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

Dans le paysage dynamique de la thérapeutique contre le cancer, Alaunos Therapeutics, Inc. (TCRT) émerge comme une force pionnière, redéfinissant les limites de l'immunothérapie cellulaire par des technologies révolutionnaires modifiées par les gènes. En tirant stratégiquement des plateformes de recherche innovantes et des partenariats collaboratifs, ce pionnier de la biotechnologie est sur le point de transformer les paradigmes de traitement pour contester les types de cancer, offrant de l'espoir où les approches traditionnelles ont échoué. Leur toile complète du modèle commercial révèle une stratégie méticuleusement conçue qui combine l'innovation scientifique de pointe, des méthodologies de recherche ciblées et une approche centrée sur le patient pour révolutionner un traitement oncologique.

Alaunos Therapeutics, Inc. (TCRT) - Modèle commercial: partenariats clés

Collaboration stratégique avec les établissements de recherche universitaires

En 2024, Alaunos Therapeutics maintient des partenariats de recherche stratégiques avec les établissements universitaires suivants:

Institution	Focus de recherche	Statut de partenariat
MD Anderson Cancer Center	Recherche d'immunothérapie contre le cancer	Collaboration active
Université du Texas Southwestern Medical Center	Développement de la thérapie génique	Partenariat de recherche en cours

Partenariats avec les organisations de recherche clinique (CRO)

Alaunos Therapeutics collabore avec les CRO suivants pour les essais cliniques:

• Icône PLC - Gestion des essais cliniques de phase II et III
• Medpace, Inc. - Coordination des essais cliniques en oncologie
• Iqvia Holdings Inc. - Support de recherche clinique mondiale

Accords potentiels de licence pharmaceutique

Les accords de licence et de collaboration actuels comprennent:

Partenaire	Type d'accord	Valeur potentielle
Precigen, Inc.	Licence de technologie de transfert de gènes	5,2 millions de dollars de paiement initial

Collaborations avec les centres de traitement du cancer

Sites et partenariats d'essais cliniques actifs:

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

Biotechnology et partenaires technologiques des dispositifs médicaux

Partners de collaboration technologique et de recherche:

Partenaire	Focus technologique	Portée du partenariat
Intrexon Corporation	Technologies de thérapie cellulaire	Collaboration de recherche et développement
Biosciences de précision	Plates-formes d'édition de gènes	Développement thérapeutique potentiel

Alaunos Therapeutics, Inc. (TCRT) - Modèle d'entreprise: Activités clés

Développer de nouvelles technologies de thérapie cellulaire

Alaunos Therapeutics se concentre sur le développement de thérapies par cellules T modifiées par des gènes avec des approches technologiques spécifiques:

Plate-forme technologique	Focus spécifique	Étape actuelle
Plate-forme de cellules T clip-car	Modification du gène tumoral solide	Essais précliniques / phase 1
Développement de la thérapie TCR	Ciblage des récepteurs des cellules T spécifiques au cancer	Étape d'enquête

Effectuer des essais cliniques pour les traitements contre le cancer

Le portefeuille actuel des essais cliniques comprend:

• Phase 1/2 essais cliniques pour les traitements tumoraux solides
• Études d'enquête sur le cancer du pancréas
• Recherche en cours sur les thérapies par cellules T modifiées sur les gènes

Recherche et développement de thérapies par cellules T modifiées sur les gènes

Investissement en R&D	Montant	Année
Total des dépenses de R&D	26,4 millions de dollars	2022
Personnel de recherche	35 chercheurs dévoués	2023

Compliance réglementaire et gestion des essais cliniques

Interactions réglementaires:

• Interactions de la FDA pour les applications d'enquête sur le médicament (IND)
• Conformité aux bonnes normes de pratique clinique (GCP)
• Communication continue avec les organismes de réglementation

Développement et protection de la propriété intellectuelle

Catégorie IP	Nombre de brevets	Statut de protection
Technologies de modification des gènes	12 brevets actifs	Accordé / en attente
Plateformes de thérapie des cellules T	8 demandes de brevet	En revue

Alaunos Therapeutics, Inc. (TCRT) - Modèle d'entreprise: Ressources clés

Plateformes de technologie de modification des gènes propriétaires

Alaunos Therapeutics se concentre sur les plates-formes de technologie de modification des gènes suivantes:

