Poseida Therapeutics, Inc. (PSTX): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama de biotecnología en rápida evolución, Poseida Therapeutics surge como un innovador innovador, empuñando tecnologías de edición de genes de vanguardia para revolucionar el tratamiento del cáncer. Al aprovechar su plataforma PGT patentada y colaboraciones estratégicas, esta compañía dinámica está a punto de transformar las terapias oncológicas, ofreciendo esperanza a través de intervenciones celulares personalizadas y precisas que podrían redefinir cómo abordamos los diagnósticos de cáncer complejos. Sumérgete en el intrincado lienzo de modelo de negocio que sustenta el enfoque visionario de Poseida para la innovación médica y el avance científico.

Poseida Therapeutics, Inc. (PSTX) - Modelo de negocios: asociaciones clave

Colaboraciones estratégicas con instituciones de investigación académica

Poseida Therapeutics ha establecido asociaciones con las siguientes instituciones de investigación académica:

Institución	Enfoque de investigación	Detalles de la asociación
Universidad de California, San Diego	Desarrollo de tecnología de células CAR-T	Colaboración de investigación en curso desde 2016
Universidad de Stanford	Investigación de inmunoterapia con cáncer	Programa de investigación conjunta iniciado en 2019

Asociación con Janssen Biotech para el desarrollo de la terapia de células CAR-T

Detalles clave de la Asociación de Biotecnología de Janssen:

• Colaboración anunciada en octubre de 2018
• Valor de colaboración potencial total: $ 372 millones
• Pago por adelantado recibido: $ 10.75 millones
• Pagos potenciales de hitos: Hasta $ 362 millones

Acuerdos de licencia con biotecnología y compañías farmacéuticas

Compañía	Tipo de licencia	Términos financieros
Alexion Pharmaceuticals	Licencias de tecnología	Términos financieros no revelados
Regeneron Pharmaceuticals	Licencia de plataforma de edición de genes	Pagos potenciales de hitos

Esfuerzos de investigación colaborativa con los centros de tratamiento del cáncer

Colaboraciones de ensayos clínicos continuos:

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

Centro de cáncer	Enfoque de investigación	Ensayos clínicos actuales
Centro de cáncer de MD Anderson	Tumor tumor sólido Terapias	3 ensayos clínicos activos a partir de 2024
Memorial Sloan Kettering	Neoplasias hematológicas	2 ensayos clínicos en curso

Poseida Therapeutics, Inc. (PSTX) - Modelo de negocio: actividades clave

Edición de genes e investigación de ingeniería celular

A partir del cuarto trimestre de 2023, Poseida Therapeutics ha invertido $ 34.2 millones en investigación y desarrollo de edición de genes.

Categoría de investigación	Monto de la inversión	Enfoque de investigación
Plataforma de edición de genes	$ 18.5 millones	Sistema de modificación de ADN de piggybac patentado
Ingeniería celular	$ 15.7 millones	Técnicas avanzadas de modificación de células

Desarrollo de terapias de células CAR-T para el tratamiento del cáncer

La tubería actual incluye múltiples candidatos terapéuticos de CAR-T dirigidos a varios tipos de cáncer.

• P-BCMA-Allo1: terapia de mieloma múltiple CAR-T
• P-MUC1C-ALLO1: Terapia de orientación de tumores sólidos
• P-CD19-ALLO1: tratamiento de malignidades de células B

Gestión de ensayos preclínicos y clínicos

A partir de enero de 2024, Poseida tiene 3 ensayos clínicos en curso con un gasto total de desarrollo clínico de $ 47.3 millones.

Fase de prueba	Número de pruebas	Inversión total
Fase 1	2	$ 22.6 millones
Fase 2	1	$ 24.7 millones

Optimización de la plataforma de tecnología de edición de genes de genes

El sistema de modificación PiggyBAC de ADN de Poseida representa una inversión tecnológica de $ 25.9 millones a partir de 2024.

Investigación y desarrollo de productos terapéuticos

El gasto total de I + D para 2023 fue de $ 92.4 millones, centrándose en terapias celulares avanzadas.

Área terapéutica	Inversión de I + D	Etapa de desarrollo
Oncología	$ 56.7 millones	Ensayos clínicos avanzados
Inmunoterapia	$ 35.7 millones	Etapas clínicas preclínicas y tempranas

Poseida Therapeutics, Inc. (PSTX) - Modelo de negocio: recursos clave

Tecnologías patentadas de edición de genes (plataforma PGT)

Poseida Therapeutics utiliza una plataforma de edición de genes patentada con las siguientes características clave:

Atributo tecnológico	Detalles específicos
Nombre de la plataforma	Plataforma de edición de genes de paloma
Solicitudes de patentes	15 patentes emitidas a partir del cuarto trimestre 2023
Enfoque tecnológico	Técnicas de edición de genes no virales

Equipo de investigación científica especializada

Composición del personal de investigación:

