Chimerix, Inc. (CMRX): Business Model Canvas [Dec-2025 Updated]

You're looking to map out the new business reality for Chimerix, Inc. (CMRX) now that it's under the Jazz Pharmaceuticals umbrella, and honestly, it's a fascinating pivot from pure R&D to specialty commercialization. The whole model hinges on Dordaviprone, which is set to be the first and only FDA-approved oral therapy for recurrent H3 K27M-mutant diffuse glioma, addressing a serious unmet need. We're seeing the financial reality now: the company is still carrying heavy Research and Development (R&D) costs, hitting $74.6 million in FY 2024, but analysts are projecting initial 2025 total revenue around just $5.33 million as they ramp up sales, plus the potential upside from that Rare Pediatric Disease Priority Review Voucher (PRV). This canvas breaks down exactly how Jazz's infrastructure supports this high-touch neuro-oncology launch and how they plan to defintely defend that intellectual property until 2037; dig in below to see the full nine blocks of this specialized orphan drug play.

Chimerix, Inc. (CMRX) - Canvas Business Model: Key Partnerships

You're looking at the key external relationships that underpinned Chimerix, Inc.'s (CMRX) value creation, especially now that it's part of a larger entity. The shift to Jazz Pharmaceuticals plc in 2025 fundamentally changed this block, moving the core asset, dordaviprone (now Modeyso), under a global rare disease operator.

Jazz Pharmaceuticals plc (Acquiring parent company)

The most significant partnership is the acquisition itself, which closed on April 21, 2025. This transaction was structured as an all-cash tender offer for approximately $935 million total consideration, which translated to $8.55 per share for Chimerix shareholders, representing a 72% premium over the March 4, 2025, closing price. Jazz funded this using existing cash and investments, which totaled approximately $3 billion at the end of 2024. The integration is designed to leverage Jazz's commercial capabilities, particularly in rare diseases and oncology, for the newly approved drug, Modeyso, which received FDA approval with a PDUFA date of August 18, 2025.

Academic medical centers for clinical trials (e.g., Phase 3 ACTION)

The development of dordaviprone hinged on key academic collaborations, most notably for the Phase 3 ACTION trial, which evaluates the drug in newly diagnosed H3 K27M-mutant diffuse glioma patients following radiation. This trial is international in scope, which requires deep relationships with specialized centers globally. The primary efficacy endpoint being tracked is overall survival (OS).

• ACTION study is a randomized, double-blind, placebo-controlled Phase 3 clinical trial.
• Trial is taking place at 95 sites across Canada, Brazil, Argentina, Europe, and Asia Pacific, including Japan.
• Key academic centers involved include Mass General Cancer Center, Columbia University Vagelos College of Physicians and Surgeons, and the University of Texas MD Anderson Cancer Center.
• The trial design randomizes patients 1:1:1 to placebo, once-weekly dordaviprone, or twice-weekly dordaviprone.

Contract Manufacturing Organizations (CMOs) for drug production

As a wholly owned subsidiary of Jazz Pharmaceuticals plc, the specific CMO relationships that Chimerix, Inc. had established for drug substance and drug product manufacturing are now integrated into Jazz's broader supply chain network. Jazz maintains manufacturing facilities in multiple countries to support its diverse portfolio.

• Manufacturing strategy is now managed under Jazz Pharmaceuticals plc's global operations.
• Jazz has a diverse portfolio of marketed medicines, requiring established, large-scale manufacturing capabilities.
• Specific contract details or associated financial commitments for dordaviprone production capacity are proprietary to Jazz Pharmaceuticals.

Patient advocacy groups for rare pediatric diseases

The focus on H3 K27M-mutant diffuse glioma, a devastating childhood brain tumor with no prior FDA-approved therapies, necessitates strong ties with patient and disease-specific advocacy organizations. These partnerships are crucial for trial recruitment, patient support, and navigating the regulatory landscape for rare diseases. The potential Rare Pediatric Disease Priority Review Voucher (PRV) itself is a market-based incentive designed to encourage exactly this type of development.

• The drug targets a disease where median survival is approximately 9 months after diagnosis.
• The potential PRV is a direct incentive tied to developing treatments for rare pediatric diseases.
• Advocacy groups often rely on industry funding, which can influence policy positions regarding drug pricing and access.
• The disease area is one where nearly 95% of rare diseases still lack an FDA-approved therapy.

