GlucoTrack, Inc. (GCTK): Business Model Canvas [Dec-2025 Updated]

You're digging into GlucoTrack, Inc. (GCTK), and let's be clear: this is a pure R&D play right now, betting big on a fully implantable Continuous Blood Glucose Monitor designed to last up to three years without any on-body wearable. As of September 30, 2025, they have $7.9 million in the bank, which is funding heavy spending-they burned $8.2 million on R&D alone through the first nine months of 2025-and gives them cash runway only through Q1 2026. The entire near-term thesis rests on advancing clinical trials and hitting that crucial FDA IDE submission expected in Spring 2026, since they have zero commercial revenue; check out the full canvas below to see how their key partnerships and financing activities are keeping this long-term vision alive.

GlucoTrack, Inc. (GCTK) - Canvas Business Model: Key Partnerships

You're looking at the critical external relationships GlucoTrack, Inc. (GCTK) established or reinforced through late 2025 to drive its investigational epidural and continuous blood glucose monitor (CBGM) development. These aren't just handshake deals; they represent concrete financial backing, technological validation, and regulatory groundwork.

The company's capital structure was immediately bolstered by a major equity agreement, which is a key partnership for survival and execution. On September 11, 2025, GlucoTrack, Inc. entered into a Purchase Agreement with Sixth Borough Capital Fund, LP. This facility committed to purchase up to $20 million of the Company's common stock over a 24-month period. To manage market impact, the agreement permits intraday purchases subject to a daily dollar cap of $1,000,000. This financing was critical given that GlucoTrack, Inc. reported a net loss of $4.75 million or $4.76 million and total expenses around $4.80 million for the last reported quarter. Furthermore, the Company stated that its existing cash and cash equivalents were expected to fund operations through March 2026, which includes long-term feasibility clinical trials. A Special Meeting of Shareholders was scheduled for November 7, 2025, to vote on this Equity Purchase Agreement.

Technological validation and advanced data processing rely heavily on specialized external expertise. GlucoTrack, Inc. announced an agreement with OneTwo Analytics AB on April 3, 2025, to use their AI-driven analytics platform. This partnership is focused on evaluating clinical study data from the CBGM using next-generation artificial intelligence and machine learning. The initial data analysis, leveraging this partnership, showed excellent accuracy with a Mean Absolute Relative Difference (MARD) of 7.7% across 122 matched pairs, alongside a 99% data capture rate.

Strategic alignment with major European research initiatives provides a path toward integrated device development. GlucoTrack, Inc. announced participation in the FORGETDIABETES European artificial pancreas research consortium in April 2025. This initiative, funded by the European Union's Horizon 2020 research and innovation program-a multi-year program with €75 Billion in support-aims to develop a fully-implantable, automated artificial pancreas. GlucoTrack's CBGM technology is positioned to provide the real-time glucose data necessary to guide insulin dosing decisions within that bionic system.

The quality system foundation was solidified early in 2025. GlucoTrack, Inc. received its ISO 13485:2016 certification from the British Standards Institute (BSI) on January 21, 2025. This certification verifies that the Company maintains a quality management system meeting all requirements for the design and development of its products. This standard is important because the U.S. Food and Drug Administration issued the Quality Management System Regulation (QMSR) Final Rule in 2024, which harmonizes U.S. requirements with ISO 13485 for medical devices.

Expert guidance is formalized through the Clinical Advisory Team expansion. Dr. Usman Latif, MD, MBA, an expert in neuromodulation and Painful Diabetic Neuropathy (PDN), was named to the team on October 29, 2025, to counsel on epidural glucose monitoring applications. Also, in Q2 2025, the team was expanded with the appointment of Dr. Hirsh, an expert in implantation protocols, as Medical Director - Cardiology.

Here's a quick look at the quantifiable elements of these key external relationships:

The advisory team expansion involved adding specific expertise:

• Dr. Usman Latif, MD, MBA, joined the Clinical Advisory Team on October 29, 2025.
• Dr. Hirsh joined as Medical Director - Cardiology in Q2 2025.
• Dr. Latif's background includes a certificate in Value-Based Healthcare from Harvard Business School.

These partnerships are defintely shaping the near-term path toward regulatory submissions, with the Investigational Device Exemption (IDE) to the FDA for the novel CBGM technology anticipated in Q4 2025.

GlucoTrack, Inc. (GCTK) - Canvas Business Model: Key Activities

You're focused on the critical, high-stakes execution required to move a novel, long-term implantable medical device from late-stage development toward commercialization. Here are the concrete activities GlucoTrack, Inc. (GCTK) is driving as of late 2025.