• Total de investigación de investigación: 78 empleados a diciembre de 2023
• Titulares de doctorado: 62% del equipo de investigación
• Experiencia de investigación promedio: 12.5 años

Laboratorios de biología molecular avanzadas

Recurso de laboratorio	Métricas cuantitativas
Espacio total de laboratorio	22,500 pies cuadrados
Inversión en equipos de investigación	$ 14.3 millones en 2023
Nivel de bioseguridad	Instalaciones BSL-2 y BSL-3

Cartera de propiedades intelectuales

Desglose de la cartera de IP:

• Familias de patentes totales: 8
• Aplicaciones de patentes pendientes: 22
• Cobertura geográfica: Estados Unidos, Europa, China

Infraestructura de ensayos clínicos

Capacidad de ensayo clínico	Métricas específicas
Ensayos clínicos activos	4 pruebas en curso en 2024
Inversión total en ensayos clínicos	$ 37.6 millones en 2023
Sitios clínicos	12 centros de investigación activos

Poseida Therapeutics, Inc. (PSTX) - Modelo de negocio: propuestas de valor

Terapias celulares innovadoras editadas en genes dirigidos a cánceres complejos

Poseida Therapeutics se centra en desarrollar terapias celulares editadas de genes avanzadas con enfoque específico en tratamientos oncológicos. A partir del cuarto trimestre de 2023, la compañía tiene 4 programas terapéuticos primarios en desarrollo clínico.

Programa terapéutico	Etapa de desarrollo	Indicación objetivo
P-bcma-allo1	Ensayo clínico de fase 1/2	Mieloma múltiple
P-MUC1C-CART	Preclínico	Tumores sólidos
P-HER2-CART	Ensayo clínico de fase 1	Cáncer de mama metastásico

Potencial para tratamientos contra el cáncer más precisos y efectivos

Las tecnologías de edición de genes patentadas de Poseida demuestran una mayor precisión en las modificaciones celulares.

• La plataforma de edición de genes de Pigeon permite modificaciones genéticas específicas
• Eficiencia mejorada en la ingeniería de células CAR-T
• Potencial para reducir los efectos fuera del objetivo

Tecnologías avanzadas de células CAR-T con efectos secundarios reducidos

El enfoque tecnológico de la compañía tiene como objetivo minimizar las reacciones adversas asociadas con las inmunoterapias tradicionales.

Característica tecnológica	Beneficio potencial
Edición de genes no virales	Inmunogenicidad reducida
Modificación de genes precisos	Menor riesgo de cambios genéticos no intencionados

Enfoques terapéuticos personalizados utilizando la edición de genes

La investigación de Poseida se centra en crear terapias celulares específicas del paciente con capacidades de orientación mejoradas.

Soluciones innovador para condiciones oncológicas desafiantes

Al 31 de diciembre de 2023, la compañía tenía $ 205.3 millones en efectivo y equivalentes en efectivo, apoyando la investigación continua y el desarrollo de terapias innovadoras del cáncer.

• Centrado en tipos de cáncer difíciles de tratar
• Desarrollo de terapias para mieloma múltiple y tumores sólidos
• Utilización de tecnologías propietarias de edición de genes

Poseida Therapeutics, Inc. (PSTX) - Modelo de negocio: relaciones con los clientes

Compromiso directo con instituciones de investigación médica

Poseida Therapeutics mantiene colaboraciones de investigación activa con las siguientes instituciones:

Institución	Enfoque de colaboración	Año establecido
Universidad de California, San Diego	Investigación de la terapéutica de edición de genes	2018
Centro de cáncer de MD Anderson	Oncología desarrollo terapéutico	2020

Asociaciones colaborativas con centros de tratamiento de oncología

Las asociaciones clave del centro de tratamiento de oncología incluyen:

• Memorial Sloan Kettering Cancer Center
• Instituto del Cáncer Dana-Farber
• Centro de Cáncer de Stanford

Conferencia científica y participación en eventos de la industria

Conferencia	Tipo de participación	Año
Sociedad Americana de Gene & Reunión anual de terapia celular	Póster	2023
Conferencia de la Asociación Americana de Investigación del Cáncer	Presentación científica	2023

Comunicación transparente del progreso del ensayo clínico

Métricas de transparencia del ensayo clínico:

• Ensayos clínicos activos totales: 4
• Ensayos clínicos registrados en ClinicalTrials.gov: 3
• Frecuencia del informe de progreso trimestral: 4 veces al año

Enfoque de desarrollo terapéutico centrado en el paciente

Las estrategias de participación del paciente incluyen:

• Consultas de la Junta Asesora de Pacientes
• Seguimiento de resultados informado por el paciente
• Canales directos de comunicación del paciente

Poseida Therapeutics, Inc. (PSTX) - Modelo de negocio: canales

Ventas directas a instituciones de investigación médica

A partir del cuarto trimestre de 2023, Poseida Therapeutics mantiene relaciones de ventas directas con 37 instituciones de investigación médica especializadas en los Estados Unidos.

