Corvus Pharmaceuticals, Inc. (CRVS): Business Model Canvas [Dec-2025 Updated]

You're looking for the real story behind Corvus Pharmaceuticals, Inc.'s strategy, and honestly, it boils down to one molecule: soquelitinib. As someone who's mapped out biopharma balance sheets for years, I see a model laser-focused on executing that crucial Phase 3 trial for Peripheral T-cell Lymphoma, all while sitting on a $65.7 million cash position as of September 30, 2025. Their structure is capital-efficient, relying on a deep partnership with Angel Pharmaceuticals for Greater China, but the near-term value proposition hinges entirely on clinical success, which you can see laid out clearly below.

Corvus Pharmaceuticals, Inc. (CRVS) - Canvas Business Model: Key Partnerships

You're looking at how Corvus Pharmaceuticals, Inc. structures its external relationships to drive development, and honestly, it's a classic biopharma model heavily reliant on strategic alliances for geographic reach and clinical execution. These partnerships are critical because they share the risk and cost of bringing novel therapies to market.

The core of the international strategy centers on Angel Pharmaceuticals, a company Corvus Pharmaceuticals, Inc. co-founded to handle development and commercialization specifically in Greater China. Corvus Pharmaceuticals, Inc. maintains a significant, though not controlling, interest, holding approximately a 49.7% equity stake in Angel Pharmaceuticals, with an additional 7% reserved for an employee stock ownership plan. This arrangement means Angel Pharmaceuticals licenses the rights for soquelitinib, ciforadenant, and mupadolimab within China and shoulders all associated development expenses there. For instance, the Angel-led Phase 1b/2 clinical trial for soquelitinib in atopic dermatitis in China is anticipated to start enrolling patients in the third quarter 2025, with Phase 1b data expected in 2026. The financial reporting reflects this link; Corvus Pharmaceuticals, Inc. recorded a non-cash loss from its equity method investment in Angel Pharmaceuticals of $0.3 million for the three months ended September 30, 2025.

Corvus Pharmaceuticals, Inc. also partners with academic and research consortia to advance its pipeline. For ciforadenant, the collaboration with the Kidney Cancer Research Consortium (KCRC) is key. This partnership is running a Phase 1b/2 clinical trial evaluating ciforadenant as a potential first-line therapy for metastatic renal cell cancer (RCC) when combined with ipilimumab and nivolumab. The trial is now fully enrolled, with patients currently being followed. Interim data presented at the European Society for Medical Oncology (ESMO) Congress 2025, based on data as of May 2025, showed the trial enrolled 50 patients in total (8 in the Phase 1b portion and 42 in the Phase 2 portion). Importantly, 19 patients remained on therapy for longer follow-up as of that data cutoff.

Another vital external relationship is with the National Institute of Allergy and Infectious Diseases (NIAID), part of the National Institutes of Health (NIH), for the development of soquelitinib in a rare condition. The NIAID initiated a Phase 2 clinical trial for soquelitinib in Autoimmune Lymphoproliferative Syndrome (ALPS) in March 2025. This trial is designed to assess efficacy over a treatment period of up to 360 days and plans to enroll up to 30 patients aged 16 and older. The goal is to address the dysregulation of T cells central to ALPS.

To execute the necessary clinical work and supply chain logistics, Corvus Pharmaceuticals, Inc. relies on Contract Research and Manufacturing Organizations (CROs/CMOs). This outsourcing is a significant driver of operating costs. Research and development expenses for the three months ended September 30, 2025, totaled $8.5 million, which was an increase of approximately $3.3 million compared to $5.2 million in the same period in 2024. Management specifically cited higher clinical trial and manufacturing costs associated with soquelitinib development as the primary reason for this increase, which directly reflects the financial commitment to these external service providers.

Here's a quick look at the primary collaboration structure:

The specific licensing arrangements with Angel Pharmaceuticals include:

• soquelitinib licenses for Greater China development.
• ciforadenant licenses for Greater China development.
• mupadolimab licenses for Greater China development.

The clinical trial collaboration details for ciforadenant with KCRC include:

• Trial type: Phase 1b/2, open-label.
• Indication: Metastatic Renal Cell Cancer (RCC), first-line therapy.
• Combination: Ciforadenant with ipilimumab (anti-CTLA-4) and nivolumab (anti-PD-1).
• Enrolled patients (total): 50.

