Can-Fite Biopharma Ltd. (CANF): Business Model Canvas [Jan-2025 Mis à jour]

Can-Fite Biopharma Ltd. (CANF) émerge comme un innovateur biopharmaceutique révolutionnaire, se positionnant stratégiquement à l'intersection de la recherche médicale de pointe et des solutions thérapeutiques transformatrices. En tirant parti des technologies de développement de médicaments propriétaires et en ciblant les besoins médicaux critiques non satisfaits en oncologie et en maladies inflammatoires, l'entreprise est prête à révolutionner les paradigmes de traitement par ses mécanismes moléculaires uniques et son approche collaborative stratégique. Plongez dans la toile du modèle commercial complexe qui révèle comment cette entreprise de biotechnologie dynamique remodèle le paysage de l'innovation médicale, une thérapie révolutionnaire à la fois.

CAN-FITE BIOPHARMA LTD. (CANF) - Modèle commercial: Partenariats clés

Collaborations stratégiques avec des institutions de recherche médicale

Can-Fite Biopharma Ltd. a établi des partenariats de recherche clés avec les institutions suivantes:

Institution	Focus de recherche	Année de partenariat
Université de Tel Aviv	Développement de médicaments en oncologie	2019
Centre médical Sheba	Essais cliniques pour CF602	2020

Accords de licence pharmaceutique pour le développement de médicaments

La société a obtenu des accords de licence avec des partenaires pharmaceutiques:

• Licencié: Medison Pharma Ltd. (Israël)
• Valeur de l'accord: 3,5 millions de dollars de paiement initial
• Paiements de jalons potentiels: jusqu'à 30 millions de dollars
• Taux de redevance: 10-15% sur les ventes nettes

Partenariat avec les centres de recherche universitaire

Centre de recherche	Projet collaboratif	Budget de recherche
Centre médical Hadassah	Recherche sur les maladies inflammatoires	$750,000
Université Bar-ilan	Études de ciblage moléculaire	$500,000

Coentreprises potentielles sur les marchés des maladies en oncologie et inflammatoires

Détails de l'exploration de la coentreprise actuelle:

• Joint de marché potentiel du marché en oncologie: valeur estimée 12 millions de dollars
• Collaboration sur le marché des maladies inflammatoires: investissement potentiel de 8,5 millions de dollars
• Focus géographique: Marchés américains et européens

Can-Fite Biopharma Ltd. (CANF) - Modèle d'entreprise: Activités clés

Recherche biopharmaceutique et développement de médicaments

La biopharma CAN-FITE se concentre sur le développement de médicaments innovants à petites molécules ciblant les maladies inflammatoires et du cancer. Depuis 2024, la société a trois principaux candidats en matière de drogue: le développement:

Drogue	Zone thérapeutique	Étape de développement actuelle
CF101 (Piclidenoson)	Maladies inflammatoires	Essais cliniques de phase III
CF102	Cancer du foie	Essais cliniques de phase II
CF602	Oncologie	Étape préclinique

Essais cliniques pour de nouveaux traitements thérapeutiques

Les activités des essais cliniques de l'entreprise comprennent:

• Essai de phase III en cours pour CF101 dans la polyarthrite rhumatoïde
• Essai de phase II pour CF102 dans le carcinome hépatocellulaire
• Développement préclinique de CF602 pour les traitements potentiels contre le cancer

Gestion de la propriété intellectuelle et développement des brevets

Points forts du portefeuille de brevets:

Catégorie de brevet	Nombre de brevets	Couverture géographique
Brevets liés à CF101	15	États-Unis, Europe, Japon
Brevets liés à CF102	10	États-Unis, Europe

Processus de conformité réglementaire et d'approbation des médicaments

Les activités d'engagement réglementaire comprennent:

• Interaction continue avec la FDA pour les approbations des essais cliniques
• Conformité aux normes internationales de développement des médicaments
• Préparation de la documentation de la demande de médicament (NDA)

Dépenses de recherche et développement pour 2023: 8,4 millions de dollars

Can-Fite Biopharma Ltd. (CANF) - Modèle d'entreprise: Ressources clés

Plateformes de technologie de développement de médicaments propriétaires

Can-Fite Biopharma Ltd. se concentre sur les plates-formes technologiques clés suivantes:

• Plateforme CF101 pour les maladies inflammatoires et auto-immunes
• Plate-forme CF102 ciblant les indications du foie et du cancer
• Plateforme CF602 pour les traitements en ophtalmologie

Plate-forme technologique	Focus thérapeutique primaire	Étape de développement
CF101	Polyarthrite rhumatoïde, psoriasis	Essais cliniques de phase III
CF102	Carcinome hépatocellulaire	Essais cliniques de phase II
CF602	Syndrome de la sécheresse oculaire	Étape préclinique

