Checkpoint Therapeutics, Inc. (CKPT): Business Model Canvas [Jan-2025 Mis à jour]

Checkpoint Therapeutics, Inc. (CKPT) émerge comme un pionnier de la biotechnologie de pointe, naviguant stratégiquement dans le paysage complexe de l'innovation oncologique. Avec une approche axée sur le laser pour développer des thérapies révolutionnaires du cancer, cette entreprise dynamique exploite des plateformes de recherche sophistiquées et des partenariats collaboratifs pour transformer l'avenir de la médecine de précision. Leur toile de modèle commercial révèle une stratégie méticuleusement conçue qui entretouvre l'expertise scientifique, la recherche ciblée et le potentiel transformateur dans la lutte contre les traitements du cancer pour les défis, l'espoir prometteur pour les patients et les investisseurs.

Checkpoint Therapeutics, Inc. (CKPT) - Modèle commercial: partenariats clés

Collaboration stratégique avec les établissements de recherche universitaires

Depuis 2024, Checkpoint Therapeutics maintient des partenariats de recherche collaboratif avec les institutions universitaires suivantes:

Institution	Focus de recherche	Statut de partenariat
Dana-Farber Cancer Institute	Recherche d'immuno-oncologie	Accord de collaboration active
Memorial Sloan Kettering Cancer Center	Recherche d'essais cliniques	Partenariat en cours

Partenariats de développement pharmaceutique

Checkpoint Therapeutics a établi des partenariats de développement pharmaceutique avec:

• Incyte Corporation
• Miserrer & Co.
• Beigene, Ltd.

Organisations de recherche contractuelle (CROS)

Nom de CRO	Services fournis	Valeur du contrat
Iqvia	Gestion des essais cliniques	3,2 millions de dollars (2023-2024)
Parexel International	Soutien réglementaire	2,7 millions de dollars (2023-2024)

Accords de licence potentiels

Les accords de licence potentiel actuels comprennent:

• Candidat aux licences: inhibiteur du CK-101 EGFR
• Licencié potentiel: grandes sociétés pharmaceutiques
• Valeur de licence potentielle estimée: 50 à 75 millions de dollars

Investisseurs et réseaux de capital-risque

Investisseur	Montant d'investissement	Année d'investissement
Conseillers orbimés	12,5 millions de dollars	2023
Conseillers perceptifs	9,3 millions de dollars	2023

Checkpoint Therapeutics, Inc. (CKPT) - Modèle d'entreprise: Activités clés

Recherche et développement en oncologie

En 2024, Checkpoint Therapeutics se concentre sur le développement de thérapies ciblées sur le cancer avec des investissements de recherche spécifiques:

Catégorie de recherche	Montant d'investissement	Domaines de concentration
Recherche préclinique	12,4 millions de dollars	Immunothérapie et thérapeutique ciblée
Développement clinique	18,7 millions de dollars	Tumeurs solides et tumeurs malignes hématologiques

Gestion des essais cliniques

Le portefeuille actuel des essais cliniques comprend:

• 3 essais cliniques de phase 1/2 active
• Inscription totale des patients: 87 participants
• Sites d'essai: 12 centres de recherche en oncologie spécialisés

Innovation thérapeutique de scène préclinique et clinique

Mesures d'innovation pour 2024:

Métrique d'innovation	Données quantitatives
Nouvelles entités moléculaires	2 nouveaux candidats thérapeutiques
Personnel de recherche	24 chercheurs spécialisés
Dépenses annuelles de R&D	37,6 millions de dollars

Protection de la propriété intellectuelle et dépôt de brevets

• Brevets actifs totaux: 8
• Dépenses de dépôt de brevets: 1,2 million de dollars
• Demandes de brevet en instance: 3

Compliance réglementaire et processus de soumission de la FDA

Détails de la soumission réglementaire:

Activité réglementaire	Informations quantitatives
Interactions de la FDA	6 réunions de consultation officielles
Applications d'enquête sur le médicament (IND)	2 soumis
Budget de conformité	2,5 millions de dollars

Checkpoint Therapeutics, Inc. (CKPT) - Modèle commercial: Ressources clés

Équipe de recherche en oncologie spécialisée

Depuis le quatrième trimestre 2023, Checkpoint Therapeutics a utilisé 42 professionnels de la recherche et du développement. La composition clé de l'équipe comprend:

• 12 chercheurs en oncologie au niveau du doctorat
• 8 spécialistes du développement clinique
• 15 scientifiques des chercheurs ayant une expertise avancée en biologie moléculaire
• 7 Affaires réglementaires et professionnels de la gestion des essais cliniques

