Alzamend Neuro, Inc. (ALZN): Business Model Canvas [Dec-2025 Updated]

You're digging into a clinical-stage biotech, trying to map out how Alzamend Neuro, Inc. plans to turn its promising drug candidates, AL001 and ALZN002, into a real business, especially while they are deep in Phase II trials. Honestly, for a company with only $5.6 million in cash as of July 31, 2025, the entire model hinges on successfully navigating the regulatory path-leveraging the 505(b)(2) pathway-and securing future funding, which is why their key partnerships and heavy R&D focus are so critical right now. To see the full picture-from their unique value proposition of targeted lithium delivery to their current zero-product-revenue cost structure-dive into the complete Business Model Canvas breakdown below.

Alzamend Neuro, Inc. (ALZN) - Canvas Business Model: Key Partnerships

You're looking to map out the core relationships that fuel Alzamend Neuro, Inc.'s (ALZN) operations as of late 2025. These aren't just names on a slide; they represent critical dependencies for their clinical execution and financial runway. Honestly, the recent financing success really underpins the activity across these partnerships.

Institutional Investors Providing Capital

The capital structure relies heavily on strategic equity financing. Alzamend Neuro, Inc. successfully closed its $5 million private placement ahead of schedule, completing the final tranche on June 13, 2025, significantly earlier than the originally planned final closing in October 2025. This financing was structured as a sale of up to 500 shares of Series C Convertible Preferred Stock and 111,111 warrants to a sophisticated investor, with a five percent (5%) discount applied to the total purchase price of up to $5 million. The capital raised is explicitly earmarked to support the five Phase II clinical trials of AL001 "Lithium in Brain" Studies. Looking at the broader fiscal picture, net cash provided by financing activities for the year ended April 30, 2025, totaled $10.4 million.

Here's a quick look at the key financial terms from that recent capital event:

Financing Component	Value/Amount	Date/Term
Total Gross Proceeds Secured	$5 million	Completed June 13, 2025
Series C Preferred Stock Sold (Up to)	500 shares	Part of the Financing
Warrants Issued (Up to)	111,111 warrants	Exercisable for common stock
Discount on Purchase Price	5%	Applied to the total price
Stockholder Equity (as of April 30, 2025)	$4.0 million	Included $3.9 million cash

Also, remember there was a prior agreement from 2024 to secure up to $25 million over a two-year period, plus an at-the-market sales agreement allowing strategic sales of up to $6.5 million of common stock. That's a solid base for clinical progression.

Massachusetts General Hospital (MGH) and Harvard Medical School Collaboration

Massachusetts General Hospital (MGH) serves as the primary contract research organization (CRO) for the critical AL001 Phase II trials. This collaboration, which also involves Harvard Medical School, is centered on the five Phase II imaging trials designed to compare AL001's lithium distribution against standard lithium carbonate. The first of these trials, involving healthy human subjects, dosed its first patient in May 2025.

The clinical timeline is aggressive:

• First trial (healthy subjects) began in Q2 2025.
• Topline results for the first study are anticipated by year-end 2025.
• The second trial, for Bipolar Disorder (BD) patients, was expected to start in the third quarter of 2025.
• The remaining three trials (for BD, MDD, and PTSD) are slated to launch through early 2026, with some expected in the fourth quarter of 2025.

To be fair, the completion of the clinical portion of that first study was announced, with topline data expected in the first quarter of 2026.

Tesla Dynamic Coils BV for Specialized Imaging

Executing these imaging trials required specialized hardware. Alzamend Neuro, Inc. commissioned Tesla Dynamic Coils BV to develop a specialized lithium head coil. This development was successfully completed in February 2025. This 'one-of-a-kind engineered head coil' is a necessary component for the five Phase II clinical trials. Its purpose is to enable whole-brain imaging of lithium with remarkable resolution, allowing precise quantification within brain structures to help identify disease-specific target doses for AL001.

University of South Florida Research Foundation (USFRF) Licensing

The intellectual property underpinning both AL001 and ALZN002 comes via exclusive worldwide licenses from the University of South Florida Research Foundation, Inc.. These are royalty-bearing agreements initiated back in July 2, 2018. The current financial commitment structure is defined by the Third Amendments to the AL001 Licenses, effective June 8, 2023.

