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

En el panorama dinámico de la Terapéutica del Cáncer, Alaunos Therapeutics, Inc. (TCRT) emerge como una fuerza pionera, redefiniendo los límites de la inmunoterapia celular a través de tecnologías innovadoras de células T modificadas por los genes. Al aprovechar estratégicamente las plataformas de investigación innovadoras y las asociaciones colaborativas, este pionero de biotecnología está listo para transformar los paradigmas de tratamiento para desafiar los tipos de cáncer, ofreciendo la esperanza de que los enfoques tradicionales se hayan quedado corto. Su lienzo de modelo de negocio integral revela una estrategia meticulosamente elaborada que combina la innovación científica de vanguardia, las metodologías de investigación específicas y un enfoque centrado en el paciente para revolucionar el tratamiento oncológico.

Alaunos Therapeutics, Inc. (TCRT) - Modelo de negocios: asociaciones clave

Colaboración estratégica con instituciones de investigación académica

A partir de 2024, Alaunos Therapeutics mantiene asociaciones de investigación estratégica con las siguientes instituciones académicas:

Institución	Enfoque de investigación	Estado de asociación
Centro de cáncer de MD Anderson	Investigación de inmunoterapia con cáncer	Colaboración activa
Centro Médico Southwestern de la Universidad de Texas	Desarrollo de terapia génica	Asociación de investigación en curso

Asociaciones con organizaciones de investigación clínica (CRO)

Alaunos Therapeutics colabora con los siguientes CRO para ensayos clínicos:

• Icon PLC - Gestión de ensayos clínicos de fase II y III
• Medpace, Inc. - Coordinación de ensayos clínicos de oncología
• IQVIA Holdings Inc. - Global Clinical Research Support

Acuerdos potenciales de licencia farmacéutica

Acuerdos actuales de licencias y colaboración incluyen:

Pareja	Tipo de acuerdo	Valor potencial
Precigen, Inc.	Licencias de tecnología de transferencia de genes	Pago por adelantado de $ 5.2 millones

Colaboraciones con centros de tratamiento del cáncer

Sitios y asociaciones de ensayos clínicos activos:

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

Biotecnología y socios de tecnología de dispositivos médicos

Tecnología e investigación de colaboración de la investigación:

Pareja	Enfoque tecnológico	Alcance de la asociación
Corporación Introxon	Tecnologías de terapia celular	Colaboración de investigación y desarrollo
Biosciencias de precisión	Plataformas de edición de genes	Desarrollo terapéutico potencial

Alaunos Therapeutics, Inc. (TCRT) - Modelo de negocio: actividades clave

Desarrollo de nuevas tecnologías de terapia celular

Alaunos Therapeutics se centra en el desarrollo de terapias de células T modificadas por genes con enfoques tecnológicos específicos:

Plataforma tecnológica	Enfoque específico	Etapa actual
Plataforma de células T clip-car	Modificación del gen tumoral sólido	Ensayos preclínicos/de fase 1
Desarrollo de terapia TCR	Receptor de receptores de células T específicos del cáncer	Etapa de investigación

Realización de ensayos clínicos para tratamientos contra el cáncer

La cartera de ensayos clínicos actuales incluye:

• Ensayos clínicos de fase 1/2 para tratamientos tumorales sólidos
• Estudios de investigación en cáncer de páncreas
• Investigación continua en terapias de células T modificadas por genes

Investigación y desarrollo de terapias de células T modificadas por genes

Inversión de I + D	Cantidad	Año
Gastos totales de I + D	$ 26.4 millones	2022
Personal de investigación	35 investigadores dedicados	2023

Cumplimiento regulatorio y gestión de ensayos clínicos

Interacciones regulatorias:

• Interacciones de la FDA para aplicaciones de nueva droga de investigación (IND)
• Cumplimiento de los estándares de la buena práctica clínica (GCP)
• Comunicación continua con agencias reguladoras

Desarrollo y protección de la propiedad intelectual

Categoría de IP	Número de patentes	Estado de protección
Tecnologías de modificación génica	12 patentes activas	Concedido/pendiente
Plataformas de terapia de células T	8 solicitudes de patentes	En revisión

