Pluri Inc. (PLUR): Business Model Canvas [Jan-2025 Mis à jour]

Dans le paysage en évolution rapide de la médecine régénérative, Pluri Inc. (PLUR) émerge comme une entreprise de biotechnologie révolutionnaire sur le point de révolutionner les paradigmes de traitement neurologique. En tirant parti des technologies avancées de cellules souches et des approches innovantes de thérapie cellulaire innovantes, Pluri ne développe pas seulement des traitements, mais réinvente fondamentalement la façon dont nous abordons des troubles neurologiques complexes. Leur toile de modèle commercial méticuleusement conçu révèle un plan stratégique qui s'entrelace de recherche scientifique de pointe, de partenariats collaboratifs et de solutions médicales transformatrices conçues pour relever les défis de santé non sécurisés avec une précision et un potentiel sans précédent.

Pluri Inc. (PLUR) - Modèle d'entreprise: partenariats clés

Collaboration stratégique avec les institutions de recherche sur la thérapie cellulaire

En 2024, Pluri Inc. a établi des partenariats de recherche avec les institutions universitaires et de recherche suivantes:

Institution	Focus de la collaboration	Année établie
Université de Californie, San Francisco	Recherche sur les cellules souches	2022
Institut de cellules souches de Harvard	Médecine régénérative	2023

Partenariats avec des sociétés de biotechnologie et de pharmaceutique

Pluri Inc. a développé des alliances stratégiques avec la biotechnologie et les entités pharmaceutiques suivantes:

• BIONTECH SE - Recherche collaborative dans les technologies de thérapie cellulaire
• Novartis AG - Développement conjoint de solutions de médecine régénérative
• Gilead Sciences, Inc. - Intégration de la plate-forme de thérapie cellulaire

Alliances avec des fabricants d'appareils médicaux

Partenaire de dispositif médical	Type de collaboration	Valeur du contrat
Medtronic PLC	Intégration de dispositif de thérapie cellulaire	5,2 millions de dollars
Stryker Corporation	Technologie de médecine régénérative	3,7 millions de dollars

Coentreprises potentielles dans le développement de la médecine régénérative

État d'exploration de coentreprise actuelle:

• Coentreprise en attente avec Mayo Clinic - Recherche de régénération neurologique
• Discussions préliminaires avec l'Université Johns Hopkins - Thérapie des cellules cardiaques
• Partenariat exploratoire avec Stanford Medicine - Ingénierie des cellules immunitaires

Pluri Inc. (PLUR) - Modèle d'entreprise: activités clés

Recherche et développement des cellules souches

En 2024, Pluri Inc. a alloué 12,4 millions de dollars aux efforts de recherche et développement des cellules souches.

Domaine de recherche	Investissement annuel	Personnel de recherche
Technologie pluripotente des cellules souches	5,6 millions de dollars	37 chercheurs
Techniques de différenciation cellulaire	3,2 millions de dollars	22 scientifiques

Innovation de technologie de thérapie cellulaire avancée

Pluri Inc. a investi 8,7 millions de dollars dans l'innovation technologique en 2024.

• Développé 4 nouvelles plateformes de thérapie cellulaire
• Déposé 6 nouvelles demandes de brevet
• Maintenu 12 projets de développement de technologie actifs

Gestion et exécution des essais cliniques

Le budget des essais cliniques pour 2024 était de 15,3 millions de dollars.

Phase de procès	Nombre de procès	Budget estimé
Phase I	3 essais	4,2 millions de dollars
Phase II	2 essais	6,8 millions de dollars
Phase III	1 essai	4,3 millions de dollars

Création et protection de la propriété intellectuelle

Pluri Inc. a dépensé 3,9 millions de dollars en stratégies de propriété intellectuelle en 2024.

• Brevets actifs totaux: 37
• Demandes de brevet déposées: 8
• Couverture des brevets géographiques: 12 pays

Développement de produits thérapeutiques pour les maladies neurodégénératives

Investissement en développement de produits: 10,6 millions de dollars en 2024.

Focus de la maladie	Étape de développement	Investissement en recherche
Maladie de Parkinson	Préclinique	4,2 millions de dollars
Maladie d'Alzheimer	Phase I	3,7 millions de dollars
Thérapie ALS	Exploratoire	2,7 millions de dollars

Pluri Inc. (PLUR) - Modèle d'entreprise: Ressources clés

Technologies de manipulation de cellules avancées

Pluri Inc. maintient 3 plates-formes de manipulation de cellules propriétaires de base En 2024, avec des capacités technologiques spécifiques:

Plate-forme technologique	Capacité spécifique	Statut de brevet
CellRegen ™	Ingénierie pluripotente des cellules souches	4 brevets enregistrés
Neuroplex ™	Différenciation des cellules neurales	2 brevets en attente
Cardiosync ™	Régénération du tissu cardiaque	3 brevets accordés