• Plate-forme de modification des gènes alpha
• Technologie de thérapie des récepteurs des cellules T (TCR)

Plate-forme technologique	État actuel	Étape de développement
Plate-forme de modification des gènes alpha	Activement en développement	Étape d'essai préclinique / clinique
Technologie de thérapie TCR	Recherche en cours	Phase d'essai clinique

Équipe de recherche et développement spécialisée

En 2024, Alaunos Therapeutics utilise:

• 22 personnel de recherche à temps plein
• 8 membres supérieurs de direction scientifique
• Personnel total de R&D: 30 employés

Données d'essai cliniques et capacités de recherche

Métrique d'essai clinique	Données actuelles
Essais cliniques actifs	3 essais en cours
Investissements totaux d'essais cliniques	12,4 millions de dollars (2023-2024)

Portefeuille de propriété intellectuelle

Déchange de brevets:

• Brevets totaux: 17
• Brevets de modification des gènes: 9
• Brevets de thérapie TCR: 8

Installations avancées de laboratoire et de recherche

Type d'installation	Spécification
Espace de laboratoire de recherche	3 200 pieds carrés
Investissement de l'équipement de recherche	4,7 millions de dollars (2024)

Alaunos Therapeutics, Inc. (TCRT) - Modèle d'entreprise: propositions de valeur

Approches de thérapie des cellules T innovantes pour le traitement du cancer

Alaunos Therapeutics se concentre sur le développement thérapies à cellules T génétiquement modifiées ciblant des types de cancer spécifiques. Le programme principal de l'entreprise, GTX-1050, cible des tumeurs solides à l'aide de cellules T éditées par gènes.

Type de thérapie	Cancer de la cible	Étape de développement
Thérapie des cellules T éditées par gènes	Tumeurs solides	Essais cliniques de phase 1/2

Solutions d'immunothérapie cellulaire personnalisés

L'entreprise développe des thérapies cellulaires personnalisées en utilisant des technologies de modification des gènes propriétaires.

• Approche unique d'édition génique utilisant la technologie CRISPR
• Traitements de cellules T personnalisés pour les profils de patients individuels
• Potentiel de réduction des risques de rejet immunitaire

Traitements révolutionnaires potentiels pour les cancers difficiles à traiter

Type de cancer	Besoin médical non satisfait	Approche thérapeutique
Cancer de l'ovaire	Options de traitement limitées	Thérapie par cellules T modifiée par le gène
Cancer du pancréas	Faibles taux de survie	Immunothérapie de précision

Médecine de précision ciblant des types de cancer spécifiques

Alaunos Therapeutics utilise Modification génétique précise pour créer des thérapies contre le cancer ciblées.

• Analyse génomique pour un traitement personnalisé
• Édition de gènes ciblée des cellules T
• Minimiser les effets hors cible

Technologies de modification des gènes avancés

L'entreprise tire parti des plates-formes de rédaction de gènes de pointe pour développer des traitements contre le cancer innovants.

Technologie	Avantage clé	Impact potentiel
Édition du gène CRISPR	Modifications génétiques précises	Efficacité thérapeutique améliorée des cellules T

Alaunos Therapeutics, Inc. (TCRT) - Modèle d'entreprise: relations clients

Engagement direct avec la communauté de la recherche médicale

Depuis le quatrième trimestre 2023, Alaunos Therapeutics s'est engagée avec 87 institutions de recherche dans le monde. Les mesures d'interaction clés comprennent:

Type d'interaction	Nombre d'interactions
Conférences de recherche	23
Ateliers collaboratifs	14
Réunions du conseil consultatif scientifique	6

Communication continue avec les participants à l'essai clinique

La stratégie de communication des participants à l'essai clinique comprend:

• Mises à jour de progrès mensuels
• Canaux de communication personnalisés
• Helpline de soutien aux patients dévoués

Collaboration avec des spécialistes en oncologie

Données d'engagement spécialisées en oncologie pour 2023:

Type spécialisé	Nombre de spécialistes engagés
Oncologistes	156
Hématologues	74
Radiologues	42

Programmes de soutien aux patients et d'éducation

Métriques du programme de soutien aux patients pour 2023:

