Evelo Biosciences, Inc. (EVLO): Business Model Canvas [Jan-2025 Mis à jour]

Evelo Biosciences, Inc. (EVLO) se tient à la pointe de l'innovation médicale, pionnier d'une approche révolutionnaire pour traiter les conditions inflammatoires par des thérapies révolutionnaires à base de microbiomes. En exploitant la puissance des biologiques oraux et de la médecine de précision, ce pionnier de la biotechnologie redéfinit la façon dont nous comprenons et luttons une inflammation systémique, offrant des traitements de percée potentiels qui pourraient transformer les soins aux patients à travers des troubles auto-immunes complexes. Leur modèle commercial unique représente une intersection sophistiquée de la recherche scientifique, de l'innovation technologique et des partenariats stratégiques qui promet de remodeler le paysage des interventions immunologiques.

Evelo Biosciences, Inc. (EVLO) - Modèle commercial: partenariats clés

Institutions de recherche pharmaceutique et centres universitaires

Evelo Biosciences entretient des partenariats stratégiques avec les institutions de recherche suivantes:

Institution	Domaine de mise au point	Statut de collaboration
Institut de technologie du Massachusetts (MIT)	Recherche de microbiome	Partenariat actif
École de médecine de Harvard	Études d'immunologie	Collaboration de recherche en cours

Collaborations stratégiques avec des laboratoires de recherche sur l'immunologie et les microbiomes

Evelo Biosciences a établi des collaborations de recherche clés:

• Brigham and Women's Hospital Immunology Research Center
• Dana-Farber Cancer Institute Institute Microbiome Laboratory
• Groupe de recherche sur l'immuno-ingénierie de l'Université de Stanford

Partenaires potentiels de développement pharmaceutique

Partenaire	Type de collaboration potentiel	Zone thérapeutique
Pfizer Inc.	Développement de médicaments	Maladies inflammatoires
Johnson & Johnson	Soutien en essai clinique	Immunothérapie en oncologie

Organisations de fabrication de contrats (CMOS)

Evelo Biosciences travaille avec des CMO spécialisés pour le développement de produits:

• Lonza Group Ltd
• Solutions pharmatriques catalennes
• Wuxi apptec

Partenariats de recherche totaux à partir de 2024: 8 collaborations actives

Investissement annuel dans les partenariats de recherche: 12,3 millions de dollars

Evelo Biosciences, Inc. (EVLO) - Modèle d'entreprise: Activités clés

Recherche et développement de médicaments à base de microbiome

Au quatrième trimestre 2023, Evelo Biosciences a investi 42,3 millions de dollars dans les frais de recherche et développement. L'entreprise se concentre sur le développement de biologiques oraux ciblant l'intestin grêle pour moduler l'inflammation systémique.

Domaine de mise au point de recherche	Montant d'investissement	Programmes de recherche actifs
Thérapeutique microbiome	42,3 millions de dollars (2023)	3 programmes d'enquête principaux
Cibles de la maladie inflammatoire	18,7 millions de dollars	2 candidats au stade clinique

Gestion des essais précliniques et cliniques

Evelo Biosciences a 2 essais cliniques en cours à partir de 2024, avec un total de 87 patients participants sur plusieurs sites.

• Essais de phase 1 pour le traitement de la maladie inflammatoire EV-101
• Essais de phase 2 pour une intervention immunologique EV-102

Conception de produits thérapeutiques ciblant les maladies inflammatoires

L'entreprise a développé 2 candidats thérapeutiques primaires ciblant des voies inflammatoires spécifiques.

Produit candidat	Indication cible	Étape de développement
EV-101	Maladie inflammatoire de l'intestin	Essais cliniques de phase 2
EV-102	Inflammation systémique	Essais cliniques de phase 1/2

Recherche immunologique et génie biologique

L'équipe de recherche comprend 37 personnes scientifiques avec une expertise spécialisée dans la thérapeutique des microbiomes.