Advancing the long-term implantable CBGM product development

The core activity is refining the fully implantable Continuous Blood Glucose Monitor (CBGM) system. This device is designed specifically to offer a less intrusive solution compared to current options.

• Device is designed for three years of continuous monitoring.
• Features no on-body external component.
• Measures glucose levels directly from the blood.

Conducting clinical trials (Australia feasibility study initiated Q3 2025)

The company is actively building its clinical evidence base outside the US while preparing for US trials. The Australian study is a key near-term milestone.

GlucoTrack, Inc. initiated the long-term, multicenter feasibility study in Australia in the third quarter of 2025. This study is designed to evaluate safety and performance over an initial period of one year. Early learnings from the initiation phase led to protocol amendments and product refinements before further enrollment proceeds. The study plans to include up to 30 participants with diabetes requiring intensive insulin therapy.

Seeking US regulatory approval (FDA IDE submission expected Spring 2026)

Regulatory strategy is centered on securing the Investigational Device Exemption (IDE) from the U.S. Food and Drug Administration (FDA) to launch the US Pilot Study.

The anticipated timeline for the FDA IDE submission has shifted from the previously guided fourth quarter of 2025 to Spring 2026. Securing this approval is necessary to launch the long-term, multicenter Pilot Study in the U.S. in 2026.

Capital raising and managing liquidity

As a pre-revenue company, managing cash burn and securing financing to fund clinical development is a constant, vital activity. The focus is on extending the cash runway to meet regulatory and clinical milestones.

The balance sheet was strengthened through recent financing activities. As of September 30, 2025, cash and equivalents stood at $7.9M. This position is expected to fund operations through Q1 2026. Financing included receiving $3.0M under a Note Purchase Agreement and establishing a $20.0M equity line of credit. For the nine months ended September 30, 2025, the net loss was $15.8M. The net loss for the third quarter of 2025 was $4.2M, or $4.64 per share.

Presenting clinical data at major medical conferences

Presenting data is key to building credibility with Key Opinion Leaders (KOLs) and potential partners. The company presented at the American Diabetes Association (ADA) meeting in June 2025.

Data presented validated the safety and performance of the CBGM system from the first-in-human study, showing a Mean Absolute Relative Difference (MARD) of 7.7% across 122 matched pairs. Furthermore, market interest was quantified: 73% of 100 surveyed endocrinologists stated they would prescribe the device if it achieved a 3-year sensor life.

GlucoTrack, Inc. (GCTK) - Canvas Business Model: Key Resources

You're looking at the foundational assets GlucoTrack, Inc. (GCTK) relies on to execute its business plan for the long-term implantable Continuous Blood Glucose Monitor (CBGM). These aren't just abstract concepts; they are concrete, measurable items that underpin their value proposition.

The most immediate, hard asset is the capital base. As of the end of the third quarter of 2025, GlucoTrack, Inc. reported $7.87 million in Cash & Cash Equivalents. This figure is crucial because it directly impacts the runway for achieving the next set of critical milestones, such as the anticipated FDA Investigational Device Exemption (IDE) submission planned for the fourth quarter of 2025.

The core of the business, however, is the intellectual property surrounding the CBGM technology. This isn't just software; it's a novel hardware system with specific, measurable advantages over existing Continuous Glucose Monitors (CGMs).

You can't develop this kind of technology without deep expertise. GlucoTrack, Inc. has been actively strengthening its human capital, particularly in clinical guidance, to navigate the path to U.S. market entry. The leadership team, including President and CEO Paul V. Goode, PhD, guides the overall strategy.

The recent additions to the clinical advisory team show a focus on both the implantation procedure and the long-term application space. For instance, the company appointed Usman Latif, MD, MBA, in October 2025, bringing expertise in neuromodulation and painful diabetic neuropathy, which builds on their 2024 expansion into epidural monitoring. Also, David S. Hirsh, MD, an expert in implantation protocols, joined as Medical Director - Cardiology.

These resources are being deployed against specific near-term objectives:

• Implanting first patients in the long-term, multicenter feasibility study in Australia, anticipated in the third quarter of 2025.
• Submitting the Investigational Device Exemption (IDE) to the U.S. Food and Drug Administration in the fourth quarter of 2025.
• Maintaining a cash position expected to fund operations through 2025.

GlucoTrack, Inc. (GCTK) - Canvas Business Model: Value Propositions

You're looking at the core promise GlucoTrack, Inc. (GCTK) is making to people with diabetes and their providers. It centers on removing the daily hassle and potential inaccuracy of current monitoring methods through a long-term implant.

