Inozyme Pharma, Inc. (INZY): Business Model Canvas [Dec-2025 Updated]

You're looking at a company at a major inflection point, and honestly, the numbers from early 2025 tell a clear story. Inozyme Pharma, Inc. just transitioned from an independent biotech to a wholly-owned subsidiary of BioMarin in July 2025, a move that instantly de-risked its path forward. Before the acquisition, they were burning cash-think $20.4 million in R&D alone in Q1 2025-all focused on getting INZ-701, their potential first-in-disease treatment for ENPP1 Deficiency, across the finish line. Now, backed by BioMarin's rare disease engine, the focus is razor-sharp: completing the ENERGY 3 trial to unlock what could be a $400M-$600M peak revenue opportunity. Let's break down exactly how this new structure redefines the Business Model Canvas for Inozyme Pharma, Inc. below.

Inozyme Pharma, Inc. (INZY) - Canvas Business Model: Key Partnerships

You're looking at the structure that supported Inozyme Pharma, Inc. before the final integration into BioMarin Pharmaceutical Inc. The partnerships were critical, especially for advancing INZ-701 toward commercial readiness.

BioMarin Pharmaceutical Inc. (Parent company, acquired July 1, 2025)

The relationship transitioned from a strategic collaboration prospect to a full acquisition. BioMarin Pharmaceutical Inc. completed the purchase of Inozyme Pharma, Inc. on July 1, 2025.

• Total consideration for the all-cash transaction was approximately $270 million.
• The per-share price paid was $4.00 per share.
• Approximately 70% of shares were tendered by June 30, 2025.
• Post-acquisition, BioMarin projects peak sales for INZ-701 could reach between $400 million and $600 million by the mid-2030s.

Contract Manufacturing Organizations (CMOs) for INZ-701 production scale-up

Inozyme Pharma, Inc. relied on third-party Contract Manufacturing Organizations, or CMOs, to handle the production of INZ-701, which was necessary for late-stage clinical trials and future commercial supply. The financial commitment to this area was visible in the R&D spend leading up to the acquisition.

Here's a look at the reported manufacturing-related expense trend:

Metric	Period Ended March 31, 2025	Prior Year Period
Increase in R&D Expense due to CMC	$2.2 million increase	N/A
Total R&D Expenses	$20.4 million	$19.1 million

The company explicitly stated its intent to scale up manufacturing processes to support clinical trials and potential commercialization, which is what those CMC (Chemistry, Manufacturing, and Controls) costs reflect. Specific CMO names were not publicly detailed in the latest filings available as of late 2025.

Yale University (Corporate Sponsored Research Agreement)

The foundation of Inozyme Pharma, Inc.'s core technology stemmed from work licensed from Yale University. The initial Corporate Sponsored Research Agreement was effective as of January 6, 2017, with an amendment noted on February 19, 2019. This partnership governed the development of products based on the Yale MoDE platform.

• The agreement included an obligation to pay a minimum annual royalty of up to $1,000 per year.
• Low single-digit royalties were due on the net sales of licensed products.
• Sublicense income under the agreement required a low single-digit percentage payment to Yale University.
• One filing noted a sponsored research agreement that included funding of up to $[] over the life of the agreement, though the exact amount was redacted.

Patient advocacy groups for rare diseases (e.g., ENPP1 Deficiency)

Engaging with the patient community was central to understanding the disease burden and advancing clinical trial recruitment for ENPP1 Deficiency. Inozyme Pharma, Inc. established a formal partnership with GACI Global.

• The partnership included conducting the 'From the Voice of Patients and Caregivers' study.
• GACI Global connects families affected by Generalized Arterial Calcification of Infancy (GACI) and Autosomal Recessive Hypophosphatemic Rickets type 2 (ARHR2), which are caused by ENPP1 Deficiency and ABCC6 Deficiency.
• In partnership with GACI Global, Inozyme launched the global patient registry named PROPEL.
• The registry is designed to evaluate children and adults with ENPP1 Deficiency and individuals under 18 with infantile-onset ABCC6 Deficiency (GACI Type 2).