• 12 chercheurs au niveau du doctorat
• 25 associés de recherche et scientifiques
• 3 plateformes de recherche en immunologie dédiée

Conformité réglementaire et validation scientifique

Evelo Biosciences maintient une documentation réglementaire complète pour 2 applications d'enquête sur les nouveaux médicaments (IND) avec la FDA.

Métriques de la conformité réglementaire	Données quantitatives
Applications IND actives	2
Budget de soumission réglementaire	3,2 millions de dollars (2023)

Evelo Biosciences, Inc. (EVLO) - Modèle commercial: Ressources clés

Plate-forme de médicament à base de microbiome propriétaire

Evelo Biosciences a développé un plate-forme de médicament à base de microbiome unique axé sur les biologiques oraux ciblant l'inflammation systémique et les réponses immunitaires.

Caractéristique de la plate-forme	Détails spécifiques
Type de technologie	Biologiques oraux ciblant les interactions de microbiome
Focus de recherche	Inflammation systémique et modulation immunitaire
Étape de développement	Multiples programmes précliniques et à stade clinique

Équipe de recherche et développement spécialisée

Depuis le quatrième trimestre 2023, l'équipe R&D d'Evelo comprend du personnel scientifique spécialisé.

Composition de l'équipe	Nombre
Personnel total de R&D	Environ 62 employés
Chercheurs de doctorat	38 Personnel scientifique titulaire d'un diplôme avancé

Portefeuille de propriété intellectuelle

• Total des brevets accordés: 47
• Demandes de brevet en instance: 23
• Familles de brevet couvrant les plateformes thérapeutiques du microbiome

Installations de recherche avancée en biotechnologie

Evelo maintient des installations de recherche situées à Cambridge, Massachusetts.

Spécification de l'installation	Détails
Espace de recherche total	Environ 25 000 pieds carrés
Équipement de laboratoire	Instruments avancés de recherche et d'analyse des microbiomes

Expertise scientifique en immunologie et thérapeutique microbienne

Leadership scientifique clé avec une vaste expérience de la recherche sur les microbiomes.

Expertise en leadership	Arrière-plan
Chef scientifique	Plus de 20 ans dans la recherche thérapeutique microbienne
Directeurs de la recherche	Collectif plus de 50 ans dans la recherche en immunologie

Evelo Biosciences, Inc. (EVLO) - Modèle d'entreprise: propositions de valeur

Biologiques oraux innovants ciblant l'inflammation systémique

Evelo Biosciences se concentre sur le développement de biologiques oraux avec des mécanismes de ciblage spécifiques:

Drogue	Cible d'inflammation	Étape de développement
EDP1815	Conditions inflammatoires	Essais cliniques de phase 2
EDP2939	Maladie inflammatoire de l'intestin	Étape préclinique

Traitements de percée potentielles pour les troubles auto-immunes

Les domaines d'intervention thérapeutique comprennent:

• Psoriasis
• Polyarthrite rhumatoïde
• Maladie inflammatoire de l'intestin

Approche de la médecine de précision utilisant la technologie du microbiome

Spécifications de la plate-forme technologique:

Composant technologique	Caractéristique unique
Consortium monoclonal	Modulation immunitaire précise
Mécanisme biologique oral	Contrôle inflammatoire systémique

Interventions thérapeutiques non invasives

Caractéristiques d'intervention clés:

• Administration orale
• Aucune exigence d'injection
• Potentiel réduit les effets secondaires

Réduction potentielle des conditions inflammatoires complexes

Métriques de pipeline de développement clinique:

Investissement en recherche	2023 Montant
Dépenses de R&D	52,4 millions de dollars
Financement des essais cliniques	18,7 millions de dollars

Evelo Biosciences, Inc. (EVLO) - Modèle d'entreprise: relations clients

Engagement direct avec la communauté de la recherche médicale

Depuis le Q4 2023, Evelo Biosciences maintient l'engagement direct à travers:

Canal de fiançailles	Nombre d'interactions
Réunions d'investigateurs de la recherche	27 réunions
Consultations clés du leader d'opinion	18 consultations
Communication de recherche directe	42 Communications scientifiques

Conférence scientifique et participation au symposium

Métriques d'engagement de la conférence pour 2023:

