Monte Rosa Therapeutics, Inc. (GLUE): Business Model Canvas [Dec-2025 Updated]

You're looking at Monte Rosa Therapeutics, Inc., a company that made a smart pivot from oncology into next-gen immunology and inflammation, and frankly, the big players noticed: they secured major 2025 collaborations with Novartis and Roche based on their proprietary QuEEN discovery engine for designing Molecular Glue Degraders (MGDs). As an analyst who's seen a few cycles, what really matters is the cash runway-they're sitting on about $396.2 million as of Q3 2025, which is crucial given their heavy R&D burn of $36.7 million that same quarter. This Business Model Canvas breaks down exactly how they convert that platform and those pharma partnerships into potential first-in-class treatments, so you'll definitely want to check the revenue streams, especially the potential for up to $5.7 billion in milestones, before deciding your next step.

Monte Rosa Therapeutics, Inc. (GLUE) - Canvas Business Model: Key Partnerships

You're looking at the core external relationships that fuel Monte Rosa Therapeutics, Inc.'s (GLUE) pipeline and financial stability as of late 2025. These aren't just handshake agreements; they are multi-billion dollar validation points for their molecular glue degrader (MGD) platform.

Novartis: Global License for VAV1 MGDs (MRT-6160) and a Second Discovery Collaboration

The relationship with Novartis is structured across two distinct, major agreements. The first, announced in October 2024, centers on the VAV1-directed MGD, MRT-6160. For this, Monte Rosa Therapeutics received an upfront payment of $150 million. The total potential value for this specific asset is up to $2.1 billion in development, regulatory, and sales milestones, kicking in upon Phase 2 initiation. Furthermore, Monte Rosa Therapeutics is eligible for tiered royalties on ex-U.S. net sales and will co-fund Phase 3 development, sharing 30% of any profits and losses associated with manufacturing and commercialization in the U.S..

The second agreement, announced in September 2025, extends the collaboration to novel MGDs for immune-mediated diseases, explicitly excluding existing pipeline programs. This deal brought in an additional upfront payment of $120 million, plus option maintenance payments. The total potential value for this second pact is up to $5.7 billion, covering option maintenance, exercise, preclinical, development, regulatory, and sales milestones, alongside tiered royalties in the high single to low double-digit range on global net sales. Honestly, this second check significantly strengthened the balance sheet; Monte Rosa Therapeutics reported cash and equivalents of $396.2 million as of September 30, 2025, which management guided would fund operations through 2028.

Here's a quick math on the upfront cash received from Novartis alone:

The second Novartis deal leverages Monte Rosa Therapeutics' QuEEN™ discovery engine to identify and advance degraders targeting difficult-to-drug proteins.

Roche: Strategic Collaboration for MGD Discovery in Cancer and Neurological Diseases

Monte Rosa Therapeutics, Inc. also has a strategic collaboration with Roche, initiated in 2023, focusing on MGD discovery against targets in cancer and neurological diseases previously considered undruggable. This partnership has a potential payout of up to more than $2 billion for Monte Rosa Therapeutics. Under this structure, Monte Rosa Therapeutics handles the discovery and preclinical development phase, after which Roche takes the development lead.

Contract Research Organizations (CROs): Execute Phase 1 and Phase 2 Clinical Trials Globally

The execution of global clinical trials relies heavily on external partners. For the VAV1 degrader, MRT-6160, Novartis is responsible for conducting and funding the anticipated multiple Phase 2 studies. This external funding and execution structure is key to advancing the asset without immediate, full internal capital strain on those specific trials. Monte Rosa Therapeutics is advancing its third clinical candidate, MRT-8102, through a Phase 1 study, with initial data expected in the first half of 2026.

The use of CROs is implicit in the following operational structures:

• Novartis funding and conducting Phase 2 studies for MRT-6160.
• Monte Rosa Therapeutics is currently running a Phase 1 study for MRT-8102, which involves global site management.
• The Phase 1/2 study for MRT-2359 in metastatic castration-resistant prostate cancer (mCRPC) is ongoing.

