Corbus Pharmaceuticals Holdings, Inc. (CRBP): Business Model Canvas [Dec-2025 Updated]

You're looking at a classic clinical-stage biotech model, and for this company, that means the canvas is almost entirely about pipeline execution and cash runway as of late 2025. Honestly, the core value proposition rests squarely on their lead oncology candidate, CRB-701, which showed promising Objective Response Rates (ORR) up to 55.6% in mUC, but the reality is they are pre-revenue, burning cash-they reported a $23.3 million net loss in Q3 2025-and are funding this high-stakes R&D primarily through capital markets, holding about $104 million in cash as of September 30, 2025. To truly understand where the risk and potential upside lie in this model, you need to see how their Key Partnerships and Cost Structure directly feed into their Value Propositions; dig into the full breakdown below to see the nuts and bolts of this high-burn strategy.

Corbus Pharmaceuticals Holdings, Inc. (CRBP) - Canvas Business Model: Key Partnerships

You're looking at how Corbus Pharmaceuticals Holdings, Inc. structures its external relationships to drive its pipeline forward, especially as they move toward potential late-stage development. These alliances are critical because, frankly, a clinical-stage biotech with a net loss of approximately $23.3 million for the three months ended September 30, 2025, can't do everything in-house. The company's operating expenses for that same quarter hit approximately $24.4 million, so leveraging external expertise is a core part of their financial strategy.

Strategic Collaboration for CRB-701 in China

The partnership with CSPC Pharmaceutical Group Limited, specifically its subsidiary CSPC Megalith Biopharmaceutical, is central to the global strategy for the Nectin-4 targeting Antibody Drug Conjugate (ADC), CRB-701. This agreement carves out geographic rights: Corbus Pharmaceuticals holds exclusive development and commercialization rights in the United States, Canada, the European Union (including the European Free Trade Area), and Australia. CSPC retains the rights in the remaining global markets, including China, where they are currently investigating CRB-701 in a Phase I dose escalation clinical trial.

The financial structure of this deal, established in February 2023, provides Corbus Pharmaceuticals with access to the asset while offering CSPC significant upside potential:

This structure helps Corbus Pharmaceuticals manage its cash, which stood at $116.6 million as of June 30, 2025, providing a runway through Q2 2027, though a recent $75 million public offering extended that runway into 2028.

Managing Global Clinical Trials

For the CRB-701 Phase 1/2 study (NCT06265727), which is ongoing in the U.S. and Europe, Corbus Pharmaceuticals relies on external Contract Research Organizations (CROs) to manage the complex logistics of global clinical trials. While the specific names of the CROs handling the enrollment of over 100 participants across these regions are not publicly detailed in recent filings, the reliance on these specialized third parties is evident in the rising clinical development costs noted in their financial reports.

The company's clinical trial management partnerships cover:

• Managing patient enrollment across U.S. and European sites.
• Ensuring compliance with international regulatory standards.
• Handling pharmacokinetics and safety monitoring for CRB-701.
• Supporting the ongoing dose escalation and optimization studies for CRB-701, CRB-601, and CRB-913.

External Scientific Guidance and Validation

Securing external validation from leading experts is a key non-financial partnership. Corbus Pharmaceuticals actively engages Key Opinion Leaders (KOLs) and academic institutions to review clinical data and provide strategic direction. This was formalized by hosting a KOL event at the European Society for Medical Oncology (ESMO) Congress in October 2025. The event focused on presenting the dose optimization data from the CRB-701 Phase 1/2 study, featuring insights from leading Head and Neck Squamous Cell Carcinoma (HNSCC) experts.

The engagement with KOLs serves to:

• Validate efficacy signals, such as the 47.6% Objective Response Rate (ORR) seen in HNSCC patients at the 3.6 mg/kg dose of CRB-701 at ESMO 2025.
• Discuss the favorable safety profile, noting low rates of peripheral neuropathy at 8.4%.
• Inform the decision-making process for the planned registrational study in HNSCC, which is slated to start in mid-2026.

Manufacturing and Supply Chain Partners

Producing clinical-grade materials for both the ADC and small molecule programs requires specialized manufacturing partners. CRB-701, the next-generation ADC, utilizes monomethyl auristatin E (MMAE) as its cytotoxic payload and features a precise drug-to-antibody ratio (DAR) of 2. Similarly, the small molecule obesity candidate, CRB-913, requires specialized synthesis capabilities for its highly peripherally restricted CB1 receptor inverse agonist structure.

