Tracon Pharmaceuticals, Inc. (TCON): Business Model Canvas [Jan-2025 Mis à jour]

Dans le paysage dynamique de l'innovation pharmaceutique, Tracon Pharmaceuticals (TCON) apparaît comme une entreprise de biotechnologie convaincante stratégiquement positionnée à l'intersection des thérapies contre le cancer ciblées et des traitements ophtalmologiques. En tirant parti d'une toile de modèle commercial sophistiqué qui met l'accent sur la recherche de pointe, les partenariats stratégiques et le développement thérapeutique révolutionnaire, Tracon est un pionnier de nouvelles approches pour répondre aux besoins médicaux critiques non satisfaits. Leur proposition de valeur unique se concentre sur le développement de solutions de traitement personnalisées qui pourraient potentiellement transformer les résultats des patients en oncologie et gestion des maladies oculaires, ce qui en fait un acteur notable dans le monde complexe et à enjeux élevés de la recherche médicale et du développement de médicaments.

Tracon Pharmaceuticals, Inc. (TCON) - Modèle d'entreprise: partenariats clés

Collaborations stratégiques avec des institutions de recherche biopharmaceutique

Tracon Pharmaceuticals maintient des partenariats de recherche stratégiques avec les institutions suivantes:

Institution de recherche	Domaine de mise au point	Détails de collaboration
Université de Californie, San Diego	Thérapeutique du cancer	Collaboration de recherche en cours pour le développement de la trc105
École de médecine de l'Université de Stanford	Oncologie moléculaire	Programme de recherche conjoint pour les mécanismes de thérapie ciblés

Partenariat avec les fabricants d'appareils médicaux

Les partenariats de fabrication de dispositifs médicaux de Tracon comprennent:

• Medtronic Plc - Intégration de la technologie de l'administration de médicaments
• Boston Scientific Corporation - Interventional Oncology Device Collaboration

Accords de collaboration avec des organisations de recherche clinique

Partenaire CRO	Phase d'essai clinique	Valeur totale du contrat
Icône plc	Essais de phase II / III	4,2 millions de dollars
Parexel International	Études cliniques en oncologie	3,7 millions de dollars

Alliance avec les réseaux de distribution pharmaceutique

Partenariats de distribution pharmaceutique de Tracon:

• Amerisourcebergen - Réseau de distribution à l'échelle nationale
• Cardinal Health - Distribution spécialisée de médicaments en oncologie

Investissement total de partenariat en 2023: 12,5 millions de dollars

Tracon Pharmaceuticals, Inc. (TCON) - Modèle d'entreprise: activités clés

Développement de thérapies ciblées sur le cancer et les maladies oculaires

Tracon Pharmaceuticals se concentre sur le développement de thérapies innovantes avec un accent spécifique sur le cancer et les conditions ophtalmologiques. Depuis 2024, la société compte 3 principaux candidats au médicament à divers stades de développement.

Drogue	Zone thérapeutique	Étape de développement
Envolimab	Tumeurs solides	Essais cliniques de phase 2
TRC105	Cancer	Recherche clinique en cours
DE-122	Ophtalmologie	Développement préclinique

Effectuer des essais cliniques pour de nouveaux candidats médicamenteux

Tracon alloue des ressources importantes à l'infrastructure et à l'exécution des essais cliniques.

• Dépenses annuelles de R&D: 12,4 millions de dollars (2023 Exercice)
• Essais cliniques actifs: 4 études en cours
• Emplacements des essais cliniques: États-Unis, approche multicentrique

Recherche et développement de traitements pharmaceutiques innovants

La société maintient un pipeline de recherche robuste avec des stratégies de développement thérapeutique ciblées.

Métrique de R&D	2024 données
Personnel de recherche	26 scientifiques dévoués
Demandes de brevet	7 dépôts de brevet actifs
Collaborations de recherche	3 partenariats académiques / industriels

Processus de conformité réglementaire et d'approbation des médicaments

Tracon maintient des protocoles de conformité réglementaire rigoureux entre les étapes de développement des médicaments.

