HOOKIPA Pharma Inc. (HOOK): Business Model Canvas [Dec-2025 Updated]

You're digging into HOOKIPA Pharma Inc.'s structure as they execute a sharp pivot toward a leaner, immuno-oncology-first model in late 2025. Honestly, this isn't just a strategy shift; it's a financial reset, balancing the high-stakes clinical development of eseba-vec (HB-200) against the runway secured by partnerships like the one with Gilead, which could yield up to $422.5 million in milestones. We've mapped out how they are funding this focused R&D-which follows a massive cost-saving plan, including an 80% workforce reduction-by leaning on collaboration revenue, which hit $4.7 million in Q3 2024. Dive into the Business Model Canvas below to see the exact resources, partners, and revenue streams driving this next, critical phase for HOOKIPA Pharma Inc.

HOOKIPA Pharma Inc. (HOOK) - Canvas Business Model: Key Partnerships

You're looking at the core alliances that fuel HOOKIPA Pharma Inc.'s development engine; these aren't just names on a slide, they represent tangible financial commitments and critical clinical pathways.

The relationship with Gilead Sciences, Inc. is structured around two distinct programs: Hepatitis B virus (HBV) and Human Immunodeficiency Virus (HIV). Under the terms detailed in the April 2025 filing, HOOKIPA Pharma Inc. is eligible to receive milestone payments up to a total potential of $422.5 million, as specified in your outline, plus tiered royalties on net sales for each program. This structure is designed to reward progress through preclinical, development, and commercial stages.

HOOKIPA Pharma Inc. is advancing its eseba-vec (HB-200) program through a clinical collaboration with Merck & Co., Inc., Kenilworth, NJ, USA. This partnership centers on evaluating eseba-vec in combination with Merck's KEYTRUDA (pembrolizumab) for patients with advanced head and neck cancers. The AVALON-1 pivotal adaptive Phase 2/3 trial in the first-line setting for HPV16+ oropharyngeal squamous cell carcinoma (OPSCC) was expected to initiate in the fourth quarter of 2024, with final Phase 2 data for eseba-vec anticipated in the second half of 2025.

The execution of these complex, global clinical programs necessitates reliance on external specialized vendors. HOOKIPA Pharma Inc. utilizes Clinical Research Organizations (CROs) to manage the logistics, monitoring, and data collection for its global trials, such as the Phase 1b trial for HB-500 with Gilead, which dosed its first person on July 1, 2024. The cost structure for these services is embedded within operating expenses, but the scale implies multi-million dollar contracts.

Scientific advancement is also supported by external expertise. HOOKIPA Pharma Inc. engages with Academic and research institutions for scientific validation, including publishing peer-reviewed preclinical research papers on assets like HB-500 with Gilead in journals such as the Journal of Virology and Vaccines. This external validation helps de-risk the platform technology.

Here's a breakdown of the financial components tied to the Gilead Sciences, Inc. agreement, based on the structure detailed in the May 2025 filings, though note that an Asset Purchase Agreement in May 2025 contemplated the termination of this collaboration upon closing:

• - Gilead development milestones for the HBV program (HB-400) total $185,000,000.
• - Gilead development milestones for the HIV program (HB-500) total up to $232,500,000.
• - Commercial milestones total $50.0 million for HBV and $65.0 million for HIV.
• - An upfront payment of $10.0 million was received in June 2018.
• - A program initiation fee of $15.0 million was received in February 2022.

To give you a clearer picture of the potential value locked in the Gilead Sciences, Inc. agreements, here are the components:

The restructuring plan announced in late 2024, which involved pausing the eseba-vec (HB-200) program, suggests that near-term financial reliance on milestones from that specific asset might be on hold pending new partnership exploration. Finance: confirm the closing date status of the May 2025 Asset Purchase Agreement with Gilead by next Tuesday.

HOOKIPA Pharma Inc. (HOOK) - Canvas Business Model: Key Activities

You're looking at the final operational phase for HOOKIPA Pharma Inc. as of late 2025, which is dominated by the wind-down following a major asset divestiture and the planned corporate dissolution. The Key Activities reflect this transition.

Clinical development of lead immuno-oncology candidate, eseba-vec (HB-200).