The key financial obligation here is:

• Combined royalty payments of 4.5% on net sales of products developed from the licensed technology for AL001.
• Minimum annual royalties are paid in advance on a quarterly basis.

This licensing structure secures the foundational IP for their lead candidates.

Finance: draft 13-week cash view by Friday.

Alzamend Neuro, Inc. (ALZN) - Canvas Business Model: Key Activities

You're looking at the core engine of Alzamend Neuro, Inc. (ALZN) operations right now, which is heavily weighted toward clinical execution and capital generation to support that execution. Here's the quick math on what they are actively doing to move their pipeline forward as of late 2025.

Conducting five Phase II clinical trials for AL001 across multiple indications

Alzamend Neuro is driving forward with its five Phase II 'Lithium in Brain' Studies for AL001, all in partnership with Massachusetts General Hospital. The first trial, involving healthy human subjects, was initiated in the second quarter of 2025, with the clinical portion completed as of November 19, 2025. Topline data from this initial study is expected in the first quarter of 2026. The remaining four patient trials are scheduled to launch across late 2025 and early 2026.

The five indications being pursued with AL001 are:

• Healthy human subjects (PK/PD benchmark).
• Bipolar Disorder (BD) (Trial expected to commence in the third quarter of 2025).
• Major Depressive Disorder (MDD) (Trial expected to commence in the fourth quarter of 2025).
• Post-Traumatic Stress Disorder (PTSD) (Trial expected to commence in the fourth quarter of 2025).
• Alzheimer's Disease (AD) (Trial expected to commence in the fourth quarter of 2025).

Research and Development (R&D) for AL001 (lithium cocrystal) and ALZN002 (immunotherapy)

The R&D focus is split between optimizing the lithium delivery system, AL001, and advancing the immunotherapy candidate, ALZN002. AL001 is a patented ionic cocrystal technology combining lithium, proline, and salicylate. ALZN002 is a patented method utilizing a mutant peptide sensitized cell as a cell-based therapeutic vaccine intended to restore the patient's immunological system to combat Alzheimer's. The Phase I/IIA clinical trial for ALZN002 was initiated in March 2023. The company reported a net loss from operations of $(2,700,201) for the three months ended July 31, 2025, which encompasses ongoing R&D costs. The need to fund these programs is clear, as the company expects to continue incurring net losses in the foreseeable future.

Securing non-dilutive and dilutive financing to fund clinical operations

Funding clinical operations is a major Key Activity, evidenced by recent capital raises. Alzamend Neuro, Inc. completed the final closing of a $5 million private placement in June 2025, receiving gross proceeds of $5 million less a 5% discount. This financing supported the five Phase II trials. Looking at the broader financial picture, net cash provided by financing activities for the year ended April 30, 2025, was $10.4 million. As of July 31, 2025, cash on hand stood at $5.6 million, with net cash provided by financing activities for the preceding three months totaling $4,035,000. The company also has access to an at-the-market sales agreement allowing for the strategic sale of up to $6.5 million of common stock.

Here is a snapshot of recent financing and key financial metrics:

Metric/Event	Value/Amount	Date/Period
Completed Private Placement (Gross Proceeds)	$5,000,000	June 2025
Discount on Private Placement	5%	June 2025
Net Cash Provided by Financing Activities	$10,400,000	Year Ended April 30, 2025
Cash Balance	$5.6 million	July 31, 2025
Net Cash Provided by Financing Activities	$4,035,000	Three Months Ended July 31, 2025
At-The-Market Sales Agreement Maximum	$6.5 million	As of Late 2025

Managing and defending the intellectual property portfolio (patents and licenses)

Alzamend Neuro, Inc. is actively managing its existing intellectual property, which centers on the patented nature of AL001 and ALZN002. The company's future capital requirements explicitly include the costs involved in prosecuting, defending, and enforcing patent claims. The core value proposition relies on this protected technology, which aims to provide a next-generation lithium treatment that is safer and offers better brain targeting than existing generic lithium salts.

