Context Therapeutics Inc. (CNTX): Business Model Canvas [Dec-2025 Updated]

You're digging into a clinical-stage biotech, trying to see past the science to the actual business viability of Context Therapeutics Inc. (CNTX). As an analyst who's seen countless pipelines, I can tell you their model is a classic high-risk, high-reward play centered on T cell engaging bispecific antibodies for tough solid tumors. The good news is they've got a solid war chest, reporting $76.9 million in cash as of September 30, 2025, which funds operations well into 2027, covering that heavy R&D burn. Honestly, the whole structure rests on generating clean data from their ongoing trials. Below, you can see the full nine blocks of their strategy, from key partnerships like the one with BioAtla, Inc. to their current revenue stream, which is mostly just interest income-about $0.9 million in Q3 2025-until those assets mature.

Context Therapeutics Inc. (CNTX) - Canvas Business Model: Key Partnerships

You're looking at the backbone of Context Therapeutics Inc.'s (CNTX) pipeline advancement, which relies heavily on external expertise and upfront agreements. The financial structure of these relationships dictates near-term cash burn and future liability.

Exclusive worldwide license with BioAtla, Inc. for CT-202

Context Therapeutics Inc. secured an exclusive, worldwide license from BioAtla, Inc. to develop and commercialize BA3362, which Context brands as CT-202, a Nectin-4 x CD3 T cell engaging bispecific antibody, in September 2024. This deal puts all development and commercialization funding responsibility onto Context Therapeutics Inc..

The financial structure involves significant potential payments to BioAtla, Inc.:

• Aggregate payments are capped at up to $133.5 million.
• This total includes $15.0 million in upfront and near-term milestones.
• Additional potential milestones for clinical, development, and commercial success total $118.5 million.
• BioAtla, Inc. also receives tiered royalties on net sales.

Context Therapeutics Inc. recorded in-process research and development charges of $14.75 million in the third quarter of 2024 related to the in-licensing of CT-202. For the third quarter ended September 30, 2025, Research and development (R&D) expenses showed a decrease of $6.2 million, primarily driven by lower CT-202 expense compared to the third quarter of 2024. BioAtla, Inc. reported triggering a $2 million milestone payment in October 2025 under this license agreement. Context Therapeutics Inc. expects to complete the necessary regulatory filings to support the initiation of a first-in-human trial for CT-202 in the second quarter of 2026.

Collaboration and licensing agreement with Integral Molecular, Inc. for CTIM-76

The development of CTIM-76 stems from a research collaboration and licensing agreement with Integral Molecular, Inc.. This agreement was amended in February 2024, which adjusted the financial obligations owed to Integral Molecular, Inc..

The CTIM-76 Phase 1 dose-escalation study had enrolled 12 patients as of the October 30, 2025 cutoff, and was enrolling Cohort 5. Context Therapeutics Inc. anticipates sharing initial dose escalation data from this trial in the second quarter of 2026.

Clinical trial sites and academic research institutions

Advancing the pipeline requires a network of clinical execution partners. Context Therapeutics Inc. is actively running trials across multiple sites.

• The Phase 1 clinical trial for CTIM-76 is being conducted at 37 active trial sites across the U.S..
• The Phase 1 trial for CT-95 is being conducted at clinical sites in the US.
• Context Therapeutics Inc. presented data at the 2025 SITC Annual Meeting in November 2025.
• The company presented a Trial in Progress poster for CTIM-76 at the 2025 ASCO Annual Meeting in June 2025.
• Preclinical data for CT-95 was presented at the AACR Annual Meeting 2025 in April 2025.

Potential pharmaceutical partners for late-stage development or commercialization

While specific late-stage partnership agreements are not detailed in the latest reports, the structure of the BioAtla, Inc. deal suggests a model for future out-licensing or co-development. BioAtla, Inc. indicated in November 2025 that it remains on track for completing a partnership transaction by year end 2025 for one of its Phase 2 assets.

Contract Manufacturing Organizations (CMOs) for drug supply

Specific Contract Manufacturing Organizations (CMOs) names aren't public, but the costs associated with them are reflected in R&D expenses. For the full year 2024, lower CTIM-76 expense was partly attributed to lower contract manufacturing costs compared to 2023.

Context Therapeutics Inc. (CNTX) - Canvas Business Model: Key Activities

You're managing a clinical-stage biotech, so your key activities revolve around proving your science works in humans and keeping the lights on. For Context Therapeutics Inc. (CNTX) as of late 2025, the focus is heavily on advancing the T cell engagers (TCEs) through dose escalation and preparing the next asset for the clinic.