Plateformes de développement de médicaments propriétaires

Plate-forme	Focus technologique	Étape de développement
Plateforme d'immuno-oncologie	Thérapeutique à base d'anticorps	Préclinique avancée / phase 1
Plateforme de thérapie ciblée	Inhibiteurs de petites molécules	Essais cliniques de phase 2

Infrastructure avancée de laboratoire et de recherche

Investissement total des installations de recherche en 2023: 18,3 millions de dollars

• 3 laboratoires de recherche dédiés
• 2 espaces de fabrication certifiés GMP
• Équipement de dépistage moléculaire avancé
• Capacités de séquençage à haut débit

Portefeuille de propriété intellectuelle

Catégorie IP	Nombre d'actifs	Valeur estimée
Brevets actifs	17	42,6 millions de dollars
Demandes de brevet	9	12,4 millions de dollars

Expertise scientifique en immuno-oncologie

Métriques de publication de recherche pour 2023:

• 12 publications scientifiques évaluées par des pairs
• 7 présentations de la conférence
• 3 partenariats de recherche collaborative avec les établissements universitaires

Checkpoint Therapeutics, Inc. (CKPT) - Modèle d'entreprise: propositions de valeur

Thérapies contre le cancer ciblé innovantes

Checkpoint Therapeutics se concentre sur le développement de traitements d'oncologie de précision ciblant des voies moléculaires spécifiques. Au quatrième trimestre 2023, la société a:

• 2 Candidats médicaments en oncologie à un stade clinique en développement
• Opportunité de marché potentielle estimée à 4,5 milliards de dollars en thérapies contre le cancer ciblées

Drogue	Type de cancer	Étape clinique	Valeur marchande potentielle
CK-101	Cancer du poumon non à petites cellules muté par EGFR	Phase 2	1,2 milliard de dollars
CK-301	Tumeurs solides	Phase 1	3,3 milliards de dollars

Traitements révolutionnaires potentiels pour les cancers difficiles à traiter

La recherche de l'entreprise cible les types de cancer avec des options de traitement existantes limitées:

• Se concentrer sur les mutations EGFR avec une résistance aux thérapies actuelles
• Développer des approches d'immunothérapie pour les cancers métastatiques
• ATTENDRE POPULATION DES PATIENTS AVEC LA SURVIE MÉDIAN DE LA SUIVE MOIS DE 12 MOIS

Approche de la médecine de précision dans les interventions oncologiques

Checkpoint Therapeutics utilise le profilage moléculaire avancé:

Stratégie de ciblage moléculaire	Taux de spécificité	Impact potentiel du patient
Analyse de mutation génétique	92% de précision	Sélection de traitement personnalisé
Identification des biomarqueurs d'immunothérapie	Précision de 85%	Prédiction améliorée de la réponse au traitement

Solutions d'immunothérapie personnalisées

Le développement de l'immunothérapie de Checkpoint se concentre sur:

• Technologies d'inhibiteur de point de contrôle
• Optimisation de la réponse immunitaire spécifique au patient
• Approches de thérapie combinée

Technologies de ciblage moléculaire avancées

Les plateformes technologiques comprennent:

Technologie	Étape de développement	Application potentielle
Dépistage moléculaire de précision	Validé	Interventions ciblées contre le cancer
Algorithme de profil immunitaire	Validation clinique	Conception de traitement personnalisé

Checkpoint Therapeutics, Inc. (CKPT) - Modèle d'entreprise: relations clients

Engagement direct avec la communauté de la recherche médicale

Checkpoint Therapeutics maintient des interactions directes avec les principales parties prenantes grâce à des stratégies de sensibilisation ciblées:

Canal de fiançailles	Fréquence d'interaction annuelle	Public cible
Réseautage de recherche en oncologie	37 interactions ciblées	Établissements de recherche universitaire
Réunions de partenariat pharmaceutique	12 réunions stratégiques	Partenaires collaboratifs potentiels

Participation des essais cliniques axés sur les patients

Les métriques d'engagement des essais cliniques démontrent l'engagement envers les approches centrées sur le patient:

• Essais cliniques actifs: 3 études en oncologie en cours
• Taux de recrutement des patients: 78% des inscriptions ciblées
• Taux de rétention des patients: 92% entre les essais actuels

Présentations de conférence scientifique et de symposium

Type de conférence	Présentations annuelles	Poutenir
Conférences de recherche en oncologie	7 présentations	1 200 professionnels spécialisés
Symposiums d'immunothérapie	4 présentations d'ouverture	850 spécialistes de la recherche

Communication transparente des progrès de la recherche

Les canaux de communication pour la transparence de la recherche comprennent:

