Calithera Biosciences, Inc. (CALA): Business Model Canvas [Dec-2025 Updated]

If you're tracking biotech turnarounds, you know that sometimes the final business model is about dissolution, not discovery. For Calithera Biosciences, Inc. (CALA) in late 2025, that's exactly the case: the canvas isn't about drug pipelines, but about managing a Chapter 11 wind-down, where the main 'revenue' is proceeds from selling intellectual property and the biggest 'cost' is legal fees to satisfy creditors and the CVR holder, Takeda Ventures, Inc. The core activity is orderly liquidation, aiming to recover value from assets like sapanisertib, even as cash burns, with a recent net change of -$8.62 million. Dive in below to see the stark reality of a biotech's final strategic framework.

Calithera Biosciences, Inc. (CALA) - Canvas Business Model: Key Partnerships

The Key Partnerships block for Calithera Biosciences, Inc. (CALA) is defined by the structure established during its orderly wind down and Chapter 11 proceedings, which commenced on November 6, 2023. The primary relationships now center on asset realization to satisfy creditor claims and the contingent value right (CVR) agreement.

The partnership with Takeda Ventures, Inc. is the most financially defined relationship governing the residual value of the company's assets.

• Bankruptcy court proceedings initiated on November 6, 2023.
• Orderly wind down of business and operations announced in January 2023.
• Plan of Complete Liquidation and Dissolution approved by stockholders around June 29, 2023.

The structure of the Takeda Ventures, Inc. contingent value right (CVR) dictates the distribution of proceeds from asset sales following the establishment of reserves for liabilities and wind-down expenses. This CVR arose from the April 2023 repurchase of all outstanding Series A convertible preferred stock for $4.0 million in cash.

Here's the quick math on the Takeda CVR structure, based on the May 2023 agreement:

The bankruptcy court appointed legal counsel and financial advisors to manage the process, though specific firm names for the late 2025 period are not publicly detailed in the same manner as the Takeda agreement terms. The focus for these professional partners is the orderly wind down and asset sales.

The roles of the appointed professionals are critical for fulfilling the liquidation mandate:

• Bankruptcy court and appointed legal counsel for Chapter 11 proceedings: Responsible for overseeing the legal framework of asset sales and creditor claims resolution.
• Financial advisors managing the orderly wind down and asset sales: Tasked with maximizing the net proceeds from the sale of intellectual property and drug candidates to satisfy obligations.
• Potential acquirers for intellectual property and drug candidates: Entities emerging to purchase remaining assets like the INCB001158, CB-280, ATG-037, and CB-668 programs, or associated licenses.

The company previously had collaboration agreements with Incyte Corporation, Pfizer, Mars, Inc., and Antengene Corporation Ltd., which are now subject to review and potential termination within the bankruptcy proceedings.

Calithera Biosciences, Inc. (CALA) - Canvas Business Model: Key Activities

You're looking at the core actions Calithera Biosciences, Inc. (CALA) must execute as it winds down under Chapter 11 protection. The focus has shifted entirely from drug development to legal closure and asset realization. Here's the quick math on what that means for their Key Activities as of late 2025.

Legal and administrative management of the Chapter 11 bankruptcy process

The primary activity here is managing the court-supervised process initiated on November 6, 2023. This involves extensive legal engagement to satisfy creditor claims through asset sales rather than ongoing operations. The administrative burden centers on compliance with court orders and managing the wind-down timeline.

• Chapter 11 filing date: November 6, 2023.
• Focus: Asset liquidation to satisfy creditor claims.
• Operational activity: Minimal, directed toward legal and financial restructuring.

Orderly liquidation and sale of all remaining corporate assets

This is the most financially significant activity. The goal is to convert remaining assets into cash, subject to a cap related to prior agreements. The company announced its intention to commence an orderly wind down in January 2023, preceding the formal bankruptcy filing. The key financial parameters governing this activity are tied to the maximum proceeds available from these sales.

The distribution framework for the net proceeds from asset sales is defined by agreements, notably with Takeda, the former holder of Series A convertible preferred stock. The total remaining proceeds from the sale of the Company's assets are capped at $31.0 million, after setting aside a reserve for liquidation expenses and liabilities.

Here is a summary of the financial context surrounding the liquidation activities:

Discontinuation and shutdown of all clinical development programs

All clinical development programs, which were the company's original focus in precision oncology, have been discontinued as part of the wind-down. This activity involves the cessation of research, termination of contracts related to trials, and archiving of all related intellectual property and data. There are no active clinical trial expenditures reported for late 2025, as the focus is on dissolution.