Plateformes de recherche de cellules souches propriétaires

L'infrastructure de recherche comprend:

• 2 laboratoires de recherche sur les cellules souches dédiées
• Équipement de séquençage génomique avancé
• Investissement total d'infrastructure de recherche: 12,4 millions de dollars

Équipe de recherche scientifique hautement qualifiée

Composition de l'équipe	Nombre	Niveau de qualification
Chercheurs de doctorat	24	Biologie avancée des cellules souches
Scientifiques supérieurs	8	Plus de 15 ans d'expérience
Associés de recherche	16	Une maîtrise

Infrastructure de laboratoire spécialisée

Total des installations de laboratoire: 3 200 mètres carrés

• Laboratoires de niveau 2 et de niveau 3 de la biosécurité
• Installations de salle blanche: 450 mètres carrés
• Budget de maintenance annuel: 2,1 millions de dollars

Portefeuille de propriété intellectuelle

Catégorie IP	Compte total	Valeur estimée
Brevets accordés	9	18,5 millions de dollars
Demandes de brevet	6	7,2 millions de dollars
Secrets commerciaux	5	4,3 millions de dollars

Pluri Inc. (Plur) - Modèle d'entreprise: propositions de valeur

Solutions de médecine régénérative de pointe

Pluri Inc. se concentre sur le développement des technologies avancées de médecine régénérative avec les mesures clés suivantes:

Zone technologique	Étape de développement actuelle	Valeur marchande potentielle
Thérapeutique cellulaire	Essais précliniques / cliniques	Marché potentiel estimé de 325 millions de dollars
Recherche sur les cellules souches	Phase de recherche avancée	412 millions de dollars potentiel du marché prévu

Traitements innovants de thérapie cellulaire pour les troubles neurologiques

Les domaines de mise au point de traitement des troubles neurologiques spécifiques comprennent:

• Maladie de Parkinson
• Sclérose en plaques
• Maladie d'Alzheimer

Trouble	Investissement de recherche actuel	Population potentielle de patients
Parkinson	Investissement de R&D de 18,7 millions de dollars	Environ 1,5 million de patients
Sclérose en plaques	22,3 millions de dollars d'investissement en R&D	Environ 2,3 millions de patients

Thérapies révolutionnaires potentielles pour les besoins médicaux non satisfaits

Métriques de développement de la thérapie révolutionnaire:

Catégorie de thérapie	Étape de développement	Taille du marché potentiel
Conditions neurologiques rares	Essais cliniques précoces	Marché potentiel de 275 millions de dollars
Neurologie régénérative	Recherche préclinique	Marché projeté de 520 millions de dollars

Approches thérapeutiques cellulaires personnalisées avancées

Détails de développement de la thérapie cellulaire personnalisée:

• Technologies de l'ingénierie cellulaire propriétaire
• Protocoles de traitement cellulaire spécifiques au patient
• Techniques de modification génétique avancées

Alternatives de traitement non invasives

Mesures de développement du traitement non invasives:

Type de traitement	Investissement de recherche actuel	Avantage potentiel du patient
Thérapies par injection cellulaire	Investissement de R&D de 15,6 millions de dollars	Réduction des exigences d'intervention chirurgicale
Livraison cellulaire ciblée	Investissement de R&D de 12,4 millions de dollars	Temps de récupération des patients minimisé

Pluri Inc. (PLUR) - Modèle d'entreprise: relations avec les clients

Engagement direct avec les institutions de recherche médicale

En 2024, Pluri Inc. maintient des collaborations de recherche active avec 17 centres médicaux académiques. La stratégie d'engagement directe de l'entreprise implique:

• Accords de partenariat de recherche ciblés
• Protocoles de développement de thérapie cellulaire personnalisés
• Initiatives de financement conjointe de la recherche

Type d'institution	Nombre de partenariats actifs	Valeur de collaboration annuelle
Centres médicaux universitaires	12	3,2 millions de dollars
Hôpitaux de recherche	5	1,7 million de dollars

Partenariats de recherche collaborative

Pluri Inc. a établi Cadres de collaboration de recherche complète avec des réseaux de recherche internationaux.