• Interactions de la FDA: 12 communications formelles en 2023
• Équipe de conformité réglementaire: 5 professionnels dévoués
• Budget de conformité: 2,1 millions de dollars par an

Tracon Pharmaceuticals, Inc. (TCON) - Modèle d'entreprise: Ressources clés

Technologies de développement de médicaments propriétaires

Tracon Pharmaceuticals se concentre sur le développement de thérapies ciblées pour le cancer et d'autres maladies graves. En 2024, les principales technologies propriétaires de l'entreprise comprennent:

• Plateforme de développement de médicaments en oncologie de précision
• TRC105 (carotuximab) Technologie d'anticorps anti-angiogénique
• Mécanismes de ciblage moléculaire avancés

Équipe de recherche et développement spécialisée

Catégorie de personnel de R&D	Nombre
Personnel de R&D total	24
Chercheurs de doctorat	15
Chercheur principal	9

Portefeuille de propriété intellectuelle

Les actifs de la propriété intellectuelle de Tracon à partir de 2024:

• Total des brevets: 17
• Catégories de brevets:
  • Formulations de médicaments en oncologie: 8
  • Technologies de ciblage moléculaire: 6
  • Méthodologies de traitement clinique: 3

Installations avancées de laboratoire et de test

Type d'installation	Caractéristiques
Espace de recherche total	5 200 pieds carrés.
Laboratoire de recherche moléculaire avancée	2 500 pieds carrés.
Établissement de tests cliniques	1 800 pieds carrés.

Données des essais cliniques et idées de recherche

Détails du portefeuille des essais cliniques:

• Essais cliniques actifs: 3
• Patients totaux inscrits: 127
• Zones de mise au point des essais:
  • Thérapeutique du cancer
  • Inhibition de l'angiogenèse
  • Oncologie de précision

Tracon Pharmaceuticals, Inc. (TCON) - Modèle d'entreprise: propositions de valeur

Solutions de traitement du cancer ciblé innovantes

Tracon Pharmaceuticals se concentre sur le développement de thérapies contre le cancer ciblées avec des attributs cliniques spécifiques:

Drogue	Type de cancer	Étape de développement	Mécanisme de ciblage unique
TRC105	Tumeurs solides	Phase 2/3 essais cliniques	Anticorps monoclonal anti-endoglin
Trc102	Cancer du poumon	Essais cliniques de phase 2	Inhibiteur de réparation des dommages à l'ADN

Thérapies révolutionnaires potentielles pour les conditions ophtalmologiques

Le pipeline en ophtalmologie de Tracon comprend:

• Candidats à la drogue avancée ciblant les maladies rétiniennes
• Traitements potentiels pour la dégénérescence maculaire liée à l'âge
• Nouvelles approches thérapeutiques pour la rétinopathie diabétique

Approches thérapeutiques personnalisées

Stratégie thérapeutique	Cible de la population de patients	Approche de la médecine de précision
Thérapie d'anticorps ciblée	Patients atteints de cancer avancé	Profilage moléculaire
Protocoles de traitement combiné	Cas de cancer réfractaire	Analyse des biomarqueurs génomiques

Développement avancé de médicaments ciblant les besoins médicaux non satisfaits

Investissement financier dans la recherche et le développement:

• 2023 dépenses de R&D: 24,3 millions de dollars
• Investissement actuel du pipeline: environ 37,5 millions de dollars
• Coût moyen par développement de médicaments: 15,2 millions de dollars

Métriques de développement clinique:

Métrique	Valeur 2023
Essais cliniques actifs	4 essais en cours
Demandes de brevet	7 nouveaux dépôts
Applications d'enquête sur le médicament (IND)	2 soumis

Tracon Pharmaceuticals, Inc. (TCON) - Modèle d'entreprise: relations avec les clients

Engagement direct avec les professionnels de la santé

Depuis le quatrième trimestre 2023, Tracon Pharmaceuticals maintient des stratégies d'engagement ciblées avec les professionnels de la santé:

Canal de fiançailles	Fréquence	Public cible
Interactions de liaison médicale directe	Mensuel	Spécialistes en oncologie
Plateformes de communication numérique	Hebdomadaire	Chercheurs en hématologie
Consultation clinique personnalisée	Trimestriel	Leaders d'opinion clés

Programmes de soutien aux patients et d'éducation

Les programmes de soutien aux patients de Tracon comprennent:

• Programme complet d'assistance aux patients pour les participants à l'essai clinique
• Ressources éducatives numériques sur les essais cliniques en cours
• Canaux de communication personnalisés pour le suivi des patients