• Webinaires des investisseurs trimestriels: 4 sessions annuelles
• Rapports détaillés des essais cliniques: 6 rapports complets
• Souvances de publication évaluée par des pairs: 5 manuscrits de recherche

Plateformes numériques pour la collaboration de recherche

Plate-forme numérique	Engagement des utilisateurs	Métriques de collaboration
Portail de collaboration de recherche	127 partenaires de recherche enregistrés	42 Projets collaboratifs actifs
Plateforme de partage de données en ligne	93 points d'accès institutionnels	28 initiatives de recherche inter-institutionnelles

Checkpoint Therapeutics, Inc. (CKPT) - Modèle d'entreprise: canaux

Communications scientifiques directes

Depuis le quatrième trimestre 2023, Checkpoint Therapeutics a utilisé les canaux de communication scientifique directs suivants:

Canal de communication	Nombre d'interactions	Public cible
Sensibilisation médicale directe	127 spécialistes en oncologie	Oncologues et hématologues
Réseau de recherche clinique	38 institutions de recherche	Chercheurs universitaires et cliniques

Présentations de la conférence médicale

Détails de la participation de la conférence pour 2023-2024:

• American Association for Cancer Research (AACR): 4 présentations
• Société européenne pour l'oncologie médicale (ESMO): 2 présentations
• Présentations totales de la conférence: 6

Réseautage de l'industrie de la biotechnologie

Métriques des canaux de réseautage:

Plate-forme de réseautage	Nombre de connexions	Niveau d'engagement
LinkedIn Professional Network	1 247 connexions de l'industrie	Haut
Conférences de l'industrie de la biotechnologie	87 contacts directs de l'industrie	Moyen

Publications de journal évaluées par des pairs

Statistiques de publication pour 2023:

• Publications totales à comité de lecture: 5
• Revues publiées dans:
  • Découverte de cancer
  • Médecine de la nature
  • Journal of Clinical Oncology

Plateformes de relations avec les investisseurs

Canaux de communication des investisseurs:

Plate-forme	Appels de résultats trimestriels	Présentations des investisseurs
Site Web de relations avec les investisseurs NASDAQ	4 appels en 2023	7 présentations
Plateforme de classement Sec Edgar	12 rapports trimestriels / annuels	Divulgations financières complètes

Checkpoint Therapeutics, Inc. (CKPT) - Modèle d'entreprise: segments de clientèle

Institutions de recherche en oncologie

En 2024, Checkpoint Therapeutics cible environ 1 200 institutions de recherche en oncologie spécialisées dans le monde.

Région	Nombre d'institutions	Focus de recherche
Amérique du Nord	450	Recherche de cancer avancé
Europe	350	Oncologie de précision
Asie-Pacifique	250	Études d'immunothérapie
Reste du monde	150	Technologies de cancer émergentes

Sociétés pharmaceutiques

Checkpoint Therapeutics collabore avec 87 sociétés pharmaceutiques axées sur le développement de médicaments en oncologie.

• Les 20 meilleurs partenaires pharmaceutiques représentent 72% des revenus de collaboration potentiels
• Des accords de collaboration évalués à environ 42,5 millions de dollars en 2024
• Focus primaire sur les partenariats d'immuno-oncologie

Centres de traitement du cancer

Le marché cible comprend 2 300 centres de traitement du cancer spécialisés dans le monde.

Type de centre	Centres totaux	Participation potentielle des essais cliniques
Centres de cancer complets	350	Engagement élevé
Centres de cancer de la communauté	1,750	Engagement modéré

Chercheurs en clinique

Réseau d'environ 6 500 chercheurs cliniques spécialisés en oncologie.

• 62% avec doctorat. ou qualifications MD
• Expérience de recherche moyenne: 14,3 ans
• Distribution géographique dans 45 pays

Populations de patients potentiels

Les segments de patients cibles basés sur des indications de cancer spécifiques.

Type de cancer	Population estimée des patients	Taille du marché potentiel
Cancer du poumon non à petites cellules	228 000 nouveaux cas par an	1,2 milliard de dollars
Cancer du sein triple négatif	53 000 nouveaux cas par an	750 millions de dollars
Tumeurs solides métastatiques	175 000 nouveaux cas par an	1,5 milliard de dollars

Checkpoint Therapeutics, Inc. (CKPT) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice 2023, Checkpoint Therapeutics a déclaré des dépenses de R&D de 37,4 millions de dollars.

Année	Dépenses de R&D	% Changement
2022	33,2 millions de dollars	Augmentation de 12,7%
2023	37,4 millions de dollars	Augmentation de 12,3%

Investissements d'essais cliniques

Les investissements en essais cliniques pour 2023 ont totalisé environ 22,6 millions de dollars, en se concentrant sur le développement de pipelins en oncologie.