Inozyme Pharma, Inc. (INZY) - Canvas Business Model: Key Activities

Completing pivotal Phase 3 ENERGY 3 trial for INZ-701

Enrollment for the ENERGY 3 trial was completed in January 2025. Dosing is scheduled to conclude in January 2026, with topline data anticipated in the first quarter of 2026. The trial is a multi-center, randomized (2:1 ratio), controlled, open-label Phase 3 study. 27 pediatric patients were enrolled. The Randomized Treatment Period is 52 weeks. The dose administered to the experimental group is 2.4 mg/kg once weekly via subcutaneous injection.

Metric	Group	Patient Count (n)	Time Point	Change from Baseline
Mean Serum Phosphate	INZ-701	17	Week 13	+8.2%
Mean Serum Phosphate	INZ-701	11	Week 26	+6.8%
Anti-Drug Antibody (ADA) Titer	INZ-701	19	Week 13	15 patients had undetectable or low-titer responses
Median ADA Titer	INZ-701	17	Week 13	80

Preparing Biologics License Application (BLA) for INZ-701

The plan includes seeking marketing approval for INZ-701 for ENPP1 Deficiency. Following the acquisition by BioMarin Pharmaceutical Inc. in the third quarter of 2025 for approximately $270 million, BioMarin is expected to leverage its regulatory know-how. The potential launch timeline is projected for 2027.

Manufacturing process development (CMC) for commercial supply

The lead investigational therapy, INZ-701, is an ENPP1 Fc fusion protein enzyme replacement therapy. Following the acquisition, BioMarin will strengthen its enzyme therapies portfolio and utilize its existing infrastructure. Inozyme Pharma previously had approximately 50 employees based in Boston.

Global patient identification and genetic diagnosis promotion

The incidence of ENPP1 Deficiency is estimated at 1 in 64,000 pregnancies. BioMarin projects the total addressable population for INZ-701 is between 2,000 and 2,500 patients globally. The company's team and global collaborators previously worked to identify and diagnose rare patients.

• Prior to acquisition, Inozyme cut 25% of its workforce to extend cash runway into the first quarter of 2026.
• Cash and equivalents as of September 30, 2024, were $131.6 million.
• R&D expenses for Q3 2024 were $19.9 million.

Inozyme Pharma, Inc. (INZY) - Canvas Business Model: Key Resources

You're looking at the core assets Inozyme Pharma, Inc. brings to the table, now under the BioMarin Pharmaceutical Inc. umbrella following the mid-2025 acquisition. These resources are what fuel the continued development and potential commercialization of its pipeline.

Lead Asset: INZ-701 (ENPP1 Fc fusion protein)

The primary resource is INZ-701, which BioMarin now calls BMN 401. This is a late-stage enzyme replacement therapy being developed for Ectonucleotide Pyrophosphatase/Phosphodiesterase 1 (ENPP1) Deficiency. The therapy is a potential first-in-class subcutaneous enzyme replacement therapy.

The development timeline for this asset is critical:

• Enrollment for the Phase III pivotal ENERGY 3 trial in pediatric patients concluded in January 2025.
• Topline data from this pivotal study is anticipated in the first quarter of 2026, or early 2026.
• Regulatory approval is potentially targeted for 2027.

Intellectual Property (IP) and Patents for the PPi-Adenosine Pathway

The underlying scientific platform is a key resource. Inozyme Pharma specialized in therapeutics targeting the PPi-Adenosine Pathway, which is central to regulating mineralization and smooth muscle cell proliferation. This proprietary knowledge is secured, in part, through a license agreement with Yale University covering specified therapeutic and prophylactic products.

BioMarin's Established Global Rare Disease Commercial Infrastructure

As a wholly-owned subsidiary, Inozyme Pharma gains immediate access to BioMarin's established operational backbone. This infrastructure is not built from scratch; it's a proven platform for rare disease commercialization. BioMarin currently markets eight commercial therapies.