For the NIAID-led soquelitinib trial in ALPS, the study parameters are:

• Patient age range: 16 and older.
• Treatment duration: Up to 360 days.
• Secondary endpoints: Safety and tolerability.

Finance: draft 13-week cash view by Friday.

Corvus Pharmaceuticals, Inc. (CRVS) - Canvas Business Model: Key Activities

You're looking at the core engine driving Corvus Pharmaceuticals, Inc. (CRVS) right now-the sheer volume of work required to push soquelitinib through late-stage trials while managing partnerships. Honestly, the numbers show a clear ramp-up in spending to support this pipeline advancement.

The financial commitment to these activities is evident in the operating expenses. Research and development expenses for the three months ended September 30, 2025, totaled $8.5 million, a significant increase from $5.2 million for the same period in 2024. This trend started earlier in the year, with Q1 2025 R&D expenses at $7.5 million versus $4.1 million in Q1 2024. This spending is directly tied to the clinical and manufacturing demands of soquelitinib.

As of September 30, 2025, Corvus Pharmaceuticals, Inc. held cash, cash equivalents, and marketable securities of $65.7 million, up from $52.0 million at the close of 2024. Based on current plans, this cash is expected to fund operations into the fourth quarter of 2026.

Clinical Development of Soquelitinib (ITK inhibitor) for Atopic Dermatitis and PTCL

The development of soquelitinib spans both oncology and immunology, with specific metrics available for the ongoing trials.

• Clinical development for Atopic Dermatitis (AD) is advancing through Phase 1 extension cohorts, with Phase 2 on track to start in early Q1 2026.
• Interim Phase 1 AD data from cohort 3 showed a mean reduction in EASI (Eczema Area and Severity Index) score of 64.8% at 28 days for the 200 mg BID dose, compared to 34.4% for placebo.
• The Phase 1 trial completed enrollment for extension cohort 4 (200 mg BID dose, 8-week treatment period), with data announcement anticipated in January.

Executing Phase 3 Registrational Trial for Soquelitinib in Peripheral T-cell Lymphoma (PTCL)

The PTCL program is the late-stage oncology focus, designed to address a difficult-to-treat cancer.

Managing Global Licensing and Equity Investment in Angel Pharmaceuticals

Corvus Pharmaceuticals, Inc. manages its China development through its equity method investment in Angel Pharmaceuticals. This structure shifts development costs to the partner, though it impacts Corvus's non-cash earnings.

• Angel Pharmaceuticals received IND approval from China's NMPA to begin a Phase 1b/2 trial for atopic dermatitis, with enrollment expected to start in Q3 2025 and Phase 1b data anticipated in 2026.
• The non-cash loss from Corvus Pharmaceuticals, Inc.'s equity method investment in Angel Pharmaceuticals was $0.3 million for the three months ended September 30, 2025.
• For the first quarter of 2025, the non-cash loss related to the China partner was $0.5 million.

Preclinical Research on Next-Generation ITK Inhibitor Product Candidates

Corvus Pharmaceuticals, Inc. is pioneering the development of ITK inhibition. The company has other clinical-stage candidates being developed for a variety of cancer indications.

Securing Intellectual Property (IP) for Novel Immunotherapy Mechanisms

The core activity involves pioneering the ITK inhibition mechanism as a new approach to immunotherapy for cancer and immune diseases.

Corvus Pharmaceuticals, Inc. (CRVS) - Canvas Business Model: Key Resources

You're looking at the core assets Corvus Pharmaceuticals, Inc. (CRVS) relies on to drive its pipeline forward. These aren't just line items; they're the tangible and intangible things the company absolutely needs to execute its strategy.

The most critical asset is definitely the lead drug candidate, soquelitinib. This is an investigational, oral, small molecule drug designed to selectively inhibit ITK (interleukin-2-inducible T-cell kinase). Corvus Pharmaceuticals, Inc. is advancing this asset in development for both immune diseases and cancers, including ongoing work in atopic dermatitis and T cell lymphomas. The company believes this mechanism of action offers a novel approach to immunotherapy.

Intellectual Property forms the protective moat around this innovation. This resource centers on patents that cover the mechanism of ITK inhibition, which is the foundation for soquelitinib, along with IP protecting other pipeline assets like ciforadenant and mupadolimab. This IP is what gives Corvus Pharmaceuticals, Inc. the exclusive right to develop and commercialize these specific therapeutic approaches.