Communication des participants à l'essai clinique en cours

Méthode de communication	Points de contact des participants	Fréquence de communication
Résultats du patient électronique signalé	87 participants à l'essai clinique actif	Bihebdomadaire
Portail de patient sécurisé	67 participants enregistrés	Mensuel

Interactions de conférence scientifique et de symposium médical

Mesures d'engagement de la conférence de Tracon pour 2023:

• Conférences totales présentes: 12
• Présentations livrées: 8
• Affiches scientifiques présentées: 5
• Interactions professionnelles totales: 246 professionnels de la santé

Tracon Pharmaceuticals, Inc. (TCON) - Modèle d'entreprise: canaux

Ventes directes vers les institutions de soins de santé

Depuis le quatrième trimestre 2023, Tracon Pharmaceuticals maintient une approche de vente directe ciblée des établissements de santé en oncologie et en ophtalmologie. L'équipe de vente de l'entreprise se concentre sur centres médicaux spécialisés et installations de traitement du cancer.

Type de canal de vente	Nombre d'institutions ciblées	Focus spécialisé
Centres de traitement en oncologie	87	Recherche et traitement du cancer
Cliniques en ophtalmologie	53	Gestion des maladies oculaires

Réseaux de distribution pharmaceutique

Tracon utilise des partenariats stratégiques avec des distributeurs pharmaceutiques pour étendre la portée des produits.

• Réseau de distribution pharmaceutique Amerisourcebergen
• Cardinal Health Distribution Partnership
• Canaux de distribution de McKesson Corporation

Présentations de la conférence médicale

Tracon présente activement les données de recherche et d'essais cliniques lors de conférences médicales clés.

Type de conférence	Conférences assistées en 2023	Focus de présentation
Conférences en oncologie	4	Essais cliniques TRC105
Symposiums en ophtalmologie	2	Recherche de maladies rétiniennes

Publications scientifiques en ligne

La société maintient des stratégies de publication numérique actives pour la diffusion de la recherche.

• PubMed Central Publications: 12 en 2023
• Journal of Clinical Oncology Soumissions: 3 articles évalués par des pairs
• Engagement de la plate-forme de recherche numérique: plus de 5 000 téléchargements scientifiques

Plateformes de communication numérique

Tracon exploite les plateformes numériques pour les communications scientifiques et investisseurs.

Plate-forme numérique	Nombre de suiveurs / de connexions	Objectif principal
Liendin	3 287 abonnés	Réseautage professionnel
Twitter / x	1 542 abonnés	Mises à jour de la recherche
Site Web de l'entreprise	47 000 visiteurs mensuels	Relations avec les investisseurs

Tracon Pharmaceuticals, Inc. (TCON) - Modèle d'entreprise: segments de clientèle

Centres de traitement en oncologie

Au quatrième trimestre 2023, Tracon Pharmaceuticals cible environ 1 200 centres de traitement d'oncologie spécialisés aux États-Unis.

Type de client	Nombre de centres	Portée du marché potentiel
Centres de cancer complets	51	Institut national du cancer désigné
Centres d'oncologie communautaire	1,149	Couverture régionale et locale

Cliniques en ophtalmologie

Tracon se concentre sur 850 cliniques spécialisées en ophtalmologie à travers les États-Unis.

• Cliniques de spécialité rétinienne: 275
• Cliniques oculaires du centre médical académique: 125
• Cliniques en ophtalmologie de pratique privée: 450

Hôpitaux de recherche

Le marché cible comprend 385 hôpitaux de recherche ayant des capacités de recherche oncologiques et ophtalmologiques avancées.

Type d'hôpital	Nombre d'institutions
Hôpitaux de recherche médicale académique	89
Centres de recherche spécialisés	296

Chercheurs pharmaceutiques

Tracon cible environ 2 500 professionnels de la recherche pharmaceutique spécialisés en oncologie et en ophtalmologie.

• Primal Research Focus domaines:
  • Thérapeutique du cancer
  • Traitements de la maladie oculaire
  • Médecine de précision

Patients souffrant de conditions spécifiques

Cibler les segments de population de patients en fonction de conditions de maladie spécifiques:

Catégorie de maladie	Population estimée des patients
Tumeurs solides avancées	65 000 patients
Maladies rétiniennes	10 millions de patients potentiels
Types de cancer rares	35 000 patients

Tracon Pharmaceuticals, Inc. (TCON) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice 2023, Tracon Pharmaceuticals a déclaré des dépenses de R&D de 19,4 millions de dollars.

