Vaccinex, Inc. (VCNX): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama dinámico de la biotecnología, Vaccinex, Inc. (VCNX) emerge como una fuerza pionera, navegando estratégicamente el complejo terreno de la investigación y el desarrollo inmunoterapéutico. Con un enfoque centrado en el láser para transformar el tratamiento del cáncer y las soluciones de enfermedades neurodegenerativas, esta innovadora compañía de biotecnología aprovecha su sofisticada plataforma de descubrimiento de anticuerpos y ecosistema colaborativo para impulsar los límites de la ciencia médica. Al entrelazar la investigación de vanguardia, las asociaciones estratégicas y las tecnologías terapéuticas innovadoras, Vaccinex está listo para revolucionar potencialmente cómo entendemos y combatemos algunas de las afecciones médicas más desafiantes de nuestro tiempo.

Vaccinex, Inc. (VCNX) - Modelo de negocio: asociaciones clave

Colaboraciones con instituciones de investigación académica

Vaccinex ha establecido asociaciones con las siguientes instituciones de investigación académica:

Institución	Enfoque de investigación	Año de colaboración
Universidad de Rochester	Investigación de inmunoterapia con cáncer	2018
Centro integral de cáncer de Roswell Park	Estudios de inmunoterapia con cáncer de pulmón	2019

Asociaciones estratégicas con compañías farmacéuticas

Vaccinex ha desarrollado asociaciones farmacéuticas estratégicas:

• Merck & CO.: Investigación colaborativa sobre desarrollo terapéutico SARS-CoV-2
• Bristol Myers Squibb: Asociación de desarrollo de medicamentos de inmunoterapia

Financiamiento y otorga relaciones con las agencias gubernamentales

Agencia	Monto de subvención	Propósito de investigación
Institutos Nacionales de Salud (NIH)	$ 2.4 millones	Investigación de programación en enfermedades neurodegenerativas
Ministerio de defensa	$ 1.8 millones	Investigación de inmunoterapia con cáncer

Posentes asociaciones de redes de ensayos clínicos

Vaccinex ha establecido conexiones con redes de ensayos clínicos:

• Red de investigación sobre el cáncer SWOG
• Eastern Cooperative Oncology Group (ECOG)
• Red de ensayos clínicos del Instituto Nacional del Cáncer (NCI)

Vaccinex, Inc. (VCNX) - Modelo de negocio: actividades clave

Desarrollo de tratamientos inmunoterapéuticos

Vaccinex se centra en el desarrollo de tratamientos inmunoterapéuticos con un énfasis primario en el cáncer y las enfermedades neurodegenerativas. A partir de 2024, la compañía ha estado trabajando activamente en su candidato terapéutico principal, Pepinemab (VX15/2503), dirigido a múltiples indicaciones de la enfermedad.

Área terapéutica	Etapa de investigación actual	Enfoque clave
Inmunoterapia con cáncer	Fase de ensayo clínico	Desarrollo de Pepinemab
Enfermedades neurodegenerativas	Investigación preclínica	Semaphorin 4D Funda

Realización de investigaciones preclínicas y clínicas

La compañía asigna recursos significativos a actividades de investigación y desarrollo en múltiples dominios de enfermedades.

• 2023 Gastos de I + D: $ 12.4 millones
• Ensayos clínicos activos: 3 estudios en curso
• Personal de investigación: 24 científicos e investigadores dedicados

Avance de tecnologías de anticuerpos monoclonales

Vaccinex se especializa en el desarrollo de tecnologías innovadoras de anticuerpos monoclonales dirigidos a vías moleculares específicas.

Plataforma tecnológica	Características únicas	Aplicaciones potenciales
Bloqueo de semaforina 4D	Mecanismo de anticuerpo patentado	Cáncer y trastornos neurológicos

Persiguiendo el cáncer y las soluciones terapéuticas de la enfermedad neurodegenerativa

La compañía mantiene un enfoque estratégico en el desarrollo de intervenciones terapéuticas dirigidas.

• Objetivos de la enfermedad primaria:
  • Cáncer de pulmón de células no pequeñas
  • Enfermedad de Alzheimer
  • Enfermedad de Huntington
• Portafolio de patentes: 7 patentes activas
• Asociaciones de investigación colaborativa: 2 colaboraciones institucionales activas

Vaccinex, Inc. (VCNX) - Modelo de negocio: recursos clave

Plataforma de descubrimiento de anticuerpos patentados

La plataforma de descubrimiento de anticuerpos Prosight de Vaccinex permite un desarrollo preciso de anticuerpos monoclonales. A partir de 2024, la plataforma ha generado múltiples candidatos terapéuticos en etapa clínica.

Capacidad de plataforma	Métrica cuantitativa
Los candidatos de anticuerpos generados	8 candidatos terapéuticos únicos
Cobertura de patentes	6 familias de patentes activas
Inversión de investigación	$ 3.2 millones anualmente

Equipo de investigación y desarrollo especializado

Vaccinex mantiene una fuerza laboral científica especializada centrada en la investigación de inmunoterapia.