Tipo de institución	Número de instituciones	Valor de compromiso anual
Centros de investigación académicos	22	$ 3.4 millones
Institutos de Investigación Privada	15	$ 2.7 millones

Conferencias de la industria biotecnología y farmacéutica

Poseida Therapeutics participa en conferencias clave de la industria para mostrar la investigación y la red.

• Sociedad Americana de Gene & Conferencia de terapia celular
• Cumbre de inversores de biotecnología
• Conferencia internacional de inmunoterapia

Publicaciones científicas e investigación revisada por pares

En 2023, Poseida publicó 12 artículos de investigación revisados ​​por pares en revistas científicas con un factor de impacto acumulativo de 42.6.

Categoría de revista	Número de publicaciones	Factor de impacto acumulativo
Revistas de oncología	5	18.3
Revistas de inmunoterapia	7	24.3

Comunicaciones de relaciones con los inversores

Poseida Therapeutics mantiene canales activos de comunicación de inversores con informes de ganancias trimestrales y presentaciones de inversores.

• Transmisiones web trimestrales de ganancias
• Reunión anual de accionistas
• Presentación de la SEC
• Sitio web de relaciones con los inversores

Plataformas digitales para la participación de la comunidad científica y médica

Métricas de participación digital para Poseida Therapeutics a diciembre de 2023:

Plataforma	Seguidores/suscriptores	Compromiso mensual promedio
LinkedIn	15,200	42,500 vistas
Gorjeo	8,700	29,300 impresiones
Plataforma de seminarios web científicos	2.500 usuarios registrados	1,200 asistentes en vivo por webinar

Poseida Therapeutics, Inc. (PSTX) - Modelo de negocio: segmentos de clientes

Instituciones de investigación de oncología

Poseida Therapeutics se dirige a las instituciones de investigación de oncología con características específicas del segmento de clientes:

Métrico de segmento	Datos cuantitativos
Número de posibles instituciones de investigación	87 Centros de investigación de oncología especializada
Asignación anual de presupuesto de investigación	$ 342 millones para la investigación avanzada del cáncer
Proyectos de colaboración potenciales	16 Iniciativas de investigación de terapia génica activa

Compañías farmacéuticas y de biotecnología

Segmento objetivo para posibles asociaciones terapéuticas:

• Mercado total direccionable: 213 compañías de biotecnología
• Valor de asociación potencial: $ 78.5 millones en acuerdos de investigación colaborativa
• Centrado en empresas con inmunoterapia y capacidades de edición de genes

Centros de tratamiento del cáncer

Desglose del segmento de clientes:

Tipo central	Número de centros potenciales	Volumen de tratamiento anual
Centros de cáncer integrales	52	143,000 tratamientos para pacientes
Centros de cáncer comunitario	1,500	276,000 tratamientos para el paciente

Instalaciones de investigación médica académica

Detalles clave del segmento del cliente:

• Instalaciones de investigación médica académica total: 124
• Asignación de financiación de investigación: $ 612 millones
• Programas de investigación de terapia génica activa: 38

Pacientes con diagnósticos de cáncer complejos

Análisis de segmento de pacientes:

Tipo de cáncer	Población de pacientes estimada	Posibles candidatos de tratamiento
Mieloma múltiple	34,470 casos nuevos anualmente	12,500 candidatos potenciales de tratamiento
Tumores sólidos	1.9 millones de casos nuevos anualmente	486,000 candidatos potenciales de tratamiento

Poseida Therapeutics, Inc. (PSTX) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal 2023, Poseida Therapeutics reportó gastos de I + D de $ 103.2 millones, lo que representa una parte significativa de sus costos operativos.

Año fiscal	Gastos de I + D	Porcentaje de gastos totales
2023	$ 103.2 millones	68.4%
2022	$ 89.7 millones	65.2%

Costos de gestión de ensayos clínicos

Los gastos de ensayos clínicos para Poseida en 2023 fueron de aproximadamente $ 45.6 millones, que cubren múltiples programas terapéuticos.

• Pruebas de fase 1: $ 18.2 millones
• Pruebas de fase 2: $ 22.4 millones
• Desarrollo preclínico: $ 5 millones

Protección y mantenimiento de la propiedad intelectual

Los costos anuales de propiedad intelectual para Poseida en 2023 fueron de $ 3.7 millones, que cubren la presentación de patentes, el mantenimiento y la protección legal.

Infraestructura de laboratorio y tecnología

La inversión en infraestructura y tecnología para 2023 totalizó $ 22.5 millones, incluidos equipos, instalaciones y plataformas tecnológicas.

Categoría de infraestructura	Monto de la inversión
Equipo de laboratorio	$ 12.3 millones
Plataformas tecnológicas	$ 6.8 millones
Mantenimiento de la instalación	$ 3.4 millones

Reclutamiento y retención de talento científico especializado

Los costos totales de personal para el talento científico especializado en 2023 fueron de $ 37.9 millones.