Année	Dépenses de R&D	Pourcentage du total des coûts opérationnels
2023	19,4 millions de dollars	62.3%
2022	22,1 millions de dollars	65.7%

Coûts de gestion des essais cliniques

Tracon a alloué environ 8,6 millions de dollars pour la gestion des essais cliniques en 2023.

• Phase I / II Essais cliniques pour TRC105: 4,2 millions de dollars
• Essais de recherche en oncologie en cours: 3,4 millions de dollars
• Dépenses administratives des essais cliniques: 1 million de dollars

Investissements de conformité réglementaire

Les coûts de conformité réglementaire pour 2023 étaient de 2,3 millions de dollars.

Personnel et recrutement de talents spécialisés

Catégorie de personnel	Coût annuel	Nombre d'employés
Chercheur	5,7 millions de dollars	37
Développement clinique	3,2 millions de dollars	22
Personnel administratif	1,9 million de dollars	15

Maintenance de technologie et d'infrastructure

Les frais de maintenance de la technologie et des infrastructures ont totalisé 1,5 million de dollars en 2023.

• Entretien de l'équipement de laboratoire: 750 000 $
• Infrastructure informatique: 450 000 $
• Plateformes logicielles et numériques: 300 000 $

Tracon Pharmaceuticals, Inc. (TCON) - Modèle d'entreprise: Strots de revenus

Accords potentiels de licence pharmaceutique

Depuis le quatrième trimestre 2023, Tracon Pharmaceuticals a déclaré des revenus potentiels de licence de ses principaux candidats au médicament:

Drogue	Partenaire de licence potentiel	Revenus potentiels estimés
TRC105 (carotuximab)	Négociations en cours	Paiement initial de 15 à 25 millions de dollars
DE-122	Partenaire pharmaceutique non divulgué	10-20 millions de dollars de paiements potentiels

Subventions et financement de recherche

Sources de financement de la recherche de Tracon en 2023:

• Grant des National Institutes of Health (NIH): 2,3 millions de dollars
• Concessions de recherche sur l'innovation des petites entreprises (SBIR): 1,5 million de dollars
• GRANTION DE LA FOURNÉE DE RECHERCHE DE CANCER: 750 000 $

Future commercialisation des médicaments

Potentiel des revenus prévus pour les principaux programmes de développement de médicaments:

Programme de drogue	Taille du marché potentiel	Potentiel des revenus annuels estimés
TRC105 (oncologie)	Marché mondial de 500 millions de dollars	75 à 100 millions de dollars de revenus annuels potentiels
DE-122 (ophtalmologie)	Marché cible de 300 millions de dollars	50 à 75 millions de dollars de revenus annuels potentiels

Partenariats de recherche collaborative

Collaboration de recherche active Stronces de revenus:

• Partenariats de recherche universitaire: 1,2 million de dollars
• Accords de collaboration pharmaceutique: 3,5 millions de dollars
• Partenariats de l'Organisation des contrats (CRO): 2,1 millions de dollars

Payments de jalons potentiels du développement de médicaments

Structure de paiement d'étape attendue pour les candidats à la drogue:

Étape de développement	Plage de paiement d'étape
Achèvement préclinique	5-10 millions de dollars
Essai clinique de phase I	10-15 millions de dollars
Essai clinique de phase II	20 à 30 millions de dollars
Essai clinique de phase III	50-75 millions de dollars

TRACON Pharmaceuticals, Inc. (TCON) - Canvas Business Model: Value Propositions

You're looking at the value proposition for TRACON Pharmaceuticals, Inc. in its current state, which is focused entirely on winding down operations following the stockholder-approved Plan of Dissolution from November 12, 2024.

Maximizing residual value for stockholders through efficient liquidation.

The primary goal here is to convert remaining assets into cash to cover wind-down costs and, if anything remains, distribute it. Honestly, the outlook isn't strong based on the last reported figures. The company stated that existing cash as of June 30, 2024, was $6.3 million, which was deemed insufficient to meet obligations for the next 12 months from that date. The accumulated deficit stood at $246.5 million as of June 30, 2024. The company explicitly expected no distributions to stockholders from the dissolution based on estimates at that time.