The financial runway is a key resource, especially for a clinical-stage company. Here's a quick look at the balance sheet strength as of the end of the third quarter of 2025:

The human capital-the specialized scientific and clinical development personnel-is essential for managing the complex trials. The increased R&D spend reflects this investment; for instance, R&D expenses for the three months ended September 30, 2025, were $8.5 million, up from $5.2 million for the same period in 2024, with part of that increase tied to personnel costs. These are the folks running the Phase 1 and Phase 3 trials.

Finally, the strategic equity holding in Angel Pharmaceuticals is a significant, albeit non-wholly-owned, asset. Corvus Pharmaceuticals, Inc. initially retained a 49.7% equity stake in Angel Pharmaceuticals, which is developing licensed Corvus candidates in greater China. While this is an equity method investment, it still carries financial weight, evidenced by a non-cash loss of $0.3 million recorded for the three months ended September 30, 2025, related to this holding. This stake represents a pathway to potential value capture in the Chinese market.

• Soquelitinib status: Lead, oral, small molecule ITK inhibitor candidate.
• Angel Pharmaceuticals stake: 49.7% equity ownership.
• Cash on hand: $65.7 million (as of September 30, 2025).
• R&D spend (Q3 2025): $8.5 million.

Finance: draft 13-week cash view by Friday.

Corvus Pharmaceuticals, Inc. (CRVS) - Canvas Business Model: Value Propositions

You're looking at the core reasons why Corvus Pharmaceuticals, Inc. (CRVS) is positioning its assets, particularly soquelitinib, to capture value in oncology and immunology markets. The value proposition hinges on a novel mechanism and strong clinical signals, buttressed by a capital-efficient structure.

Novel mechanism of action: Selective ITK inhibition for T-cell modulation

• Use of soquelitinib, an investigational, oral, small molecule drug that selectively inhibits Interleukin-2-inducible T cell Kinase (ITK).
• The mechanism involves ITK controlling a switch between Th17 proinflammatory cells and T regulatory suppressor cells.
• Inhibition of ITK leads to a shift toward T regulatory cell differentiation, which has the potential to suppress autoimmune and inflammatory reactions.

Soquelitinib efficacy in Atopic Dermatitis: Data from Phase 1

The data from the Phase 1 trial in moderate to severe Atopic Dermatitis (AD) shows compelling results, especially in the higher dose cohort.

Potential for a well-tolerated, oral treatment for a range of immune diseases and cancers

The profile suggests a convenient oral option with a favorable safety margin, which is a key differentiator.

• Soquelitinib was well tolerated in the Phase 1 clinical trial, showing no dose limiting toxicities (DLTs).
• No clinically significant laboratory abnormalities were observed in any of the cohorts.
• Grade 1/2 adverse events were seen in 38.9% of soquelitinib treated patients compared to 25% receiving placebo in one report.

Diversified pipeline addressing high-unmet-need oncology and immunology indications

Corvus Pharmaceuticals is advancing its lead candidate in both cancer and immunology, supported by other clinical-stage assets.

Capital-efficient development via partner-led programs in Greater China

The collaboration with Angel Pharmaceuticals structures development in Greater China to be largely capital-efficient for Corvus Pharmaceuticals, Inc.

• Corvus currently holds a 49.7% equity stake in Angel Pharmaceuticals.
• Angel Pharmaceuticals licensed the rights to develop and commercialize soquelitinib, ciforadenant, and mupadolimab in greater China.
• Angel Pharmaceuticals is responsible for all development costs in China.
• Angel Pharmaceuticals received IND approval from China's NMPA to begin a Phase 1b/2 trial of soquelitinib for AD, with enrollment expected to start in Q3 2025.

To support these operations as of September 30, 2025, Corvus Pharmaceuticals, Inc. had cash, cash equivalents, and marketable securities of $65.7 million, which the company expects will fund operations into the fourth quarter of 2026.

Corvus Pharmaceuticals, Inc. (CRVS) - Canvas Business Model: Customer Relationships

When you look at Corvus Pharmaceuticals, Inc. (CRVS), the relationships are less about selling a product and more about collaborative scientific advancement and capital management. For a clinical-stage company, your 'customers' are the investigators, research centers, and the financial community who fund the journey.