• Clinical development for eseba-vec (HB-200) was paused as part of a restructuring plan announced in November 2024.
• This pause included the ending of an ongoing Phase I/II trial for HPV16+ cancers.
• The company emphasized a commitment to exploring potential partnerships for eseba-vec despite the pause.
• Prior Phase II data for eseba-vec plus pembrolizumab showed an overall response rate (ORR) of 52% in a subset of patients (PD-L1 CPS ≥20, n=27).
• Preliminary median Progression Free Survival (PFS) for this subset was reported as greater than 16 months.

Ongoing research and development (R&D) of the TheraT arenavirus platform.

The R&D focus shifted following the restructuring, prioritizing the KRAS-mutant cancer treatment candidate.

• The company prioritized the HB-700 candidate targeting KRAS mutant cancers.
• HOOKIPA Pharma Inc. received IND clearance from the FDA in April 2024 for HB-700.
• Research and Development Expenses for the three months ended September 30, 2024, totaled $15.6 million.
• This Q3 2024 R&D expense was a decrease from $24.6 million for the same period in 2023.

Strategic management of remaining collaboration agreements and IP.

This activity centered on the finalization of the asset sale to Gilead Sciences, Inc., which was completed on October 31, 2025.

• Gilead acquired assets related to the HB-400 (Hepatitis B) and HB-500 (HIV) programs.
• The total consideration for the Asset Sale was up to $10,000,000 in cash.
• The payment structure included $3,000,000 due at closing and up to $7,000,000 due in three stages upon completion of a transfer plan.
• The HB-500 Phase 1b trial, partnered with Gilead, resulted in a $5.0 million milestone payment to HOOKIPA Pharma Inc. in July 2024 upon dosing the first subject.
• Partnering revenues decreased in Q3 2024 due to the termination of the Roche collaboration agreement.

The following table summarizes key financial and operational metrics relevant to the company's activities leading up to the late 2025 wind-down:

Significant cost-saving and restructuring initiatives.

The primary cost-saving measure was the restructuring plan, which included the workforce reduction and the subsequent move to exit public reporting requirements.

• The Restructuring Plan, approved in November 2024, included a workforce reduction of approximately 80% of the then-current employee base.
• Implementation of the Restructuring Plan was expected to be substantially completed by the end of the first half of 2025.
• HOOKIPA Pharma Inc. announced its intention to voluntarily delist from Nasdaq in July 2025 to suspend reporting obligations and eliminate associated expenses.
• The delisting under Section 12(b) was anticipated to become effective on or about August 8, 2025.

HOOKIPA Pharma Inc. (HOOK) - Canvas Business Model: Key Resources

The core of HOOKIPA Pharma Inc.'s value resides in its intangible assets and specialized human capital, which are the engines for its proprietary platform technologies.

Proprietary TheraT arenavirus vector platform for therapeutic vaccines represents the foundational intellectual property. This platform underpins programs like the now-divested HB-400 (HBV) and HB-500 (HIV) assets, which were subject to an Asset Purchase Agreement with Gilead Sciences, Inc. in July 2025. The total consideration for these assets was up to $10,000,000 in cash, structured with $3,000,000 due at closing and up to $7,000,000 contingent on a three-stage transfer plan completion. The platform's potential is also reflected in the historical milestone structure with Gilead, where HOOKIPA Pharma was eligible for up to $140 million for the HBV program and up to $172.5 million for the HIV program, plus royalties.

The VaxWave replication-defective vector technology is intrinsically linked to the Gilead collaboration, as the HB-400 and HB-500 programs utilized this technology. A specific milestone payment of $5.0 million was received in July 2024 related to dosing the first subject in the HB-500 Phase 1b trial.

The Intellectual Property (IP) portfolio is critical for maintaining competitive advantage, covering the arenavirus vector systems. As of May 12, 2025, HOOKIPA Pharma had 9,789,622 shares of common stock and 2,399,517 shares of Class A common stock outstanding, representing the equity base supporting the IP development. The company noted that its ability to maintain its intellectual property position is a key factor affecting its operations.