Key financial metrics relevant to residual value as of the last reported period:

Financial Metric	Amount	Date of Record
Cash and Cash Equivalents	$6.3 million	June 30, 2024
Restricted Cash	$0.1 million	June 30, 2024
Outstanding Common Stock Shares	3,407,564	August 8, 2024
Accumulated Deficit	$246.5 million	June 30, 2024

Orderly and compliant cessation of business operations.

This involves executing the wind-down in a manner that satisfies regulatory and legal requirements. A concrete cost associated with this cessation was the one-time severance charge of $1.7 million related to the termination of all employees, including officers, effective July 31, 2024. Research and development expenses were already significantly reduced to $1.4 million in Q2 2024, down from $3.5 million in Q2 2023, reflecting the end of clinical trial enrollment.

• All employees terminated as of July 31, 2024.
• One-time severance charge of $1.7 million recorded.
• Remaining activities limited to winding up business affairs.

Transferring or selling valuable oncology and fibrotic disease IP to new owners.

The potential realization of value hinges on the successful transfer or sale of intellectual property, specifically related to oncology and fibrotic disease assets. The uncertainty around this is high; the company noted that no distributions to stockholders were expected unless value is realized from TRC102 data, which is uncertain. The revenue stream has dried up, with Q2 2024 revenue at only $0.1 million, compared to $9.0 million in Q2 2023, due to the absence of one-time license termination revenue.

Providing final financial transparency to creditors and investors.

Transparency is maintained through required filings, even during dissolution. The company filed a Form 10-Q for the period ending June 30, 2024, detailing the financial position leading into the wind-down. The net loss for the six months ended June 30, 2024, was $6.0 million, an improvement from $14.8 million year-over-year, driven by reduced operating expenses.

• Net loss for six months ended June 30, 2024: $6.0 million.
• Q2 2024 Net Loss: $2.8 million.
• Final disclosures are made via SEC filings as required.

The company urged extreme caution regarding existing and future investments, noting that trading prices for its securities might bear little or no relationship to the actual value realized, if any.

TRACON Pharmaceuticals, Inc. (TCON) - Canvas Business Model: Customer Relationships

You're looking at the final stages of a company winding down, so the relationships aren't about growth anymore; they're about final settlements and compliance. For TRACON Pharmaceuticals, Inc. (TCON), the customer relationship block is now dominated by the legal and financial mechanics of dissolution following the stockholder vote.

Formal Communication with Stockholders Regarding Dissolution and Distributions

The primary communication channel with stockholders shifted entirely to the Plan of Dissolution. You should know that on November 12, 2024, the stockholders voted in favor of the liquidation and dissolution, with approximately 98% of the votes cast being affirmative. This formal approval set the stage for the final wind-down activities. However, the expectation communicated is stark: the company currently expects no distributions to stockholders from the dissolution based on current estimates. This is based on the June 30, 2024, balance sheet showing Cash and cash equivalents of only $6.3 million, which the company stated was insufficient to meet obligations for the next 12 months. The number of outstanding common shares as of August 8, 2024, was 3,407,564.

The power dynamic shifted significantly before this vote. On October 11, 2024, a Series A Preferred Stock, the Super-Voting Share, was issued to the CEO and sole director, Craig R. Jalbert, for $0.01. This share ranks senior to common stock regarding asset distribution upon liquidation, meaning Mr. Jalbert has the primary claim on any residual value after creditors are paid, before common stockholders see anything.

Direct Engagement with Creditors to Settle Outstanding Debts

Engagement with creditors is the most critical, albeit non-public, relationship activity now. The company's cash position as of June 30, 2024, was $6.3 million, but the accumulated deficit was $246.5 million. The funds remaining are dedicated to winding down operations and executing the Plan of Dissolution, which inherently means direct negotiation with debt holders. The last twelve months revenue as of Q2 2024 was only $3.2 million, underscoring the reliance on the existing cash balance to satisfy liabilities.