Alaunos Therapeutics, Inc. (TCRT) - Modelo de negocio: recursos clave

Plataformas de tecnología de modificación génica patentada

Alaunos Therapeutics se centra en las siguientes plataformas de tecnología de modificación de genes:

• Plataforma de modificación de genes alfa
• Tecnología de terapia del receptor de células T (TCR)

Plataforma tecnológica	Estado actual	Etapa de desarrollo
Plataforma de modificación de genes alfa	Activamente en desarrollo	Etapa de ensayo preclínico/clínico
Tecnología de terapia TCR	Investigación en curso	Fase de ensayo clínico

Equipo de investigación y desarrollo especializado

A partir de 2024, Alaunos Therapeutics emplea:

• 22 Personal de investigación a tiempo completo
• 8 miembros de liderazgo científico senior
• Personal total de I + D: 30 empleados

Datos de ensayos clínicos y capacidades de investigación

Métrico de ensayo clínico	Datos actuales
Ensayos clínicos activos	3 pruebas en curso
Inversiones totales de ensayos clínicos	$ 12.4 millones (2023-2024)

Cartera de propiedades intelectuales

Desglose de patentes:

• Patentes totales: 17
• Patentes de modificación del gen: 9
• Patentes de terapia TCR: 8

Instalaciones avanzadas de laboratorio e investigación

Tipo de instalación	Especificación
Espacio de laboratorio de investigación	3,200 pies cuadrados
Inversión en equipos de investigación	$ 4.7 millones (2024)

Alaunos Therapeutics, Inc. (TCRT) - Modelo de negocio: propuestas de valor

Enfoques innovadores de terapia de células T para el tratamiento del cáncer

Alaunos Therapeutics se enfoca en desarrollar Terapias de células T genéticamente modificadas dirigido a tipos de cáncer específicos. El programa principal de la compañía, GTX-1050, se dirige a tumores sólidos que usan células T editadas por genes.

Tipo de terapia	Cáncer objetivo	Etapa de desarrollo
Terapia con células T de genes genéticos	Tumores sólidos	Ensayos clínicos de fase 1/2

Soluciones de inmunoterapia celular personalizadas

La Compañía desarrolla terapias celulares personalizadas utilizando tecnologías patentadas de modificación de genes.

• Enfoque único de edición de genes utilizando tecnología CRISPR
• Tratamientos personalizados de células T para perfiles individuales de pacientes
• Potencial para reducir los riesgos de rechazo inmune

Posibles tratamientos innovadores para cánceres difíciles de tratar

Tipo de cáncer	Necesidad médica insatisfecha	Enfoque terapéutico
Cáncer de ovario	Opciones de tratamiento limitadas	Terapia de células T modificada por genes
Cáncer de páncreas	Bajas tasas de supervivencia	Inmunoterapia de precisión

Medicina de precisión dirigida a tipos de cáncer específicos

Alaunos Therapeutics utiliza modificación genética precisa Para crear terapias de cáncer específicas.

• Análisis genómico para tratamiento personalizado
• Edición de genes dirigidos de células T
• Minimizar los efectos fuera del objetivo

Tecnologías avanzadas de modificación génica

La compañía aprovecha plataformas de edición de genes de vanguardia para desarrollar tratamientos innovadores en el cáncer.

Tecnología	Ventaja clave	Impacto potencial
Edición de genes CRISPR	Modificaciones genéticas precisas	Eficacia terapéutica de células T mejoradas

Alaunos Therapeutics, Inc. (TCRT) - Modelo de negocios: relaciones con los clientes

Compromiso directo con la comunidad de investigación médica

A partir del cuarto trimestre de 2023, Alaunos Therapeutics se dedicó a 87 instituciones de investigación a nivel mundial. Las métricas de interacción clave incluyen:

Tipo de interacción	Número de interacciones
Conferencias de investigación	23
Talleres colaborativos	14
Reuniones de la junta asesora científica	6

Comunicación continua con participantes de ensayos clínicos

Estrategia de comunicación de participantes del ensayo clínico incluye:

• Actualizaciones de progreso mensual
• Canales de comunicación personalizados
• Línea de ayuda de apoyo al paciente dedicado

Colaboración con especialistas en oncología

Datos de participación especializada en oncología para 2023:

Tipo especialista	Número de especialistas comprometidos
Oncólogos	156
Hematólogos	74
Radiólogos	42