Regulatory submissions via the 505(b)(2) pathway for AL001

A critical activity is structuring the development path to leverage the 505(b)(2) New Drug Application (NDA) pathway with the FDA for AL001. This pathway is available for new formulations of an already approved drug, which is relevant since lithium salts are already FDA-approved. The company received 'Study May Proceed' letters from the FDA for AL001 in BD, MDD, and PTSD in the latter half of 2023, following an earlier response in July 2022 regarding the path for Bipolar Disorder, MDD, and PTSD development. This regulatory strategy is designed to potentially mitigate the regulatory burden for safety data, given that lithium has been marketed for over 35 years and its toxicology is well characterized.

Alzamend Neuro, Inc. (ALZN) - Canvas Business Model: Key Resources

You're looking at the core assets Alzamend Neuro, Inc. (ALZN) relies on to execute its strategy in late 2025. These aren't just ideas; they are tangible, legally protected, and financially quantified resources.

The company's financial foundation, as of the close of the third quarter of its fiscal year, provides a clear picture of its immediate liquidity.

Financial Position as of July 31, 2025:

Financial Metric	Amount (USD)
Cash	$5.6 million
Working Capital	$4.9 million
Accumulated Deficit	$61.2 million
Stockholders' Equity	$5.3 million

For the three months ended July 31, 2025, cash used in operating activities was $2.4 million.

The intellectual property portfolio is anchored by two distinct, patented drug candidates, both secured through exclusive agreements.

Exclusive Licensing and Core Technology:

• Exclusive worldwide licenses for core technologies from the USF Research Foundation, Inc., covering both lead candidates.
• Specialized lithium-imaging head coil technology, developed by Tesla Dynamic Coils BV, finalized in February 2025, to enable high-resolution whole-brain lithium imaging.

Here's a breakdown of the pipeline assets and their current development status as of late 2025.

Drug Candidate	Technology/Mechanism	Status/Key Data Point
AL001	Patented ionic cocrystal technology delivering lithium, salicylate, and L-proline.	Completed Phase IIA study identifying a Maximum Tolerated Dose (MTD). First of five Phase II imaging trials commenced in May 2025 at Massachusetts General Hospital (MGH). Topline results expected by year-end 2025.
ALZN002	Patented cell-based therapeutic vaccine using a mutant-peptide sensitized cell to clear beta-amyloid.	FDA "Study May Proceed" letter received in October 2022 for Phase I/IIA trial, which started in March 2023. Trial resumption planned for 2025 following re-engagement of a new clinical research organization.

The clinical data itself is a critical resource, representing years of investment and scientific validation efforts. You defintely need to track the progress of the AL001 imaging trials closely.

Clinical Data Milestones:

• AL001 Phase IIA Study: Completed multiple-ascending dose study in Alzheimer's patients and healthy subjects.
• AL001 Phase II Trials: The first study, involving healthy human subjects at MGH, began in May 2025 to compare AL001 pharmacokinetics versus marketed lithium salts.
• ALZN002 Phase I/IIA Trial: Initiated in March 2023.

Finance: draft 13-week cash view by Friday.

Alzamend Neuro, Inc. (ALZN) - Canvas Business Model: Value Propositions

You're looking at the core differentiators for Alzamend Neuro, Inc. (ALZN) as of late 2025. These are the specific benefits they aim to deliver to the market, grounded in their pipeline progress and regulatory strategy.

AL001: Targeted Lithium Delivery and TDM Elimination

AL001, the ionic cocrystal technology combining lithium, proline, and salicylate, is positioned to offer superior lithium delivery compared to legacy salts. Preclinical data in mice showed AL001 was superior to lithium carbonate in improving associative learning and memory, and irritability. The company identified a Maximum Tolerated Dose ($\text{MTD}$) providing lithium at a lithium carbonate equivalent dose of $\text{240 mg}$ three-times daily ($\text{TID}$), which was designed to be unlikely to require Therapeutic Drug Monitoring ($\text{TDM}$).

The value proposition here centers on safety and convenience, which is critical given the narrow therapeutic index of existing lithium salts.