Here's a snapshot of the financial context driving these creditor discussions:

Financial Metric	Value (as of latest report)	Date Reference
Cash and Cash Equivalents	$6.3 million	June 30, 2024
Accumulated Deficit	$246.5 million	June 30, 2024
Severance Charge (One-time)	$1.7 million	July 31, 2024
Outstanding Common Shares	3,407,564	August 8, 2024

Legal and Financial Reporting to Regulatory Bodies like the SEC and OTCQB

TRACON Pharmaceuticals, Inc. remains subject to regulatory oversight while the wind-down is in process. The company filed its Form 10-Q for the quarterly period ended June 30, 2024, which detailed the dissolution plan and the financial state leading up to it. The company's securities trade on the OTCQB, though the process of winding down operations often precedes a formal delisting or termination of registration, as indicated by the filing of a Form 15-12G (Termination of Registration) in November 2024.

Key reporting compliance points include:

• Filing of preliminary proxy statement with the SEC regarding the Plan of Dissolution.
• Reporting the $1.7 million severance charge related to the July 31, 2024, termination of all employees.
• Continued filing of required periodic reports (e.g., 10-Q) to maintain OTCQB status during the wind-down phase.
• The CEO, Craig R. Jalbert, now serves as the sole member of the board, simplifying the reporting structure.

Minimal, Transactional Contact with Former Vendors and Clinical Sites

With all employees terminated as of July 31, 2024, direct, ongoing relationships with former vendors and clinical sites are non-existent, replaced by transactional contact managed by the appointed principal, Craig R. Jalbert, of Verdolino & Lowey, P.C.. These interactions are strictly limited to resolving final contractual obligations, such as closing out site agreements or settling final invoices for services rendered before the July 30, 2024, wind-down announcement. Any remaining obligations will be paid from the $6.3 million cash on hand as of June 30, 2024, before any potential realization of value from TRC102 data.

The nature of these final transactions is governed by the liquidation priority:

• Settlement of vendor contracts based on priority of claim.
• Finalizing payments to clinical sites for completed work packages.
• The Super-Voting Share holder has priority over common stockholders in asset distribution.

Finance: finalize the cash flow projection for creditor settlements by next Tuesday.

TRACON Pharmaceuticals, Inc. (TCON) - Canvas Business Model: Channels

You're looking at the final communication pathways for TRACON Pharmaceuticals, Inc. (TCON) as it winds down operations. Honestly, the channels now are almost entirely administrative, focused on the dissolution process approved by the stockholders.

Investor Relations (IR) website and SEC filings for official updates on dissolution.

The official record for the wind-down lives in the SEC filings. You should know that the stockholders approved the Plan of Dissolution on November 12, 2024. That proposal passed with an affirmative vote from approximately 98% of the votes cast at the meeting. The company's remaining business activities are now strictly limited to what's necessary to wind up its affairs according to that Plan. Any official, legally required updates will be found there, not in typical IR news releases.

Legal and financial advisors acting as the primary communication conduit.

The primary conduit for official communication, especially concerning the wind-up, flows through the appointed leadership and their associated firm. Craig R. Jalbert, the CEO and sole board member, is a principal at the accounting firm Verdolino & Lowey, P.C., which has experience with firms in wind-down phases. For any questions related to the dissolution, the designated email contact is TRACON@vlpc.com. This is where the administrative communication is directed now, not a standard corporate line.

OTCQB market for trading of the common stock (TCON).

The common stock trades on the OTCQB market, though you'll see warnings that trading is highly speculative and the company may not be actively trading. The market activity reflects this status. Here's a quick look at the numbers we have as of late 2025, based on the latest available data points:

Metric	Value	Date/Context
Closing Price	$0.0322	End of day October 15, 2025
52-Week High	$0.120	Within the last 52 weeks
52-Week Low	$0.0210	Within the last 52 weeks
Reported Market Capitalization	$0.25 million	Around Q2 2024
Shares Outstanding	3,407,564	As of August 8, 2024

Trading volume data is sparse, with the Average Volume (3 months) showing as a dash, suggesting very low liquidity. The structure of the stock itself is complicated by the Series A Preferred Stock, the Super-Voting Share, issued to the CEO for $0.01, which ranks senior to common stock upon liquidation. This structure definitely impacts any residual value distribution.

You should be aware of the key governance changes that facilitate this channel:

• Quorum requirement changed to a majority of voting power, not shares.
• The Super-Voting Share grants voting power equivalent to outstanding common shares for dissolution votes.
• The Super-Voting Share carries no dividend rights.