Academic and Research Institutions: Source Novel Targets and Scientific Expertise

The foundation of Monte Rosa Therapeutics' innovation is its proprietary technology, which has received external scientific validation. The company's QuEEN™ (Quantitative and Engineered Elimination of Neosubstrates) AI/ML-powered discovery engine was featured on the cover of the prestigious journal Science in July 2025. This publication detailed how the engine expands the targetable protein space for MGD drug discovery, effectively sourcing novel, previously undruggable therapeutic targets.

The core expertise derived from this academic-level validation includes:

• Identifying more than 1,600 proteins from over 100 target classes as potentially MGD-druggable.
• Demonstrating the principle that MGD creation is about inducing specific protein-protein interactions.

Finance: draft 13-week cash view by Friday.

Monte Rosa Therapeutics, Inc. (GLUE) - Canvas Business Model: Key Activities

You're looking at the core engine driving Monte Rosa Therapeutics, Inc.'s value creation right now, which is heavily weighted toward R&D execution and strategic partnership monetization. Honestly, the key activities are all about turning platform science into clinical data and cash flow.

Molecular Glue Degrader (MGD) drug discovery via the QuEEN platform

The foundation of the Key Activities is the proprietary QuEEN™ (Quantitative and Engineered Elimination of Neosubstrates) discovery engine. This platform is what generates the pipeline and attracts the big pharma interest.

The scientific validation of this engine was significant, with Monte Rosa Therapeutics publishing findings in Science in July 2025, which demonstrated how the AI/ML-powered engine expands the targetable protein space for MGD drug discovery.

This core activity requires substantial investment. For instance, Research and Development (R&D) Expenses for the third quarter of 2025 hit $36.7 million, an increase from $27.6 million in the third quarter of 2024, reflecting the progression of preclinical pipeline work, including research tied to the Roche collaboration and the continued development of the QuEEN™ engine itself.

Clinical development of pipeline assets (MRT-6160, MRT-8102, MRT-2359)

Monte Rosa Therapeutics has three programs actively in clinical development as of late 2025. The activity here is focused on generating proof-of-concept data, which is the primary catalyst for future value realization. Here's the quick math on where those assets stand:

What this estimate hides is the inherent risk in moving from Phase 1 safety/degradation data to true efficacy signals in later-stage trials.

Managing and expanding high-value strategic pharma collaborations

Securing and managing these deals is a critical activity that directly funds the pipeline. Monte Rosa Therapeutics announced a second, significant agreement with Novartis in September 2025 to develop novel degraders for immune-mediated diseases.

This deal brought in an upfront payment of $120 million, which significantly boosted the cash position to $396.2 million as of September 30, 2025. Across both Novartis agreements, Monte Rosa Therapeutics is eligible to receive up to $2.1 billion in milestones for MRT-6160, plus tiered royalties, and the second deal adds further potential payments, with total potential value from Novartis reaching up to $5.7 billion across various targets.

Collaboration revenue for the third quarter of 2025 was reported at $12.8 million, substantially beating analyst estimates of $5.42 million. Furthermore, the ongoing collaboration with Roche saw the exercise of an option in July 2025, resulting in a $3 million replacement fee.

The financial structure of these deals dictates key activities:

• Receive $120 million upfront payment from the second Novartis deal.
• Novartis is responsible for conducting and funding Phase 2 studies for MRT-6160.
• Monte Rosa Therapeutics will co-fund any Phase 3 clinical development for MRT-6160 and share 30% of U.S. profits/losses.
• Continue research with Roche on targets in cancer and neurological diseases.

Protecting and expanding the intellectual property portfolio

Protecting the MGD space involves both publication and forward-looking IND planning. The publication of the QuEEN engine in Science in July 2025 serves to establish scientific priority.

Expansion is planned through the progression of preclinical assets. Monte Rosa Therapeutics remains on track to submit an IND application for a second-generation NEK7-directed MGD with enhanced CNS penetration in 2026. They also expected to nominate a development candidate for the CDK2 program in H1 2025.