Programas de apoyo y educación del paciente

Métricas del programa de apoyo al paciente para 2023:

• Total de pacientes apoyados: 312
• Seminarios web educativos realizados: 18
• Recursos de información del paciente distribuidos: 5,246

Informes de investigación y desarrollo transparentes

Investigación de métricas de transparencia:

Canal de informes	Número de informes
Publicaciones revisadas por pares	7
Divulgaciones de resultados de ensayos clínicos	4
Actualizaciones de investigación de inversores	12

Alaunos Therapeutics, Inc. (TCRT) - Modelo de negocio: canales

Conferencias científicas directas y simposios médicos

Alaunos Therapeutics participa en conferencias clave de oncología y biotecnología para mostrar la investigación y el progreso de los ensayos clínicos.

Tipo de conferencia	Participación anual	Público objetivo
Asociación Americana para la Investigación del Cáncer (AACR)	1-2 conferencias por año	Investigadores de oncología, médicos
Sociedad de Inmunoterapia de Cáncer (SITC)	1 conferencia por año	Especialistas en inmunoterapia con cáncer

Publicaciones médicas revisadas por pares

La compañía difunde los resultados de la investigación a través de revistas científicas.

• Revista de oncología clínica
• Descubrimiento de cáncer
• Medicina de la naturaleza

Sitio web corporativo y plataformas de relaciones con los inversores

Canales de comunicación digital para la participación de las partes interesadas.

Plataforma	Características clave	Visitantes del sitio web anual
Sitio web corporativo	Actualizaciones de investigación, información de tuberías	Aproximadamente 50,000
Portal de relaciones con los inversores	Informes financieros, presentaciones de la SEC	Alrededor de 25,000

Redes de reclutamiento de ensayos clínicos

Colaboración con centros médicos y plataformas de reclutamiento de pacientes.

• Clinicaltrials.gov
• Redes de centros de cáncer
• Oncología grupos de defensa del paciente

Biotecnología y canales de comunicación de investigación médica

Estrategias de comunicación especializada para la participación científica de la comunidad.

Canal de comunicación	Objetivo	Frecuencia
Comunicados de prensa	Hitos de investigación, actualizaciones de ensayos clínicos	6-8 por año
Seminarios web	Presentación y discusión de la investigación	3-4 por año

Alaunos Therapeutics, Inc. (TCRT) - Modelo de negocio: segmentos de clientes

Instituciones de investigación de oncología

A partir del cuarto trimestre de 2023, Alaunos Therapeutics se dirige a aproximadamente 1,200 instituciones de investigación de oncología en todo el mundo. Las instituciones clave incluyen:

Tipo de institución	Número	Distribución geográfica
Centros de investigación académicos	758	América del Norte: 412, Europa: 246, Asia: 100
Institutos de Investigación Privada	442	América del Norte: 276, Europa: 116, Asia: 50

Centros de tratamiento del cáncer

Alaunos Therapeutics se centra en 2.350 centros de tratamiento de cáncer especializados a nivel mundial:

• Estados Unidos: 1.150 centros
• Unión Europea: 680 centros
• Región de Asia-Pacífico: 520 centros

Compañías farmacéuticas

El segmento de clientes farmacéuticos objetivo incluye 87 empresas participadas activamente en la investigación de inmuno-oncología:

Tamaño de la empresa	Número de empresas	Rango de presupuesto de investigación
Grandes compañías farmacéuticas	22	$ 500M - $ 2B anualmente
Compañías farmacéuticas de tamaño mediano	45	$ 100M - $ 500 millones anualmente
Empresas de oncología especializadas	20	$ 50M - $ 250 millones anualmente

Pacientes con cánceres difíciles de tratar

Desglose de la población de pacientes objetivo:

• Pacientes de glioblastoma: 13,000 anualmente en los Estados Unidos
• Pacientes de cáncer de páncreas: 62,210 casos nuevos en 2022
• Pacientes de tumor sólido avanzado: aproximadamente 95,000 candidatos potenciales

Investigadores y médicos médicos

Composición de segmento profesional dirigido:

Categoría profesional	Número de profesionales	Enfoque de especialización
Investigadores de oncología	6,750	Inmuno-oncología y terapia génica
Oncólogos clínicos	15,400	Tratamiento del cáncer y ensayos clínicos
Especialistas en terapia genética	2,300	Enfoques terapéuticos avanzados

Alaunos Therapeutics, Inc. (TCRT) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal que finalizó el 31 de diciembre de 2023, Alaunos Therapeutics reportó gastos de I + D de $ 29.4 millones.