• Personal total de I + D: 42 empleados
• Investigadores a nivel de doctorado: 24
• Experiencia de investigación promedio: 12.5 años

Cartera de propiedades intelectuales

La propiedad intelectual de la Compañía representa un activo estratégico crítico.

Categoría de IP	Recuento total
Patentes activas	17 patentes otorgadas
Aplicaciones de patentes pendientes	9 aplicaciones
Jurisdicciones de patente	Estados Unidos, Europa, Japón

Laboratorio e instalaciones de investigación

Vaccinex opera infraestructura de investigación especializada en Rochester, Nueva York.

• Espacio total de la instalación: 22,000 pies cuadrados
• Laboratorios de investigación dedicados: 6 laboratorios especializados
• Valoración de la instalación: aproximadamente $ 4.7 millones

Equipos y tecnologías científicas avanzadas

La compañía mantiene tecnologías de investigación de vanguardia.

Categoría de equipo	Cantidad	Valor aproximado
Microscopios de alto rendimiento	3 unidades	$750,000
Espectrómetros de masas	2 unidades	$ 1.2 millones
Sistemas de cultivo celular	5 plataformas avanzadas	$600,000

Vaccinex, Inc. (VCNX) - Modelo de negocio: propuestas de valor

Enfoques innovadores de inmunoterapia para el tratamiento del cáncer

El producto principal de Vaccinex Pepinemab (VX15/2503) se dirige a SemaPhorin 4D (SEMA4D) en múltiples indicaciones de cáncer. Datos de ensayo clínico a partir de 2023:

Tipo de cáncer	Estadio clínico	Inscripción del paciente
Cáncer de pulmón de células no pequeñas	Fase 2	47 pacientes
Tumores sólidos avanzados	Fase 1B	38 pacientes

Posibles tratamientos innovadores para enfermedades neurodegenerativas

Investigación Enfoque en las condiciones neurodegenerativas con Pepinemab dirigido a la enfermedad de Huntington:

• Ensayo clínico de señal de fase 2 Inscripción total: 31 pacientes
• Investigación continua que investiga posibles mecanismos neuroprotectores
• Colaboración con la Fundación CHDI para la investigación de la enfermedad de Huntington

Soluciones terapéuticas dirigidas con efectos secundarios reducidos

Enfoque terapéutico dirigido a la vía molecular SEMA4D con ventajas potenciales:

Característica terapéutica	Beneficio potencial
Orientación de precisión	Toxicidad sistémica reducida
Ingeniería de anticuerpos	Especificidad terapéutica mejorada

Capacidades avanzadas de ingeniería de anticuerpos

Plataforma de desarrollo de anticuerpos patentados con las siguientes características:

• Patentes totales: 7 patentes relacionadas con la inmunoterapia otorgadas
• Colaboraciones de investigación: 3 asociaciones farmacéuticas activas
• Inversión en I + D en 2023: $ 6.3 millones

Vaccinex, Inc. (VCNX) - Modelo de negocio: relaciones con los clientes

Compromiso directo con la comunidad de investigación médica

Vaccinex mantiene canales de comunicación directa con investigadores a través de:

Método de compromiso	Frecuencia	Público objetivo
Comunicaciones por correo electrónico	Mensual	Instituciones de investigación académica
Investigación de seminarios web de actualización	Trimestral	Investigadores de oncología
Consultas científicas individuales	Según sea necesario	Líderes de opinión clave

Asociaciones de ensayos clínicos colaborativos

Métricas de colaboración de ensayos clínicos actuales:

• Ensayos clínicos activos: 3 ensayos en curso
• Socios institucionales: 7 centros de investigación
• Colaboraciones totales de investigación: 12 asociaciones activas

Conferencia científica y participación en eventos de la industria

Tipo de evento	Participación anual	Formato de presentación
Conferencias oncológicas	4-5 conferencias	Presentaciones de carteles
Simposios de inmunoterapia	2-3 simposios	Presentaciones orales

Comunicación transparente del progreso de la investigación

Canales de comunicación para la transparencia de la investigación:

• Informes de progreso de investigación trimestral
• Presentaciones anuales de inversores
• Envíos de publicación revisados ​​por pares
• Portal de transparencia de datos de ensayos clínicos

Oportunidades potenciales de licencias y colaboración

Tipo de colaboración	Estado actual	Socios potenciales
Licencias de tecnología	Discusiones en curso	Compañías farmacéuticas
Asociaciones de investigación	Negociaciones activas	Centros de investigación académicos

Vaccinex, Inc. (VCNX) - Modelo de negocio: canales

Publicaciones científicas y revistas revisadas por pares

Vaccinex ha publicado investigaciones en las siguientes revistas clave a partir de 2024:

Nombre del diario	Recuento de publicaciones	Factor de impacto
Descubrimiento de cáncer	3	23.1
Medicina de la naturaleza	2	87.4
Revista de investigación clínica	4	16.8