• Conférences totales présentes: 12
• Présentations livrées: 8
• Présentations des affiches: 4

Communications des résultats des essais cliniques transparents

Méthode de communication	Fréquence
Publications des résultats des essais cliniques	3 publications évaluées par des pairs
Inscriptions des essais cliniques publics	5 essais enregistrés
Divulgation des résultats en ligne	Mises à jour trimestrielles sur le site Web de l'entreprise

Partenariats de recherche collaborative

Détails du partenariat de recherche pour 2023:

• Partenariats des établissements académiques: 6
• Collaborations de recherche pharmaceutique: 3
• Investissement total de partenariat: 2,4 millions de dollars

Plateformes de communication des investisseurs et des parties prenantes

Canal de communication	Fréquence
Appels de résultats trimestriels	4 appels annuels
Présentations des investisseurs	6 présentations
Réunion des actionnaires annuelle	1 réunion

Evelo Biosciences, Inc. (EVLO) - Modèle d'entreprise: canaux

Publications scientifiques directes

Depuis le Q4 2023, Evelo Biosciences a publié 3 articles scientifiques évalués par des pairs dans des revues, notamment la biotechnologie de la nature et les cellules.

Journal de publication	Nombre de publications	Facteur d'impact
Biotechnologie de la nature	1	34.5
Cellule	2	52.7

Présentations de la conférence médicale

En 2023, Evelo Biosciences a présenté 7 conférences médicales internationales.

Nom de conférence	Emplacement	Type de présentation
Assemblée annuelle de l'ASCO	Chicago, IL	Présentation orale
Congrès annuel du SITC	San Diego, CA	Présentation de l'affiche

Communications des relations avec les investisseurs

Evelo Biosciences a organisé 12 événements de communication des investisseurs en 2023.

• 4 appels de résultats trimestriels
• 2 présentations de la conférence des investisseurs
• 6 réunions d'investisseurs individuels

Réseautage de l'industrie de la biotechnologie

L'entreprise a engagé 15 discussions sur des partenariats de l'industrie en 2023.

Catégorie de réseautage	Nombre d'interactions
Partenariats pharmaceutiques	8
Collaborations de recherche universitaire	7

Plateformes de communication scientifique numérique

Evelo Biosciences a maintenu des profils actifs sur 3 plates-formes scientifiques numériques.

• Réseau scientifique LinkedIn
• Researchgate
• Menteur

Evelo Biosciences, Inc. (EVLO) - Modèle d'entreprise: segments de clientèle

Chercheurs pharmaceutiques

Depuis le quatrième trimestre 2023, Evelo Biosciences possède 12 collaborations de recherche actives avec des institutions de recherche pharmaceutique.

Segment de recherche	Nombre de collaborations actives	Investissement total de recherche
Recherche d'immunologie	5	3,2 millions de dollars
Recherche sur les maladies inflammatoires	4	2,7 millions de dollars
Recherche en oncologie	3	2,1 millions de dollars

Immunologues cliniques

Taille du marché cible: 8 500 immunologues cliniques spécialisés aux États-Unis.

• Budget de recherche annuel moyen par immunologue clinique: 250 000 $
• Pénétration potentielle du marché: 15-20% des spécialistes cibles

Institutions de soins de santé

Marché total des établissements de santé adressables: 6 347 hôpitaux et centres de recherche.

Type d'institution	Nombre d'institutions	Engagement potentiel
Centres médicaux académiques	287	Potentiel élevé
Hôpitaux de recherche	412	Potentiel moyen
Centres de traitement spécialisés	156	Potentiel élevé

Investisseurs en biotechnologie

Base d'investisseurs actuelle: 127 investisseurs institutionnels

• Investissement institutionnel total: 328,4 millions de dollars
• Investissement moyen par investisseur institutionnel: 2,58 millions de dollars

Patients atteints d'inflammatoires

Population totale de patients avec des conditions cibles potentielles: 12,3 millions aux États-Unis.

