Checkpoint Therapeutics, Inc. (CKPT): Business Model Canvas [Dec-2025 Updated]

You're looking to cut through the noise and see exactly how Checkpoint Therapeutics, Inc. is set up to win now that Sun Pharma is steering the ship post-acquisition. Honestly, moving from clinical hope to commercial reality changes everything, and we need to see the engine room. With UNLOXCYT™ now FDA-approved, the focus shifts from burning cash on R&D-which was $3.8 million in Q1 2025-to driving sales, even though Q1 revenue was still $0. We've mapped out the nine core blocks, from their $33.0 million cash cushion to the key partnerships that will power global reach. Dive in below to see the precise structure of this commercial-stage oncology firm.

Checkpoint Therapeutics, Inc. (CKPT) - Canvas Business Model: Key Partnerships

The Key Partnerships structure for Checkpoint Therapeutics, Inc. fundamentally shifted in 2025 following its acquisition by Sun Pharmaceutical Industries Limited.

The core financial and commercial relationships as of the acquisition closing on May 30, 2025, are detailed below:

The operational execution relied on external service providers, with financial data reflecting pre-acquisition R&D focus:

• Contract Research Organizations (CROs): Managing and executing global clinical trials. R&D Expenses for Q1 2025 were $3.8 million. R&D Expenses for FY 2024 were $36.2 million.
• Specialty Pharmacy Distributors: Logistics for drug delivery to treatment centers. Revenue for the nine-month period ending September 2024 was $0.04 million.

Checkpoint Therapeutics, Inc. (CKPT) - Canvas Business Model: Key Activities

You're looking at the core engine driving Checkpoint Therapeutics, Inc. now that they've crossed the commercialization threshold with UNLOXCYT™. The key activities are all about executing on that approval while keeping the pipeline moving, all under the shadow of the pending Sun Pharma merger.

Commercialization and launch of UNLOXCYT™ in the U.S. market

The biggest activity is getting UNLOXCYT™ (cosibelimab-ipdl) into the hands of patients following its December 2024 FDA approval for metastatic or locally advanced cutaneous squamous cell carcinoma (cSCC). Checkpoint Therapeutics stated the intent was to enable a potential launch in 2025, likely through a partnership, given the cash position at the time. The U.S. market Checkpoint is targeting for this first-in-class anti-PD-L1 therapy is estimated to exceed $1 billion annually, with peak sales potential cited near $1.6B. The prescribed commercial dosing is 1,200 mg given intravenously over 60 minutes every three weeks. Honestly, the revenue ramp-up is the immediate focus; Q4 2024 revenue was only $0.04 million, and Q1 2025 reported no revenue as the focus remained on launch readiness and the merger vote scheduled for May 28, 2025. The merger itself, valued up to approximately $416 million, was a major corporate activity aimed at bolstering the commercial launch capability.

Ongoing clinical development of pipeline assets like Olafertinib (Phase 3)

While the commercial focus is on UNLOXCYT™, Checkpoint Therapeutics is still heavily invested in its pipeline, most notably Olafertinib (CK-101). Olafertinib, an oral, third-generation, irreversible kinase inhibitor targeting specific EGFR mutations, is listed as being in Phase III / Pivotal development for advanced NSCLC (non-small cell lung cancer) with EGFR mutations. This development work is reflected in the R&D spending, which was $3.8 million for the first quarter ended March 31, 2025, a notable decrease from $8.5 million in the same period last year, suggesting a shift in resource allocation post-approval. The company also has other candidates like CK-103, CK-302, and CK-303 in earlier stages.

Regulatory filings and securing marketing authorization in ex-U.S. territories

Securing international rights is a direct financial lever for current stockholders via the contingent value right (CVR). This CVR entitles stockholders to up to an additional $0.70 per share if cosibelimab is approved in the European Union (centralized procedure) or in Germany, France, Italy, Spain or the United Kingdom before specific deadlines. To support these efforts, Checkpoint Therapeutics submitted a labeling supplement to the FDA in January 2025 to update the UNLOXCYT label with longer-term data.

Intellectual property management and defense of anti-PD-L1 patents

Protecting the asset is paramount now that it's commercial. Checkpoint Therapeutics holds U.S. composition-of-matter patent protection for UNLOXCYT through 2038 and international coverage until 2037. A key activity in the first half of 2025 involved legal defense, where the company secured a victory in a securities class action in May 2025, dismissing claims related to the likelihood of FDA approval.