To give you a sense of the scale of the parent company supporting this asset:

Financial Metric (BioMarin)	Value as of Late 2025 Data
Q2 2025 Enzyme Therapies Portfolio Revenue	$555 million
Full-Year 2025 Revenue Guidance (Excluding transaction impact)	$3.125 billion to $3.2 billion
Cash, Cash Equivalents, and Investments (End of Q2 2025)	Approximately $1.94 billion

This financial strength means the development of INZ-701 isn't constrained by the pre-acquisition cash position of Inozyme.

Cash from BioMarin's $270 Million Acquisition Investment

The transaction itself represents a significant infusion of capital backing the asset, even though the cash is now on BioMarin's balance sheet. BioMarin completed the acquisition in July 2025 for a total consideration of approximately $270 million, paid in all cash at $4.00 per share.

For context on the financial state leading up to the deal, Inozyme Pharma reported its own liquidity:

• Cash, cash equivalents, and short-term investments as of March 31, 2025, were $84.8 million.
• This pre-acquisition cash position was anticipated to fund operations into the first quarter of 2026.

The acquisition essentially de-risked the late-stage development by placing the asset under a company with over $1.94 billion in readily available capital as of Q2 2025. That's a defintely different runway.

Inozyme Pharma, Inc. (INZY) - Canvas Business Model: Value Propositions

You're looking at the core value Inozyme Pharma, Inc. (INZY) offered to its customer segments-patients with ENPP1 Deficiency-before the acquisition by BioMarin Pharmaceutical Inc. finalized in the third quarter of 2025. The primary value is delivering INZ-701, an investigational enzyme replacement therapy (ERT) that targets the root cause of a devastating, progressive rare disease.

Potential first-in-disease enzyme replacement therapy (ERT) for ENPP1 Deficiency

The value proposition here is clear: INZ-701 is positioned to be the first approved treatment for ENPP1 Deficiency. Currently, there are no approved therapies for this condition. The company was advancing this therapy through a pivotal Phase 3 study, ENERGY-3, with topline data anticipated in the first quarter of 2026.

Addressing severe, progressive rare diseases with high infant mortality risk

The severity of the unmet need drives a significant portion of the value. For individuals presenting in utero or infancy, the diagnosis is often generalized arterial calcification of infancy (GACI Type 1). Historically, about 50% of these infants did not survive beyond six months. The drug offers a stark contrast to this prognosis based on interim data. In the ENERGY 1 trial and Expanded Access Program (EAP), 80% of infants treated with INZ-701 survived beyond their first year. This is a direct comparison against the historical survival rate of approximately 50%.

Correcting underlying PPi-Adenosine pathway defect in bone and vascular function

The therapy aims to correct the underlying biology by restoring pyrophosphate (PPi) and adenosine levels via targeting the PPi-Adenosine Pathway. You can see this mechanism reflected in the phosphate data from the ENERGY 1 trial and EAP. By Week 26, mean serum phosphate levels increased by +6.8% in the INZ-701 arm (n=11), while the conventional treatment arm saw a decrease of -5.5% (n=6). This trend continued, with mean phosphate levels increasing by +12.1% in the INZ-701 arm (n=4) by Week 39, compared to a -9.0% decrease in the control group (n=2). Overall, 35% (6 out of 17) of patients treated with INZ-701 achieved normal serum phosphate levels at least once.

Here's a quick look at the clinical evidence supporting this value proposition as of early 2025:

Metric	INZ-701 Treated Group	Control/Historical Group	Context/N
Infant Survival Past 1 Year	80%	Approximately 50%	Historical comparison from GACI Type 1 patients.
Phosphate Change (Week 26)	+6.8% increase	-5.5% decrease	ENERGY 1/EAP data (n=11 vs n=6).
Achieved Normal Serum Phosphate	35% (6 patients)	0%	At least once during treatment period (n=17 treated).

To be fair, the company was still operating as a standalone entity with financial pressures, reporting a net loss of $28.04 million for the first quarter ended March 31, 2025, with cash, cash equivalents, and short-term investments at $84.8 million as of that same date. Still, the market recognized the potential, as the agreed acquisition price by BioMarin was $4.00 per share, totaling approximately $270 million in May 2025, and the market capitalization as of December 2025 was reported at $0.25 Billion USD.

