Achilles Therapeutics plc (ACHL): Business Model Canvas [Dec-2025 Updated]

You might still see Achilles Therapeutics plc (ACHL) listed in old reports, but the reality is its business model has fundamentally changed from a clinical-stage biotech to a liquidation vehicle as of early 2025. This isn't about developing T-cell therapies anymore; it's a financial exercise in maximizing the final distribution to you, the shareholder. The core action was the $12,000,000 asset sale to AstraZeneca, which secured a known value for the TRACERx technology. Now, the entire focus-from the Joint Liquidators to the minimal retained staff-is on minimizing professional fees and costs like the Q2 2024 R&D expense base (trending down from $13.6 million) to ensure the largest possible return from the remaining cash, which was around $95.1 million as of mid-2024. This is a complete pivot, and defintely understanding this wind-down canvas is crucial for anyone holding the stock or watching the biotech space.

Achilles Therapeutics plc (ACHL) - Canvas Business Model: Key Partnerships

The Key Partnerships for Achilles Therapeutics plc, as of late 2025, are defined by the company's voluntary liquidation process and the final disposition of its core assets. Frankly, the partners are no longer for growth or R&D, but for the orderly winding down of the business and the maximization of shareholder return.

The company was placed into a Members' Voluntary Liquidation (a solvent liquidation) on March 20, 2025, following a shareholder vote. This means the key partnerships now center on financial and legal finality, plus the transfer of critical intellectual property (IP) to a new owner, AstraZeneca.

Teneo Financial Advisory Limited for members' voluntary liquidation

The most critical partnership in 2025 is with Teneo Financial Advisory Limited, the firm appointed to manage the company's dissolution. Robert Scott Fishman and Ian Harvey Dean of Teneo Financial Advisory Limited were appointed as Joint Liquidators on March 20, 2025. This partnership is the operational backbone for winding down the business.

Their role is to ensure all known creditors are paid in full-a requirement for a solvent liquidation-before distributing the remaining capital to shareholders. They set a deadline of April 22, 2025, for creditors to prove their debts, with the intent to make a first and final distribution shortly thereafter. This financial finality is the last action for shareholders.

AstraZeneca, for the $12 million sale of TRACERx assets

The sale of Achilles Therapeutics' most valuable non-clinical assets to AstraZeneca was the single largest value-realization event. The company transferred the commercial license for data and samples from the TRACERx Non-Small Cell Lung Cancer study and its Material Acquisition Platform (MAP) to AstraZeneca for a total payment of $12 million.

This transaction, announced in December 2024, concluded the strategic review and provided the necessary capital to ensure the company was solvent for its liquidation. AstraZeneca also took over as the sponsor of the MAP, which had collected tumor tissue and blood samples from nearly 300 cancer patients across multiple solid tumor indications.

Bank of America Securities (BofA) for strategic financial advisory

Bank of America Securities (BofA) played a key role in the process leading up to the liquidation. The firm was engaged in September 2024 to provide strategic financial advice during the company's review of value-maximizing strategies.

This partnership directly facilitated the successful sale of the TRACERx and MAP assets to AstraZeneca for the $12 million, ensuring the best possible outcome for shareholders from the remaining IP. They helped chart the course from a clinical-stage company to a solvent entity ready for liquidation.

Cancer Research UK (CRUK) for the original TRACERx license (now transferred)

The original foundation of Achilles Therapeutics rested on its license from Cancer Research UK (CRUK) and its academic partners, including University College London (UCL). CRUK's TRACERx study was a massive undertaking, representing its largest investment in lung cancer research, totaling £14 million.

While the commercial license for the resulting data was transferred to AstraZeneca in late 2024, the initial partnership with CRUK and its associated institutions (like the Francis Crick Institute) was the Key Partnership that created the core technology in the first place. You can't have a valuable asset to sell without the original research partner.

Here's a quick summary of the final-stage partnerships and their purpose:

Key Partner	Primary Role in 2025	Financial/Operational Impact
Teneo Financial Advisory Limited	Joint Liquidators for Members' Voluntary Liquidation	Appointed March 20, 2025; manages creditor payments and shareholder distributions.
AstraZeneca	Acquirer of Key IP Assets (TRACERx, MAP)	Provided $12 million in cash to ensure company solvency for liquidation.
Bank of America Securities	Strategic Financial Advisor	Advised on the strategic review and the $12 million asset sale.
Cancer Research UK (CRUK)	Original IP Licensor/Research Funder	Funded the foundational TRACERx study, a £14 million investment.

Former clinical trial sites/hospitals for data archiving

Post-liquidation, a necessary, though less visible, partnership is with the former clinical sites and hospitals to manage the final archiving and disposition of non-transferred clinical data. Achilles Therapeutics had closed its Phase I/IIa CHIRON and THETIS clinical trials in September 2024.