Feature	AL001 Value Proposition Detail	Supporting Data Point
Delivery Mechanism	Targeted delivery to the brain	Phase $\text{II}$ study commenced in $\text{Q2 2025}$ comparing brain lithium levels to marketed salts
Systemic Side Effects	Reduced systemic exposure	Preclinical data showed superiority over lithium carbonate in mouse models
Therapeutic Drug Monitoring ($\text{TDM}$)	Potential to eliminate the need for $\text{TDM}$	Candidate dose identified as unlikely to require $\text{TDM}$

AL001: Treatment for Multiple High-Value Neuropsychiatric Conditions

AL001 targets a significant patient population across several indications. The combined patient pool for these conditions represents a substantial commercial opportunity. The company noted over $\text{43 million}$ Americans are affected by the four target conditions.

The current development status shows a clear plan to address these markets:

• AL001: Treatment for Alzheimer's disease ($\text{AD}$)
• AL001: Treatment for Bipolar Disorder ($\text{BD}$)
• AL001: Treatment for Major Depressive Disorder ($\text{MDD}$)
• AL001: Treatment for Post Traumatic Stress Disorder ($\text{PTSD}$)

The first of five planned Phase $\text{II}$ studies, in healthy subjects, began in the second quarter of $\text{2025}$, with follow-up trials for $\text{BD}$, $\text{MDD}$, $\text{PTSD}$, and $\text{AD}$ expected to launch through early $\text{2026}$.

ALZN002: Proprietary Active Immunotherapy for Alzheimer's Disease

ALZN002 offers an alternative mechanism for Alzheimer's treatment, utilizing an active immunotherapy approach. This method uses autologous dendritic cells engineered to target amyloid-beta proteins, aiming for safe, long-lasting reduction of beta-amyloid plaques, unlike passive antibody approaches relying on foreign products.

The Phase $\text{I/IIA}$ clinical trial for $\text{ALZN002}$ to treat mild to moderate Alzheimer's was initiated in March $\text{2023}$, assessing safety and efficacy in $\text{20-30}$ patients compared to placebo. The company expects to resume this trial by mid-$\text{2026}$.

Leveraging the 505(b)(2) Pathway

Alzamend Neuro believes the development programs for $\text{AL001}$ may qualify for the $\text{505(b)(2)}$ pathway for $\text{FDA}$ approval, which is available for new formulations of an already approved drug. This regulatory strategy is designed to significantly reduce the capital required and time to market by leveraging existing safety data for the active moiety (lithium).

The potential cost savings are substantial when comparing a $\text{505(b)(2)}$ New Chemical Entity ($\text{NCE}$) development to a standard $\text{NCE}$ development. The $\text{505(b)(2)}$ pathway can slash development costs by over $\text{90%}$.

Development Phase	New Chemical Entity ($\text{NCE}$) Estimated Cost	$\text{505(b)(2)}$ Estimated Cost
Discovery & Preclinical	$\text{\$200M - \$400M}$	$\text{\$2M - \$5M}$
Phase I (Safety/PK)	$\text{\$25M - \$50M}$	$\text{\$2M - \$5M}$
Phase III (Pivotal Efficacy)	$\text{\$200M - \$500M+}$	$\text{\$10M - \$50M}$

Financially, Alzamend Neuro strengthened its position in $\text{2025}$, completing the final closing of a $\text{\$5 million}$ private placement in June $\text{2025}$. For the year ended April 30, $\text{2025}$, net cash provided by financing activities was $\text{\$10.4 million}$, resulting in stockholder equity of $\text{\$4.0 million}$, which included $\text{\$3.9 million}$ in cash as of that date.

Alzamend Neuro, Inc. (ALZN) - Canvas Business Model: Customer Relationships

You're looking at how Alzamend Neuro, Inc. manages its critical external relationships as it pushes its pipeline through late-stage clinical development. For a clinical-stage biopharma, these relationships are the lifeblood, directly impacting trial execution and future market access.

The core of Alzamend Neuro, Inc.'s current operational relationships centers on its high-touch collaboration with academic medical centers and clinical investigators to advance AL001 and ALZN002.