Chimerix, Inc. (CMRX) - Canvas Business Model: Key Activities

You're looking at the core operational drivers for Chimerix, Inc. right after the Jazz Pharmaceuticals acquisition closed in April 2025. Honestly, the key activities shift from pure R&D funding to commercial execution and integration, but the groundwork laid in 2025 is what matters most for the current state.

Commercial launch and distribution of Dordaviprone (ONC201)

The big push this year was turning regulatory success into revenue. The New Drug Application (NDA) for dordaviprone, targeting recurrent H3K27M-mutant diffuse glioma, got accepted by the FDA on February 18, 2025. That set the stage for the Prescription Drug User Fee Act (PDUFA) target action date of August 18, 2025. H.C. Wainwright had forecasted a potential launch in the third quarter of 2025, projecting sales of $6 million for the year 2025. The overall prize, the global market opportunity, is pegged at over $750 million. Following the acquisition on April 21, 2025, these commercial activities are now being managed under the Jazz Pharmaceuticals umbrella, but the preparation was Chimerix's key activity leading up to the close.

Key milestones related to market readiness include:

• FDA accelerated approval received for H3 K27M-mutant diffuse midline glioma treatment.
• Potential provisional approval submission pathway in Australia.
• FDA application received Priority Review status.

Ongoing Phase 3 clinical trial management for new patient populations

Managing the ACTION study, the global Phase 3 trial for ONC201 in newly diagnosed patients, was defintely a major activity. The study is a world wide randomized, double-blind, placebo-controlled trial. You need to know that the Independent Data Monitoring Committee (IDMC) recommended continuing the study as planned, which is a huge green light. The trial spans 95 sites across Canada, Brazil, Europe, and Asia Pacific, including Japan. The primary endpoint you're tracking here is overall survival (OS). The first interim Overall Survival data was expected in the third quarter of 2025.

Here's a quick look at the operational metrics leading into the second half of 2025:

Regulatory compliance and post-marketing commitments

The regulatory focus in 2025 was securing the US approval and managing the associated requirements. Dordaviprone benefited from several key designations that streamlined its path, including Rare Pediatric Disease, Fast Track, and Orphan Drug status. The acceptance of the NDA on February 18, 2025, was the primary regulatory event, leading to the subsequent accelerated approval. Post-marketing commitments will now be governed by the FDA agreement, but the immediate activity was managing the transition from clinical data submission to commercial supply chain compliance.

Intellectual property defense and patent extension (to 2037)

While patent defense is always a key activity for a biopharma, specific, verifiable data showing Chimerix, Inc. secured a patent extension to 2037 isn't in the latest reports; that figure appears in external news related to other companies' patent settlements. What is certain is that the company's most advanced asset, ONC201, was the focus of the regulatory filings that drive value. Post-acquisition on April 21, 2025, the management of the intellectual property portfolio for dordaviprone and other pipeline assets like ONC206 and ONC212 falls under Jazz Pharmaceuticals' broader IP strategy. The key activity here is the integration of the acquired IP portfolio.

The financial context leading up to the acquisition shows the investment supporting this IP:

• Q3 2024 R&D Expenses: $19.6 million.
• Q3 2024 G&A Expenses: $5.2 million.
• Cash on hand as of September 30, 2024: $152.4 million.

Finance: review the Q3 2025 cash burn rate against the projected runway based on pre-acquisition guidance by next Tuesday.

Chimerix, Inc. (CMRX) - Canvas Business Model: Key Resources

You're looking at the core assets that defined Chimerix, Inc. (CMRX) leading up to and immediately following its acquisition by Jazz Pharmaceuticals plc in the second quarter of 2025. The value here is concentrated in one key molecule and the regulatory achievements tied to it.

Dordaviprone (ONC201) Drug Asset and its Intellectual Property

The primary tangible resource was the investigational drug, dordaviprone (ONC201), a novel first-in-class small molecule imipridone. This asset was the central driver for the $935 million cash acquisition by Jazz Pharmaceuticals. Before the deal, Chimerix was preparing for a potential U.S. commercial launch, having enhanced its commercial capabilities in market access, distribution, and patient services. The company was relying on third-party manufacturers for clinical and potential commercial supplies.

Here's a look at the clinical data supporting the asset's value:

Honestly, the potential U.S. revenue projection for dordaviprone alone was estimated to exceed $1 billion.