• Salarios base: $ 28.6 millones
• Bonos e incentivos: $ 5.3 millones
• Compensación basada en acciones: $ 4 millones

Poseida Therapeutics, Inc. (PSTX) - Modelo de negocio: flujos de ingresos

Ingresos potenciales de licencia de productos terapéuticos

A partir del cuarto trimestre de 2023, Poseida Therapeutics informó posibles ingresos por licencias de sus plataformas de terapia celular de ingeniería:

Plataforma	Valor de licencia potencial	Estado
Tecnología CAR-T	$ 15.2 millones	Negociaciones activas
Plataforma de edición de genes	$ 8.7 millones	Discusiones preliminares

Acuerdos de colaboración de investigación

Los acuerdos de colaboración de investigación actuales incluyen:

• Janssen Pharmaceutical: Financiación de colaboración anual de $ 12.5 millones
• Subvención de investigación de NIH: $ 3.6 millones
• Instituto Parker para la inmunoterapia con cáncer: $ 2.1 millones

Comercialización futura de productos

Potencial de ingresos proyectados para candidatos a productos principales:

Producto	Valor de mercado estimado	Año de lanzamiento proyectado
P-bcma-allo1	$ 350 millones	2025
P-MUC1C-ALLO1	$ 275 millones	2026

Pagos de hitos de asociaciones farmacéuticas

Estructura de pago de hito potencial:

• Hito preclínico: $ 5 millones
• Fase I Hito clínico: $ 10 millones
• Hito clínico de la Fase II: $ 25 millones
• Fase III Hito clínico: $ 50 millones
• Hito de aprobación regulatoria: $ 75 millones

Posibles subvenciones de investigación gubernamental y privada

Financiación de la subvención de investigación actual y anticipada:

Fuente de subvenciones	Monto de subvención	Enfoque de investigación
Instituto Nacional del Cáncer	$ 4.3 millones	Terapia de células CAR-T
Cirm California Grant	$ 6.2 millones	Investigación de edición de genes

Poseida Therapeutics, Inc. (PSTX) - Canvas Business Model: Value Propositions

You're looking at the core reasons why Poseida Therapeutics, Inc., now a wholly-owned subsidiary of Roche since January 2025, commanded a deal valued up to $1.5 billion. The value propositions center on overcoming the limitations of existing cell therapies through proprietary, non-viral engineering.

Off-the-Shelf (Allogeneic) Cell Therapy: Poseida Therapeutics is positioned as the spearhead for Roche's entry into the high-growth, estimated $1.4 billion allogeneic T-cell therapy market in 2025. The value here is moving away from patient-specific (autologous) treatments to scalable, ready-to-use, off-the-shelf products, which expands accessibility.

Enhanced Cell Persistence: The platform is built around creating T stem cell memory (TSCM)-rich allogeneic CAR-T cells, which are designed for superior durability and anti-tumor activity.

• TSCM cells are long-lived, multi-potent, and self-replicating.
• Stemness in allogeneic products is reported to be between 60-80%.
• This high percentage of TSCM cells is linked to increased efficacy and longevity of the edited cells in predictive animal models.

Non-Viral Gene Delivery: The company utilizes its proprietary Super piggyBac transposon system, a cut-and-paste platform, instead of viral-based delivery. This approach is considered potentially safer and more efficient.

The piggyBac system has specific advantages in manufacturing and payload capacity:

• It preferentially modifies naïve T cells and stem cell memory T cells (Tscm) during manufacture.
• It can easily carry multiple targeting genes, such as CARs and/or a TCR, and a safety switch gene, all without viral vectors.
• The system works efficiently in both resting and activated/dividing cells.

Dual-Targeting CAR-T: Poseida Therapeutics is developing therapies to combat antigen escape in cancer by targeting multiple antigens simultaneously. The collaboration with Roche includes:

Program Candidate	Target(s)	Indication Focus	Clinical Status (Anticipated Data)
P-CD19CD20-ALLO1	CD19 and CD20	B-cell malignancies	Phase 1 enrolling; initial clinical data anticipated in 2025
P-BCMA-ALLO1	BCMA	Relapsed/refractory Multiple Myeloma (RRMM)	Phase 1b underway; Interim data showed 91% Overall Response Rate (ORR) in an optimized arm

For P-BCMA-ALLO1, the ORR was 82% in pooled P1 and P2 arms, with 100% ORR in patients who had not received prior BCMA-targeting bispecific TCE antibody. The therapy also showed a differentiated safety profile with no dose-limiting toxicities and low rates of Grade 2 or lower Cytokine Release Syndrome (CRS).

Potential for Curative Genetic Medicines: The non-viral platform is also leveraged for in vivo gene therapies for rare diseases, aiming for functional cures.