• Total des patients soutenus: 312
• Webinaires éducatifs réalisés: 18
• Ressources d'information des patients distribuées: 5,246

Rapports de recherche et développement transparents

Recherchez les mesures de transparence:

Canal de rapport	Nombre de rapports
Publications évaluées par des pairs	7
Divulgations des résultats des essais cliniques	4
Mises à jour de la recherche des investisseurs	12

Alaunos Therapeutics, Inc. (TCRT) - Modèle d'entreprise: canaux

Conférences scientifiques directes et symposiums médicaux

Alaunos Therapeutics participe à des conférences clés en oncologie et en biotechnologie pour présenter la recherche et les progrès des essais cliniques.

Type de conférence	Participation annuelle	Public cible
Association américaine pour la recherche sur le cancer (AACR)	1-2 conférences par an	Chercheurs en oncologie, cliniciens
Society for Immunotherapy of Cancer (SITC)	1 conférence par an	Spécialistes de l'immunothérapie contre le cancer

Publications médicales évaluées par des pairs

L'entreprise diffuse les résultats de la recherche dans des revues scientifiques.

• Journal of Clinical Oncology
• Découverte de cancer
• Médecine de la nature

Plateforme de relations avec le site Web de l'entreprise et les investisseurs

Canaux de communication numérique pour l'engagement des parties prenantes.

Plate-forme	Caractéristiques clés	Visiteurs annuels du site Web
Site Web de l'entreprise	Mises à jour de la recherche, informations sur les pipelines	Environ 50 000
Portail des relations avec les investisseurs	Rapports financiers, dépôts de la SEC	Environ 25 000

Réseaux de recrutement d'essais cliniques

Collaboration avec des centres médicaux et des plateformes de recrutement de patients.

• ClinicalTrials.gov
• Réseaux de centre de cancer
• Groupes de plaidoyer pour patients en oncologie

Biotechnology et canaux de communication de recherche médicale

Stratégies de communication spécialisées pour l'engagement communautaire scientifique.

Canal de communication	But	Fréquence
Communiqués de presse	Jalons de recherche, mises à jour des essais cliniques	6-8 par an
Webinaires	Présentation et discussion de la recherche	3-4 par an

Alaunos Therapeutics, Inc. (TCRT) - Modèle d'entreprise: segments de clientèle

Institutions de recherche en oncologie

Depuis le quatrième trimestre 2023, Alaunos Therapeutics cible environ 1 200 institutions de recherche en oncologie dans le monde. Les institutions clés comprennent:

Type d'institution	Nombre	Distribution géographique
Centres de recherche universitaires	758	Amérique du Nord: 412, Europe: 246, Asie: 100
Instituts de recherche privés	442	Amérique du Nord: 276, Europe: 116, Asie: 50

Centres de traitement du cancer

Alaunos Therapeutics se concentre sur 2 350 centres de traitement du cancer spécialisés dans le monde:

• États-Unis: 1 150 centres
• Union européenne: 680 centres
• Région Asie-Pacifique: 520 centres

Sociétés pharmaceutiques

Le segment de la clientèle pharmaceutique cible comprend 87 entreprises activement engagées dans la recherche par immuno-oncologie:

Taille de l'entreprise	Nombre d'entreprises	Gamme budgétaire de recherche
Grandes sociétés pharmaceutiques	22	500 millions de dollars - 2 milliards de dollars par an
Sociétés pharmaceutiques de taille moyenne	45	100 millions de dollars - 500 millions de dollars par an
Entreprises d'oncologie spécialisées	20	50 millions de dollars - 250 millions de dollars par an

Patients avec des cancers difficiles à traiter

Répartition de la population de patients cibler:

• Patients du glioblastome: 13 000 par an aux États-Unis
• Patients atteints de cancer du pancréas: 62 210 nouveaux cas en 2022
• Patients de tumeurs solides avancées: environ 95 000 candidats potentiels

Chercheurs médicaux et cliniciens

Composition du segment professionnel ciblé:

Catégorie professionnelle	Nombre de professionnels	Focus de spécialisation
Chercheurs en oncologie	6,750	Immuno-oncologie et thérapie génique
Oncologues cliniques	15,400	Traitement du cancer et essais cliniques
Spécialistes de la thérapie génétique	2,300	Approches thérapeutiques avancées

Alaunos Therapeutics, Inc. (TCRT) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice clos le 31 décembre 2023, Alaunos Therapeutics a déclaré des dépenses de R&D de 29,4 millions de dollars.

