Inhibikase Therapeutics, Inc. (IKT): Business Model Canvas [Dec-2025 Updated]

You're analyzing Inhibikase Therapeutics, Inc. (IKT) right at the critical inflection point for its lead asset, IKT-001, as it gears up for a pivotal Phase 3 trial in Pulmonary Arterial Hypertension (PAH). Honestly, the Business Model Canvas reveals a classic high-risk, high-reward profile: they are burning cash-spending $7.6 million on R&D alone in Q3 2025-to deliver a potential best-in-class, disease-modifying therapy, supported by $77.3 million in cash as of that same quarter. We need to see how their key partnerships and clinical site network translate this cash runway into a value proposition that can finally move beyond capital raises to generate those future royalty streams from their out-licensed assets.

Inhibikase Therapeutics, Inc. (IKT) - Canvas Business Model: Key Partnerships

You're looking at the structure of how Inhibikase Therapeutics, Inc. (IKT) gets critical work done outside its core employee base. For a clinical-stage company, these external relationships are everything, especially as they pivot their lead program toward a pivotal trial.

Licensing Partner for Risvodetinib (Parkinson's Program)

The partnership for the out-licensed risvodetinib (IkT-148009) program, previously pursued for Parkinson's disease, was formalized in 2025. Inhibikase Therapeutics, Inc. entered into a License Agreement with ABLi Therapeutics, Inc. ("ABLi") on May 5, 2025.

The financial structure of this deal is heavily weighted toward future success, which is typical when a program has mixed efficacy signals but retained potential. As of June 30, 2025, the upfront payment received was a one dollar non-refundable, non-creditable payment. The potential value hinges on performance milestones.

ABLi is now solely responsible for all further development and commercialization costs for risvodetinib.

Key Opinion Leaders (KOLs) and Clinical Investigators

Expert guidance is central to setting up the IKT-001 Phase 2b study, which was planned for the second half of 2025 before the pivot to Phase 3. You see this partnership in action through continuous engagement with experts.

• Ongoing refining of the IKT-001 study protocol with key opinion leaders.
• Finalizing the IMPROVE-PAH study protocol after obtaining feedback from various key opinion leaders.

This collaboration is essential for designing a trial that addresses the FDA's expectations, especially after the previous Phase 3 IMPRES trial of imatinib had high discontinuation rates.

Contract Research Organizations (CROs) for Global Phase 3 Execution

While a specific CRO name isn't listed, the scale of the planned pivotal trial dictates heavy reliance on global CRO infrastructure. Inhibikase Therapeutics, Inc. is now planning to initiate a two-part adaptive Phase 3 study, IMPROVE-PAH, in the first quarter of 2026.

This global execution will require significant site activation and monitoring capabilities, which CROs provide. The scope of the trial is substantial:

• Total expected clinical sites for the Phase 3 IMPROVE-PAH study: Up to approximately 180 sites around the world.
• Total planned patient enrollment across both parts of the adaptive Phase 3: 486 patients (140 for Part A + 346 for Part B).

This transition from a planned Phase 2b of approximately 150 participants to a pivotal Phase 3 of 486 patients represents a major scale-up in outsourced clinical operations.

Academic R&D Collaborations

Inhibikase Therapeutics, Inc.'s lead candidate, IKT-001, is a prodrug of imatinib mesylate, which has a history tied to prior research. The company's recent focus has been on its PAH program, which followed a redirection from Parkinson's disease. While the search results showed a significant, funded collaboration involving Johns Hopkins University related to a Global Industrial Technology Cooperation Center, receiving an initial $1.8 million for center operation, this specific financial data point is not directly linked to an active R&D collaboration with Inhibikase Therapeutics, Inc. itself. The company's R&D expenses for the nine months ended September 30, 2025, totaled $23.4 million, which supports internal and external research efforts.

Finance: draft 13-week cash view by Friday.

Inhibikase Therapeutics, Inc. (IKT) - Canvas Business Model: Key Activities

The Key Activities for Inhibikase Therapeutics, Inc. center on advancing its lead candidate, IKT-001, through late-stage clinical development and integrating strategic acquisitions.