While the specific Contract Manufacturing Organizations (CMOs) responsible for the large-scale production of the clinical-grade ADC components and the small molecule drug substance are not explicitly named in the latest public updates, these relationships are fundamental to executing the clinical development plan, which includes the CRB-913 Phase 1b dose-range finding study expected to commence in Q4 2025.

Finance: review Q4 2025 projected spend on CMO contracts by end of January 2026.

Corbus Pharmaceuticals Holdings, Inc. (CRBP) - Canvas Business Model: Key Activities

Executing Phase 1/2 clinical trials for lead oncology candidate, CRB-701.

The ongoing CRB-701 Phase 1/2 clinical trial (NCT06265727) is multi-center, conducted in the U.S. and Europe, evaluating safety, pharmacokinetics, and efficacy in advanced solid tumors. Data presented at ESMO 2025, based on a September 1, 2025, cut, included results from 167 enrolled participants, with 122 evaluable for efficacy. The study enrolled patients heavily pretreated, showing a median of 3 prior lines of therapy.

Key efficacy signals from the dose optimization portion of the trial at the 3.6 mg/kg dose level were:

• Objective Response Rate (ORR) in HNSCC: 47.6%.
• Objective Response Rate (ORR) in cervical cancer: 37.5%.
• Objective Response Rate (ORR) in mUC: 55.6%.

Corbus Pharmaceuticals Holdings, Inc. is planning to initiate registrational studies by mid-2026.

Advancing CRB-913 (obesity) and CRB-601 (oncology) through Phase 1 dose escalation studies.

For CRB-913, the anti-obesity CB1 inverse agonist, the single ascending dose (SAD) portion of the Phase 1 study was completed earlier in 2025, with no treatment-related neuropsychiatric events reported. The multiple ascending dose (MAD) portion was on schedule for completion in Q3 2025. The company expected to commence a Phase 1b dose-ranging study in Q4 2025.

For CRB-601, the anti-αvβ8 integrin monoclonal antibody, the dose escalation study was on schedule for completion in Q4 2025, with data readouts anticipated in the second half of 2025.

The status of these key pipeline activities as of late 2025 can be mapped out:

Engaging with the FDA for regulatory strategy, including Fast Track designations.

Corbus Pharmaceuticals Holdings, Inc. secured a second Fast Track designation from the FDA for CRB-701 in September 2025, specifically for recurrent or metastatic head and neck squamous cell carcinoma (HNSCC) following platinum-based chemotherapy and anti-PD(L)-1 therapy. The first Fast Track designation for CRB-701, for relapsed or refractory metastatic cervical cancer, was granted in December 2024. The company planned to meet with the FDA in 2025 to review the latest data.

Securing non-dilutive financing and managing capital market activities like public offerings.

Corbus Pharmaceuticals managed capital through a public offering announced in October 2025. The company priced an underwritten public offering to raise approximately $75 million before underwriting discounts and expenses. The transaction involved selling 4,744,231 common shares and pre-funded warrants for 1,025,000 shares at a combined price near $13.00 per unit. Net proceeds of approximately $73.8 million were raised from the offering and ATM sales since the end of Q3 2025. This capital raise is expected to fund operations into 2028.

Financial performance for the period leading up to this activity included:

• Net Loss for the three months ended March 31, 2025: approximately $17.0 million.
• Net Loss for the three months ended September 30, 2025: approximately $23.3 million.
• Operating Expenses for the three months ended September 30, 2025: approximately $24.4 million.

Institutional ownership stood at 73.95% as of late 2025.

Corbus Pharmaceuticals Holdings, Inc. (CRBP) - Canvas Business Model: Key Resources

You're looking at the core assets Corbus Pharmaceuticals Holdings, Inc. has right now to drive value. These aren't just ideas; they are tangible, protected, and funded resources as of late 2025.

The financial foundation is solid following recent capital activity. As of September 30, 2025, Corbus Pharmaceuticals Holdings, Inc. reported $104.0 million in cash, cash equivalents, and investments on hand. This position was bolstered by the completion of a $75 million public offering that month, which the Company stated extends the cash runway into 2028.