The value proposition centered on offering a disease-modifying therapy where only palliative, multidisciplinary lifelong medical and surgical management existed previously.

Finance: draft 13-week cash view by Friday.

Inozyme Pharma, Inc. (INZY) - Canvas Business Model: Customer Relationships

You're looking at how Inozyme Pharma, Inc. (INZY), now a wholly owned subsidiary of BioMarin Pharmaceutical Inc. as of July 1, 2025, managed its relationships with the very specific, small set of customers-the patients and the specialized clinicians treating them. This relationship model is inherently high-touch because the diseases, ENPP1 Deficiency and ABCC6 Deficiency, are ultra-rare.

High-touch, direct engagement with specialized physicians and centers of excellence was the core mechanism for clinical development, especially given the focus on INZ-701. This engagement was evidenced by the progression of the pivotal ENERGY 3 trial, which completed enrollment in January 2025. This trial, focused on pediatric patients with ENPP1 Deficiency, enrolled 27 patients. Furthermore, positive interim data from the ENERGY 1 trial and the Expanded Access Program (EAP) were presented at the CHOP Cardiology 2025 Annual Meeting in February 2025, showing direct engagement with the treating community through scientific exchange.

The relationship with the patient community via the Expanded Access Program (EAP) provided critical early data and support. The EAP, alongside the ENERGY 1 trial, showed an 80% survival rate beyond the first year for treated infants, a significant improvement over the historical 50% survival rate for this severe form of ENPP1 Deficiency. This direct, life-altering interaction forms the bedrock of their relationship strategy.

Here's a quick look at the key patient engagement metrics related to the lead program:

Metric	Value/Status as of Early 2025
ENERGY 3 Trial Enrollment Completion	January 2025
ENERGY 3 Pediatric Patients Enrolled	27
EAP/ENERGY 1 Treated Infant 1-Year Survival Rate	80%
Historical 1-Year Survival Rate (ENPP1 Deficiency)	50%
Dosing Completion Target for ENERGY 3	January 2026

Medical Science Liaisons (MSLs) for clinical education and support are crucial in niche rare disease spaces, where deep scientific exchange is valued over sales volume. While Inozyme Pharma's specific MSL team size isn't public, the industry context suggests a lean, highly specialized team. For context in 2025, the median sales force to MSL team size ratio across therapy areas was reported as eight-to-one. In this rare disease setting, the focus shifts from sheer interaction volume to the quality of scientific exchange; KOLs (Key Opinion Leaders) expected about 58% of total planned interactions to be face-to-face in 2025.

Close collaboration with rare disease patient advocacy groups is essential for diagnosis and trial recruitment in conditions like ENPP1 Deficiency. The company's focus on patient stories, such as those for Ella and Levi living with ENPP1 Deficiency, shows this commitment to the community ecosystem. This collaboration helps build trust and awareness, which is vital when dealing with conditions that are often misdiagnosed or undiagnosed.

The ultimate relationship shift in 2025 was the acquisition by BioMarin Pharmaceutical Inc. for approximately $270 million in cash, finalized on July 1, 2025. This move integrates Inozyme Pharma's customer base and clinical programs into a larger, established rare disease entity, changing the long-term relationship structure to one managed under the BioMarin umbrella. As of October 2025, the combined entity had approximately 57 employees.

Expanded Access Programs (EAPs) for pre-approval patient treatment were a direct, compassionate relationship mechanism. The positive interim data reported in January 2025 came from both the ENERGY 1 trial and the EAP. This allowed Inozyme Pharma to provide INZ-701 to infants and young children with ENPP1 Deficiency before formal regulatory approval, demonstrating a commitment to patients with urgent unmet needs. The data showed improvements in heart function and stabilization or reduction in ectopic calcification in these EAP patients.

Finance: review the integration plan for the EAP patient continuity under BioMarin by the end of Q4 2025.

Inozyme Pharma, Inc. (INZY) - Canvas Business Model: Channels

You're looking at the channels for Inozyme Pharma, Inc. (INZY) as of late 2025, which means we're looking at the structure after the BioMarin Pharmaceutical acquisition closed in the third quarter of 2025. The channels for a late-stage rare disease asset like INZ-701 (now BMN 401) are highly specialized, moving from clinical sites to a commercial network built for enzyme replacement therapies (ERTs).