FDA Accelerated Approval for Recurrent H3 K27M-Mutant Glioma

The regulatory pathway for dordaviprone was a critical resource, culminating in an accelerated approval. The New Drug Application (NDA) for recurrent H3 K27M-mutant diffuse glioma was accepted and granted Priority Review by the FDA. The Prescription Drug User Fee Act (PDUFA) target action date was set for August 18, 2025. The actual Accelerated Approval for Modeyso™ (dordaviprone) was granted on August 6, 2025, for adult and pediatric patients one year of age and older with diffuse midline glioma harboring an H3 K27M mutation with progressive disease following prior therapy.

Key regulatory milestones included:

• FDA Acceptance of NDA: February 18, 2025.
• Priority Review Granted: Yes.
• PDUFA Target Action Date: August 18, 2025.
• Accelerated Approval Date: August 6, 2025.

Rare Pediatric Disease Priority Review Voucher (PRV) Eligibility

Due to its designation for H3 K27M-mutant glioma, dordaviprone was eligible for a Rare Pediatric Disease Priority Review Voucher (PRV) upon approval. The FDA officially announced the issuance of this voucher on August 28, 2025. While the Rare Pediatric Disease PRV program expired in December 2023, Chimerix secured its eligibility based on the NDA submission timeline. These vouchers are valuable assets; for context, one voucher sold in May 2025 fetched $155 million. The fee rate for using a PRV in Fiscal Year 2025 was set at $2,482,446.

Jazz Pharmaceuticals' Established Oncology Commercial Infrastructure

The acquisition itself transferred the future commercialization rights to Jazz Pharmaceuticals, whose established oncology infrastructure became a key resource for dordaviprone's launch. The deal valued Chimerix shareholders at $8.55 per share in cash, totaling approximately $935 million. This transaction was expected to close in the second quarter of 2025. The stated goal was to leverage Jazz's global scale to broaden the commercial strategy for dordaviprone.

Here are the transaction specifics:

This integration meant that Chimerix's pre-acquisition cash balance of $140.1 million as of December 31, 2024, was folded into the larger Jazz entity.

Chimerix, Inc. (CMRX) - Canvas Business Model: Value Propositions

The core value proposition for Chimerix, Inc. (CMRX) centers on delivering a targeted, first-in-class therapy for a devastating, rare central nervous system cancer.

First and only FDA-approved therapy for recurrent H3 K27M-mutant diffuse glioma

• Potential accelerated approval with a Prescription Drug User Fee Act (PDUFA) target action date of August 18, 2025.
• The company is preparing for a potential U.S. commercial launch following the NDA submission.
• The anticipated acquisition by Jazz Pharmaceuticals for a total consideration of approximately $935 million, or $8.55 per share in cash, underscores the perceived value of this asset.

Novel, first-in-class oral small molecule treatment option

Dordaviprone (ONC201) is a novel, first-in-class small molecule imipridone. This agent selectively targets the mitochondrial protease ClpP and dopamine receptor D2 (DRD2).

Addresses a significant unmet need for a rare, aggressive brain tumor

H3 K27M-mutant diffuse glioma is a rare and aggressive brain cancer predominantly affecting children and young adults, presenting a very difficult prognosis with few treatment options beyond palliative care. The global market opportunity for this indication is estimated to be over $750 million.

Potential for durable objective response rates in a difficult-to-treat population

Efficacy data from an integrated pooled analysis of patients treated with single-agent ONC201 monotherapy supports the value proposition. The median age of patients in this analysis was 30 years, with 8% being under 18 years of age.

The durability is further suggested by the 2-year overall survival rate of 35% from the start of ONC201 treatment post-recurrence, compared to 11% in a natural disease history study.

The safety profile showed Grade 3 treatment-related treatment-emergent adverse events (TR-TEAEs) occurred in 20.0% of patients, with fatigue being the most common at n = 5 (10%). No Grade 4 TR-TEAEs, deaths, or discontinuations occurred due to TR-TEAEs in that analysis.

Chimerix ended 2023 with $204.5 million in capital available to fund operations. As of the end of Q3 2024, the cash balance was just over $152 million, with a projected cash runway extending into the fourth quarter of 2026.

Chimerix, Inc. (CMRX) - Canvas Business Model: Customer Relationships

You're looking at the customer relationship structure for Chimerix, Inc. (CMRX) as it transitioned under Jazz Pharmaceuticals plc ownership, which was finalized in the second quarter of 2025 following a definitive agreement for approximately $935 million in total cash consideration. This acquisition fundamentally shifted the scale and management of customer engagement for their rare, high-cost orphan drug candidate, dordaviprone, targeting H3 K27M-mutant diffuse glioma.