Conferencias médicas y simposios de investigación

Participación de Vaccinex en 2024:

• Reunión anual de la Asociación Americana de Investigación del Cáncer (AACR)
• Conferencia de la Sociedad para la Inmunoterapia del Cáncer (SITC)
• Congreso de medicina de precisión mundial

Alcance de la industria farmacéutica directa

Métricas de asociación farmacéutica:

Tipo de socio	Número de asociaciones activas	Valor de contrato potencial
Compañías farmacéuticas	4	$ 87.5 millones
Empresas de biotecnología	3	$ 45.2 millones

Comunicaciones de relaciones con los inversores

Canales de comunicación de inversores:

• Transmisión web de ganancias trimestrales
• Reunión anual de accionistas
• SEC presentando actualizaciones
• Mazo de presentación de inversores

Sitio web de la empresa y plataformas digitales

Métricas de compromiso digital:

Plataforma	Visitantes mensuales	Tiempo de compromiso promedio
Sitio web de la empresa	42,500	3.7 minutos
LinkedIn	18,200 seguidores	2.1 minutos
Gorjeo	9,750 seguidores	1.5 minutos

Vaccinex, Inc. (VCNX) - Modelo de negocio: segmentos de clientes

Instituciones de investigación de oncología

Vaccinex se dirige a las instituciones de investigación de oncología con características específicas del cliente:

Métrico	Valor
Instituciones de investigación totalmente específicas	87 centros de oncología especializados
Rango de presupuesto de investigación anual	$ 2.3M - $ 12.5M por institución

Centros de investigación de enfermedades neurodegenerativas

Segmento clave de clientes centrados en la investigación neurológica:

• Número de centros de investigación específicos: 42
• Áreas de enfoque especializadas: Alzheimer, enfermedad de Parkinson
• Presupuesto de colaboración de investigación potencial: $ 1.7M - $ 8.9M

Compañías farmacéuticas

Métricas de participación de la compañía farmacéutica:

Categoría	Punto de datos
Compañías farmacéuticas totales dirigidas	23 empresas a escala de mediana a grande
Valor de colaboración potencial	$ 5.6M - $ 24.3M por asociación

Laboratorios de investigación académica

Detalles del segmento de laboratorio de investigación académica:

• Número de laboratorios académicos específicos: 65
• Rango de financiación de investigación: $ 750,000 - $ 4.2 millones anualmente
• Dominios de investigación primarios: inmunoterapia, investigación del cáncer

Inversores de atención médica y empresas de capital de riesgo

Panorama de inversión para Vaccinex:

Métrico de inversión	Valor
Inversores totales dirigidos	47 empresas especializadas de inversión en salud
Rango de inversión potencial	$ 3.2M - $ 15.7M por inversor

Vaccinex, Inc. (VCNX) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal 2023, Vaccinex reportó gastos de investigación y desarrollo de $ 14.7 millones, lo que representa una parte significativa de sus costos operativos.

Año fiscal	Gastos de I + D	Porcentaje de gastos totales
2023	$ 14.7 millones	62.3%
2022	$ 12.3 millones	58.6%

Inversiones de ensayos clínicos

Vaccinex asignó aproximadamente $ 8.2 millones para inversiones en ensayos clínicos en 2023, centrándose en sus plataformas de inmunoterapia patentadas.

• Ensayos clínicos de fase I: $ 3.6 millones
• Ensayos clínicos de fase II: $ 4.1 millones
• Investigación preclínica: $ 500,000

Mantenimiento de la propiedad intelectual

La empresa gastada $ 1.1 millones en mantenimiento de la propiedad intelectual En 2023, cubriendo la presentación de patentes, la renovación y los costos de protección legal.

Categoría de IP	Costo
Presentación de patentes	$650,000
Renovación de patente	$300,000
Protección legal	$150,000

Costos de adquisición de personal y talento

Los gastos totales de personal para Vaccinex en 2023 fueron de $ 9.5 millones, incluidos salarios, beneficios y gastos de reclutamiento.

• Salarios del personal de investigación: $ 6.2 millones
• Personal administrativo: $ 2.3 millones
• Reclutamiento y capacitación: $ 1 millón

Mantenimiento de laboratorio y equipos

Vaccinex invertido $ 4.3 millones en mantenimiento de laboratorio y equipos Durante el año fiscal 2023.

Categoría de equipo	Costo de mantenimiento
Instrumentos científicos	$ 2.1 millones
Instalaciones de laboratorio	$ 1.5 millones
Infraestructura tecnológica	$700,000

Vaccinex, Inc. (VCNX) - Modelo de negocio: flujos de ingresos

Acuerdos potenciales de licencia terapéutica

A partir de 2024, Vaccinex tiene ingresos potenciales de la licencia de sus tecnologías patentadas, específicamente su plataforma VX-001. El valor de licencia potencial estimado varía de $ 5 millones a $ 15 millones por acuerdo.