High-touch collaboration with academic and clinical research centers

Corvus Pharmaceuticals, Inc. relies heavily on a network of clinical sites to generate the data needed for regulatory submissions. This isn't a transactional relationship; it requires deep collaboration to ensure trial integrity and patient safety across all indications.

The company has several active engagements that define this relationship block:

• The Phase 3 registrational trial for soquelitinib in relapsed/refractory peripheral T-cell lymphoma (PTCL) is running across multiple clinical sites.
• This PTCL trial is anticipated to enroll a total of 150 patients.
• For soquelitinib in atopic dermatitis (AD), the Phase 1 study completed enrollment for extension cohort 4, with data expected in January 2026.
• Corvus is also collaborating with the Kidney Cancer Research Consortium (KCRC) on a Phase 1b/2 trial for ciforadenant, which is reported as fully enrolled as of Q3 2025.

Here's a quick look at the trial activity driving these relationships:

Direct engagement with key opinion leaders (KOLs) and investigators

Securing the right investigators is crucial for credibility and trial success. You see this commitment clearly in the international partnership work.

For the China-based development of soquelitinib in atopic dermatitis, the engagement with local experts is formalized:

• The Phase 1b/2 trial in China will be led by Dr. Yuling Shi, identified as a prominent dermatology expert from Shanghai Skin Disease Hospital, who will serve as the principal investigator.
• The Phase 1b portion of this trial is set to enroll 48 patients across two cohorts.

The relationship with Angel Pharmaceuticals, which Corvus Pharmaceuticals, Inc. co-founded, is a prime example of leveraging external expertise and resources for development.

Investor relations and communication focused on clinical milestones and cash runway

For a company like Corvus Pharmaceuticals, Inc., the financial community is a critical 'customer' segment whose confidence directly impacts operational longevity. Investor relations communication is tightly focused on two things: hitting clinical targets and managing the cash burn rate.

The focus on cash runway has been explicit:

• As of September 30, 2025, the company reported cash, cash equivalents, and marketable securities totaling $65.7 million.
• Management has consistently guided that this cash position is expected to fund operations into the fourth quarter of 2026.
• The company's current ratio stood at a robust 4.9, indicating strong liquidity to manage near-term obligations.

Milestone communication is structured around regular updates. For instance, the Q3 2025 financial results and business update were communicated via a conference call on November 4, 2025, and a fireside chat presentation at the Guggenheim 2nd Annual Healthcare Innovation Conference on November 10, 2025. Financially, the Q3 2025 net loss narrowed to $10.2 million from $40.2 million in Q3 2024, though R&D expenses for the three months ended September 30, 2025, were $8.5 million.

Partner-led development and regulatory interactions in China

The relationship with Angel Pharmaceuticals, Ltd. is a strategic cornerstone, effectively outsourcing development costs and regulatory navigation in a key market. Corvus Pharmaceuticals, Inc. maintains a significant stake in this partner.

Key metrics defining this relationship include:

• Corvus Pharmaceuticals, Inc. retains an approximate 49.7% equity ownership interest in Angel Pharmaceuticals.
• Angel Pharma licensed the rights to develop, manufacture, and commercialize soquelitinib in greater China.
• Angel Pharma is responsible for all expenses related to the development of licensed pipeline programs in China.
• The partnership achieved a regulatory milestone on June 25, 2025, when the IND application for soquelitinib in atopic dermatitis was approved by China's Center for Drug Evaluation (CDE) of the NMPA.

This partner relationship is designed for capital efficiency; Angel Pharma covers the costs, allowing Corvus Pharmaceuticals, Inc. to focus its internal resources. The expectation was for Angel Pharma to begin enrolling patients in the China AD trial in the third quarter of 2025.

Finance: draft 13-week cash view by Friday.

Corvus Pharmaceuticals, Inc. (CRVS) - Canvas Business Model: Channels

Academic and clinical trial sites for drug development and data generation.

• Phase 3 registrational clinical trial in relapsed/refractory PTCL enrolling at multiple clinical sites.
• PTCL Phase 3 trial anticipated enrollment target: 150 patients.
• Phase 2 atopic dermatitis trial initiation planned for early Q1 2026, targeting approximately 200 patients.
• Phase 1 AD trial extension cohort 4 enrolled 24 patients.
• Angel Pharmaceuticals' planned Phase 1b/2 trial in China is set to enroll 48 patients.