Global Regulatory Agencies (FDA, EMA, PMDA) for Drug Approval

The path to market relies entirely on navigating the global regulatory bodies. For ENPP1 Deficiency, INZ-701 is aiming to be a first-in-disease treatment, which often garners specific attention from agencies. You know that the FDA granted Fast Track Designation to INZ-701 for the ABCC6 Deficiency indication back in July 2024, which streamlines the review process if that indication moves forward. For the lead indication, ENPP1 Deficiency, the pivotal Phase 3 ENERGY-3 trial data in children is expected in the first quarter of 2026, setting up a potential regulatory submission for approval in 2027. The EMA co-primary endpoint for that trial requires meeting the RGI-C score with a p-value of less than 0.2. To be fair, the Japanese channel is already somewhat de-risked; Inozyme Pharma reached an agreement with Japan's Pharmaceuticals and Medical Devices Agency (PMDA) in Q1 2025 that allows them to file without needing to include Japanese patients in the clinical trials. That's a significant shortcut for market access in that region.

BioMarin's Existing Specialized Rare Disease Sales and Distribution Network

Since the acquisition closed for approximately $270 million, Inozyme Pharma's commercial channel strategy is now fully integrated into BioMarin's established infrastructure. BioMarin's stated intent is to leverage its existing regulatory and commercialization know-how across its global footprint. This is critical because rare disease drugs, especially ERTs, require a very specific commercial touch. BioMarin already has experience launching and supporting therapies for genetically defined conditions. The total addressable population for INZ-701 is estimated to be between 2,000 and 2,500 patients globally, which fits perfectly within BioMarin's core competency of serving small, concentrated patient populations. The company's Q2 2025 revenue of $825 million, with 15% growth in enzyme therapies, shows the existing engine that will now carry INZ-701.

Academic and Clinical Research Centers Conducting Pivotal Trials

The current channel for data generation and patient identification flows directly through the academic and clinical research centers that participated in the pivotal trials. Enrollment for the Phase 3 ENERGY-3 trial was completed in January 2025, with 25 patients enrolled in the randomized design. These centers are the frontline for patient identification and treatment administration, especially for a subcutaneous, once-weekly injection like INZ-701. The ADAPT study, a long-term safety follow-up, continues to utilize these established sites to gather post-pivotal data. The success of the commercial channel post-launch will depend on these centers transitioning into key prescribing and patient management hubs.

Specialty Pharmacies for Drug Distribution Post-Launch

Post-launch, distribution for a therapy like INZ-701 will almost certainly utilize a restricted specialty pharmacy model, which is standard for high-cost, complex treatments. As of 2025, specialty pharmaceuticals account for nearly 55% of the drug market share, and manufacturers typically choose between Open, Limited, or Exclusive dispensing networks. Given BioMarin's focus, you should expect a Limited or Exclusive network to ensure proper patient support, adherence monitoring, and reimbursement navigation, which are non-negotiable for orphan drugs. While Inozyme was independent, it had approximately 50 employees, suggesting that the entire commercial distribution build-out is now BioMarin's responsibility, utilizing their existing network contracts. In the broader market, AMI estimates there are approximately 2,000 unique specialty pharmacy locations in the U.S., but for a drug targeting only 2,000-2,500 patients globally, the actual number of dispensing sites used will be far smaller.

Here's a quick look at the key figures shaping these channels:

Channel Component	Key Metric/Value	Context/Date
Acquisition Cost	$270 million	Total consideration paid by BioMarin (May 2025)
Target Patient Population	2,000 to 2,500 patients	Global estimate for ENPP1 Deficiency
Pivotal Trial Enrollment (ENERGY-3)	25 patients	Completed enrollment (January 2025)
Expected Pivotal Data Readout	Q1 2026	Topline data for ENPP1 Deficiency
Potential Regulatory Approval	2027	Target year for potential launch
Specialty Pharmacy Locations (US Est.)	Approximately 2,000	Total unique specialty pharmacy locations (2025)

The channel strategy is clearly leaning on BioMarin's established expertise in rare disease commercialization, meaning the focus shifts from building a rare disease sales force to integrating INZ-701 into the existing one. The regulatory pathway is largely defined by the Phase 3 data readout timeline. You'll want Finance to track BioMarin's Q4 2025 earnings closely for any updates on their commercial launch planning for BMN 401.