Conducting Phase 1 clinical trials for CTIM-76 and CT-95

The core activity is running the ongoing Phase 1 dose escalation studies for the two lead candidates. You're pushing CTIM-76 and CT-95 through cohorts to find the maximum tolerated dose (MTD) and see if they actually kill tumors, which is the whole point, right?

For CTIM-76 (Claudin 6 x CD3 TCE) in ovarian, endometrial, or testicular cancer:

• As of the October 30, 2025 cutoff, 12 patients were enrolled.
• The team is currently enrolling Cohort 5, using a priming dose of 140 micrograms and a full dose of 560 micrograms.
• Preliminary signs of anti-tumor activity, including an ongoing RECIST response, have been observed beginning at Cohort 3.
• Safety profile shows no Cytokine Release Syndrome (CRS) greater than Grade 1 and no dose limiting toxicity (DLT) observed.
• Initial clinical data is expected in the first half of 2026.

For CT-95 (Mesothelin x CD3 TCE) in various solid tumors:

• As of the October 30, 2025 cutoff, 6 patients were enrolled.
• The trial is currently enrolling Cohort 3 with a priming dose of 0.18 µg/kg and a full dose of 0.6 µg/kg.
• The company projects CT-95 will achieve target dose exposure starting at Cohort 4.
• No CRS greater than Grade 2 and no DLT has been observed, so dose escalation continues.
• Initial Phase 1a data is anticipated in the middle of 2026.

These clinical activities drive the bulk of the Research and Development spending. Context Therapeutics reported R&D expenses of $8.7 million for the third quarter of 2025, down from $16.8 million in Q3 2024, partly due to lower CT-202 and CT-95 expenses in the quarter.

Research and development of next-generation T cell engagers (TCEs)

While the current assets are in the clinic, Context Therapeutics Inc. is definitely keeping an eye on the next wave. This activity involves the preclinical work necessary to get CT-202 ready for human testing and potentially scouting for other novel TCE formats. The R&D spend reflects this pipeline progression; for instance, R&D expenses for Q3 2024 included $14.75 million in in-process R&D charges related to the acquisition of CT-95 and in-licensing of CT-202.

The pipeline progression activity can be mapped out like this:

Regulatory filings, including the planned IND for CT-202 in mid-2026

This is a critical operational hurdle. You need to compile all the preclinical safety and efficacy data for CT-202, the Nectin-4 x CD3 TCE, into a submission package for the Food and Drug Administration (FDA). Context Therapeutics Inc. expects to complete the necessary regulatory filings to support the initiation of a first-in-human trial for CT-202 in the second quarter of 2026. This is a hard deadline you're working toward, as the cash position of $76.9 million as of September 30, 2025, is expected to fund operations into 2027.

Intellectual property management and patent defense

Managing the IP around CTIM-76 is an active, ongoing task. Context Therapeutics Inc. is aware of issued patents in the US and foreign jurisdictions expiring in January 2034 that potentially cover intellectual property included in CTIM-76. This awareness led to an amendment of the Integral License Agreement, which adjusted the financial terms significantly to account for this IP landscape.

The key financial restructuring of the IP agreement includes:

• Aggregate development and regulatory milestone payments reduced from $55 million to $15 million.
• Aggregate sales milestone payments reduced from $130 million to $12.5 million.
• Royalty rate reduced to a flat 6% on net sales, commencing no sooner than February 1, 2034.

Honestly, restructuring those potential payments from $185 million in milestones down to $27.5 million is a major activity to de-risk the CTIM-76 program's future cost structure.

Strategic in-licensing or acquisition of new pipeline assets

The foundation of the current pipeline was built through strategic moves in 2024, which are key activities that underpin the current R&D work. CT-95 was acquired in July 2024, and CT-202 was in-licensed in September 2024. These transactions were significant enough to drive R&D expense in Q3 2024 to include $14.75 million in in-process R&D charges. While no new major deals are explicitly listed as of late 2025, the ongoing cash runway into 2027 provides the optionality to pursue further strategic in-licensing or acquisition opportunities to bolster the TCE portfolio.

Finance: review the Q4 2025 R&D burn rate against the $76.9 million cash balance to confirm the runway into 2027 by end of next week.

