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

UNI-494: Novel mechanism for Acute Kidney Injury (AKI).

For UNI-494, the value proposition is rooted in its novel mechanism of action designed to intervene in the disease process of Acute Kidney Injury (AKI). It acts as a selective ATP-sensitive mitochondrial potassium channel activator, which is intended to restore mitochondrial function and reduce oxidative stress in kidney cells. This is critical because AKI is associated with significant morbidity and mortality; an estimated 2 million people die of AKI worldwide every year. Furthermore, survivors face increased risk of chronic kidney disease and end-stage renal disease.

UNI-494 has been granted Orphan Drug Designation (ODD) by the FDA for the prevention of Delayed Graft Function (DGF) in kidney transplant patients, a specific type of AKI. The market need is significant, as AKI is estimated to occur in 7-18% of hospitalized patients and approximately 50% of patients admitted to the intensive care unit.

Addressing patient non-adherence, a major unmet need.

The core unmet need Unicycive Therapeutics, Inc. (UNCY) addresses across its hyperphosphatemia franchise is patient adherence, which is severely hampered by current treatment regimens. Patient surveys clearly identified the barriers:

• Excessive pill numbers.
• Large pill sizes.
• Forgetfulness.

The data shows OLC directly counters these issues by reducing the mean daily pill count from 8.3 to 3.9. Patient-reported outcomes from the pivotal Phase 2 study indicated that patients preferred OLC in comparison to their pre-trial phosphate binders and reported significantly enhanced patient satisfaction. The company ended Q3 2025 with $42.7 million in cash, with an expected runway into 2027, positioning them to potentially launch OLC next year and address this adherence gap.

Unicycive Therapeutics, Inc. (UNCY) - Canvas Business Model: Customer Relationships

You're hiring before product-market fit, so your early customer relationships are everything, especially when you're pre-commercial. Unicycive Therapeutics, Inc. (UNCY) is clearly focused on establishing deep ties with the specialized medical community ahead of the potential launch of oxylanthanum carbonate (OLC).

High-touch engagement with key nephrologists/prescribers

The strategy centers on educating and engaging the specialists who will ultimately write the prescriptions for hyperphosphatemia in chronic kidney disease (CKD) patients on dialysis. This involves direct interaction and presenting compelling clinical evidence.

• OLC pivotal study data demonstrated serum phosphate control in over 90% of dialysis patients.
• The drug is positioned to reduce pill burden by 7x in volume and 2x in count compared to existing phosphate binders.
• Unicycive Therapeutics continues to prepare for the potential commercial launch in late 2025.

Dedicated market access and reimbursement support hub

Building commercial infrastructure means supporting the path to patient access, which is critical in the US healthcare system. The investment in this area is visible in the rising General and Administrative (G&A) expenses.

Here's the quick math on the G&A spend related to commercial preparation:

The company explicitly stated it continues to build key functions and support market access as part of its pre-launch activities.

Scientific communication via medical meetings (e.g., ASN)

Disseminating data is a core relationship-building activity, targeting the scientific community directly. The American Society of Nephrology (ASN) Kidney Week 2025 Conference was a key venue for this communication.

• New analysis of OLC data was presented at the ASN Kidney Week 2025 Conference.
• Pivotal trial data was published in the Clinical Journal of the American Society of Nephrology (CJASN).
• The company expects to resubmit the New Drug Application (NDA) for OLC by year-end 2025.

Investor relations for capital market communication

Maintaining a strong relationship with the capital markets is essential for a clinical-stage company with a cash runway to manage. Unicycive Therapeutics, Inc. (UNCY) actively engaged with investors in late 2025.

Key financial and market metrics supporting this relationship:

• Unicycive Therapeutics participated in investor events in December 2025.
• The company held a fireside chat at the Guggenheim 2nd Annual Healthcare Innovation Conference in November 2025.
• As of September 30, 2025, cash and cash equivalents totaled $42.7 million.
• The cash runway is expected to last into 2027.
• The consensus rating from 4 Wall Street analysts is Moderate Buy.
• The average twelve-month stock price forecast is $34.33.

The stock traded at $6.44 on November 25, 2025.

Unicycive Therapeutics, Inc. (UNCY) - Canvas Business Model: Channels

You're looking at how Unicycive Therapeutics, Inc. (UNCY) plans to get its lead product, oxylanthanum carbonate (OLC), to the nephrologists and dialysis centers that need it, especially given the anticipated late 2025/early 2026 commercial launch timeline. The channel strategy hinges on a mix of direct engagement, third-party logistics, and international agreements.

Direct U.S. sales force targeting top prescribers

The preparation for a direct U.S. commercial channel is evident in the company's operating expenses. General and Administrative (G&A) expenses for the three months ended June 30, 2025, were $5.2 million, a significant increase from $2.5 million for the same period in 2024, with the rise attributed primarily to increased consulting and professional services related to commercial launch preparation. This spending signals the build-out of the necessary commercial infrastructure, which includes the planned direct sales force engagement with prescribers.