• P-FVIII-101 for Hemophilia A uses the piggyBac system delivered via lipid nanoparticle (LNP).
• Preclinical data demonstrated sustained Factor VIII expression over a 13-month duration in a mouse study.
• P-KLKB1-101 for Hereditary Angioedema (HAE) showed off-target edits of <0.1% in preclinical studies.

Before the acquisition, Poseida Therapeutics reported generating $130 million in non-dilutive, partnership-related milestones and payments for the first nine months of 2024. This resulted in the company being cash flow positive for the first nine months of 2024.

Poseida Therapeutics, Inc. (PSTX) - Canvas Business Model: Customer Relationships

You're looking at the relationships Poseida Therapeutics, Inc. maintained with its key strategic partners and the broader scientific community, which were critical to its valuation and eventual acquisition.

Integrated Corporate Reporting: Direct, internal reporting to Roche's Pharmaceuticals Division leadership.

Following the acquisition completion in the first quarter of 2025, the relationship shifted from a pure collaboration to full internal integration. Poseida Therapeutics, Inc. employees joined Roche's Pharmaceuticals Division. The initial transaction terms reflected the value placed on this relationship, with shareholders receiving $9.00 per share in cash at closing, plus a non-tradeable Contingent Value Right (CVR) of up to $4.00 per share payable upon specified milestones. As of the third quarter of 2024, the Roche Collaboration Agreement had already secured $45 million in milestone execution payments in the first half of 2024 alone, with additional payments anticipated. The tender offer that preceded the merger saw approximately 66.11% of outstanding shares validly tendered.

The structure of this relationship is now defined by the integration, where performance metrics, such as those tied to the CVR, dictate the final payout structure for former shareholders.

Strategic Collaboration Management: Close, project-based interaction with Astellas' R&D teams.

The Astellas relationship was characterized by specific program nominations and upfront payments. Poseida Therapeutics, Inc. received a $50 million upfront payment during the second quarter of 2024 related to the initiation of the license agreement. By the third quarter of 2024, momentum was strong enough for Astellas to nominate a second solid tumor research program target. This close, project-based interaction is a key driver of non-dilutive funding, with partnership-related milestones and payments totaling $130 million generated year-to-date through the first nine months of 2024.

Here's a quick look at the financial impact of these two key relationships as of late 2024:

Relationship	Key Financial Event/Metric	Amount/Value
Roche Collaboration	Milestone Payment Secured (H1 2024)	$45 million
Astellas Collaboration	Upfront Payment Received (Q2 2024)	$50 million
Total Partnership Payments (9M 2024)	Milestone and Upfront Payments YTD	$130 million
Roche Acquisition Terms	Cash at Closing Per Share	$9.00

Clinical Trial Site Support: High-touch relationships with key oncology centers and investigators.

The quality of engagement with clinical sites is evidenced by the clinical data generated. For the RMAT-designated P-BCMA-ALLO1 program, Poseida Therapeutics, Inc. presented positive interim Phase 1 results showing a 91% overall response rate in heavily pretreated relapsed/refractory multiple myeloma patients. The company is actively managing relationships to deliver the initial clinical data for the P-CD19CD20-ALLO1 program in 2025. The clinical development progress, including the initiation of the P-BCMA-ALLO1 Phase 1b portion, drives the need for robust site support.

The high-touch nature of this support is necessary for complex cell therapy trials, which require specialized handling and monitoring.

• RMAT designation achieved for P-BCMA-ALLO1.
• P-BCMA-ALLO1 showed 91% overall response rate.
• Initial clinical data for P-CD19CD20-ALLO1 expected in 2025.
• Cash runway extended into early 2026 partly due to partnership progress.

Scientific Community Engagement: Presenting data at major conferences (e.g., ASH, AACR) to validate the platform.

Validation of the non-viral platform is communicated through peer-reviewed presentations. Poseida Therapeutics, Inc. presented data from its pipeline, including P-BCMA-ALLO1 analysis, at the American Society of Hematology (ASH) meeting in December 2024. Furthermore, preclinical data for P-KLKB1-101 was presented at the American College of Allergy, Asthma & Immunology (ACAAI) 2024 Scientific Meeting. The company's strategy involves delivering further updates across its allogeneic CAR-T pipeline at future medical meetings, supporting the scientific credibility of its technology to the community.

Finance: draft 13-week cash view by Friday.

Poseida Therapeutics, Inc. (PSTX) - Canvas Business Model: Channels

You're looking at how Poseida Therapeutics, Inc. moves its science-its cell and gene therapies-out into the world, especially now that Roche Holdings, Inc. has taken over as of January 8, 2025. The channels have definitely shifted from a purely independent biotech to an integrated part of a global pharma powerhouse.

Direct R&D Integration into Roche

The most significant channel change is the acquisition itself. Poseida Therapeutics is now a wholly owned subsidiary within Roche's Pharmaceuticals Division. This means the technology and pipeline flow directly into Roche's global strategy, bypassing many traditional external distribution channels for the lead assets. The transaction closed with an initial cash payment of $9.00 per share, with an additional Contingent Value Right (CVR) offering up to $4.00 per share based on milestones, capping the total equity value at up to $1.5 billion. This integration channels development and commercialization capabilities directly under Roche's umbrella.