This involves compliance with regulatory bodies like the FDA and MHRA for data retention, which is a non-negotiable legal requirement. The original TRACERx study alone involved over 800 lung cancer patients and generated data from over 3,200 tumor samples. The liquidators must ensure this data is properly secured, likely through agreements with the original academic sponsors and sites, such as University College London Hospitals (UCLH) Biomedical Research Centre.

The key action here is documentation and compliance.

• Secure all non-transferred clinical trial data.
• Ensure compliance with a minimum 15-year data retention period.
• Finalize agreements with former trial sites for long-term data custody.

Achilles Therapeutics plc (ACHL) - Canvas Business Model: Key Activities

As a seasoned financial analyst, I can tell you that for Achilles Therapeutics plc in late 2025, the Key Activities in its Business Model Canvas are no longer about drug development; they are purely focused on the mechanics of a solvent wind-down. The core activity shifted from clinical-stage biotech to a structured, legal, and financial liquidation process.

The company's existence is now defined by executing the plan approved by shareholders on March 20, 2025. This entire operation is about maximizing the final return to you, the shareholder, while minimizing residual liabilities. That's the single goal now.

Orderly winding down of all corporate and clinical operations

The primary activity has been the systematic cessation of all original business functions. This process began with the discontinuation of the tumor-infiltrating lymphocyte (TIL)-based cNeT program and the closure of the Phase I/IIa CHIRON and THETIS clinical trials, announced in September 2024. The Board determined these trials did not meet the goals for commercial viability.

Following this, the company executed a significant reduction in employee headcount. The UK subsidiaries, Achilles Therapeutics Holdings Limited and Achilles Therapeutics UK Limited, were placed into members' voluntary liquidation, and the U.S. subsidiary, Achilles Therapeutics US, Inc., commenced its dissolution process, all prior to the General Meeting on March 20, 2025. This is a clean break from the R&D burn rate.

Maximizing value from remaining intellectual property (IP) and technology assets

A critical step in maximizing shareholder value was the successful monetization of key non-core assets. The company concluded its strategic review by transferring its TRACERx license with Cancer Research UK, along with relevant materials and data, to AstraZeneca. This transaction, completed in December 2024, brought in a total cash consideration of $12,000,000.

This sale, which also included the proprietary Material Acquisition Platform (MAP) data and samples, was the final significant revenue-generating activity. Any residual IP is now managed by the Joint Liquidators, Ian Harvey Dean and Robert Scott Fishman, who were appointed on March 20, 2025, to oversee the final disposition of all remaining intangible assets.

Managing the distribution of cash to shareholders per the liquidation plan

This is the most direct Key Activity for investors like you. The Joint Liquidators declared a first interim liquidation distribution on May 28, 2025. This distribution was a substantial return of capital, and it was paid out in June 2025.

Here's the quick math on the first distribution:

Share Class	Shares Outstanding (Approx.)	Distribution Rate (Per Share/ADS)	Payment Date (ADS Holders)
Ordinary Shares	42,559,102	£1.100 per Ordinary Share	N/A (Paid to Depositary)
American Depositary Shares (ADS)	35,017,180	$1.45868 per ADS	June 11, 2025

The original pre-liquidation guidance for total shareholder returns was a range of approximately £1.20 to £1.32 per Ordinary share and $1.50 to $1.66 per ADS. Since the first distribution was so close to the top end of that range, the remaining activities are about settling final liabilities to determine the size of the final distribution, which is currently anticipated in Q2 of 2026.

Filing final regulatory and legal documentation (e.g., SEC Form 15)

To cut the significant overhead of being a public company, the Joint Liquidators had to execute a series of regulatory filings. This activity immediately suspended the company's continuous reporting obligations, saving substantial legal and accounting costs. The key filings in early 2025 were:

• Filed Form 25 with the SEC on March 11, 2025, to effect the voluntary delisting from the Nasdaq Stock Market, with the delisting becoming effective on March 20, 2025.
• Filed SEC Form 15 (Certification and Notice of Termination of Registration) on March 21, 2025, which immediately suspended the duty to file periodic reports (like Forms 20-F and 6-K).
• The deregistration under the Exchange Act will become fully effective 90 days after the Form 15 filing.

The company is no longer a public entity, which simplifies things defintely.

Retaining essential personnel for the wind-down process

The company's leadership structure dramatically changed on March 20, 2025. The former directors, including Edwin Moses, Iraj Ali, and Carsten Boess, resigned. The Joint Liquidators took over control, and they are responsible for retaining a minimal, essential team to manage the final administrative, legal, and accounting tasks. This small team handles the day-to-day work of the liquidation-paying final creditors, managing the remaining cash, and preparing the final distribution. The termination of KPMG LLP as the company's independent auditor was also approved, reflecting the shift to liquidation-specific accounting and advisory services from Teneo Financial Advisory Limited.

