Akari Therapeutics, Plc (AKTX): Business Model Canvas [Dec-2025 Updated]

You're trying to make sense of Akari Therapeutics right now, post-pivot, needing to know if their new focus on oncology Antibody Drug Conjugates (ADCs) is built on solid ground, especially when cash is tight. Honestly, seeing only about $2.5 million in the bank as of September 30, 2025-even after raising $5.9 million in net equity proceeds year-to-date 2025-means every part of their model has to work perfectly. This canvas breaks down exactly how they plan to fund the AKTX-101 development, balancing that high-stakes R&D against the reality of their Q3 2025 operating expenses, which included a hefty $2.0 million in G&A alone. Keep reading to see the nine essential blocks defining Akari Therapeutics' path forward.

Akari Therapeutics, Plc (AKTX) - Canvas Business Model: Key Partnerships

You're looking at the structure of Akari Therapeutics, Plc's key external relationships as of late 2025. These alliances are critical for advancing the combined pipeline, especially following the merger.

Peak Bio Inc. (merger partner) for ADC platform expansion

The definitive agreement to merge with Peak Bio Inc. was completed on November 14, 2024. This was an all-stock transaction, resulting in an implied equity ownership split of approximately 50% for existing Akari shareholders and approximately 50% for former Peak Bio stockholders on a fully-diluted basis. The strategic rationale was to combine Akari Therapeutics, Plc's advanced therapies, like PAS-nomacopan for Geographic Atrophy (GA), with Peak Bio's innovative Antibody Drug Conjugate (ADC) toolkit. The combined entity immediately secured capital, including $3.2 million in PIPE Financing and a $50 million Term Sheet for available financing under an Equity Line of Credit (ELOC). Peak Bio contributed its ADC platform, featuring novel toxins and linkers, and the Phase 2-ready PHP-303 program targeting alpha-1 antitrypsin deficiency (AATD).

Contract Manufacturing Organizations (CMOs) for drug substance production

Manufacturing capacity is secured through specialized partners to support clinical and potential commercial supply. The focus is on the PAS-nomacopan program for GA and the new ADC candidates.

Academic research institutions for oncology and complement system expertise

Akari Therapeutics, Plc is actively building its scientific guidance structure, particularly around its oncology focus post-merger. The company's current CEO, Abizer Gaslightwala, noted the importance of this step.

• Formed a Scientific Advisory Board (SAB) as of October 30, 2025.
• Inaugural SAB member is Dr. Sara Hurvitz, who previously directed the breast oncology program at UCLA.
• Presenting data on the novel PH1 ADC payload mechanism-of-action at the 40th Annual SITC Meeting in November 2025.
• Preclinical data shows the PH1 ADC combination with anti-PD-1 expanded the tumor-killing gamma-delta T-cell population.

Potential pharmaceutical partners for nomacopan legacy asset licensing

The company has a stated strategy to seek non-dilutive capital through out-licensing activities for programs deemed 'Legacy Non-Core Assets' beyond the ADC platform and the PAS-nomacopan GA program. Nomacopan for systemic conditions represents a significant potential commercial opportunity.

• Nomacopan for Bullous Pemphigoid (BP) and Paroxysmal Nocturnal Hemoglobinuria (PNH) has an estimated market opportunity of >$5 Billion.
• Nomacopan for pediatric hematopoietic stem cell transplant-related thrombotic microangiopathy (HSCT-TMA) targets a condition with an 80% mortality rate among severe patients.
• The company is pursuing a development partner for these inactive programs.

Wacker Biotech GmbH for PAS-nomacopan GMP manufacturing

Wacker Biotech GmbH is the dedicated manufacturing partner for the long-acting PAS-nomacopan candidate intended for Geographic Atrophy (GA). This partnership is key to advancing the asset toward clinical trials, with an IND submission planned for 2025.

• Wacker Biotech GmbH successfully manufactured and released a full-scale batch of PAS-nomacopan drug substance under GMP conditions.
• The selected PAS-nomacopan version has a pre-clinical half-life supporting a potential clinical dose interval of 3 months or longer.
• The planned injection volume for the GA therapy is small, less than 100µL.

Akari Therapeutics, Plc (AKTX) - Canvas Business Model: Key Activities

You're focused on the core engine driving Akari Therapeutics, Plc right now: the activities that consume capital and are supposed to generate future value. The company has clearly pivoted its primary focus to oncology, specifically Antibody Drug Conjugates (ADCs), while managing the wind-down of older programs and pushing a key ophthalmology asset toward the clinic.