The primary value drivers are the proprietary drug candidates, each protected by intellectual property. CRB-701, the next-generation Antibody Drug Conjugate (ADC) targeting Nectin-4, uses a precise drug antibody ratio (DAR) of 2 and a monomethyl auristatin E (MMAE) payload. CRB-913 is the peripherally restricted CB1 inverse agonist, designed to mitigate risks associated with earlier compounds in the class.

The internal team's expertise is evidenced by the progression of these assets and the associated financial investment. Operating expenses for the third quarter ended September 30, 2025, increased by $8.9 million compared to the same period in 2024, primarily due to clinical development expenses. This spending supports the experienced clinical development and regulatory affairs personnel needed to manage these complex programs.

Here's a quick look at the key pipeline assets and their recent performance metrics:

The intellectual property surrounding these molecules is a critical resource, particularly the design features that differentiate them. For instance, CRB-913's design shows a brain to plasma ratio fifty times lower than rimonabant.

You can see the tangible outputs of this resource base:

• CRB-701 HNSCC registrational study planned to start mid-2026.
• CRB-701 has Fast Track designation from the FDA for relapsed or refractory metastatic cervical cancer.
• CRB-701 Phase 1/2 study includes dosing at 2.7 mg/kg and 3.6 mg/kg cohorts.
• The Company expects to complete dose optimization and identify the recommended Phase 2 dose (RP2D) for CRB-701 in Q4 2025.
• CRB-913 SAD/MAD study expected completion in Q3 2025.

Finance: draft 13-week cash view by Friday.

Corbus Pharmaceuticals Holdings, Inc. (CRBP) - Canvas Business Model: Value Propositions

The core value propositions for Corbus Pharmaceuticals Holdings, Inc. (CRBP) center on delivering differentiated, next-generation therapeutics across oncology and obesity, targeting high unmet medical needs with promising clinical data as of late 2025.

CRB-701: Next-generation Nectin-4 ADC with a favorable safety profile and high Objective Response Rates (ORR) up to 55.6% in mUC.

CRB-701, a next-generation antibody drug conjugate (ADC) targeting Nectin-4, utilizes a site-specific, cleavable linker and a precise drug antibody ratio (DAR) of 2 using monomethyl auristatin E (MMAE) as the payload. Data presented at ESMO 2025, based on a September 1, 2025 data cut, showed encouraging efficacy across several tumor types in heavily pretreated patients (median of 3 prior lines of therapy).

The Objective Response Rates (ORR) observed for the 3.6 mg/kg dose were:

The safety profile appears favorable, with no Grade 4 or 5 treatment-related adverse events reported. The rate of peripheral neuropathy was low at 8.4% (all Grade 1 or 2), and the discontinuation rate related to CRB-701 was only 6.0%. Registrational studies are planned to start by mid-2026.

CRB-913: Highly peripherally restricted CB1 inverse agonist to address obesity with potentially fewer CNS side effects.

CRB-913 offers a value proposition by aiming to overcome the neuropsychiatric adverse event risks that stopped previous CB1 inverse agonists. Pre-clinical data demonstrated that CRB-913 is markedly more peripherally restricted, with a brain-to-plasma ratio 50 times lower than rimonabant and being 15 times more peripherally restricted than monlunabant. The Phase 1 Single Ascending Dose (SAD) portion showed no treatment-related neuropsychiatric events. The company expected to complete the SAD/Multiple Ascending Dose (MAD) study in Q3 2025 and initiate a Phase 1b study in obese patients in Q4 2025.

CRB-601: Novel anti-αvβ8 integrin monoclonal antibody targeting the tumor microenvironment.

CRB-601 targets the integrin αvβ8 to block the activation of latent TGFβ, which helps restore the body's immune response against cancer cells and may enhance immunotherapies. The dose escalation study was on schedule for completion in Q4 2025.

Potential to treat cancers with high unmet need, like HNSCC and cervical cancer (Fast Track status).

The regulatory pathway is expedited for CRB-701 in indications with high unmet need, providing a faster path to potential market access. The value here is speed to market for patients with few options. The FDA granted Fast Track designation for:

• CRB-701 for recurrent or metastatic HNSCC (September 2025).
• CRB-701 for relapsed/refractory metastatic cervical cancer (December 2024).

Financially, Corbus Pharmaceuticals Holdings, Inc. reported a net loss of approximately $23.3 million for the three months ended September 30, 2025. However, following a $75 million public offering, the company believes its cash position is strong enough to fund operations into 2028.