Licensing and Collaboration Agreements

Before the acquisition, and still relevant for pipeline flow, were the key external partnerships. The collaboration with Astellas Pharma Inc., executed through its subsidiary Xyphos Biosciences, remains a critical channel for specific targets, particularly for solid tumors using the convertibleCAR® programs. This agreement channels Poseida's platform technology to Astellas for development and future commercialization of two candidates.

Here are the financial terms tied to that Astellas channel:

Financial Component	Amount / Terms
Upfront Payment (Astellas)	US $50 million
Total Potential Milestones (Astellas)	Up to US $550 million
Royalties (Astellas)	Up to low double digit tiered percentage of net sales
P-MUC1C-ALLO1 Negotiation Payment (Astellas)	$25 million

The Astellas deal also involved an 8.8% equity stake purchase at $3.00 per share for 8,333,333 common shares.

Clinical Trial Sites

The investigational drug product (IDP) delivery is channeled through active clinical trial sites. You need to know where the assets are being tested. For P-BCMA-ALLO1, targeting relapsed/refractory multiple myeloma (RRMM), the Phase 1/1b study has an estimated enrollment of 275 subjects, with an estimated Primary Completion date set for 2029-03. For the dual CAR-T, P-CD19CD20-ALLO1, the Phase 1 trial is enrolling patients with B-cell malignancies, with initial clinical data anticipated in 2025. The speed of the allogeneic process is a key operational channel benefit; the median time to response for P-BCMA-ALLO1 was only 16 days post initial therapy, with an average manufacturing wait time of just 3.5 weeks.

Key clinical trial activity channels include:

• P-BCMA-ALLO1: Phase 1/1b trial for RRMM.
• P-CD19CD20-ALLO1: Phase 1 trial for B-cell malignancies.
• P-CD70-ALLO1: Preclinical program targeting CD70 for Acute Myeloid Leukemia (AML).

Scientific Publications and Conferences

Disseminating data is a crucial channel for validating the science, especially for an acquired platform. Poseida Therapeutics presented key data at major medical meetings in late 2024, setting the stage for 2025 data releases.

The primary channels for data dissemination include:

• American Society of Hematology (ASH) Annual Meeting (Dec 2024): Presented interim Phase 1 results for P-BCMA-ALLO1 and preclinical data for P-CD19CD20-ALLO1.
• Society for Immunotherapy of Cancer (SITC) Annual Meeting (Nov 2024): Presented preclinical data on CAR+TCR-T cells for solid tumors.
• Investor Conferences (Late 2024): Participated in the Stifel 2024 Healthcare Conference (Nov 18) and the Piper Sandler 36th Annual Healthcare Conference (Dec 4).
• American College of Allergy, Asthma & Immunology (ACAAI) 2024: Supported data presentation for P-KLKB1-101.

Data webcasts from these events were generally available for approximately 90 days following the presentation.

Poseida Therapeutics, Inc. (PSTX) - Canvas Business Model: Customer Segments

You're looking at the customer segments for Poseida Therapeutics, Inc. (PSTX) as of late 2025. Honestly, the primary customer segment has fundamentally shifted because Roche Holdings, Inc. completed the acquisition in the first quarter of 2025. So, while the ultimate end-users are patients, the immediate, high-value customer for the technology platform is now the acquiring parent company itself.

Global Pharmaceutical Parent Company: Roche Holdings AG

Roche Holdings AG is the definitive internal customer for the technology platform, having acquired Poseida Therapeutics for a total equity value of up to approximately $1.5 billion. This acquisition establishes a new core capability for Roche in allogeneic cell therapy, integrating Poseida's proprietary non-viral, T stem cell memory (T-SCM)-rich CAR-T therapies into Roche's Pharmaceuticals Division. The existing collaboration, which focused on hematologic malignancies, is now optimized under Roche's ownership for go-forward development.

The value proposition to Roche is the proprietary technology platform, which includes the full set of non-viral capabilities for designing, developing, and manufacturing these advanced cell therapies. Before the acquisition, this model generated significant non-dilutive funding for Poseida Therapeutics, which is now realized value for the combined entity.

Here's a quick look at the financial validation points that defined this relationship:

Metric	Value/Term	Context
Total Equity Value (Max)	Up to $1.5 billion	Total deal value including cash at closing and CVRs
Cash at Closing Per Share	$9.00 per share	Upfront payment component of the acquisition
Contingent Value Right (CVR) Per Share	Up to $4.00 per share	Potential milestone payments post-closing
Total Milestones/Upfront (9M 2024)	$130 million	Non-dilutive funding generated from partnerships through Q3 2024
Astellas Upfront Payment	$50 million	Initial payment from the solid tumor collaboration

Patients with Relapsed/Refractory Cancers

This segment represents the initial and most clinically advanced target population for the allogeneic CAR-T programs developed under the Roche collaboration. Specifically, patients with relapsed/refractory (RR) Multiple Myeloma and B-cell malignancies are the focus.