Équipe de recherche et développement scientifique

Composition du personnel de recherche:

• Total des employés de R&D: 18 en 2023
• Tapisseurs de doctorat: 7
• Chercheurs post-doctoraux: 3

Portefeuille de propriété intellectuelle

Catégorie de brevet	Nombre de brevets	Couverture géographique
Brevets délivrés	12	États-Unis, Europe, Israël
Demandes de brevet en instance	5	Plusieurs juridictions

Installations de recherche avancée en biotechnologie

Spécifications des installations de recherche:

• Lieu de recherche primaire: Petach Tikva, Israël
• Espace de recherche total: 1 200 mètres carrés
• Investissement d'équipement de laboratoire: 2,3 millions de dollars

Équipement de recherche	Quantité	Coût d'acquisition
Systèmes de chromatographie liquide à haute performance (HPLC)	3	$450,000
Laboratoires de culture cellulaire	2	$750,000
Nétiques de travail de la biologie moléculaire	5	$350,000

Can-Fite Biopharma Ltd. (CANF) - Modèle d'entreprise: propositions de valeur

Solutions thérapeutiques innovantes pour les maladies inflammatoires

La biopharma CAN-FITE se concentre sur le développement de thérapies ciblées pour les conditions inflammatoires avec des mécanismes moléculaires spécifiques:

Drogue	Indication cible	Étape de développement actuelle
CF101 (Piclidenoson)	Polyarthrite rhumatoïde	Essais cliniques de phase III
CF102	Cancer du foie	Essais cliniques de phase II
CF602	Maladies inflammatoires	Développement préclinique

Traitements ciblés pour le cancer et les troubles auto-immunes

L'approche stratégique de l'entreprise comprend le développement de solutions de médecine de précision:

• Ciblage sélectif du récepteur de l'adénosine
• Interventions thérapeutiques basées sur le mécanisme moléculaire
• Potentiel de réduction des effets secondaires par rapport aux traitements traditionnels

Médicaments de percée potentiels avec des mécanismes moléculaires uniques

Plate-formes technologiques clés et domaines de la recherche:

Plate-forme technologique	Approche thérapeutique	Impact potentiel du marché
Technologie des récepteurs de l'adénosine	Modulation des réponses inflammatoires	Marché potentiel de plusieurs milliards de dollars
Ciblage de précision	Intervention de la voie moléculaire spécifique	Effets secondaires systémiques réduits

Développement avancé de médicaments ciblant les besoins médicaux non satisfaits

Métriques d'investissement de recherche et développement:

• Dépenses de R&D (2023): 8,3 millions de dollars
• Portefeuille de brevets: 15 brevets accordés
• Pipeline clinique: 3 candidats de médicament actifs

Zones thérapeutiques ciblées ayant des besoins médicaux non satisfaits importants:

Zone thérapeutique	Indicateur de besoin non satisfait	Potentiel de marché
Polyarthrite rhumatoïde	Options de traitement limitées	25,4 milliards de dollars sur le marché mondial
Cancer du foie	Taux de mortalité élevés	Marché potentiel de 3,6 milliards de dollars
Troubles inflammatoires	Défis de gestion chronique	45,2 milliards de dollars sur le marché mondial

Can-Fite Biopharma Ltd. (CANF) - Modèle d'entreprise: relations avec les clients

Engagement direct avec les professionnels de la santé

Canaux de communication ciblés:

Type de canal	Méthode d'engagement	Fréquence
Sensibilisation médicale directe	Consultations individuelles	Trimestriel
Communication numérique	Envoyez des newsletters	Mensuel
Réseautage professionnel	Briefings médicaux personnalisés	Bi-annuellement

Communication de recherche clinique en cours

Métriques de collaboration de recherche:

• Collaborations d'essais cliniques actifs: 7
• Institutions de recherche engagées: 12
• Articles de recherche publiés en 2023: 5

Programmes de soutien aux patients

Catégorie de programme	Services de soutien	Population cible
Soutien du traitement au psoriasis	Matériel d'éducation des patients	Patients atteints de psoriasis
Programme de polyarthrite rhumatoïde	Guidage de traitement	Patients atteints de PR

Conférence scientifique et participation du symposium médical

Statistiques de l'engagement de la conférence:

• Conférences assistées en 2023: 9
• Présentations livrées: 6
• Présentations des affiches scientifiques: 3

Can-Fite Biopharma Ltd. (CANF) - Modèle d'entreprise: canaux

Ventes directes vers les institutions de soins de santé

En 2024, Can-Fite Biopharma Ltd. cible directement des centres médicaux et des hôpitaux spécialisés pour ses produits pharmaceutiques.