Manufacturing and supply chain management for commercial drug product

Checkpoint Therapeutics relies on external partners for production. The company depends on third-party contract manufacturers for both commercial and pre-commercial manufacturing of UNLOXCYT. You'll recall that issues at a contract manufacturer were the reason for the initial complete response letter delaying the approval. The General & Administrative expenses, which rose to $7.4 million in Q1 2025 from $2.5 million the prior year, included costs associated with the merger and likely overhead for managing these critical external supply relationships.

Here's a quick look at the financial context surrounding these activities as of the Q1 2025 filing:

The operational focus is clearly on transitioning from a clinical entity to a revenue-generating one, supported by the cash infusion from the merger agreement and warrant exercises that extended the runway past the PDUFA date and into 2025. The company's accumulated deficit stood at $381.8 million as of March 31, 2025.

• FDA Approval for UNLOXCYT: December 2024.
• Olafertinib Clinical Phase: Phase III / Pivotal.
• U.S. Patent Protection End Date: 2038.
• Potential Ex-U.S. Payout per Share (CVR): Up to $0.70.
• Shares Outstanding: Approximately 86.3 million common shares.

Finance: draft 13-week cash view by Friday.

Checkpoint Therapeutics, Inc. (CKPT) - Canvas Business Model: Key Resources

You're looking at the core assets Checkpoint Therapeutics, Inc. (CKPT) is relying on as it transitions into a commercial-stage entity, especially with the Sun Pharmaceutical Industries acquisition moving toward completion in 2025. These resources are what underpin the value proposition of UNLOXCYT™.

The most tangible asset is the recently approved product itself. UNLOXCYT™ (cosibelimab-ipdl) is the first and only programmed death-ligand 1 (PD-L1) blocking antibody to secure U.S. Food and Drug Administration (FDA) marketing approval for treating adults with metastatic cutaneous squamous cell carcinoma (cSCC) or locally advanced cSCC who are not candidates for curative surgery or curative radiation. The commercial dosage is set at 1,200 mg administered as an intravenous infusion over 60 minutes every three weeks.

Financially, the company bolstered its position ahead of the commercial launch and merger. Checkpoint Therapeutics, Inc. reported $33.0 million in Cash and equivalents as of March 31, 2025. This was significantly up from $6.6 million at the end of 2024, largely due to cash inflows from warrant exercises totaling approximately $38.1 million.

The intellectual property portfolio centers on the mechanism of action for UNLOXCYT™. It is a fully human monoclonal antibody of IgG1 subtype designed to directly bind to PD-L1, blocking its interaction with the PD-1 and B7.1 receptors. A key differentiator is its demonstrated ability to induce antibody-dependent cell-mediated cytotoxicity (ADCC).

The clinical foundation supporting this asset is robust, stemming from trials like CK-301-101. Data presented at ESMO showed deepening responses over time, with an Objective Response Rate (ORR) of 54.8% in locally advanced cohorts and 50.0% in metastatic cohorts. The Complete Response (CR) rates were 25.8% and 12.8%, respectively, with the median Duration of Response (DOR) not yet reached.

The commercialization capability is being rapidly integrated. While Checkpoint Therapeutics was developing its own launch plan, the pending acquisition by Sun Pharmaceutical Industries, Inc. means the Key Resource shifts to leveraging Sun Pharma's established oncology infrastructure for market penetration. The potential U.S. market for this indication is estimated to exceed $1 billion annually.

Here's a look at the estimated revenue potential analysts were projecting for 2025, which directly ties to the commercial success of this key resource:

The company's pipeline assets also represent critical, albeit earlier-stage, resources:

• Olafertinib, in Phase 3 clinical trials for metastatic non-small cell lung cancer.
• CK-103, for various advanced and metastatic solid tumor cancers.
• Anti-Carbonic Anhydrase IX (CAIX) antibody, in preclinical trials.

Finally, the existing commercial and strategic agreements form a resource base. Checkpoint Therapeutics has licensing and collaboration agreements in place with Adimab, LLC for Cosibelimab, NeuPharma, Inc. for Olafertinib, and Jubilant Biosys Limited for novel compounds. The controlling stockholder, Fortress Biotech, Inc., is also a resource through its financial relationship, including future royalty payments based on cosibelimab sales.