Executing the global pivotal Phase 3 IMPROVE-PAH trial for IKT-001

Inhibikase Therapeutics, Inc. is executing a pivot in its clinical strategy for IKT-001 in Pulmonary Arterial Hypertension (PAH), moving directly to a pivotal Phase 3 study following FDA interaction. The company expects to initiate the Phase 3 IMPROVE-PAH study in the first quarter of 2026. This study is designed to be conducted in up to approximately 180 sites globally. This revised approach could advance the timeline to Phase 3 topline data readout and a potential New Drug Application (NDA) filing by approximately three years.

The structure of the Phase 3 IMPROVE-PAH trial is a two-part adaptive design:

• Part A: A double-blind, placebo-controlled study in 140 patients.
• Part B: An identical format to Part A, but enrolling 346 patients.

The primary endpoint for Part A is pulmonary vascular resistance (PVR) at Week 24, while Part B's primary endpoint is the 6-minute walk distance (6MWD) at Week 24. Previously, the planned Phase 2b trial was set to enroll approximately 150 PAH participants, randomized 1:1:1 to receive 300 mg IKT-001, 500 mg IKT-001, or placebo once daily for 26 weeks. Bioequivalence testing established that 500 mg IKT-001 has comparable exposure to 383 mg imatinib.

Research and development (R&D) of small molecule kinase inhibitor therapeutics

The R&D function is heavily reflected in the operating expenses as Inhibikase Therapeutics, Inc. pushes IKT-001 toward late-stage trials. Research and development expenses for the nine months ended September 30, 2025, totaled $23.4 million. For the third quarter of 2025 alone, R&D expenses were $7.6 million. This compares to $4.2 million in R&D expenses for the quarter ended September 30, 2024.

The financial impact of the CorHepta acquisition is embedded in the R&D figures for the first half of 2025, which included a $7.4 million non-cash write-off of in-process research and development. The R&D expenses for the quarter ended March 31, 2025, were $10.5 million, up from $2.8 million in the same quarter of 2024.

Here's a look at the R&D expense trend:

The company holds commercialization rights to IKT-001 with patent protection in the United States until 2033.

Regulatory filings and interactions with the FDA and global health authorities

Key regulatory milestones define the path to market for IKT-001. Inhibikase Therapeutics, Inc. received its "Study May Proceed" letter for the Phase 2b trial in September 2024. The Investigational New Drug (IND) application was filed with the FDA on August 9, 2024, leading to clearance to initiate the Phase 2b trial on September 9, 2024. The company is continuing to interact with the FDA regarding its Phase 3 strategy in PAH.

The company also filed its Quarterly Report on Form 10-Q for the quarter ended September 30, 2025.

Strategic business development, including managing the CorHepta integration

Strategic business development involved the acquisition of CorHepta Pharmaceuticals, effective on February 21, 2025. The transaction involved a $15 million payment in company shares, with some shares contingent on future milestones. This integration was accompanied by leadership changes, including the appointment of Chris Cabell as President and Head of Research & Development. Separately, Timothy Pigot was appointed as Chief Commercial and Strategy Officer on August 19, 2025.

To fund the advancement of IKT-001, Inhibikase Therapeutics, Inc. closed a private placement on October 21, 2024, with gross proceeds of approximately $110 million. More recently, on November 20, 2025, the company announced a proposed public offering expected to yield net proceeds of approximately $93.6 million, or $107.7 million if the underwriters' option is fully exercised. This financing was explicitly tied to the plan to advance IKT-001 to a global pivotal Phase 3 trial. The company also amended outstanding Series A-1 and Series B-1 warrants issued on October 21, 2024, to reflect this Phase 3 plan.

Financial performance metrics related to the period of integration include:

• Cash, cash equivalents, and marketable securities as of September 30, 2025: $77.3 million.
• Cash, cash equivalents, and marketable securities as of December 31, 2024: $97.5 million.
• Selling, general and administrative (SG&A) expenses for the nine months ended September 30, 2025: $16.8 million.
• SG&A expenses for the nine months ended September 30, 2025 included $1.0 million of severance expenses from executive transitions.