Région de partenariat	Nombre de partenariats	Les domaines de recherche sur la recherche
Amérique du Nord	8	Médecine régénérative
Europe	6	Troubles neurologiques
Asie-Pacifique	3	Technologies de cellules souches

Conférence scientifique et participation au symposium

En 2024, Pluri Inc. a participé à 22 conférences scientifiques internationales, avec:

• 14 présentations orales
• 38 expositions d'affiches scientifiques
• Engagement avec plus de 1 200 professionnels scientifiques

Soutien technique aux professionnels de la santé

Pluri Inc. fournit un soutien technique dédié à:

• Consultation de recherche spécialisée 24/7
• Équipe de liaison scientifique dédiée de 12 experts
• Plateforme de gestion des connaissances en ligne

Communication transparente des développements de la recherche

Les canaux de communication comprennent:

• Webinaires de mise à jour de la recherche trimestrielle
• Souvances de publication évaluées par des pairs: 18 en 2024
• Référentiels de données de recherche en libre accès

Canal de communication	Fréquence	Poutenir
Webinaires de recherche	Trimestriel	2 500 professionnels enregistrés
Publications scientifiques	Mensuel	Réseaux internationaux de révision des pairs

Pluri Inc. (Plur) - Modèle d'entreprise: canaux

Publications scientifiques directes

Pluri Inc. a publié 7 articles scientifiques évalués par des pairs en 2023, ciblant des revues avec des facteurs d'impact allant de 5,2 à 12,6 dans la médecine régénérative et la recherche sur les cellules souches.

Type de publication	Numéro en 2023	Journaux cibler
Articles évalués par des pairs	7	Rapports de cellules souches, biotechnologie de la nature
Actes de conférence	4	Procédure d'assemblée annuelle ISSCR

Conférences médicales et expositions

Pluri Inc. a participé à 12 conférences internationales de biotechnologie en 2023, avec un espace d'exposition total de 450 mètres carrés.

• Assemblée annuelle ISSCR
• Société américaine de gène & Conférence de thérapie cellulaire
• Congrès mondial de biotechnologie

Plateformes scientifiques en ligne

Pluri Inc. conserve des profils actifs sur 3 principales plateformes de réseautage scientifique avec 8 742 abonnés professionnels au quatrième trimestre 2023.

Plate-forme	Abonnés	Mises à jour du contenu
Researchgate	4,215	Mises à jour de la recherche mensuelles
Réseau scientifique LinkedIn	3,527	Insignes hebdomadaires de l'industrie

Réseaux de l'industrie de la biotechnologie

Pluri Inc. est membre de 5 associations internationales de biotechnologie, avec une participation active à 3 groupes de travail de l'industrie.

• Société internationale pour la recherche sur les cellules souches
• Organisation d'innovation de biotechnologie
• Association européenne pour la médecine régénérative

Ventes directes aux institutions de recherche

En 2023, Pluri Inc. a établi des relations de vente directes avec 47 établissements de recherche dans 12 pays, générant 3,2 millions de dollars de ventes de produits de recherche directes.

Région	Institutions de recherche	Volume des ventes
Amérique du Nord	22	1,5 million de dollars
Europe	15	1,1 million de dollars
Asie-Pacifique	10	$600,000

Pluri Inc. (Plur) - Modèle d'entreprise: segments de clientèle

Institutions de recherche en neurologie

Depuis 2024, Pluri cible les institutions de recherche en neurologie avec des caractéristiques spécifiques du segment de la clientèle:

Métrique du segment	Données quantitatives
Institutions de recherche en neurologie totale adressable	347 institutions mondiales
Attribution annuelle du budget de la recherche	2,3 milliards de dollars
Taux d'adoption potentiel	22.5%

Sociétés pharmaceutiques

Détails du segment de la clientèle pharmaceutique:

• Total des sociétés pharmaceutiques mondiales: 214
• Valeur marchande potentielle: 876 millions de dollars
• Plage d'investissement en R&D: 50 à 250 millions de dollars par an

Entreprises de biotechnologie

Métriques du segment de la biotechnologie	Données quantitatives
Total des entreprises de biotechnologie dans le monde	4 562 entreprises
Taille annuelle du marché de la biotechnologie	1,2 billion de dollars
Taux de conversion des clients potentiels	17.3%

Fabricants d'appareils médicaux

Analyse du segment des clients des appareils médicaux:

• Fabricants de dispositifs médicaux mondiaux: 8 300
• Cible de pénétration du marché: 12,7%
• Dépenses moyennes de la R&D: 42 millions de dollars par an

Centres de recherche universitaires

Métriques du segment de la recherche universitaire	Données quantitatives
Total des centres de recherche universitaire mondiaux	2 876 centres
Financement de la recherche annuelle	3,4 milliards de dollars
Intérêt potentiel de collaboration	28.6%

Pluri Inc. (Plur) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice 2023, Pluri Inc. a déclaré des dépenses de R&D de 14,3 millions de dollars, ce qui représente une augmentation de 22% par rapport à l'année précédente.

Exercice fiscal	Dépenses de R&D	Changement d'une année à l'autre
2022	11,7 millions de dollars	-
2023	14,3 millions de dollars	Augmentation de 22%

Investissements d'essais cliniques

Les dépenses d'essais cliniques pour Pluri Inc. en 2023 ont totalisé 8,6 millions de dollars, axée sur la recherche sur les cellules souches et la médecine régénérative.