Type de canal	Nombre d'institutions ciblées	Couverture géographique
Centres d'oncologie	87	États-Unis
Cliniques de rhumatologie	62	États-Unis et Israël

Réseaux de distributeurs pharmaceutiques

CAN-FITE UNE LES PARTENARS DE DISTRACLITION STRATÉGIQUES Pour étendre la portée du produit.

• En partenariat avec 3 principaux distributeurs pharmaceutiques
• Réseau de distribution couvrant 12 pays
• Volume de distribution annuel: environ 45 000 unités

Présentations de la conférence médicale

Type de conférence	Nombre de conférences	Reach du public estimé
Conférences en oncologie	6	3 200 spécialistes
Symposiums de rhumatologie	4	2 100 professionnels de la santé

Publications scientifiques en ligne et plateformes de recherche

Can-Fite utilise des plateformes numériques pour la communication scientifique et la visibilité des produits.

• Articles de recherche publiés: 12 articles évalués par des pairs en 2024
• Plates-formes utilisées:
  • Pubment
  • Researchgate
  • ScienceDirect
• Visibilité totale de recherche en ligne: estimé 85 000 vues

Can-Fite Biopharma Ltd. (CANF) - Modèle d'entreprise: segments de clientèle

Centres de traitement en oncologie

En 2024, Biopharma CAN cible les centres de traitement en oncologie avec un accent spécifique sur ses candidats au médicament:

Drogue	Cible le type de cancer	Taille du marché potentiel
CF-102	Carcinome hépatocellulaire	Marché mondial de 2,4 milliards de dollars
CF-103	Cancer du foie	Marché potentiel de 1,8 milliard de dollars

Cliniques de rhumatologie

Cible cible des cliniques de rhumatologie avec ses traitements inflammatoires de la maladie:

• CF-101 pour la polyarthrite rhumatoïde
• Marché adressable d'environ 25,3 milliards de dollars
• Population potentielle de patients: 1,3 million de cas diagnostiqués

Institutions de recherche sur les soins de santé

Les collaborations et les partenariats de recherche comprennent:

Type d'institution	Nombre de collaborations actives	Focus de recherche
Centres de recherche universitaires	7	Maladies inflammatoires
Organisations de recherche clinique	4	Développement de médicaments en oncologie

Sociétés pharmaceutiques

Partenariats pharmaceutiques potentiels et possibilités de licence:

• Marché cible: les sociétés pharmaceutiques mondiales
• Revenus de licence potentielle: 50 à 75 millions de dollars estimés
• Étape de développement de médicaments: essais cliniques de phase II / III

Can-Fite Biopharma Ltd. (CANF) - Modèle d'entreprise: Structure des coûts

Dépenses de recherche et développement approfondies

Pour l'exercice 2022, Biopharma-Fite a déclaré des frais de recherche et de développement de 5,4 millions de dollars. Les coûts de R&D de l'entreprise ont toujours représenté une partie importante de leurs dépenses d'exploitation totales.

Année	Dépenses de R&D ($)	Pourcentage des dépenses totales
2022	5,400,000	62%
2021	4,800,000	58%

Financement des essais cliniques

Les dépenses d'essais cliniques pour les biopharmatiques du canet-fite en 2022 ont totalisé environ 3,2 millions de dollars, en se concentrant sur leurs candidats au médicament principal CF101 et CF102.

• CF101 (essais de phase III pour la polyarthrite rhumatoïde): 1,8 million de dollars
• CF102 (essais de phase II pour carcinome hépatocellulaire): 1,4 million de dollars

Coûts de conformité réglementaire

Les frais de conformité réglementaire pour la société étaient estimés à 750 000 $ en 2022, couvrant les processus de soumission de la FDA et de l'EMA.

Catégorie de conformité	Coût ($)
Coûts de soumission de la FDA	450,000
Coûts de soumission EMA	300,000

Maintenance de la propriété intellectuelle

Biopharma-Fite a dépensé 350 000 $ pour l'entretien de la propriété intellectuelle et les dépenses liées aux brevets en 2022.