The strategy focuses on engaging directly with prescribers to highlight OLC's differentiated profile-specifically its ability to reduce pill burden (a 7x reduction in pill volume and 2x reduction in pill count compared to some existing binders, based on ASN 2025 data) for patients with hyperphosphatemia.

Specialty pharmacy and distribution network (planned)

While the specific contracted specialty pharmacy network size isn't public as of late 2025, the company was actively engaged in commercial planning to make OLC available to patients upon anticipated approval. This preparation is a necessary precursor to establishing the distribution channel, which for a specialty drug like OLC, typically relies on a limited network of specialty pharmacies capable of handling complex reimbursement and patient support.

The financial backing for this channel development is supported by the cash position reported as of September 30, 2025, which stood at $42.7 million, providing an expected cash runway into 2027, which should cover initial launch costs. If onboarding takes 14+ days, churn risk rises.

Licensing partners for international markets (e.g., Korea)

Unicycive Therapeutics utilizes licensing partners to access international markets, which de-risks the direct investment in foreign sales infrastructure. The key example is the Republic of Korea.

The following table summarizes the known international licensing activity and related financial/milestone data:

This partnership structure allows Unicycive Therapeutics to generate potential milestone payments and royalties without bearing the full commercialization cost abroad.

Digital and medical conference presentations

Digital and medical conference channels are critical for educating the target audience-nephrologists and key opinion leaders-on OLC's clinical profile, especially given the recent NDA resubmission efforts. The company actively uses these venues to disseminate data.

Key channel activities related to data dissemination and investor outreach include:

• Presented new analysis of OLC data at the American Society of Nephrology (ASN) Kidney Week 2025.
• CEO participation in the Piper Sandler 37th Annual Healthcare Conference fireside chat on December 3, 2025.
• CEO participation in the Noble Capital Markets virtual presentation on December 10, 2025.

These events serve as direct communication channels to both the medical community and the investment community regarding the product's value proposition. Finance: draft 13-week cash view by Friday.

Unicycive Therapeutics, Inc. (UNCY) - Canvas Business Model: Customer Segments

You're looking at the core groups Unicycive Therapeutics, Inc. (UNCY) needs to reach to make its therapies a commercial success. This isn't just about patients; it's about the entire ecosystem that pays for and prescribes the treatment.

Chronic Kidney Disease (CKD) patients on dialysis.

This group is the primary target for Unicycive Therapeutics, Inc.'s lead candidate, Oxylanthanum Carbonate (OLC), which addresses hyperphosphatemia in patients undergoing dialysis. The scale of this patient population dictates the potential market size for OLC.

• Estimated 516,837 patients on dialysis in the U.S. as of March 31, 2025.
• Approximately 433,396 of these patients receive in-center hemodialysis.
• Roughly 78,407 patients receive dialysis at home.
• The total U.S. End-Stage Renal Disease (ESRD) population was about 808,000 as of late 2024/early 2025 data.
• An estimated 450,000 patients in the US were taking phosphate binders in early 2024 estimates.

Nephrologists and dialysis centers in the U.S.

These are the prescribers and the sites of care where OLC and potentially UNI-494 will be administered or dispensed. The infrastructure size and the number of specialists are key metrics here.

The U.S. dialysis centers market size was projected to be around $30.98 billion in 2025. The number of businesses operating in the Nephrologists industry in the United States was 5,187 in 2025. Major dialysis providers represent a significant portion of the physical centers.

It's defintely important to note the concentration of the physical treatment sites.

Kidney transplant patients (future segment for UNI-494).

UNI-494 has Orphan Drug Designation for preventing Delayed Graft Function (DGF) in kidney transplant patients, making this a distinct, though later-stage, customer segment.

• Approximately 316,873 patients in the U.S. were living with a functioning kidney transplant as of March 31, 2025.
• Over 90,000 Americans were on the kidney transplant waiting list as of late 2024/early 2025 data.
• Acute Kidney Injury (AKI), which UNI-494 also targets, is estimated to occur in 7-18% of hospitalized patients.

Payers (CMS and private insurance) for reimbursement coverage.

Securing favorable reimbursement from Centers for Medicare & Medicaid Services (CMS) and private payers is critical, especially since OLC targets a population heavily reliant on government coverage.

For the ESRD population, CMS sets the payment structure. The Calendar Year (CY) 2025 End-Stage Renal Disease (ESRD) Prospective Payment System (PPS) final rule established a base rate of $273.82 per treatment, an increase of $2.80 from the CY 2024 rate of $271.02.

CMS projects that the CY 2025 updates will increase total payments to all ESRD facilities by approximately 2.7% compared to CY 2024. Specifically, payments to freestanding facilities are projected to increase by 2.6%.

The hyperphosphatemia market, relevant to OLC, was estimated near $3.0 billion globally in 2025.

CMS expects to pay $6.6 billion to approximately 7,700 ESRD facilities for furnishing renal dialysis services in CY 2025. Finance: draft 13-week cash view by Friday.

