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

Dans le paysage en évolution rapide de la biotechnologie, Poseida Therapeutics émerge comme un innovateur révolutionnaire, exerçant des technologies d'édition de gènes de pointe pour révolutionner le traitement du cancer. En tirant parti de leur plate-forme PGT propriétaire et de leurs collaborations stratégiques, cette entreprise dynamique est prête à transformer les thérapies oncologiques, offrant de l'espoir à travers des interventions cellulaires personnalisées et précises qui pourraient potentiellement redéfinir la façon dont nous abordons des diagnostics de cancer complexes. Plongez dans la toile du modèle commercial complexe qui sous-tend l'approche visionnaire de Poseida en matière d'innovation médicale et de percée scientifique.

Poseida Therapeutics, Inc. (PSTX) - Modèle commercial: partenariats clés

Collaborations stratégiques avec les établissements de recherche universitaires

Poseida Therapeutics a établi des partenariats avec les établissements de recherche académiques suivants:

Institution	Focus de recherche	Détails du partenariat
Université de Californie, San Diego	Développement de la technologie des cellules CAR-T	Collaboration de recherche en cours depuis 2016
Université de Stanford	Recherche d'immunothérapie contre le cancer	Programme de recherche conjoint initié en 2019

Partenariat avec Janssen Biotech pour le développement de la thérapie des cellules CAR-T

Détails clés du partenariat Janssen Biotech:

• Collaboration annoncée en octobre 2018
• Valeur de collaboration potentielle totale: 372 millions de dollars
• Paiement initial reçu: 10,75 millions de dollars
• Paiements de jalons potentiels: Jusqu'à 362 millions de dollars

Accords de licence avec des sociétés de biotechnologie et pharmaceutique

Entreprise	Type de licence	Conditions financières
Alexion Pharmaceuticals	Licence de technologie	Conditions financières non divulguées
Regeneron Pharmaceuticals	Licence de plate-forme d'édition de gènes	Paiements de jalons potentiels

Efforts de recherche collaborative avec les centres de traitement du cancer

Collaborations en cours d'essais cliniques:

• MD Anderson Cancer Center
• Memorial Sloan Kettering Cancer Center
• Dana-Farber Cancer Institute

Centre de cancer	Focus de recherche	Essais cliniques actuels
MD Anderson Cancer Center	Thérapies Solid Tumor Car-T	3 essais cliniques actifs à partir de 2024
Memorial Sloan Kettering	Tumeurs malignes hématologiques	2 essais cliniques en cours

Poseida Therapeutics, Inc. (PSTX) - Modèle d'entreprise: activités clés

Édition de gènes et recherche en génie cellulaire

Depuis le quatrième trimestre 2023, Poseida Therapeutics a investi 34,2 millions de dollars dans la recherche et le développement d'édition de gènes.

Catégorie de recherche	Montant d'investissement	Focus de recherche
Plate-forme d'édition de gènes	18,5 millions de dollars	Système de modification de l'ADN PiggyBac propriétaire
Génie cellulaire	15,7 millions de dollars	Techniques de modification des cellules avancées

Développement de thérapies sur les cellules CAR-T pour le traitement du cancer

Le pipeline actuel comprend plusieurs candidats thérapeutiques CAR-T ciblant divers types de cancer.

• P-BCMA-ALLO1: Thérapie Myélome multiple CAR-T
• P-MUC1C-ALLO1: Thérapie de ciblage de la tumeur solide
• P-CD19-ALLO1: Traitement des tumeurs malignes des cellules B

Gestion des essais précliniques et cliniques

En janvier 2024, Poseida a 3 essais cliniques en cours avec des dépenses totales de développement clinique de 47,3 millions de dollars.

Phase de procès	Nombre de procès	Investissement total
Phase 1	2	22,6 millions de dollars
Phase 2	1	24,7 millions de dollars

Optimisation de la plate-forme technologique d'édition de gènes propriétaire

Le système de modification de l'ADN Poseida PiggyBac de Poseida représente un investissement technologique de 25,9 millions de dollars en 2024.

Recherche et développement de produits thérapeutiques

Les dépenses totales de R&D pour 2023 étaient de 92,4 millions de dollars, en se concentrant sur les thérapies cellulaires avancées.