Finance: draft 13-week cash view by Friday.

Corbus Pharmaceuticals Holdings, Inc. (CRBP) - Canvas Business Model: Customer Relationships

You're hiring before product-market fit, so your relationships with regulators, the medical community, and investors are everything right now. These groups are your primary customers in this pre-revenue, clinical-stage environment.

High-touch, direct engagement with regulatory agencies like the FDA for Fast Track programs.

Corbus Pharmaceuticals Holdings, Inc. maintains close, direct engagement with the U.S. Food and Drug Administration (FDA), evidenced by the successful attainment of the Fast Track designation for CRB-701 in two separate indications. This designation is crucial for streamlining development and review for serious conditions. The first was granted in December 2024 for relapsed or refractory metastatic cervical cancer, and the second was granted on September 16, 2025, for recurrent or metastatic head and neck squamous cell carcinoma (HNSCC) previously treated with platinum-based chemotherapy and an anti-PD(L)-1 therapy.

Scientific communication via presentations at major medical conferences (e.g., ESMO 2025) to build credibility.

Building scientific credibility relies heavily on presenting data at top-tier medical forums. Corbus Pharmaceuticals Holdings, Inc. presented updated data from its CRB-701 Phase 1/2 clinical study at the European Society for Medical Oncology (ESMO) Congress 2025 in Berlin, Germany, on October 19, 2025. The company also hosted an in-person and virtual HNSCC Key Opinion Leader (KOL) event on the same day, October 19, 2025, starting at 10AM CEST, featuring experts from the University of Chicago, Dana-Farber Cancer Institute, and Sarah Cannon Research Institute.

The data presented at ESMO 2025 highlighted efficacy for the 3.6 mg/kg dose:

The presentation included data from 167 enrolled participants as of a September 1, 2025, data cut, with 122 evaluable for efficacy.

Close collaboration with clinical investigators and trial sites.

The CRB-701 Phase 1/2 clinical trial (NCT06265727) is a multi-center study conducted across the U.S. and Europe. The trial enrolled patients who were heavily pretreated, with a median of 3 prior lines of therapy (range: 1-9). The company expressed being very pleased with the strong rate of enrollment, which included over 100 participants from the U.S. and Europe by August 2025.

• Dose optimization was on-going at 2.7 mg/kg and 3.6 mg/kg cohorts.
• The study included 41 HNSCC patients, 37 cervical cancer patients, and 23 mUC patients.
• The company planned to meet with the FDA to review data and initiate registrational studies by mid-2026.

Investor Relations (IR) to maintain confidence during the pre-revenue, high-burn clinical stage.

Investor confidence is managed through consistent updates on financing and clinical milestones. Corbus Pharmaceuticals Holdings, Inc. reported Q3 2025 financial results on November 12, 2025. As of September 30, 2025, the company held $104.0 million in cash, cash equivalents, and investment. Following this, they raised $73.8 million in net proceeds from a public offering and ATM sales, leading management to believe they have sufficient cash to fund operations into 2028. Institutional ownership stood at 73.94% as of late 2025. Management actively engaged with the investment community, participating in conferences such as Guggenheim's Second Annual Healthcare Innovation Conference on November 12, 2025 (presentation at 1:00pm ET) and the Jefferies Global Healthcare Conference on November 18, 2025 (presentation at 4:00pm GMT).

The company's financial structure shows minimal leverage, with a debt-to-equity ratio of 0.02, but also reflects the clinical stage with a negative return on equity of -44.13%.

Finance: draft 13-week cash view by Friday.

Corbus Pharmaceuticals Holdings, Inc. (CRBP) - Canvas Business Model: Channels

Global clinical trial sites for drug testing and data generation utilize the Phase 1/2 study (NCT06265727) for CRB-701, which is being conducted in the U.S. and Europe. The CRB-601 Phase 1 study is also being conducted in the U.S. and Europe.

Data presented at the European Society for Medical Oncology (ESMO) Congress in October 2025 included data from over 100 participants from the U.S. and Europe for the CRB-701 program. The September 1st, 2025 data cut for CRB-701 involved 167 enrolled participants, with 122 participants evaluable for efficacy.