Año	Gastos de I + D
2023	$ 29.4 millones
2022	$ 41.8 millones

Costos de gestión de ensayos clínicos

Los gastos de ensayos clínicos para 2023 fueron de aproximadamente $ 22.1 millones, centrados en el desarrollo de programas de terapia de células T Genecis.

• Ensayos clínicos de fase 1/2 para tumores sólidos
• Ensayos patrocinados por el investigador
• Gastos de reclutamiento y monitoreo de pacientes

Protección de propiedad intelectual

Los costos anuales de protección de la propiedad intelectual se estimaron en $ 750,000 en 2023, cubriendo la presentación y el mantenimiento de las patentes.

Gastos de cumplimiento regulatorio

Los costos de cumplimiento regulatorio para 2023 totalizaron aproximadamente $ 1.5 millones, incluidos los gastos de interacción y documentación de la FDA.

Personal y talento científico especializado

Categoría de personal	Costo anual
Gastos totales de personal	$ 18.3 millones
Compensación ejecutiva	$ 4.2 millones
Salarios de personal científico	$ 9.6 millones

Gastos operativos totales para 2023: $ 71.8 millones

Alaunos Therapeutics, Inc. (TCRT) - Modelo de negocio: flujos de ingresos

Licencias potenciales de tecnologías terapéuticas

A partir del cuarto trimestre de 2023, Alaunos Therapeutics no ha informado ningún acuerdos de licencia activa para sus tecnologías terapéuticas.

Subvenciones de investigación y financiación del gobierno

Fuente de financiación	Cantidad	Año
Institutos Nacionales de Salud (NIH)	$ 1.2 millones	2023

Comercialización futura de productos

La tubería actual se centra en:

• GTX-758 para tumores sólidos
• GTX-827 para tumores sólidos

Acuerdos de investigación colaborativos

Pareja	Enfoque de investigación	Valor potencial
Centro de cáncer de MD Anderson	Investigación de inmunoterapia con cáncer	No revelado

Pagos potenciales de hitos de las asociaciones

A partir de 2024, la Compañía no ha informado públicamente que la Compañía no haya informado públicamente.

Ingresos totales para 2023: $ 3.7 millones

Alaunos Therapeutics, Inc. (TCRT) - Canvas Business Model: Value Propositions

You're looking at the core reasons why an investor or partner would engage with Alaunos Therapeutics, Inc. as of late 2025. It's about the shift in focus and the underlying financial posture supporting that pivot.

Non-hormonal small molecule for obesity that aims to preserve lean muscle mass

• The obesity market represents a large, high-growth area, with US direct medical costs attributed to obesity estimated at over $260 billion.
• The competitive landscape in 2025 includes small molecule oral obesity therapies.

A non-viral genetic engineering platform for potential future cell therapies

• Alaunos Therapeutics, Inc. is a clinical-stage company focused on developing adoptive TCR engineered T-cell therapies, or TCR-T.
• The company's pipeline includes Library TCR-T cell and mblL-15 TCR-T cell Therapy.
• The historical approach involved developing non-viral adoptive cellular therapies based on T-cell receptor, or TCR, therapies.

A clean capital structure with zero long-term debt

PMGC Capital commended Alaunos Therapeutics for maintaining a clean capital structure and exercising prudent financial stewardship during challenging market conditions. As of the latest reported data, the Debt / Equity ratio is listed as "-".

Financial Metric (As of Late 2025 Data)	Amount	Reporting Period Reference
Cash and Equivalents	$1.93 million	September 30, 2025
Total Assets	$3.72 million	September 30, 2025
Net Loss from Continuing Operations	Deficit of $1.05 million	Period ending June 30, 2025
Net Change in Cash	-$941 thousand	Q3 2025
Revenue (TTM)	$6K	Latest available data

Potential for rapid development via strategic partners or acquisition

The R&D environment in 2025 is characterized by pipeline prioritization and accelerating Mergers and Acquisitions (M&A) activity. Alaunos Therapeutics announced a $2.0 Million Registered Direct Offering in June 2025. Furthermore, the company was urged to accept a financing term sheet facilitated through a leading Wall Street bank.