The net loss for the quarter ended September 30, 2025, was $11.9 million, or $0.13 per share.

Inhibikase Therapeutics, Inc. (IKT) - Canvas Business Model: Key Resources

You're looking at the core assets Inhibikase Therapeutics, Inc. (IKT) is leaning on right now to push IKT-001 through late-stage development. It's a mix of hard cash, strong legal protections, and the right people who've done this before.

Intellectual Property (IP) and Regulatory Status

The core asset here is the intellectual property around IKT-001, which is a prodrug of imatinib mesylate. The U.S. Food & Drug Administration (FDA) confirmed a key status point following a pre-Investigational New Drug (IND) meeting. That confirmation is critical for future market positioning.

• IKT-001Pro (IKT-001) confirmed as a New Molecular Entity (NME) in PAH.
• This designation opens the path to patent and NME exclusivity upon approval.
• The company is advancing directly to a global pivotal Phase 3 study, IMPROVE-PAH, expected to initiate in Q1 2026.
• This skips the previously planned Phase 2b study in approximately 150 subjects.

Financial Position

Cash on hand is the fuel for clinical execution. You need to watch the burn rate against this balance, especially with the shift to a larger Phase 3 trial. Here's the quick math on the balance sheet as of the end of Q3 2025.

Specialized Leadership Team

The team running the show has direct, relevant experience in the Pulmonary Arterial Hypertension (PAH) space. That history helps de-risk the transition to pivotal trials. For instance, new hires bring experience from other successful PAH programs.

• CEO Mark Iwicki has spent a great deal of his career working on cardiovascular diseases, including PAH.
• President and Head of R&D Dr. Chris Cabell has a successful track record in PAH clinical trials, including work on ralinepag.
• Chief Scientific Officer Dr. John Adams also has experience from PAH clinical trials, including work on ralinepag.
• Chief Commercial and Strategy Officer Timothy Pigot previously led U.S. marketing for Pfizer's PAH medicine Revatio.

Clinical Data Foundation

The design for the upcoming Phase 3 is directly informed by prior data on the active ingredient, imatinib, and specific bioequivalence studies for IKT-001. This data supports the move to a higher, potentially more efficacious dose in the pivotal trial.

Finance: draft 13-week cash view by Friday.

Inhibikase Therapeutics, Inc. (IKT) - Canvas Business Model: Value Propositions

You're looking at the core value proposition for Inhibikase Therapeutics, Inc. (IKT) as they push IKT-001 forward. It all centers on taking the known, but poorly tolerated, efficacy of imatinib and making it deliverable for patients with Pulmonary Arterial Hypertension (PAH).

Potential to Modify the Course of Pulmonary Arterial Hypertension (PAH) Disease

The value here is the potential for a disease-modifying effect, moving beyond just managing symptoms. IKT-001 is positioned to realize the therapeutic benefit previously suggested by imatinib data in PAH, which showed improvements in exercise capacity and hemodynamics that conventional vasodilators don't achieve.

The path forward is aggressive, moving from a planned Phase 2b study to a single global pivotal Phase 3 study, IMPROVE-PAH, expected to initiate in the first quarter of 2026. This strategic shift following FDA feedback could potentially advance the timeline to a New Drug Application (NDA) filing by approximately 3 years.

Here's the quick math on the planned pivotal trial structure:

Also, the company reported a cash position of $77.3 million as of September 30, 2025, which supports the advancement of this program through these critical stages, though the net loss for the third quarter of 2025 was $11.9 million.

IKT-001 Prodrug Designed to Minimize GI Side Effects of Imatinib

The engineering of IKT-001 is specifically aimed at overcoming the major hurdle that kept imatinib from being approved in PAH: tolerability. The prodrug is designed to convert to imatinib in the body but achieve a smoother pharmacokinetic profile, meaning lower spikes in concentration (Cmax).

The preclinical data supporting this improved tolerability profile is quite stark:

• IKT-001Pro was shown to be up to 3.4 times safer than imatinib in non-human primates.
• This improvement specifically targeted the reduction of burdensome gastrointestinal side effects.
• Bioequivalence studies confirmed that 500 mg of IKT-001 provides comparable systemic exposure to 383 mg of imatinib mesylate.