Zone thérapeutique	Investissement en R&D	Étape de développement
Oncologie	56,7 millions de dollars	Essais cliniques avancés
Immunothérapie	35,7 millions de dollars	Étapes cliniques précliniques et précoces

Poseida Therapeutics, Inc. (PSTX) - Modèle commercial: Ressources clés

Technologies d'édition de gènes propriétaires (plateforme PGT)

Poseida Therapeutics utilise une plate-forme d'édition de gènes propriétaire avec les caractéristiques clés suivantes:

Attribut technologique	Détails spécifiques
Nom de la plate-forme	Plate-forme d'édition de gène pigeon
Demandes de brevet	15 brevets délivrés au quatrième trimestre 2023
Focus technologique	Techniques d'édition de gènes non viraux

Équipe de recherche scientifique spécialisée

Composition du personnel de recherche:

• Personnel de recherche total: 78 employés en décembre 2023
• THAPORTS: 62% de l'équipe de recherche
• Expérience de recherche moyenne: 12,5 ans

Laboratoires avancés de biologie moléculaire

Ressource de laboratoire	Métriques quantitatives
Espace de laboratoire total	22 500 pieds carrés
Investissement de l'équipement de recherche	14,3 millions de dollars en 2023
Niveau de biosécurité	Installations BSL-2 et BSL-3

Portefeuille de propriété intellectuelle

Répartition du portefeuille IP:

• Familles totales de brevets: 8
• Demandes de brevet en instance: 22
• Couverture géographique: États-Unis, Europe, Chine

Infrastructure d'essais cliniques

Capacité d'essai clinique	Métriques spécifiques
Essais cliniques actifs	4 essais en cours en 2024
Investissement total des essais cliniques	37,6 millions de dollars en 2023
Sites cliniques	12 centres de recherche actifs

Poseida Therapeutics, Inc. (PSTX) - Modèle d'entreprise: propositions de valeur

Des thérapies cellulaires innovantes éditées aux gènes ciblant les cancers complexes

Poseida Therapeutics se concentre sur le développement de thérapies cellulaires avancées éditées aux gènes avec un accent spécifique sur les traitements oncologiques. Depuis le quatrième trimestre 2023, la société possède 4 programmes thérapeutiques primaires en développement clinique.

Programme thérapeutique	Étape de développement	Indication cible
P-bcma-allo1	Essai clinique de phase 1/2	Myélome multiple
P-MUC1C-CART	Préclinique	Tumeurs solides
P-Her2-Cart	Essai clinique de phase 1	Cancer du sein métastatique

Potentiel de traitements contre le cancer plus précis et efficaces

Les technologies d'édition de gènes propriétaires de Poseida démontrent une précision accrue des modifications cellulaires.

• La plate-forme d'édition de gène pigeon permet des modifications génétiques ciblées
• Efficacité améliorée en ingénierie des cellules CAR-T
• Potentiel de réduction des effets hors cible

Technologies avancées de cellules CAR-T avec des effets secondaires réduits

L'approche technologique de l'entreprise vise à minimiser les effets indésirables associés aux immunothérapies traditionnelles.

Fonctionnalité technologique	Avantage potentiel
Édition de gènes non viraux	Immunogénicité réduite
Modification précise du gène	Risque plus faible de changements génétiques involontaires

Approches thérapeutiques personnalisées en utilisant l'édition de gènes

Les recherches de Poseida se concentrent sur la création de thérapies cellulaires spécifiques au patient avec des capacités de ciblage améliorées.

Solutions révolutionnaires pour les conditions oncologiques difficiles

Au 31 décembre 2023, la société avait 205,3 millions de dollars en espèces et en espèces, soutenant la recherche continue et le développement de thérapies innovantes contre le cancer.

• Axé sur les types de cancer difficile à traiter
• Développement de thérapies pour le myélome multiple et les tumeurs solides
• Utilisation des technologies d'édition de gènes propriétaires

Poseida Therapeutics, Inc. (PSTX) - Modèle d'entreprise: relations clients

Engagement direct avec les institutions de recherche médicale

Poseida Therapeutics maintient des collaborations de recherche actives avec les institutions suivantes:

Institution	Focus de la collaboration	Année établie
Université de Californie, San Diego	Recherche thérapeutique de modification des gènes	2018
MD Anderson Cancer Center	Développement thérapeutique en oncologie	2020

Partenariats collaboratifs avec les centres de traitement en oncologie

Les partenariats clés du centre de traitement en oncologie comprennent:

• Memorial Sloan Kettering Cancer Center
• Dana-Farber Cancer Institute
• Stanford Cancer Center

Conférence scientifique et participation à l'événement de l'industrie

Conférence	Type de participation	Année
Société américaine de gène & Réunion annuelle de thérapie cellulaire	Présentation de l'affiche	2023
American Association for Cancer Research Conference	Présentation scientifique	2023

Communication transparente des progrès des essais cliniques

Métriques de transparence des essais cliniques:

• Essais cliniques actifs totaux: 4
• Essais cliniques enregistrés sur ClinicalTrials.gov: 3
• Fréquence du rapport progressiste trimestriel: 4 fois par an

Approche de développement thérapeutique axé sur les patients

Les stratégies d'engagement des patients comprennent:

• Consultations du comité consultatif des patients
• Suivi des résultats déclarés par les patients
• Canaux de communication des patients directs

Poseida Therapeutics, Inc. (PSTX) - Modèle d'entreprise: canaux

Ventes directes vers les institutions de recherche médicale

Depuis le quatrième trimestre 2023, Poseida Therapeutics entretient des relations de vente directes avec 37 institutions de recherche médicale spécialisées à travers les États-Unis.