Achilles Therapeutics plc (ACHL) - Canvas Business Model: Key Resources

The Key Resources for Achilles Therapeutics plc in late 2025 must be viewed through the lens of its current operating model: a members' voluntary liquidation, which commenced on March 20, 2025. This means the company's core assets are no longer for drug development but are strategic resources for maximizing capital return to shareholders.

Cash and Cash Equivalents

The most immediate and tangible resource is cash. As of September 30, 2024, Achilles Therapeutics plc reported cash and cash equivalents of $86.1 million. This figure was bolstered by a subsequent cash R&D tax credit of $12.8 million received in October 2024. The primary function of this financial resource is to cover the costs of the liquidation process and, most importantly, to be distributed to shareholders.

The company's board, prior to the liquidation, estimated that the amount of capital to be returned to ordinary shareholders would be approximately $1.50 to $1.66 per share (or £1.20 to £1.32 per share), based on the information available as of February 2025. This projected distribution highlights the value of the remaining cash position as the central resource for the company's final objective.

Proprietary PELEUS AI-Powered Bioinformatics Platform and Intellectual Property

The company's intellectual property (IP) portfolio, once the engine for its personalized T cell therapies, is now a critical asset for sale or licensing. The core of this IP is the proprietary PELEUS AI-powered bioinformatics platform. This platform was designed to analyze DNA sequencing data and precisely identify clonal neoantigens (unique cancer markers) for targeted therapy development.

While the internal TIL-based cNeT program was discontinued, the PELEUS platform and the remaining intellectual property related to clonal neoantigens are being actively marketed to third parties. The company is exploring strategic options, including asset sales, licensing deals, and other transactions, to maximize the value of this non-cash resource.

A significant step in monetizing related IP occurred on December 24, 2024, when the company transferred the commercial license of data and samples from the TRACERx® Non-Small Cell Lung Cancer (NSCLC) study to AstraZeneca. This transaction sets a precedent for the monetization strategy for the remaining IP assets, including the PELEUS platform itself.

The Services of the Appointed Joint Liquidators

In a liquidation scenario, the human resource shifts from a scientific and executive team to specialist financial and legal management. The key human/financial resource is the expertise of the appointed Joint Liquidators, Ian Harvey Dean and Robert Scott Fishman, both of Teneo Financial Advisory Limited.

They were appointed on March 20, 2025, and their service is the primary resource for executing the company's current business model-the solvent winding-up. They are responsible for realizing the value of the remaining assets, settling all liabilities (as the liquidation is solvent), and making the final capital distribution to shareholders.

Final Clinical Data Sets from Discontinued Trials

The final clinical data from the discontinued Phase I/IIa CHIRON trial (in advanced non-small cell lung cancer) and THETIS trial (in recurrent or metastatic melanoma) are a crucial intellectual asset.

The company closed these trials following a strategic decision to discontinue its TIL-based cNeT program in September 2024. The full data sets, including insights on enhanced host conditioning (EHC) and translational science findings, are a valuable resource for other companies developing alternative modalities like neoantigen vaccines, Antibody-Drug Conjugates (ADCs), and TCR-T therapies.

The plan is to present this comprehensive data at an upcoming forum, which is a necessary step to showcase the asset's value before a potential sale or licensing agreement.

Key Resource Category	Specific Asset	Value/Status (Late 2025)	Liquidation Function
Financial	Cash and Cash Equivalents	$86.1 million (as of Sept 30, 2024), plus $12.8 million R&D tax credit (received Oct 2024)	Capital for distribution and settling liabilities.
Intellectual Property	PELEUS AI-powered Bioinformatics Platform	Core IP asset; actively marketed for sale or licensing.	Monetization via sale or licensing to third parties.
Intellectual Property	TRACERx® Data Commercial License	Transferred to AstraZeneca on Dec 24, 2024.	Already monetized; proceeds contribute to cash resource.
Intellectual Property	CHIRON & THETIS Final Clinical Data Sets	Full data from discontinued Phase I/IIa trials.	Asset for sale/licensing to other cancer therapy developers.
Human/Financial	Joint Liquidators' Services	Ian Harvey Dean and Robert Scott Fishman (Teneo Financial Advisory Limited), appointed March 20, 2025.	Executing the solvent winding-up and capital return process.

The entire resource base is now focused on divestment and return, a defintely different model than a growth-stage biotech.

• Realize the value of the remaining IP.
• Manage the remaining $86.1 million in cash.
• Distribute approximately $1.50 to $1.66 per share.

Here's the quick math: The September 30, 2024 cash position of $86.1 million, plus the $12.8 million tax credit, gives a total of $98.9 million in cash before further liquidation expenses and asset sales are factored in. What this estimate hides is the final, true value of the IP, which is still subject to negotiation and sale.