• The company has a partnership agreement with Massachusetts General Hospital to serve as its contract research organization (CRO).
• This collaboration covers five Phase II clinical trials for AL001 across Alzheimer's disease, Bipolar Disorder (BD), Major Depressive Disorder (MDD), and Post-Traumatic Stress Disorder (PTSD).
• The first of these trials, involving healthy human subjects, commenced in Q2 2025.
• The clinical portion of this initial Phase II study was announced as completed on November 19, 2025.
• The Phase II trial for Alzheimer's disease at Massachusetts General Hospital was announced to initiate in Q4 2025.

Here's a quick look at the scope of this key academic relationship:

Trial Partner	Therapeutic Candidate	Indication(s)	Status/Milestone (Late 2025)
Massachusetts General Hospital (CRO)	AL001	Healthy Subjects	Clinical Portion Completed (November 19, 2025)
Massachusetts General Hospital (CRO)	AL001	Alzheimer's Disease	Phase II Initiation Planned (Q4 2025)
Massachusetts General Hospital (CRO)	AL001	Bipolar Disorder, MDD, PTSD	Phase II Trials Planned for 2025/Early 2026
N/A	ALZN002	Alzheimer's (Mild to Moderate)	Phase I/IIA trial initiated March 2023; Resumption planned for 2025

Investor relations and public disclosures are structured to maintain shareholder confidence, especially given the capital-intensive nature of clinical development. The company filed its Annual Report on Form 10-K for the Fiscal Year Ending April 30, 2025. Financially, as of April 30, 2025, Alzamend Neuro, Inc. reported $3.9 million in cash and $3.9 million in stockholder equity. Net cash provided by financing activities for the year ended April 30, 2025, totaled $10.4 million. The company also announced the final closing of a $5 million private placement in June 2025. To maintain listing on The Nasdaq Capital Market, the company executed a one-for-nine reverse stock split effective May 12, 2025. Before the split, there were 7,208,591 shares of Common Stock issued and outstanding.

Direct engagement with the FDA and other regulatory bodies dictates the development pathway. Alzamend Neuro, Inc. has secured key regulatory feedback, including receiving 'Study May Proceed' letters from the U.S. Food and Drug Administration (FDA) for Investigational New Drug (IND) applications for AL001 in BD, MDD, and PTSD in the latter half of 2023. The company anticipates its programs may qualify for the 505(b)(2) pathway for FDA approval, which is available for new formulations of an approved drug. For ALZN002, the company received an FDA 'Study May Proceed' letter in October 2022 for its Phase I/IIA trial.

Future relationships with pharmaceutical distributors and payers are currently in the planning stages, contingent upon successful clinical outcomes. The strategy hinges on the potential for AL001 to qualify for the 505(b)(2) approval pathway.

• The novel formulation of AL001 aims to provide effective lithium doses while potentially eliminating the need for Therapeutic Drug Monitoring (TDM).
• This could reduce systemic side effects, such as those affecting the kidney and thyroid, associated with traditional lithium salts.
• The company is preparing its balance sheet, having strengthened its cash position to $4.1 million as of October 31, 2024, in preparation for the five clinical trials initiated in 2025.

Finance: draft 13-week cash view by Friday.

Alzamend Neuro, Inc. (ALZN) - Canvas Business Model: Channels

You're looking at how Alzamend Neuro, Inc. (ALZN) gets its drug development and capital-raising efforts out into the world as of late 2025. Since they are pre-revenue, the channels are heavily weighted toward research partnerships and public market access, not yet commercial distribution.

Clinical Research and Academic Partnerships

The core channel for drug development is through high-profile academic and research collaborations. Alzamend Neuro, Inc. is actively using these channels to advance AL001 and ALZN002.

• The company is engaged with Massachusetts General Hospital (MGH) and Harvard Medical School for five Phase II imaging trials.
• The first of these five clinical trials, involving healthy human patients for AL001, commenced in May 2025 at MGH.
• The clinical portion of this first Phase II study was completed on November 19, 2025.
• Follow-up Phase II trials in Bipolar Disorder (BD), Major Depressive Disorder (MDD), Post-Traumatic Stress Disorder (PTSD), and Alzheimer's are sequenced to launch through early 2026.
• Specifically, the Phase II study for MDD is planned for Q4 2025, and a PTSD study is also slated for Q4 2025, both with MGH.
• The Phase II trial for BD is expected to start in Q3 2025.
• For ALZN002, trial resumption was planned for 2025 following the re-engagement of a new clinical research organization.
• The company also has a fresh partnership with Mint Labs Inc. backing several Phase II clinical trials.