Context Therapeutics Inc. (CNTX) - Canvas Business Model: Key Resources

You're looking at the core assets that power Context Therapeutics Inc. right now, late in 2025. Honestly, for a clinical-stage biotech, the immediate financial cushion is a huge resource.

The most concrete number you have is the balance sheet strength as of the last reported quarter. Context Therapeutics Inc. reported cash and cash equivalents of $76.9 million as of September 30, 2025. Management has stated this cash position is expected to be sufficient to fund operations into 2027. That runway dictates a lot of the near-term strategic flexibility, so keep an eye on that burn rate.

The primary value driver, of course, is the pipeline of three T cell engaging (TCE) bispecific antibody candidates. Here's a quick look at where those assets stand as of the October 30, 2025, cutoffs:

Beyond the molecules themselves, the intellectual property portfolio covering the core TCE bispecific technology is a foundational asset. This proprietary engineering is what underpins the potential differentiation of CTIM-76 and CT-95. Also critical are the specialized scientific and clinical development personnel who are executing these complex trials. You see their impact reflected in the R&D spend; for instance, R&D expenses were $8.7 million for the third quarter of 2025, down from $16.8 million in Q3 2024, partly due to lower CT-202 expense of $6.2 million in Q3 2025. That team is translating capital into clinical progress.

Finally, the Nasdaq listing (CNTX) serves as the primary mechanism for accessing public capital markets, which is essential for funding operations that currently generate no commercial revenue. This public status provides visibility, but it also subjects the company to market sentiment, especially around clinical milestones like the anticipated initial Phase 1a data for CT-95 in mid-2026.

Context Therapeutics Inc. (CNTX) - Canvas Business Model: Value Propositions

You're looking at the core value Context Therapeutics Inc. (CNTX) brings to the table in the oncology space as of late 2025. It all centers on their T cell engaging (TCE) bispecific antibodies, designed to redirect the body's own T cells to attack solid tumors, which is a tough nut to crack for many therapies.

The primary value is in the pipeline itself, which is focused on three distinct, fully humanized TCE assets, each targeting a specific, highly relevant tumor-associated antigen. This diversification across targets is key to capturing value in multiple difficult-to-treat cancer populations.

The portfolio is built around addressing high unmet medical needs in cancers where other approaches have struggled due to safety or efficacy issues. For instance, with CTIM-76, Context Therapeutics is targeting CLDN6-positive cancers, where there are an estimated 70,000 patients with CLDN6-positive metastatic solid tumors in the United States, and currently, no approved targeted treatment options exist for them.

Here's a breakdown of the specific value propositions tied to the assets:

The potential for a superior safety profile is a major differentiator, especially for CTIM-76. In the ongoing Phase 1 study as of the October 30, 2025 cutoff, Context Therapeutics reported that no Cytokine Release Syndrome ("CRS") greater than Grade 1 has been observed in any cohort. Also, no dose limiting toxicity ("DLT") has been observed for CTIM-76, and a maximum tolerated dose ("MTD") has not been reached. This favorable safety profile supports continued dose escalation with the goal of deepening RECIST responses.

For CT-95, the value proposition is rooted in its sophisticated engineering to overcome a known biological hurdle. The MSLN protein is overexpressed in approximately 30% of cancers, but a challenge has been the presence of shed MSLN fragments acting as a decoy. CT-95 is engineered with moderate affinity but high avidity for membrane-bound MSLN, specifically intended to minimize this decoy effect. This design is described as avidity enhanced and affinity tuned to localize therapeutic activity to the tumor microenvironment. As of late 2025, the Phase 1 trial for CT-95 has enrolled 6 patients and is enrolling Cohort 3, with no CRS greater than Grade 2 observed.

The company's financial stability supports the delivery of these value propositions in the near term. Context Therapeutics reported cash and cash equivalents of $76.9 million as of September 30, 2025, which management expects will be sufficient to fund operations into 2027. This runway is critical for reaching key milestones, such as the anticipated initial data readouts for CTIM-76 and CT-95 in the second quarter/middle of 2026, and the expected regulatory filings for CT-202 in the second quarter of 2026.

The value proposition is further detailed by the current clinical progress:

• CTIM-76 has enrolled 12 patients as of October 30, 2025, and is in Cohort 5 (priming dose 140 micrograms/full dose 560 micrograms).
• CT-95 has enrolled 6 patients as of October 30, 2025, and is in Cohort 3 (priming dose 0.18 µg/kg/full dose 0.6 µg/kg).
• CT-202, targeting Nectin-4, is projected to enter first-in-human trials in Q2 2026.