• Coûts de dépôt de brevets: 200 000 $
• Frais d'entretien des brevets: 150 000 $

CAN-FITE BIOPHARMA LTD. (CANF) - Modèle d'entreprise: Strots de revenus

Accords potentiels de licence de médicament

En 2024, le biopharma Can-Fite a des sources de revenus potentielles des accords de licence de médicament, en se concentrant sur les principaux domaines thérapeutiques:

Drogue	Zone thérapeutique	Revenus de licence potentielle
CF101 (psoriasis)	Maladies inflammatoires	Jusqu'à 25 millions de dollars en paiements de jalons potentiels
CF102 (carcinome hépatocellulaire)	Oncologie	Offres de licence potentielles estimées à 30 à 40 millions de dollars
CF602 (maladie rénale)	Troubles rénaux	Potentiel de licence estimé de 20 millions de dollars

Ventes de produits pharmaceutiques futures

Structiels de revenus de produits pharmaceutiques projetés:

• CF101 (psoriasis): potentiel de vente annuel estimé de 50 à 75 millions de dollars
• CF102 (cancer du foie): opportunité de marché potentielle de 100 à 150 millions de dollars
• CF602 (maladie rénale): valeur marchande projetée de 40 à 60 millions de dollars par an

Subventions et financement de recherche

Sources de financement de la recherche actuelles:

Source de financement	Montant	Année
Autorité d'innovation israélienne	1,2 million de dollars	2023
Subvention de recherche connexe Covid-19	$500,000	2022

Partenariats de recherche collaborative

Revenus des partenariats de recherche collaborative:

• Collaborations institutionnelles académiques: 750 000 $ par an
• Partenariats de recherche pharmaceutique: 1,5 million de dollars en contrats en cours
• Collaboration de recherche internationale: 2 millions de dollars estimés en financement conjoint de recherche

Can-Fite BioPharma Ltd. (CANF) - Canvas Business Model: Value Propositions

You're looking at the core reasons why Can-Fite BioPharma Ltd.'s platform technology matters to patients and partners. The value here is rooted in the small-molecule, oral delivery format targeting the A3 adenosine receptor (A3AR), which is overexpressed on diseased cells.

Oral, small-molecule drug candidates for chronic diseases (Piclidenoson)

Piclidenoson, one of Can-Fite BioPharma Ltd.'s lead candidates, is an orally administered, highly selective A3 adenosine receptor (A3AR) agonist. This oral formulation is a key value driver, offering convenience over injectables for chronic conditions. The drug has reported topline results in a Phase III trial for psoriasis and has since commenced a pivotal Phase III trial for this indication. Beyond psoriasis, Piclidenoson is also being developed for the rare genetic disease Lowe Syndrome, with a Phase II open-label study design completed. Furthermore, preclinical data from UCLA demonstrated its efficacy in an experimental model of vascular dementia, a condition with a global market estimated at $6 billion as of 2025.

Selective targeting of cancer cells while sparing healthy tissue (Namodenoson)

Namodenoson, the company's oncological drug candidate, offers a critical differentiator from traditional chemotherapy: its selectivity. It binds with high affinity and selectivity to the A3AR, which is highly expressed in diseased cells but minimally in normal cells. This mechanism provides a potential for a strong safety profile with minimal off-target toxicity. A compelling real-life example of this potential is a patient treated in a prior Phase II study for advanced liver cancer who remains cancer-free after 9 years of treatment, meeting the definition of a complete responder. In its Phase IIa trial for pancreatic cancer, the dosing regimen involves 25 mg of oral Namodenoson twice daily in continuous 28-day cycles.

Namodenoson's value proposition is further enhanced by its dual role; beyond its anti-cancer activity, it demonstrates potent anti-ischemic, anti-inflammatory, anti-fibrotic, and anti-toxicity effects, mediated by increasing adiponectin levels.

Orphan Drug Designation (ODD) for Namodenoson in pancreatic cancer

The U.S. Food and Drug Administration (FDA) granted Orphan Drug Designation to Namodenoson for the potential treatment of pancreatic cancer. This regulatory status is significant because it provides tangible regulatory advantages, including eligibility for tax credits for clinical trials, exemption from user fees, and a potential 7 years of market exclusivity upon approval. The ongoing Phase IIa study for pancreatic cancer is evaluating safety as the primary endpoint.

Potential to address multi-billion dollar markets in oncology and inflammation

Can-Fite BioPharma Ltd.'s platform technology is explicitly designed to address multi-billion-dollar markets across oncology and inflammatory diseases. The company has structured its partnerships to capture value from these large indications, projecting potential substantial cumulative income over the next decade, assuming regulatory approvals and launches between 2027 and 2029. The potential value is further illustrated by specific market projections and existing agreements.

Here's a quick look at the scale of the opportunities Can-Fite BioPharma Ltd. is targeting with its lead candidates:

Indication / Asset	Market/Financial Metric	Value/Amount
Piclidenoson (Veterinary Osteoarthritis)	Estimated Royalty Revenues from Vetbiolix Partnership	Up to $325 million
Namodenoson (Veterinary Oncology)	Projected Veterinary Market Size by 2030	$3.1 billion
Piclidenoson (Vascular Dementia)	Estimated Global Market Size as of 2025	$6 billion
Overall Pharma Indications (Namodenoson & Piclidenoson)	Total Value of Existing Out-licensing/Distribution Agreements	Up to $130 million
Overall Pipeline (Namodenoson & Piclidenoson)	Total Funding Raised to Date	$175 million

The company's existing agreements are structured with diverse financial components, including development/regulatory milestones, commercial sales benchmarks, manufacturing transfer payments, and royalties on product sales.