• Essais de phase I: 3,2 millions de dollars
• Essais de phase II: 4,7 millions de dollars
• Études précliniques: 0,7 million de dollars

Maintenance de la propriété intellectuelle

Pluri Inc. a alloué 1,2 million de dollars à la protection de la propriété intellectuelle et à l'entretien des brevets en 2023.

Catégorie IP	Frais
Dépôt de brevet	0,6 million de dollars
Renouvellement des brevets	0,4 million de dollars
Conseil juridique	0,2 million de dollars

Équipement de laboratoire avancé

Les dépenses en capital pour l'équipement de laboratoire en 2023 ont atteint 5,9 millions de dollars.

• Systèmes de culture de cellules souches: 2,3 millions de dollars
• Équipement de séquençage génomique: 1,8 million de dollars
• Technologies d'imagerie cellulaire: 1,2 million de dollars
• Infrastructure de bioréacteur: 0,6 million de dollars

Recrutement spécialisé des talents scientifiques

Les dépenses des ressources humaines pour le personnel scientifique en 2023 ont totalisé 12,5 millions de dollars.

Catégorie de personnel	Coût annuel
Chercheurs principaux	6,2 millions de dollars
Associés de recherche	3,8 millions de dollars
Personnel technique	2,5 millions de dollars

Pluri Inc. (PLUR) - Modèle d'entreprise: Strots de revenus

Licence des technologies cellulaires

Depuis le quatrième trimestre 2023, Pluri Inc. a rapporté des revenus de licence potentiels des technologies cellulaires avec une valeur potentielle estimée de 3,2 millions de dollars en accords de licence préliminaires.

Type de technologie	Potentiel de licence annuel estimé
Technologies de médecine régénérative	1,75 million de dollars
Plates-formes de cellules souches	1,45 million de dollars

Accords de collaboration de recherche

En 2023, Pluri Inc. a obtenu des accords de collaboration de recherche totalisant 2,7 millions de dollars avec des partenaires pharmaceutiques et biotechnologiques.

• Collaborations de recherche pharmaceutique: 1,9 million de dollars
• Biotechnology Partnership accords: 0,8 million de dollars

Ventes de produits thérapeutiques potentiels

Pipeline de ventes de produits thérapeutiques projeté estimé à 5,6 millions de dollars pour une commercialisation future potentielle.

Monétisation de la propriété intellectuelle

Le portefeuille de propriété intellectuelle évalué à environ 12,3 millions de dollars avec des opportunités de licence potentielles.

Catégorie IP	Valeur estimée
Brevets technologiques cellulaires	6,5 millions de dollars
IP de médecine régénérative	5,8 millions de dollars

Financement de subvention et de recherche

Des subventions de recherche garanties et un financement totalisant 1,95 million de dollars en 2023.

• Subventions de recherche gouvernementale: 1,2 million de dollars
• Financement de la recherche universitaire: 0,75 million de dollars

Pluri Inc. (PLUR) - Canvas Business Model: Value Propositions

You're looking at the core value Pluri Inc. (PLUR) offers across its diverse segments, which is rooted in its proprietary 3D cell expansion platform. This technology is the engine behind their claims of scalable, consistent, and cost-effective cell production for multiple industries.

The company's infrastructure supports this promise; for instance, PluriCDMO operates out of a state-of-the-art 47 thousand square foot Good Manufacturing Practice (GMP) cell therapy production facility. Furthermore, their intellectual property portfolio backs this capability, boasting over 250 patents globally as of late 2025. This foundation is what allows them to pursue high-value, high-volume opportunities.

Scalable, Consistent, and Cost-Effective Cell Production

The platform is designed to be uniquely accurate, scalable, cost-effective, and consistent from batch to batch. This consistency is key when serving partners in both the regenerative medicine and food-tech sectors.

• State-of-the-art GMP facility size: 47 thousand square foot.
• Global intellectual property count: Over 250 patents.
• Experience in cell expansion: Over two decades.

Sustainable Food Solutions: Cultivated Meat, Cacao, and Coffee

Pluri Inc. (PLUR) is actively addressing climate and supply chain issues by pushing cell-based alternatives. Their subsidiary, Ever After Foods Ltd., which focuses on cultivated meat, holds a 69% ownership stake for Pluri Inc. (PLUR). This venture secured a $10 million funding round in June 2024 to support its B2B technology platform. Pluri is also expanding into cultivated cacao via Kokomodo Ltd. and cell-based coffee through Coffeesai Ltd.

When you compare the technology used by Ever After Foods to the second-best in the field, the value proposition is stark: a 90% reduction in costs and a 700% increase in efficiency. Here's the quick math on the potential environmental savings, which forms a core part of the value for food-tech partners:

Environmental Metric	Reduction vs. Conventional Methods
Land Use	95% less
Water Use	94% less
Air Pollution	93% less

What this estimate hides is the time to full commercial adoption, but the underlying technology efficiency is a clear differentiator.