Finance: draft 13-week cash view by Friday.

Context Therapeutics Inc. (CNTX) - Canvas Business Model: Customer Relationships

You're looking at how Context Therapeutics Inc. (CNTX) manages its relationships with the key groups that drive its clinical and financial success. For a clinical-stage biotech, these relationships are everything; they are the direct line to validation and capital.

High-touch engagement with clinical investigators and key opinion leaders

Engagement here centers on the ongoing clinical trials for CTIM-76 and CT-95. The depth of interaction is reflected in the trial progress and the specific dosing cohorts being managed by investigators.

• CT-95 Phase 1 trial enrolled 6 patients as of the October 30, 2025 cutoff.
• The trial is currently enrolling Cohort 3, using a priming dose of 0.18 µg/kg and a full dose of 0.6 µg/kg.
• The proposed clinical starting dose for CT-95, based on AACR 2025 data, was 0.1 µg/kg.
• The company is advancing CT-95 in patients with MSLN-expressing advanced solid tumors, including ovarian, pancreatic, lung, and mesothelioma cancers.

Direct communication with investors via conferences and press releases

Context Therapeutics Inc. has been active in presenting its progress directly to the investment community, often following key data releases like the Q3 2025 results on November 5, 2025.

Replays of webcasts from these events are available on the company website for 90 days.

Scientific dialogue through presentations at major oncology meetings (SITC, AACR)

The scientific community engagement is quantified by the number of presentations at major medical congresses. Context Therapeutics Inc. presented at both SITC and AACR in 2025.

• Presented 2 posters at the Society for Immunotherapy of Cancer (SITC) 40th Annual Meeting, held November 7-9, 2025.
• One SITC poster was a Trial in Progress for CT-95; the other covered preclinical data for CT-202.
• Presented a poster at the American Association for Cancer Research (AACR) Annual Meeting 2025 (April 25-30, 2025) in Chicago, IL.
• The AACR presentation highlighted data supporting the selection of the first-in-human dose for CT-95.

Regulatory interaction with the FDA and other health authorities

Regulatory interaction is tracked by the status of Investigational New Drug (IND) applications and expected filing dates for the pipeline assets.

• CT-95 received IND clearance from the FDA in July 2024.
• Initial Phase 1a data for CT-95 is expected by mid-2026.
• Regulatory filings to support the initiation of a first-in-human trial for CT-202 are expected in the second quarter of 2026.

Dedicated investor relations for public shareholders

The relationship with public shareholders is managed through financial reporting and insider activity, which signals management confidence. The stock trades on NASDAQ GS under the ticker CNTX, with a recent price noted at $1.12.

Financial health underpins this relationship; Context Therapeutics Inc. reported cash and cash equivalents of $83.5 million as of June 30, 2025, which the Company expects will fund operations into 2027.

Insider buying in the six months leading up to late 2025 shows direct investment from leadership:

Finance: draft 13-week cash view by Friday.

Context Therapeutics Inc. (CNTX) - Canvas Business Model: Channels

The Channels component of Context Therapeutics Inc.'s business model centers on the specific pathways used to reach clinical investigators, the scientific community, capital markets, the public, and regulatory bodies for its T cell engaging (TCE) bispecific antibody pipeline, including CTIM-76, CT-95, and CT-202.

Clinical trial sites are the primary channel for drug delivery and testing. As of the October 30, 2025 cutoff, the Phase 1 dose escalation study for CT-95 had enrolled 6 patients, with dosing in Cohort 3. The CT-95 clinical trial (NCT06756035) is being conducted at clinical sites in the US. For CTIM-76, the Phase 1 trial had enrolled 12 patients as of the same October 30, 2025 cutoff, with dosing progressing to Cohort 5.

Data dissemination to the scientific community relies heavily on presentations at major medical meetings. Context Therapeutics Inc. shared two posters discussing its CT-95 and CT-202 programs at the Society for Immunotherapy of Cancer's (SITC) 40th Annual Meeting, held November 7-9, 2025, in National Harbor, MD. The company also presented a Trial in Progress poster for the CTIM-76 Phase 1 clinical trial at the 2025 American Society of Clinical Oncology (ASCO) Annual Meeting in June 2025. Earlier in the year, preclinical data for CT-95 was presented at the American Association for Cancer Research (AACR) Annual Meeting 2025 in April 2025.

Access to capital markets is facilitated through participation in key investor conferences. Context Therapeutics Inc. confirmed presence at several such events through late 2025 and into November 2025.