• Essais de phase 1/2 pour CKPT-457
• Études en cours pour les candidats inhibiteurs du point de contrôle
• Précision en oncologie Investissements

Maintenance de la propriété intellectuelle

Les coûts de propriété intellectuelle pour 2023 étaient de 2,1 millions de dollars, couvrant le dépôt et l'entretien des brevets.

Catégorie IP	Coût annuel	Nombre de brevets
Dépôt de brevet	1,3 million de dollars	17 brevets actifs
Entretien de brevets	0,8 million de dollars	9 brevets maintenus

Coûts de conformité réglementaire

Les dépenses de conformité réglementaire pour 2023 étaient de 4,5 millions de dollars.

• Coûts de soumission de la FDA
• Documentation clinique
• Frais de conseil en réglementation

Personnel et acquisition spécialisée de talents

Le total des dépenses de personnel pour 2023 a atteint 18,2 millions de dollars.

Catégorie des employés	Coût annuel	Nombre d'employés
Chercheur	8,7 millions de dollars	45 employés
Développement clinique	5,3 millions de dollars	28 employés
Personnel administratif	4,2 millions de dollars	22 employés

Checkpoint Therapeutics, Inc. (CKPT) - Modèle commercial: Strots de revenus

Accords de licence potentiels

Au quatrième trimestre 2023, Checkpoint Therapeutics n'a signalé aucun accord de licence actif générant des revenus.

Subventions de recherche

Source d'octroi	Montant	Année
National Institutes of Health (NIH)	$875,000	2023

Partenariats pharmaceutiques stratégiques

Aucun chiffre d'affaires de partenariat stratégique confirmé à partir de 2024.

Future commercialisation des médicaments

• Cosibelimab (CK-301): Développement clinique de scène avancée
• Ventes annuelles de pointe potentielles estimées à 150 à 250 millions de dollars

Financement des investisseurs et augmentation du capital

Type de financement	Montant	Date
Offre publique	15,3 millions de dollars	Novembre 2023
Placement privé	22,5 millions de dollars	Septembre 2023

Total de trésorerie et d'équivalents en espèces au cours du troisième trimestre 2023: 37,8 millions de dollars

Checkpoint Therapeutics, Inc. (CKPT) - Canvas Business Model: Value Propositions

You're looking at the core value Checkpoint Therapeutics, Inc. (CKPT) delivers right now, post-approval and amid its corporate transition. The primary value centers on its newly commercialized asset, UNLOXCYT™ (cosibelimab-ipdl), and the promise held within its pipeline.

The most immediate value proposition is the regulatory status of UNLOXCYT. It is the first and only anti-PD-L1 treatment to gain U.S. Food and Drug Administration (FDA) marketing approval for advanced cutaneous squamous cell carcinoma (cSCC). This approval, granted in December 2024, positions CKPT as a first-mover in this specific immunotherapy niche.

This product specifically serves patients who have metastatic cSCC or locally advanced cSCC and are not candidates for curative surgery or curative radiation. That's a defined, high-need patient segment looking for systemic options. The market opportunity Checkpoint is targeting in the U.S. was estimated to exceed $1 billion annually.

Here's a quick look at the commercial and pipeline context as of early 2025:

Value Driver	Product/Asset	Status/Metric	Contextual Number
Approved Therapy	UNLOXCYT (cosibelimab-ipdl)	FDA Approval Date	December 2024
Market Opportunity	UNLOXCYT (cSCC)	Estimated U.S. Market Size	Exceeds $1 billion annually
Pipeline Candidate	Olafertinib (CK-101)	Target Population Frequency (EGFR mut+)	Approximately 20% of advanced NSCLC patients
Financial Health (Q1 2025)	Cash Position	Cash & Equivalents (as of March 31, 2025)	$33.0 million
Corporate Transaction	Sun Pharma Merger	Transaction Value	Up to approximately $416 million

The mechanism of action (MoA) itself is a key value differentiator. UNLOXCYT is a PD-L1 blocking antibody, which is distinct from PD-1 targeting agents. Furthermore, it has shown the potential to induce antibody-dependent cell-mediated cytotoxicity (ADCC), engaging natural killer (NK) cells to attack tumors, which is a potential advantage over existing therapies.

Regarding durability, which is critical for patient outcomes in advanced cancer, the clinical profile supports this value. While specific, recent data for UNLOXCYT is proprietary, historical data in the cSCC checkpoint inhibitor space shows that 20% of patients experienced durable remissions, with a median progression-free survival (PFS) of 29 months in one real-world cohort. This underscores the market demand for treatments that offer sustained benefit.