• Piclidenoson is in a pivotal Phase III trial for psoriasis.
• Namodenoson is in a pivotal Phase III trial for advanced liver cancer (HCC).
• Namodenoson is in a Phase IIa study for pancreatic cancer.
• Piclidenoson is in development for Lowe Syndrome.

Finance: draft $130 million pharma milestone tracking schedule by Friday.

Can-Fite BioPharma Ltd. (CANF) - Canvas Business Model: Customer Relationships

You're looking at how Can-Fite BioPharma Ltd. manages its critical external relationships to drive its development pipeline toward commercialization. For a clinical-stage biotech, these aren't just customers; they are partners, key influencers, and the source of necessary capital.

High-touch, long-term relationships with commercialization partners

Can-Fite BioPharma Ltd. structures its commercial future around a network of established collaborations. As of late 2025, the Company maintains seven partnerships that are key to realizing the value of its drug candidates, Piclidenoson and Namodenoson. These relationships are designed for the long haul, involving complex financial structures that include development and regulatory milestones, commercial sales benchmarks, manufacturing-related transfer payments, and royalties on product sales. The Company projects potential cumulative income from these existing terms, assuming milestones are met and launches occur between 2027 and 2029, which could total up to $685 million in projected future revenues over the next decade. This is separate from other out-licensing and distribution agreements, which are worth up to $130 million for pharma indications and an additional up to $325 million for veterinary indications. To be fair, H1 2025 revenues, which include recognition from these agreements, were only $0.20 million, showing the revenue recognition is heavily back-loaded toward future commercial success.

Here's a look at the potential financial scale tied to these relationships:

Relationship Type	Potential Future Value (Cumulative)	H1 2025 Revenue Contribution
Projected Future Revenues from Seven Partnerships	Up to $685 million	Included in total
Out-licensing/Distribution (Pharma Indications)	Up to $130 million	Portion recognized
Out-licensing/Distribution (Veterinary Indications)	Up to $325 million	Portion recognized
Total H1 2025 Revenue	N/A	$0.20 million

These agreements are defintely the backbone of the expected future revenue stream.

Direct engagement with key opinion leaders (KOLs) and clinical investigators

The credibility and progress of Can-Fite BioPharma Ltd.'s pipeline hinge on the engagement with experts who guide research and adoption. This involves securing the involvement of renowned clinicians to lead critical trials. For instance, the ongoing Phase 2a study for Namodenoson in pancreatic cancer is led by Prof. Salomon Stemmer, a recognized key opinion leader at the Davidoff Center, Rabin Medical Center, Israel. The Company's two lead drug candidates, Piclidenoson and Namodenoson, have already accumulated safety and efficacy data across close to 2000 patients in clinical studies to date. This depth of patient experience is a key asset when engaging with the broader medical community. The focus remains on soliciting meaningful insights to steer development, which is crucial given the high-stakes nature of the indications, such as the $6 billion global market for Vascular Dementia where Piclidenoson shows potential.

Key aspects of this relationship focus include:

• Securing leadership for pivotal trials like the Namodenoson pancreatic cancer Phase 2a study.
• Leveraging experience from nearly 2000 patients across current clinical programs.
• Focusing on the potential of Piclidenoson in the $6 billion Vascular Dementia market.
• Ensuring KOLs see the public benefit in steering drug development optimally.

Investor relations and public presentations to maintain capital access

Sustaining clinical development requires continuous access to capital, which is managed through direct engagement with the investment community. Can-Fite BioPharma Ltd. actively manages these relationships through presentations and capital raises. In July 2025, the Company successfully completed a public offering to bolster its finances, raising aggregate gross proceeds of $5 million. This capital infusion was necessary as cash and equivalents stood at $6.45 million as of June 30, 2025, a decrease from $7.88 million at the end of 2024. The operational costs driving this cash burn are reflected in the H1 2025 General and administrative expenses, which reached $2.07 million, marking an increase of 35.47% compared to the first half of 2024. This increase is specifically attributed to higher investor relations expenses following a one-time project during H1 2025. The Company plans further structural actions, announcing a Special General Meeting for November 3, 2025, to vote on increasing authorized share capital by 22 billion shares and approving a 1:3000 reverse stock split. Furthermore, the CEO is scheduled to present the latest pipeline developments at the Noble Capital Markets 21st Annual Emerging Growth Equity Conference on December 3rd, 2025, to maintain visibility.