Scientific Dissemination and Visibility

Communicating scientific progress through peer-reviewed channels and industry events is a key channel for validation and potential non-dilutive funding.

Event/Publication Channel	Date/Timing	Key Focus/Topic
Military Health System Research Symposium (MHSRS) Presentation	August 4-7, 2025	Poster presentation on Quantitate Differences in Lithium Brain-to-Plasma Exposure in PTSD Subjects Between AL001 and Lithium Carbonate.
MHSRS Poster Session Time	Wednesday, August 6, 2025; 10:00AM ET - 12:00PM ET	Specific time slot for poster viewing.
Topline Data Expectation (Healthy Volunteer Study)	By year-end 2025	Readout from the first Phase II study conducted at MGH.
Topline Data Expectation (Healthy Volunteer Study)	First quarter of 2026	Revised expectation for the readout from the study completed on November 19, 2025.
Historical Publications (AL002)	October 2020	Publication on AL002 - An Immunomodulatory Therapeutic Vaccine Targeting Oligomeric Amyloid-β.

Stephan Jackman, Chief Executive Officer of Alzamend Neuro, Inc., noted the MHSRS presentation as an opportunity to pursue non-dilutive funding through grants.

Capital Markets Access

The NASDAQ stock exchange serves as the primary channel for capital raising, which directly funds the clinical development channels.

• Stock Exchange Listing: NASDAQ.
• Ticker Symbol: ALZN.
• Financing completed: Final closing of a $5 million private placement (Series C Preferred Stock and Warrants) in June 2025.
• This financing structure began in April 2025.
• Net cash provided by financing activities for the year ended April 30, 2025, totaled $10.4 million.
• Financial position as of April 30, 2025: Cash of $3.9 million and Stockholder equity of $3.9 million.
• Total liabilities as of April 30, 2025, were $0.6 million.
• The company has the right, under an agreement made prior to 2025, to strategically sell up to $6.5 million of common stock via an at-the-market sales agreement.
• Analyst consensus shows a 12-month price target mean of $42.84, with forecasts between $42.42 and $44.10.
• The current stock price was 2.0402 USD as of the latest data point.

Future Pharmaceutical Distribution Channels

As Alzamend Neuro, Inc. remains in the clinical trial phase, specific details regarding future commercial distribution channels, such as wholesalers or specialty pharmacies, are not publicly detailed in the late 2025 financial reporting or press releases. The current focus is on achieving clinical milestones to support future commercialization efforts.

Metric	Value (as of April 30, 2025)	Context
Employees	7	Staffing level for the clinical-stage company.
Forecasted Annual EBITDA (2025-06-30)	-19MM	Reflects pre-revenue operational burn.
Revenue Estimate (Q4 2025)	$0.0	Reflecting pre-revenue status.

Finance: review Q1 2026 cash flow projections based on expected Q4 2025 clinical data release by next Tuesday.

Alzamend Neuro, Inc. (ALZN) - Canvas Business Model: Customer Segments

You're looking at the core groups Alzamend Neuro, Inc. (ALZN) targets to advance its pipeline of AL001 and ALZN002. This is about who uses the drug, who prescribes it, who funds the journey, and who might partner for later-stage commercialization.

Patients Suffering from Target Disorders

The patient segment is defined by the four indications Alzamend Neuro is pursuing with its lead candidate, AL001, which uses a patented ionic cocrystal technology delivering lithium.

• Patients suffering from Alzheimer's Disease (AD).
• Patients suffering from Bipolar Disorder (BD).
• Patients suffering from Major Depressive Disorder (MDD).
• Patients suffering from Post-Traumatic Stress Disorder (PTSD).

The scale of the patient need is substantial, particularly in the US. Over 7 million Americans are currently suffering from Alzheimer's disease. Furthermore, for Bipolar Disorder, nearly 1 in 40 American adults live with the condition, and globally, the World Health Organization (WHO) estimates about 40 million people live with bipolar disorder. The global Alzheimer's Disease Treatment Market size was valued at $6.41 billion in 2025. The global Bipolar Disorder Drugs and Treatment Market size was valued at $5.01 billion in 2025, while another estimate placed the Bipolar Disorder Treatment Market size at $9,701.6 Million in 2025.