Année	Dépenses de R&D
2023	29,4 millions de dollars
2022	41,8 millions de dollars

Coûts de gestion des essais cliniques

Les dépenses des essais cliniques pour 2023 étaient d'environ 22,1 millions de dollars, axées sur le développement de programmes de thérapie de cellules T Genecis.

• Phase 1/2 essais cliniques pour les tumeurs solides
• Essais parrainés par l'enquête
• Dépenses de recrutement et de surveillance des patients

Protection de la propriété intellectuelle

Les coûts annuels de protection de la propriété intellectuelle ont été estimés à 750 000 $ en 2023, couvrant le dépôt et l'entretien des brevets.

Dépenses de conformité réglementaire

Les coûts de conformité réglementaire pour 2023 ont totalisé environ 1,5 million de dollars, y compris les frais d'interaction et de documentation de la FDA.

Personnel et talent scientifique spécialisé

Catégorie de personnel	Coût annuel
Total des dépenses du personnel	18,3 millions de dollars
Rémunération des dirigeants	4,2 millions de dollars
Salaires du personnel scientifique	9,6 millions de dollars

Total des dépenses d'exploitation pour 2023: 71,8 millions de dollars

Alaunos Therapeutics, Inc. (TCRT) - Modèle d'entreprise: Strots de revenus

Licence potentielle des technologies thérapeutiques

Depuis le quatrième trimestre 2023, Alaunos Therapeutics n'a signalé aucun accord de licence actif pour ses technologies thérapeutiques.

Subventions de recherche et financement gouvernemental

Source de financement	Montant	Année
National Institutes of Health (NIH)	1,2 million de dollars	2023

Future commercialisation des produits

Le pipeline actuel se concentre sur:

• GTX-758 pour les tumeurs solides
• GTX-827 pour les tumeurs solides

Accords de recherche collaborative

Partenaire	Focus de recherche	Valeur potentielle
MD Anderson Cancer Center	Recherche d'immunothérapie contre le cancer	Non divulgué

Payments de jalons potentiels à partir de partenariats

En 2024, aucune structure de paiement de jalons spécifique n'a été publiquement signalée par la Société.

Revenu total pour 2023: 3,7 millions de dollars

Alaunos Therapeutics, Inc. (TCRT) - Canvas Business Model: Value Propositions

You're looking at the core reasons why an investor or partner would engage with Alaunos Therapeutics, Inc. as of late 2025. It's about the shift in focus and the underlying financial posture supporting that pivot.

Non-hormonal small molecule for obesity that aims to preserve lean muscle mass

• The obesity market represents a large, high-growth area, with US direct medical costs attributed to obesity estimated at over $260 billion.
• The competitive landscape in 2025 includes small molecule oral obesity therapies.

A non-viral genetic engineering platform for potential future cell therapies

• Alaunos Therapeutics, Inc. is a clinical-stage company focused on developing adoptive TCR engineered T-cell therapies, or TCR-T.
• The company's pipeline includes Library TCR-T cell and mblL-15 TCR-T cell Therapy.
• The historical approach involved developing non-viral adoptive cellular therapies based on T-cell receptor, or TCR, therapies.

A clean capital structure with zero long-term debt

PMGC Capital commended Alaunos Therapeutics for maintaining a clean capital structure and exercising prudent financial stewardship during challenging market conditions. As of the latest reported data, the Debt / Equity ratio is listed as "-".

Financial Metric (As of Late 2025 Data)	Amount	Reporting Period Reference
Cash and Equivalents	$1.93 million	September 30, 2025
Total Assets	$3.72 million	September 30, 2025
Net Loss from Continuing Operations	Deficit of $1.05 million	Period ending June 30, 2025
Net Change in Cash	-$941 thousand	Q3 2025
Revenue (TTM)	$6K	Latest available data

Potential for rapid development via strategic partners or acquisition

The R&D environment in 2025 is characterized by pipeline prioritization and accelerating Mergers and Acquisitions (M&A) activity. Alaunos Therapeutics announced a $2.0 Million Registered Direct Offering in June 2025. Furthermore, the company was urged to accept a financing term sheet facilitated through a leading Wall Street bank.