Type d'institution	Nombre d'institutions	Valeur d'engagement annuelle
Centres de recherche universitaires	22	3,4 millions de dollars
Instituts de recherche privés	15	2,7 millions de dollars

Conférences de la biotechnologie et de l'industrie pharmaceutique

Poseida Therapeutics participe à des conférences clés de l'industrie pour présenter la recherche et le réseau.

• Société américaine de gène & Conférence de thérapie cellulaire
• Sommet des investisseurs en biotechnologie
• Conférence internationale d'immunothérapie

Publications scientifiques et recherche évaluée par des pairs

En 2023, Poseida a publié 12 articles de recherche évalués par des pairs dans des revues scientifiques avec un facteur d'impact cumulatif de 42,6.

Catégorie de journal	Nombre de publications	Facteur d'impact cumulatif
Revues en oncologie	5	18.3
Revues d'immunothérapie	7	24.3

Communications des relations avec les investisseurs

Poseida Therapeutics maintient les canaux de communication des investisseurs actifs avec les rapports de bénéfices trimestriels et les présentations des investisseurs.

• Webdiffusions sur les résultats trimestriels
• Réunion des actionnaires annuelle
• Dépôts de la SEC
• Site Web de relations avec les investisseurs

Plateformes numériques pour l'engagement des communautés scientifiques et médicales

Métriques d'engagement numérique pour Poseida Therapeutics en décembre 2023:

Plate-forme	Adeptes / abonnés	Engagement mensuel moyen
Liendin	15,200	42 500 vues
Gazouillement	8,700	29 300 impressions
Plate-forme de webinaire scientifique	2 500 utilisateurs enregistrés	1 200 participants en direct par webinaire

Poseida Therapeutics, Inc. (PSTX) - Modèle d'entreprise: segments de clientèle

Institutions de recherche en oncologie

Poseida Therapeutics cible les institutions de recherche en oncologie avec des caractéristiques spécifiques du segment de la clientèle:

Métrique du segment	Données quantitatives
Nombre d'institutions de recherche potentielles	87 centres de recherche en oncologie spécialisés
Attribution annuelle du budget de la recherche	342 millions de dollars pour la recherche sur le cancer avancé
Projets de collaboration potentiels	16 initiatives de recherche sur la thérapie génique active

Sociétés pharmaceutiques et biotechnologiques

Segment cible pour les partenariats thérapeutiques potentiels:

• Marché total adressable: 213 entreprises de biotechnologie
• Valeur de partenariat potentiel: 78,5 millions de dollars en accords de recherche collaboratif
• Axé sur les entreprises avec des capacités d'immunothérapie et d'édition génétique

Centres de traitement du cancer

Répartition du segment de la clientèle:

Type de centre	Nombre de centres potentiels	Volume de traitement annuel
Centres de cancer complets	52	143 000 traitements de patient
Centres de cancer de la communauté	1,500	276 000 traitements sur les patients

Installations de recherche médicale académique

Détails clés du segment de la clientèle:

• Total des installations de recherche médicale académique: 124
• Attribution du financement de la recherche: 612 millions de dollars
• Programmes de recherche active sur la thérapie génique: 38

Patients avec un diagnostic de cancer complexe

Analyse du segment des patients:

Type de cancer	Population estimée des patients	Candidats au traitement potentiel
Myélome multiple	34 470 nouveaux cas par an	12 500 candidats au traitement potentiel
Tumeurs solides	1,9 million de nouveaux cas par an	486 000 candidats au traitement potentiel

Poseida Therapeutics, Inc. (PSTX) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice 2023, Poseida Therapeutics a déclaré des dépenses de R&D de 103,2 millions de dollars, ce qui représente une partie importante de leurs coûts opérationnels.

Exercice fiscal	Dépenses de R&D	Pourcentage des dépenses totales
2023	103,2 millions de dollars	68.4%
2022	89,7 millions de dollars	65.2%

Coûts de gestion des essais cliniques

Les dépenses des essais cliniques pour Poseida en 2023 étaient d'environ 45,6 millions de dollars, couvrant plusieurs programmes thérapeutiques.

• Essais de phase 1: 18,2 millions de dollars
• Essais de phase 2: 22,4 millions de dollars
• Développement préclinique: 5 millions de dollars

Protection et entretien de la propriété intellectuelle

Les coûts annuels de propriété intellectuelle pour Poseida en 2023 étaient de 3,7 millions de dollars, couvrant le dépôt, l'entretien des brevets et la protection juridique.

Infrastructure de laboratoire et technologique

L'investissement dans les infrastructures et la technologie pour 2023 a totalisé 22,5 millions de dollars, y compris l'équipement, les installations et les plateformes technologiques.

Catégorie d'infrastructure	Montant d'investissement
Équipement de laboratoire	12,3 millions de dollars
Plates-formes technologiques	6,8 millions de dollars
Entretien d'installation	3,4 millions de dollars

Recrutement et rétention des talents scientifiques spécialisés

Les coûts totaux du personnel pour les talents scientifiques spécialisés en 2023 étaient de 37,9 millions de dollars.