The relationship model centers on intensive, specialized support, which is now integrated into Jazz's existing commercial infrastructure. For a rare disease product like this, the relationship must be deep, not wide.

High-touch, specialized support for neuro-oncology centers

The support framework is designed to navigate the complexities of a niche, high-acuity setting. This high-touch approach is evidenced by the patient support infrastructure established for their product, MODEYSO™, which is indicative of the level of service expected for dordaviprone:

• Care Coordinators are available for support Monday-Friday, from 8AM-8PM ET.
• The dedicated support line is 1-844-30-CARES (22737).

This level of dedicated access contrasts with broader industry challenges where nearly 72% of patients reported wanting more information on navigating their insurance in 2025.

Direct engagement with key opinion leaders and clinical investigators

While specific counts of Key Opinion Leaders (KOLs) or clinical investigators engaged are not public, the strategy relies on direct interaction, especially given the drug's development pathway. The FDA set a Prescription Drug User Fee Act (PDUFA) action date of August 18, 2025, for the recurrent indication, meaning late 2025 involved intense engagement with prescribing centers following potential approval.

Patient access programs for a rare, high-cost orphan drug

For a high-cost orphan drug, patient access programs (PAPs) are critical relationship tools. The structure, as detailed by the existing ChimerixCares™ program, shows a multi-pronged financial support strategy:

These programs are designed to mitigate the high out-of-pocket costs that manufacturers worry about, as high co-insurance rates negatively impact adherence.

Managed by Jazz's specialized sales and medical affairs teams

The integration into Jazz Pharmaceuticals means the customer relationship management is scaled by a larger, global organization. This transition leverages Jazz's existing specialized teams to manage the commercial strategy for dordaviprone, which has the potential to become a standard of care rapidly. The coordination involves working with specialty pharmacies to arrange home delivery, medication counseling, and refill scheduling to ensure no gaps in therapy.

Finance: finalize the integration budget for the combined commercial teams by the end of Q4 2025.

Chimerix, Inc. (CMRX) - Canvas Business Model: Channels

You're looking at the distribution and access strategy for Chimerix, Inc. (CMRX) as of late 2025. Honestly, the picture is heavily influenced by the pending acquisition by Jazz Pharmaceuticals, which was expected to close in the second quarter of 2025, potentially shifting control and scale of these channels.

The primary channel focus, especially given the New Drug Application (NDA) for dordaviprone with a Prescription Drug User Fee Act (PDUFA) action date of August 18, 2025, centers on controlled access for a rare indication, H3 K27M-mutant diffuse glioma.

Specialty pharmacies and distributors for controlled access

For a drug targeting a niche oncology indication, access relies heavily on a limited network. Before the Jazz integration, Chimerix, Inc. had 79 employees as of April 2025, suggesting a lean, outsourced, or highly focused commercial infrastructure preparing for launch. The expected 2025 revenue forecast is \$5.33M, up significantly from the \$212,000 reported for the full year 2024, implying that channel activation is key in the second half of 2025 following potential approval.

• The distribution ecosystem relies on major players; for context, McKesson Corporation's U.S. pharmaceuticals segment reported Q1 FY2026 sales of \$89.95 billion, showing the scale of the necessary infrastructure.
• The strategy requires establishing contracts with specialty pharmacies capable of handling controlled-access, high-touch oncology treatments.
• The goal is to ensure prescription fulfillment and patient support are seamless, a critical step for a drug with an anticipated 2026 revenue of \$54.62M.

Direct sales force targeting neuro-oncology specialists and hospitals

A targeted specialty drug launch necessitates a small, highly specialized sales team, though this function is likely being absorbed or scaled by Jazz post-merger. The pre-acquisition General and administrative expenses increased to \$7.0 million for the fourth quarter of 2024, mainly due to spending on commercial launch preparations, which includes building out this direct engagement capability.

Academic and comprehensive cancer centers

For a novel therapy in diffuse glioma, engagement with leading centers is non-negotiable. These centers are the primary prescribers for complex, first-in-class treatments. The clinical development pathway itself points to this focus, with dordaviprone in Phase 3 for H3 K27M-mutant diffuse glioma, which is typically managed at these high-acuity sites.