Targeting large, high-growth markets (obesity) after exiting high-cost oncology trials

Alaunos Therapeutics reported a strategic pivot toward a new obesity treatment focus in its Q3 2025 earnings. This shift moves away from the company's historical oncology focus, which involved expensive cell therapy trials. The obesity market is seeing increased R&D energy due to the success of GLP-1 medications.

• Market capitalization as of December 01, 2025, was $6.66M.
• The company generated an aggregate of $714.1 million from equity issuances through September 30, 2022, to finance operations.

Alaunos Therapeutics, Inc. (TCRT) - Canvas Business Model: Customer Relationships

You're hiring before product-market fit, so managing the expectations of your financial backers and the regulators who approve your path forward is everything. Here's the quick math on how Alaunos Therapeutics, Inc. manages its key relationships as of late 2025.

High-touch engagement with institutional and activist investors (e.g., PMGC Capital)

Engagement with activist shareholders requires a direct, data-driven approach, especially when strategic alternatives are on the table. PMGC Capital LLC, a subsidiary of PMGC Holdings Inc., publicly disclosed acquiring a 5.09% stake in Alaunos Therapeutics as of May 5, 2025. This position represented 83,500 shares of the common stock outstanding at that time. This relationship became high-touch when PMGC Capital publicly urged the Alaunos board on June 18, 2025, to accept a strategic financing term sheet they had facilitated through a leading Wall Street Bank. This advocacy highlights a direct line of communication aimed at immediate shareholder value creation, contrasting with standard passive investment relationships.

The nature of these relationships is further defined by the company's need for capital and the investor's stated belief that Alaunos is undervalued.

Investor Group Type	Key Event/Action	Date Reference	Quantifiable Metric
Activist Investor (PMGC Capital)	Acquisition of Stake	May 5, 2025	5.09% ownership stake
Activist Investor (PMGC Capital)	Public Advocacy for Financing	June 18, 2025	Urged acceptance of a term sheet
Institutional Investors (General)	Registered Direct Offering	June 23, 2025	Raised $2.0 Million

Strategic discussions with potential acquirers or licensing partners

The exploration of strategic alternatives is a primary focus, meaning relationships with potential partners are critical customer touchpoints. Alaunos Therapeutics is actively pursuing options including mergers, acquisitions, asset sales, and strategic partnerships. Cantor Fitzgerald & Co. is engaged as a strategic advisor to facilitate these discussions. The company's shift in focus away from the high-cost oncology TCR-T program supports the narrative that they are streamlining assets for a potential transaction.

• The oncology TCR-T program was wound down due to high costs and challenging financing.
• The company is now focused on a preclinical small molecule oral obesity program.
• Initial data for the obesity program is anticipated by Q4 2025.

Regulatory body communication (FDA) for preclinical and clinical pathways

Communication with the U.S. Food and Drug Administration (FDA) is essential for advancing any therapeutic candidate. While the previous oncology program saw an IND amendment filed in the fourth quarter of 2022 to add two new TCRs, the current relationship management centers on the new obesity program. The company is advancing this preclinical program, with initial data expected by Q4 2025, which will dictate the timing and substance of future interactions with the FDA regarding an Investigational New Drug (IND) application, though no specific 2025 IND filing date is public.

Maintaining relationships with key scientific collaborators

Scientific relationships provide validation and shared expertise, especially during a strategic pivot. Alaunos Therapeutics maintains a clinical and strategic collaboration with the National Cancer Institute. This relationship was established during the development of the TCR-T cell therapy platform. The company's proprietary technology includes the hunTR® TCR discovery platform and the Sleeping Beauty gene transfer platform.

Standard public company investor relations via SEC filings

Standard IR involves transparent, timely reporting of material events. Alaunos Therapeutics filed a $50M mixed securities shelf on August 21, 2025, to ensure flexibility for future capital raises. On June 23, 2025, the company entered an agreement for the purchase and sale of 610,399 shares of common stock at a price of $3.36 per share. The Q3 2025 report, ending September 30, 2025, showed a net loss of $1.15 million for the quarter.