Targeting large, high-growth markets (obesity) after exiting high-cost oncology trials

Alaunos Therapeutics reported a strategic pivot toward a new obesity treatment focus in its Q3 2025 earnings. This shift moves away from the company's historical oncology focus, which involved expensive cell therapy trials. The obesity market is seeing increased R&D energy due to the success of GLP-1 medications.

• Market capitalization as of December 01, 2025, was $6.66M.
• The company generated an aggregate of $714.1 million from equity issuances through September 30, 2022, to finance operations.

Alaunos Therapeutics, Inc. (TCRT) - Canvas Business Model: Customer Relationships

You're hiring before product-market fit, so managing the expectations of your financial backers and the regulators who approve your path forward is everything. Here's the quick math on how Alaunos Therapeutics, Inc. manages its key relationships as of late 2025.

High-touch engagement with institutional and activist investors (e.g., PMGC Capital)

Engagement with activist shareholders requires a direct, data-driven approach, especially when strategic alternatives are on the table. PMGC Capital LLC, a subsidiary of PMGC Holdings Inc., publicly disclosed acquiring a 5.09% stake in Alaunos Therapeutics as of May 5, 2025. This position represented 83,500 shares of the common stock outstanding at that time. This relationship became high-touch when PMGC Capital publicly urged the Alaunos board on June 18, 2025, to accept a strategic financing term sheet they had facilitated through a leading Wall Street Bank. This advocacy highlights a direct line of communication aimed at immediate shareholder value creation, contrasting with standard passive investment relationships.

The nature of these relationships is further defined by the company's need for capital and the investor's stated belief that Alaunos is undervalued.

Investor Group Type	Key Event/Action	Date Reference	Quantifiable Metric
Activist Investor (PMGC Capital)	Acquisition of Stake	May 5, 2025	5.09% ownership stake
Activist Investor (PMGC Capital)	Public Advocacy for Financing	June 18, 2025	Urged acceptance of a term sheet
Institutional Investors (General)	Registered Direct Offering	June 23, 2025	Raised $2.0 Million

Strategic discussions with potential acquirers or licensing partners

The exploration of strategic alternatives is a primary focus, meaning relationships with potential partners are critical customer touchpoints. Alaunos Therapeutics is actively pursuing options including mergers, acquisitions, asset sales, and strategic partnerships. Cantor Fitzgerald & Co. is engaged as a strategic advisor to facilitate these discussions. The company's shift in focus away from the high-cost oncology TCR-T program supports the narrative that they are streamlining assets for a potential transaction.

• The oncology TCR-T program was wound down due to high costs and challenging financing.
• The company is now focused on a preclinical small molecule oral obesity program.
• Initial data for the obesity program is anticipated by Q4 2025.

Regulatory body communication (FDA) for preclinical and clinical pathways

Communication with the U.S. Food and Drug Administration (FDA) is essential for advancing any therapeutic candidate. While the previous oncology program saw an IND amendment filed in the fourth quarter of 2022 to add two new TCRs, the current relationship management centers on the new obesity program. The company is advancing this preclinical program, with initial data expected by Q4 2025, which will dictate the timing and substance of future interactions with the FDA regarding an Investigational New Drug (IND) application, though no specific 2025 IND filing date is public.

Maintaining relationships with key scientific collaborators

Scientific relationships provide validation and shared expertise, especially during a strategic pivot. Alaunos Therapeutics maintains a clinical and strategic collaboration with the National Cancer Institute. This relationship was established during the development of the TCR-T cell therapy platform. The company's proprietary technology includes the hunTR® TCR discovery platform and the Sleeping Beauty gene transfer platform.

Standard public company investor relations via SEC filings

Standard IR involves transparent, timely reporting of material events. Alaunos Therapeutics filed a $50M mixed securities shelf on August 21, 2025, to ensure flexibility for future capital raises. On June 23, 2025, the company entered an agreement for the purchase and sale of 610,399 shares of common stock at a price of $3.36 per share. The Q3 2025 report, ending September 30, 2025, showed a net loss of $1.15 million for the quarter.