• The centers are where the initial patient pool for a rare indication is concentrated.
• Success hinges on formulary acceptance within these major hospital systems.

Medical conferences and peer-reviewed journal publications

Scientific communication serves as a crucial channel for establishing credibility and driving physician awareness, especially before broad commercial marketing kicks in. The company reported a net loss of \$23.0 million for the fourth quarter of 2024, with Research and development expenses at \$17.7 million for that quarter, reflecting ongoing investment in the data supporting these channels.

The data supporting the NDA submission is the core content disseminated through these channels. The market sentiment reflects this, with analyst price targets for CMRX in 2025 ranging from a low of \$6.00 to a high of \$11.00, based on the perceived value of the clinical data reaching these awareness channels.

Chimerix, Inc. (CMRX) - Canvas Business Model: Customer Segments

You're looking at the customer segments for Chimerix, Inc. (CMRX) as the company finalized its acquisition by Jazz Pharmaceuticals in the second quarter of 2025 for approximately $935 million. The core customer base centers entirely around the intended market for dordaviprone (ONC201), a potential first-in-class therapy for a devastating, rare brain cancer.

Pediatric and adult patients with recurrent H3 K27M-mutant diffuse glioma

This segment represents the ultimate end-users of the intended commercial product. H3 K27M-mutant diffuse midline glioma (DMG) is a rare, highly aggressive tumor, predominantly seen in children, though adults are also affected. The patient population is small, which is why the drug received Orphan Drug Designation in the US, Europe, and Australia.

The patient pool is defined by specific clinical and molecular characteristics. For instance, one analysis of recurrent or progressive disease included 46 adults and four pediatric patients who had confirmed H3K27M mutation status. Another retrospective study analyzed a cohort of 164 cases in total, comprising 94 adult and 70 pediatric patients with H3 K27M-mt DMG.

The prognosis for this group is grim; median overall survival for pediatric DMG patients was reported at 10.0 months, compared to 16.0 months for adult patients in one comparative analysis. Given that over 85% of Diffuse Intrinsic Pontine Glioma (DIPG) cases carry the K27M mutation, this specific mutation defines the target market.

Neuro-oncologists and pediatric oncologists in specialized centers

These are the key prescribers and influencers who determine treatment pathways. Since this is a highly specialized, rare disease, the customer base is concentrated in centers capable of diagnosing and managing complex CNS tumors.

The company was actively preparing for commercialization, which included building out market access and distribution capabilities, suggesting a targeted outreach strategy to these specialists. A natural history study Chimerix supported involved data collection across approximately 50 centers in the United States & other regions, indicating the approximate footprint of the key treating institutions.

The clinical focus is on treating recurrent or progressive disease, as Chimerix submitted its New Drug Application (NDA) for recurrent H3 K27M-mutant diffuse glioma in January 2025, with an expected FDA decision in Q3 2025. The Phase 3 ACTION study for newly diagnosed patients following frontline radiotherapy was also on track, with interim data expected in Q3 2025.

Global regulatory bodies and public health agencies

These entities act as gatekeepers for market access and are critical partners in the drug development lifecycle for rare diseases. Chimerix's strategy heavily relied on securing specific designations to expedite review and signal the drug's importance.

Key designations secured for dordaviprone include:

• Orphan Drug Designation in the US, Europe, and Australia.
• Fast-Track Designation in the US.
• Rare Pediatric Disease Designation in the US.

The company submitted its NDA in January 2025, requesting priority review, with the FDA decision anticipated in Q3 2025. The Australian Therapeutic Goods Administration (TGA) alignment for a Provisional Approval submission was also a near-term goal, potentially accelerating commercialization to end-2025.

Payers and government health programs (Medicare/Medicaid)

Payers, including government programs like Medicare and Medicaid, represent the ultimate payers for the drug upon commercial launch. Since this is an ultra-rare, life-threatening indication with no current FDA-approved therapies, the value proposition for payers centers on the high unmet medical need.

Financially, Chimerix was operating on a cash runway supported by its capital position, which stood at $152.4 million as of Q3 2024, before the Q2 2025 acquisition closed. Full-year 2024 Research and Development expenses were $74.6 million, reflecting the investment required to reach the payer negotiation stage. The projected revenue estimate for the full fiscal year 2025 was $5.33 million, which was minimal compared to the acquisition valuation, underscoring that payer access and reimbursement strategy were critical for realizing the drug's multi-billion dollar potential under Jazz Pharmaceuticals' stewardship.