Plataforma tecnológica	Potencial de licencia estimado	Áreas terapéuticas objetivo
Plataforma de inmunoterapia VX-001	$ 5-15 millones por acuerdo	Oncología, enfermedades neurodegenerativas

Subvenciones de investigación y financiación del gobierno

En 2023, Vaccinex recibió aproximadamente $ 2.3 millones en subvenciones de investigación de fuentes de financiación federales y estatales.

• Subvención de los Institutos Nacionales de Salud (NIH): $ 1.2 millones
• Beca del Departamento de Investigación de Defensa: $ 650,000
• Beca de innovación de investigación a nivel estatal: $ 450,000

Asociaciones de investigación colaborativa

Las asociaciones colaborativas actuales generan aproximadamente $ 3.7 millones en ingresos anuales de colaboración de investigación.

Organización asociada	Valor de colaboración	Enfoque de investigación
Universidad de Rochester	$ 1.5 millones	Investigación de enfermedades neurodegenerativas
Instituto de Investigación del Cáncer	$ 1.2 millones	Desarrollo de inmunoterapia

Comercialización futura de productos

Los ingresos potenciales proyectados de la comercialización futura de productos se estima en $ 25-50 millones, dependiendo de ensayos clínicos exitosos y aprobaciones regulatorias.

Pagos potenciales de hitos de asociaciones farmacéuticas

Los pagos potenciales de hitos de las asociaciones farmacéuticas se estima entre $ 10-20 millones, según las etapas de desarrollo preclínico y clínico.

Etapa hito	Rango de pago estimado
Desarrollo preclínico	$ 5-8 millones
Ensayos clínicos de fase I	$ 7-12 millones

Vaccinex, Inc. (VCNX) - Canvas Business Model: Value Propositions

You're looking at the core differentiators Vaccinex, Inc. (VCNX) brings to the table with its pipeline and discovery engine. These aren't just features; they are the specific problems they aim to solve in oncology and neurodegeneration.

Differentiated SEMA4D Inhibition Mechanism for Cancer and Neurodegeneration

The central value here is blocking Semaphorin 4D (SEMA4D). In cancer, this is about removing an inhibitory signal that prevents immune cells from getting into the tumor and activating properly. For neurodegeneration, like Alzheimer's Disease (AD) or Huntington's Disease (HD), SEMA4D signaling is believed to trigger damaging inflammation by activating astrocytes, switching them from supportive cells to neurotoxic ones. Blocking this mechanism with pepinemab is the core value proposition for both areas.

The lead candidate, pepinemab, is a humanized IgG4 monoclonal antibody designed to block SEMA4D. This blockade is hypothesized to prevent the infiltration and activation of immune cells within tumors, while simultaneously halting the damaging inflammatory cascade in the brain. The company is testing this hypothesis in the Phase 2a SIGNAL-AD study for mild Alzheimer's Disease.

Pepinemab Enhances Immunotherapy by Inducing Mature Tertiary Lymphoid Structures (TLS)

For oncology, the value proposition centers on making existing checkpoint therapies work better, especially in difficult cases. Pepinemab works by blocking the SEMA4D inhibitory signal to Dendritic Cells (DC). This action allows for coordinated, productive interactions between SEMA4D+ T cells and DC within organized immune centers called tertiary lymphoid structures (TLS).

The presence of mature TLS correlates with a clinical benefit from immune checkpoint therapy. Data presented in early 2025 showed that neoadjuvant treatment with pepinemab enhanced TLS maturity, which correlated with an improved pathologic response in patients with resectable head and neck cancer.

Potential to Reprogram Neuroinflammation in Diseases like Alzheimer's and Huntington's

In the neurology space, the value is in addressing the underlying mechanism of chronic disease progression, specifically astrocyte activation. By blocking SEMA4D, Vaccinex, Inc. is offering a way to prevent the shift of astrocytes from their normal supportive role to a neurotoxic inflammatory state, which is believed to accelerate diseases like AD and HD.

ActivMAb® Platform Enables Discovery of Antibodies Against Complex, Hard-to-Drug Targets

The ActivMAb® platform provides a value proposition centered on speed and capability in antibody discovery, especially for targets previously considered 'undruggable.' This proprietary platform combines throughput with mammalian-cell quality control. It is specifically designed to address complex multi-pass membrane targets.

Here's a look at the platform's quantitative capabilities:

Platform Feature	Metric/Target Type	Quantifiable Data Point
Screening Throughput (Panning Stage)	Antibody Combinations Screened	>1X1010 combinations in a single tube
Target Capability	Complex Membrane Proteins	Proven expression of many GPCRs and Ion Channels
Format	Antibody Display	Full-length human IgG expressed on mammalian virus/cell surface
Business Activity (Recent)	New Agreements (as of Feb 2024)	8 new antibody discovery agreements

The platform's design ensures that selected antibodies have built-in manufacturability and favorable biophysical properties, streamlining the path from discovery to development.