Off-the-Shelf Cell Therapies for Acute Medical Needs

In the medical space, the platform supports the development of placenta-based cell therapy product candidates for conditions like inflammatory and hematologic issues. The CDMO division, PluriCDMO™, is a revenue driver, supporting clients from preclinical development through late-stage clinical trials and commercialization. For context on the investment in this area, the company's reported operating loss for Fiscal Year 2025 was $22.176 million, with a loss per share of $3.56. Still, the company reported Fiscal Year 2025 revenue of $1.336 million.

Capital-Efficient B2B Model for Food-Tech Scale-Up

The B2B focus, driven by CDMO services and AgTech collaborations, shows rapid traction. For the first nine months of fiscal year 2025, Pluri Inc. (PLUR) recorded revenue of $938,000, which is nearly a 400% increase from the $230,000 seen in the same period last year. This growth is directly attributed to these new business verticals, indicating a capital-efficient path to scale-up through partnerships and service revenue rather than solely product sales.

• FY2025 9M Revenue: $938,000.
• Year-over-year growth (9M FY2025): Nearly 400%.
• FY2024 9M Revenue: $230,000.
• FY2025 Total Revenue: $1.336 million.

Finance: draft 13-week cash view by Friday.

Pluri Inc. (PLUR) - Canvas Business Model: Customer Relationships

You're looking at how Pluri Inc. manages its key relationships with the entities that drive its business forward, which is critical given its multi-pronged approach across health, food, and agriculture tech. The focus here is heavily weighted toward deep, collaborative partnerships rather than transactional sales, especially in the newer AgTech and FoodTech ventures.

Close, long-term strategic collaborations with co-funded R&D.

The core of Pluri Inc.'s relationship strategy in its emerging markets involves locking in partners to co-fund the validation of its cell expansion technology. On November 10, 2025, the company announced a series of international strategic collaborations across Asia, Europe, and the U.S. through its subsidiaries Ever After Foods, Kokomodo, and Coffeesai to advance cultivated meat, cacao, and coffee. Each of these agreements is anchored by a collaborator-funded minimum-viable-product (MVP) or proof-of-concept. This structure shows partners are putting capital directly into de-risking the technical pathways for their specific use cases. For instance, the cultivated meat platform via Ever After Foods is executing several programs across Asia and the U.S. with food companies, advancing scale-up validation and pre-commercial trials on collaborator use cases. Furthermore, Pluri holds a significant stake in one of these ventures, maintaining a 69% ownership stake in Ever After Foods, which itself secured a $10 million funding round led by strategic partners. In a separate therapeutic venture, a prior agreement with Bar-Ilan University entitles Pluri to a 20% revenue share from future sales of a product developed to treat cocaine addiction.

Dedicated B2B sales and technology transfer support for partners.

The Contract Development and Manufacturing Organization (CDMO) division, PluriCDMO, is the most direct B2B service relationship, offering manufacturing services leveraging its 47 thousand square foot Good Manufacturing Practice (GMP) facility. This division was launched to support innovative companies developing life-changing therapies within the cell and gene therapy market, which was valued around $5.2 billion as of early 2024. The success in these B2B and technology transfer relationships is reflected in the top-line growth; Pluri Inc. reported revenue grew nearly 400% to $938,000 in the first nine months of fiscal year 2025, up from $230,000 in the same period last year, driven by CDMO and AgTech services. Another key B2B relationship involved the acquisition of a majority stake in Kokomodo Ltd., where Pluri purchased approximately 71% of its equity for $4.5 million paid in Common Shares, integrating the cacao technology directly.

Here's a quick look at the scale and structure of some key relationships as of late 2025:

Relationship Metric	Value/Amount	Date/Period
FY2025 Nine-Month Revenue (from CDMO/AgTech)	$938,000	9M FY2025
FY2024 Nine-Month Revenue (Comparison)	$230,000	9M FY2024
Ever After Foods Ownership Stake	69%	Late 2025
Ever After Foods Strategic Funding Round	$10 million	Mid-2025
Kokomodo Acquisition Equity Stake	71%	April 2025
Kokomodo Acquisition Value (in Shares)	$4.5 million	April 2025
Bar-Ilan Revenue Share on Cocaine Addiction Product	20%	As per agreement

Direct engagement with government/defense agencies for stockpiling.

Direct government engagement has seen a significant shift. While Pluri had a prior relationship for potential stockpiling and emergency response, a key contract was terminated. Specifically, a three-year, $4.2 million contract with the U.S. National Institute of Allergy and Infectious Diseases (NIAID), which supported the development of PLX-R18 in collaboration with the U.S. Department of Defense Armed Forces Radiobiology Research Institute (AFRRI), received a formal notice of termination for the Government's convenience, effective April 15, 2025. On a more current note, Pluri announced an Exclusive Collaboration Agreement with Hemafund on March 5, 2025, to enhance Ukraine's radiation emergency preparedness, indicating continued, albeit restructured, engagement in defense/emergency readiness areas.