Chimerix, Inc. (CMRX) - Canvas Business Model: Cost Structure

You're looking at the cost drivers for Chimerix, Inc. (CMRX) right as it transitioned under Jazz Pharmaceuticals ownership in mid-2025. The cost structure, as evidenced by the final full-year reporting before the acquisition closed, was heavily weighted toward clinical development and pre-commercial activities. This is typical for a pre-revenue biotech nearing a major regulatory decision.

The single largest cost component was the investment in the pipeline, specifically dordaviprone. Research and Development (R&D) expenses were substantial, reflecting the cost of running the pivotal Phase 3 ACTION study and other pipeline work, like ONC206. For the full year ended December 31, 2024, Chimerix reported R&D expenses of $74.6 million. This was an increase from $68.8 million in FY 2023.

Here's a quick look at the key expense categories from the last full reporting period before the Jazz acquisition closed in the second quarter of 2025:

The General and Administrative (G&A) costs showed an uptick late in 2024, signaling readiness for a potential product launch. For the fourth quarter of 2024, G&A expenses rose to $7.0 million, up from $5.2 million in the same period of 2023. This increase was explicitly noted as being due to spending on commercial launch preparations. While the company was acquired for approximately $935 million in cash in Q2 2025, the operational costs leading up to that point reflected the final push for dordaviprone approval, which had a PDUFA action date of August 18, 2025.

Manufacturing and supply chain logistics for a specialty drug like TEMBEXA (which Chimerix markets) involved specific cost recognition rules. Costs related to TEMBEXA manufacturing were expensed as incurred until its approval, after which they shifted to inventory on the balance sheet. For the pipeline assets, the cost structure was dominated by clinical trial expenses, such as site management and data monitoring for the ACTION study, which involved over 135+ sites in 13 countries.

As a company on the cusp of being integrated into a major pharmaceutical entity, the G&A structure included costs that would soon be absorbed or realigned within the larger organization. These costs generally cover the operational backbone:

• Salaries and related employee costs for executive, finance, and administrative support functions.
• Share-based compensation expenses.
• Costs for commercial readiness efforts, including structure planning and engaging key stakeholders.
• Legal and accounting services, plus director and officer liability insurance.

To be fair, the overall cost base was high relative to revenue, as Q4 2024 saw total expenses of $22.95 million against only $57,000 in total revenue. This burn rate was supported by a strong cash position, which stood at $140.1 million at the end of 2024, providing runway through pivotal readouts. Finance: draft post-acquisition G&A synergy analysis by end of Q4 2025.

Chimerix, Inc. (CMRX) - Canvas Business Model: Revenue Streams

You're looking at the revenue side of Chimerix, Inc. (CMRX) as of late 2025, which is a fascinating pivot point given the recent FDA action. The business model's revenue generation is now centered on the commercial launch of its key asset, though other potential streams remain important for valuation.

The primary focus is the product sales of Dordaviprone, now branded as MODESYO, following its approval by the Food and Drug Administration (FDA) on August 6, 2025, for the treatment of H3 K27M-mutant diffuse glioma. This approval is the catalyst that unlocks the entire commercial revenue stream.

For the current fiscal year, analyst projections reflect the initial ramp-up period following this late-summer approval. Here's the quick math on the near-term expectation:

The potential for much larger revenue exists, as Chimerix, Inc. previously estimated it could generate over $1 billion in U.S. revenue from Dordaviprone alone. To be fair, this is a long-term aspiration, not a late-2025 realized number.

A significant, immediate, non-product revenue event is tied to the regulatory success. Because MODESYO (Dordaviprone) was approved as a rare pediatric disease product, Chimerix, Inc. was issued a Rare Pediatric Disease Priority Review Voucher (PRV). The value of these vouchers on the secondary market is highly variable, but recent 2025 transactions give you a clear range for this potential cash infusion:

• Zevra Therapeutics Inc.'s sale earlier in 2025: gross proceeds of $150 million.
• Abeona Therapeutics Inc.'s sale in June 2025: proceeds of $155 million.
• Historical data suggests a lower range of $75-$100 million due to oversupply concerns.

Finally, the structure of Chimerix, Inc.'s business model historically included, and may still include, revenue from other pipeline assets. This stream is typically realized through partnerships or licensing deals:

• Milestone payments from any future out-licensed assets.
• Royalty payments based on net sales of any partnered compounds.

Finance: draft 13-week cash view by Friday.