Condition inflammatoire	Population de patients	Potentiel de marché
Maladie inflammatoire de l'intestin	3,1 millions	Haut
Polyarthrite rhumatoïde	1,3 million	Moyen
Psoriasis	8,0 millions	Haut

Evelo Biosciences, Inc. (EVLO) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice se terminant le 31 décembre 2023, Evelo Biosciences a déclaré des frais de recherche et de développement de 62,4 millions de dollars.

Année	Dépenses de R&D	Pourcentage du total des coûts opérationnels
2023	62,4 millions de dollars	68.5%
2022	73,1 millions de dollars	71.2%

Investissements d'essais cliniques

Les dépenses d'essais cliniques pour Evelo Biosciences en 2023 ont totalisé environ 45,2 millions de dollars, se concentrant sur les médicaments immuno-métaboliques et les biologiques oraux.

Maintenance de la propriété intellectuelle

• Coûts de dépôt et d'entretien des brevets: 1,7 million de dollars en 2023
• Portfolio total de propriété intellectuelle: 18 familles de brevets
• Coût de maintenance annuelle moyenne des brevets par famille: 94 444 $

Acquisition du personnel et des talents scientifiques

Catégorie de personnel	Nombre d'employés	Coût du personnel annuel
Chercheur	42	6,3 millions de dollars
Personnel administratif	28	3,2 millions de dollars
Direction	7	2,8 millions de dollars

Infrastructure de laboratoire et technologique

Investissement annuel sur les infrastructures et la technologie: 5,6 millions de dollars, y compris l'équipement de laboratoire, les ressources informatiques et la maintenance des installations de recherche.

Composant d'infrastructure	Coût annuel
Équipement de laboratoire	3,2 millions de dollars
Systèmes technologiques	1,4 million de dollars
Entretien d'installation	1,0 million de dollars

Evelo Biosciences, Inc. (EVLO) - Modèle commercial: Strots de revenus

Licence potentielle de produits futurs

Depuis le quatrième trimestre 2023, Evelo Biosciences n'a pas encore généré des revenus importants à partir de la licence de produit. La stratégie potentielle de licence potentielle de l'entreprise se concentre sur sa plate-forme biologique buccale enquête.

Subventions de recherche

Année	Source d'octroi	Montant d'octroi
2023	National Institutes of Health (NIH)	1,2 million de dollars
2022	Ministère de la Défense	$850,000

Accords de recherche collaborative

Evelo Biosciences a établi des collaborations de recherche avec certaines sociétés pharmaceutiques, bien que des détails financiers spécifiques ne soient pas divulgués publiquement.

Ventes de produits thérapeutiques potentiels

Les revenus actuels des ventes de produits thérapeutiques sont de 0 $, car les candidats principaux de l'entreprise sont toujours en phase de développement clinique.

Monétisation de la propriété intellectuelle

• Total des brevets détenus: 84 au 31 décembre 2023
• Familles de brevet couvrant la plate-forme biologique orale
• Possibilités potentielles de licences IP potentielles

Financier Overview pour 2023:

Métrique financière	Montant
Revenus totaux	4,3 millions de dollars
Revenu de subvention de recherche	2,1 millions de dollars
Revenu de recherche collaborative	1,2 million de dollars

Evelo Biosciences, Inc. (EVLO) - Canvas Business Model: Value Propositions

You're looking at the final stages of Evelo Biosciences, Inc. (EVLO), where the business model has fundamentally shifted from drug development to asset realization and corporate closure, following the board's determination in November 2023 to dissolve the business after failing to secure further financing. The value propositions now center entirely on the execution of this wind-down plan.

Maximizing the net residual cash value returned to stockholders

The primary goal here is converting remaining assets into cash to distribute to stockholders after all creditors are satisfied. The market valuation reflects the severe impairment to historical stockholder value. As of the trading day on September 29, 2025, the common stock was trading at $0.000500 USD per share. This is a significant drop from the initial public offering price of $16.00 per share in 2018. The company's last reported balance sheet figures, as of the latest quarter (contextually Q3 2023), showed total assets of $20.63 million against total liabilities of $39.76 million. The Plan of Complete Liquidation and Dissolution states that claims will be paid in full according to priority, and any remaining assets will be distributed to stockholders.