Highly specialized scientific and clinical R&D personnel form the human resource base. HOOKIPA Pharma had 87 total employees as of December 31, 2024. Following a strategic refocus, the company approved a restructuring plan that included an 80% reduction of its then-current employee base, expected to be substantially completed by the end of the first half of 2025. For context on executive compensation supporting this R&D effort, the Chief Executive Officer's annual base salary was $630,000 in 2024.

Here is a snapshot of the quantifiable elements tied to these key resources as of the latest available data:

The company's operational focus shifted following the asset sale, which directly impacted the resources dedicated to the HB-400 and HB-500 programs. The remaining focus, including the HB-700 KRAS vaccine program, relies on the retained scientific personnel and the core TheraT platform IP. The trailing twelve-month revenue as of March 31, 2025, was $9.4 million, which reflects the financial context in which these resources are being managed.

HOOKIPA Pharma Inc. (HOOK) - Canvas Business Model: Value Propositions

You're looking at the core reasons why HOOKIPA Pharma Inc. (HOOK) built its platform; these are the unique things they offer.

Inducing uniquely potent, antigen-specific CD8+ T-cell responses against cancer is central. The arenavirus platform is engineered to induce robust and durable antigen-specific CD8+ T cell responses and pathogen-neutralizing antibodies.

The platform versatility spans therapeutic oncology and prophylactic infectious diseases. The company operates two complementary platform technologies: an engineered Modified Vaccinia Ankara (MVA) vector and an arenavirus vector system.

For chronic infectious diseases, the potential for functional cures is tied to the Gilead-owned assets. The HB-500 program alone had a potential future value of $232.5 million in opt-in, development, and commercial milestone payments, plus royalties. The HB-500 Phase 1b trial enrolled 30 participants across five U.S. sites, with primary completion expected in H2 2025.

Durable immunity with a favorable safety profile shows up clearly in the oncology data. Here's the quick math on the HB-200 + pembrolizumab data:

The company's strategic pivot in 2025 focused resources, evidenced by the Trailing Twelve Month (TTM) revenue as of late 2025 being $9.35 million USD. The stock price as of 07-Nov-2025 was $0.89, with a market cap of $11M.

The platform's capabilities are further detailed by:

• Platform uses arenavirus and Modified Vaccinia Ankara (MVA) vectors.
• HB-500 trial enrolled 30 participants.
• Q3 2025 revenue was reported at $4.70M.
• EPS for 12 months was -$5.84.
• The sale of HB-500 and HB-400 assets closed on October 30, 2025.

Finance: review the final closing statement from the Gilead asset sale by next Tuesday.

HOOKIPA Pharma Inc. (HOOK) - Canvas Business Model: Customer Relationships

You're looking at the relationships HOOKIPA Pharma Inc. maintains with its key external groups as of late 2025, following a significant strategic realignment. This is all about managing the remaining collaborations, keeping the remaining investors informed, and continuing to build scientific credibility.

High-touch, strategic collaboration management with Big Pharma partners

The relationship with Big Pharma partners, particularly Gilead Sciences, Inc., has been the core of the revenue generation model. This relationship underwent a major shift in late 2025. The collaboration, which began with an agreement dated February 15, 2022, saw a significant transaction on October 31, 2025, with the completion of the sale of assets related to the HB-400 program and certain HB-500 assets to Gilead. This suggests a high-touch management structure was in place to execute such a complex divestiture while managing the ongoing Phase 1b clinical trial of HB-500, which was being developed in collaboration with Gilead.

Revenue generation is directly tied to these relationships. For instance, HOOKIPA Pharma Inc. generated $2 million in total revenue in Q1 2025, which reflected the entirety of their revenue coming from collaborations and licensing agreements. While specific milestone payments received in the latter half of 2025 are not detailed, a $5.0 million milestone payment was received in July 2024 related to the HB-500 program. The nature of these relationships requires dedicated management to ensure milestone achievement and potential future commercialization success, even after the asset sale.

Here's a look at the key partnership activities and financial tie-ins:

Investor relations focused on communicating the strategic pivot and financial runway

Investor relations in late 2025 centered on communicating the strategic pivot, which included the asset sale to Gilead and a major corporate action: the announcement of the intention to voluntarily delist and deregister its common stock on July 18, 2025. This communication strategy is critical for a clinical-stage company still in development. You need to clearly articulate the path forward after shedding key assets.