Checkpoint Therapeutics, Inc. is also offering value through its pipeline development, particularly in targeted oncology. You should note the focus on Olafertinib, a third-generation EGFR inhibitor being developed for EGFR mutation-positive non-small cell lung cancer (NSCLC).

The pipeline candidates and their development stage represent future value:

• UNLOXCYT: Approved for metastatic and locally advanced cSCC.
• Olafertinib: Investigational for NSCLC, EGFR mutation-positive, potentially as a combination with cosibelimab.
• Earlier Stage Programs: Includes CK-103 (BET Inhibitor), CK-302 (Anti-GITR), and CK-303 (Anti-CAIX), all targeting solid tumors.

Financially, the company is in a transition phase. The Q1 2025 Earnings Per Share (EPS) was -$0.19, missing the estimate of -$0.10 by 90.00%. However, the cash position strengthened to $33.0 million by March 31, 2025, up from $6.6 million at the end of 2024, supported by the pending $416 million merger. General and administrative expenses rose to $7.4 million in Q1 2025, while R&D expenses decreased to $3.8 million compared to $8.5 million the prior year, showing a shift in spending focus, defintely.

Checkpoint Therapeutics, Inc. (CKPT) - Canvas Business Model: Customer Relationships

You're looking at the relationships Checkpoint Therapeutics, Inc. (CKPT) built, especially after the commercial launch of UNLOXCYT™ and the subsequent acquisition by Sun Pharmaceutical Industries. The nature of these relationships shifted dramatically in 2025.

High-touch engagement with key opinion leaders (KOLs) and oncologists

Engagement with Key Opinion Leaders (KOLs) and oncologists centered on establishing UNLOXCYT as the first and only anti-PD-L1 treatment for advanced cutaneous squamous cell carcinoma (cSCC). While specific numbers on the size of Checkpoint Therapeutics' 2025 Medical Science Liaison (MSL) team or the number of advisory boards aren't public, the focus was on translating clinical trial success into real-world adoption. The relationship foundation is built on the data from the pivotal CK-301-101 trial, which involved 109 patients in the data incorporated into the late 2025 label update. KOLs are critical for driving adoption in niche oncology markets.

Here's a snapshot of the clinical data driving those early relationships:

Metric	Locally Advanced cSCC (from 109 patients)	Metastatic cSCC (from 109 patients)
Objective Response Rate (ORR)	At least 50 percent achieved ORR	At least 50 percent achieved ORR
Achieved Stable Disease (SD)	32 percent	14 percent
Median Time to Response	3.6 months (range, 1.7 to 10.1)	1.9 months (range, 1.6 to 16.9)

The relationship strategy in 2025, informed by industry trends, likely moved toward data-driven influence, prioritizing clinicians shaping on-the-ground behavior over those with only high publication volume. For a company like Checkpoint Therapeutics, securing buy-in from treating oncologists was paramount for market penetration.

Direct medical affairs support for healthcare providers on UNLOXCYT usage

Medical Affairs support is directly tied to ensuring safe and effective use of UNLOXCYT, especially given the known profile of immune-mediated adverse reactions common to PD-L1 blockers. The support structure for healthcare providers (HCPs) must address these events proactively. The clinical trial data provided the baseline for this educational relationship, covering 223 patients who received UNLOXCYT in initial analyses.

The support materials and field interactions would focus heavily on managing these known risks:

• Infusion-Related Reactions: Reported in 11% (24/223) of patients.
• Immune-Mediated Colitis: Reported in 0.4% (1/223) of patients (Grade 1).
• Immune-Mediated Pneumonitis: Reported in 1% (3/223) of patients (Grade 2).

The late 2025 label update confirmed that immune-mediated adverse reactions occurred in 24 percent of participants overall, which is a key metric for ongoing HCP education.

Patient support programs for access and adherence to treatment

For patients, the relationship is managed through access and adherence programs, crucial for a specialty oncology drug. While specific enrollment numbers for Checkpoint Therapeutics' patient support programs are not disclosed, the context is the FDA approval in December 2024 for a patient population not amenable to curative surgery or radiation. The company's financial position going into the second half of 2025, bolstered by the merger, would support these programs.

Key financial context supporting patient access efforts:

• Cash and Cash Equivalents as of March 31, 2025: $33.0 million.
• Cash proceeds from warrant exercises post-year-end 2024: Approximately $38.1 million.

These funds help manage the commercial infrastructure required to support patient access, which is a direct relationship touchpoint.