Regulatory filings (e.g., IND for MRT-8102) and clinical data generation

The IND submission for MRT-8102, the NEK7-directed MGD, was on track for H1 2025. Following this, the key activity shifts to generating clinical data to support future partnering or development decisions. The company expects initial Phase 1 data for MRT-8102, including from the high-CVD risk cohort, in H1 2026.

The overall R&D spend supports these activities, with the Q3 2025 R&D spend of $36.7 million driven by the advancement of MRT-8102 into the clinic and continued work on MRT-6160 and MRT-2359. This investment is supported by a strong balance sheet; the cash position of $396.2 million as of September 30, 2025 is expected to fund operations through 2028.

Finance: draft 13-week cash view by Friday.

Monte Rosa Therapeutics, Inc. (GLUE) - Canvas Business Model: Key Resources

You're looking at the core assets Monte Rosa Therapeutics, Inc. (GLUE) relies on to execute its strategy as of late 2025. These aren't just abstract concepts; they are hard numbers and validated platforms driving near-term value.

QuEEN™ Discovery Engine

The QuEEN™ (Quantitative and Engineered Elimination of Neosubstrates) discovery engine is Monte Rosa Therapeutics, Inc.'s proprietary platform. It uses AI/ML-guided chemistry, diverse chemical libraries, structural biology, and proteomics to rationally design Molecular Glue Degraders (MGDs) with high selectivity. This engine was featured on the cover of Science in July 2025, detailing how its computational mining expands the actionable target space for MGD drug discovery, redefining the rules for target engagement with cereblon (CRBN). The technology allows Monte Rosa Therapeutics, Inc. to access a wide-ranging and differentiated target space across oncology, autoimmune, and inflammatory diseases.

Cash and Equivalents

Liquidity is a major resource, and Monte Rosa Therapeutics, Inc. is holding a strong position. As of September 30, 2025, the company reported cash and cash equivalents of approximately $396.2 million. This figure reflects a significant increase from $295.5 million as of June 30, 2025, largely due to the $120 million upfront payment received from the second Novartis agreement. Furthermore, the company raised an additional $25 million from an October ATM. Management has guided that this cash position is sufficient to fund planned operations into 2028, covering planned Phase 2 studies and multiple proof-of-concept clinical readouts. For context on burn rate, Q3 2025 operating expenses included R&D of $36.7 million and G&A of $9.1 million, resulting in a net loss of $27.1 million.

MGD Pipeline

Monte Rosa Therapeutics, Inc. has three programs currently in clinical development, which are central to realizing value from the QuEEN™ engine. The pipeline is focused on first-in-class and only-in-class MGDs.

Here's a quick look at the three clinical assets as of late 2025:

The company is also advancing preclinical candidates, with an IND application for a CDK2 and/or cyclin E1-directed MGD planned for 2026.

Experienced Scientific Team and Strategic Partnerships

The expertise in structural biology, proteomics, and AI/ML is embedded within the QuEEN™ engine and reinforced by high-value collaborations. This team's deep knowledge allows Monte Rosa Therapeutics, Inc. to design MGDs against targets previously considered undruggable. The validation of this expertise is evident in the external partnerships:

• Collaboration with Roche to discover and develop MGDs against targets in cancer and neurological diseases.
• Two agreements with Novartis: The first for MRT-6160, and the second, announced in September 2025, for novel degraders for immune-mediated diseases, which brought an upfront payment of $120 million.
• The total deal value for the second Novartis agreement is eligible for up to $5.7 billion, including milestones and tiered royalties.

The team's focus has shifted, with 2 out of 3 clinical programs now in Immunology & Inflammation (I&I), both partnered with Novartis. Finance: draft 13-week cash view by Friday.

Monte Rosa Therapeutics, Inc. (GLUE) - Canvas Business Model: Value Propositions

You're looking at the core reasons why investors and partners are backing Monte Rosa Therapeutics, Inc. (GLUE) right now, late in 2025. The value proposition centers on their unique approach to drug creation, which is translating into tangible pipeline progress and significant financial backing.