Checkpoint Therapeutics, Inc. (CKPT) - Canvas Business Model: Value Propositions

You're looking at the core value Checkpoint Therapeutics, Inc. (CKPT) delivers right now, post-approval and amid its corporate transition. The primary value centers on its newly commercialized asset, UNLOXCYT™ (cosibelimab-ipdl), and the promise held within its pipeline.

The most immediate value proposition is the regulatory status of UNLOXCYT. It is the first and only anti-PD-L1 treatment to gain U.S. Food and Drug Administration (FDA) marketing approval for advanced cutaneous squamous cell carcinoma (cSCC). This approval, granted in December 2024, positions CKPT as a first-mover in this specific immunotherapy niche.

This product specifically serves patients who have metastatic cSCC or locally advanced cSCC and are not candidates for curative surgery or curative radiation. That's a defined, high-need patient segment looking for systemic options. The market opportunity Checkpoint is targeting in the U.S. was estimated to exceed $1 billion annually.

Here's a quick look at the commercial and pipeline context as of early 2025:

The mechanism of action (MoA) itself is a key value differentiator. UNLOXCYT is a PD-L1 blocking antibody, which is distinct from PD-1 targeting agents. Furthermore, it has shown the potential to induce antibody-dependent cell-mediated cytotoxicity (ADCC), engaging natural killer (NK) cells to attack tumors, which is a potential advantage over existing therapies.

Regarding durability, which is critical for patient outcomes in advanced cancer, the clinical profile supports this value. While specific, recent data for UNLOXCYT is proprietary, historical data in the cSCC checkpoint inhibitor space shows that 20% of patients experienced durable remissions, with a median progression-free survival (PFS) of 29 months in one real-world cohort. This underscores the market demand for treatments that offer sustained benefit.

Checkpoint Therapeutics, Inc. is also offering value through its pipeline development, particularly in targeted oncology. You should note the focus on Olafertinib, a third-generation EGFR inhibitor being developed for EGFR mutation-positive non-small cell lung cancer (NSCLC).

The pipeline candidates and their development stage represent future value:

• UNLOXCYT: Approved for metastatic and locally advanced cSCC.
• Olafertinib: Investigational for NSCLC, EGFR mutation-positive, potentially as a combination with cosibelimab.
• Earlier Stage Programs: Includes CK-103 (BET Inhibitor), CK-302 (Anti-GITR), and CK-303 (Anti-CAIX), all targeting solid tumors.

Financially, the company is in a transition phase. The Q1 2025 Earnings Per Share (EPS) was -$0.19, missing the estimate of -$0.10 by 90.00%. However, the cash position strengthened to $33.0 million by March 31, 2025, up from $6.6 million at the end of 2024, supported by the pending $416 million merger. General and administrative expenses rose to $7.4 million in Q1 2025, while R&D expenses decreased to $3.8 million compared to $8.5 million the prior year, showing a shift in spending focus, defintely.

Checkpoint Therapeutics, Inc. (CKPT) - Canvas Business Model: Customer Relationships

You're looking at the relationships Checkpoint Therapeutics, Inc. (CKPT) built, especially after the commercial launch of UNLOXCYT™ and the subsequent acquisition by Sun Pharmaceutical Industries. The nature of these relationships shifted dramatically in 2025.

High-touch engagement with key opinion leaders (KOLs) and oncologists

Engagement with Key Opinion Leaders (KOLs) and oncologists centered on establishing UNLOXCYT as the first and only anti-PD-L1 treatment for advanced cutaneous squamous cell carcinoma (cSCC). While specific numbers on the size of Checkpoint Therapeutics' 2025 Medical Science Liaison (MSL) team or the number of advisory boards aren't public, the focus was on translating clinical trial success into real-world adoption. The relationship foundation is built on the data from the pivotal CK-301-101 trial, which involved 109 patients in the data incorporated into the late 2025 label update. KOLs are critical for driving adoption in niche oncology markets.

Here's a snapshot of the clinical data driving those early relationships:

The relationship strategy in 2025, informed by industry trends, likely moved toward data-driven influence, prioritizing clinicians shaping on-the-ground behavior over those with only high publication volume. For a company like Checkpoint Therapeutics, securing buy-in from treating oncologists was paramount for market penetration.