The financial context for this communication is important. The company reported a net loss of $-15.43 million in Q1 2025. As of May 12, 2025, the outstanding share count was 9,789,622 shares of common stock and 2,399,517 shares of Class A common stock. Communicating the financial runway post-asset sale, even if future funding is not deemed probable in SEC filings as of May 2025, becomes the primary focus for investors holding shares after the delisting announcement.

Key investor relations touchpoints and data points include:

• Intention to voluntarily delist announced on July 18, 2025.
• Q1 2025 net loss reported at $-15.43 million.
• Total common and Class A shares outstanding as of May 12, 2025: 12,189,139 shares (sum of 9,789,622 and 2,399,517).
• The company's primary communication channels include the investor relations website, SEC filings, press releases, and public conference calls.

Scientific engagement through publications and conferences

Maintaining scientific credibility is non-negotiable for a platform-based biopharma company, even after significant restructuring. Engagement continues through presenting data at key medical meetings and publishing peer-reviewed work. While the most recent publications cited are from 2021, the company actively presented data throughout 2024, which sets the stage for late 2025 engagement strategy.

Recent scientific engagement highlights include:

• Poster presentation on Eseba-vec (HB-200) in combination with pembrolizumab at SITC 2024.
• Presentation of HB-200 ASCO 2024 data update.
• Presentation of preclinical proof-of-concept data for HB-700 at the 6th Annual RAS-Targeted Drug Development Summit on September 25, 2024.

The core technology remains the proprietary arenavirus platform, which is designed to reprogram the body's immune system for cancer and infectious diseases. The focus post-sale appears to be on the remaining pipeline, such as HB-700, which is a Phase 1-ready immunotherapy for KRAS-mutated cancers.

Scientific Communication Venues (Based on 2024 Activity):

Finance: review the projected cash burn rate against the remaining assets and projected milestone receipts for the next four quarters by Monday.

HOOKIPA Pharma Inc. (HOOK) - Canvas Business Model: Channels

You're looking at the channels for HOOKIPA Pharma Inc. as of late 2025, and honestly, the picture is dominated by a strategic wind-down following a major asset transaction. The company's primary channels shifted from broad partnership development to the execution of an asset sale and subsequent dissolution process.

Direct licensing and collaboration agreements with major biopharma companies

The most significant channel activity involved the conclusion of key collaborations through a definitive Asset Purchase Agreement. On May 21, 2025, HOOKIPA Pharma entered this agreement with Gilead Sciences, Inc.. This agreement involved the sale of assets primarily related to the HB-400 (HBV) and HB-500 (HIV) programs. The total consideration for this channel exit was structured for up to $10 million. This contrasts with the prior potential value tied to these programs under the original collaboration structure, which included milestones up to $140 million for the HBV program and up to $172.5 million for the HIV program, plus royalties. Following stockholder approval on July 29, 2025, the company initiated steps to voluntarily delist from Nasdaq and proceed with dissolution.

The channel for communicating these material financial events relies heavily on official disclosures:

• Investor relations website: https://ir.hookipapharma.com
• SEC filings, including Form 8-K on July 18, 2025, announcing delisting intent
• Press releases and public conference calls

Here's the quick math on the key partnership channel that just concluded:

Clinical trial sites and networks for product candidate testing

The clinical trial network channel is in a state of transition due to the strategic shift. For the assets sold to Gilead, the Phase 1b trial for the HIV therapeutic vaccine (HB-500) completed enrollment as of January 30, 2025. This means the site network activity for that program has effectively transferred or concluded under HOOKIPA Pharma Inc.'s direct management. For the retained HB-700 program, the company affirmed commitment to advancing it into Phase 1 trials independently. The operational focus for site management would be on ensuring smooth handover or winding down of the transferred trials while setting up the necessary infrastructure for the independent HB-700 Phase 1 initiation, though specific site counts aren't public.

The company's TTM revenue as of March 31, 2025, was $9.35 Million USD, which reflects the operational scale before the asset sale closed, likely covering ongoing trial support and R&D expenses.