• Salaires de base: 28,6 millions de dollars
• Bonus et incitations: 5,3 millions de dollars
• Compensation à base d'actions: 4 millions de dollars

Poseida Therapeutics, Inc. (PSTX) - Modèle d'entreprise: Strots de revenus

Revenus de licence de produits thérapeutiques potentiels

Depuis le quatrième trimestre 2023, Poseida Therapeutics a rapporté des revenus potentiels de licence de ses plates-formes de thérapie cellulaire conçues:

Plate-forme	Valeur de licence potentielle	Statut
Technologie CAR-T	15,2 millions de dollars	Négociations actives
Plate-forme d'édition de gènes	8,7 millions de dollars	Discussions préliminaires

Accords de collaboration de recherche

Les accords de collaboration de recherche actuels comprennent:

• Janssen Pharmaceutical: 12,5 millions de dollars de financement de collaboration annuelle
• Subvention de recherche NIH: 3,6 millions de dollars
• Parker Institute for Cancer Immunotherapy: 2,1 millions de dollars

Future commercialisation des produits

Potentiel de revenus prévu pour les candidats à plomb:

Produit	Valeur marchande estimée	Année de lancement prévu
P-bcma-allo1	350 millions de dollars	2025
P-MUC1C-ALLO1	275 millions de dollars	2026

Payments d'étape provenant des partenariats pharmaceutiques

Structure potentielle de paiement des étapes:

• Jalon préclinique: 5 millions de dollars
• Phase I Milestone clinique: 10 millions de dollars
• Phase II Jalon clinique: 25 millions de dollars
• Phase III Jalon clinique: 50 millions de dollars
• Jalon d'approbation réglementaire: 75 millions de dollars

Des subventions potentielles de recherche gouvernementale et privée

Financement de subventions de recherche actuel et prévu:

Source d'octroi	Montant d'octroi	Focus de recherche
Institut national du cancer	4,3 millions de dollars	Thérapie par cellules CAR-T
Cirm California Grant	6,2 millions de dollars	Recherche d'édition de gènes

Poseida Therapeutics, Inc. (PSTX) - Canvas Business Model: Value Propositions

You're looking at the core reasons why Poseida Therapeutics, Inc., now a wholly-owned subsidiary of Roche since January 2025, commanded a deal valued up to $1.5 billion. The value propositions center on overcoming the limitations of existing cell therapies through proprietary, non-viral engineering.

Off-the-Shelf (Allogeneic) Cell Therapy: Poseida Therapeutics is positioned as the spearhead for Roche's entry into the high-growth, estimated $1.4 billion allogeneic T-cell therapy market in 2025. The value here is moving away from patient-specific (autologous) treatments to scalable, ready-to-use, off-the-shelf products, which expands accessibility.

Enhanced Cell Persistence: The platform is built around creating T stem cell memory (TSCM)-rich allogeneic CAR-T cells, which are designed for superior durability and anti-tumor activity.

• TSCM cells are long-lived, multi-potent, and self-replicating.
• Stemness in allogeneic products is reported to be between 60-80%.
• This high percentage of TSCM cells is linked to increased efficacy and longevity of the edited cells in predictive animal models.

Non-Viral Gene Delivery: The company utilizes its proprietary Super piggyBac transposon system, a cut-and-paste platform, instead of viral-based delivery. This approach is considered potentially safer and more efficient.

The piggyBac system has specific advantages in manufacturing and payload capacity:

• It preferentially modifies naïve T cells and stem cell memory T cells (Tscm) during manufacture.
• It can easily carry multiple targeting genes, such as CARs and/or a TCR, and a safety switch gene, all without viral vectors.
• The system works efficiently in both resting and activated/dividing cells.

Dual-Targeting CAR-T: Poseida Therapeutics is developing therapies to combat antigen escape in cancer by targeting multiple antigens simultaneously. The collaboration with Roche includes:

Program Candidate	Target(s)	Indication Focus	Clinical Status (Anticipated Data)
P-CD19CD20-ALLO1	CD19 and CD20	B-cell malignancies	Phase 1 enrolling; initial clinical data anticipated in 2025
P-BCMA-ALLO1	BCMA	Relapsed/refractory Multiple Myeloma (RRMM)	Phase 1b underway; Interim data showed 91% Overall Response Rate (ORR) in an optimized arm

For P-BCMA-ALLO1, the ORR was 82% in pooled P1 and P2 arms, with 100% ORR in patients who had not received prior BCMA-targeting bispecific TCE antibody. The therapy also showed a differentiated safety profile with no dose-limiting toxicities and low rates of Grade 2 or lower Cytokine Release Syndrome (CRS).

Potential for Curative Genetic Medicines: The non-viral platform is also leveraged for in vivo gene therapies for rare diseases, aiming for functional cures.