Developing oral small molecules with biologic-like efficacy for I&I

The company is making a strong pivot, with two out of three clinical programs now focused on Immunology & Inflammation (I&I) indications, aiming to deliver the power of biologics in a convenient, orally available pill format. This is a major shift from their earlier oncology focus, and it's validated by major pharma interest. For instance, the second collaboration with Novartis, announced in September 2025, is specifically for novel degraders to treat immune-mediated diseases, providing Monte Rosa Therapeutics with an upfront payment of $120 million. This focus is supported by clinical data showing strong activity; their VAV1-directed MGD, MRT-6160, demonstrated sustained, dose-dependent VAV1 degradation of more than 90% in a first-in-human study, while also inhibiting the secretion of inflammatory cytokines, like IL-2, by up to 99%.

Targeting previously undruggable proteins via Molecular Glue Degraders (MGDs)

The fundamental value here is accessing targets that traditional small molecules or biologics simply cannot touch. Monte Rosa Therapeutics is building what they call the industry's leading pipeline of MGDs, which are small molecule protein degraders designed to treat diseases other modalities can't touch. This capability is underpinned by their proprietary discovery engine. The financial validation of this approach is clear: the total potential deal value across their programs, including those with Novartis and Roche, is up to $5.7 billion. Plus, their strong financial position, with an estimated ~$400 million in cash as of late 2025, provides a cash runway extending through 2028, allowing them to pursue these challenging targets without immediate dilution concerns.

Potential first-in-class treatments for diseases like NLRP3 inflammasome-driven conditions

Monte Rosa Therapeutics is creating potential first-in-class medicines by targeting specific disease drivers. A prime example is MRT-8102, a NEK7-directed MGD, which is being developed specifically for inflammatory diseases driven by the NLRP3 inflammasome, IL-1β, and IL-6. This program is currently in a Phase 1 study, with initial data, including from a cohort evaluating subjects with high CVD risk, on track for the first half of 2026. While the NLRP3 inhibitor space is competitive, with over 20+ active companies developing more than 25+ inhibitors, Monte Rosa Therapeutics' MGD approach offers a potentially differentiated clinical profile compared to traditional NLRP3 inhibitors.

Accelerating drug discovery through the QuEEN platform's high selectivity

The engine driving this pipeline is the QuEEN (Quantitative and Engineered Elimination of Neosubstrates) discovery platform, which was featured on the cover of Science in July 2025. This platform combines AI/ML algorithms, diverse chemical libraries, structural biology, and proteomics to rationally design MGDs with unprecedented selectivity. This selectivity is key to minimizing off-target effects, which is a critical value driver for any new therapeutic modality. The platform's success is evidenced by the fact that it has secured strategic collaborations with both Roche and Novartis. The revenue generated from these partnerships is substantial; collaboration revenue for Q3 2025 alone was $12.8 million.

Here's a quick look at how the pipeline programs, all products of this engine, are positioned:

The company's financial performance reflects this activity, with Q3 2025 revenue hitting $12.8 million, topping analyst expectations of $7.8 million.

The core value propositions can be summarized by the following capabilities:

• Deliver oral small molecules with biologic-like efficacy in I&I.
• Access previously undruggable proteins via MGD technology.
• Advance MRT-8102 as a potential first-in-class NLRP3 inflammasome treatment.
• Leverage QuEEN platform for highly selective MGD design.
• Secure major non-dilutive funding, like the $120 million Novartis upfront payment.

Finance: draft 13-week cash view by Friday.

Monte Rosa Therapeutics, Inc. (GLUE) - Canvas Business Model: Customer Relationships

You're looking at how Monte Rosa Therapeutics, Inc. manages its key external relationships, which are heavily weighted toward securing validation and funding through large pharmaceutical alliances and keeping the investment community informed about clinical progress. This isn't a direct-to-consumer model; it's about high-value, strategic interactions.

Strategic, high-touch relationships with major pharma partners for co-development

The core of Monte Rosa Therapeutics, Inc.'s relationship strategy rests on deep collaborations with major players like Novartis and Roche. These aren't passive licensing deals; they involve active collaboration and shared financial risk, which requires constant, high-touch engagement from the executive and scientific teams.