Scientific and medical conferences for data presentation

This channel serves to validate the science and attract partners, but in late 2025, its role is more about presenting the remaining pipeline data and fulfilling prior commitments. The most recent public data presentations noted were from 2024 events, such as the ASCO Data Update on June 4, 2024. As of the search results, there were currently no upcoming events scheduled for HOOKIPA Pharma Inc.. The company's communication strategy, especially post-delisting intent, prioritizes SEC filings and the investor relations website over active conference participation for broad outreach.

The company's market valuation reflects this channel shift and corporate status as of November 7, 2025:

• Stock Price: $0.89
• Market Cap: $11M
• Shares Outstanding: 12.3M

Finance: draft 13-week cash view by Friday.

HOOKIPA Pharma Inc. (HOOK) - Canvas Business Model: Customer Segments

You're looking at the customer segments for HOOKIPA Pharma Inc. as the company finalized a major strategic shift in late 2025. This isn't a typical ongoing business profile; it reflects the entities involved in the wind-down and asset transfer process.

The core customer segments, or counterparties, HOOKIPA Pharma Inc. engaged with included:

• - Global pharmaceutical and biotechnology companies (B2B partners).
• - Patients with HPV16+ head and neck cancers (primary clinical focus).
• - Patients with chronic infectious diseases (e.g., HIV, HBV) via partners.
• - Institutional and retail investors.

The B2B partner segment saw a definitive transaction with Gilead Sciences, Inc., which acquired assets related to the HB-400 (HBV) and HB-500 (HIV) programs, closing on October 30, 2025. The total consideration for this Asset Purchase Agreement was up to $10,000,000 in cash.

The financial breakdown of the Gilead transaction involved:

For the patient segment focused on oncology, the lead candidate was eseba-vec for Human Papillomavirus type 16 positive (HPV16+) cancers.

Patient engagement numbers related to the HPV16+ Head and Neck Squamous Cell Carcinoma (HNSCC) program included:

• - Enrollment completed in the Phase 2 H200-001 study (eseba-vec + pembrolizumab) with 68 patients enrolled as of October 2024.
• - An Investigator-Initiated Trial (IIT) for adjuvant therapy in HPV16+ HNSCC was expected to enroll approximately 50 patients.

The infectious disease patient segment, specifically for HIV (HB-500) and Hepatitis B Virus (HBV) (HB-400), was largely transferred to Gilead. The Phase 1b clinical trial evaluating HB-500 for HIV treatment had completed enrollment as of May 2025.

The investor segment, both institutional and retail, was actively tracking the company through its transition period, including the announced delisting from Nasdaq.

Key investor metrics as of mid-to-late 2025:

• - Stock price as of November 07, 2025: $0.89.
• - Market Capitalization as of November 07, 2025: $11M.
• - Shares outstanding as of November 07, 2025: 12.3M.
• - Institutional owners filing 13D/G or 13F forms (as of August 7, 2025): 23.
• - Total shares held by these institutions (as of August 7, 2025): 510,921 shares.
• - Trailing Twelve Month (TTM) Revenue as of March 31, 2025: $9.4M.

The aggregate market value of Common Stock held by non-affiliates on June 30, 2024, was approximately $57.0 million.

HOOKIPA Pharma Inc. (HOOK) - Canvas Business Model: Cost Structure

You're looking at the cost structure for HOOKIPA Pharma Inc. as the company executes its wind-down following the asset sale and voluntary delisting. The cost base is heavily weighted toward the science, even in this final phase.

The primary cost driver remains the high research and development (R&D) expenses necessary to support ongoing clinical programs, even as the company streamlines operations. For the year ended February 28, 2025, HOOKIPA Pharma Inc. reported Research and development expenses of $68.5 million. This figure represented a decrease of $17.9 million compared to 2023, directly attributed to the Restructuring Plan and reduced direct and indirect research and development spending. Overall, Total operating expenses for that period were $95.4 million, down $22.4 million from the prior year.

Personnel costs are a major component, even after significant workforce adjustments. While the specific financial impact of the 80% reduction plan approved in late 2024 isn't isolated in the latest filings, the restructuring itself was a key factor in reducing the overall operating expense base. To give you a concrete example of executive compensation, the employment agreement for Chief Executive Officer and President Malte Peters sets his annual base salary at $630,000.