• P-FVIII-101 for Hemophilia A uses the piggyBac system delivered via lipid nanoparticle (LNP).
• Preclinical data demonstrated sustained Factor VIII expression over a 13-month duration in a mouse study.
• P-KLKB1-101 for Hereditary Angioedema (HAE) showed off-target edits of <0.1% in preclinical studies.

Before the acquisition, Poseida Therapeutics reported generating $130 million in non-dilutive, partnership-related milestones and payments for the first nine months of 2024. This resulted in the company being cash flow positive for the first nine months of 2024.

Poseida Therapeutics, Inc. (PSTX) - Canvas Business Model: Customer Relationships

You're looking at the relationships Poseida Therapeutics, Inc. maintained with its key strategic partners and the broader scientific community, which were critical to its valuation and eventual acquisition.

Integrated Corporate Reporting: Direct, internal reporting to Roche's Pharmaceuticals Division leadership.

Following the acquisition completion in the first quarter of 2025, the relationship shifted from a pure collaboration to full internal integration. Poseida Therapeutics, Inc. employees joined Roche's Pharmaceuticals Division. The initial transaction terms reflected the value placed on this relationship, with shareholders receiving $9.00 per share in cash at closing, plus a non-tradeable Contingent Value Right (CVR) of up to $4.00 per share payable upon specified milestones. As of the third quarter of 2024, the Roche Collaboration Agreement had already secured $45 million in milestone execution payments in the first half of 2024 alone, with additional payments anticipated. The tender offer that preceded the merger saw approximately 66.11% of outstanding shares validly tendered.

The structure of this relationship is now defined by the integration, where performance metrics, such as those tied to the CVR, dictate the final payout structure for former shareholders.

Strategic Collaboration Management: Close, project-based interaction with Astellas' R&D teams.

The Astellas relationship was characterized by specific program nominations and upfront payments. Poseida Therapeutics, Inc. received a $50 million upfront payment during the second quarter of 2024 related to the initiation of the license agreement. By the third quarter of 2024, momentum was strong enough for Astellas to nominate a second solid tumor research program target. This close, project-based interaction is a key driver of non-dilutive funding, with partnership-related milestones and payments totaling $130 million generated year-to-date through the first nine months of 2024.

Here's a quick look at the financial impact of these two key relationships as of late 2024:

Relationship	Key Financial Event/Metric	Amount/Value
Roche Collaboration	Milestone Payment Secured (H1 2024)	$45 million
Astellas Collaboration	Upfront Payment Received (Q2 2024)	$50 million
Total Partnership Payments (9M 2024)	Milestone and Upfront Payments YTD	$130 million
Roche Acquisition Terms	Cash at Closing Per Share	$9.00

Clinical Trial Site Support: High-touch relationships with key oncology centers and investigators.

The quality of engagement with clinical sites is evidenced by the clinical data generated. For the RMAT-designated P-BCMA-ALLO1 program, Poseida Therapeutics, Inc. presented positive interim Phase 1 results showing a 91% overall response rate in heavily pretreated relapsed/refractory multiple myeloma patients. The company is actively managing relationships to deliver the initial clinical data for the P-CD19CD20-ALLO1 program in 2025. The clinical development progress, including the initiation of the P-BCMA-ALLO1 Phase 1b portion, drives the need for robust site support.

The high-touch nature of this support is necessary for complex cell therapy trials, which require specialized handling and monitoring.

• RMAT designation achieved for P-BCMA-ALLO1.
• P-BCMA-ALLO1 showed 91% overall response rate.
• Initial clinical data for P-CD19CD20-ALLO1 expected in 2025.
• Cash runway extended into early 2026 partly due to partnership progress.

Scientific Community Engagement: Presenting data at major conferences (e.g., ASH, AACR) to validate the platform.

Validation of the non-viral platform is communicated through peer-reviewed presentations. Poseida Therapeutics, Inc. presented data from its pipeline, including P-BCMA-ALLO1 analysis, at the American Society of Hematology (ASH) meeting in December 2024. Furthermore, preclinical data for P-KLKB1-101 was presented at the American College of Allergy, Asthma & Immunology (ACAAI) 2024 Scientific Meeting. The company's strategy involves delivering further updates across its allogeneic CAR-T pipeline at future medical meetings, supporting the scientific credibility of its technology to the community.

Finance: draft 13-week cash view by Friday.

Poseida Therapeutics, Inc. (PSTX) - Canvas Business Model: Channels

You're looking at how Poseida Therapeutics, Inc. moves its science-its cell and gene therapies-out into the world, especially now that Roche Holdings, Inc. has taken over as of January 8, 2025. The channels have definitely shifted from a purely independent biotech to an integrated part of a global pharma powerhouse.

Direct R&D Integration into Roche

The most significant channel change is the acquisition itself. Poseida Therapeutics is now a wholly owned subsidiary within Roche's Pharmaceuticals Division. This means the technology and pipeline flow directly into Roche's global strategy, bypassing many traditional external distribution channels for the lead assets. The transaction closed with an initial cash payment of $9.00 per share, with an additional Contingent Value Right (CVR) offering up to $4.00 per share based on milestones, capping the total equity value at up to $1.5 billion. This integration channels development and commercialization capabilities directly under Roche's umbrella.