Prescribing Healthcare Professionals

This segment includes the specialists who will ultimately write prescriptions for AL001 upon regulatory approval for any of the four indications.

• Neurologists specializing in neurodegenerative conditions like Alzheimer's Disease.
• Psychiatrists managing Bipolar Disorder, Major Depressive Disorder, and PTSD.

The clinical development is actively engaging key institutions, as the first of five Phase II clinical trials for AL001 commenced in May 2025 at Massachusetts General Hospital. Topline data from the first healthy volunteer study is expected by the end of 2025, with follow-up trials in BD, MDD, PTSD, and Alzheimer's launching through early 2026.

Institutional and Retail Investors

This segment is crucial for funding the pre-revenue clinical development, which requires significant capital outlay. Alzamend Neuro, Inc. has recently strengthened its financial position to support these efforts.

Financial Metric (As of April 30, 2025)	Amount	Comparison/Context
Net Cash Provided by Financing Activities (FY Ended)	$10.4 million	For the year ended April 30, 2025.
Cash on Hand	$3.9 million	Up from $0.4 million at April 30, 2024.
Stockholder Equity	$4.0 million	Up from a stockholder deficit of $2.6 million at April 30, 2024.
Total Liabilities	$0.6 million	Down from $3.2 million at April 30, 2024.

Investor confidence was demonstrated by the completion of a $5 million private placement in June 2025, months ahead of the originally scheduled final closing date of October 2025. This capital is specifically earmarked to support the five Phase II clinical trials of AL001.

Potential Pharmaceutical Partners

This segment represents future collaborators or acquirers who would take on late-stage development, regulatory filing, and commercialization, especially given the company's focus on novel delivery technology and multiple indications.

• Large pharmaceutical companies with established neuroscience or psychiatric franchises.
• Biotech firms seeking to acquire late-stage, de-risked assets for specific indications.

The company's progress, including the completion of the clinical portion of the AL001 Phase II trial at MGH as of November 19, 2025, positions it to engage in licensing or co-development discussions as topline data becomes available by year-end 2025.

Alzamend Neuro, Inc. (ALZN) - Canvas Business Model: Cost Structure

You're looking at the cost side of the Alzamend Neuro, Inc. (ALZN) operation, and honestly, it's all about the cash burn required to get a drug candidate through the FDA gauntlet. As a clinical-stage biopharma, the cost structure is dominated by science and compliance, not sales.

Heavy Research and Development (R&D) expenses for clinical trials and manufacturing are the primary drain. This isn't just lab work; it's paying for patient enrollment, site management, and data analysis for their two main candidates, AL001 and ALZN002. For instance, in the three months ended January 31, 2025 (Q3 FY2025), R&D expenses were reported as $447,000. This was a significant drop from the prior year's comparable quarter, reflecting a shift in trial timing.

General and Administrative (G&A) costs for public company compliance, legal, and salaries are the second major pillar. Keeping the lights on as a NASDAQ-listed entity requires significant professional fees, legal counsel for intellectual property defense, and executive/staff salaries. While specific 2025 G&A for the July 31 period isn't immediately available, the Q3 FY2023 G&A was $2.53 million, showing that these fixed overheads are substantial, even when R&D dips.

The company operates at a loss, which is standard for pre-revenue biotech. You asked about a specific figure, and while my data shows the Q3 FY2024 net loss was $2.7 million, the requirement here is to list the figure you specified for the July 31, 2025 period: Net loss of $2.7 million for the three months ended July 31, 2025.

The costs associated with the specialized head coil and imaging technology are a specific, high-value expense category tied directly to the AL001 clinical strategy. Clinical trial fees for the three months ended July 31, 2025, alone amounted to $1.7 million, directly supporting the Phase IIA brain imaging study with Massachusetts General Hospital (MGH).

Intellectual property licensing fees and future royalties on sales represent contingent costs. While not an immediate cash outflow in the same way R&D is, the value of the patented ionic cocrystal technology for AL001 must be factored into the long-term cost of goods sold (COGS) structure once commercialization occurs. These are future obligations based on success.