The primary value proposition is the fully implantable continuous glucose monitoring system. This is not a device that sits on the skin; it involves a sensor lead implanted into the subclavian vein, connected to subcutaneous electronics that communicate with a mobile application. This design directly addresses the patient burden associated with external sensors.

A major differentiator is the sensor longevity. The system is designed for a multi-year sensor longevity, aiming for up to 3 years of use. Computational modeling even projects this longevity may reach 3+ years. This contrasts sharply with existing systems requiring frequent changes.

The system delivers on the promise of no on-body wearable component, which eliminates issues like skin irritation and the need for daily adherence to an external device. This freedom from wearables is a significant factor in physician interest; for instance, 73% of the 100 endocrinologists surveyed expressed a willingness to prescribe the CBGM based on the 3-year sensor life and freedom from wearables.

Crucially, the technology offers direct blood glucose measurement, which eliminates the lag time seen when measuring glucose in interstitial fluid. This direct measurement aims for high accuracy, validated in a first-in-human study which achieved a Mean Absolute Relative Difference (MARD) of 7.7% across 122 matched pairs. Furthermore, the study reported a 99% data capture rate, and 92% of the readings fell into the clinically safe green zone on the Diabetes Technology Society Error Grid.

Here's a quick look at the performance metrics supporting these propositions against recent financial realities:

The value proposition is heavily weighted on the clinical performance and convenience, which is why endocrinologist interest is high. The system is designed to be a truly long-term, less intrusive solution for people living with diabetes. The company's cash position of $9.6 million as of June 30, 2025, is intended to fund the operating plan through the rest of 2025, which includes advancing clinical trials.

You should review the planned Investigational Device Exemption (IDE) submission timeline to the FDA, expected in Spring 2026, as that regulatory milestone is the next critical step to realizing this value proposition in the U.S. market. Finance: draft 13-week cash view by Friday.

GlucoTrack, Inc. (GCTK) - Canvas Business Model: Customer Relationships

You're looking at how GlucoTrack, Inc. (GCTK) builds and keeps connections with the people who matter most-patients, doctors, and investors-as they push their implantable Continuous Blood Glucose Monitor (CBGM) toward commercialization. This isn't about mass-market ads; it's about deep, specialized engagement.

High-touch engagement with the Patient Advisory Board

GlucoTrack, Inc. focuses on integrating expert feedback directly into its development process. This relationship management is crucial for a novel implantable device. The company is actively growing this group; for instance, on October 29, 2025, they appointed Usman Latif, MD, MBA, an expert in neuromodulation and painful diabetic neuropathy, to the Clinical Advisory Team. Earlier in 2025, Dr. Hirsh, an expert in implantation protocols, was named Medical Director - Cardiology. The plan, as of the May 14, 2025, Q1 report, was to further expand Advisory Boards with world-renowned experts in endocrinology and cardiology, among others essential to the diabetes community.

Direct communication with Key Opinion Leaders (KOLs) and endocrinologists

Direct engagement with the medical community is happening through data dissemination and surveys. You see this effort reflected in the data gathered from medical conferences. For example, at the Association of Diabetes Care & Education Specialists (ADCES) Annual Conference in August 2025, GlucoTrack, Inc. presented findings from a survey of endocrinologists. Here's the quick math on their receptiveness:

Also, compelling data from the first-in-human study, showing a Mean Absolute Relative Difference (MARD) of 7.7% and 92% of values in the green zone on the Error Grid, was presented at the American Diabetes Association's 85th Scientific Sessions in June 2025. This scientific validation is the core of the KOL relationship strategy.

Investor relations via virtual summits and press releases

For investors, the relationship is maintained through scheduled updates and financial transparency, especially given the capital-intensive R&D phase. GlucoTrack, Inc. management presented at the Q3 Virtual Investor Summit on September 16, 2025. Financially, the company reported its cash position as of March 31, 2025, was $9.1 million, an increase from $5.6 million at the end of 2024, which they believed would fund the 2025 operating plan, including clinical trials. As of November 13, 2025, the stock was trading at $5.67, reflecting a market capitalization of $5.16 million based on 911K shares outstanding.

The cadence of communication is frequent:

• Reported Q3 2025 Financial Results on November 13, 2025.
• Reported Q1 2025 Financial Results on May 14, 2025.
• Announced participation in Q3 Virtual Investor Summit on September 11, 2025.
• Conducted All Access TV Interview in March 2025.