Research and development of next-generation Antibody Drug Conjugates (ADCs)

The R&D activity is heavily weighted toward the novel ADC platform. Akari Therapeutics, Plc is developing these using its proprietary platform chemistry, centered on the PH1 immuno-oncology payload. This payload is a spliceosome inhibitor, designed to disrupt RNA splicing in cancer cells, which is different from the tubulin inhibitors or DNA damaging agents used in current ADCs. The lead candidate here is AKTX-101, which targets the Trop2 receptor on cancer cells.

Financially, the shift is visible in the expense reports, though the overall R&D spend is low due to program suspension elsewhere. For the three months ended March 31, 2025, reported Research and Development expenses were $\mathbf{\$0.8}$ million, down from $\mathbf{\$2.3}$ million for the same period in 2024. However, Q3 2025 R&D spend ticked up slightly to $\mathbf{\$0.249}$ million for the quarter, compared to $\mathbf{\$0.143}$ thousand in Q3 2024.

Here's a look at the financial context surrounding this core activity:

Preclinical development and IND-enabling studies for AKTX-101

The activity here is generating data to support the advancement of AKTX-101 and the broader PH1 payload platform. You need to see proof-of-concept data to attract partners, which is a key capital-raising strategy.

Upcoming value-driving milestones for this activity include:

• Anticipate presenting preclinical data showing that a proof-of-concept ADC with PH1 payload exhibits robust immuno-oncology activity, at a scientific conference in second half of $\mathbf{2025}$.
• Complete additional preclinical studies for novel PH1 payload exploring activity in prostate cancer cell lines.
• Explore preclinical activity for AKTX-101 in different solid tumor indications including lung, as single agent and in combination with other approved agents.

The company presented promising immuno-oncology data for its PH1 payload on November $\mathbf{10}$, $\mathbf{2025}$.

Advancing PAS-nomacopan toward an Investigational New Drug (IND) submission in 2025

This is the key activity for the legacy ophthalmology/inflammation pipeline. Akari Therapeutics, Plc received positive and constructive Pre-IND (PIND) feedback from the US FDA on July $\mathbf{29}$, $\mathbf{2024}$. The company stated it intends to file an IND application in $\mathbf{2025}$ for PAS-nomacopan for the intravitreal treatment of Geographic Atrophy (GA).

The manufacturing component of this activity is also critical. A full-scale batch of drug substance for PAS-nomacopan was recently successfully manufactured and released under Good Manufacturing Practices (GMP) conditions by their partner, Wacker Biotech GmbH. This batch is designated for IND-enabling studies and initial clinical development.

The status of this key asset can be summarized:

Securing non-dilutive capital through strategic partnerships and licensing

Given the cash balance as of September 30, 2025, was $\mathbf{\$2.5}$ million, securing capital is a high-priority activity. The company is actively pursuing non-dilutive funding streams to support the ADC platform.

The strategy involves:

• Continue efforts to out-license non-core assets across inflammation, ophthalmology, and rare diseases as a source of non-dilutive capital to invest into ADC platform.
• Ongoing efforts to seek strategic partners for research collaborations on PH1 immuno-oncology payload across customized tumor targets.

To be fair, the company has been active in raising dilutive capital to bridge the gap. They secured approximately $\mathbf{\$6.0}$ million in net proceeds from March/April $\mathbf{2025}$ offerings, and then another registered direct offering closed around October $\mathbf{16}$, $\mathbf{2025}$, raising approximately $\mathbf{\$2.5}$ million (at $\mathbf{\$0.80}$ per ADS).

General and administrative oversight, including investor relations

G&A expenses for Q1 2025 were $\mathbf{\$2.7}$ million, down from $\mathbf{\$3.7}$ million year-over-year, primarily due to decreases in legal and professional fees related to a Merger and directors' and officers' insurance. For Q3 2025, G&A was $\mathbf{\$2.0}$ million.

Key personnel and compliance activities define the oversight function:

• Appointed Mark Kubik as Head of Business Development - Oncology.
• Appointed Kameel D. Farag as interim Chief Financial Officer on November $\mathbf{18}$, $\mathbf{2025}$.
• On November $\mathbf{24}$, $\mathbf{2025}$, Akari Therapeutics, Plc was notified by Nasdaq that its American Depositary Shares (ADSs) were not in compliance with the minimum bid price requirement of $\mathbf{\$1.00}$ per share, having closed below that level for $\mathbf{30}$ consecutive business days.