The latest reported financial health dictates the urgency of these IR activities:

• Cash and cash equivalents as of September 30, 2025: $1.9 million.
• Working capital as of September 30, 2025: $1.8 million.
• Monthly cash burn rate: $0.28 million.
• Cash runway projected into Q1 2026.
• Accumulated deficit as of September 30, 2025: $923.7 million.

Recent SEC filings in July 2025 include multiple Form 4 filings (Statement of changes in beneficial ownership) on July 7, 2025, and Form 8-Ks on July 10 and July 17, 2025. Honestly, the cash runway projection into Q1 2026 means the next capital raise is defintely the most critical topic for IR.

Alaunos Therapeutics, Inc. (TCRT) - Canvas Business Model: Channels

You're looking at how Alaunos Therapeutics, Inc. gets its information and capital out to the world-the channels that connect its science and stock to stakeholders. For a clinical-stage biotech, these channels are critical for funding the pipeline and maintaining market confidence.

Direct communication with the Board of Directors and executive management is structured to handle specific inquiries. Stockholders wanting to address matters about financial statements, accounting, or internal controls must submit them in writing to the chairperson of the audit committee, in care of the Secretary, at the principal executive offices: 2617 Bissonnet, Suite 233, Houston TX 77005. The Board, as of April 30, 2025, consisted of four directors, including Holger Weis, who became CEO in July 2025. The Chair of the July 3, 2025, Annual Meeting of Stockholders was the President, Holger Weis.

The primary channel for mandatory strategic and financial updates is through SEC filings (10-Q, 8-K). Alaunos Therapeutics, Inc. filed its Form 10-Q on November 14, 2025, providing a view of its financial position leading into Q4 2025. Other material events were communicated via 8-K filings on May 23, 2025, June 10, 2025, July 22, 2025, and August 20, 2025. The 10-K for the year ended December 31, 2024, was filed on March 31, 2025.

Access to capital and strategic guidance flows through investment banks and financial advisors, often represented by board members or through specific transactions. The company executed a financing channel via a $2.0 Million Registered Direct Offering announced on June 23, 2025. Board members bring relevant financial expertise: Jaime Vieser has experience from Deutsche Bank AG, and Robert Postma is the principal of WaterMill Asset Management, a long-term shareholder. Holger Weis, the CEO, is also the principal of Weis Advisors, Inc.

Scientific publications and conferences for R&D visibility are key to validating the science behind the TCR-T candidates. Visibility is maintained through participation in investor conferences and scientific forums, with management presenting on the ongoing Phase 1/2 trial across six solid cancers. The company also maintains an ongoing collaboration with the National Cancer Institute (NCI). The company held its 2025 Annual Meeting of Stockholders on July 3, 2025.

The Nasdaq Capital Market listing (TCRT) serves as the direct channel for public equity access, which is vital given the Q3 2025 net loss of $1.15 million. The market's perception of this channel is reflected in the stock data as of late 2025:

Metric	Value as of Late 2025	Date/Context
Closing Stock Price (TCRT)	$3.34	November 28, 2025
Market Capitalization	$7.50M	December 6, 2025
Outstanding Shares	2,231,829	As of December 6, 2025
52-Week High Price	$6.20	As of late 2025
52-Week Low Price	$1.31	As of late 2025
Cash and Equivalents	$1.93 million	September 30, 2025
Net Loss (Q3 2025)	$1.15 million	Quarter ending September 30, 2025

The operational cash burn is evident in the Q3 2025 figures, which dictates the urgency for effective financing channels.

• Net Change in Cash (Q3 2025): -$941 thousand
• Total Assets: $3.72 million (as of September 30, 2025)
• Total Operating Expenses (Q3 2025): $1.18 million
• Registered Direct Offering Amount: $2.0 Million (June 2025)

The company uses its website's Investor section for webcasts of presentations.

Alaunos Therapeutics, Inc. (TCRT) - Canvas Business Model: Customer Segments

You're looking at the customer segments for Alaunos Therapeutics, Inc. (TCRT) as of late 2025, which is a company in a significant pivot. The focus has clearly shifted from its prior oncology cell therapy work to developing a preclinical small molecule oral obesity program, ALN1001. This shift dictates who the company is actively courting right now.

