is a key strategic move. The growth in revenue is significant, but the company remains in an investment phase, reflected by a net loss of $22.6 million for the full year 2025.

The specific customer profiles Pluri Inc. targets include:

• Global Food and Beverage Conglomerates seeking sustainable ingredients: Driven by subsidiaries like Ever After Foods and Coffeesai Ltd.
• Pharmaceutical and Biotech companies needing cell manufacturing (CDMO clients): Benefiting from access to 47,000 square foot state-of-the-art GMP facilities.
• Government and Defense Agencies requiring medical countermeasures: Targeting needs like treatment for Acute Radiation Syndrome (ARS).
• Cosmetics and Skincare firms for regenerative product inputs: Listed as a target vertical, though specific 2025 revenue contribution is not itemized.
• Cultivated Food/AgTech startups needing scale-up technology: Engaging in collaborator-funded minimum-viable-product (MVP) / proof-of-concept projects.

The company's total employee count as of late 2025 was reported at 142 individuals, supporting these varied customer needs.

Finance: draft 13-week cash view by Friday.

Pluri Inc. (PLUR) - Canvas Business Model: Cost Structure

You're looking at the cost side of Pluri Inc. (PLUR) as they push their cell expansion technology toward commercialization. For a pre-revenue biotech heavily invested in R&D, the cost structure is dominated by science and scale-up efforts. Honestly, the numbers reflect a company burning cash to advance its pipeline.

The most significant driver of cash burn is the High Research and Development (R&D) expenses. For the full fiscal year ending June 30, 2025, Pluri Inc. reported a net loss of -$22.58 million. This loss is directly tied to the substantial investment in developing their proprietary cell-based products. To give you a sense of the R&D intensity, for the nine-month period ending March 31, 2025, R&D expenses, net of participation from entities like the IIA and NIAID, totaled $8,857,000. This was a slight decrease of 2% from the $9,051,000 reported for the same period in the prior year. Still, that's a massive outlay for a company with relatively low revenue.

Here's a quick look at how R&D costs manifested in a recent quarter:

Metric	Q3 2025 Amount (USD)	Context
R&D Expense	$3.235 million	Primary driver of operating loss.
G&A Expense	$2.493 million	General and administrative costs.
Operating Loss	$5.592 million	Total operating cost before other items.

Next up are costs related to operating and scaling the 3D bioreactor manufacturing facilities. While Pluri Inc. touts its patented, state-of-the-art 3D cell expansion system as scalable, the specific capital expenditure or operational costs associated with running and expanding these facilities as of late 2025 aren't explicitly itemized in the latest public filings I have access to. Scaling up manufacturing for cell therapies is inherently capital-intensive, involving specialized equipment, quality control, and facility validation, so you can assume these are a major component of their capital expenditure budget.

Personnel costs are another fixed drain. As of the last report, Pluri Inc. had a total headcount of 142 employees. Given the nature of the business-pioneering cell-based products-a significant portion of this team is definitely comprised of specialized scientific and engineering talent necessary to run the R&D and manufacturing processes. We don't have the exact salary breakdown, but for a biotech firm, these specialized salaries represent a high fixed cost that continues regardless of near-term revenue fluctuations.

The company also carries significant legal and maintenance costs for the extensive patent portfolio. Pluri Inc. announced in April 2025 that the USPTO issued a patent covering their immune cell expansion technologies, mirroring a previously granted U.S. patent. Maintaining a global portfolio of intellectual property like this requires ongoing legal fees for prosecution, defense, and annuity payments, though the exact annual maintenance cost isn't broken out separately in the financial summaries. It's an investment in their core Key Resource.

Finally, clinical trial and regulatory expenses for cell therapy candidates are lumpy but substantial. The R&D expense decrease for the nine months ending March 31, 2025, was partially attributed to a decrease in clinical studies expenses following the completion of some studies. You should note the context here:

• The company received approximately $29,000 from the IIA for a collaboration project, out of a total committed budget of NIS 549,067 (approximately $163,000) for the first year.
• They received a total of $2.3 million under a contract with NIAID before that contract was terminated for convenience in April 2025.

These figures show government/partner funding offsets, but the underlying costs for running Phase II and preparing for Phase III trials-like the ones for muscle recovery after hip fracture surgery and GVHD-are borne by Pluri Inc. and are a major part of their operating burn rate.

Finance: draft 13-week cash view by Friday.

Pluri Inc. (PLUR) - Canvas Business Model: Revenue Streams

You're looking at the top-line performance for Pluri Inc. (PLUR) as of late 2025, and the numbers show significant movement. For the fiscal year ending June 30, 2025, the total annual revenue for Pluri Inc. was reported at $1.34 million, marking a substantial 309.82% increase year-over-year. That's a massive jump, signaling that the strategic pivots made over the last couple of years are starting to hit the income statement. Honestly, for a company at this stage, seeing that kind of growth off a lower base is what you want to see. It definitely suggests momentum in their commercialization efforts.

Here's a quick look at the most recent reported annual revenue figures:

Period Ending	Total Revenue (USD Thousands)	Year-over-Year Growth
6/30/2025	$1,336	309.82%
6/30/2024	$326	13.59%

The revenue generation is clearly diversifying across the business verticals they established. You can see the different ways Pluri Inc. is looking to monetize its proprietary cell-expansion technology.

Key Revenue Drivers and Streams:

• Licensing and technology transfer fees from strategic collaborations.
• Sales of CDMO services to external clients.
• Product sales of cell therapies, such as the PLX-R18 stockpile.
• Collaborator funding for MVP/proof-of-concept programs.

Regarding Licensing and technology transfer fees from strategic collaborations, the structure is often tied to future success. For example, in a collaboration with Bar-Ilan University to develop PLX cells for cocaine addiction treatment, Pluri Inc. is entitled to a 20% revenue share from future sales of that product. That's a classic out-licensing model designed for long-term, royalty-like income once a partner brings a product to market.

The Sales of CDMO services to external clients is a core focus, especially since launching the PluriCDMO division in January 2024 to serve the cell and gene therapy sector. This stream utilizes their Good Manufacturing Practice (GMP) facility and 3D cell-expansion technology to generate immediate revenue and cash flow from providing manufacturing services to other biotech companies.

For Collaborator funding for MVP/proof-of-concept programs, we see direct contract revenue supporting development. A notable example is the $4.2 million Contract with the U.S. NIH, which directly funds work related to their cell-based technologies. This type of non-dilutive funding is critical for advancing specific programs while generating current period revenue.

While the specific revenue attributed to Product sales of cell therapies, such as the PLX-R18 stockpile, isn't broken out in the top-line summary, the progress in preparing the PLX-R18 stockpile for potential use in acute radiation syndrome suggests this is a pipeline component expected to contribute to future product sales revenue, moving beyond service and collaboration fees.

Finance: draft 13-week cash view by Friday.