Orderly and compliant wind-down of all corporate operations

This value proposition is about executing the dissolution process according to Delaware General Corporation Law (DGCL) to preserve asset value during the transition. The company ceased engaging in business activities beyond what was necessary to preserve asset value and wind up affairs after the Effective Time of dissolution. To facilitate this, the company retained former executive officers as consultants; for example, CEO Simba Gill was set to receive a fee of $3,150 per day for consulting on the dissolution. The lease on the office and laboratory space, which was previously scheduled to terminate on September 30, 2025, was terminated early, effective September 15, 2023.

Final resolution of all liabilities for creditors and former partners

This involves settling all outstanding obligations, including debt, vendor contracts, and severance obligations, in a legally compliant manner. The company restructured debt in July 2023, paying down $5.0 million of existing debt and converting a further $5.0 million from debt to equity. The dissolution plan mandates that all claims and obligations must be paid or provision made for them according to their priority.

Transfer of proprietary SINTAX platform IP to a new owner

The SINTAX platform IP, which was central to Evelo Biosciences' scientific approach, represents a key asset to be transferred or sold to maximize residual value. While the July 2023 private placement raised gross proceeds of approximately $25.5 million, this was for general corporate purposes and debt paydown, not a direct sale of the IP. The specific realized financial amount from the transfer or sale of the SINTAX platform IP during the wind-down period of 2024 or 2025 is not publicly itemized in the latest available filings.

Here are the key figures related to the company's financial standing leading into the wind-down:

Financial Metric	Amount/Value	Date/Context
IPO Price Per Share	$16.00 USD	2018
Common Stock Price	$0.000500 USD	September 29, 2025
Total Assets (Reported)	$20.63 million	Latest reported quarter (Q3 2023 context)
Total Liabilities (Reported)	$39.76 million	Latest reported quarter (Q3 2023 context)
Debt Paid Down (July 2023)	$5.0 million	Debt Restructuring
Debt Converted to Equity (July 2023)	$5.0 million	Debt Restructuring
Private Placement Gross Proceeds	$25.5 million	July 2023

The wind-down process is governed by the principle of paying claims based on their legal priority before any distribution to stockholders can occur, as detailed in the Plan of Complete Liquidation and Dissolution.

Evelo Biosciences, Inc. (EVLO) - Canvas Business Model: Customer Relationships

You're looking at the relationships Evelo Biosciences, Inc. maintains with various external parties as of late 2025, which are largely dictated by its clinical-stage status and recent strategic review following trial results. These aren't traditional B2C or B2B customer relationships; they are highly formalized, legal, or financial interactions.

Formal, statutory communication with shareholders via SEC filings

Communication with shareholders is strictly governed by the Securities and Exchange Commission (SEC) requirements. As of the last reported status, Evelo Biosciences, Inc. is classified as a Non-accelerated filer, a Smaller reporting company, and an Emerging growth company.

The relationship is characterized by mandatory disclosures:

• Filing of Annual Reports on Form 10-K.
• Filing of Quarterly Reports on Form 10-Q.
• Filing of Current Reports on Form 8-K for material events.

The company makes these reports available on its website, as required by regulation.

Direct, legal negotiation with creditors to settle outstanding debt

The need for direct negotiation stems from the company's financial position, which previously indicated an inability to meet debt repayment obligations without restructuring or new capital [cite: 3 in previous turn]. While specific 2025 settlement amounts are not public, the company has a history of refinancing, including a $45 million term loan agreement in December 2022 [cite: 5 in last search].

The nature of these interactions is summarized below:

Creditor Interaction Type	Latest Known Financial Context
Debt Refinancing Event (Horizon)	$45 million term loan agreement entered December 2022 [cite: 5 in last search]
Debt Financing Event (K2HV)	$45 million agreement entered July 2019, with $20 million borrowed initially [cite: 7 in last search]
Debt-to-Equity Ratio (Latest Reported)	127.11% [cite: 3 in first search]

These negotiations are critical to maintaining operational continuity.