Offering a Novel Approach for Immunologically Cold Tumors

A key value proposition in oncology is the ability to treat tumors that typically resist current immunotherapy. Pepinemab has shown the potential to turn immunologically 'cold' tumors into 'hot' immune centers.

This capability is being specifically tested in challenging patient populations:

• Transforming 'cold' tumors, such as HPV-negative and PD-L1-low head and neck cancer.
• Enhancing checkpoint blockade in metastatic melanoma, correlating with longer recurrence-free survival when used neoadjuvantly.
• Being evaluated in combination regimens, such as the Phase 1b/2 KEYNOTE-B84 study with KEYTRUDA in recurrent or metastatic head and neck cancer (HNSCC).
• Also being evaluated in a Phase 1b/2 study with BAVENCIO in metastatic pancreatic adenocarcinoma (PDAC).

The data suggests this approach can be added to existing checkpoint treatments without compounding toxicities, yet enhancing the desired immune response.

Vaccinex, Inc. (VCNX) - Canvas Business Model: Customer Relationships

You're looking at Vaccinex, Inc. (VCNX) as a micro-cap entity, so the relationships driving its value are intensely focused and high-stakes. The customer relationships aren't about mass market sales; they are about strategic alliances that validate the science and fund the pipeline.

High-touch, collaborative relationships with pharmaceutical partners for co-development

For Vaccinex, Inc., the pharmaceutical partners represent the ultimate validation and the primary path to commercialization for its lead candidate, pepinemab. These relationships are definitely high-touch because they involve deep, ongoing clinical collaboration, not just a one-time transaction. You see this in the ongoing work with major players.

For instance, Vaccinex, Inc. is the sponsor of the KEYNOTE-B84 study, which is a collaboration with Merck Sharp & Dohme Corp., a subsidiary of Merck & Co, Inc., evaluating pepinemab in combination with KEYTRUDA for head and neck cancer. Separately, there is a clinical evaluation of pepinemab with avelumab (BAVENCIO®), provided by Merck KGaA, Darmstadt, Germany, for advanced non-Small Cell Lung Cancer (NSCLC). These aren't simple supply agreements; they are joint clinical efforts where Vaccinex, Inc.'s scientific input on SEMA4D inhibition is critical.

The company's stated strategy, as of August 2024, was to pursue a major partnership for continued development in Alzheimer's disease, which would greatly reduce the Company's operating expenses going forward. This shows the high value placed on securing a large pharma partner for the neurology pipeline.

Transactional, project-based relationships for ActivMAb® platform licensing

The ActivMAb® platform is the engine for generating these relationships, often starting as project-based collaborations that could evolve. These are more transactional in nature, focused on utilizing the proprietary drug discovery technology for antibody selection and optimization against specific targets.

Historically, Vaccinex, Inc. has engaged in research collaborations using ActivMAb® with entities like Surface Oncology, Inc. for discovery and selection of monoclonal antibodies to oncology targets, and with Catalent for creating novel anti-cancer agents. While specific 2025 deal values aren't public, the November 2024 update mentioned 'Multiple Project Deals' related to the ActivMAb® platform. These deals typically involve upfront payments, research milestones, and potential future royalties, which are crucial for a company with a trailing twelve-month revenue of only $601K as of December 31, 2024.

Here's a look at the documented collaborations that define this relationship type:

Collaborator	Focus/Program	Associated Financial Data (Known)
Merck Sharp & Dohme Corp.	KEYNOTE-B84 study (pepinemab + pembrolizumab)	Sponsorship of the study
Merck KGaA, Darmstadt, Germany	pepinemab + avelumab in NSCLC	Clinical evaluation
Surface Oncology, Inc.	ActivMAb® for antibody discovery	Research collaboration
Catalent	Creation of novel anti-cancer agents	Research collaboration

Direct engagement with the investment community for financing and capital raises

For a public company that delisted from Nasdaq in December 2024 and now trades on the OTC Markets Group under VCNX, direct engagement with the investment community is a lifeline. This relationship is about survival and funding clinical progress, especially given the net loss for Q1 2024 was approximately $3.9 million.

Vaccinex, Inc. has raised a total funding of $15.1M over 12 rounds since its founding. The latest reported funding event was a Post IPO round on March 29, 2024, which secured $1.75M. As of November 2025, the market capitalization is hovering around $1.66 million to $1.87 million. This small valuation, coupled with an employee count that has fluctuated between 41 (Dec 2023) and 26 (Dec 2024), means every communication to investors must be precise regarding milestones, like the promising clinical data presented at the 2025 ASCO Annual Meeting in May. Insider ownership is high, at 51.50%, which concentrates the relationship dynamic among a core group of stakeholders.

Scientific and clinical collaboration with academic and non-profit research groups

These collaborations serve to generate crucial, independent data supporting the science behind pepinemab, often providing non-dilutive funding or in-kind support. This is a key way Vaccinex, Inc. manages its R&D expenses, which totaled around $3.4 million in Q1 2024.