Direct medical affairs support for healthcare providers on UNLOXCYT usage

Medical Affairs support is directly tied to ensuring safe and effective use of UNLOXCYT, especially given the known profile of immune-mediated adverse reactions common to PD-L1 blockers. The support structure for healthcare providers (HCPs) must address these events proactively. The clinical trial data provided the baseline for this educational relationship, covering 223 patients who received UNLOXCYT in initial analyses.

The support materials and field interactions would focus heavily on managing these known risks:

• Infusion-Related Reactions: Reported in 11% (24/223) of patients.
• Immune-Mediated Colitis: Reported in 0.4% (1/223) of patients (Grade 1).
• Immune-Mediated Pneumonitis: Reported in 1% (3/223) of patients (Grade 2).

The late 2025 label update confirmed that immune-mediated adverse reactions occurred in 24 percent of participants overall, which is a key metric for ongoing HCP education.

Patient support programs for access and adherence to treatment

For patients, the relationship is managed through access and adherence programs, crucial for a specialty oncology drug. While specific enrollment numbers for Checkpoint Therapeutics' patient support programs are not disclosed, the context is the FDA approval in December 2024 for a patient population not amenable to curative surgery or radiation. The company's financial position going into the second half of 2025, bolstered by the merger, would support these programs.

Key financial context supporting patient access efforts:

• Cash and Cash Equivalents as of March 31, 2025: $33.0 million.
• Cash proceeds from warrant exercises post-year-end 2024: Approximately $38.1 million.

These funds help manage the commercial infrastructure required to support patient access, which is a direct relationship touchpoint.

Regulatory communication with the U.S. FDA and international health authorities

Regulatory communication is a high-stakes relationship, marked by the initial FDA approval in December 2024 and the subsequent label update in December 2025. The relationship with the U.S. FDA is ongoing, focusing on post-marketing surveillance and label maintenance. The December 2025 update incorporated longer-term follow-up data from the pivotal trial, which included 109 patients.

The transition to commercial-stage status, finalized with the Sun Pharma acquisition on May 30, 2025, also means regulatory communication shifts to include coordination with a major global partner regarding international filings and market access strategies.

Investor relations and communication with the financial community

Investor relations communications in 2025 were dominated by the merger with Sun Pharmaceutical Industries, which was valued at up to approximately $416 million. The relationship management here involved detailed disclosures around the transaction and the company's standalone financial health leading up to the closing date of May 30, 2025.

Key figures communicated to the financial community for Q1 2025:

The company actively engaged stockholders, scheduling a special meeting for May 28, 2025, to vote on the merger. The cash position improvement, up from $6.6 million at the end of 2024, was a direct result of financing activities, including $38.1 million from warrant exercises, which was a key point in reassuring the financial community about near-term runway prior to the merger close. Finance: draft 13-week cash view by Friday.

Checkpoint Therapeutics, Inc. (CKPT) - Canvas Business Model: Channels

You're looking at the commercial channels for Checkpoint Therapeutics, Inc. (CKPT) as of late 2025. Honestly, the picture is defined by the acquisition; the channels are now fundamentally Sun Pharmaceutical Industries' channels, integrated for the launch and distribution of UNLOXCYT (cosibelimab-ipdl).

The channels are now geared toward leveraging Sun Pharma's existing infrastructure to get the FDA-approved UNLOXCYT to patients with metastatic or locally advanced cutaneous squamous cell carcinoma (cSCC) who aren't candidates for curative surgery or radiation. Before the May 30, 2025, closing, Checkpoint Therapeutics reported trailing twelve-month revenue of $41K as of March 31, 2025, while Q1 2025 operating expenses were approximately $11.1 million. This scale of operation is now being absorbed into a much larger distribution machine.

The primary channel strategy revolves around the integration with Sun Pharma, which paid an upfront cash amount of $4.10 per share for Checkpoint Therapeutics, valuing the entity at approximately $355 million in the transaction.

The specific channels for drug supply and access are now structured as follows:

• Specialty oncology distributors and wholesalers for drug supply
• Direct sales force targeting oncologists and dermatologists in the U.S.
• Medical conferences and peer-reviewed publications for clinical data dissemination
• Hospital and specialized oncology treatment centers
• Sun Pharma's established global commercial network

The explicit goal of the merger was to utilize Sun Pharma's reach to accelerate access to UNLOXCYT in the United States, Europe, and other worldwide markets.