Achilles Therapeutics plc (ACHL) - Canvas Business Model: Value Propositions

The Value Proposition for Achilles Therapeutics plc in late 2025 is not centered on a therapeutic product, but on the efficient, legally compliant wind-down of the company. The core value is the orderly return of capital to shareholders and the preservation of valuable scientific data for future oncology research.

This pivot followed the discontinuation of the personalized T cell therapy program and the conclusion of the strategic review in late 2024. The new, near-term value proposition is purely financial and transactional.

Providing shareholders with a prompt, final cash distribution via members' voluntary liquidation

The primary value proposition to shareholders is the swift monetization of remaining assets and the return of capital through a members' voluntary liquidation (MVL). This process, approved by shareholders on March 20, 2025, offers a clear exit and a defined cash return timeline, which is a rare certainty in the volatile biotech sector. The initial guidance for the total capital return was a range of approximately $1.50 to $1.66 per American Depositary Share (ADS).

The first tangible return was declared on May 28, 2025, with a cash distribution rate of £1.100 per Ordinary Share. For the 35,017,180 outstanding ADSs, this translated to a first interim distribution of $1.45868 per ADS, payable from June 11, 2025. Here's the quick math on the total first distribution to ADS holders:

Metric	Value	Details
Outstanding ADSs (March 2025)	35,017,180	Represents the majority of the capital base.
First Interim Distribution Rate (per ADS)	$1.45868	Net rate after conversion and a $0.025 depositary fee.
Estimated Total First Distribution (USD)	~$51.08 million	($1.45868/ADS $\times$ 35,017,180 ADSs).

That first payment delivered nearly all the expected capital in one go. A second and final distribution is anticipated in Q2 of 2026, which will distribute the remaining residual cash.

Transferring valuable tumor evolution data/samples to AstraZeneca for continued research

For the scientific community and the fight against cancer, the value proposition was the successful transfer of proprietary research assets to a major pharmaceutical company, AstraZeneca. This move ensured the data would continue to be used, rather than sitting dormant. The transaction, completed on December 24, 2024, provided a cash infusion of $12 million to Achilles Therapeutics.

The transferred assets represent one of the largest datasets of its kind, which is a significant resource for future oncology research and development (R&D).

• TRACERx commercial license: Data and samples from a study of over 800 lung cancer patients.
• Tumor Samples: Over 3,200 tumor samples providing deep sequencing genetic data.
• Material Acquisition Platform (MAP): Samples and data from nearly 300 cancer patients across multiple solid tumors.

Ensuring all creditors are paid in full, which is a requirement of the solvent liquidation process

The value proposition to creditors and the financial system is the guarantee of solvency. The Board approved a formal Declaration of Solvency on March 20, 2025, confirming the company's ability to settle all its liabilities, including any statutory interest, before any distribution to shareholders. This is the legal foundation of a members' voluntary liquidation (MVL) and is defintely a key value driver for maintaining corporate trust and an orderly market exit.

Minimizing professional fees and costs to maximize the net distributable capital

The liquidation process itself is designed to maximize the net distributable capital for shareholders. This is achieved by cutting all non-essential operating costs quickly. The most significant action taken in early 2025 was the elimination of the high cost of being a publicly traded company.

• Delisted ADSs from Nasdaq: Effective March 20, 2025.
• Deregistered with SEC: Filing of Form 15 on or about March 21, 2025, immediately suspending the obligation to file periodic reports.
• Reduced Headcount: Further reductions in employee headcount and a decrease in the size of the Board of Directors.

The suspension of SEC reporting obligations alone saves substantial compliance and administrative costs, directly increasing the final cash pool available for the second and final shareholder distribution. The whole point is to keep the liquidator's fees low enough to beat the total projected return of $1.66 per ADS.

Achilles Therapeutics plc (ACHL) - Canvas Business Model: Customer Relationships

For Achilles Therapeutics plc in late 2025, the Customer Relationships model has fundamentally shifted from a high-touch, developmental partnership-focused approach to a purely transactional, formal, and administrative one centered on the company's members' voluntary liquidation.

The primary relationship is now with the shareholders, managed through the Joint Liquidators, to ensure an orderly return of capital. This is a one-way communication model focused on final financial distribution, not product sales or service. Honestly, the only active commercial relationship remaining is the finalization with AstraZeneca.

Formal communication and notifications with shareholders regarding the liquidation process

The relationship with shareholders, the company's ultimate owners, is now defined by mandatory legal and financial disclosures related to the winding-up process. This is a formal, one-to-many communication channel, not a dialogue about future strategy.

The key communication events in 2025 include the notice of the General Meeting on February 3, 2025, and the meeting itself on March 20, 2025, where shareholders approved the voluntary liquidation. The company communicated an expected return of capital to ordinary shareholders in the range of approximately $1.50 to $1.66 per share. This is the core value proposition now being delivered.

Shareholders and American Depositary Share (ADS) holders receive formal notices of each cash distribution via the Depositary. For any queries during this period, the company established a dedicated email contact: shares@achillestx.com.