The company has $\mathbf{180}$ calendar days, until May $\mathbf{25}$, $\mathbf{2026}$, to regain compliance. Finance needs to draft a $\mathbf{13}$-week cash view by Friday.

Akari Therapeutics, Plc (AKTX) - Canvas Business Model: Key Resources

The Key Resources for Akari Therapeutics, Plc as of late 2025 center on its proprietary technology, financial runway, and the specialized human capital required to advance its oncology pipeline.

The foundation of the current focus is the proprietary ADC discovery platform, which is designed to generate Antibody Drug Conjugate (ADC) candidates against various cancer targets. This platform is intrinsically linked to the novel PH1 immuno-oncology payload, a Thailanstatin analog designed to function as a spliceosome inhibitor, aiming to disrupt alternative splicing drivers in cancer cells for cell death and immune system activation. The lead asset utilizing this technology is AKTX-101, an ADC targeting the Trop2 receptor. The company has also noted that the PH1 payload is being used to quickly build an ADC pipeline against known and novel targets, applicable to indications including colon, lung, breast, and prostate cancers.

Protection of this core technology is managed through an expanding intellectual property estate. This includes previously granted U.S. patents and recent international grants, such as Indian Patent No. 562,919, which specifically covers the proprietary PH1 payload, its linker technologies, and the ADC platform itself. Furthermore, Akari Therapeutics has been actively filing new provisional patent applications with the U.S. Patent and Trademark Office, expanding claims for the PH1 payload and its combination therapy potential with other immuno-oncology drugs. This IP strategy is also intended to protect the manufacturing activities (CMC) for the PH1 payload.

The financial resource base is currently lean, reflecting the R&D-stage nature of the business. As of the end of the third quarter, the company reported cash and equivalents of approximately $2.5 million. This figure is a critical input for near-term operational planning, especially given management expectations that this cash, combined with post-quarter financing activities, would only fund operations into the first quarter of 2026, underscoring a need for near-term business development or further capital markets events.

The human capital component is comprised of scientific and executive talent deeply focused on oncology and rare diseases. The company has made strategic leadership appointments, including a President & CEO with an impressive track record and a Head of Business Development Oncology, to advance the ADC platform and secure partnering deals. The team possesses deep expertise in immunology, drug development, and regulatory affairs.

For the legacy assets, which are currently available for partnering to potentially bring in non-dilutive capital, several key regulatory milestones have been achieved, primarily for the investigational bispecific nomacopan. These designations provide potential future market exclusivity benefits and regulatory streamlining for those specific indications.

Key Resource Metrics and Designations:

The company's ability to execute on its oncology focus is also supported by its collaboration structure.

• Collaboration with academic institutions to support global clinical studies.
• Focus on generating non-dilutive capital through partnering of legacy pipeline.
• Platform technology is designed for rapid generation of ADC candidates against diverse targets.

Akari Therapeutics, Plc (AKTX) - Canvas Business Model: Value Propositions

You're looking at the core value Akari Therapeutics, Plc is trying to deliver with its pipeline assets as of late 2025. It's all about differentiation in crowded spaces, especially oncology and ophthalmology.

Novel ADC payload (PH1) designed to overcome resistance in solid tumors

The value here is moving beyond the established payload classes that are showing limitations in the market. The existing landscape heavily relies on two toxin classes: DNA damaging agents and microtubule inhibitors. For context, the 2023 sales for products using DNA damaging agents were reported around $1.0B and $2.7B, while microtubule inhibitors were around $1.75B and less than $100M for different products, based on a corporate presentation snapshot. Akari Therapeutics, Plc's lead candidate, AKTX-101, uses the novel PH1 payload, a spliceosome inhibitor, which disrupts RNA splicing. This mechanism is designed to deliver direct tumor cell cytotoxicity and, critically, generate neoantigens. Preclinical data showed that Trastuzumab-PH1 drives macrophages toward an anti-tumor state and causes expansion of B cell clones with subsequent IgM antibody production. Akari Therapeutics, Plc is initiating IND-enabling studies for AKTX-101, which targets the Trop2 receptor.

Potential for a long-acting geographic atrophy (GA) therapy with PAS-nomacopan

For geographic atrophy, the value proposition centers on patient convenience and potentially mitigating a known complication. PAS-nomacopan is a long-acting candidate that received positive and constructive Pre-IND feedback from the US FDA on July 29, 2024, setting the stage for an IND submission in 2025. The goal is to support a clinical dose interval of 3 months or longer, potentially translating to only 3 or 4 intravitreal injections a year. This compares to existing therapies where dose intervals are shorter.