• Programs discontinued: All prior drug candidates, including those targeting tumor metabolism and immunology.
• Action: Cessation of all research and development operations.

Financial reporting and compliance with OTC Markets and SEC requirements

Even in liquidation, Calithera Biosciences, Inc. must maintain compliance, particularly as an entity trading on OTC Markets. This involves filing necessary disclosures to the SEC, even if the filings reflect the wind-down status. The last full annual report (10-K) was filed around March 31, 2023, covering the 2022 fiscal year. Post-dissolution plan approval, the required filings shift to reflect the liquidation status and eventual certificate of dissolution filing.

Compliance activities include:

• Filing required forms (e.g., 8-K, final 10-Q/10-K) detailing liquidation progress.
• Maintaining OTC Markets reporting standards for continued trading status.
• Establishing and reporting on the reserve fund for future liquidation expenses.

Finance: draft final cash reconciliation report for the bankruptcy trustee by next Tuesday.

Calithera Biosciences, Inc. (CALA) - Canvas Business Model: Key Resources

You're looking at the core assets supporting Calithera Biosciences, Inc.'s operations, which, as of late 2025, are defined by a wind-down process following the 2023 dissolution approval.

The most tangible resource is the remaining capital, though the latest specific quarterly net change of -$8.62 million is not publicly confirmed in late 2025 filings, given the company's status. The last reported cash balance before the major wind-down activities was $25.45 Million USD as of December 31, 2022. The Net Cash Flow for the full fiscal year 2022 was -$34.09 million.

The Key Resources table below summarizes the latest verifiable financial positions:

The intellectual property portfolio centers on the two oncology drug candidates acquired from Takeda Pharmaceuticals in 2021. These assets are now part of the liquidation process, as all clinical programs were discontinued in January 2023.

• Sapanisertib (TORC 1/2 inhibitor)
• Mivavotinib (SYK inhibitor)

The Contingent Value Right (CVR) agreement with Takeda Ventures, Inc. is a critical residual obligation/asset tied to the liquidation. This CVR entitles Takeda Ventures to receive the Takeda Liquidation Distribution, which is the remaining proceeds from asset sales (up to $31M) after establishing a reserve for expenses and non-contingent liabilities.

Personnel resources are minimal, reflecting the company's wind-down status. Most employees were terminated by the end of the first quarter of 2023. The remaining personnel are focused on administrative and legal functions necessary to close out the dissolution process.

• Personnel count significantly reduced post-Q1 2023 termination.
• Focus on administrative and legal winding-down functions.

The company's ability to continue as a going concern had substantial doubt noted as of the December 31, 2022, 10-K filing. The company filed to terminate its SEC registration under section 12(g) on March 14, 2023.

The upfront cash payment for the Takeda assets was $10 million, with an additional $35 million issued in Series A preferred stock.

Calithera Biosciences, Inc. (CALA) - Canvas Business Model: Value Propositions

The value proposition for Calithera Biosciences, Inc. (CALA) in its late-stage wind-down phase, as reflected in its business model canvas, centers entirely on the execution of its Plan of Complete Liquidation and Dissolution.

Maximizing asset recovery for creditors and CVR holders through liquidation.

The primary value delivered is the structured realization of remaining asset value following the cessation of operations. This process is governed by agreements made during the restructuring, specifically concerning the Contingent Value Right (CVR) held by Takeda Ventures, Inc. The goal is to convert remaining assets into cash to satisfy obligations according to established legal and contractual priorities.

The framework for asset distribution, based on the Plan of Dissolution approved in 2023, outlines specific recovery targets:

• The maximum aggregate distribution to common stockholders was capped at $2,000,000.
• This common stock distribution equated to up to $0.40 per share based on outstanding shares as of May 1, 2023.
• The Takeda CVR is entitled to the remaining proceeds from asset sales, up to a maximum of $31.0 million, after other liabilities and reserves are settled.

Here's a look at the key financial components underpinning the asset recovery structure:

Orderly and compliant wind-down process for regulatory bodies.

For regulatory bodies, the value proposition is the commitment to an orderly and compliant wind-down process, which minimizes potential regulatory exposure or lingering compliance issues associated with a clinical-stage biopharmaceutical entity. This involves adhering to the Delaware General Corporation Law (DGCL) requirements for dissolution and liquidation.