General and administrative (G&A) expenses also factor in, covering necessary overhead like legal and intellectual property (IP) maintenance to manage the wind-down. General and administrative expenses for the year ending February 28, 2025, totaled $20.2 million. Honestly, that was an increase of $1.6 million over 2023, driven mainly by higher professional and consulting fees, likely associated with the strategic evaluation and subsequent dissolution process.

Costs associated with the voluntary delisting from Nasdaq in 2025 are a direct consequence of the decision to cease public reporting obligations to reduce economic burdens on the remaining assets. HOOKIPA notified Nasdaq of its intent to voluntarily delist on July 18, 2025, with the deregistration process expected to be effective around August 8, 2025. The company explicitly noted that continuing to comply with applicable reporting requirements would be economically burdensome and reduce assets available for ultimate distribution to stockholders.

Here's a quick look at the key expense components from the latest reported full fiscal year data, which frames the cost base leading into the late 2025 liquidation phase:

The overall cost structure reflects a company aggressively cutting burn rate to maximize shareholder returns during dissolution. The major expenditures are now focused on winding down clinical obligations and legal/administrative requirements for the final corporate actions.

• High R&D spend is concentrated on advancing the eseba-vec and HB-700 programs.
• Personnel costs are being managed via the Restructuring Plan implemented earlier in the year.
• G&A includes fees related to the asset sale and dissolution proceedings.
• The delisting decision was made to eliminate ongoing, economically burdensome SEC reporting costs.

Finance: draft 13-week cash view by Friday, incorporating final severance accruals.

HOOKIPA Pharma Inc. (HOOK) - Canvas Business Model: Revenue Streams

You're looking at the revenue side of HOOKIPA Pharma Inc. (HOOK) as of late 2025, and honestly, the picture is dominated by the recent strategic shift-specifically, the sale of its core infectious disease assets. This means the current revenue profile is heavily weighted toward the tail end of prior agreements and milestone recognition, rather than ongoing product sales, which the company itself noted it doesn't have.

As of late 2025, the Trailing Twelve Months (TTM) revenue for HOOKIPA Pharma Inc. (HOOK) is approximately $9.35 million USD. This figure reflects the recognition of deferred revenue and final payments following major partnership restructuring.

Collaboration and Licensing Income

The primary source of reported income has been from collaboration and licensing activities, which is typical for a clinical-stage biotech. For the three months ending September 30, 2024, the collaboration and licensing revenue was reported at $4.7 million. This was a decrease from the $6.9 million reported in the same period of 2023, partly due to the termination of the Roche collaboration agreement.

To give you a sense of the historical context that shaped the current TTM number, consider the revenue trend:

The Q1 2025 revenue of $2 million compared quite starkly to the $36.60 million seen in Q1 2024. This sharp drop underscores the transition away from active, multi-asset collaborations.

Upfront and Milestone Payments from Strategic Partners

The most significant financial events revolve around the strategic partners, particularly Gilead Sciences, Inc. The recent asset sale to Gilead, which included the HBV (HB-400) and HIV (HB-500) programs, was a major component of the company's financial structure leading up to its decision to liquidate. This transaction involved specific, concrete payments that feed into the revenue recognition schedule.

Here are the key components related to the Gilead partnership that impact revenue streams:

• - The asset sale to Gilead included an immediate upfront payment of $3 million for the sale of the HBV/HIV programs.
• - The total potential payout from Gilead for these assets was structured to reach up to $422.5 million in milestones and royalties.
• - In July 2024, HOOKIPA Pharma Inc. received a success-based milestone payment of $5.0 million from Gilead related to the dosing of the first subject in the Phase 1b clinical trial of HB-500 for HIV-1.
• - The original 2018 collaboration agreement with Gilead provided an upfront payment of $10 million.
• - An amended 2022 agreement included a $15 million initiation fee and a $5 million equity investment from Gilead.

The sale of these vaccine rights to Gilead constituted substantially all of HOOKIPA Pharma Inc.'s assets, leading to the subsequent plan to wind down operations, as the company stated it has 'no product candidates that generate revenue.' This means the $9.35 million TTM revenue is largely the final recognition of these prior deals, not new, ongoing operational revenue.