Here's a look at the financial context surrounding the channel integration as of the latest reported figures:

For the direct sales force targeting oncologists and dermatologists in the U.S., the channel is now operating under Sun Pharma's infrastructure, which is expected to enhance the capability to deliver UNLOXCYT effectively. The dissemination of clinical data through medical conferences and peer-reviewed publications remains a critical channel for establishing the drug's profile within the oncology community, supporting the sales force efforts.

Hospital and specialized oncology treatment centers are the direct points of care where UNLOXCYT will be administered. The success of this channel hinges on the integration with Sun Pharma's existing relationships and distribution agreements with specialty oncology distributors and wholesalers for drug supply logistics.

Finance: review the Q2 2025 pro-forma cash flow incorporating the Sun Pharma acquisition structure by next Tuesday.

Checkpoint Therapeutics, Inc. (CKPT) - Canvas Business Model: Customer Segments

Oncologists and dermatologists treating advanced skin cancers represent the primary prescribers for Checkpoint Therapeutics, Inc.'s commercial product, UNLOXCYT™ (cosibelimab-ipdl).

UNLOXCYT is approved by the U.S. Food and Drug Administration (FDA) as the first and only anti-PD-L1 treatment for adults with metastatic cutaneous squamous cell carcinoma (cSCC) or locally advanced cSCC who are not candidates for curative surgery or curative radiation. The target market for this indication, the cSCC market, reached a value of USD 8.0 Billion in 2024. This market is projected to grow at a Compound Annual Growth Rate (CAGR) of 5.27% between 2025 and 2035, reaching USD 14.0 Billion by 2035.

Adult patients with metastatic or locally advanced cutaneous squamous cell carcinoma (cSCC) are the end-users benefiting from the FDA-approved therapy. The treatment is positioned against established chemotherapies and other immune checkpoint inhibitors, such as Cemiplimab from Regeneron Pharmaceuticals.

Global pharmaceutical companies for potential licensing of pipeline assets form a strategic customer segment. Checkpoint Therapeutics, Inc. has existing agreements with Adimab, LLC, NeuPharma, Inc., and Jubilant Biosys Limited for various development candidates. The recent, major transaction involving the Agreement and Plan of Merger with Sun Pharmaceutical Industries, valued up to approximately USD 416 million, confirms this segment's importance for realizing the value of Checkpoint Therapeutics, Inc.'s assets.

Institutional and retail investors focused on the biotech and oncology sectors provide the necessary capital base. As of May 29, 2025, institutional owners and shareholders filing 13D/G or 13F forms held a total of 37,698 shares. The company reported approximately 86.3 million common shares outstanding as of May 9, 2025. The financial structure as of March 31, 2025, showed Cash and Cash Equivalents of USD 33.0 million, against an Accumulated Deficit of USD 381.8 million.

The key investor groups include:

• Vanguard Total Stock Market Index Fund Investor Shares (VTSMX)
• Vanguard Extended Market Index Fund Investor Shares (VEXMX)
• Schwab Total Stock Market Index Fund (SWTSX)

Health insurance payers and government health programs are critical for establishing reimbursement pathways for UNLOXCYT to ensure patient access and drive commercial revenue. Checkpoint Therapeutics, Inc. was operating as a commercial-stage company as of Q1 2025. The operational expenses reflect this commercial focus, with General & Administrative Expenses rising to USD 7.4 million in Q1 2025, compared to USD 2.5 million in the prior year.

Here is a snapshot of key metrics relevant to the business segments as of the first half of 2025:

The company's pipeline also targets other areas, which informs the potential future segments:

• Olafertinib for metastatic non-small cell lung cancer (Phase 3 trials).
• CK-103 for various advanced and metastatic solid tumor cancers.
• CK-302 in preclinical trials for hematological malignancies and solid tumors.

The general investor sentiment consensus rating from 3 analysts as of late 2025 was Buy, with a 12-month price target of USD 4.33.

Checkpoint Therapeutics, Inc. (CKPT) - Canvas Business Model: Cost Structure

You're looking at the cost base for Checkpoint Therapeutics, Inc. (CKPT) right around late 2025, which is a pivotal time given the recent FDA approval of UNLOXCYT™ and the pending merger with Sun Pharmaceutical Industries. The cost structure is heavily weighted toward R&D and G&A, which is typical for a commercial-stage biotech, but the shift in how manufacturing costs are treated is key here.