The process includes specific actions to ensure compliance:

• Paying all known liabilities before final distribution.
• Establishing a reserve fund for contingent and unknown liabilities.
• Ceasing all clinical development programs, such as those for sapanisertib and mivavotinib.

Providing final financial clarity to former investors and the market.

The final value is the delivery of definitive financial closure. This clarity is crucial for former investors, particularly common stockholders who were informed that they did not anticipate receiving any liquidating distributions due to the liquidation preference of the Series A convertible preferred stock, even if all assets were converted to cash equivalents (prior to the repurchase agreement). The process aims to finalize the accounting for the company's final cash position after the asset sales and reserve establishment.

The financial clarity provided to the market, as of early 2025 updates, centers on the ongoing Chapter 11 proceedings and the focus on asset liquidation to satisfy creditor claims, effectively ending the operational chapter for Calithera Biosciences, Inc. (CALA).

Calithera Biosciences, Inc. (CALA) - Canvas Business Model: Customer Relationships

Formal, legal communication with creditors and the Bankruptcy Court.

The relationship is governed by the ongoing Chapter 11 bankruptcy proceedings, initiated on November 6, 2023. As of February 2025, the primary focus of these legal communications centered on asset liquidation to satisfy creditor claims.

The financial hierarchy dictating creditor treatment is anchored by prior agreements and preferences:

• Series A convertible preferred stock liquidation preference was not anticipated to be satisfied by asset conversion alone as of January 2023.
• The Company repurchased all outstanding Series A convertible preferred stock in April 2023 for $4.0 million in cash.
• A Contingent Value Right (CVR) was granted to Takeda Ventures, Inc. (Takeda) for all remaining proceeds from asset sales, capped at $31.0 million, after establishing a reserve for liabilities and expenses.

Direct, transactional relationships with asset purchasers.

The core transaction in this phase of the business model involves the sale of Calithera Biosciences, Inc.'s assets to satisfy outstanding obligations. The structure of these potential transactions is defined by the liquidation plan:

Minimal, statutory reporting to common stockholders.

Reporting to common stockholders is statutory and minimal, reflecting the low probability of recovery for this class of equity holders under the liquidation structure. The special meeting to approve the Plan of Complete Liquidation and Dissolution was canceled on June 29, 2023, due to a lack of quorum. As of January 2023, the Company did not anticipate any liquidating distributions to common stockholders. However, a contingent distribution was structured:

• Potential liquidating distribution: $0.40 per share.
• Total potential distribution amount (based on May 1, 2023, shares): approximately $2.0 million.
• Common Stock Shares Outstanding (as of Dec 2022 data): 4.87m.
• Last reported Market Cap (as of Dec 2022 data): US$974.000.

The relationship is essentially one of notification regarding the wind-down, with the last reported financial data relevant to equity value being from fiscal year-end 2022, showing Common Equity of $-1.95M.

Calithera Biosciences, Inc. (CALA) - Canvas Business Model: Channels

You're looking at the channels for Calithera Biosciences, Inc. (CALA) in late 2025, and honestly, the primary channels are now centered around legal and market mechanics, not product distribution, given the company's status. The core of its current 'channel' activity flows through the courts and the over-the-counter (OTC) market.

U.S. Bankruptcy Court filings and legal notices

The main channel for Calithera Biosciences, Inc. activity is the U.S. Bankruptcy Court, specifically regarding its Chapter 11 proceedings. These filings dictate the company's current operational reality, which is focused on winding down operations. The Chapter 11 proceedings officially started on November 6, 2023. As of February 20, 2025, the focus in court remained squarely on asset liquidation to satisfy creditor claims. The Board of Directors had previously approved the dissolution and liquidation plan on January 9, 2023.

Key legal and procedural milestones serve as critical communication channels:

• Chapter 11 proceedings initiated: November 6, 2023.
• Primary current activity: Asset liquidation.
• Dissolution plan approved: January 9, 2023.
• Operational activity reported as minimal as of February 20, 2025.

SEC filings (e.g., 8-K, 10-Q) for financial disclosures

For financial disclosures, the channel has effectively gone quiet, which is typical for a company in liquidation under Chapter 11. While the SEC mandates regular filings, searches show no SEC filings found for 2025 as of mid-November 2025. The last significant filing mentioned was a Post-Effective Amendment to a Form S-8 on March 14, 2023. Furthermore, OTC Markets data indicates the company has not provided financial reports or other disclosures to OTC Markets Group recently.