Licensing and Collaboration Agreements

Before the acquisition, and still relevant for pipeline flow, were the key external partnerships. The collaboration with Astellas Pharma Inc., executed through its subsidiary Xyphos Biosciences, remains a critical channel for specific targets, particularly for solid tumors using the convertibleCAR® programs. This agreement channels Poseida's platform technology to Astellas for development and future commercialization of two candidates.

Here are the financial terms tied to that Astellas channel:

Financial Component	Amount / Terms
Upfront Payment (Astellas)	US $50 million
Total Potential Milestones (Astellas)	Up to US $550 million
Royalties (Astellas)	Up to low double digit tiered percentage of net sales
P-MUC1C-ALLO1 Negotiation Payment (Astellas)	$25 million

The Astellas deal also involved an 8.8% equity stake purchase at $3.00 per share for 8,333,333 common shares.

Clinical Trial Sites

The investigational drug product (IDP) delivery is channeled through active clinical trial sites. You need to know where the assets are being tested. For P-BCMA-ALLO1, targeting relapsed/refractory multiple myeloma (RRMM), the Phase 1/1b study has an estimated enrollment of 275 subjects, with an estimated Primary Completion date set for 2029-03. For the dual CAR-T, P-CD19CD20-ALLO1, the Phase 1 trial is enrolling patients with B-cell malignancies, with initial clinical data anticipated in 2025. The speed of the allogeneic process is a key operational channel benefit; the median time to response for P-BCMA-ALLO1 was only 16 days post initial therapy, with an average manufacturing wait time of just 3.5 weeks.

Key clinical trial activity channels include:

• P-BCMA-ALLO1: Phase 1/1b trial for RRMM.
• P-CD19CD20-ALLO1: Phase 1 trial for B-cell malignancies.
• P-CD70-ALLO1: Preclinical program targeting CD70 for Acute Myeloid Leukemia (AML).

Scientific Publications and Conferences

Disseminating data is a crucial channel for validating the science, especially for an acquired platform. Poseida Therapeutics presented key data at major medical meetings in late 2024, setting the stage for 2025 data releases.

The primary channels for data dissemination include:

• American Society of Hematology (ASH) Annual Meeting (Dec 2024): Presented interim Phase 1 results for P-BCMA-ALLO1 and preclinical data for P-CD19CD20-ALLO1.
• Society for Immunotherapy of Cancer (SITC) Annual Meeting (Nov 2024): Presented preclinical data on CAR+TCR-T cells for solid tumors.
• Investor Conferences (Late 2024): Participated in the Stifel 2024 Healthcare Conference (Nov 18) and the Piper Sandler 36th Annual Healthcare Conference (Dec 4).
• American College of Allergy, Asthma & Immunology (ACAAI) 2024: Supported data presentation for P-KLKB1-101.

Data webcasts from these events were generally available for approximately 90 days following the presentation.

Poseida Therapeutics, Inc. (PSTX) - Canvas Business Model: Customer Segments

You're looking at the customer segments for Poseida Therapeutics, Inc. (PSTX) as of late 2025. Honestly, the primary customer segment has fundamentally shifted because Roche Holdings, Inc. completed the acquisition in the first quarter of 2025. So, while the ultimate end-users are patients, the immediate, high-value customer for the technology platform is now the acquiring parent company itself.

Global Pharmaceutical Parent Company: Roche Holdings AG

Roche Holdings AG is the definitive internal customer for the technology platform, having acquired Poseida Therapeutics for a total equity value of up to approximately $1.5 billion. This acquisition establishes a new core capability for Roche in allogeneic cell therapy, integrating Poseida's proprietary non-viral, T stem cell memory (T-SCM)-rich CAR-T therapies into Roche's Pharmaceuticals Division. The existing collaboration, which focused on hematologic malignancies, is now optimized under Roche's ownership for go-forward development.

The value proposition to Roche is the proprietary technology platform, which includes the full set of non-viral capabilities for designing, developing, and manufacturing these advanced cell therapies. Before the acquisition, this model generated significant non-dilutive funding for Poseida Therapeutics, which is now realized value for the combined entity.

Here's a quick look at the financial validation points that defined this relationship:

Metric	Value/Term	Context
Total Equity Value (Max)	Up to $1.5 billion	Total deal value including cash at closing and CVRs
Cash at Closing Per Share	$9.00 per share	Upfront payment component of the acquisition
Contingent Value Right (CVR) Per Share	Up to $4.00 per share	Potential milestone payments post-closing
Total Milestones/Upfront (9M 2024)	$130 million	Non-dilutive funding generated from partnerships through Q3 2024
Astellas Upfront Payment	$50 million	Initial payment from the solid tumor collaboration

Patients with Relapsed/Refractory Cancers

This segment represents the initial and most clinically advanced target population for the allogeneic CAR-T programs developed under the Roche collaboration. Specifically, patients with relapsed/refractory (RR) Multiple Myeloma and B-cell malignancies are the focus.