Dual mechanism of action in nomacopan (C5 and LTB4 inhibition)

The investigational nomacopan, which PAS-nomacopan is based on, offers a dual hit. It is a bispecific recombinant inhibitor of complement C5 activation and leukotriene B4 (LTB4) activity. The LTB4 inhibition component is specifically important for the GA indication, as LTB4 can upregulate VEGF-A production, which is linked to choroidal neovascularization (CNV) risk associated with approved inhibitors. The company is advancing this long-acting version for intravitreal treatment of GA.

Targeting high-unmet-need oncology indications with AKTX-101

AKTX-101 is positioned to address niches where current ADCs fall short. The company sees a large opportunity in solid tumors like lung, colon, and gastric cancers. The value here is the potential for enhanced activity as a single agent, low off-target toxicity, and the ability to induce epitope spreading, which means resistant cells can be killed by the immune response.

Platform technology for generating multiple ADC candidates

The underlying platform technology provides the capability to generate a pipeline of candidates beyond the lead. This platform uses the PH1 payload as its cornerstone to build ADCs against a wide range of tumors. The company is advancing AKTX-102, which is expected to disclose its target and more details by the end of 2025. The platform is designed to fuel this growing pipeline.

Here is a quick look at the financial context surrounding these development efforts as of late 2025:

The pipeline focus is clear, but the cash position requires you to watch capital allocation closely.

The key value drivers for the ADC pipeline include:

• Direct Tumor Cell Cytotoxicity from PH1 payload.
• Generation of Neoantigens stimulating immune response.
• Ability to Induce Epitope Spreading.
• Potential Synergy With IO (Immuno-Oncology) agents.

Akari Therapeutics, Plc (AKTX) - Canvas Business Model: Customer Relationships

High-touch, direct engagement with Key Opinion Leaders (KOLs) in oncology

Akari Therapeutics, Plc engages directly with scientific leadership to validate its novel ADC platform. The company announced the formation of its Scientific Advisory Board and the inaugural appointment of renowned Medical Oncologist, Sara A. Hurvitz, MD, FACP, in October 2025. CEO Abizer Gaslightwala provided an overview of ADC innovation, highlighting the novel PH1 payload, in a CEO Corner segment released November 25, 2025. Data regarding the spliceosome targeting payload, PH1, was presented at the 40th Annual Society for Immunotherapy of Cancer (SITC) Meeting in November 2025.

• Appointment of Dr. Sara A. Hurvitz to Scientific Advisory Board in October 2025.
• Presentation of PH1 payload data at the SITC Meeting in November 2025.

Intensive investor relations to secure ongoing equity financing

Securing capital is a continuous relationship management activity for Akari Therapeutics, Plc. The company executed two significant financing events in 2025 alone. The Interim CFO brings over 20 years of leadership experience, including raising over $170M+ in capital. The company has a history involving 8 institutional investors. The latest reported financing activity in late 2025 involved a registered direct offering to raise approximately $2.5 million at $0.80 per ADS. This followed a private placement in March 2025 that raised approximately $7.6 million, priced at $0.87 per ADS based on the February 28, 2025, closing price. The company reported a negative EBITDA of $12.8 million in the last twelve months leading up to October 2025.

The closing price for Akari Therapeutics, Plc ADSs on July 25, 2025, was $1.12 per ADS. Historically, the largest funding round was a Post IPO round for $75M in September 2015, contributing to a total historical raise of $2.43M over 9 rounds.

Direct communication with regulatory bodies (FDA) for IND/clinical guidance

Engagement with the U.S. Food and Drug Administration (FDA) is critical for advancing pipeline assets. Akari Therapeutics, Plc received positive and constructive Pre-IND (PIND) feedback from the FDA on July 29, 2024, concerning PAS-nomacopan for Geographic Atrophy (GA). The company expects to submit the Investigational New Drug (IND) application in 2025 to initiate the first clinical studies for this treatment. A full-scale batch of the drug substance, intended for IND-enabling studies and initial clinical development, was successfully manufactured and released under Good Manufacturing Practices (GMP) by Wacker Biotech GmbH. Earlier in its history, the company had a successful End of Phase II meeting with the FDA regarding Nomacopan for Bullous Pemphigoid (BP) in August 2020.

• IND submission for PAS-nomacopan anticipated in 2025.
• Positive Pre-IND feedback received from FDA on July 29, 2024.
• GMP-compliant drug substance manufactured by Wacker Biotech GmbH.