Managed relationships with the Joint Liquidators and professional advisors

The operational management of all relationships has been transferred to the Joint Liquidators, Ian Harvey Dean and Robert Scott Fishman of Teneo Financial Advisory Limited, appointed on March 20, 2025. Their role is to manage the remaining assets, settle liabilities, and execute the return of capital to shareholders.

This is a highly managed, professional relationship that is strictly governed by UK insolvency law. The former Board of Directors resigned following the filing of Form 15 with the SEC on or around March 20, 2025, effectively ending the company's direct management of external relationships.

The relationship structure is now:

• Joint Liquidators: Ian Harvey Dean and Robert Scott Fishman
• Professional Advisors: Teneo Financial Advisory Limited (Insolvency) and other legal counsel
• Primary Goal: Maximize and distribute residual cash to shareholders, which is estimated to be $1.50 to $1.66 per share.

Legal and contractual finalization with AstraZeneca post-asset sale

The most significant commercial relationship was the asset sale to AstraZeneca, which concluded the company's strategic review. This relationship is now moving into a final, purely contractual compliance phase.

The transaction, announced on December 24, 2024, involved the transfer of the commercial license for TRACERx data and the Material Acquisition Platform (MAP) to AstraZeneca for a total cash consideration of $12,000,000. This payment secured the final major cash asset for the liquidation. The relationship's focus is on ensuring the complete and compliant transfer of the assets, including over 3,200 tumor samples from more than 800 lung cancer patients from the TRACERx study.

The relationship is now a simple, transactional one: transfer complete, payment received, and all post-closing obligations satisfied. That's it.

Relationship Type	Counterparty	Nature of Engagement (Late 2025)	Key Financial/Data Point
Shareholder (Primary)	Ordinary & ADS Holders	Formal, one-way notification of liquidation progress and capital return.	Expected return of $1.50 to $1.66 per share
Legal/Administrative	Joint Liquidators (Teneo)	Managed by professional advisors; execution of legal duties.	Liquidation commenced March 20, 2025
Commercial (Finalized)	AstraZeneca	Post-closing compliance and final contractual transfer of data/sponsorship.	Total asset sale consideration of $12,000,000

Minimal, transactional engagement with former clinical partners and vendors

Following the discontinuation of the TIL-based cNeT program and the closure of the Phase I/IIa CHIRON and THETIS clinical trials, the company's relationships with former clinical trial sites, academic partners, and vendors are now minimal.

Engagement is purely transactional, focusing on winding down contracts, settling final invoices, and ensuring the proper close-out of clinical and operational data. The company's prior strategic update in September 2024 announced the discontinuation of its clinical programs, meaning these relationships are defintely in the final stages of termination. This involves settling any remaining liabilities from the third quarter of 2024, which were reported prior to the liquidation. The focus is on clean breaks and zero future commitments.

Achilles Therapeutics plc (ACHL) - Canvas Business Model: Channels

You're looking for the communication channels of Achilles Therapeutics plc, but the reality is the company is no longer operating as a going concern. The channels shifted from a public-facing biotech company to a formal liquidation process in early 2025. The primary channels now are strictly legal and administrative, focused on winding down the business and distributing capital to shareholders, not selling a product.

The core channels are the official public disclosures, the liquidators' direct contact points, and the regulatory bodies that finalized the company's public status. This is a crucial distinction; your channel strategy changes from marketing a value proposition to managing a financial exit.

Official company announcements and press releases detailing the liquidation status

The initial and most critical channel for informing the market was the company's own press releases and regulatory filings. These documents clearly communicated the Board's decision to pursue a members' voluntary liquidation (MVL), which is a solvent wind-down where the company can pay all its debts. This was a clear, one-time message.

The key announcement was on February 28, 2025, detailing the plan to delist from Nasdaq and deregister from the SEC. This was followed by the General Meeting on March 20, 2025, where shareholders approved the liquidation. The company also disclosed the sale of its TRACERx license and materials to AstraZeneca for $12 million, a key event leading to the MVL proposal.

Direct communication via the liquidators' contact channels for creditor and shareholder queries

Once the members' voluntary liquidation commenced on March 20, 2025, the communication channel authority transferred from the former management to the Joint Liquidators, Ian Harvey Dean and Robert Scott Fishman of Teneo Financial Advisory Limited. This direct channel is the only way for creditors and shareholders to get specific, up-to-date information on the distribution process.

They established a dedicated email and physical address for all queries, which is standard procedure. For creditors, the deadline to prove debts was April 22, 2025, as the company was solvent and able to pay all known creditors in full.