For Multiple Myeloma, the lead candidate, P-BCMA-ALLO1, has shown compelling early data. You should note the response rates achieved in a heavily pretreated population:

• Interim Phase 1 results showed a 91% overall response rate (ORR) in heavily pretreated RR multiple myeloma patients.
• The ORR was 100% in BCMA-naïve patients in the optimized lymphodepletion arm.
• The therapy received FDA Orphan Drug Designation for RR Multiple Myeloma.

The B-cell malignancy program, P-CD19CD20-ALLO1, is also a key focus area within the Roche partnership, though specific late-stage clinical data readouts were anticipated in 2025.

Patients with Solid Tumors

The focus on solid tumors is primarily driven by the strategic research collaboration with Astellas' subsidiary, Xyphos Biosciences, which started in May 2024. This collaboration combines Poseida's allogeneic CAR-T platform with Xyphos' ACCEL technology to create novel convertibleCAR programs.

The structure of this partnership dictates the customer engagement for this segment:

• The agreement is set to generate up to $550 million in potential development and sales milestones for Poseida Therapeutics.
• Astellas is responsible for the development and future commercialization of the resulting product candidates.
• The first high-potential program target was formally nominated in Q2 2024, with a second nominated in Q3 2024.

This is a major expansion beyond the initial hematologic focus, leveraging the platform's potential in a notoriously difficult-to-treat area.

Patients with Rare Genetic Diseases

This segment is addressed through the in vivo genetic medicines pipeline, which utilizes the non-viral transposon-based DNA delivery system and Cas-CLOVER™ site-specific gene editing. The lead candidate here targets Hemophilia A.

For Hemophilia A, the investigational therapy P-FVIII-101 showed promising preclinical results:

• Preclinical data in mouse models demonstrated sustained Factor VIII expression over 13 months from a single dose.
• The data supported the potential for repeat dosing and precise tuning of Factor VIII levels.

Also in the genetic medicines portfolio is P-KLKB1-101 for Hereditary Angioedema (HAE), which showed therapeutically relevant reduction of pre-kallikrein levels in non-human primate models.

Autoimmune Disease Patients

This represents a new strategic application area for the allogeneic CAR-T platform, leveraging the technology's potential for broad use beyond oncology. The P-BCMACD19-ALLO1 program, which targets both BCMA and CD19, is explicitly mentioned as having a compelling biologic rationale for autoimmune disease applications, alongside hematological malignancies. The integration into Roche's structure is expected to provide increased resources to develop these programs.

Finance: draft 13-week cash view by Friday.

Poseida Therapeutics, Inc. (PSTX) - Canvas Business Model: Cost Structure

You're looking at the core expenses for Poseida Therapeutics, Inc. (PSTX) as they push their allogeneic CAR-T pipeline forward. For a company at this stage, the cost structure is heavily weighted toward the science and the clinical execution. Honestly, these numbers are what you'd expect for a clinical-stage cell therapy developer.

Research and Development (R&D) Expenses

Research and Development is definitely the largest cost center here. It covers everything from early-stage discovery to running those complex, multi-site clinical trials. We see the quarterly spend fluctuate based on enrollment pace and preclinical work. For example, R&D expenses were $45.5 million for the three months ended June 30, 2024. Just a quarter later, R&D expenses were $41.9 million for the three months ended September 30, 2024. Over the first nine months of 2024, total R&D spend reached $130.4 million.

Clinical Trial Costs

Running multiple Phase 1/1b allogeneic CAR-T trials, like P-BCMA-ALLO1 and P-CD19CD20-ALLO1, drives significant variable costs. These expenses scale with patient enrollment and the complexity of the trial design, such as the use of optimized lymphodepletion regimens. The increase in R&D spend in the first half of 2024 was explicitly linked to the initiation of the third allogeneic clinical trial, P-CD19CD20-ALLO1, and increased overall enrollment in allogeneic programs. You can expect these costs to remain high as data collection for the P-CD19CD20-ALLO1 trial continues, with initial data anticipated in 2025.

In-House Manufacturing Overhead

Maintaining the capacity to produce these advanced therapies is a fixed, high-cost element. This overhead covers operating the current Good Manufacturing Practice (GMP) facility and the associated quality control (QC) infrastructure necessary for clinical supply. Poseida Therapeutics continues to advance its platform process and analytical capabilities for allogeneic cell therapy manufacturing. While specific overhead dollar amounts aren't broken out separately from R&D, the focus on process improvements suggests ongoing investment in this area to support high-volume production potential.