Licensing agreements with partners like Angel Pharmaceuticals for regional access.

The non-cash loss from Corvus' equity method investment in Angel Pharmaceuticals for Q3 2025 was $0.3 million.

Scientific publications and conference presentations (e.g., ASH, ESMO).

• Final Phase 1/1b PTCL data accepted for oral presentation at the 67th American Society of Hematology (ASH) Annual Meeting in December 2025.
• Interim data from the AD Phase 1 trial presented at the Society for Investigative Dermatology (SID) 2025 Annual Meeting on May 10, 2025.
• Corvus Pharmaceuticals was scheduled to present at the Guggenheim 2nd Annual Healthcare Innovation Conference on November 10, 2025.

Direct communication with the investment community (IR).

Corvus Pharmaceuticals hosted a conference call and webcast on November 4, 2025, to report third quarter 2025 financial results.

The live webcast was accessible via the investor relations section of the Corvus website.

Corvus Pharmaceuticals, Inc. (CRVS) - Canvas Business Model: Customer Segments

You're looking at the specific patient populations and strategic partners Corvus Pharmaceuticals, Inc. (CRVS) is targeting with its clinical assets as of late 2025.

The primary focus for the ITK inhibitor, soquelitinib, centers on patients with significant unmet needs in immunology and oncology.

Here's a breakdown of the key customer segments:

• Patients with moderate-to-severe Atopic Dermatitis who failed prior therapies.
• Patients with relapsed/refractory Peripheral T-cell Lymphoma (PTCL).
• Patients with metastatic Renal Cell Cancer (RCC) and Autoimmune Lymphoproliferative Syndrome (ALPS).
• Pharmaceutical partners seeking novel, de-risked clinical-stage assets for specific geographies.

For the Atopic Dermatitis segment, Corvus Pharmaceuticals, Inc. is targeting patients who have not found success with existing treatments.

The Phase 1 trial data provides a concrete look at efficacy for the 200 mg BID dose:

The planned Phase 2 trial for this segment is set to initiate in early Q1 2026 and is anticipated to enroll approximately 200 patients who have failed at least one prior topical or systemic therapy.

In the PTCL space, Corvus Pharmaceuticals, Inc. is running a registrational Phase 3 clinical trial for relapsed/refractory PTCL patients.

This trial is designed to enroll a total of 150 patients, evaluating soquelitinib against physician's choice of either belinostat or pralatrexate.

The ALPS patient population is rare, but the Phase 2 trial is moving forward. The condition affects approximately 2,500 patients in the US.

For metastatic RCC, Corvus Pharmaceuticals, Inc. is planning a Phase 1b/2 clinical trial. Separately, data exists for ciforadenant in advanced, refractory RCC when combined with atezolizumab from a Phase 1/1b trial.

The fourth segment involves strategic pharmaceutical partners, often focused on specific geographies like greater China, where Corvus Pharmaceuticals, Inc. has a collaboration with Angel Pharmaceuticals.

Financial data relevant to funding these customer-facing development activities includes:

• Cash, cash equivalents and marketable securities as of September 30, 2025: $65.7 million.
• Cash, cash equivalents and marketable securities as of June 30, 2025: $74.4 million.
• Research and development expenses for the three months ended September 30, 2025: $8.5 million.
• Proceeds from common stock warrant exercises in Q2 2025: $35.7 million.
• Corvus Pharmaceuticals, Inc.'s equity stake in Angel Pharmaceuticals: 49.7%.

The company expects its current cash position, including warrant proceeds, to fund operations into the fourth quarter of 2026.

Finance: draft 13-week cash view by Friday.

Corvus Pharmaceuticals, Inc. (CRVS) - Canvas Business Model: Cost Structure

You're looking at the cost side of Corvus Pharmaceuticals, Inc. (CRVS) as they push soquelitinib through late-stage trials. For a clinical-stage biopharma, costs are almost entirely front-loaded into development, and the numbers from Q3 2025 definitely show that burn rate.

The biggest driver is Research and Development (R&D) expenses. For the three months ended September 30, 2025, R&D expenses totaled $8.5 million. That was a jump of approximately $3.3 million compared to the $5.2 million reported in the same period of 2024. Honestly, this increase is what you expect when you are scaling up clinical work.