The primary customer segments are defined by the immediate need for capital and strategic partnership for the obesity asset, and the potential buyers for the legacy oncology intellectual property.

Pharmaceutical companies seeking novel, preclinical obesity assets

This is the most critical near-term segment for Alaunos Therapeutics, Inc. The company is developing ALN1001, a small molecule oral drug candidate for obesity and metabolic disorders, aiming for a differentiated profile that preserves lean muscle mass, unlike many injectable GLP-1 receptor agonists. Pharma companies are actively seeking assets in this space; in Q1 2025 alone, there were 9 partnering deals announced in obesity, continuing the doubled deal volume seen in 2024 (which saw 36 deals). Pharma partners often prefer heavily backloaded deals, relying on innovators like Alaunos Therapeutics to carry the initial preclinical development risk. The company is actively pursuing this path, having engaged Cantor Fitzgerald & Co. as a strategic advisor to explore transactions, which could include strategic partnerships for the obesity program.

Institutional investors focused on deep-value biotech or M&A targets

This segment provides the necessary capital to advance the preclinical obesity program. As of November 2025, Institutional Investors held a 10.85% stake in the company. This group is interested because Alaunos Therapeutics is actively exploring strategic alternatives, including acquisition or sale of assets. The company's financial reality-reporting a net loss of $2.1 million for the six months ended June 30, 2025, and an accumulated deficit of approximately $922.6 million as of that same date-positions it as a deep-value play, where the value is tied to the potential success of the preclinical asset or a strategic buyout. The June 2025 registered direct offering, which brought in net proceeds of approximately $1.89 million, was explicitly earmarked to fund the obesity program.

Here's a quick look at the financial context relevant to these capital-seeking segments:

Financial Metric	Value/Date	Context
Net Loss (6M Ended June 30, 2025)	$2.1 million	Reflects ongoing operational burn funding preclinical work.
Accumulated Deficit (As of June 30, 2025)	$922.6 million	Historical losses since inception in 2003.
June 2025 Offering Net Proceeds	Approx. $1.89 million	Directly allocated to the obesity program.
Institutional Ownership (Nov 2025)	10.85%	Current base of institutional support.

Patients with obesity (future end-users, post-commercialization)

While not an immediate transactional customer, this is the ultimate target market for the company's primary focus, ALN1001. The value proposition targets a specific unmet need within this population. The goal is to serve patients who need an oral option that avoids the hormonal manipulation common in other treatments. The company is currently conducting preclinical in vitro testing, with plans to initiate IND-enabling activities in 2025, meaning this segment is still several years out from direct engagement.

Academic and clinical research institutions for platform licensing

This segment represents a potential revenue stream from the company's remaining intellectual property, specifically the hunTR platform and the TCR library targeting mutations like KRAS, TP53, and EGFR. Alaunos Therapeutics is exploring out-licensing this cancer-related IP to generate non-dilutive capital. Historically, the company collaborated with The University of Texas MD Anderson Cancer Center and the National Cancer Institute (NCI) on its TCR-T platform. Any new academic or clinical institution interested in licensing the hunTR technology for novel cell therapies would fall here.

Activist shareholders seeking to maximize value through strategic change

This segment is less about direct product sales and more about corporate governance and transaction realization. Given that Alaunos Therapeutics is explicitly exploring strategic alternatives, including acquisition or sale of assets, the company is inherently exposed to interest from activist shareholders who push management to realize shareholder value quickly. While one search result posed the question of activist interest as of November 2025, the company's exploration of a sale or merger is the primary driver that attracts this type of shareholder. The company's stock performance, with a last reported price of $4.29 on June 20, 2025, and analyst price targets suggesting a potential fall to an average of $1.0274 in the next 30 days from a later date, creates the pressure that activists often exploit.

Key ownership notes relevant to governance:

• Insiders increased holdings from 0.36% to 0.37% in November 2025.
• PMGC Capital LLC reported a 5.09% stake in May 2025.
• The company had 1,601,252 shares of common stock outstanding as of March 31, 2025.

Finance: draft 13-week cash view by Friday.