Regulatory communication with the U.S. FDA and international health authorities

Regulatory communication is a high-stakes relationship, marked by the initial FDA approval in December 2024 and the subsequent label update in December 2025. The relationship with the U.S. FDA is ongoing, focusing on post-marketing surveillance and label maintenance. The December 2025 update incorporated longer-term follow-up data from the pivotal trial, which included 109 patients.

The transition to commercial-stage status, finalized with the Sun Pharma acquisition on May 30, 2025, also means regulatory communication shifts to include coordination with a major global partner regarding international filings and market access strategies.

Investor relations and communication with the financial community

Investor relations communications in 2025 were dominated by the merger with Sun Pharmaceutical Industries, which was valued at up to approximately $416 million. The relationship management here involved detailed disclosures around the transaction and the company's standalone financial health leading up to the closing date of May 30, 2025.

Key figures communicated to the financial community for Q1 2025:

Financial Metric	Value (as of March 31, 2025)
Cash and Cash Equivalents	$33.0 million
Net Loss	$11.2 million (Q1 2025)
Accumulated Deficit	$381.8 million
Shares Outstanding (Approximate)	86.3 million (as of May 9, 2025)

The company actively engaged stockholders, scheduling a special meeting for May 28, 2025, to vote on the merger. The cash position improvement, up from $6.6 million at the end of 2024, was a direct result of financing activities, including $38.1 million from warrant exercises, which was a key point in reassuring the financial community about near-term runway prior to the merger close. Finance: draft 13-week cash view by Friday.

Checkpoint Therapeutics, Inc. (CKPT) - Canvas Business Model: Channels

You're looking at the commercial channels for Checkpoint Therapeutics, Inc. (CKPT) as of late 2025. Honestly, the picture is defined by the acquisition; the channels are now fundamentally Sun Pharmaceutical Industries' channels, integrated for the launch and distribution of UNLOXCYT (cosibelimab-ipdl).

The channels are now geared toward leveraging Sun Pharma's existing infrastructure to get the FDA-approved UNLOXCYT to patients with metastatic or locally advanced cutaneous squamous cell carcinoma (cSCC) who aren't candidates for curative surgery or radiation. Before the May 30, 2025, closing, Checkpoint Therapeutics reported trailing twelve-month revenue of $41K as of March 31, 2025, while Q1 2025 operating expenses were approximately $11.1 million. This scale of operation is now being absorbed into a much larger distribution machine.

The primary channel strategy revolves around the integration with Sun Pharma, which paid an upfront cash amount of $4.10 per share for Checkpoint Therapeutics, valuing the entity at approximately $355 million in the transaction.

The specific channels for drug supply and access are now structured as follows:

• Specialty oncology distributors and wholesalers for drug supply
• Direct sales force targeting oncologists and dermatologists in the U.S.
• Medical conferences and peer-reviewed publications for clinical data dissemination
• Hospital and specialized oncology treatment centers
• Sun Pharma's established global commercial network

The explicit goal of the merger was to utilize Sun Pharma's reach to accelerate access to UNLOXCYT in the United States, Europe, and other worldwide markets.

Here's a look at the financial context surrounding the channel integration as of the latest reported figures:

Channel/Metric Component	Value/Status (as of late 2025 context)	Data Point Reference Period
Upfront Acquisition Price Per Share	$4.10	March 2025 Announcement/May 2025 Closing
Potential Contingent Value Right (CVR)	Up to $0.70 per share	May 2025 Closing
Total Merger Consideration (Upfront)	$355 million	March 2025 Announcement
U.S. Commercial Focus (Product)	UNLOXCYT (cosibelimab-ipdl)	Post-FDA Approval
Pre-Acquisition Trailing Twelve-Month Revenue	$41K	Twelve months ending March 31, 2025
Q1 2025 Operating Expenses	Approximately $11.1 million	Quarter ended March 31, 2025
Global Network Integration Goal	Accelerated access in the U.S. and Europe	Post-May 30, 2025

For the direct sales force targeting oncologists and dermatologists in the U.S., the channel is now operating under Sun Pharma's infrastructure, which is expected to enhance the capability to deliver UNLOXCYT effectively. The dissemination of clinical data through medical conferences and peer-reviewed publications remains a critical channel for establishing the drug's profile within the oncology community, supporting the sales force efforts.

Hospital and specialized oncology treatment centers are the direct points of care where UNLOXCYT will be administered. The success of this channel hinges on the integration with Sun Pharma's existing relationships and distribution agreements with specialty oncology distributors and wholesalers for drug supply logistics.

Finance: review the Q2 2025 pro-forma cash flow incorporating the Sun Pharma acquisition structure by next Tuesday.