Here are the formal communication channels for the liquidation process:

• Email for Investor/Creditor Queries: queries@achillestx.com
• Postal Address: C/O Teneo Financial Advisory Limited, The Colmore Building, 20 Colmore Circus Queensway, Birmingham, B4 6AT
• Liquidator Phone Contact: +44 (0) 20 8052 2374 (Teneo Financial Advisory Limited)

SEC filings (e.g., Form 25, Form 15) for public disclosure of delisting and deregistration

The Securities and Exchange Commission (SEC) filings served as the formal, legal channel to inform the entire market of the company's exit from public reporting. These are defintely the most precise and authoritative channels for regulatory actions. The filing of Form 15 suspended the company's obligation to file periodic reports, including Forms 20-F and 6-K, immediately.

The table below shows the key regulatory channel milestones in early 2025:

SEC Filing/Action	Purpose (Channel Function)	Filing/Effective Date (2025)
Form 25	Voluntary delisting notification to SEC and Nasdaq	Filed: March 11, 2025
Nasdaq Delisting	Final removal of ADSs from the exchange	Effective: March 21, 2025
Form 15	Suspension of SEC reporting obligations (deregistration)	Filed: On or about March 21, 2025
General Meeting	Shareholder approval for Members' Voluntary Liquidation	Held: March 20, 2025

Nasdaq for the final trading and delisting process, which concluded around March 20, 2025

Nasdaq was the final public trading channel for the American Depositary Shares (ADSs). The last expected trading day for the ADSs on Nasdaq was March 20, 2025. After that date, the ADSs were delisted, and any subsequent trading could only occur through privately negotiated sales or potentially on an over-the-counter (OTC) market, though continued market-making was not guaranteed.

The liquidation process used the Depositary, which is a financial institution, as a channel to facilitate the return of capital to ADS holders. The first interim cash distribution to ADS holders was payable from June 11, 2025, at a rate of $1.45868 per ADS. This distribution was a significant step in the winding-up process, and queries about receiving these funds were directed to the holder's broker or platform provider, adding another layer of channel complexity for investors.

Achilles Therapeutics plc (ACHL) - Canvas Business Model: Customer Segments

You're looking at Achilles Therapeutics plc's business model, but the reality is the company is no longer operating as a going concern; it's in a members' voluntary liquidation process as of March 2025. So, the customer segments are not traditional product buyers, but rather the stakeholders who are the recipients of the final value distribution from the company's remaining assets.

This shift means the focus moves from selling a therapy to distributing capital and monetizing intellectual property (IP). The company's strong financial position, with a current ratio of 6.04 and a cash position of $95.1 million as of June 30, 2024, made a solvent liquidation possible, which is why we are looking at a return of capital to shareholders and payment to creditors.

Existing shareholders and American Depositary Share (ADS) holders awaiting capital return

This is the largest segment by volume, comprising all holders of ordinary shares and American Depositary Shares (ADSs) who approved the liquidation on March 20, 2025. Their value proposition is the final capital distribution from the solvent wind-down.

The estimated gross return of capital to ordinary shareholders is projected to be between £1.20 and £1.32 per share, or approximately $1.50 to $1.66 per share, before any depositary fees are deducted. This return is based on the company's remaining cash after the asset sale and settling liabilities. With approximately 41.10 million shares outstanding, this represents the primary financial event for this segment in 2025.

• Primary Value: Final cash distribution from liquidation proceeds.
• Key Metric: Estimated gross return of $1.50 to $1.66 per share.
• Action: Awaiting the final distribution from the Joint Liquidators appointed on March 20, 2025.

Creditors and vendors who are due final payment in the solvent liquidation

As a solvent liquidation, all legitimate creditors and vendors are expected to be paid in full. This segment includes suppliers, research partners, and service providers who delivered goods or services before the company ceased operations and commenced the winding-up process.

The company's financial health, evidenced by a current ratio of 6.04, defintely ensures their claims are prioritized and settled. The total operating expenses for the twelve months ending September 2024 were $71.93 million, which gives you an idea of the scale of the liabilities that are being settled through this process.

AstraZeneca, the strategic buyer of the TRACERx technology assets

AstraZeneca is a unique, one-time customer that acquired a specific, high-value asset. This transaction was the first major step in monetizing the company's IP.

The deal, which concluded the strategic review, involved the transfer of the commercial license for data and samples from the TRACERx Non-Small Cell Lung Cancer study, along with the Material Acquisition Platform (MAP). AstraZeneca paid Achilles Therapeutics plc a total of $12 million for these assets.

Acquired Asset	Acquirer	Transaction Value (2025 FY)	Strategic Value to Acquirer
TRACERx Commercial License (Data & Samples)	AstraZeneca	$12 million	Deep sequencing genetic data from over 3,200 tumor samples.
Material Acquisition Platform (MAP)	AstraZeneca	Included in $12 million total	Proprietary network of tumor tissue/blood samples from nearly 300 cancer patients.