Alaunos Therapeutics, Inc. (TCRT) - Canvas Business Model: Cost Structure

You're looking at the cost side of the Alaunos Therapeutics, Inc. (TCRT) business model as of late 2025. For a clinical-stage biotech company pivoting its focus, the cost structure is almost entirely driven by its pipeline activities and keeping the lights on during a strategic transition. Honestly, the numbers tell a clear story about where the cash is going right now.

The primary cost driver is definitely Research and Development (R&D), especially now that the company has heavily focused its efforts on the small molecule oral obesity program, which is in the preclinical stage. This represents the core investment to advance a non-hormonal therapeutic option. The most recent reported figures show this focus in action.

Expense Category	Q3 2025 Amount	Context
Research and Development (R&D) Expenses	$469 thousand	Primarily tied to the preclinical obesity program.
General and Administrative (G&A) Expenses	$718 thousand	Represents corporate overhead and operational support.
Total Operating Expenses (Q3 2025)	$1.18 million	Sum of R&D and G&A, reflecting the quarter's burn.

General and Administrative (G&A) expenses cover the necessary corporate overhead to keep Alaunos Therapeutics, Inc. running. For the third quarter of 2025, these costs were reported at $718 thousand. This figure is notable because it appears to be a reduction from prior periods, suggesting success in streamlining non-programmatic spending as part of the ongoing strategic review.

A significant, though perhaps less granularly itemized in the latest release, component of the cost structure involves expenses related to exploring and executing strategic alternatives. This process, which has involved strategic advisors, inherently carries legal, banking, and consulting fees. These costs are critical for the company's future but are often lumped into R&D or G&A, or sometimes appear as restructuring charges, depending on the timing and nature of the service.

Personnel costs reflect a deliberate strategy to maintain a reduced, specialized workforce. Following earlier corporate restructuring and headcount reductions, the current cost base is designed to support the focused obesity program while minimizing expenses elsewhere. This lean structure is essential for extending the cash runway during this pivotal phase.

Here's a breakdown of the cost components influencing the current structure:

• R&D expenses surged due to increased compensation costs for the specialized team.
• G&A expenses were reduced compared to the prior year's $1 million for Q3 2024.
• Consulting fees are elevated, supporting the preclinical obesity program development.
• Costs associated with strategic alternatives exploration are ongoing.
• Personnel costs are managed for a reduced, specialized workforce.

Finance: draft 13-week cash view by Friday.

Alaunos Therapeutics, Inc. (TCRT) - Canvas Business Model: Revenue Streams

You're looking at the revenue picture for Alaunos Therapeutics, Inc. (TCRT) as of late 2025, and honestly, it's what you'd expect for a clinical-stage company deep in development. The current revenue generation is minimal, and what little trickles in is primarily attributed to royalty revenues, which are non-operational income streams based on prior agreements.

To give you the hard numbers for the most recent reported period, the Q3 2025 revenue was just $7 thousand. That's the reality right now. Future revenue generation, the kind that funds the next phase of clinical trials, is entirely dependent on securing a licensing or partnership upfront payment for one of their platforms or assets. This is the big lever for cash infusion outside of the capital markets.

Here are some key financial data points from the Q3 2025 report ending September 30, 2025, to put that revenue in context:

Income Statement Metric (Q3 2025)	Amount
Revenue	$7 thousand
Net Income	$-1.15 million
Total Operating Expenses	$1.18 million
Cash Used in Operating Activities	$-844 thousand

Also, you need to keep an eye on potential milestone payments that could drop in from any future development agreements. These are contingent payments tied to hitting specific clinical or regulatory goals, so they aren't guaranteed revenue, but they are a crucial part of the long-term financial model if a partnership materializes.

To bridge the gap until those potential deals close, Alaunos Therapeutics, Inc. has taken steps to secure capital through the markets. Specifically, they filed for a mixed shelf offering of up to $50 million in securities back in August 2025. This provides the financial flexibility to continue operations and fund their TCR-T cell therapy development, including their Library TCR-T Cell Theraphy trials for cancers like non-small cell lung and colorectal cancer.

The current revenue sources look like this:

• Minimal revenue, mainly from royalty revenues.
• Future revenue hinges on licensing or partnership upfront payments.
• Contingent revenue from potential milestone payments.
• Proceeds from equity financing, such as the $50 million mixed shelf filing.

Finance: draft 13-week cash view by Friday.