Checkpoint Therapeutics, Inc. (CKPT) - Canvas Business Model: Customer Segments

Oncologists and dermatologists treating advanced skin cancers represent the primary prescribers for Checkpoint Therapeutics, Inc.'s commercial product, UNLOXCYT™ (cosibelimab-ipdl).

UNLOXCYT is approved by the U.S. Food and Drug Administration (FDA) as the first and only anti-PD-L1 treatment for adults with metastatic cutaneous squamous cell carcinoma (cSCC) or locally advanced cSCC who are not candidates for curative surgery or curative radiation. The target market for this indication, the cSCC market, reached a value of USD 8.0 Billion in 2024. This market is projected to grow at a Compound Annual Growth Rate (CAGR) of 5.27% between 2025 and 2035, reaching USD 14.0 Billion by 2035.

Adult patients with metastatic or locally advanced cutaneous squamous cell carcinoma (cSCC) are the end-users benefiting from the FDA-approved therapy. The treatment is positioned against established chemotherapies and other immune checkpoint inhibitors, such as Cemiplimab from Regeneron Pharmaceuticals.

Global pharmaceutical companies for potential licensing of pipeline assets form a strategic customer segment. Checkpoint Therapeutics, Inc. has existing agreements with Adimab, LLC, NeuPharma, Inc., and Jubilant Biosys Limited for various development candidates. The recent, major transaction involving the Agreement and Plan of Merger with Sun Pharmaceutical Industries, valued up to approximately USD 416 million, confirms this segment's importance for realizing the value of Checkpoint Therapeutics, Inc.'s assets.

Institutional and retail investors focused on the biotech and oncology sectors provide the necessary capital base. As of May 29, 2025, institutional owners and shareholders filing 13D/G or 13F forms held a total of 37,698 shares. The company reported approximately 86.3 million common shares outstanding as of May 9, 2025. The financial structure as of March 31, 2025, showed Cash and Cash Equivalents of USD 33.0 million, against an Accumulated Deficit of USD 381.8 million.

The key investor groups include:

• Vanguard Total Stock Market Index Fund Investor Shares (VTSMX)
• Vanguard Extended Market Index Fund Investor Shares (VEXMX)
• Schwab Total Stock Market Index Fund (SWTSX)

Health insurance payers and government health programs are critical for establishing reimbursement pathways for UNLOXCYT to ensure patient access and drive commercial revenue. Checkpoint Therapeutics, Inc. was operating as a commercial-stage company as of Q1 2025. The operational expenses reflect this commercial focus, with General & Administrative Expenses rising to USD 7.4 million in Q1 2025, compared to USD 2.5 million in the prior year.

Here is a snapshot of key metrics relevant to the business segments as of the first half of 2025:

Metric Category	Specific Data Point	Value/Amount	Date/Period
Market Size (cSCC)	Projected Market Value	USD 14.0 Billion	By 2035
Corporate Transaction Value	Merger with Sun Pharma	Up to USD 416 million	Announced March 2025
Balance Sheet	Cash and Equivalents	USD 33.0 million	March 31, 2025
Operating Expense	General & Administrative (Q1)	USD 7.4 million	Q1 2025
Operating Expense	Research & Development (Q1)	USD 3.8 million	Q1 2025

The company's pipeline also targets other areas, which informs the potential future segments:

• Olafertinib for metastatic non-small cell lung cancer (Phase 3 trials).
• CK-103 for various advanced and metastatic solid tumor cancers.
• CK-302 in preclinical trials for hematological malignancies and solid tumors.

The general investor sentiment consensus rating from 3 analysts as of late 2025 was Buy, with a 12-month price target of USD 4.33.

Checkpoint Therapeutics, Inc. (CKPT) - Canvas Business Model: Cost Structure

You're looking at the cost base for Checkpoint Therapeutics, Inc. (CKPT) right around late 2025, which is a pivotal time given the recent FDA approval of UNLOXCYT™ and the pending merger with Sun Pharmaceutical Industries. The cost structure is heavily weighted toward R&D and G&A, which is typical for a commercial-stage biotech, but the shift in how manufacturing costs are treated is key here.

The most recent concrete figures we have are from the first quarter of 2025, which ended March 31, 2025. These numbers give you a clear view of the immediate operating burn rate before the full impact of the Sun Pharma integration, which was expected to close in Q2 2025.