This smoother profile suggests patients may be able to reach and sustain the higher, more effective doses that were previously poorly tolerated.

Aims for Best-in-Class Efficacy Based on Prior Imatinib Data in PAH

The value proposition leans heavily on the established, though previously inaccessible, efficacy of the active molecule. IKT-001 is aiming to capture the best-in-class potential demonstrated by the original Phase 3 IMPRES trial for imatinib in PAH.

You should keep these historical benchmarks in mind:

• Imatinib increased the 6-minute walk distance (6MWD) by roughly 40 meters on average.
• It also resulted in a reduction in pulmonary vascular resistance (PVR).
• Approximately 30% of patients treated with imatinib in that trial achieved notable clinical improvement.

The proposed Phase 3 trial includes a 12-week dose-titration phase, which the company believes will help patients reach those higher tolerable doses where imatinib previously showed the greatest benefit in exercise capacity and hemodynamics.

Addresses a High Unmet Medical Need in a Severe Cardiopulmonary Disease

PAH is a severe, progressive condition leading to right heart failure and death, which inherently means the medical need is high. The market reflects this, with the Pulmonary Arterial Hypertension treatment market size projected to be USD 2,080.7 million in 2025.

The scale of the problem is significant:

• Global PAH incident cases reached 43,251 in 2021, an 85.6% increase since 1990.
• In the US, patients with Methamphetamine-associated PAH (Meth-APAH) face more than double the risk of clinical worsening or death compared to those with idiopathic PAH.
• Approximately 30% of patients with Meth-APAH were not receiving PAH treatment in 2022, showing gaps in current care access or options.

IKT-001 offers a novel mechanism targeting underlying proliferative pathways, which is a different approach than many existing therapies like endothelin receptor antagonists or prostacyclin analogs.

Inhibikase Therapeutics, Inc. (IKT) - Canvas Business Model: Customer Relationships

You're looking at how Inhibikase Therapeutics, Inc. (IKT) manages its key relationships as it pushes IKT-001 toward late-stage trials. It's all about focused, high-value interactions right now.

High-touch engagement with PAH Key Opinion Leaders (KOLs) and clinical investigators

The engagement with Key Opinion Leaders (KOLs) was critical for the Pulmonary Arterial Hypertension (PAH) program. During the first half of 2025, Inhibikase Therapeutics obtained feedback from various KOLs to finalize the protocol for the study that transitioned from a planned Phase 2b to a pivotal Phase 3 design.

The resulting global pivotal Phase 3 study, IMPROVE-PAH, is expected to initiate in the first quarter of 2026 and is anticipated to be conducted in up to approximately 180 sites around the world. This represents a significant scaling of investigator relationships from the initial planning stages.

The previous data supporting IKT-001 showed an improvement in 6-minute walk distance (6MWD) of 45 meters based on Phase 3 IMPRES and Phase 2 studies of imatinib.

Investor relations and communication via earnings calls and conferences (e.g., Jefferies)

Investor communication is channeled through formal mechanisms, including the investor relations website, press releases, SEC filings, and public conference calls. The last reported earnings were for Q2 2025 on August 14, 2025.

Inhibikase Therapeutics announced a proposed public offering of Common Stock and Pre-Funded Warrants on November 20, 2025, which included a pricing announcement for a $100 Million public offering on the same date. As of December 4, 2025, the stock was trading at $1.51 with a trading volume of 667.10k shares.

• Q2 2025 Net Loss: $9.9 million (or $0.11 per share).
• Cash, cash equivalents and marketable securities as of June 30, 2025: $87.7 million.
• Q2 2025 R&D Expenses: $5.3 million.
• Q2 2025 SG&A Expenses: $5.9 million.

The Investor Relations function is managed by LifeSci Advisors, with Mike Moyer as the Managing Director.

Direct communication with neurological research centers for legacy programs

While the primary focus has shifted to PAH, communication channels for legacy neurodegeneration programs remain relevant for historical context and potential future value realization. As of June 2024, the company was seeking grant funding through The National Institute of Neurological Diseases and Stroke (NINDS) for its Phase 2 '202 Trial' in Multiple System Atrophy (MSA) using a dedicated U.S. trial network set-up by the Institute.