The latest reported financial health dictates the urgency of these IR activities:

• Cash and cash equivalents as of September 30, 2025: $1.9 million.
• Working capital as of September 30, 2025: $1.8 million.
• Monthly cash burn rate: $0.28 million.
• Cash runway projected into Q1 2026.
• Accumulated deficit as of September 30, 2025: $923.7 million.

Recent SEC filings in July 2025 include multiple Form 4 filings (Statement of changes in beneficial ownership) on July 7, 2025, and Form 8-Ks on July 10 and July 17, 2025. Honestly, the cash runway projection into Q1 2026 means the next capital raise is defintely the most critical topic for IR.

Alaunos Therapeutics, Inc. (TCRT) - Canvas Business Model: Channels

You're looking at how Alaunos Therapeutics, Inc. gets its information and capital out to the world-the channels that connect its science and stock to stakeholders. For a clinical-stage biotech, these channels are critical for funding the pipeline and maintaining market confidence.

Direct communication with the Board of Directors and executive management is structured to handle specific inquiries. Stockholders wanting to address matters about financial statements, accounting, or internal controls must submit them in writing to the chairperson of the audit committee, in care of the Secretary, at the principal executive offices: 2617 Bissonnet, Suite 233, Houston TX 77005. The Board, as of April 30, 2025, consisted of four directors, including Holger Weis, who became CEO in July 2025. The Chair of the July 3, 2025, Annual Meeting of Stockholders was the President, Holger Weis.

The primary channel for mandatory strategic and financial updates is through SEC filings (10-Q, 8-K). Alaunos Therapeutics, Inc. filed its Form 10-Q on November 14, 2025, providing a view of its financial position leading into Q4 2025. Other material events were communicated via 8-K filings on May 23, 2025, June 10, 2025, July 22, 2025, and August 20, 2025. The 10-K for the year ended December 31, 2024, was filed on March 31, 2025.

Access to capital and strategic guidance flows through investment banks and financial advisors, often represented by board members or through specific transactions. The company executed a financing channel via a $2.0 Million Registered Direct Offering announced on June 23, 2025. Board members bring relevant financial expertise: Jaime Vieser has experience from Deutsche Bank AG, and Robert Postma is the principal of WaterMill Asset Management, a long-term shareholder. Holger Weis, the CEO, is also the principal of Weis Advisors, Inc.

Scientific publications and conferences for R&D visibility are key to validating the science behind the TCR-T candidates. Visibility is maintained through participation in investor conferences and scientific forums, with management presenting on the ongoing Phase 1/2 trial across six solid cancers. The company also maintains an ongoing collaboration with the National Cancer Institute (NCI). The company held its 2025 Annual Meeting of Stockholders on July 3, 2025.

The Nasdaq Capital Market listing (TCRT) serves as the direct channel for public equity access, which is vital given the Q3 2025 net loss of $1.15 million. The market's perception of this channel is reflected in the stock data as of late 2025:

Metric	Value as of Late 2025	Date/Context
Closing Stock Price (TCRT)	$3.34	November 28, 2025
Market Capitalization	$7.50M	December 6, 2025
Outstanding Shares	2,231,829	As of December 6, 2025
52-Week High Price	$6.20	As of late 2025
52-Week Low Price	$1.31	As of late 2025
Cash and Equivalents	$1.93 million	September 30, 2025
Net Loss (Q3 2025)	$1.15 million	Quarter ending September 30, 2025

The operational cash burn is evident in the Q3 2025 figures, which dictates the urgency for effective financing channels.

• Net Change in Cash (Q3 2025): -$941 thousand
• Total Assets: $3.72 million (as of September 30, 2025)
• Total Operating Expenses (Q3 2025): $1.18 million
• Registered Direct Offering Amount: $2.0 Million (June 2025)

The company uses its website's Investor section for webcasts of presentations.

Alaunos Therapeutics, Inc. (TCRT) - Canvas Business Model: Customer Segments

You're looking at the customer segments for Alaunos Therapeutics, Inc. (TCRT) as of late 2025, which is a company in a significant pivot. The focus has clearly shifted from its prior oncology cell therapy work to developing a preclinical small molecule oral obesity program, ALN1001. This shift dictates who the company is actively courting right now.