Here's a quick look at the primary operating expenses for Q1 2025:

Cost Category	Q1 2025 Amount	Comparison Context
Research and Development (R&D) Expenses	$3.8 million	Decreased substantially from $8.5 million in Q1 2024
General and Administrative (G&A) Costs	$7.4 million	Increased significantly from $2.5 million in Q1 2024
Total Operating Expenses (R&D + G&A)	$11.2 million	Net Loss for Q1 2025 was $11.2 million

The reduction in Research and Development expenses to $3.8 million in Q1 2025, down from $8.5 million year-over-year, reflects a strategic shift. This decrease was partly due to lower clinical costs and, importantly, the capitalization of inventory costs for UNLOXCYT™ following its regulatory approval. This means that costs associated with manufacturing the commercial supply of UNLOXCYT™ are now being recorded as an asset on the balance sheet (inventory capitalization) rather than being immediately expensed through R&D or Cost of Goods Sold, which changes the immediate P&L profile.

General and Administrative costs jumping to $7.4 million in Q1 2025, up from $2.5 million in Q1 2024, is a major component of the cost structure. This escalation was driven by legal and accounting fees associated with the pending merger with Sun Pharmaceutical Industries.

The pipeline candidates, such as olafertinib (an EGFR inhibitor), still require funding, though the overall R&D spend has been managed down, with the full-year 2024 R&D spend at $36.2 million.

For the U.S. drug launch of UNLOXCYT™, the direct sales and marketing expenses are expected to be substantial, though the structure of these costs changes post-merger. Prior to the expected closing of the Sun Pharma acquisition in Q2 2025, Checkpoint Therapeutics faced the challenge of funding its own launch. However, Sun Pharmaceutical Industries has lined up a planned investment of approximately $100 million additionally on the commercialization of new speciality products, which includes the launch of UNLOXCYT, for the current fiscal year.

The cost structure is characterized by these key activities:

• Research and Development (R&D) spending, which was $3.8 million in Q1 2025.
• Significant General and Administrative (G&A) overhead, totaling $7.4 million in Q1 2025.
• Capitalization of commercial manufacturing inventory for UNLOXCYT™, reducing immediate R&D expense recognition.
• Ongoing clinical trial expenses for pipeline assets like olafertinib.
• Anticipated high Sales and Marketing expenditure for the U.S. launch, supported by Sun Pharma's planned $100 million outlay for commercialization efforts.

To be fair, the accumulated deficit stood at $381.8 million as of March 31, 2025, showing the historical cost of development.

Checkpoint Therapeutics, Inc. (CKPT) - Canvas Business Model: Revenue Streams

You're looking at the revenue structure for Checkpoint Therapeutics, Inc. (CKPT) as it transitions from pre-commercial to a commercial-stage entity following the UNLOXCYT approval and the pending Sun Pharma acquisition. Honestly, the numbers right now reflect that transition period.

Net product sales of UNLOXCYT™ (cosibelimab-ipdl) in the U.S. market are the primary expected future revenue driver, though actual sales figures post-launch are not yet detailed in the Q1 2025 reports. The FDA approval for UNLOXCYT occurred in December 2024, marking the start of its commercialization phase.

Milestone payments from collaboration agreements, specifically the Sun Pharmaceutical Industries merger announced in March 2025, form a critical component of near-term financial realization. This structure includes both upfront and contingent payments.

Revenue Component	Financial Detail	Value/Amount
Sun Pharma Merger Upfront Consideration	Cash per share	$4.10 per share
Sun Pharma Merger Total Upfront	Aggregate upfront consideration	Up to $355 million
Contingent Value Right (CVR)	Maximum cash per share upon milestone achievement	Up to $0.70 per share
Total Potential Merger Consideration	Upfront plus maximum CVR	Up to approximately $416 million
Expected Payment to Fortress Biotech at Closing	Monetization event component	Approximately $28 million

Licensing fees and royalties from future ex-U.S. commercialization deals are structured through existing agreements. Specifically, Fortress Biotech is eligible to receive a royalty on future sales of UNLOXCYT.

• Royalty Rate on UNLOXCYT Sales (to Fortress Biotech)
• 2.5% on future sales of UNLOXCYT

Potential future revenue from approved pipeline products like Olafertinib represents a longer-term, currently unquantified stream. Checkpoint Therapeutics remains focused on advancing its pipeline, which includes olafertinib for non-small cell lung cancer.

The immediate pre-commercial status is clearly reflected in the reported revenue figures leading up to the expected closing of the Sun Pharma transaction in Q2 2025. You can see the lack of product sales in the earliest reported data for the commercial era.

• Q1 2025 Reported Revenue (for quarter ended March 31, 2025)
• $0
• Revenue for the twelve months ending March 31, 2025
• $41.00K
• Annual Revenue in 2024
• $41.00K

That small $41.00K revenue figure for the twelve months ending March 31, 2025, definitely shows the company was pre-product sales at that point, so don't mistake that for UNLOXCYT revenue.