Finance: draft a memo detailing the implications of the senior liquidation preference on the remaining OTCQB float by Thursday.

TRACON Pharmaceuticals, Inc. (TCON) - Canvas Business Model: Customer Segments

You're looking at the customer segments for TRACON Pharmaceuticals, Inc. (TCON) in late 2025, which is a unique situation since the company voted for liquidation and dissolution back on November 12, 2024. So, the 'customers' now are really the parties with a claim on the remaining assets as the company winds down its affairs, which are limited to that wind-up process. Defintely, the primary focus shifts from product sales to asset realization.

Current stockholders are the residual claimants, meaning they get whatever is left after all debts and obligations are settled. Their position is complicated by the super-voting share issued to the CEO, Craig R. Jalbert, on October 11, 2024, which ranks senior to common stock in asset distribution upon liquidation. Here's a look at the ownership structure as of the last reported data in March 2025:

Stakeholder Group	Ownership Percentage (as of Mar 2025)	Voting Power Context
Insiders	8.78%	Subject to Super-Voting Share priority
Institutional Investors	4.17%	Holding decreased from previous periods
Mutual Funds	0.87%	Holding remained flat from prior months
Retail/Other	Calculated Remainder	Receives residual value after senior claims

The total number of institutions holding shares was reported as 7 in March 2025. Honestly, for common stockholders, the residual value is highly dependent on the recovery from outstanding claims against the company's remaining assets.

Creditors and vendors with outstanding claims represent the most senior financial segment in this wind-down phase. The most significant known obligation relates to the RGC Loan Agreement. Here are the key figures related to that debt structure:

• Term Loan Commitment: Up to $35.0 million aggregate principal amount.
• Maturity Date for all outstanding amounts: September 1, 2026.
• Interest Payments: Monthly payments were due through September 30, 2024, and thereafter monthly through maturity.

Any vendor or trade creditor claims that haven't been settled during the wind-down are also prioritized over common stockholders. The company's financial struggles leading up to this-like a reported revenue of $3.2 million (LTM Q2 2024) against a negative gross profit margin of -278.31% (LTM Q2 2024)-definitely frame the recovery expectations for these creditors.

Potential buyers of the company's remaining IP and platform technology are a critical segment, as the sale of these intangible assets is the primary mechanism for generating cash to pay creditors and, potentially, stockholders. Since the company terminated substantially all employees in July 2024, the remaining value is almost entirely tied up in its intellectual property portfolio, including any data from trials like ENVASARC. The market capitalization was reported as low as $0.25 million in October 2024, which might suggest a low floor for IP acquisition interest from other biotech firms looking to acquire specific platform capabilities or data packages.

Finally, regulatory bodies (e.g., FDA, SEC) are key stakeholders ensuring the dissolution process adheres to legal and financial reporting standards. TRACON Pharmaceuticals, Inc. was trading on the OTCQB exchange. The company must satisfy final SEC reporting requirements related to the dissolution plan, including filing the final 10-K or 10-Q reports covering the wind-up period, with the next scheduled earnings call for 2025 results set for February 17, 2026. Compliance with the Plan of Dissolution, approved by approximately 98% of votes cast, is under the oversight of the SEC.

TRACON Pharmaceuticals, Inc. (TCON) - Canvas Business Model: Cost Structure

You're looking at the cost structure for TRACON Pharmaceuticals, Inc. (TCON) as it executes its plan to wind down operations, which fundamentally shifts the cost base from R&D and commercial preparation to cessation activities. Honestly, the cost structure is now almost entirely defined by these wind-down liabilities, not ongoing business operations.

The most concrete, recent figure impacting the cost structure relates to workforce reduction. All employees were terminated as of July 31, 2024. This action triggered a one-time severance charge estimated at approximately $1.7 million, which was recorded around that time. This charge covers severance and termination costs for all former employees, reflecting the complete cessation of the previous operating structure.

The General and Administrative (G&A) costs for the wind-down team are expected to be minimal. The board appointed Craig R. Jalbert as the sole member of the board, serving as CEO, President, Treasurer, and Secretary to oversee the dissolution. This lean structure inherently keeps ongoing G&A expenditures low compared to a fully operational biopharma company, though his compensation is a necessary cost.