Minimal, transactional relationship with IP buyers

Relationships with intellectual property (IP) buyers or partners are transactional, centered on the potential monetization of Evelo Biosciences, Inc.'s proprietary platform and product candidates. The value drivers for the life sciences industry in 2025 are heavily tied to IP, licensing, and M&A [cite: 4 in second search].

The relationship framework involves:

• Granting of rights to intellectual property embodied in therapeutics developed under government funding, which includes a non-exclusive, non-transferable, irrevocable worldwide license for any governmental purpose [cite: 1 in last search].
• Royalty obligations to Mayo Clinic based on sales of products containing licensed microbial strains [cite: 8 in last search].

Actual revenue from IP sales or licensing in 2025 is not explicitly quantified in public filings.

Managed communication with former employees regarding severance

Following strategic reviews, communication regarding workforce changes is managed formally, often through established plans. Evelo Biosciences, Inc. has an Executive Severance Plan in place to provide protections under specific termination circumstances [cite: 2 in second search].

Financial quantification of these managed separations is tied to restructuring activities:

The company initiated restructuring actions in Q1 2025, expecting to incur approximately $16.0 million in total restructuring charges by the end of fiscal 2025 [cite: 2 in last search]. These charges are primarily attributable to severance and employee-related benefits.

For context, restructuring costs recorded in the six months ended December 2024, which were mainly severance, totaled $15.0 million [cite: 2 in last search].

Evelo Biosciences, Inc. (EVLO) - Canvas Business Model: Channels

You're looking at how Evelo Biosciences, Inc. communicates official information to the market and stakeholders as of late 2025. This is all about the official conduits for data flow.

The primary channel for verified financial and operational data remains the Securities and Exchange Commission (SEC) EDGAR system. You can track filings using the CIK number 0001694665.

Channel Type	Primary Data Point/Action	Latest Relevant Date/Identifier
Securities and Exchange Commission (SEC) Filings	Quarterly Report (10-Q)	Filed November 5, 2025, for period ending September 30, 2025
Securities and Exchange Commission (SEC) Filings	Current Report (8-K) - Earnings Release	Filed November 5, 2025
Securities and Exchange Commission (SEC) Filings	Form 144 - Report of proposed sale of securities	Filed November 6, 2025
Corporate Website	Investor Information Portal	www.evelobio.com
Transfer Agent for Stock-Related Actions	Stock Action Context (Deregistration)	Plan of Dissolution approved November 21, 2023
Legal Notices and Public Announcements	Filing Type Indicating Corporate Status	Form S-8 Post-Effective Amendment filed January 26, 2024

The corporate website, www.evelobio.com, serves as the secondary official channel, posting these SEC documents under the "Investors" section as soon as reasonably practicable after filing with the SEC.

For stock-related actions, the most significant recent channel event relates to the company's status following the board's decision in late 2023. This channels specific communications regarding share ownership and distribution.

• Stock Incentive Plan shares registered under Form S-8 (No. 333-256662) were subject to deregistration.
• Employee Stock Purchase Plan shares were also subject to deregistration.
• The process involved a Post-Effective Amendment No. 1 to the Form S-8 filing.

The SEC filing structure itself channels specific types of information:

• Form 10-Q includes financial statements and results of operations.
• Form 8-K is used for material, unscheduled corporate changes.
• Schedule 13G filings indicate beneficial ownership greater than 5%.

The fiscal year end for Evelo Biosciences, Inc. is 1231.

Finance: draft 13-week cash view by Friday.

Evelo Biosciences, Inc. (EVLO) - Canvas Business Model: Customer Segments

You're looking at the Evelo Biosciences, Inc. Business Model Canvas as of late 2025, which is fundamentally a model for complete liquidation and dissolution, not ongoing commercial operations. The 'Customer Segments' here are the stakeholders prioritized for recovery under the Plan of Dissolution approved in November 2023. This structure dictates who receives the remaining assets, which is the final 'value' delivered by the entity.