The most recent concrete figures we have are from the first quarter of 2025, which ended March 31, 2025. These numbers give you a clear view of the immediate operating burn rate before the full impact of the Sun Pharma integration, which was expected to close in Q2 2025.

Here's a quick look at the primary operating expenses for Q1 2025:

The reduction in Research and Development expenses to $3.8 million in Q1 2025, down from $8.5 million year-over-year, reflects a strategic shift. This decrease was partly due to lower clinical costs and, importantly, the capitalization of inventory costs for UNLOXCYT™ following its regulatory approval. This means that costs associated with manufacturing the commercial supply of UNLOXCYT™ are now being recorded as an asset on the balance sheet (inventory capitalization) rather than being immediately expensed through R&D or Cost of Goods Sold, which changes the immediate P&L profile.

General and Administrative costs jumping to $7.4 million in Q1 2025, up from $2.5 million in Q1 2024, is a major component of the cost structure. This escalation was driven by legal and accounting fees associated with the pending merger with Sun Pharmaceutical Industries.

The pipeline candidates, such as olafertinib (an EGFR inhibitor), still require funding, though the overall R&D spend has been managed down, with the full-year 2024 R&D spend at $36.2 million.

For the U.S. drug launch of UNLOXCYT™, the direct sales and marketing expenses are expected to be substantial, though the structure of these costs changes post-merger. Prior to the expected closing of the Sun Pharma acquisition in Q2 2025, Checkpoint Therapeutics faced the challenge of funding its own launch. However, Sun Pharmaceutical Industries has lined up a planned investment of approximately $100 million additionally on the commercialization of new speciality products, which includes the launch of UNLOXCYT, for the current fiscal year.

The cost structure is characterized by these key activities:

• Research and Development (R&D) spending, which was $3.8 million in Q1 2025.
• Significant General and Administrative (G&A) overhead, totaling $7.4 million in Q1 2025.
• Capitalization of commercial manufacturing inventory for UNLOXCYT™, reducing immediate R&D expense recognition.
• Ongoing clinical trial expenses for pipeline assets like olafertinib.
• Anticipated high Sales and Marketing expenditure for the U.S. launch, supported by Sun Pharma's planned $100 million outlay for commercialization efforts.

To be fair, the accumulated deficit stood at $381.8 million as of March 31, 2025, showing the historical cost of development.

Checkpoint Therapeutics, Inc. (CKPT) - Canvas Business Model: Revenue Streams

You're looking at the revenue structure for Checkpoint Therapeutics, Inc. (CKPT) as it transitions from pre-commercial to a commercial-stage entity following the UNLOXCYT approval and the pending Sun Pharma acquisition. Honestly, the numbers right now reflect that transition period.

Net product sales of UNLOXCYT™ (cosibelimab-ipdl) in the U.S. market are the primary expected future revenue driver, though actual sales figures post-launch are not yet detailed in the Q1 2025 reports. The FDA approval for UNLOXCYT occurred in December 2024, marking the start of its commercialization phase.

Milestone payments from collaboration agreements, specifically the Sun Pharmaceutical Industries merger announced in March 2025, form a critical component of near-term financial realization. This structure includes both upfront and contingent payments.

Licensing fees and royalties from future ex-U.S. commercialization deals are structured through existing agreements. Specifically, Fortress Biotech is eligible to receive a royalty on future sales of UNLOXCYT.

• Royalty Rate on UNLOXCYT Sales (to Fortress Biotech)
• 2.5% on future sales of UNLOXCYT

Potential future revenue from approved pipeline products like Olafertinib represents a longer-term, currently unquantified stream. Checkpoint Therapeutics remains focused on advancing its pipeline, which includes olafertinib for non-small cell lung cancer.

The immediate pre-commercial status is clearly reflected in the reported revenue figures leading up to the expected closing of the Sun Pharma transaction in Q2 2025. You can see the lack of product sales in the earliest reported data for the commercial era.

• Q1 2025 Reported Revenue (for quarter ended March 31, 2025)
• $0
• Revenue for the twelve months ending March 31, 2025
• $41.00K
• Annual Revenue in 2024
• $41.00K

That small $41.00K revenue figure for the twelve months ending March 31, 2025, definitely shows the company was pre-product sales at that point, so don't mistake that for UNLOXCYT revenue.