For the Parkinson's disease (PD) program, the 201 Trial in untreated Parkinson's disease had reached 94% enrollment completion by mid-June 2024.

• 201 Trial Enrollment Completion (as of June 2024): 94%.
• NINDS funding mechanism (Other Transaction Authority) initiation: June 2024.

Finance: draft 13-week cash view by Friday.

Inhibikase Therapeutics, Inc. (IKT) - Canvas Business Model: Channels

You're looking at how Inhibikase Therapeutics, Inc. (IKT) gets its message and, eventually, its product, to the right people. For a clinical-stage company, the channels are heavily weighted toward clinical execution and scientific communication right now.

Global Network for Clinical Trials

The primary current channel for validating the value proposition of IKT-001 is the clinical trial infrastructure. Inhibikase Therapeutics, Inc. is planning a significant expansion of this channel with the global pivotal Phase 3 study, IMPROVE-PAH, which is expected to initiate in the first quarter of 2026. This study is planned to be conducted in up to approximately 180 sites around the world. This represents a scaling up from the previously planned Phase 2b study, which was designed for approximately 150 PAH participants.

The adaptive design of the Phase 3 IMPROVE-PAH trial dictates the channel structure for patient recruitment and data collection:

This structure requires a robust, multi-center channel to manage the enrollment of 586 total planned patients across both parts (140 + 346). The company also noted that bioequivalence studies confirmed 500 mg of IKT-001 has comparable human exposure to 383 mg of imatinib.

Scientific Communication and Medical Outreach

Reaching medical specialists and key opinion leaders is a critical channel for building credibility and driving future adoption. Inhibikase Therapeutics, Inc. uses formal scientific dissemination to communicate progress. For instance, the Company expected to present at the Jefferies Global Healthcare Conference in London on Monday, November 17th, 2025. This type of conference presentation serves as a direct channel to the investment and medical communities.

The broader scientific communication strategy relies on:

• Scientific publications in peer-reviewed journals.
• Presentations at major medical conferences.
• Public conference calls and webcasts following financial results.

Future Pharmaceutical Distribution

Upon regulatory approval, the channel shifts to commercial distribution. While specific agreements or infrastructure build-out numbers for late 2025 aren't public, the company has taken steps to prepare its commercial leadership. Inhibikase Therapeutics, Inc. appointed veteran biopharma executive Timothy Pigot as the Company's Chief Commercial and Strategy Officer. The future channel will involve established pharmaceutical supply chains, including wholesalers, specialty pharmacies, and direct sales force engagement with PAH treatment centers.

Capital Markets Access

Access to capital markets is a vital channel for funding operations, especially given the clinical burn rate. Inhibikase Therapeutics, Inc. maintains its listing on the Nasdaq under the ticker IKT. Financial data from late 2025 illustrates the market's current view and the company's cash position:

The company reported a market capitalization of $112.76 million as of December 2, 2025. The stock traded within a 52-week range of $1.33 to $4.20. For the third quarter ended September 30, 2025, the net loss was $11.9 million, or $0.13 per share. The cash position, which funds these channels, stood at $77.3 million as of September 30, 2025, down from $97.5 million at the end of 2024. On the financing front, Inhibikase Therapeutics, Inc. terminated its at-the-market offering prospectus with Jefferies, having made no stock sales under that program.

Key financial metrics related to capital access as of late 2025:

The company also uses its investor relations website, press releases, and SEC filings as primary channels for material financial information disclosure, and it intends to use LinkedIn and YouTube as well.

Inhibikase Therapeutics, Inc. (IKT) - Canvas Business Model: Customer Segments

You're looking at the distinct groups Inhibikase Therapeutics, Inc. (IKT) needs to serve to get IKT-001, their pro-drug of imatinib mesylate, to market for Pulmonary Arterial Hypertension (PAH). These segments range from the patients who need the drug to the companies that might buy the whole program.

Patients with Pulmonary Arterial Hypertension (PAH) in need of disease-modifying therapy.