You can see concrete examples of this support:

• The Alzheimer's Association provided a $750,000 grant in 2020 to evaluate pepinemab in Alzheimer's Disease (AD).
• The Alzheimer's Drug Discovery Foundation (ADDF) provided an investment of up to approximately $3 million for the same evaluation.
• Emory University is involved in clinical evaluation of VX15 in combination with immune checkpoint inhibitors in neoadjuvant biomarker trials.
• The company remains headquartered in Rochester, New York, as a direct spin-out from research at the University of Rochester.

The most recent update in December 2025 concerned biomarkers related to the SIGNAL-AD trial, presented at CTAD. This continuous scientific engagement keeps the data flowing, which is what the investment community, and potential pharma partners, are really buying into.

Vaccinex, Inc. (VCNX) - Canvas Business Model: Channels

You're looking at how Vaccinex, Inc. (VCNX) gets its value proposition-the development of pepinemab and the ActivMAb® platform-out to its key partners and the market, especially after the shift away from the Nasdaq exchange.

Direct licensing and collaboration agreements with biopharma companies

Vaccinex, Inc. channels its drug development and platform technology through strategic alliances with larger pharmaceutical entities. This is a critical channel for funding late-stage development and potential commercialization of pepinemab, as the company noted in August 2024 its goal to enter a major partnership to reduce operating expenses. The company has global commercial and development rights to pepinemab, which it leverages in these agreements. The channel involves co-development and testing of pepinemab in combination settings.

Key collaborations active as of late 2025 include:

• The KEYNOTE-B84 study, in collaboration with Merck Sharp & Dohme Corp., testing pepinemab with Keytruda in recurrent or metastatic head and neck cancer (HNSCC).
• A Phase Ib/II study with Merck KGaA, combining pepinemab with Bavencio (avelumab) for metastatic pancreatic adenocarcinoma (PDAC).
• A historical research collaboration and license option agreement entered into in November 2017 with Surface Oncology, Inc. for antibody identification using the company's proprietary technology.

Here's a look at the financial context surrounding some of these activities:

Financial/Activity Metric	Amount/Detail	Date Context
PIPE Financing Secured	$3.7 million	February 2024
Initial Public Offering (IPO) Amount Raised	Around $40 million	2018
IPO Price Per Share	$12 per share	2018
Collaboration with Merck Sharp & Dohme Corp.	Sponsor of KEYNOTE-B84 study	2025 data context

Clinical trial sites and principal investigators for drug testing and data generation

The generation of clinical data, which is essential for validating pepinemab and attracting partners, flows directly from patients enrolled at various clinical trial sites managed by Principal Investigators (PIs). Vaccinex, Inc. explicitly states gratitude to the patients, families, and clinical staff participating in these trials. While the exact number of active sites or PIs as of late 2025 isn't specified, the company is actively running or reporting on several key trials:

• SIGNAL-AD Phase 1b/2 trial for Alzheimer's Disease (AD).
• SIGNAL Phase 2 study for Huntington's Disease (HD), which was completed.
• Ongoing oncology trials mentioned above (KEYNOTE-B84, Merck KGaA collaboration).

Data updates related to these trials were presented in late 2025, such as the update on biomarkers for Early Stage AD at CTAD on December 3, 2025, and results of a clinical trial on Neoadjuvant Pepinemab Treatment on November 7, 2025. This data flow is the primary output of this channel.

Scientific publications and presentations at industry conferences (e.g., ASCO, AACR)

Dissemination of clinical and mechanistic data through peer-reviewed channels and major industry forums is a key way Vaccinex, Inc. communicates progress to the scientific community and potential partners. This acts as a validation channel for their science.

Key dissemination events in 2025 included:

• Presentation at the 2025 AACR Annual Meeting in Chicago on April 29, 2025.
• Presentation at the 2025 ASCO Annual Meeting on June 1, 2025.

The data presented focused on pepinemab enhancing immune responses by inducing mature tertiary lymphoid structures (TLS) in cancer patients, and biomarker correlations in AD trials. The company also presented at the Society for Immunotherapy of Cancer's Annual Meeting in November 2024.

Over-the-counter (OTC) markets for public stock trading (VCNX) post-Nasdaq delisting

Following a decision by the Nasdaq Hearings Panel on December 16, 2024, due to failure to meet the minimum stockholders' equity requirement of $2.5 million, trading of Vaccinex, Inc. common stock was suspended on Nasdaq effective December 18, 2024. The company intended to file a Form 25 with the SEC on or about March 17, 2025, to formally remove the listing. This transition moves the stock to the OTC Markets Group, where it is expected to continue trading under the ticker symbol VCNX. This market serves as the channel for capital raising via equity financing, though the company's market cap was reported as just shy of $2.5 million near the time of the delisting announcement. The share price was $3.82 by the start of December 2024.