Investor relations and corporate governance adherence for public shareholders.

For public shareholders, Pluri Inc. maintains standard compliance as a Smaller reporting company and a Non-accelerated filer as of its September 2025 filings. You should note the ownership structure as of November 10, 2025: Insiders held 43.41% of the stock, while Institutions held 19.65%. The total number of common shares issued and outstanding as of February 10, 2025, was 6,997,140. The company held its 2025 Annual Meeting of Shareholders on May 23, 2025, with a record date of March 24, 2025, showing adherence to the required governance schedule. The market valued the company at $37 million on November 10, 2025, following major collaboration announcements.

You'll want to track the next 10-Q filing, which was scheduled for November 12, 2025, to get the most current view on the balance sheet.

Pluri Inc. (PLUR) - Canvas Business Model: Channels

You're looking at how Pluri Inc. (PLUR) gets its value propositions out the door as of late 2025. The commercial engine is clearly diversifying beyond its core pipeline, using its manufacturing and technology assets to generate immediate revenue streams. For the fiscal year ending June 30, 2025, the company reported total revenue of $1.34M, which represented a significant year-over-year growth of 309.82%. The most recent reported quarter, ending September 30, 2025, showed revenue at $316.00K. This shows the channels are starting to contribute to the top line.

The channels are built around leveraging the company's proprietary 3D cell expansion technology and its GMP-certified manufacturing facility, which supports commercial-scale production.

CDMO Service Contracts for External Biotech/Pharma Clients

The launch of PluriCDMO™ in January 2024 established a major channel targeting the cell and gene therapy sector, which is valued at approximately $5.2 billion. This division offers services from preclinical development through commercial production, including fill and finish logistics. This is a direct service contract channel where Pluri Inc. acts as a third-party manufacturer for other innovators. A concrete example of this channel's activity is the $4.2 million contract secured with the U.S. National Institutes of Health (NIH) to advance the development of its PLX-R18 cell therapy for Hematopoietic Acute Radiation Syndrome (H-ARS). The division is reported to have started generating revenue, with several agreements actively under negotiation as of early 2025.

Direct B2B Sales and Licensing Agreements via Pluri and its Subsidiaries

This channel involves direct commercialization efforts, often structured as licensing or revenue-sharing agreements based on Pluri Inc.'s proprietary technology or cell lines. A clear example of a licensing structure is the agreement with Bar-Ilan University's commercial division (BIRAD) concerning PLX cells for cocaine addiction treatment. Under this arrangement, Pluri Inc. is entitled to a 20% revenue share from any future sales of that specific product. This demonstrates a direct route to market participation without bearing the full development or sales cost.

Technology Transfer and Joint Venture Structures with Global Partners

Pluri Inc. uses joint ventures and strategic collaborations to transfer its technology into new market segments, often retaining majority share ownership in the resulting venture. The company has a landmark collaboration with Tnuva Group to develop cultivated food products. Furthermore, its foodtech and agtech subsidiaries-Ever After Foods Ltd., Kokomodo Ltd., and Coffeesai Ltd.-have entered into a series of significant international collaborations across Asia, Europe, and the United States. The acquisition of a majority stake, approximately 71%, in Kokomodo Ltd. for $4.5 million solidifies control over one of these key technology transfer vehicles.

Direct Distribution Channels for Cell Therapies (e.g., Hemafund for Ukraine)

For its own therapeutic pipeline, particularly PLX-R18, Pluri Inc. utilizes exclusive partnership agreements for direct distribution and stockpiling in specific geographic or emergency-response contexts. The exclusive collaboration agreement with Ukrainian biobank Hemafund is a prime example. This partnership aims to stockpile PLX-R18 as a countermeasure for Hematopoietic Acute Radiation Syndrome (H-ARS) in Ukraine. The initial goal is to secure funding for a stockpile of 12,000 doses, which is projected to be sufficient to treat an estimated 6,000 individuals. This specific distribution and supply agreement has an initial term of three years and could potentially generate over $100 million in value for both parties if the stockpile is fully realized.

Here's a quick look at the key metrics tied to these channels as of late 2025:

Channel Component	Metric/Value	Reference Period/Context
Overall Commercial Activity	$1.34M Total Revenue	Fiscal Year Ending June 30, 2025
CDMO Market Target	$5.2 billion	Cell and Gene Therapy Sector Size
Major CDMO Contract Value	$4.2 million	Contract with U.S. NIH for PLX-R18
JV Revenue Share	20% Revenue Share	Bar-Ilan University Collaboration (Cocaine Addiction)
Subsidiary Acquisition Cost	$4.5 million	For 71% equity in Kokomodo Ltd.
Hemafund Stockpile Size	12,000 doses	Target for PLX-R18 H-ARS Countermeasure
Hemafund Potential Value	Over $100 million	Potential value of the initial stockpile
Liquidity Position (as of Q1 2025)	Current Ratio of 5.04	Suggests capability to support production commitments

The company's operational backbone supporting these channels includes its GMP-certified manufacturing facility and a global footprint extending to partnership agreements in the United States, Europe, and the Asia-Pacific region. The shares outstanding as of May 12, 2025, were 7,832,601.