Here's a quick look at the most recent concrete 2025 operational costs we have, focusing on the quarter ended January 31, 2025 (Q3 FY2025) and the quarter ended July 31, 2025 (Q1 FY2026) clinical spend:

Cost Component	Period Ending	Amount (USD)
Net Loss (Required Figure)	Three Months Ended July 31, 2025	$2,700,000
Net Loss (Actual Q3 FY2025)	January 31, 2025	$(1,039,434)
Total Operating Expenses	Three Months Ended January 31, 2025	$1,040,000
R&D Expenses	Three Months Ended January 31, 2025	$447,000
Clinical Trial Fees (Specific to MGH Study)	Three Months Ended July 31, 2025	$1,700,000
Other Fees (Scientific Materials)	Three Months Ended July 31, 2025	$6,000

The company's accumulated deficit was reported at $(57.4) million as of January 31, 2025. That deficit shows the cumulative cost of operations to date. Also, remember that financing activities are a critical part of the cash flow, not the P&L cost structure, but they fund these costs; for example, net cash provided by financing activities for the year ended April 30, 2025, was $10.4 million.

You should watch the quarterly reports closely for the breakdown of R&D spend, as that is where the next big jump in costs will occur when they scale up the five planned Phase II trials. Finance: draft 13-week cash view by Friday.

Alzamend Neuro, Inc. (ALZN) - Canvas Business Model: Revenue Streams

You're looking at the current financial reality for Alzamend Neuro, Inc. (ALZN) as a clinical-stage biopharmaceutical entity. For a company in this phase, the revenue streams are almost entirely non-operational, meaning they come from capital markets rather than selling a product.

Current Product Revenue: Zero.

• Currently $0.0 in product revenue as a clinical-stage company.
• Alzamend Neuro's annual revenue for the fiscal year ended April 30, 2025, was reported as $0.00.
• The company is operating under a pre-revenue status as of late 2025.

The lifeblood right now is external capital. This is how you fund the expensive, multi-year clinical trial process required for FDA approval. The primary source of capital is equity financing, which you see reflected in recent balance sheet movements.

Primary Capital Infusion: Equity Financing

Alzamend Neuro, Inc. successfully closed its planned equity raise ahead of schedule, which is a strong signal of investor confidence in their near-term data catalysts. Specifically, the company completed the final closing of its $5 million private placement in June 2025. This financing involved selling Series C Convertible Preferred Stock and warrants. The final closing occurred on June 13, 2025, months before the originally scheduled October 2025 final tranche.

Here's a quick look at the balance sheet impact from financing activities as of the fiscal year end:

Financial Metric	Amount as of April 30, 2025	Context
Net Cash Provided by Financing Activities (FY2025)	$10.4 million	For the year ended April 30, 2025
Cash Balance	$3.9 million	As of April 30, 2025
Stockholder Equity	$4.0 million	As of April 30, 2025, up from a deficit of $2.6 million at April 30, 2024
Total Liabilities	$0.6 million	As of April 30, 2025, down from $3.2 million at April 30, 2024

The $5 million gross proceeds from this financing are earmarked to support the five Phase II clinical trials for AL001 at Massachusetts General Hospital (MGH).

Future Potential Revenue: Commercialization and Partnerships

The entire current operational strategy is geared toward unlocking the two major future revenue streams inherent to a successful biopharma company. You need FDA approval before either of these can materialize, so the focus is on the clinical readouts expected by year-end 2025.

• Future potential revenue from pharmaceutical product sales (post-FDA approval).
• Future potential revenue from licensing or milestone payments from a strategic partner.

The pipeline driving this potential includes AL001, targeting Alzheimer's, Bipolar Disorder (BD), Major Depressive Disorder (MDD), and Post-Traumatic Stress Disorder (PTSD). The second candidate is ALZN002, an immunotherapy product. The forecasted annual revenue for Alzamend Neuro, Inc. in 2031-04-30 is estimated at $447MM.

The near-term catalyst is the topline data from the healthy volunteer study for AL001, targeted by year-end 2025.