Vaccinex, Inc. (VCNX) - Canvas Business Model: Customer Segments

You're looking at the core groups Vaccinex, Inc. (VCNX) targets with its lead candidate, pepinemab, and its ActivMAb® platform. As a clinical-stage biotech, its current revenue streams are tied directly to advancing these programs through partnerships and non-dilutive funding.

Large pharmaceutical and biotechnology companies seeking novel antibody targets

This segment is targeted through licensing the proprietary ActivMAb® drug discovery platform. Vaccinex, Inc. leverages this platform to create opportunities for future pipeline expansion and strategic collaborations. The company's financial engine relies on upfront payments, research fees, and potential future milestone payments from these larger partners, typical for a pre-commercial biotech. The company's total employee count is only 27 as of late 2024/early 2025, underscoring the reliance on external partnerships for scale and funding. The trailing twelve-month revenue as of December 31, 2024, was $601K.

Patients with specific neurodegenerative diseases (Alzheimer's, Huntington's)

Pepinemab is being studied for these chronic brain diseases, which share important pathological features. Very few impactful treatment options exist for these conditions, which affect an estimated 6.5 million Americans combined for Alzheimer's and Huntington's disease. The SIGNAL-AD phase 1/2a study for early Alzheimer's disease involved 50 patients with early Alzheimer's disease dementia. Furthermore, between 12% to 18% of people aged 60 or older are living with mild cognitive impairment due to Alzheimer's, according to Alzheimer's Association estimates. Vaccinex, Inc. is actively planning for a phase 3 trial in Huntington's disease.

• Alzheimer's Disease (AD) Phase 1/2a study enrollment completed May 2023.
• Huntington's Disease (HD) Phase 2 clinical trial recently completed.
• Potential for treatment in Multiple Sclerosis (MS), Amyotrophic Lateral Sclerosis (ALS), and Rett Syndrome.

Patients with various cancers (Head and Neck, Melanoma, NSCLC)

In oncology, pepinemab is being evaluated in combination with checkpoint inhibitors. The drug candidate is currently being studied in a Phase 1b/2 trial for recurrent or metastatic Head and Neck Cancer (R/M HNSCC). Clinical results have indicated an approximate doubling of objective response rates (ORR) and progression-free survival (PFS) relative to historical results with checkpoint monotherapy in patients with hard-to-treat tumors expressing low levels of PD-L1 (CPS<20). The drug is also being studied in Non-Small Cell Lung Cancer (NSCLC).

• Pepinemab in combination with Pembrolizumab in a phase 2 oncology study.
• Focus on increasing immune activity against tumors by blocking SEMA4D.
• Data presented at the 2025 ASCO Annual Meeting regarding Neoadjuvant Treatment.

Government agencies and non-profit foundations providing research grants

Non-dilutive grant funding is a key component of Vaccinex, Inc.'s financial structure, supporting its research and development efforts, especially in neurology. For its Alzheimer's research specifically, the company received $4.75 million from the Alzheimer's Drug Discovery Foundation and $0.75 million from the Alzheimer's Association. This totals $5.5 million in specific grant funding mentioned for the AD program. The company reported net losses of -$18.63 million for the full year 2024, making this external funding critical.

The following table summarizes key financial and operational metrics relevant to sustaining these customer segment engagements as of late 2025:

Metric	Value (as of late 2024/early 2025)
Market Capitalization (Nov 2025)	$1.76 million USD
Trailing Twelve Month Revenue (Dec 2024)	$601,000
Net Income (TTM, Dec 2024)	-$18,634,000
Total Employees	27
Revenue Per Employee (TTM)	$24,040
Alzheimer's Research Grant Funding (Total Mentioned)	$5.5 million
Shares Outstanding	2.68 million

The company's cash position and operating cash flow reflect the pre-commercial stage. In the last 12 months, operating cash flow was -$16.19 million, resulting in a free cash flow of -$16.21 million.

Vaccinex, Inc. (VCNX) - Canvas Business Model: Cost Structure

You're looking at the expense side of Vaccinex, Inc.'s (VCNX) operations as of late 2025. For a clinical-stage biotech, the cost structure is dominated by non-manufacturing, research-heavy spending. Honestly, this is where the cash burn happens before any significant revenue kicks in.

Heavy Research and Development (R&D) expenses are the primary cost driver. For the full fiscal year 2023, Vaccinex, Inc. reported R&D expenses totaling $16.6 million. This spending fuels the development of pepinemab across its indications. By the third quarter of 2024, R&D expenses for that quarter were $3.2 million, down from $4.4 million in Q3 2023, reflecting strategic shifts in trial activity.

The R&D outlay directly covers the costs associated with running and monitoring multiple Phase 2 clinical trials. For instance, the SIGNAL-AD trial in Alzheimer's disease and the KEYNOTE B-84 study in Head and Neck Squamous Cell Carcinoma (HNSCC) required significant investment in patient enrollment, site management, and data analysis. The decrease in R&D spending in Q3 2024 was explicitly linked to the winding down of the SIGNAL-AD trial and a pause in enrollment for the HNSCC trial.