Potential buyers/licensees for the remaining PELEUS platform technology

This segment represents the future potential revenue stream for the Liquidators, as the PELEUS platform is the last major IP asset to be monetized. The PELEUS platform is a proprietary, AI-powered bioinformatics tool designed to identify clonal neoantigens-the unique protein markers on cancer cells-for precision T cell therapies.

The company's strategic pivot before liquidation was to explore engagement with third parties developing alternative modalities to target these neoantigens. This means the target customer is a biopharma company looking to integrate this specific, validated bioinformatics capability into their own drug development pipeline. The value here is not in a product, but in the licensing of a powerful, validated algorithm.

Here's the quick math: The TRACERx sale netted $12 million. The PELEUS platform's value will be determined by its utility to companies focused on next-generation oncology treatments.

• Target Customer Profile: Biopharmaceutical companies.
• Focus Area: Oncology research and development.
• Modalities of Interest: Neoantigen vaccines, Antibody-Drug Conjugates (ADCs), and TCR-T therapies.

Achilles Therapeutics plc (ACHL) - Canvas Business Model: Cost Structure

You're looking at the final cost structure for Achilles Therapeutics plc, and it's a picture of a company in wind-down, not growth. The entire cost base has shifted from a high-burn clinical development model to an asset-realization and liquidation-focused structure, effective immediately after the shareholder-approved members' voluntary liquidation commenced on March 20, 2025. This is a cost-minimization strategy, pure and simple.

The near-term costs are dominated by one-off termination expenses and professional fees necessary to finalize the company's affairs and return capital to shareholders. The major win here is the elimination of substantial future public company compliance costs. That's a big cash saver.

Professional fees for the Joint Liquidators and legal/tax advisors

The most clearly defined cost in the immediate 2025 liquidation process is the expense for the Joint Liquidators and their advisors. This is a fixed, non-negotiable cost of winding down the business.

The estimated cost for the Joint Liquidators and the winding-up process, excluding the costs of realizing the remaining assets, is up to £400,000 (exclusive of VAT). Here's the quick math for US investors: using the approximate exchange rate of 1 GBP to 1.2919 USD from March 2025, this professional fee amounts to roughly $516,760. This retention fund covers the initial legal, tax, and advisory work to manage the solvent liquidation.

Final employee retention and severance costs from workforce reduction

The costs associated with the workforce reduction, which began following the discontinuation of the TIL-based cNeT program in September 2024, represent a significant, one-time cash outflow in the 2025 liquidation fund. You have to pay to shut down, and this includes severance liabilities.

The company recorded initial restructuring charges totaling $4.5 million in the third quarter of 2024, split between Research and Development and General and Administrative expenses. Additionally, Achilles Therapeutics plc estimated it would incur an additional $2.2 million to $4.0 million related to severance for involuntary employee terminations and clinical trial close-out costs. The total cash impact from restructuring and severance is therefore expected to be up to $8.5 million.

• Initial Q3 2024 Restructuring Charge: $4.5 million.
• Estimated Additional Severance/Close-out Costs: Up to $4.0 million.

Research and development (R&D) expenses

The R&D expense line has collapsed from its historical run rate, moving from a major operating cost to a final clean-up cost. For context, R&D expenses for the third quarter ended September 30, 2024, were $16.4 million. Following the program discontinuation and liquidation, the 2025 R&D costs are residual, covering only the final winding down of clinical trials and facilities, which are largely accounted for in the restructuring charges.

The most significant R&D-related cost in 2025 is the $4.0 million portion of the restructuring charge already allocated to R&D expenses for employee termination liabilities and clinical trial closure costs.

General and administrative (G&A) expenses, now focused on liquidation support

G&A expenses have also been drastically curtailed and repurposed. The Q3 2024 G&A expense was $4.0 million, but this figure is not representative of the ongoing liquidation-focused costs. In 2025, G&A is essentially the overhead for the wind-down process.

This category now primarily includes the professional fees for the Joint Liquidators, the $0.5 million G&A portion of the restructuring charge, and minimal ongoing corporate costs like legal, audit, and director fees required to maintain the corporate entity until final dissolution.

Costs associated with Nasdaq delisting and SEC deregistration

The costs of delisting the American Depositary Shares (ADSs) from Nasdaq, effective March 20, 2025, and deregistering with the SEC (by filing Form 15 on or about March 21, 2025) are a critical part of the final G&A. While a specific line-item cost for the filing fees is not separately disclosed, these expenses are embedded within the overall professional fees for the liquidation.

The key financial impact here is the avoidance of future compliance costs, which were previously substantial for a publicly traded company. The filing of Form 15 immediately suspended the obligation to file periodic reports with the SEC, a major cost-saving measure that preserves cash for shareholders.