Here are the recent financial metrics tied to capital maintenance:

Investor Relations/Capital Metric	Amount/Ratio	Date/Period
Gross Proceeds from July 2025 Public Offering	$5 million	July 2025
Cash and Equivalents	$6.45 million	June 30, 2025
General and Administrative Expenses (H1)	$2.07 million	H1 2025
Increase in G&A Expenses (YoY)	35.47%	H1 2025 vs H1 2024
Proposed Reverse Stock Split Ratio	1:3000	November 2025 Meeting

Finance: draft 13-week cash view by Friday.

Can-Fite BioPharma Ltd. (CANF) - Canvas Business Model: Channels

You're looking at how Can-Fite BioPharma Ltd. gets its value propositions-the drug candidates-out to the world, which for a clinical-stage biotech means partners, regulators, and the capital markets. It's a mix of formal agreements, clinical site networks, and investor outreach.

Out-licensing and distribution agreements with pharmaceutical companies

Can-Fite BioPharma Ltd. relies heavily on strategic partnerships to handle regional development and commercialization. They fund operations through these deals, alongside equity sales. As of H1 2025, they had existing out-licensing and distribution deals with KD, Cipher, CKD Gebro, CMS, and Kyongbo, plus a historic agreement with SKK. They also have an arrangement with Ewopharma. The revenue recognition from these deals is lumpy; for the six months ended June 30, 2025, revenues were $0.20 million, a 36.07% decrease compared to H1 2024, mainly due to recognizing a lower portion of advance payments from Ewopharma, Gebro, CKD, and Cipher.

The potential value locked in these channels is substantial, though not yet realized as revenue.

Agreement Type	Indication Focus	Maximum Potential Value (USD)
Out-licensing and Distribution	Pharma Indications	Up to $130 million
Out-licensing and Distribution	Veterinary Indications	Up to $325 million

The company expects to fund operations over the next several years through existing cash resources and potential future milestone payments from these agreements.

Clinical trial sites (multicenter, global) for patient enrollment

The clinical trial network is the channel for generating the data needed for regulatory submissions and eventual market approval. This involves setting up multicenter trials globally. The company has experience across close to 2000 patients in clinical studies to date with their lead candidates, Piclidenoson and Namodenoson.

Key ongoing or recently initiated trials define this channel:

• Phase III liver cancer (Namodenoson) is currently enrolling patients.
• Phase IIb MASH (Namodenoson) is enrolling patients.
• Phase 2a pancreatic cancer (Namodenoson) achieved over 50% enrollment milestone.
• Pivotal Phase III psoriasis (Piclidenoson) is underway, starting enrollment in Europe.
• Upcoming Phase II in Lowe Syndrome (Piclidenoson) has a completed Phase II design.

The potential market size for a new indication, like vascular dementia where Piclidenoson is showing preclinical promise, is estimated at $6 billion as of 2025.

Regulatory agencies (FDA, EMA) for drug approval and market access

The U.S. Food and Drug Administration (FDA) and the European Medicines Agency (EMA) are critical gatekeepers. Can-Fite BioPharma Ltd. uses successful trial data to gain designations that streamline this channel.

Specific regulatory channel achievements include:

• Piclidenoson received a green light from both the FDA and EMA to proceed with a pivotal Phase III trial for psoriasis.
• Namodenoson received Orphan Drug Designation from the FDA for pancreatic cancer.
• Namodenoson holds Fast Track Designation from the FDA as a second-line treatment for Hepatocellular Carcinoma (HCC).
• Namodenoson received FDA compassionate use approval for pancreatic carcinoma.

These designations provide regulatory advantages, such as potential market exclusivity for seven years after approval for the Orphan Drug indication.

Investor conferences and press releases for capital markets

Access to capital is a vital channel for funding the clinical development pipeline. Can-Fite BioPharma Ltd. uses public and private offerings, and investor events to maintain liquidity. The company completed a public offering in July 2025, raising aggregate gross proceeds of $5 million.

Key financial and market data points for this channel as of late 2025:

Metric	Value (as of June 30, 2025, or late 2025)
Cash and Cash Equivalents (H1 2025)	$6.45 million
Total Valuation (Market Cap)	$15.84 million
Shares Outstanding	3.97 billion
Net Loss (H1 2025)	$4.87 million
General and Administrative Expenses (H1 2025)	$2.07 million

The CEO, Motti Farbstein, is scheduled to present at the Noble Capital Markets 21st Annual Emerging Growth Equity Conference on December 3rd, 2025, where he will discuss the pipeline developments. The next earnings release is anticipated on November 27, 2025, before market open. Honestly, investor relations expenses contributed to the 35.47% increase in General and administrative expenses for H1 2025.