Costs associated with terminating or transferring licensing agreements form another component. While the company previously received a $3.0 million upfront payment in November 2023 for licensing its Product Development Platform (PDP), the wind-down process involves settling or terminating existing agreements with partners like Eucure, Biocytogen, 3D Medicines, Alphamab, and Janssen. Specific, itemized costs for these terminations are not publicly detailed as of late 2025, but they represent potential liabilities or exit fees.

The overall financial context shows the remaining cash is being directed here. As of June 30, 2024, cash and cash equivalents stood at $6.3 million, which management indicated was insufficient to meet obligations for the next 12 months, with funds earmarked for the wind-down execution. The primary cost drivers are the one-time exit expenses, not recurring operational burn.

Here's a quick look at the key known financial markers related to this cost shift:

Cost Category Component	Most Recent Reported Amount/Context	Date of Data
Severance and Termination Charge	$1.7 million (one-time charge)	July 2024
Wind-Down Team G&A	Minimal; led by a single executive	Late 2025 Context
Cash Position (for obligations)	$6.3 million (Cash & Equivalents)	June 30, 2024
Prior Licensing Revenue (Context for Asset Value)	$3.0 million (Upfront PDP License Fee)	November 2023

The structure is dominated by these settlement-type costs, which are expected to be covered by the remaining cash reserves. You should track any filings for accrued liabilities related to legal and accounting fees necessary to finalize the dissolution process, as these will be the primary ongoing expenses now.

• Dominated by wind-down expenses, including legal and accounting fees.
• Severance and termination costs for all former employees: $1.7 million charge.
• Minimal General and Administrative (G&A) costs for the wind-down team.
• Costs associated with terminating or transferring licensing agreements.

TRACON Pharmaceuticals, Inc. (TCON) - Canvas Business Model: Revenue Streams

You're looking at the revenue streams for TRACON Pharmaceuticals, Inc. (TCON) as the company moves through its dissolution process, which was approved by the Board following unsuccessful clinical results. Honestly, the value proposition here has shifted from product development to asset realization, so the revenue profile reflects a wind-down.

The trailing twelve-month revenue was $3.2M as of mid-2024, mostly derived from collaboration activities, which shows a significant drop from the prior year's annual revenue of $12.05M in 2023. This decline is stark when you see the Q2 2024 revenue was just $0.1 million, compared to $9.0 million in Q2 2023.

The residual cash from the balance sheet, which is the main source of value, is critical in this stage. As of June 30, 2024, TRACON Pharmaceuticals reported cash and cash equivalents totaling $6.3 million. More granularly, the balance sheet showed $6.27 million in cash against $898,000 in debt, netting a cash position of $5.37 million, or $1.58 per share. The company stated that existing cash was insufficient to meet obligations for the next 12 months, with funds earmarked for winding down operations under the Plan of Dissolution.

You should also watch for potential one-time revenue from termination or settlement of partnership agreements. The sharp drop in Q2 2024 revenue was explicitly attributed to the absence of one-time license termination revenue that was present in Q2 2023. This highlights the lumpy, non-recurring nature of past revenue events versus the current operational run-rate.

Revenue generation from the sale or out-licensing of remaining IP and drug candidates is now highly uncertain given the approved dissolution. However, the company does have existing agreements that could theoretically yield future milestone or royalty payments, though the outlook for distributions to stockholders remains low unless value is realized from TRC102 data, which is uncertain.

Here's a quick look at the recent revenue trend, showing how much the non-recurring events impacted the top line:

Period Ending	Revenue (TTM)	Quarterly Revenue	YoY Revenue Growth (TTM)
June 30, 2024	$3.20M	$0.1 Million (Q2 2024)	-64.44%
Fiscal Year 2023	N/A	$12.05M (Annual)	N/A

The collaboration revenue base, while small recently, stems from several key relationships:

• Agreements with 3D Medicines Co., Ltd. and Jiangsu Alphamab Biopharmaceuticals Co., Ltd. for envafolimab development.
• Agreement with I-Mab Biopharma for CD73 antibody TJ004309 and bispecific antibodies.
• Cooperative research and development agreement with the National Cancer Institute.
• Mention of the YH001 Collaboration Agreement with Eucure.

Finance: draft 13-week cash view by Friday.