Here's a snapshot of the last known public financial disclosure context:

OTC Markets for trading of the nominal stock (price near $0.0002)

The trading channel is the OTC Markets (OTCMKTS) under the ticker CALA. This is where any remaining shareholder interest is expressed, though liquidity appears extremely low. As of the end of day on December 03, 2025, the price was $0.0002. This aligns with the low-value trading environment you noted. The market cap reflects this nominal value, reported at 4.87K as of November 11, 2025. The stock's 52-week range shows just how thin the trading has been, moving between a low of $0.0001000000 and a high of $0.0100.

You need to see the current trading metrics clearly:

• Trading Venue: OTCMKTS.
• Stock Price (Dec 03, 2025): $0.0002.
• Market Capitalization (Nov 11, 2025): 4.87K USD.
• 52-Week Low: $0.0001000000.
• Employees: 9.
• EPS (TTM): -7.94.

Finance: draft 13-week cash view by Friday.

Calithera Biosciences, Inc. (CALA) - Canvas Business Model: Customer Segments

As of late 2025, Calithera Biosciences, Inc. is not operating as a biopharmaceutical company; rather, it exists as a corporate shell in the final stages of its approved Plan of Complete Liquidation and Dissolution, initiated following the Board's approval in January 2023. This status fundamentally redefines its 'customer segments' into a hierarchy of claimants on the remaining assets.

The structure of these claimants is dictated by the priority of claims established during the dissolution process, which must satisfy liabilities and preferred obligations before any distribution to common equity holders can occur. The company is required under the Delaware General Corporation Law (DGCL) to pay or make reasonable provision for all liabilities and obligations, including establishing a contingency reserve. The estimated amount for this reserve for unanticipated claims was approximately $3.5 million.

The primary claimants, or customer segments in this liquidation context, are detailed below, reflecting the priority of payment:

• Secured and unsecured creditors of the company.
• Takeda Ventures, Inc. as the primary CVR holder.
• Common stockholders.

The distribution waterfall prioritizes creditors first, followed by the specific contractual rights established in April 2023 when Calithera Biosciences repurchased all outstanding Series A convertible preferred stock from Takeda Ventures, Inc. in exchange for cash and the grant of a Contingent Value Right (CVR).

Here is a breakdown of the financial structure governing these segments as of the dissolution proceedings:

Takeda Ventures, Inc. holds the most significant residual claim via the CVR. This right entitles Takeda Ventures, Inc. to receive the remaining cash and marketable securities, up to a maximum of $31.0 million, after the company satisfies its liabilities and establishes the necessary contingency reserve. This structure places Takeda Ventures, Inc. as the definitive residual claimant after all operational and contingent liabilities are settled, but before common stockholders receive anything.

Common stockholders are positioned last in this hierarchy. They were only entitled to a distribution, the Common Stock Liquidation Distribution, if the Plan of Dissolution was approved, and only after the liquidation preference of the Series A preferred stock (now converted to the CVR) was addressed. The maximum aggregate amount allocated for this distribution was $2,000,000, equating to $0.40 per share based on the outstanding shares as of May 1, 2023. However, the company has consistently stated that common stockholders will likely not receive any liquidating distributions due to the liquidation preference structure. As of December 3, 2025, the common stock was trading at $0.0002 per share, with a negligible market capitalization of approximately $24.4K, reflecting the near-zero expected residual value.

The secured and unsecured creditors are the first priority. Their claims must be settled in full according to their seniority under the DGCL before any distribution to Takeda Ventures, Inc. pursuant to the CVR, or to common stockholders, can commence. The adequacy of the reserve established for contingent and unknown liabilities, estimated at $3.5 million, directly impacts the final amount available for the CVR holder and, consequently, the common stockholders.

Finance: draft 13-week cash view by Friday.

Calithera Biosciences, Inc. (CALA) - Canvas Business Model: Cost Structure

You're looking at the cost structure of Calithera Biosciences, Inc. as it exists in a post-dissolution wind-down phase as of late 2025. The primary costs now relate to the finalization of the liquidation process, not drug development.

Significant legal and professional fees for the dissolution process are being covered by a reserve established from asset sales. While the exact 2025 expense is not itemized separately in the latest reports, the company's overall financial activity reflects the wind-down. For context on the ongoing burn rate, the net change in cash for the latest reported quarter (implied Q3 2025) was a use of -8.62 million.