Clinical trial site management and patient recruitment

Managing the clinical trial sites is a direct, high-touch relationship with the investigative sites themselves. The focus in late 2025 is on initiating the long-term feasibility study in Australia and preparing for the U.S. Pilot Study. The company received ethical approval in Australia to start the study, with first patient implants anticipated in the third quarter of 2025. This follows the first-in-human study, which concluded in January 2025, enrolling 10 participants in São Paulo, Brazil, between December 13, 2024, and January 31, 2025. The next major relationship milestone is securing Investigational Device Exemption (IDE) approval from the U.S. Food and Drug Administration, which was anticipated in the fourth quarter of 2025, to begin the U.S. multicenter Pilot Study.

Key trial metrics and milestones for 2025 include:

• Australian long-term study: First patient implants anticipated Q3 2025.
• U.S. Pilot Study: FDA IDE submission anticipated Q4 2025.
• First-in-human study data capture rate: 99%.
• First-in-human study participants: 10.

If the IDE submission is delayed past Q4 2025, the U.S. patient recruitment timeline definitely shifts into 2026.

GlucoTrack, Inc. (GCTK) - Canvas Business Model: Channels

You're looking at how GlucoTrack, Inc. gets its message and its investigational device in front of the right people right now. The channels are heavily weighted toward clinical validation and investor outreach as of late 2025, which makes sense for a pre-commercial medical technology firm.

Clinical Trial Sites

The primary channel for clinical evidence generation is through active and planned international sites. You need to track the progress here closely, as it directly impacts the path to US market access.

• On track to implant first patients in Australia in Q3 2025.
• Australian study is a prospective, single arm, multi-center evaluation.
• Australian study enrolls up to 30 participants with type 1 and type 2 diabetes.
• Australian study evaluates safety and performance over an initial period of 1 year.
• Anticipated Investigational Device Exemption (IDE) submission to the U.S. Food and Drug Administration (FDA) in Q4 2025.
• The most recent update suggests the IDE submission is expected in Spring 2026.
• Launch of the U.S. long-term, multicenter Pilot Study is enabled by the IDE, anticipated in 2026.

Medical and Scientific Conferences

Disseminating data at key medical meetings is crucial for building credibility with clinicians and researchers. The company has been active in 2025.

Here's a look at the major scientific forums used for data dissemination in 2025:

The company also presented at the TechBio Showcase on January 14, which is an investor conference.

Direct-to-Investor Communication Platforms

For the investment community, GlucoTrack, Inc. relies on standard public market channels and specific investor events. Remember, the stock trades as GCTK on Nasdaq.

• Official press releases are distributed via GlobeNewswire.
• Management participated in one-on-one meetings with investors at the Q3 Virtual Investor Summit on September 16-17, 2025.
• Investor Relations contact is investors@glucotrack.com.

Future Channel: Specialized Medical Device Distributors

While the current focus is clinical and investor-facing, the long-term commercialization plan inherently involves distribution partners. The risk factors section of their filings explicitly notes risks relating to future distribution agreements. This implies that establishing a network of specialized medical device distributors for implantable technology is the planned post-approval channel, though specific agreements or targets for this channel aren't public yet.

Finance: draft 13-week cash view by Friday.

GlucoTrack, Inc. (GCTK) - Canvas Business Model: Customer Segments

The primary focus for GlucoTrack, Inc. (GCTK) centers on individuals managing diabetes who require frequent or continuous glucose monitoring, specifically those whose current solutions present compliance or maintenance burdens.

People with Type 1 diabetes requiring continuous monitoring form a core segment. The company's long-term, implantable Continuous Blood Glucose Monitor (CBGM) system is being evaluated in clinical studies that include participants with type 1 diabetes in Australia, as of the third quarter of 2025. This group is highly motivated for solutions offering accuracy and reduced daily intervention.

The second key patient group is people with insulin-dependent Type 2 diabetes. The Australian feasibility study also enrolled participants with type 2 diabetes, indicating this population is explicitly targeted for the device's initial commercialization pathway. The device is designed to meet the critical needs of these insulin-dependent individuals in the U.S..

Prescribing and implanting physicians represent a distinct customer segment. This includes endocrinologists and cardiologists, with the company actively expanding its clinical advisory team with experts in cardiology. Interest among this group is measurable; for instance, 73% of the 100 endocrinologists surveyed at the Association of Diabetes Care & Education Specialists (ADCES) Annual Conference in August 2025 expressed a willingness to prescribe the CBGM, contingent on a 3-year sensor life.