Can-Fite BioPharma Ltd. (CANF) - Canvas Business Model: Customer Segments

You're looking at the specific groups Can-Fite BioPharma Ltd. (CANF) targets with its platform technology, which centers on A3 adenosine receptor (A3AR) agonists like Namodenoson and Piclidenoson.

Global pharmaceutical companies seeking late-stage assets (licensees)

This segment represents potential partners who can take on late-stage development and commercialization. Can-Fite BioPharma Ltd. (CANF) has already secured agreements that show the structure of these deals.

• Can-Fite BioPharma Ltd. (CANF) has numerous out-licensing and global distribution agreements in place worth up to $130 million for pharma indications.
• There is an additional potential value of up to $325 million tied to veterinary indications from existing agreements.
• The Ewopharma distribution agreement for CEE countries and Switzerland included an upfront payment of $2.25 million, with up to an additional $40.45 million payable upon regulatory and sales milestones.
• This Ewopharma deal also stipulates 17.5% royalties on net sales.
• Industry-wide, licensing activity is high; in the first half of 2025, oncology licensing agreements alone totaled 78 deals worth $46.9 billion, which included $4.7 billion in upfront payments.

Here's a quick look at the financial context of Can-Fite BioPharma Ltd. (CANF) as of mid-2025, which influences its need for licensing partners:

Financial Metric	Amount as of June 30, 2025
Cash and Cash Equivalents	$6.45 million
Revenues (Six Months Ended June 30, 2025)	$0.20 million
Gross Proceeds from July 2025 Public Offering	$5 million
Total Cumulative Funding to Date	$175 million

Patients with advanced liver cancer (HCC) and pancreatic cancer

These oncology segments are targeted primarily by Namodenoson. The company has achieved significant regulatory advantages for HCC.

• Namodenoson is currently being evaluated in a pivotal Phase III trial for advanced hepatocellular carcinoma (HCC).
• For HCC, Namodenoson has received Orphan Drug Designation (ODD) in the U.S. and Europe, plus Fast Track Status with the U.S. Food and Drug Administration (FDA) as a second line treatment.
• Namodenoson is also being evaluated in a Phase IIa study for patients with advanced pancreatic adenocarcinoma whose disease has progressed following at least one line of prior therapy.
• Namodenoson has received Orphan Drug Designation from the FDA for the treatment of pancreatic cancer.
• The market for HCC treatments in G8 countries is estimated to reach $6.1 billion by 2027.

The Phase 2a pancreatic cancer study (NCT06387342) evaluates oral Namodenoson at a dose of 25 mg, administered twice daily in continuous 28-day cycles. Still, the primary endpoint is safety.

Patients with moderate-to-severe psoriasis and MASH

These inflammatory and liver disease segments are targeted by Piclidenoson and Namodenoson, respectively.

• Piclidenoson is in a pivotal Phase III trial for patients with moderate-to-severe plaque psoriasis.
• Namodenoson is being evaluated in a Phase IIb trial for the treatment of Metabolic dysfunction-associated steatohepatitis (MASH).

These drugs have an excellent safety profile with experience in over 1,600 patients in clinical studies to date.

Patients with rare diseases like Lowe Syndrome and Vascular Dementia

This represents an expansion area for the platform technology, targeting smaller, often underserved populations.

• Can-Fite BioPharma Ltd. (CANF) has an upcoming Phase II study planned for Piclidenoson in the treatment of Lowe Syndrome.
• The global market for Vascular Dementia is estimated at $6 billion as of 2025.

If you're assessing the company's valuation, remember that the value of these rare disease programs is often tied to the potential for premium pricing and faster regulatory pathways, even if the patient pool is smaller.

Can-Fite BioPharma Ltd. (CANF) - Canvas Business Model: Cost Structure

You're looking at the core expenditures for Can-Fite BioPharma Ltd. as of the middle of 2025. For a clinical-stage biotech, the cost structure is almost entirely driven by the expensive, multi-year process of drug development.

The Net cash used in operating activities for the first half of 2025 (six months ended June 30, 2025) was $4.75 million. This represents an increase from the $4.04 million used in the same period of 2024, showing that operational cash burn is accelerating as clinical programs advance.

The major components of this cash usage are detailed below, primarily focusing on the expenses reported through the first half of 2025.