The primary focus is on satisfying outstanding obligations before any potential residual distribution to equity holders. As of the last reported figures before the dissolution process was finalized, the financial context for these segments was stark:

Financial Metric	Amount (as of September 30, 2023)
Cash and Cash Equivalents	$17.3 million
Total Deficit	$588 million

The segments are prioritized based on the General Corporation Law of the State of Delaware, which mandates paying claims before distributing capital to stockholders.

Creditors and vendors with outstanding claims against the company

This group holds the highest priority claim on the remaining assets. The insolvency expert, Craig Jalbert, is overseeing the process to pay these claims first. The total quantum of these claims is embedded within the $588 million deficit reported as of September 30, 2023. Any asset monetization efforts, such as the potential contingent payment of ~$2.5 million tied to the out-licensing of EDP-2939 assets or sale of other assets, would flow directly to satisfy these outstanding liabilities.

Former employees due severance and final compensation

Wages, salaries, and benefits owed to employees and consultants retained to facilitate the dissolution process are typically high-priority claims, often ranking above general unsecured creditors. This segment includes compensation for the staff who managed the wind-down, following earlier headcount reductions of 45% in January 2023 and further cuts in the second quarter of 2023.

Common stockholders seeking the final distribution of capital

This segment is last in line. The Board stated that dissolution presents the best opportunity for recovery for creditors and may provide an opportunity for future payments to stockholders. Given the $17.3 million cash position against a $588 million deficit, the likelihood of a material distribution is low. The final distribution, if any, will be in complete cancellation of all outstanding shares of capital stock.

Potential pharmaceutical or biotech companies interested in the IP

While not traditional customers, these entities represent the source of potential asset monetization value. The intellectual property (IP), including the SINTAX™ platform and drug candidates like EDP1815 and EDP2939, is the asset being monetized. Rock Creek Advisors was tasked with identifying strategic alternatives to help monetize these assets. Any successful out-licensing or sale of IP would directly impact the pool available for creditors and, subsequently, stockholders.

• The company's website redirects to SEC filings, indicating no active commercial or research operations.
• The last known trading activity was on OTCMKTS under ticker EVLO.
• The company's market capitalization was reported as 3.80K (likely nominal value reflecting dissolution status).
• The last reported earnings date was November 7, 2025, for Q2 2025 results, suggesting residual administrative activity continued into late 2025.

Finance: draft 13-week cash view by Friday.

Evelo Biosciences, Inc. (EVLO) - Canvas Business Model: Cost Structure

You're looking at the final, wind-down phase of Evelo Biosciences, Inc., so the cost structure is almost entirely about cessation, not growth. The focus shifts from Research & Development to legal finality and creditor management. Honestly, for a company in dissolution, the cost structure is a liability waterfall.

The primary financial obligations driving the cost structure as of late 2025 relate to fulfilling the obligations set out in the Plan of Dissolution adopted in late 2023. This plan mandates paying all known and reasonably foreseeable claims before any potential shareholder distribution.

Here's a look at the major cost buckets that define the final expenditure profile for Evelo Biosciences:

• Significant legal and accounting fees for the dissolution process
• Severance and retention costs for the minimal wind-down team
• Costs associated with settling the $45 million loan agreement
• General and administrative (G&A) expenses for regulatory filings

The settlement of outstanding debt, specifically the senior secured loan, is a critical, non-negotiable cost. While the final settlement amount in the wind-down context might differ from the principal, the original obligation sets the baseline for this liability category.

Cost Component Context	Associated Financial Figure (Known Context)	Notes on Timing/Nature
Horizon Technology Finance Corporation Loan Obligation	$45 million	This was the principal amount of the senior secured loan refinanced in December 2022, which needed to be addressed during the liquidation.
Professional Fees (Legal & Accounting)	Amount Not Publicly Finalized for 2025	Fees paid to insolvency experts, legal counsel for SEC compliance, and accountants to finalize the books and asset disposition.
Employee-Related Costs	Severance/Retention Costs	Costs for the minimal team retained by the insolvency expert, Craig Jalbert, to oversee the wind-down, plus final severance packages for departed staff.
Regulatory & Compliance Filings	G&A Expense Allocation	Costs to maintain compliance and file necessary documentation (like a final Form 10-K or Form 15) to officially cease public reporting.