Direct communication with regulatory bodies focuses on the CRB-701 program, which has received Fast Track designation from the U.S. Food and Drug Administration (FDA) for relapsed or refractory metastatic cervical cancer. Corbus Pharmaceuticals Holdings, Inc. plans an FDA meeting in Q1 2026.

Future pharmaceutical distribution networks are supported by the Company's financial position, which is expected to fund operations through Q2 2027 based on planned expenditures as of June 30, 2025, when cash, cash equivalents, and investment on hand totaled $116.6 million. Following a public offering that raised net proceeds of approximately $73.8M, the cash on hand as of September 30, 2025, was reported at $104.0M.

Investor conferences and press releases are used to communicate milestones, such as the Q2 2025 financial results reported on August 05, 2025 and the Q3 2025 results reported on November 12, 2025. The Company participated in the following events in late 2025:

• Guggenheim Healthcare Innovation Conference: November 12, 2025 at 1:00pm ET.
• Jefferies Global Healthcare Conference: November 18, 2025 at 4:00pm GMT.
• Evercore 8th Annual Healthcare Conference: December 2, 2025 at 3:50pm ET.

The CRB-701 Phase 1/2 dose expansion data was presented as a poster (#967P) at the European Society for Medical Oncology (ESMO) Congress on October 19, 2025 from 12:00-12:45 CEST.

Corbus Pharmaceuticals Holdings, Inc. (CRBP) - Canvas Business Model: Customer Segments

Patients with Nectin-4 expressing solid tumors, including Head and Neck Squamous Cell Carcinoma (HNSCC) and metastatic Urothelial Carcinoma (mUC).

The CRB-701 Phase 1/2 study (NCT06265727) is designed to enroll approximately 348 patients with advanced solid tumors expressing Nectin-4 who have progressed after at least 1 prior therapy. As of September 1, 2025, the study had 167 enrolled participants, with 122 evaluable for efficacy. The patient population evaluated for efficacy included 41 HNSCC, 23 mUC, and 37 cervical cancer patients. Patients were heavily pretreated with a median of 3 prior lines of therapy.

Historical market projections for related indications include the global urothelial carcinoma market reaching $6.82 billion in 2032 and the global cervical cancer treatment market reaching $12.63 billion by 2030.

Obese, non-diabetic patients for the CRB-913 program.

Development for CRB-913 is advancing toward a Phase 1b dose-ranging study in obese individuals, planned to commence in the fourth quarter of 2025. The preceding Phase 1 SAD/MAD study is expected to complete in the third quarter of 2025. Pre-clinical data indicated CRB-913 has a brain-to-plasma ratio fifty times lower than rimonabant and is fifteen times more peripherally restricted than monlunabant.

Oncologists and healthcare providers specializing in late-line cancer treatments.

The CRB-701 clinical trial is multi-center and being conducted in the U.S. and Europe. Key Opinion Leaders (KOLs) from institutions including the University of Chicago, Dana-Farber Cancer Institute, and Sarah Cannon Research Institute participated in a KOL event during ESMO 2025. The Company reported a net loss of approximately $23.3 million for the three months ended September 30, 2025.

Global pharmaceutical companies for potential regional licensing or acquisition.

Corbus Pharmaceuticals Holdings, Inc. completed a public offering in October 2025, with a total size of approximately $75 million, before expenses. As of September 30, 2025, the Company had $104.0 million in cash, cash equivalents, and investment on hand, which was extended into 2028 following the offering.

• The Company reported a net loss per basic and diluted share of $1.90 for the three months ended September 30, 2025.
• Operating expenses for the three months ended September 30, 2025, were approximately $24.4 million.
• The Company is headquartered in Norwood, Massachusetts.

Corbus Pharmaceuticals Holdings, Inc. (CRBP) - Canvas Business Model: Cost Structure

You're looking at the core expenses driving Corbus Pharmaceuticals Holdings, Inc.'s operations as they push their pipeline through late-stage trials. For a clinical-stage biotech, the cost structure is dominated by science and trials, plain and simple.

The most immediate financial impact you see is the bottom line. Corbus Pharmaceuticals Holdings, Inc. reported a net loss of approximately $23.3 million for the three months ended September 30, 2025. This loss reflects the substantial investment required to advance their drug candidates, CRB-701, CRB-913, and CRB-601.

The overall operating expenses for the third quarter of 2025 were approximately $24.4 million, which was an increase of $8.9 million compared to the same period in 2024. This jump is almost entirely attributable to the escalating clinical development expenses across the portfolio.