• Guggenheim 2nd Annual Healthcare Innovation Conference: November 10-12, 2025.
• Stifel 2025 Healthcare Conference: November 11-13, 2025.
• Citizens Life Sciences Conference: May 7-8, 2025.
• 24th Annual Needham Virtual Healthcare Conference: April 7-10, 2025.

Public and investor updates are channeled through the corporate website and social media presence. The company's corporate website is www.contexttherapeutics.com, with investor relations information available at https://ir.contexttherapeutics.com. Context Therapeutics also follows and provides updates on X (formerly Twitter) and LinkedIn. The latest reported financial data as of late 2025 shows cash and cash equivalents of $76.9 million as of September 30, 2025, with the company expecting this to fund operations into 2027. Research and development expenses for the third quarter of 2025 were $8.7 million.

Direct regulatory submissions to health agencies, such as the U.S. Food and Drug Administration (FDA), represent a critical channel for advancing drug candidates. Context Therapeutics expects to complete the necessary regulatory filings to support the initiation of a first-in-human trial for CT-202 in the second quarter of 2026.

Context Therapeutics Inc. (CNTX) - Canvas Business Model: Customer Segments

You're looking at the key groups Context Therapeutics Inc. (CNTX) needs to satisfy to move its pipeline forward. For a clinical-stage biotech, these segments are less about mass-market consumers and more about specialized partners and capital providers. Here's the breakdown as of late 2025.

Patients with advanced solid tumors expressing CLDN6, MSLN, or Nectin-4

This segment is defined by biomarker expression, not just a specific cancer type, though Context Therapeutics Inc. (CNTX) is focused on several indications. The potential patient pool is defined by the targets of their three main assets.

• Mesothelin (MSLN) is overexpressed in approximately 30% of cancers.
• CTIM-76 targets CLDN6-positive ovarian, endometrial, and testicular cancers.
• CT-202 targets Nectin-4, which is highly expressed in bladder, colorectal, lung, and breast tumors.

Oncologists and clinical investigators running Phase 1 trials

These are the gatekeepers who enroll patients and execute the trials. Their focus is on safety, tolerability, and early efficacy signals. Context Therapeutics Inc. (CNTX) is actively engaging this group with ongoing dose-escalation studies.

Here's the quick math on where the two lead programs stood as of the October 30, 2025 cutoff:

The broader ecosystem supporting these investigators is large; for context, in the first half of 2025, 1,560 new Phase 1 interventional trials started globally. Also, a major early-phase research network like START operates with 31 Principal Investigators across its sites.

Future pharmaceutical companies seeking oncology assets for acquisition or co-development

This segment is interested in the value of Context Therapeutics Inc. (CNTX)'s pipeline assets, especially given their recent deal history. They look for de-risked, differentiated assets.

• CT-95 was acquired via a Corporate Asset Purchase from Link Immunotherapeutics on 09-Jul-2024.
• CT-202 was in-licensed from BioAtla, Inc. in September 2024.
• The company has an expected cash runway into 2027, suggesting operational stability for near-term partnership discussions.

Institutional and retail investors in the biotechnology sector

This group provides the necessary capital to fund the clinical development. Their interest is tied to the stock performance and ownership structure. As of November 2025, the ownership structure shows significant influence from sophisticated capital pools.

The ownership makeup as of November 11, 2025, looks like this:

The company's market capitalization stood at $100M as of November 4, 2025, with approximately 91.9M shares outstanding. Context Therapeutics Inc. (CNTX) reported cash and cash equivalents of $76.9 million as of September 30, 2025, against a Q3 2025 net loss of $9.7 million. The stock price on November 4, 2025, was $1.11.

Context Therapeutics Inc. (CNTX) - Canvas Business Model: Cost Structure

You're looking at the cost side of Context Therapeutics Inc.'s (CNTX) operations as they push their pipeline through clinical stages. For a clinical-stage biotech, the costs are heavily weighted toward science and trials, which is exactly what the numbers show.

The most significant recurring cost driver is Research and Development (R&D). Context Therapeutics reported high R&D expenses, totaling $7.8 million in the second quarter of 2025, up substantially from $1.4 million in the second quarter of 2024. This spending reflects the active advancement of their clinical assets.

Clinical trial costs are central to this R&D spend. The progression of the two lead candidates through their Phase 1 dose escalation studies is a major expense component. For instance, in Q2 2025, the R&D increase was driven by higher expenses for CT-202 ($3.1 million), CT-95 ($1.5 million), and CTIM-76 ($0.1 million) compared to the prior year period. The CT-95 trial, which started in Q2 2025, is a key cost center, as is the ongoing CTIM-76 study.