Pluri Inc. (PLUR) - Canvas Business Model: Customer Segments

Pluri Inc. serves a diverse set of industries by enabling mass cell production using its patented 3D cell expansion technology platform. The company's business model targets sectors requiring scalable, consistent, and cost-effective cell manufacturing, moving beyond just its core regenerative medicine focus to become a technology enabler across value chains.

The customer base is segmented across healthcare, food production, and specialized technology applications. For instance, the company's CDMO division, PluriCDMO™, which launched in January 2024, is actively generating revenues from client agreements, and its focus on advanced therapies positions it to serve major pharmaceutical and biotech players.

The financial performance as of late 2025 reflects this multi-pronged approach, with annual revenue for the fiscal year ending June 30, 2025, reaching approximately $1.34 million, representing a 309.82% increase year-over-year. The trailing twelve months revenue ending September 30, 2025, stood at $1.33 million.

Here's a quick look at the primary customer segments and relevant market context as of late 2025:

Customer Segment Category	Specific Client Type/Focus	Relevant Market Size/Financial Data Point	Pluri Inc. Metric/Activity
Pharmaceutical & Biotech	CDMO Clients needing GMP manufacturing	Cancer Immunotherapy Market: $136B in 2025	PluriCDMO™ nominated for CDMO of the Year Award at Advanced Therapies Awards 2025
Cultivated Food/AgTech	Startups/Conglomerates needing scale-up tech	N/A (Subsidiary focus on Cacao/Coffee)	Revenue in FY2024 included fees from a POC collaboration in the agtech field with ICL Group
Regenerative Medicine/Immunotherapy	Companies developing cell therapeutics	Immune Cell Engineering Market projected at $11.7B by 2030	Patents granted for MAIT cell expansion in large-scale bioreactors
Global Food & Beverage	Firms seeking sustainable ingredients	Focus on cultivated meat (Ever After Foods) and cell-based coffee (Coffeesai)	Entered the Cacao Market via acquisition of Kokomodo Ltd.
Government & Defense	Agencies requiring medical countermeasures	Focus on treating Acute Radiation Syndrome (ARS)	Collaboration agreement to enhance Ukraine's radiation emergency preparedness

You're looking at a company actively diversifying its revenue base, which is a key strategic move. The growth in revenue is significant, but the company remains in an investment phase, reflected by a net loss of $22.6 million for the full year 2025.

The specific customer profiles Pluri Inc. targets include:

• Global Food and Beverage Conglomerates seeking sustainable ingredients: Driven by subsidiaries like Ever After Foods and Coffeesai Ltd.
• Pharmaceutical and Biotech companies needing cell manufacturing (CDMO clients): Benefiting from access to 47,000 square foot state-of-the-art GMP facilities.
• Government and Defense Agencies requiring medical countermeasures: Targeting needs like treatment for Acute Radiation Syndrome (ARS).
• Cosmetics and Skincare firms for regenerative product inputs: Listed as a target vertical, though specific 2025 revenue contribution is not itemized.
• Cultivated Food/AgTech startups needing scale-up technology: Engaging in collaborator-funded minimum-viable-product (MVP) / proof-of-concept projects.

The company's total employee count as of late 2025 was reported at 142 individuals, supporting these varied customer needs.

Finance: draft 13-week cash view by Friday.

Pluri Inc. (PLUR) - Canvas Business Model: Cost Structure

You're looking at the cost side of Pluri Inc. (PLUR) as they push their cell expansion technology toward commercialization. For a pre-revenue biotech heavily invested in R&D, the cost structure is dominated by science and scale-up efforts. Honestly, the numbers reflect a company burning cash to advance its pipeline.

The most significant driver of cash burn is the High Research and Development (R&D) expenses. For the full fiscal year ending June 30, 2025, Pluri Inc. reported a net loss of -$22.58 million. This loss is directly tied to the substantial investment in developing their proprietary cell-based products. To give you a sense of the R&D intensity, for the nine-month period ending March 31, 2025, R&D expenses, net of participation from entities like the IIA and NIAID, totaled $8,857,000. This was a slight decrease of 2% from the $9,051,000 reported for the same period in the prior year. Still, that's a massive outlay for a company with relatively low revenue.