Personnel Costs

The talent required to run this operation-highly specialized scientists, clinical operations staff, and regulatory experts-commands premium salaries and stock-based compensation. Personnel expenses were noted as a driver for higher R&D and General and Administrative (G&A) costs in Q3 2024. As of September 30, 2024, the company employed 350 staff members. Higher personnel expenses in the first half of 2024 were also attributed to a one-time stock-based compensation expense related to a CEO succession plan.

Intellectual Property Maintenance

Protecting the Cas-CLOVER™ technology and the pipeline assets requires substantial, ongoing legal expenditure. These are the costs for filing, prosecuting, and defending patents globally. Increased legal and professional fees were cited as a reason for higher expenses in Q3 2024, specifically due to higher patent-related and other consulting costs. Legal fees also contributed to higher G&A expenses in the first six months of 2024, linked to patent expenses and the Astellas Collaboration Agreement.

Here's a quick look at the recent expense drivers:

• Increased enrollment in allogeneic clinical stage programs.
• Higher legal fees for patent-related matters.
• Investment in preclinical stage programs.
• Higher personnel expenses, including stock-based compensation.

To be fair, a significant portion of these costs is offset by non-dilutive funding. For the first nine months of 2024, Poseida Therapeutics generated $130 million in partnership-related milestones and payments, plus $49 million in R&D expense reimbursements. This revenue structure directly mitigates the cash burn from the cost structure.

Here is a summary of the latest reported expense components:

Cost Component	Period	Amount (USD)	Context
Research & Development (R&D) Expenses	Q2 2024 (3 Months)	$45.5 million	Largest cost center, driven by clinical activity.
Research & Development (R&D) Expenses	Q3 2024 (3 Months)	$41.9 million	Reflects expanded clinical activity.
Research & Development (R&D) Expenses	Nine Months Ended Sep 30, 2024	$130.4 million	Increase driven by allogeneic program enrollment.
General & Administrative (G&A) Expenses	First Six Months 2024 (6 Months)	$22.0 million	Included higher legal fees for patent expenses.
Personnel Expenses	Q3 2024	Higher	Contributed to elevated R&D and G&A.
Legal/Professional Fees	Q3 2024	Increased	Due to patent-related and consulting costs.

Finance: draft 13-week cash view by Friday.

Poseida Therapeutics, Inc. (PSTX) - Canvas Business Model: Revenue Streams

You're looking at the revenue structure of Poseida Therapeutics, Inc. after its acquisition by Roche, which finalized in the first quarter of 2025. The revenue streams shift from a pure-play collaboration model to an internally funded structure with contingent value rights based on past and future pipeline success.

Internal Funding from Roche: Primary source of capital for all R&D and operations since the Q1 2025 acquisition.

Following the tender offer acceptance on January 7, 2025, and the subsequent merger on January 8, 2025, Poseida Therapeutics became a wholly owned subsidiary of Roche. This means operational funding for Research and Development and general operations is now an internal allocation from Roche's Pharmaceuticals Division, replacing the prior external milestone and reimbursement structure as the primary source of capital.

Contingent Value Right (CVR) Payments: Potential future payments of up to $4.00 per share from Roche based on pipeline milestones.

The acquisition included a non-tradeable Contingent Value Right (CVR) entitling former stockholders to contingent cash payments upon the achievement of specified milestones.

• Maximum CVR Payout: Up to an aggregate of $4.00 per share in cash.
• Total Potential Equity Value: Up to approximately $1.5 billion.
• Example Shareholder Expectation: Malin Corporation plc expected to receive up to a further $47.3 million through CVRs.

Collaboration Milestone Payments: Non-dilutive payments from partners like Astellas upon achieving clinical or regulatory goals.

Prior to the acquisition, milestone payments were a critical, non-dilutive revenue component. As of September 30, 2024, the company had generated $130 million in partnership-related milestones and payments year-to-date.

The key components of this pre-acquisition milestone revenue included:

• Roche Collaboration Execution: $65 million generated in the first nine months of 2024.
• Astellas Collaboration: $50 million upfront payment.
• Total Milestone/Upfront Payments YTD Q3 2024: $130 million.

Reimbursed R&D Expenses: Revenue earned from partners like Roche for conducting research on their behalf (e.g., $49 million in the first nine months of 2024).

Research and Development expense reimbursements from Roche for conducting the P-BCMA-ALLO1 expanded Phase 1 trial were a direct revenue offset. For the first nine months of 2024, Poseida Therapeutics earned $49 million through these R&D expense reimbursements.

Upfront and License Fees: Initial payments from new or expanded strategic collaborations.

The upfront payments from new collaborations were significant drivers of the cash runway extension leading up to the Roche acquisition. The Astellas research collaboration included a specific initial payment.

Revenue Component Type	Partner	Reported Amount (2024 YTD Q3)
Upfront Payment	Astellas	$50 million
Milestone Payments	Roche	$65 million
R&D Expense Reimbursement	Roche	$49 million (9 months ended Sep 30, 2024)
Total Partnership Revenue (Milestones/Upfront)	Roche & Astellas	$130 million

The company's total revenues for the nine months ended September 30, 2024, reached $125.9 million.