For Multiple Myeloma, the lead candidate, P-BCMA-ALLO1, has shown compelling early data. You should note the response rates achieved in a heavily pretreated population:

• Interim Phase 1 results showed a 91% overall response rate (ORR) in heavily pretreated RR multiple myeloma patients.
• The ORR was 100% in BCMA-naïve patients in the optimized lymphodepletion arm.
• The therapy received FDA Orphan Drug Designation for RR Multiple Myeloma.

The B-cell malignancy program, P-CD19CD20-ALLO1, is also a key focus area within the Roche partnership, though specific late-stage clinical data readouts were anticipated in 2025.

Patients with Solid Tumors

The focus on solid tumors is primarily driven by the strategic research collaboration with Astellas' subsidiary, Xyphos Biosciences, which started in May 2024. This collaboration combines Poseida's allogeneic CAR-T platform with Xyphos' ACCEL technology to create novel convertibleCAR programs.

The structure of this partnership dictates the customer engagement for this segment:

• The agreement is set to generate up to $550 million in potential development and sales milestones for Poseida Therapeutics.
• Astellas is responsible for the development and future commercialization of the resulting product candidates.
• The first high-potential program target was formally nominated in Q2 2024, with a second nominated in Q3 2024.

This is a major expansion beyond the initial hematologic focus, leveraging the platform's potential in a notoriously difficult-to-treat area.

Patients with Rare Genetic Diseases

This segment is addressed through the in vivo genetic medicines pipeline, which utilizes the non-viral transposon-based DNA delivery system and Cas-CLOVER™ site-specific gene editing. The lead candidate here targets Hemophilia A.

For Hemophilia A, the investigational therapy P-FVIII-101 showed promising preclinical results:

• Preclinical data in mouse models demonstrated sustained Factor VIII expression over 13 months from a single dose.
• The data supported the potential for repeat dosing and precise tuning of Factor VIII levels.

Also in the genetic medicines portfolio is P-KLKB1-101 for Hereditary Angioedema (HAE), which showed therapeutically relevant reduction of pre-kallikrein levels in non-human primate models.

Autoimmune Disease Patients

This represents a new strategic application area for the allogeneic CAR-T platform, leveraging the technology's potential for broad use beyond oncology. The P-BCMACD19-ALLO1 program, which targets both BCMA and CD19, is explicitly mentioned as having a compelling biologic rationale for autoimmune disease applications, alongside hematological malignancies. The integration into Roche's structure is expected to provide increased resources to develop these programs.

Finance: draft 13-week cash view by Friday.

Poseida Therapeutics, Inc. (PSTX) - Canvas Business Model: Cost Structure

You're looking at the core expenses for Poseida Therapeutics, Inc. (PSTX) as they push their allogeneic CAR-T pipeline forward. For a company at this stage, the cost structure is heavily weighted toward the science and the clinical execution. Honestly, these numbers are what you'd expect for a clinical-stage cell therapy developer.

Research and Development (R&D) Expenses

Research and Development is definitely the largest cost center here. It covers everything from early-stage discovery to running those complex, multi-site clinical trials. We see the quarterly spend fluctuate based on enrollment pace and preclinical work. For example, R&D expenses were $45.5 million for the three months ended June 30, 2024. Just a quarter later, R&D expenses were $41.9 million for the three months ended September 30, 2024. Over the first nine months of 2024, total R&D spend reached $130.4 million.

Clinical Trial Costs

Running multiple Phase 1/1b allogeneic CAR-T trials, like P-BCMA-ALLO1 and P-CD19CD20-ALLO1, drives significant variable costs. These expenses scale with patient enrollment and the complexity of the trial design, such as the use of optimized lymphodepletion regimens. The increase in R&D spend in the first half of 2024 was explicitly linked to the initiation of the third allogeneic clinical trial, P-CD19CD20-ALLO1, and increased overall enrollment in allogeneic programs. You can expect these costs to remain high as data collection for the P-CD19CD20-ALLO1 trial continues, with initial data anticipated in 2025.

In-House Manufacturing Overhead

Maintaining the capacity to produce these advanced therapies is a fixed, high-cost element. This overhead covers operating the current Good Manufacturing Practice (GMP) facility and the associated quality control (QC) infrastructure necessary for clinical supply. Poseida Therapeutics continues to advance its platform process and analytical capabilities for allogeneic cell therapy manufacturing. While specific overhead dollar amounts aren't broken out separately from R&D, the focus on process improvements suggests ongoing investment in this area to support high-volume production potential.

Personnel Costs

The talent required to run this operation-highly specialized scientists, clinical operations staff, and regulatory experts-commands premium salaries and stock-based compensation. Personnel expenses were noted as a driver for higher R&D and General and Administrative (G&A) costs in Q3 2024. As of September 30, 2024, the company employed 350 staff members. Higher personnel expenses in the first half of 2024 were also attributed to a one-time stock-based compensation expense related to a CEO succession plan.