Strategic business development with potential licensing partners

Akari Therapeutics, Plc actively manages relationships to out-license non-core or complementary assets. The company is specifically seeking external licensing partners for its preclinical PAS-nomacopan program in Geographic Atrophy (GA). Furthermore, the company stated an intent to seek license partners for its TROP-2 ADC program. The merger with Peak Bio, which closed November 14, 2024, was structured to emphasize business development and licensing opportunities. Potential deal structures previously mentioned include an Undisclosed upfront payment with up to $325.5M in milestones and royalties, or another structure involving $50M upfront for rights outside of China and a total deal potential of $1.15B plus royalties.

The company's ADC Platform is designed to generate novel ADC candidates against any relevant target, supporting future partnership opportunities.

Akari Therapeutics, Plc (AKTX) - Canvas Business Model: Channels

The Channels for Akari Therapeutics, Plc (AKTX) are currently centered on external engagement for data dissemination and capital raising, given the preclinical stage of its lead asset, AKTX-101, and the stated need to secure non-dilutive capital.

Direct-to-Specialty-Physician sales force for future commercialized products

Akari Therapeutics, Plc (AKTX) has not established a direct-to-specialty-physician sales force as of late 2025, which is typical for a company with a preclinical-stage lead program, AKTX-101. The current channel strategy for future commercialization is heavily weighted toward securing a strategic partner, which would then provide the necessary infrastructure, including a sales force, upon successful clinical progression. The company's operational focus is on advancing the ADC platform, with cash on hand previously guided to be sufficient to fund planned operations into September 2025. The net loss from operations for the first quarter of 2025 was approximately $3.7 million.

Out-licensing agreements with larger pharmaceutical companies

The pursuit of out-licensing agreements is a primary channel for generating non-dilutive capital and advancing the pipeline. The company is actively seeking a licensing/strategic partner for AKTX-101 (TROP2 PH1 ADC). Furthermore, Akari Therapeutics, Plc (AKTX) is leveraging opportunities for non-dilutive capital through partnering of its legacy pipeline assets. The company announced a $2.5 million registered direct offering in October 2025, indicating an ongoing need for capital to fund research and development activities, which are critical to making out-licensing more attractive.

The strategic focus on partnering is underscored by the appointment of a seasoned Head of BD, Oncology (Mark Kubik), to bolster partnering capability.

Scientific publications and conferences to disseminate preclinical data

Dissemination of preclinical data through scientific venues serves as a key channel to validate the technology and attract potential partners. The company planned to present anticipated PH1 Payload preclinical data at a scientific conference in the second half of 2025. Specific engagement channels included:

The presentation webcast at the H.C. Wainwright conference was available starting September 5, 2025, at 7:00 AM ET and remained accessible on the company's website for 90 days.

Investor presentations and corporate website for capital markets

Investor engagement is a critical channel for maintaining liquidity and funding operations. The company utilized updated investor presentations, such as the one released on August 19, 2025, for stakeholder meetings. The financial context surrounding these capital market activities is stark:

• Cash on hand as of March 31, 2025: approximately $2.6 million.
• Net proceeds from a March 2025 offering: approximately $6.0 million.
• October 2025 Registered Direct Offering Price: $0.80 per ADS.
• October 2025 Offering Gross Proceeds: approximately $2.5 million.
• Market Capitalization (August 2025): $32.94M.
• Market Capitalization (October 2025): $32 million.
• Closing Price of ADSs (July 25, 2025): $1.12 per ADS.
• Maximum aggregate offering price under July 2025 Form S-3 shelf registration: $75 million.
• Share Purchase Agreement with White Lion Capital (August 29, 2025): up to $25 million in newly issued Ordinary Shares.

The negative EBITDA for the last twelve months leading up to October 2025 was $12.8 million.

Akari Therapeutics, Plc (AKTX) - Canvas Business Model: Customer Segments

Large pharmaceutical/biotech companies for ADC platform or nomacopan licensing

Akari Therapeutics, Plc is actively seeking licensing or strategic partners for its lead asset, AKTX-101, which targets the Trop2 receptor. The company's market capitalization as of November 2025 was reported at $22.8 million. For the three months ended March 31, 2025, the net loss from operations was approximately $3.7 million. The platform technology is designed to generate novel ADC candidates against any relevant target, allowing for multiple program developments for additional licensing partnerships.