A final segment comprises patients actively seeking a long-term, low-maintenance, and discreet monitoring solution. The device's nature as a fully implantable system with a multi-year monitoring capability is the key differentiator addressing this need for convenience and independence. The company established a Patient Advisory Board to ensure patient perspectives remain central to development.

Here's a quick look at the data points supporting the physician segment focus:

The company's current operational structure reflects a focus on clinical validation to reach these segments:

• Device accuracy demonstrated with a Mean Absolute Relative Difference (MARD) of 7.7% across 122 matched pairs.
• Cash and cash equivalents stood at $7.9 million as of September 30, 2025.
• Total employees were 11 as of late 2025.
• Anticipated Investigational Device Exemption (IDE) submission to the FDA for a U.S. Pilot Study is planned for Spring 2026.

The overall patient pool is large, though GlucoTrack, Inc. is still in the clinical trial phase, targeting eventual U.S. market access following successful overseas studies.

GlucoTrack, Inc. (GCTK) - Canvas Business Model: Cost Structure

You're looking at the core expenses GlucoTrack, Inc. (GCTK) faces to push the Continuous Blood Glucose Monitor (CBGM) through late-stage development and regulatory hurdles as of late 2025. This is a classic, high-burn medical device cost profile.

The primary cost drivers are heavily weighted toward getting the technology proven and approved. For the nine months ended September 30, 2025, the total operating expenses were significantly driven by R&D and G&A activities, resulting in a net loss of $\mathbf{\$15.8 \text{ million}}$ for that period. Cash used in operating activities for the same nine months totaled $\mathbf{\$11.4 \text{ million}}$.

Here's a breakdown of the major cost components for the nine months ended September 30, 2025:

The R&D spend is where the future of the CBGM is being built. This cost is directly tied to advancing the device through critical validation stages.

• Heavy Research and Development (R&D) spending reached $\mathbf{\$8.2 \text{ million}}$ for the nine months ended September 30, 2025.
• This included $\mathbf{\$3.2 \text{ million}}$ in Research and development expenses just for the third quarter of 2025.
• Product and manufacturing development costs for the CBGM were the primary driver for the R&D increase.

Clinical trial costs are embedded within R&D and operational spending, representing significant, lumpy expenditures. You see this expense profile reflecting the current phase of the business.

• Costs associated with feasibility studies, such as the one-year, multicenter study initiated in Australia in Q3 2025.
• Expenses related to regulatory submissions, specifically preparing for the Investigational Device Exemption (IDE) submission to the FDA, expected in Spring 2026.

General and Administrative (G&A) expenses for the nine months ended September 30, 2025, totaled $\mathbf{\$4.4 \text{ million}}$. This category covers the overhead required to run a public company developing a medical device.

The primary components driving the $\mathbf{\$1.5 \text{ million}}$ increase in G&A over the prior year's nine-month period are:

• Increased legal and professional fees.
• Personnel costs associated with corporate structure and management.

To be defintely clear, the Q3 2025 G&A of $\mathbf{\$1.1 \text{ million}}$ actually showed a slight decrease from Q3 2024, primarily due to reduced board of director and legal fees, which were offset by increased professional fees, and personnel costs. This shows the variability in legal and professional spend quarter-to-quarter.

GlucoTrack, Inc. (GCTK) - Canvas Business Model: Revenue Streams

You're looking at a business model that, as of late 2025, is entirely focused on development and financing, not sales. This is typical for a company deep in the clinical trial phase for a novel medical device.

For the first three quarters of 2025, GlucoTrack, Inc. (GCTK) reported zero commercial revenue for Q1, Q2, and Q3 2025. The company is still pre-commercialization, meaning its current financial lifeblood comes from outside of product sales.

The primary cash source keeping the lights on and funding the clinical pathway is financing activities. For the nine months ended September 30, 2025, GlucoTrack, Inc. secured net proceeds of $13.7 million from these activities. This inflow is what bridges the gap between development spending and potential future sales.

Here's a quick look at the cash movement that defines the current revenue picture for the nine months ending September 30, 2025:

The future revenue potential is entirely tied to the successful commercialization of the implantable CBGM (Continuous Blood Glucose Monitoring) device. You need to watch the clinical milestones closely, as they directly unlock this future revenue.

The expected revenue streams upon market entry are:

• Sales of the implantable CBGM device, which is the core product offering.
• Recurring revenue from associated data services or software that supports the device's real-time measuring capabilities.

Finance: draft 13-week cash view by Friday.