Achilles Therapeutics plc: Key Liquidation-Related Costs (2025 Fiscal Year Focus)

Cost Category	Basis/Context (Q3 2024)	Estimated 2025 Liquidation Cost/Charge
R&D Expenses (Pre-Liquidation Run Rate)	$16.4 million (Q3 2024)	Minimal ongoing, largely covered by one-time charges.
G&A Expenses (Pre-Liquidation Run Rate)	$4.0 million (Q3 2024)	Reduced to core liquidation support.
Professional Fees (Joint Liquidators & Advisors)	N/A (New cost)	Up to $516,760 (£400,000 at 1.2919 USD/GBP).
Final Employee Severance & Retention	Workforce reduction announced Nov 2024	Up to $8.5 million (Includes $4.5M recorded Q3 2024 + up to $4.0M estimated additional).
Nasdaq Delisting & SEC Deregistration	N/A (One-time event)	Costs embedded in Professional Fees/G&A; eliminates substantial future compliance expense.

Achilles Therapeutics plc (ACHL) - Canvas Business Model: Revenue Streams

You need a clear picture of where the money is coming from at Achilles Therapeutics, and the simple truth is that the company is no longer an operating business generating commercial revenue. The revenue streams for late 2025 are entirely focused on a one-time asset sale and the preservation of capital as the company proceeds with its members' voluntary liquidation, which commenced in March 2025.

The business model canvas for Achilles Therapeutics now maps to a financial wind-down, not a growth strategy. Your focus should be on the remaining cash balance and the final distribution to shareholders, not on pipeline value. That's the cold reality of a clinical-stage biotech concluding its strategic review.

Cash proceeds from the sale of technology assets to AstraZeneca totaling $12,000,000

The most significant and definitive revenue event for the 2025 fiscal year was the one-time sale of key proprietary technology assets to AstraZeneca. This transaction, which concluded the company's strategic review announced in September 2024, provided a crucial cash injection as the company prepared for liquidation.

The total cash proceeds from this sale were exactly $12,000,000. This payment was for the commercial license of data and samples from the TRACERx Non-Small Cell Lung Cancer (NSCLC) study, which included over 3,200 tumor samples, plus the transfer of the Material Acquisition Platform (MAP). This is not a recurring revenue stream; it is a liquidation event. The company's expected revenue for Q1 2025 was forecast at $0, underscoring the non-operational status.

Interest income on the remaining cash and cash equivalents balance

With the company in a capital preservation phase, the second primary revenue stream is the interest earned on its remaining cash and cash equivalents. As of September 30, 2024, the cash and cash equivalents stood at $86.1 million, plus a subsequent $12.8 million R&D tax credit received in October 2024. Adding the $12.0 million from the AstraZeneca sale, the total liquid assets available for short-term investment are approximately $110.9 million.

Here's the quick math: Assuming a conservative annual interest rate of 3.9% for highly liquid, short-duration corporate investments, which aligns with the Federal Reserve's target range of 3.75%-4.00% for late 2025, the estimated annual interest income is substantial.

Metric	Value (USD)	Notes
Cash & Cash Equivalents (Sep 30, 2024)	$86,100,000	Pre-AstraZeneca sale and R&D credit.
R&D Tax Credit (Oct 2024)	$12,800,000	Cash received subsequent to Q3 2024.
AstraZeneca Sale Proceeds (Dec 2024)	$12,000,000	One-time, non-recurring revenue event.
Approximate Investable Balance	$110,900,000	Sum of the above.
Estimated Annual Interest Rate (2025)	3.9%	Representative rate based on Fed Funds/short-term Treasuries in late 2025.
Estimated Annual Interest Income	$4,325,100	$110.9M 3.9%.

This interest income, while a revenue stream, simply acts to slow the burn rate and maximize the final capital return to shareholders during the liquidation process.

Potential, but unlikely, final licensing fees or sales of residual IP assets

While the major asset sale to AstraZeneca is complete, the liquidators may still pursue nominal revenue from residual, non-core intellectual property (IP) assets or final, minor licensing fees. Honestly, this is a long shot.

The strategic review concluded with the AstraZeneca deal, and the company's subsequent move to voluntary liquidation suggests there are no significant, high-value assets remaining. Any potential revenue here would be minimal, likely in the low thousands of dollars, and would be classified as miscellaneous income in the final accounting. For all practical purposes in a financial model, you should budget $0 for this line item, as analysts expect zero revenue from operations.

The primary focus is capital preservation, not revenue generation, in this wind-down phase.

The entire revenue model has shifted from a high-risk, high-reward biotech pipeline to a low-risk, capital preservation strategy. The company is no longer spending on R&D for its discontinued T-cell therapy programs, having closed its Phase I/IIa CHIRON and THETIS clinical trials. The main goal is to manage the remaining cash to cover final legal, administrative, and liquidation costs, and then distribute the maximum possible capital to the members.

• Maximize final shareholder distribution.
• Minimize administrative and liquidation expenses.
• Earn interest on cash to offset remaining costs.

The only true 'revenue' is the one-time sale; everything else is a function of treasury management. Finance: defintely track the interest income against the liquidation costs weekly.