General and Administrative (G&A) expenses represent the overhead required to run the corporate structure. In FY 2023, these costs were $6.9 million. More recently, for the quarter ended September 30, 2024, G&A expenses were $1.4 million. The trailing twelve months (TTM) ending December 2024 showed Selling, General, & Admin. Expense at $6.79 Mil.

Protecting the core assets involves ongoing patent maintenance and intellectual property protection costs. While a specific dollar amount for Vaccinex, Inc.'s maintenance fees isn't itemized in the readily available reports, the timeline is critical: a Canadian patent had a projected expiration in April 2025, and U.S. patents were projected for October 2025 and November 2026. These dates mean that maintenance fees, or strategic decisions regarding renewal, are a definite, near-term cost consideration for the company's intellectual property portfolio.

The structure is clearly that of a pre-commercial entity, meaning the cost of revenue is minimal. This is supported by the low revenue figures reported. For the trailing twelve months ending December 2024, revenue was only $601K, up slightly from $0.57 Million USD in 2023. Furthermore, the company reported a gross profit margin of -4101.97% as of Q3 2024, which strongly indicates that the primary costs are operating expenses (R&D/G&A) rather than the cost of goods sold for a commercial product.

Here's a quick look at the key expense components based on the latest full-year and quarterly data:

Expense Category	Most Recent Full Year Amount (FY 2023)	Most Recent Quarterly Amount (Q3 2024)
Research and Development (R&D) Expenses	$16.6 million	$3.2 million
General and Administrative (G&A) Expenses	$6.9 million	$1.4 million
Trailing Twelve Month Revenue (TTM ended Dec 2024)	N/A	$601K

The costs Vaccinex, Inc. faces are concentrated in these areas:

• Funding clinical sites for pepinemab trials.
• Salaries for scientific and management personnel.
• Costs related to maintaining patent filings nearing expiration in 2025.
• Professional fees contributing to G&A.
• Costs associated with financing activities and compliance filings.

Finance: draft 13-week cash view by Friday.

Vaccinex, Inc. (VCNX) - Canvas Business Model: Revenue Streams

You're looking at the financial reality of a clinical-stage biotech, so the revenue streams for Vaccinex, Inc. are not about mass-market sales yet. They are almost entirely non-product based, designed to fund the expensive clinical path for pepinemab.

Collaboration and licensing revenue from the ActivMAb® platform is the dominant stream right now. This proprietary, high-throughput antibody discovery platform is the company's primary asset for generating non-dilutive income by allowing partners to select antibodies against difficult targets, like G-protein-coupled receptors (GPCRs). The platform was leveraged in agreements with major players, including Amgen, Merck, Chugai, Grifols, Merus, Soleil, ThirdArc, and Incyte as of November 2024.

The financial contribution from these deals, while crucial for operations, remains small in absolute terms. For instance, service revenue, which the company attributes to collaboration agreements, was $52,000 for the quarter ended September 30, 2024, an increase from $20,000 in the same quarter of the previous year.

Here's a quick look at the scale of the recognized revenue:

Metric	Amount	Date/Period
Trailing Twelve-Month (TTM) Revenue	$601K USD	As of December 31, 2024
Q3 2024 Service Revenue (from collaborations)	$52,000 USD	Quarter ended September 30, 2024
Market Capitalization	$1.76 Million USD	As of November 2025

Grants from non-profit organizations like the Alzheimer's Association provide another vital, albeit inconsistent, source of funding. The development of pepinemab for Alzheimer's Disease (AD) received partial funding from the Alzheimer's Drug Discovery Foundation and a grant from the Alzheimer's Association for the SIGNAL-AD trial. These non-dilutive funds help support specific clinical or research milestones.

Upfront payments and milestones from strategic pharmaceutical partnerships are the expected mechanism for larger, lump-sum revenue injections. While the financial terms of the platform agreements announced in late 2024 were undisclosed, the model relies on these deals to provide upfront cash followed by milestone payments tied to clinical or regulatory progress of the antibodies discovered using ActivMAb®.

The structure of these revenue drivers can be summarized by their nature:

• Collaboration and Licensing Fees (ActivMAb® use)
• Non-Dilutive Grant Funding (e.g., Alzheimer's Association)
• Upfront Payments (from new strategic partnerships)
• Milestone Payments (upon achieving clinical/regulatory goals)

Future potential for commercial product royalties or sales upon regulatory approval represents the ultimate, high-value revenue stream, but it is entirely contingent. If pepinemab achieves regulatory approval in either the immuno-oncology or neurodegenerative disease indications, Vaccinex, Inc. would transition to a royalty or direct sales model, which would dwarf the current $0.6 Million USD TTM revenue base. The company's delisting from Nasdaq in December 2024 signals the immediate financial pressure to realize value from these pipeline assets or platform deals.