Intellectual Property Maintenance

Protecting the Cas-CLOVER™ technology and the pipeline assets requires substantial, ongoing legal expenditure. These are the costs for filing, prosecuting, and defending patents globally. Increased legal and professional fees were cited as a reason for higher expenses in Q3 2024, specifically due to higher patent-related and other consulting costs. Legal fees also contributed to higher G&A expenses in the first six months of 2024, linked to patent expenses and the Astellas Collaboration Agreement.

Here's a quick look at the recent expense drivers:

• Increased enrollment in allogeneic clinical stage programs.
• Higher legal fees for patent-related matters.
• Investment in preclinical stage programs.
• Higher personnel expenses, including stock-based compensation.

To be fair, a significant portion of these costs is offset by non-dilutive funding. For the first nine months of 2024, Poseida Therapeutics generated $130 million in partnership-related milestones and payments, plus $49 million in R&D expense reimbursements. This revenue structure directly mitigates the cash burn from the cost structure.

Here is a summary of the latest reported expense components:

Cost Component	Period	Amount (USD)	Context
Research & Development (R&D) Expenses	Q2 2024 (3 Months)	$45.5 million	Largest cost center, driven by clinical activity.
Research & Development (R&D) Expenses	Q3 2024 (3 Months)	$41.9 million	Reflects expanded clinical activity.
Research & Development (R&D) Expenses	Nine Months Ended Sep 30, 2024	$130.4 million	Increase driven by allogeneic program enrollment.
General & Administrative (G&A) Expenses	First Six Months 2024 (6 Months)	$22.0 million	Included higher legal fees for patent expenses.
Personnel Expenses	Q3 2024	Higher	Contributed to elevated R&D and G&A.
Legal/Professional Fees	Q3 2024	Increased	Due to patent-related and consulting costs.

Finance: draft 13-week cash view by Friday.

Poseida Therapeutics, Inc. (PSTX) - Canvas Business Model: Revenue Streams

You're looking at the revenue structure of Poseida Therapeutics, Inc. after its acquisition by Roche, which finalized in the first quarter of 2025. The revenue streams shift from a pure-play collaboration model to an internally funded structure with contingent value rights based on past and future pipeline success.

Internal Funding from Roche: Primary source of capital for all R&D and operations since the Q1 2025 acquisition.

Following the tender offer acceptance on January 7, 2025, and the subsequent merger on January 8, 2025, Poseida Therapeutics became a wholly owned subsidiary of Roche. This means operational funding for Research and Development and general operations is now an internal allocation from Roche's Pharmaceuticals Division, replacing the prior external milestone and reimbursement structure as the primary source of capital.

Contingent Value Right (CVR) Payments: Potential future payments of up to $4.00 per share from Roche based on pipeline milestones.

The acquisition included a non-tradeable Contingent Value Right (CVR) entitling former stockholders to contingent cash payments upon the achievement of specified milestones.

• Maximum CVR Payout: Up to an aggregate of $4.00 per share in cash.
• Total Potential Equity Value: Up to approximately $1.5 billion.
• Example Shareholder Expectation: Malin Corporation plc expected to receive up to a further $47.3 million through CVRs.

Collaboration Milestone Payments: Non-dilutive payments from partners like Astellas upon achieving clinical or regulatory goals.

Prior to the acquisition, milestone payments were a critical, non-dilutive revenue component. As of September 30, 2024, the company had generated $130 million in partnership-related milestones and payments year-to-date.

The key components of this pre-acquisition milestone revenue included:

• Roche Collaboration Execution: $65 million generated in the first nine months of 2024.
• Astellas Collaboration: $50 million upfront payment.
• Total Milestone/Upfront Payments YTD Q3 2024: $130 million.

Reimbursed R&D Expenses: Revenue earned from partners like Roche for conducting research on their behalf (e.g., $49 million in the first nine months of 2024).

Research and Development expense reimbursements from Roche for conducting the P-BCMA-ALLO1 expanded Phase 1 trial were a direct revenue offset. For the first nine months of 2024, Poseida Therapeutics earned $49 million through these R&D expense reimbursements.

Upfront and License Fees: Initial payments from new or expanded strategic collaborations.

The upfront payments from new collaborations were significant drivers of the cash runway extension leading up to the Roche acquisition. The Astellas research collaboration included a specific initial payment.

Revenue Component Type	Partner	Reported Amount (2024 YTD Q3)
Upfront Payment	Astellas	$50 million
Milestone Payments	Roche	$65 million
R&D Expense Reimbursement	Roche	$49 million (9 months ended Sep 30, 2024)
Total Partnership Revenue (Milestones/Upfront)	Roche & Astellas	$130 million

The company's total revenues for the nine months ended September 30, 2024, reached $125.9 million.