Administrative expenses for maintaining the corporate shell are minimal compared to active operations, yet they are part of the expenses covered by the reserve. The company is classified as an industry peer of 'Shell Companies' as of mid-2023, reflecting this minimal operational state. The latest reported net income for the most recent quarter was -6.94 (implied million USD).

The largest, discrete cost related to the wind-down was the severance and termination costs from workforce reduction in 2023. In connection with the Plan of Dissolution approved in January 2023, Calithera Biosciences, Inc. estimated it would incur charges of approximately $8 million primarily for severance payments and related employee benefit costs following the reduction-in-force. This was expected to be substantially complete by the end of the first quarter of 2023.

Regarding minimal or zero Research and Development (R&D) expenses, this is a direct consequence of the dissolution. The company announced in January 2023 that it was discontinuing all clinical development programs. This shift means R&D spending has effectively ceased, with costs now limited to winding down contractual obligations or managing residual intellectual property, which is folded into the general liquidation reserve.

Here's a quick look at the financial context surrounding these wind-down costs, using the latest available figures:

The structure of the remaining liabilities is governed by the Plan of Dissolution. The company established a reserve to cover:

• All expenses up until the filing of the certificate of dissolution.
• Other known, non-contingent liabilities and obligations.
• Reasonable provision for future expenses of liquidation.
• Reasonable provision for contingent and unknown liabilities.

The trading status itself reflects the cost structure change; the stock trading was suspended as of February 2, 2023, following Nasdaq's determination that the company was a 'public shell.'

What this estimate hides is the final settlement amount for contingent liabilities that will determine the final cash available for distribution. Finance: review the final reserve adequacy report by next Tuesday.

Calithera Biosciences, Inc. (CALA) - Canvas Business Model: Revenue Streams

You're looking at the revenue streams for Calithera Biosciences, Inc. (CALA) as of late 2025, and honestly, the picture is defined by the ongoing Chapter 11 bankruptcy proceedings initiated back in November 2023. Traditional revenue from drug sales is non-existent; the focus is entirely on asset realization and managing remaining capital.

Proceeds from the sale of intellectual property and drug assets represent the primary expected inflow, stemming from the orderly wind down announced in January 2023. This process involves liquidating pipeline assets, such as the oral arginase inhibitors (INCB001158, CB-280) and inhibitors like ATG-037 and CB-668. Contextually, in April 2023, the company repurchased its Series A convertible preferred stock for $4.0 million in cash and granted a Contingent Value Right (CVR) to Takeda Ventures, Inc. This CVR entitles Takeda to all remaining proceeds from asset sales, capped at $31.0 million, after establishing a reserve for liabilities and expenses. Furthermore, contingent upon stockholder approval of the Plan of Dissolution, a liquidating distribution of $0.40 per share, totaling approximately $2.0 million based on the May 1, 2023, share count, was anticipated for common stockholders before Takeda's entitlement. These liquidation activities dictate the current financial structure.

Interest income on remaining cash balances is a secondary, passive stream. Given the company is actively pursuing asset liquidation to satisfy creditor claims, any cash remaining after operational wind-down expenses and liability payments would generate minimal interest income. The net change in cash for the latest reported quarter was a use of -$8.62 million, suggesting the cash balance is being drawn down, which limits the potential for significant interest accrual.

Potential residual milestone payments from former collaborations are highly unlikely to materialize as a meaningful revenue stream. The company's former collaboration agreements with entities like Incyte, Pfizer, Mars, and Antengene are subject to review and potential termination as part of the bankruptcy proceedings. Any historical revenue from these partnerships, such as the $6.75 million in license revenue reported in Q3 2021, is not expected to recur under the current liquidation structure.

The operational performance, even in a wind-down phase, is reflected in the bottom line. The net income for a recent quarter was negative, at -$6.94 million. This negative figure highlights the ongoing cash burn associated with the wind-down and legal/restructuring expenses, even without active R&D operations. The Return on Equity (ROE) for the latest period was reported at -114.14%, underscoring significant shareholder deficit.

Here's a quick look at some key financial metrics reflecting the company's status as of the latest available data:

The structure of the remaining value realization is heavily weighted toward the asset sale proceeds, which are legally earmarked post-liquidation reserve. You can see the general financial context below:

• The company's P/E Ratio (TTM as of November 24, 2025) was reported at -0.0003.
• Retained earnings on the balance sheet were reported as $0 for the quarter ending December 31, 2023.
• The company does not anticipate making any liquidating distributions to common stockholders if the Plan of Dissolution is not approved.
• The Market Cap was listed as 974.00 in one data source.