Oncologists and hematologists treating solid tumors (future)

This segment is targeted by the development of AKTX-101, a preclinical stage ADC candidate. The focus is on solid tumors where the Trop2 receptor is expressed in the highest number of cancer types.

• Targeted tumor types include lung, breast, colon, and prostate cancers.
• AKTX-101 utilizes the novel PH1 payload, a spliceosome inhibitor.
• Preclinical data presented in November 2025 showed a 74% complete response rate in colon cancer models when a Trastuzumab-PH1 ADC was combined with anti-PD1 therapy.

Patients with solid tumors targeted by the AKTX-101 program

The AKTX-101 program is focused on a variety of solid tumors expressing the Trop2 receptor. The company is advancing IND-enabling studies with plans to move this ADC into clinical trials. The platform's ability to precisely tune assets allows for program development across a range of cancers.

Patients with geographic atrophy (GA) for the PAS-nomacopan program

While the HSCT-TMA clinical stage program with nomacopan was suspended in May 2024, the potential patient segment for a GA therapy is substantial, as reflected in market data. The global population of geographic atrophy sufferers is estimated to be more than 8 million.

• The Geographic Atrophy (GA) Market size across the top 7 markets (US, EU4, UK, Japan) was valued at USD 25.6 Billion in 2024.
• The GA Market is projected to grow from USD 24.93 Billion in 2025 to USD 51.39 Billion by 2035.
• In the US, approximately 1.49 million Americans are affected by late-stage, vision-threatening age-related macular degeneration (AMD), which includes GA, as of January 2025.
• The US market for AMD drugs reached US$ 10.57 billion in 2024 and is expected to reach US$ 11.69 billion in 2025.

Akari Therapeutics, Plc (AKTX) - Canvas Business Model: Cost Structure

You're looking at the cost side of Akari Therapeutics, Plc's business model as of late 2025. Since they are pre-commercial, the entire structure is built around funding their research and development, which means operating expenses are the main story. The total loss from operations for Q3 2025 hit $7.4 million.

Here's a breakdown of the key expense categories for the third quarter ended September 30, 2025:

The most significant single event impacting the cost structure in Q3 2025 was the $5.18 million impairment loss on other intangible assets. This charge was specifically tied to the in-process R&D associated with the PHP-303 program, which the company fully impaired and wrote off.

You can see how the core operating costs stack up:

• Research and Development (R&D) expenses were $249 thousand for the quarter.
• General and Administrative (G&A) expenses were $1.975 million.

The G&A line item is where you'll find the costs associated with being a public entity and compensating the management team. Specifically, non-cash stock-based compensation accounted for $685 thousand during Q3 2025.

The costs associated with maintaining the ADC discovery platform and the Intellectual Property (IP) portfolio are embedded within the R&D and G&A figures, as the company is focused on its Antibody-Drug Conjugate (ADC) pipeline, including the lead asset AKTX-101. Remember, patent amortization is calculated over the shorter of the legal or useful life, and costs to maintain and defend patents are expensed in the period issued.

For perspective on the nine-month run rate ending September 30, 2025:

• R&D expenses totaled $1.7 million.
• G&A expenses totaled $7.139 million.

Finance: draft the 13-week cash view by Friday, focusing on burn rate excluding the one-time impairment.

Akari Therapeutics, Plc (AKTX) - Canvas Business Model: Revenue Streams

Akari Therapeutics, Plc (AKTX) revenue streams as of late 2025 are primarily non-operational, centered on capital raising activities to fund its Antibody Drug Conjugate (ADC) pipeline development.

Equity financing from public offerings provided significant, though intermittent, capital injections throughout 2025.

• Equity financing from public offerings, like the $5.9 million net proceeds YTD 2025.
• Financing activities included a March 2025 offering with $6.0 million gross proceeds, of which $4.0 million was received in April 2025.
• A Registered Direct Offering in October 2025 was agreed upon for gross proceeds of approximately $2.5 million.

The company has been actively engaging in business development discussions, which represent potential future revenue streams contingent on external partnerships.

• Potential upfront and milestone payments from strategic licensing deals for the TROP-2 ADC program and monetization of non-core assets.

Future revenue from commercialization remains theoretical at this stage, as the pipeline is pre-commercial.

• Future royalties and product sales from commercialized ADC or nomacopan therapies.

Short-term funding has been secured through various debt instruments, which are liabilities but represent cash inflows for operations.

Here's a quick look at the debt instruments and related financing activity in 2025:

The balance sheet as of September 30, 2025, also listed $198k in notes payable to third parties.