General and administrative (G&A) expenses are much lower but still present a fixed cost base. For the third quarter of 2025, G&A expenses were approximately $1.9 million. This is consistent with the second quarter of 2025, where G&A was also $1.9 million, up from $1.7 million in Q2 2024.

Personnel costs are a direct driver of both R&D and G&A increases. You see this reflected in the year-over-year comparisons. In Q3 2025, personnel-related costs within R&D were up by $0.7 million compared to Q3 2024. Looking at Q2 2025, personnel-related costs increased by $1.6 million year-over-year, primarily due to higher headcount and termination benefits related to employee departures. In Q1 2025, personnel costs were up by $0.5 million year-over-year, also due to higher headcount and compensation adjustments.

The costs associated with building the pipeline, specifically in-licensing and acquisition costs, were significant in the prior year but now manifest as ongoing R&D expenses. Context Therapeutics incurred in-process research and development charges totaling $14.75 million in the third quarter of 2024, which covered the acquisition of CT-95 (July 2024) and the in-licensing of CT-202 (September 2024). These upfront costs are now capitalized or expensed, driving the current period R&D.

Here's a quick look at how the quarterly operating expenses stack up for the most recent periods we have data for:

The R&D spend is clearly the engine of the cost structure, which is typical for a company focused on advancing novel T cell engaging bispecific antibodies. You can see the direct impact on the bottom line, with the Q2 2025 net loss at $8.8 million and the Q3 2025 net loss at $9.7 million.

The key components driving the R&D burn rate are:

• Higher CT-202 expense of $3.1 million in Q2 2025.
• Higher CT-95 expense of $1.5 million in Q2 2025.
• CTIM-76 expense showed a decrease of $0.8 million in Q1 2025 due to lower manufacturing/preclinical costs.
• CT-95 and CT-202 acquisition/licensing costs totaled $14.75 million in Q3 2024 charges.

Finance: draft 13-week cash view by Friday.

Context Therapeutics Inc. (CNTX) - Canvas Business Model: Revenue Streams

You're hiring before product-market fit, which for a clinical-stage biotech like Context Therapeutics Inc., means your revenue streams are almost entirely non-product based right now. Honestly, this is the expected reality for a company advancing novel therapeutics through trials.

Currently, Context Therapeutics Inc. has zero product revenue, which is typical for a clinical-stage biotech focused on developing its pipeline candidates like CTIM-76 and CT-95. The primary, though non-operational, income source as of late 2025 comes from managing its balance sheet.

Specifically, for the third quarter ending September 30, 2025, Context Therapeutics Inc. earned other income of approximately $0.9 million. This figure is largely comprised of interest income earned on its cash and cash equivalents. To give you context on the cash position supporting this, the company held $76.9 million in cash and cash equivalents as of September 30, 2025. Management has stated they expect this cash position to be sufficient to fund operations into 2027.

Here's a quick look at the key financial data points relevant to the current revenue and funding picture:

Beyond the current interest income, the true potential revenue streams for Context Therapeutics Inc. are tied to the success of its clinical pipeline, which manifests through licensing agreements and future commercialization.

The company has agreements in place that provide for future milestone payments. For instance, the amended collaboration and licensing agreement with Integral Molecular, Inc. for CTIM-76 outlines specific potential payments:

• Aggregate development and regulatory milestone payments reduced to $15 million.
• Aggregate sales milestone payments reduced to $12.5 million.
• A flat royalty rate of 6% on net sales, beginning no sooner than February 1, 2034.

These future product sales or commercialization royalties are contingent upon several regulatory achievements, including:

• First patient's first screening visit in a Phase 1b/2 or Phase 2 clinical trial for CTIM-76.
• First patient's first screening visit in a Phase 3 clinical trial for CTIM-76.
• United States marketing approval for CTIM-76.
• European Union marketing approval for CTIM-76.
• United Kingdom marketing approval for CTIM-76.
• Japan marketing approval for CTIM-76.

Finally, the operational funding itself is a key component of the current financial model, which relies on equity financing rounds to bridge the gap until a product is commercialized. The company raised $100M in a Post IPO round on May 06, 2024. This capital, combined with the existing cash balance, is what management is using to fund operations into 2027. Finance: draft 13-week cash view by Friday.