This segment is defined by a serious, progressive, life-threatening disease characterized by elevated pulmonary vascular resistance. IKT-001 is being developed for PAH, which is classified as an orphan indication. The potential patient pool is relatively small but highly concentrated in specialized centers. The clinical goal for IKT-001, based on prior imatinib data, is to achieve a 45 meter improvement in the 6-minute walk distance (6MWD).

Here's a look at the scale of the population IKT is targeting:

The Phase 3 IMPROVE-PAH study design reflects the need to enroll a specific patient cohort, with Part A enrolling 140 patients and Part B enrolling 346 patients, for a total of 486 planned subjects across the adaptive design.

PAH-treating specialists, including pulmonologists and cardiologists.

These specialists are the gatekeepers who diagnose PAH and manage the complex, often multi-drug regimens. They are focused on agents that can modify the disease course, as evidenced by the market's reaction to new mechanisms like activin-signaling inhibitors. Inhibikase Therapeutics appointed Timothy Pigot as Chief Commercial and Strategy Officer in February 2025, signaling a build-out toward commercial readiness for this segment.

• Targeting specialists who manage patients on stable background PAH therapy.
• Focus on demonstrating superior efficacy in endpoints like pulmonary vascular resistance (PVR).
• The Phase 3 trial is planned to be conducted at up to approximately 180 sites globally.
• Specialists are increasingly adopting dual or triple oral regimens upfront for non-high-risk patients.

Future payers and health systems who will reimburse the drug.

Payers and health systems evaluate the cost-effectiveness and budget impact of a new therapy, especially for an orphan indication where existing therapies are costly. Inhibikase Therapeutics, Inc. is currently pre-revenue, reporting a net loss of $11.9 million for Q3 2025 and a year-to-date net loss of $35.5 million for the nine months ended September 30, 2025. The company's liquidity position is a key factor for payers assessing long-term viability.

Key financial metrics relevant to payer confidence in late 2025 include:

• Cash, cash equivalents, and marketable securities as of September 30, 2025: $77.3 million.
• Debt-to-equity ratio: 0, indicating no debt on the balance sheet.
• Market Capitalization as of November 20, 2025: $115.02 million.
• Selling, general and administrative (SG&A) expenses for the nine months ended September 30, 2025: $16.8 million.

Generous reimbursement in North America is noted as a factor driving that region's market share, which was 41% or 45% of the global market in 2024.

Biopharma companies seeking to license or acquire clinical-stage assets.

This segment evaluates the asset's clinical progress, intellectual property, and the financial runway of the developing company. Inhibikase Therapeutics is advancing IKT-001 directly into a pivotal Phase 3 study, which is expected to begin in the first quarter of 2026, potentially accelerating the FDA approval timeline by approximately 3 years compared to the previously planned Phase 2b. This move is a significant value inflection point for potential partners or acquirers. The company's recent corporate activity, including the CorHepta acquisition in February 2025, shows a willingness to execute strategic transactions. Furthermore, the company terminated its at-the-market offering prospectus with Jefferies after making no sales under that program, suggesting reliance on internal capital or strategic financing rather than public equity issuance at that moment.

Inhibikase Therapeutics, Inc. (IKT) - Canvas Business Model: Cost Structure

You're looking at the major expenditures driving Inhibikase Therapeutics, Inc. as they push IKT-001 toward late-stage trials. For a clinical-stage biotech, the cost structure is almost entirely weighted toward R&D and the necessary infrastructure to support it. Honestly, the numbers from Q3 2025 show a significant step-up in operating intensity.

The primary cost drivers are clearly R&D and SG&A, both of which saw material increases compared to the prior year, reflecting the CorHepta integration and scaling for the PAH program. Here's a quick look at the top-line operating expenses for the third quarter and the year-to-date period ending September 30, 2025.

The R&D spend for the nine months ending September 30, 2025, at $23.4 million, is more than double the $10.0 million reported for the same period in 2024. That jump isn't just from lab work; it's heavily influenced by one-time, non-cash charges related to the February 2025 CorHepta acquisition.