Cost Category	Amount (Six Months Ended June 30, 2025)	Year-over-Year Change (vs. H1 2024)
Research and Development (R&D) Expenses	$3.03 million	Increase of 5.16%
General and Administrative (G&A) Expenses	$2.07 million	Increase of 35.47%
Net Cash Used in Operating Activities	$4.75 million	Increase of $0.71 million

High research and development (R&D) expenses are the lifeblood cost for Can-Fite BioPharma Ltd., directly funding the clinical trials for its drug candidates. The R&D expenses for the first half of 2025 totaled $3.03 million. This increase, up 5.16% from $2.88 million in H1 2024, is directly tied to the acceleration of expenses across their pipeline programs.

General and administrative (G&A) costs also saw a significant jump. For the six months ended June 30, 2025, G&A totaled $2.07 million, which is an increase of $0.54 million, or 35.47%, compared to $1.52 million in the prior year period. The company expects G&A expenses to remain at this level through the remainder of 2025.

The R&D spending is allocated across several key clinical efforts, which are the most significant cost drivers beyond basic overhead. You can see the focus of this spending:

• Ongoing Phase 3 study of Piclidenoson for psoriasis treatment.
• Ongoing Phase 3 study of Namodenoson in advanced liver cancer.
• Ongoing Phase 2b study of Namodenoson for MASH (Metabolic Dysfunction-Associated Steatohepatitis).

While specific line items for manufacturing, regulatory filings, and intellectual property maintenance aren't broken out separately in the H1 2025 summary, these activities are inherently embedded within the $3.03 million R&D expense figure, especially costs associated with ongoing patient treatment in trials. Furthermore, the company's net loss for the period was $4.87 million, reflecting these substantial development costs against minimal revenue of $0.20 million.

Financing activities provided a buffer, with net cash provided by financing activities reaching $3.37 million for H1 2025, largely due to proceeds from equity issuances, including a public offering in July 2025. As of June 30, 2025, Can-Fite BioPharma Ltd. held $6.45 million in cash and short-term deposits.

Finance: draft 13-week cash view by Friday.

Can-Fite BioPharma Ltd. (CANF) - Canvas Business Model: Revenue Streams

You're looking at the core ways Can-Fite BioPharma Ltd. brings in cash right now, which is critical given the R&D burn rate. The revenue streams are a mix of upfront cash from deals and the promise of future payments tied to clinical success.

Advance payments and milestones from existing distribution agreements represent a key, albeit fluctuating, part of current recognized revenue. For the six months ended June 30, 2025, the recognized revenue was $0.20 million, which was a 36.07% drop compared to the $0.31 million recognized in the first half of 2024. This dip in H1 2025 revenue stemmed from recognizing a lower portion of advance payments received under existing distribution agreements, specifically mentioning the Ewopharma agreement entered in 2021 and agreements with Gebro, CKD, and Cipher.

The company actively supplements its cash position through capital raises, which is a distinct revenue stream for a clinical-stage firm. Can-Fite BioPharma Ltd. completed a public offering in July 2025, securing aggregate gross proceeds of approximately $5.0 million. After deducting issuance costs, the net proceeds were approximately $4.2 million. This financing is intended to fund research and development, clinical trials, and general corporate purposes.

Revenues from licensing agreements are recognized over time as advance payments are earned. As noted, the total recognized revenue for the first half of 2025 was $0.20 million. The company expects to continue funding operations partly through potential future milestone payments from its licensees.

The largest potential revenue component lies in future royalties on drug sales upon regulatory approval. Can-Fite BioPharma Ltd. has seven partnerships structured to include royalties on product sales, alongside development and regulatory milestones. Based on internal modeling and external advisor insights, the Company forecasts potential cumulative income from these partnerships over the next decade to reach $685 million, assuming regulatory approval and launches for its drug candidates between 2027 and 2029.

Here's a look at the key financial figures related to the revenue-generating activities as of late 2025:

Revenue Component/Metric	Amount/Value	Period/Date
Total Revenue	$0.20 million	H1 2025
Revenue Change YoY	-36.07%	H1 2025 vs. H1 2024
Gross Proceeds from July 2025 Public Offering	$5.0 million	July 2025
Net Proceeds from July 2025 Public Offering (Approximate)	$4.2 million	July 2025
Projected Cumulative Future Revenues from Partnerships	$685 million	Forecasted over next decade
Cash and Equivalents (Excluding July Offering)	$6.45 million	June 30, 2025

The structure of these expected future payments is detailed in the partnership terms:

• Development and regulatory milestones.
• Commercial sales benchmarks.
• Manufacturing-related transfer payments.
• Royalties on product sales.

To be fair, these long-term projections are heavily dependent on achieving regulatory approval and market penetration for Piclidenoson and Namodenoson in indications like psoriasis, advanced liver cancer, pancreatic cancer, and MASH, which are assumed to occur between 2027 and 2029. Finance: draft 13-week cash view by Friday.