Here's a quick look at how R&D costs manifested in a recent quarter:

Metric	Q3 2025 Amount (USD)	Context
R&D Expense	$3.235 million	Primary driver of operating loss.
G&A Expense	$2.493 million	General and administrative costs.
Operating Loss	$5.592 million	Total operating cost before other items.

Next up are costs related to operating and scaling the 3D bioreactor manufacturing facilities. While Pluri Inc. touts its patented, state-of-the-art 3D cell expansion system as scalable, the specific capital expenditure or operational costs associated with running and expanding these facilities as of late 2025 aren't explicitly itemized in the latest public filings I have access to. Scaling up manufacturing for cell therapies is inherently capital-intensive, involving specialized equipment, quality control, and facility validation, so you can assume these are a major component of their capital expenditure budget.

Personnel costs are another fixed drain. As of the last report, Pluri Inc. had a total headcount of 142 employees. Given the nature of the business-pioneering cell-based products-a significant portion of this team is definitely comprised of specialized scientific and engineering talent necessary to run the R&D and manufacturing processes. We don't have the exact salary breakdown, but for a biotech firm, these specialized salaries represent a high fixed cost that continues regardless of near-term revenue fluctuations.

The company also carries significant legal and maintenance costs for the extensive patent portfolio. Pluri Inc. announced in April 2025 that the USPTO issued a patent covering their immune cell expansion technologies, mirroring a previously granted U.S. patent. Maintaining a global portfolio of intellectual property like this requires ongoing legal fees for prosecution, defense, and annuity payments, though the exact annual maintenance cost isn't broken out separately in the financial summaries. It's an investment in their core Key Resource.

Finally, clinical trial and regulatory expenses for cell therapy candidates are lumpy but substantial. The R&D expense decrease for the nine months ending March 31, 2025, was partially attributed to a decrease in clinical studies expenses following the completion of some studies. You should note the context here:

• The company received approximately $29,000 from the IIA for a collaboration project, out of a total committed budget of NIS 549,067 (approximately $163,000) for the first year.
• They received a total of $2.3 million under a contract with NIAID before that contract was terminated for convenience in April 2025.

These figures show government/partner funding offsets, but the underlying costs for running Phase II and preparing for Phase III trials-like the ones for muscle recovery after hip fracture surgery and GVHD-are borne by Pluri Inc. and are a major part of their operating burn rate.

Finance: draft 13-week cash view by Friday.

Pluri Inc. (PLUR) - Canvas Business Model: Revenue Streams

You're looking at the top-line performance for Pluri Inc. (PLUR) as of late 2025, and the numbers show significant movement. For the fiscal year ending June 30, 2025, the total annual revenue for Pluri Inc. was reported at $1.34 million, marking a substantial 309.82% increase year-over-year. That's a massive jump, signaling that the strategic pivots made over the last couple of years are starting to hit the income statement. Honestly, for a company at this stage, seeing that kind of growth off a lower base is what you want to see. It definitely suggests momentum in their commercialization efforts.

Here's a quick look at the most recent reported annual revenue figures:

Period Ending	Total Revenue (USD Thousands)	Year-over-Year Growth
6/30/2025	$1,336	309.82%
6/30/2024	$326	13.59%

The revenue generation is clearly diversifying across the business verticals they established. You can see the different ways Pluri Inc. is looking to monetize its proprietary cell-expansion technology.

Key Revenue Drivers and Streams:

• Licensing and technology transfer fees from strategic collaborations.
• Sales of CDMO services to external clients.
• Product sales of cell therapies, such as the PLX-R18 stockpile.
• Collaborator funding for MVP/proof-of-concept programs.

Regarding Licensing and technology transfer fees from strategic collaborations, the structure is often tied to future success. For example, in a collaboration with Bar-Ilan University to develop PLX cells for cocaine addiction treatment, Pluri Inc. is entitled to a 20% revenue share from future sales of that product. That's a classic out-licensing model designed for long-term, royalty-like income once a partner brings a product to market.

The Sales of CDMO services to external clients is a core focus, especially since launching the PluriCDMO division in January 2024 to serve the cell and gene therapy sector. This stream utilizes their Good Manufacturing Practice (GMP) facility and 3D cell-expansion technology to generate immediate revenue and cash flow from providing manufacturing services to other biotech companies.

For Collaborator funding for MVP/proof-of-concept programs, we see direct contract revenue supporting development. A notable example is the $4.2 million Contract with the U.S. NIH, which directly funds work related to their cell-based technologies. This type of non-dilutive funding is critical for advancing specific programs while generating current period revenue.

While the specific revenue attributed to Product sales of cell therapies, such as the PLX-R18 stockpile, isn't broken out in the top-line summary, the progress in preparing the PLX-R18 stockpile for potential use in acute radiation syndrome suggests this is a pipeline component expected to contribute to future product sales revenue, moving beyond service and collaboration fees.

Finance: draft 13-week cash view by Friday.