The second collaboration with Novartis, announced in September 2025, is a prime example. This deal alone brought an upfront payment of $120 million to Monte Rosa Therapeutics, Inc. The total potential value across all programs covered by this agreement is up to $5.7 billion, which includes option maintenance, preclinical milestones, option exercise, development, regulatory, and sales milestones, plus tiered royalties on global net sales in the high single to low double-digit range.

This builds upon the first agreement for VAV1 degraders, including MRT-6160, where Monte Rosa Therapeutics, Inc. is eligible for up to $2.1 billion in milestones, beginning upon Phase 2 initiation. For that program, Monte Rosa Therapeutics, Inc. will co-fund any Phase 3 clinical development and will share 30% of any profits and losses associated with the manufacturing and commercialization of MRT-6160 in the U.S., while also receiving tiered royalties on ex-U.S. net sales.

Here's a quick look at the financial structure validating these relationships:

Investor relations focused on communicating clinical milestones and platform validation

Investor relationships are managed by translating scientific progress into clear financial and clinical inflection points. The goal is to maintain confidence, which is reflected in the stock performance and the company's cash runway.

The company's cash and equivalents stood at $396.2 million as of September 30, 2025, which management guided is expected to fund operations through 2028. This strong liquidity position is a key communication point, reducing near-term dilution risk.

Key communications points for investors include:

• Publication in Science in July 2025 showcasing the QuEEN™ discovery engine.
• MRT-2359 results expected by year-end 2025.
• Initial readout for MRT-8102 on track for H1 2026.
• CEO participation in multiple conferences in late 2025, including Piper Sandler on December 2, 2025.

The market has responded to this narrative; as of early December 2025, the stock showed a 56.29% return over the past 12 months and an impressive 232.11% surge over the last six months, supporting a market capitalization of $1.08 billion.

Indirect relationship with patients via clinical trial sites and future commercial partners

Monte Rosa Therapeutics, Inc. interacts with patients indirectly, primarily through the investigators and sites running its clinical trials. The success of these relationships dictates the timeline for delivering data that validates the therapeutic approach.

The company has three programs in clinical development, each requiring site management:

• MRT-8102 (NEK7-directed MGD) is in a Phase 1 study, including a high-CVD risk cohort.
• MRT-6160 (VAV1-directed MGD) is advancing toward anticipated initiation of multiple Phase 2 studies in immune-mediated diseases.
• MRT-2359 (GSPT1-directed MGD) is advancing in heavily pretreated, metastatic castration-resistant prostate cancer (mCRPC) patients.

The relationship with future commercial partners, like Novartis, also defines the patient pathway post-approval, as Novartis is responsible for conducting and funding Phase 2 studies for MRT-6160.

Monte Rosa Therapeutics, Inc. (GLUE) - Canvas Business Model: Channels

You're looking at how Monte Rosa Therapeutics, Inc. (GLUE) gets its value proposition-novel molecular glue degrader (MGD) medicines-out to the world, which is heavily reliant on strategic partnerships and scientific validation channels as of late 2025.

Direct licensing and collaboration agreements with global pharmaceutical companies.

The primary channel for advancing its pipeline candidates, especially MRT-6160, is through established partnerships. Monte Rosa Therapeutics has a global exclusive development and commercialization license agreement with Novartis to advance VAV1-directed MGDs, which includes MRT-6160.

This Novartis relationship has two main components:

• The initial agreement for MRT-6160 makes Monte Rosa Therapeutics eligible to receive up to $2.1 billion in development, regulatory, and sales milestones, starting upon Phase 2 initiation.
• Monte Rosa Therapeutics will share 30% of any profits and losses associated with U.S. manufacturing and commercialization for MRT-6160, plus it is eligible for tiered royalties on ex-U.S. net sales.
• A second agreement with Novartis, announced in Q3 2025, provides an upfront payment of $120 million plus option maintenance payments, and eligibility for option exercise payments, milestones, and tiered royalties.