Here's a quick look at the operating expenses for that quarter, which gives you a clearer picture of where the cash is going:

The increase in R&D spend is directly tied to clinical trial and manufacturing costs for the lead candidate, soquelitinib. You see this expense category rising as the Phase 3 registrational trial for relapsed/refractory peripheral T cell lymphoma (PTCL) continues to enroll patients. Plus, they are preparing to initiate the Phase 2 trial for atopic dermatitis in early Q1 2026, which adds to the near-term spending curve.

Beyond the direct trial costs, there are other non-cash items hitting the bottom line. For instance, the non-cash loss from Corvus Pharmaceuticals' equity method investment in Angel Pharmaceuticals was $0.3 million for the third quarter of 2025. That's down from the $0.7 million loss recorded in Q3 2024.

As a clinical-stage company, the cost structure is dominated by these high fixed costs associated with drug development, which is why cash management is so critical. You can see this pressure because, despite having $65.7 million in cash, cash equivalents, and marketable securities as of September 30, 2025, management reiterated that this cash is expected to fund operations only into the fourth quarter of 2026. In fact, the 10-Q filing flagged substantial doubt about the company's ability to continue as a going concern without raising additional capital.

You should keep an eye on these key cost components:

• R&D expenses for Q3 2025: $8.5 million.
• G&A expenses for Q3 2025: $2.1 million.
• Non-cash loss from Angel Pharmaceuticals: $0.3 million in Q3 2025.
• Cash runway projection: Into Q4 2026.

Finance: draft 13-week cash view by Friday.

Corvus Pharmaceuticals, Inc. (CRVS) - Canvas Business Model: Revenue Streams

You're looking at the funding sources for a clinical-stage company like Corvus Pharmaceuticals, Inc. (CRVS) right now, and it's all about financing the pipeline, not selling pills yet. The revenue streams are almost entirely non-product based as of late 2025.

Equity financing and warrant exercises provided a significant, one-time cash infusion during the second quarter of 2025. Corvus Pharmaceuticals, Inc. (CRVS) reported that all of the remaining outstanding common stock warrants were exercised during the three months ended June 30, 2025, which brought in cash proceeds totaling approximately $35.7 million. To be precise, $2.0 million of those proceeds came specifically from warrants exercised by the company's CEO, Dr. Miller. This financing boosted the cash position to $74.4 million as of June 30, 2025, down slightly to $65.7 million by September 30, 2025. Honestly, this cash runway is guided to fund operations into the fourth quarter of 2026.

The company currently has no product revenue because Corvus Pharmaceuticals, Inc. (CRVS) remains firmly in the pre-commercial stage, focusing entirely on clinical development for candidates like soquelitinib. The main goal, naturally, is generating future product sales revenue once regulatory approval is secured for one of its lead candidates.

Licensing and collaboration revenue from partners is structured through equity stakes and development rights rather than immediate cash flow from sales. Corvus Pharmaceuticals, Inc. (CRVS) has a key partnership with Angel Pharmaceuticals, which licensed the rights to develop and commercialize three clinical-stage candidates-soquelitinib, ciforadenant, and mupadolimab-in greater China. As part of this deal, Corvus Pharmaceuticals, Inc. (CRVS) currently holds a 49.7% equity stake in Angel Pharmaceuticals. This investment structure also results in non-cash accounting entries; for instance, the non-cash loss related to the equity method investment in Angel Pharmaceuticals was $0.4 million for the three months ended June 30, 2025, and $0.3 million for the three months ended September 30, 2025.

Regarding potential future milestone payments, the existing collaboration framework with Angel Pharmaceuticals and others, such as the National Institute of Allergy and Infectious Diseases (NIAID) for the ALPS trial, sets the stage for these payments. These payments are contingent upon achieving specific clinical or regulatory successes for the partnered assets, but no specific dollar amounts for earned milestones were detailed in the Q2 or Q3 2025 financial updates, which focused more on cash on hand and R&D spend.

Here's a quick look at the non-operating cash-related items from the Q2 2025 period:

• Total cash proceeds from all warrant exercises: $35.7 million
• Proceeds from CEO warrant exercise: $2.0 million
• Cash, cash equivalents, and marketable securities (as of June 30, 2025): $74.4 million
• Non-cash loss from Angel Pharmaceuticals (Q2 2025): $0.4 million

The table below summarizes the key financial figures related to non-operational revenue streams as reported through Q3 2025.

Finance: draft 13-week cash view by Friday.