Unicycive Therapeutics, Inc. (UNCY) - Canvas Business Model: Cost Structure

You're looking at the expenses Unicycive Therapeutics, Inc. (UNCY) is incurring to keep the lights on and push its pipeline forward, especially as they target an OLC New Drug Application (NDA) resubmission by year-end 2025. These costs are the engine room of the business.

For the third quarter ended September 30, 2025, the primary operating expenses were clearly delineated between R&D and G&A.

General and Administrative (G&A) expenses for the three months ended September 30, 2025, totaled $4.4 million. This was up from $3.2 million for the same period in 2024. The increase was largely driven by higher personnel and external support costs.

The breakdown of the G&A increase for Q3 2025 shows where that cash went:

• Increase in labor costs of $0.6 million.
• Increase in consulting and professional services of $0.5 million.

Research and Development (R&D) expenses for the same Q3 2025 period were $3.0 million. This was a slight decrease from approximately $3.1 million in Q3 2024. The reduction was mainly due to a $235,000 decrease in professional services and drug development costs, even with labor and travel costs increasing by $154,000.

Preparing for a potential commercial launch means significant upfront spending, which is reflected in the G&A line item, though some costs are specifically tied to manufacturing readiness. For instance, in the first quarter of 2025, the company reported $7.6 million pre-paid for commercial manufacturing. This shows significant capital allocation toward securing supply chain readiness ahead of any potential approval.

Here's a quick look at how the major operating expense categories stacked up for the quarter ending September 30, 2025, compared to the prior year's quarter:

Costs for third-party drug manufacturing and quality control are a critical, though sometimes variable, cost. The FDA Complete Response Letter (CRL) Unicycive received related to a single deficiency at a third-party manufacturing vendor. Resolving this required engagement, which contributed to the consulting/professional services spend within G&A, and the $7.6 million pre-payment for commercial manufacturing seen earlier in 2025 suggests a substantial commitment to securing supply.

Commercial launch preparation and sales force build-out are costs that ramp up as regulatory milestones approach. We saw G&A expenses jump to $5.2 million in Q2 2025, which the company explicitly attributed to increased consulting and professional services related to commercial launch preparation. With cash runway extending into 2027, Unicycive, Inc. is clearly funding these pre-launch activities now, anticipating a potential launch in 2026.

You can expect these costs to shift as the NDA resubmission is completed; R&D might stabilize or slightly decrease post-filing, while G&A, especially commercial-related spending, will likely increase substantially if approval is secured.

Unicycive Therapeutics, Inc. (UNCY) - Canvas Business Model: Revenue Streams

You're looking at how Unicycive Therapeutics, Inc. generates cash right now, which is critical when you're pre-commercial. Honestly, for a clinical-stage company, the revenue streams are often about non-operating income and the promise of future product sales and partnerships.

Here's the quick math on the current state of cash generation and runway:

• Interest income from cash reserves (Q3 2025: $416 thousand).
• Potential product sales of OLC post-FDA approval (H1 2026).
• Future milestone payments and royalties from licensing deals.
• Equity financing as needed to extend cash runway into 2027.

The current financial reality shows that operating revenue is minimal, so the focus is on managing the existing cash pile and hitting regulatory milestones that unlock partnership payments. As of September 30, 2025, Unicycive Therapeutics, Inc. reported cash and cash equivalents totaling $42.7 million. The company believes this balance provides a cash runway extending into 2027. This runway is essential to fund the planned New Drug Application (NDA) resubmission for oxylanthanum carbonate (OLC) by year-end 2025, targeting a potential Prescription Drug User Fee Act (PDUFA) date in the first half of 2026.

The non-operating income stream, while small, is still a component. For the three months ended September 30, 2025, Unicycive Therapeutics, Inc. reported Other income of $1.3 million. This compares to $2.2 million in Other income for the same period in 2024. This fluctuation is primarily due to the change in fair value of the warrant liability.

The major potential revenue drivers are tied directly to the success of OLC. You've got existing agreements that lay out specific financial triggers. If OLC gets approved and launched, these streams become active. This is where the structure of their licensing deals really matters for future top-line growth.

Here's a breakdown of the known potential future revenue from licensing and commercialization efforts:

The second revenue stream, product sales of OLC, is entirely contingent on the NDA resubmission by year-end 2025 and a subsequent PDUFA date in H1 2026. If approved, the commercial narrative will likely focus on OLC's differentiated profile, which showed a 7x reduction in pill volume and a 2x reduction in pill count compared to pretrial phosphate binders, a key factor for patient adherence. The market opportunity is substantial, as hyperphosphatemia affects over 450,000 individuals in the U.S. requiring medication.

Finally, the fourth stream is the ability to secure Equity financing. The current cash position of $42.7 million provides runway into 2027, which means the company has flexibility to fund operations and commercialization prep without immediate external capital pressure, but this remains a necessary backstop for a clinical-stage biotech. Finance: draft 13-week cash view by Friday.