Specifically, you need to account for the non-cash impairment charge related to the acquired assets. That one-time hit was a $7.4 million write-off of in-process research and development (IPR&D). Also embedded in that nine-month R&D figure is $1.8 million in stock-based compensation expense tied to that same acquisition.

SG&A costs are also up significantly, hitting $5.6 million in the third quarter alone, compared to just $1.6 million in Q3 2024. The nine-month total reached $16.8 million versus $5.6 million in the prior year. This increase reflects the costs associated with building out the necessary commercial and operational infrastructure for the PAH program.

The leadership build-out is a tangible part of that SG&A increase. You can see direct costs related to executive transitions, including approximately $1.0 million in severance expenses recorded in the nine-month period ending September 30, 2025, following the transition of senior executives and the appointment of Timothy Pigot as Chief Commercial & Strategy Officer.

Clinical trial costs are a major future commitment, even if the spend is just starting to hit the books. Inhibikase Therapeutics, Inc. is scaling up for the pivotal study, which they are now calling the global Phase 3 IMPROVE-PAH trial, expected to start in Q1 2026 after transitioning from the planned Phase 2b design based on FDA feedback. You should note these specific commitments:

• Entered a clinical trial supply agreement on July 1, 2025, for the PAH study, committing approximately $6.5 million.
• The remaining contract costs as of September 30, 2025, stood at approximately $6.3 million with the supply organization.
• The Phase 3 IMPROVE-PAH study is designed to enroll up to approximately 480 patients across up to approximately 180 sites around the world.

These clinical costs are being funded by their current liquidity, which stood at $77.3 million in cash, cash equivalents, and marketable securities as of September 30, 2025. Finance: draft 13-week cash view by Friday.

Inhibikase Therapeutics, Inc. (IKT) - Canvas Business Model: Revenue Streams

You're looking at a clinical-stage company, so the revenue profile is entirely focused on non-product sources right now, primarily funding from capital markets to push IKT-001 through trials. Honestly, for a company like Inhibikase Therapeutics, Inc., the current revenue stream is almost entirely external funding.

Currently, Inhibikase Therapeutics, Inc. reports $0 in product revenue, consistent with its pre-revenue biotech status as of late 2025. For instance, the consensus revenue forecast from analysts for the full year 2025 was $0, and the actual reported revenue for the first quarter of 2025 was also $0.

The main source of operational funding is clearly capital raises. You saw a significant infusion in November 2025, where the company priced an underwritten public offering expecting to raise approximately $100 million in gross proceeds. After accounting for fees and costs associated with that November 2025 offering, the expected net proceeds were around $93.6 million. This follows a substantial financing event in October 2024, which brought in approximately $110 million in a private placement, with a potential aggregate financing of up to approximately $275 million upon the full cash exercise of accompanying warrants.

Here's a quick look at the recent cash position to show where that funding sits:

The company is actively using this capital to advance IKT-001, with the Phase 2b IMPROVE-PAH trial expected to initiate in the fourth quarter of 2025, involving approximately 150 PAH participants randomized to receive 300 mg IKT-001, 500 mg IKT-001, or placebo once daily for 26 weeks.

Regarding the out-licensed risvodetinib asset, which the company has paused its development on, there are potential future non-product revenues tied to it. For one specific collaboration agreement, the total potential milestone payments owed were listed as $5,625,000. To be fair, there was also a legal dispute where Pivot alleged breach of contract seeking damages of $1.625 million in milestone payments plus interest related to risvodetinib. Any tiered royalty payments from this out-licensed asset are not explicitly quantified in the latest public disclosures.

The ultimate, high-value revenue stream depends entirely on IKT-001's success. If IKT-001 achieves regulatory approval for Pulmonary Arterial Hypertension (PAH), Inhibikase Therapeutics, Inc. would then begin recognizing future product sales revenue. This is the long-term goal that the current capital raises are designed to fund.

The potential non-product revenue streams that could materialize are:

• Potential milestone payments from the out-licensed risvodetinib asset, with one agreement showing a total potential of $5,625,000.
• Potential tiered royalty payments on future net sales of the out-licensed asset, terms undisclosed.
• Future product sales revenue from IKT-001 upon regulatory approval and commercial launch.

Finance: draft 13-week cash view by Friday.