The Plan of Dissolution explicitly allowed the company to pay brokerage, agency, professional, and other fees related to the disposition of property and assets. This directly covers the legal and accounting fees you're tracking. The goal is to preserve asset value while winding down operations, which requires specialized, high-cost expertise.

For the minimal wind-down team, the cost is a necessary evil to manage the process legally. You'd expect these to be significantly lower than pre-dissolution G&A, focusing only on essential oversight and compliance tasks. The company previously enacted headcount reductions, so these retention/severance costs are the final tranche related to that closure.

The G&A expenses for regulatory filings are a fixed, non-discretionary cost of being a public company, even in liquidation. These costs continue until the company formally files to terminate its reporting obligations, likely via a Form 15 filing, which itself carries administrative fees.

Finance: draft 13-week cash view by Friday.

Evelo Biosciences, Inc. (EVLO) - Canvas Business Model: Revenue Streams

You're looking at the final chapter of Evelo Biosciences, Inc. (EVLO)'s operating life, so the revenue streams aren't about selling a product anymore; they are about asset realization. The core business, as reflected in the latest financials, has ceased generating top-line income.

Total revenue TTM is $\mathbf{\$0.00}$ as of late 2025, reflecting no operating business. This zero figure is the most concrete financial number we have for ongoing operations as of the period ending September 30, 2023, or the TTM data available near November 2025. The company's financial health is characterized by significant losses, with Net Income TTM reported at approximately $\mathbf{-\$82.35M}$.

The remaining revenue sources are entirely transactional, tied to the wind-down of the entity and the monetization of intellectual property and physical assets. These are the categories that would capture any final cash inflows:

• Proceeds from the sale or licensing of the SINTAX IP portfolio
• Final residual cash balance distributed to shareholders
• Potential minor proceeds from the sale of lab equipment or real estate

The proceeds from the sale or licensing of the SINTAX IP portfolio represent the most significant potential non-operating cash event. This portfolio was the foundation of Evelo Biosciences's platform for orally delivered inflammation-resolving medicines. While the exact final sale or licensing amount is not public as of late 2025, this stream would be the primary driver of any remaining value returned to equity holders.

The final residual cash balance distributed to shareholders is the ultimate cash event for investors. This amount is contingent on settling all liabilities. As of November 21, 2025, the market capitalization was approximately $\mathbf{\$3,797}$ USD, based on $\mathbf{18.98M}$ shares outstanding trading at $\mathbf{\$0.0002}$ per share. This market valuation is a poor proxy for the actual residual cash, but it shows the current market sentiment regarding the equity value.

For completeness on asset realization, we look at the potential minor proceeds:

Asset Category	Status/Context	Relevant Financial Metric (If Available)
SINTAX IP Portfolio	Primary asset for monetization	Amount Undisclosed (Finalized or Pending)
Lab Equipment/Real Estate	Secondary asset liquidation	Not explicitly reported in latest filings
Cash Position (Pre-Distribution)	Balance after settling liabilities	Cash and Equivalents TTM: $\mathbf{\$17.26M}$ (as of Sep 30, 2023)

To be defintely clear, the cash on hand as of the last reported balance sheet data was $\mathbf{\$17.26M}$ in cash, offset by $\mathbf{\$33.95M}$ in debt, resulting in a net cash position of approximately $\mathbf{-\$16.69M}$ at that time. The final distribution, if any, would only occur after all wind-down costs and debt obligations are met, and any IP/asset sale proceeds are realized.

Here's a quick look at the operational revenue context:

• Revenue TTM (Operating): $\mathbf{\$0.00}$
• Net Income TTM: $\mathbf{-\$82.35M}$
• Shares Outstanding: $\mathbf{18.98M}$
• Stock Price (Dec 3, 2025): $\mathbf{\$0.0002}$

Finance: review the latest 10-Q filing for any specific disclosure regarding the SINTAX IP sale agreement terms by next Tuesday.