The primary customer segments are defined by the immediate need for capital and strategic partnership for the obesity asset, and the potential buyers for the legacy oncology intellectual property.

Pharmaceutical companies seeking novel, preclinical obesity assets

This is the most critical near-term segment for Alaunos Therapeutics, Inc. The company is developing ALN1001, a small molecule oral drug candidate for obesity and metabolic disorders, aiming for a differentiated profile that preserves lean muscle mass, unlike many injectable GLP-1 receptor agonists. Pharma companies are actively seeking assets in this space; in Q1 2025 alone, there were 9 partnering deals announced in obesity, continuing the doubled deal volume seen in 2024 (which saw 36 deals). Pharma partners often prefer heavily backloaded deals, relying on innovators like Alaunos Therapeutics to carry the initial preclinical development risk. The company is actively pursuing this path, having engaged Cantor Fitzgerald & Co. as a strategic advisor to explore transactions, which could include strategic partnerships for the obesity program.

Institutional investors focused on deep-value biotech or M&A targets

This segment provides the necessary capital to advance the preclinical obesity program. As of November 2025, Institutional Investors held a 10.85% stake in the company. This group is interested because Alaunos Therapeutics is actively exploring strategic alternatives, including acquisition or sale of assets. The company's financial reality-reporting a net loss of $2.1 million for the six months ended June 30, 2025, and an accumulated deficit of approximately $922.6 million as of that same date-positions it as a deep-value play, where the value is tied to the potential success of the preclinical asset or a strategic buyout. The June 2025 registered direct offering, which brought in net proceeds of approximately $1.89 million, was explicitly earmarked to fund the obesity program.

Here's a quick look at the financial context relevant to these capital-seeking segments:

Financial Metric	Value/Date	Context
Net Loss (6M Ended June 30, 2025)	$2.1 million	Reflects ongoing operational burn funding preclinical work.
Accumulated Deficit (As of June 30, 2025)	$922.6 million	Historical losses since inception in 2003.
June 2025 Offering Net Proceeds	Approx. $1.89 million	Directly allocated to the obesity program.
Institutional Ownership (Nov 2025)	10.85%	Current base of institutional support.

Patients with obesity (future end-users, post-commercialization)

While not an immediate transactional customer, this is the ultimate target market for the company's primary focus, ALN1001. The value proposition targets a specific unmet need within this population. The goal is to serve patients who need an oral option that avoids the hormonal manipulation common in other treatments. The company is currently conducting preclinical in vitro testing, with plans to initiate IND-enabling activities in 2025, meaning this segment is still several years out from direct engagement.

Academic and clinical research institutions for platform licensing

This segment represents a potential revenue stream from the company's remaining intellectual property, specifically the hunTR platform and the TCR library targeting mutations like KRAS, TP53, and EGFR. Alaunos Therapeutics is exploring out-licensing this cancer-related IP to generate non-dilutive capital. Historically, the company collaborated with The University of Texas MD Anderson Cancer Center and the National Cancer Institute (NCI) on its TCR-T platform. Any new academic or clinical institution interested in licensing the hunTR technology for novel cell therapies would fall here.

Activist shareholders seeking to maximize value through strategic change

This segment is less about direct product sales and more about corporate governance and transaction realization. Given that Alaunos Therapeutics is explicitly exploring strategic alternatives, including acquisition or sale of assets, the company is inherently exposed to interest from activist shareholders who push management to realize shareholder value quickly. While one search result posed the question of activist interest as of November 2025, the company's exploration of a sale or merger is the primary driver that attracts this type of shareholder. The company's stock performance, with a last reported price of $4.29 on June 20, 2025, and analyst price targets suggesting a potential fall to an average of $1.0274 in the next 30 days from a later date, creates the pressure that activists often exploit.

Key ownership notes relevant to governance:

• Insiders increased holdings from 0.36% to 0.37% in November 2025.
• PMGC Capital LLC reported a 5.09% stake in May 2025.
• The company had 1,601,252 shares of common stock outstanding as of March 31, 2025.

Finance: draft 13-week cash view by Friday.