Here's a look at the cost components, using the more detailed figures available from the second quarter of 2025 to illustrate the relative weight of these categories, remembering that R&D is the clear cost leader:

Clinical trial costs are the engine of that R&D spend. You're paying for everything that keeps the trials moving forward. It's defintely not cheap.

• Site payments to hospitals and clinics running the studies for CRB-701, CRB-913, and CRB-601.
• Drug supply manufacturing and logistics for the investigational products.
• Patient monitoring, data collection, and statistical analysis services provided by Contract Research Organizations (CROs).
• Costs associated with the CRB-701 combination arm dosing with pembrolizumab.

Manufacturing costs are embedded within R&D, especially for the Antibody Drug Conjugate (ADC) programs. For CRB-701, this involves the complex production of the drug itself, which targets Nectin-4 and uses monomethyl auristatin E (MMAE) as the payload, requiring precise conjugation at a specific drug-to-antibody ratio of 2.

General and Administrative (G&A) costs are the necessary overhead to remain a public entity and manage the business. While smaller than R&D, they are still significant, totaling nearly $4 million in Q2 2025.

• Executive and corporate team salaries, including the CEO, Dr. Yuval Cohen.
• Costs related to SEC filings, investor relations, and maintaining NASDAQ listing compliance.
• Legal fees for intellectual property protection and corporate governance.

To manage this high-burn rate, Corbus Pharmaceuticals Holdings, Inc. completed a $75 million public offering in November 2025, which they believe extends their cash runway into 2028. Finance: draft 13-week cash view by Friday.

Corbus Pharmaceuticals Holdings, Inc. (CRBP) - Canvas Business Model: Revenue Streams

You're looking at a company whose revenue model right now is almost entirely dependent on capital markets, which is typical for a clinical-stage biotech firm. As of late 2025, Corbus Pharmaceuticals Holdings, Inc. has $0K in product revenue because they are still deep in development. To be fair, their Q3 2025 financial results showed a net loss of approximately $23.3 million, which tells you exactly where the money is going: research and trials, not sales. That net loss is up from $13.8 million in the same period last year, showing the burn rate is increasing as they push programs forward.

The primary way Corbus Pharmaceuticals Holdings, Inc. funds these operations is through equity financing. Most recently, they completed a significant underwritten public offering in November 2025, raising approximately $75 million before expenses. This capital raise was crucial; the company stated this infusion extends their cash runway into 2028, giving them plenty of time to hit value-inflection points. For context, their cash position was $116.6 million as of June 30, 2025, and was projected to fund operations through Q2 2027. This new financing definitely helps shore up that runway. Honestly, this is the lifeblood for a company without product sales.

Here's a quick look at the funding and potential future value drivers:

• Recent Equity Raise Amount: $75 million
• Projected Cash Runway Extension: Into 2028
• Q3 2025 Net Loss: $23.3 million
• CRB-701 FDA Status: Fast Track for cervical cancer

Beyond equity, the next major potential revenue stream is tied to the existing partnership with CSPC Pharmaceutical Group for CRB-701, their Nectin-4 targeting Antibody Drug Conjugate (ADC). This deal is structured with significant contingent payments. CSPC is eligible to receive up to $130 million in potential development and regulatory milestone payments. Plus, there's a substantial upside from commercial success, with up to $555 million in potential commercial milestone payments. The total deal value, excluding royalties on net sales, is structured to reach $692.5 million.

Future revenue from product sales is the ultimate goal, driven by the three main pipeline assets. You need to watch the data readouts closely, as positive results are what trigger those milestone payments and attract future investment. CRB-701 showed an Objective Response Rate (ORR) of 47.6% in Head and Neck Squamous Cell Carcinoma (HNSCC) at the 3.6 mg/kg dose, and they are planning a registrational study for HNSCC starting mid-2026. For the obesity candidate, CRB-913, they expected to complete the SAD/MAD study and initiate a Phase 1b study in obese patients by the end of 2025. CRB-601 dose escalation data was also anticipated in Q4 2025. These clinical achievements are the precursors to any future product sales revenue.

Here is a breakdown of the potential future revenue components:

The immediate revenue stream is non-existent, relying on the $75 million capital raise to fund the path to potential product sales. Finance: draft 13-week cash view by Friday.