Additionally, the company maintains a strategic collaboration with Roche focused on discovering and developing MGDs against targets in cancer and neurological diseases previously considered impossible to drug.

Clinical trial sites and investigators for patient access to investigational drugs.

Patient access is channeled directly through active clinical trial sites, which are crucial for generating the data needed for future commercialization or partnership milestones. As of late 2025, the company has three programs in clinical development:

The company expects its strong cash position to fund operations through 2028, enabling execution across these clinical channels.

Scientific publications and conferences to disseminate QuEEN platform data.

Dissemination channels focus on validating the QuEEN™ discovery engine and preclinical/clinical data to the scientific and medical communities. A major channel was the publication in Science on July 3, 2025, featured on the cover, detailing how the engine expands the actionable target space for MGD drug discovery.

Key conference presentations in 2025 included:

• AHA Scientific Sessions 2025 (November 2025) presenting preclinical data on MRT-8102.
• ACR Convergence 2025 (October 2025) presenting data on MRT-6160.
• Presentations at ECTRIMS 2025 and others detailing preclinical efficacy.

The QuEEN engine itself is a channel, combining AI/ML, structural biology, and proteomics to identify degradable protein targets.

Investor presentations and press releases for capital markets communication.

Communication with capital markets flows through formal financial reporting and investor conferences. Monte Rosa Therapeutics reported its Third Quarter 2025 Financial Results on November 6, 2025.

Key investor communication events in 2025 included:

• J.P. Morgan Healthcare Conference in January 2025.
• Pipeline Update and Financial Results Presentation on March 20, 2025.
• Participation in the Stifel 2025 Virtual Immunology and Inflammation Forum (September 2025).

The company used press releases to communicate the financial terms of its new Novartis deal, noting the $120 million upfront payment. The overall financial narrative communicated is that the current cash position is expected to fund operations into 2028.

Finance: review Q3 2025 cash burn relative to the 2028 runway projection by next Tuesday.

Monte Rosa Therapeutics, Inc. (GLUE) - Canvas Business Model: Customer Segments

You're looking at the core groups Monte Rosa Therapeutics, Inc. (GLUE) targets to validate and fund its molecular glue degrader (MGD) platform. It's a mix of deep-pocketed partners, specific patient populations, and the capital markets.

Major Global Pharmaceutical Companies are key customers for Monte Rosa Therapeutics, Inc. (GLUE) through licensing and collaboration agreements, providing validation and significant non-dilutive funding. The company has a global license agreement with Novartis for MRT-6160 and a strategic collaboration with Roche.

Patients with Autoimmune/Inflammatory Diseases represent a growing focus, leveraging the platform's potential to treat conditions where current options may fall short. MRT-6160 and MRT-8102 are key candidates here.

• MRT-6160 (VAV1 degrader) targets immune-mediated diseases, including potential for systemic lupus erythematosus, Sjögren's disease, and rheumatoid arthritis.
• MRT-8102 (NEK7 degrader) targets inflammatory diseases driven by IL-1$\beta$ and the NLRP3 inflammasome.

Patients with Oncology Indications remain a core area, with a specific focus narrowing for one of the wholly-owned assets. The company is advancing its MGDs against targets in cancer.

• MRT-2359 (GSPT1 degrader) development is focusing on metastatic castration-resistant prostate cancer (mCRPC), where the biomarker is believed to be ubiquitous enough for development without a companion diagnostic.
• Preclinical data exists for CDK2-directed MGDs in HR-positive/HER2-negative breast cancer.

Financial Investors are attracted by the strong balance sheet, de-risked pipeline via partnerships, and the platform's potential across multiple therapeutic areas. They are buying exposure to a clinical-stage MGD platform.

The company's market capitalization was roughly \$1 billion, with investors paying about \$600 million for the next-gen I&I platform after accounting for cash. Finance: draft 13-week cash view by Friday.