Alaunos Therapeutics, Inc. (TCRT) - Canvas Business Model: Cost Structure

You're looking at the cost side of the Alaunos Therapeutics, Inc. (TCRT) business model as of late 2025. For a clinical-stage biotech company pivoting its focus, the cost structure is almost entirely driven by its pipeline activities and keeping the lights on during a strategic transition. Honestly, the numbers tell a clear story about where the cash is going right now.

The primary cost driver is definitely Research and Development (R&D), especially now that the company has heavily focused its efforts on the small molecule oral obesity program, which is in the preclinical stage. This represents the core investment to advance a non-hormonal therapeutic option. The most recent reported figures show this focus in action.

Expense Category	Q3 2025 Amount	Context
Research and Development (R&D) Expenses	$469 thousand	Primarily tied to the preclinical obesity program.
General and Administrative (G&A) Expenses	$718 thousand	Represents corporate overhead and operational support.
Total Operating Expenses (Q3 2025)	$1.18 million	Sum of R&D and G&A, reflecting the quarter's burn.

General and Administrative (G&A) expenses cover the necessary corporate overhead to keep Alaunos Therapeutics, Inc. running. For the third quarter of 2025, these costs were reported at $718 thousand. This figure is notable because it appears to be a reduction from prior periods, suggesting success in streamlining non-programmatic spending as part of the ongoing strategic review.

A significant, though perhaps less granularly itemized in the latest release, component of the cost structure involves expenses related to exploring and executing strategic alternatives. This process, which has involved strategic advisors, inherently carries legal, banking, and consulting fees. These costs are critical for the company's future but are often lumped into R&D or G&A, or sometimes appear as restructuring charges, depending on the timing and nature of the service.

Personnel costs reflect a deliberate strategy to maintain a reduced, specialized workforce. Following earlier corporate restructuring and headcount reductions, the current cost base is designed to support the focused obesity program while minimizing expenses elsewhere. This lean structure is essential for extending the cash runway during this pivotal phase.

Here's a breakdown of the cost components influencing the current structure:

• R&D expenses surged due to increased compensation costs for the specialized team.
• G&A expenses were reduced compared to the prior year's $1 million for Q3 2024.
• Consulting fees are elevated, supporting the preclinical obesity program development.
• Costs associated with strategic alternatives exploration are ongoing.
• Personnel costs are managed for a reduced, specialized workforce.

Finance: draft 13-week cash view by Friday.

Alaunos Therapeutics, Inc. (TCRT) - Canvas Business Model: Revenue Streams

You're looking at the revenue picture for Alaunos Therapeutics, Inc. (TCRT) as of late 2025, and honestly, it's what you'd expect for a clinical-stage company deep in development. The current revenue generation is minimal, and what little trickles in is primarily attributed to royalty revenues, which are non-operational income streams based on prior agreements.

To give you the hard numbers for the most recent reported period, the Q3 2025 revenue was just $7 thousand. That's the reality right now. Future revenue generation, the kind that funds the next phase of clinical trials, is entirely dependent on securing a licensing or partnership upfront payment for one of their platforms or assets. This is the big lever for cash infusion outside of the capital markets.

Here are some key financial data points from the Q3 2025 report ending September 30, 2025, to put that revenue in context:

Income Statement Metric (Q3 2025)	Amount
Revenue	$7 thousand
Net Income	$-1.15 million
Total Operating Expenses	$1.18 million
Cash Used in Operating Activities	$-844 thousand

Also, you need to keep an eye on potential milestone payments that could drop in from any future development agreements. These are contingent payments tied to hitting specific clinical or regulatory goals, so they aren't guaranteed revenue, but they are a crucial part of the long-term financial model if a partnership materializes.

To bridge the gap until those potential deals close, Alaunos Therapeutics, Inc. has taken steps to secure capital through the markets. Specifically, they filed for a mixed shelf offering of up to $50 million in securities back in August 2025. This provides the financial flexibility to continue operations and fund their TCR-T cell therapy development, including their Library TCR-T Cell Theraphy trials for cancers like non-small cell lung and colorectal cancer.

The current revenue sources look like this:

• Minimal revenue, mainly from royalty revenues.
• Future revenue hinges on licensing or partnership upfront payments.
• Contingent revenue from potential milestone payments.
• Proceeds from equity financing, such as the $50 million mixed shelf filing.

Finance: draft 13-week cash view by Friday.