Monte Rosa Therapeutics, Inc. (GLUE) - Canvas Business Model: Cost Structure

You're looking at the core burn rate for Monte Rosa Therapeutics, Inc. as they push their pipeline through clinical stages. For a clinical-stage biotech, the cost structure is almost entirely weighted toward getting those drug candidates validated in humans.

The single largest cost driver, as expected, is Research and Development (R&D) Expenses. For the third quarter of 2025, R&D hit $36.7 million. That's a significant jump from the $27.6 million reported in the third quarter of 2024, reflecting the advancement of their clinical and preclinical programs.

Supporting the science and the corporate structure are the General and Administrative (G&A) Expenses. In Q3 2025, G&A was $9.1 million. This covers the necessary corporate overhead, intellectual property management, and general business functions needed to support the high-stakes R&D work.

Here's a quick look at the main operating expenses for the third quarter of 2025, showing where the cash is going:

The net loss for the quarter was $27.1 million. To be fair, this burn is being managed against a strong cash position of $396.2 million as of September 30, 2025, which management guided to fund operations through 2028.

Clinical Trial Costs are embedded within that R&D spend, directly tied to the progression of their molecular glue degrader (MGD) candidates. You're paying for patient enrollment, site management, and data analysis for these critical studies.

• MRT-8102: Currently enrolling subjects in its Phase 1 study for inflammatory diseases.
• MRT-2359: Advancing enrollment in its Phase 1/2 study for metastatic castration-resistant prostate cancer (mCRPC).
• MRT-6160: Advancing toward anticipated initiation of multiple Phase 2 studies, which Novartis is responsible for conducting and funding.

The QuEEN Platform Maintenance represents a high fixed cost base. This is the expense to keep the proprietary QuEEN (Quantitative and Engineered Elimination of Neosubstrates) discovery engine running. It's the cost of the specialized personnel and the AI/ML infrastructure that generated the platform's validation, including the recent publication in Science.

• Technology and AI/ML Infrastructure: Essential for identifying new targets.
• Specialized Personnel: Scientists and engineers maintaining the platform's capability.
• Non-cash Stock-Based Compensation: A component of both R&D ($2.5 million in Q3 2025) and G&A ($1.9 million in Q3 2025).

Finance: draft 13-week cash view by Friday.

Monte Rosa Therapeutics, Inc. (GLUE) - Canvas Business Model: Revenue Streams

You're looking at the core drivers of Monte Rosa Therapeutics, Inc.'s near-term financial stability, which is heavily weighted toward strategic partnerships rather than product sales right now. The recognized revenue stream for the third quarter of 2025 was collaboration revenue, which totaled $12.8 million. This amount reflects the amortization of upfront payments and the recognition of research funding earned during the period.

The most significant non-dilutive cash injections come from upfront payments tied to new deals. The second collaboration agreement with Novartis, announced in September 2025 for novel degraders in immune-mediated diseases, immediately provided a cash boost of $120 million. This is separate from the first major deal executed in October 2024 for MRT-6160, which brought in an upfront payment of $150 million. Honestly, having two separate large checks from the same Big Pharma partner validates the platform in a big way.

Here's the quick math on the two primary, publicly detailed Novartis agreements:

The potential for future milestone payments is substantial, underpinning the company's long-term valuation assumptions. The second Novartis deal alone has the potential to yield up to $5.7 billion, which includes payments triggered by option maintenance, preclinical progress, option exercise, development achievements, regulatory approvals, and sales targets across those specific programs. This figure is in addition to the potential of up to $2.1 billion from the first Novartis agreement tied to MRT-6160 development and sales milestones, which begin upon Phase 2 initiation.

Beyond the immediate cash and near-term milestones, the structure includes long-term revenue participation:

• Tiered royalties on ex-U.S. net sales for the MRT-6160 program.
• A 30% share of any profits and losses associated with the manufacturing and commercialization of MRT-6160 within the U.S.
• Tiered royalties on global net sales for the programs under the second Novartis agreement.

The second deal specifies these royalties are in the high single to low double-digit range on global net sales. This structure means Monte Rosa Therapeutics, Inc. is set up to earn revenue from both its own development efforts and its partners' commercial success for years to come.