Inozyme Pharma, Inc. (INZY) - Canvas Business Model: Customer Segments

You're looking at the specific patient groups and specialists that Inozyme Pharma, Inc. (now a wholly owned subsidiary of BioMarin Pharmaceutical Inc.) targets with its lead asset, INZ-701. This is a highly focused, rare disease approach.

The primary patient groups are defined by genetic deficiencies affecting the PPi-Adenosine Pathway. For ENPP1 Deficiency, the estimated biallelic occurrence is approximately 1 in 64,000 pregnancies worldwide. The professional segments are the specialists who diagnose and manage these complex, multi-systemic conditions.

Here's a breakdown of the identified customer segments:

• Pediatric and adult patients with ENPP1 Deficiency (GACI Type 1, ARHR2).
• Patients with ABCC6 Deficiency (PXE/GACI Type 2) currently in Phase 2/EAP.
• Geneticists, pediatric endocrinologists, and nephrologists.

The total addressable population for INZ-701 is estimated globally to be between 2,000 and 2,500 patients. This number underpins the projected peak sales for INZ-701, which BioMarin projects could reach $400 million to $600 million by the mid-2030s.

For the ENPP1 Deficiency segment, the disease severity dictates specific patient profiles that are critical for clinical trial enrollment and future commercial targeting. For instance, a GACI diagnosis typically occurs at a median age of 0.8 months, often necessitating acute inpatient care due to early-onset arterial calcification, respiratory distress, and heart failure.

Here's the data on the ENPP1 Deficiency patient cohort analyzed:

Phenotype/Status	Count in Analysis (of 84 total)	Key Statistic
Recorded Diagnosis of GACI	51	Only 19 of these survived beyond infancy.
Progressed to ARHR2 from GACI	22	Majority (60%) of GACI history patients had prenatal findings.
Presented Initially with ARHR2	11	Over 95% of all patients will have cardiovascular/musculoskeletal complications by age 55.

The ABCC6 Deficiency patient group is being addressed via the planned ASPIRE trial, which is designed to enroll approximately 70 patients. These patients are up to <18 years old. The prevalence estimate for ABCC6 Deficiency is cited as ranging from 1:25,000 to 1:50,000.

The clinical trial enrollment numbers give you a sense of the immediate, accessible patient pool. For example, the ENERGY 3 pivotal trial in pediatric ENPP1 Deficiency completed enrollment with 27 patients, and the ENERGY 1 trial/EAP involved a total of 5 infants and 1 child aged 2.5 years. The company's cash position as of March 31, 2025, was $84.8 million, supporting operations into the first quarter of 2026, which is relevant to the timeline for reaching these customer segments with a potential approval.

The professional segment-the prescribers and influencers-are key to reaching these patients. They include:

• Geneticists
• Pediatric endocrinologists
• Nephrologists

The company also presented new clinical insights at the ESPE/ESE 2025 Joint Congress in May 2025, showing engagement with the European specialist community. Finance: draft 13-week cash view by Friday.

Inozyme Pharma, Inc. (INZY) - Canvas Business Model: Cost Structure

The Cost Structure for Inozyme Pharma, Inc. is heavily weighted toward research and development activities necessary to advance its lead candidate, INZ-701.

High Research and Development (R&D) costs represented a significant outlay, totaling $20.4 million for the first quarter ending March 31, 2025. This was an increase from $19.1 million in the prior-year period.

The increase in R&D expense of $1.3 million was driven by specific program costs:

• A $2.2 million increase in Chemistry, Manufacturing, and Controls (CMC) expenses.
• A $0.9 million reduction in clinical development and consulting costs.

Clinical trial expenses for the pivotal ENERGY 3 study are embedded within the R&D figures. Enrollment for the ENERGY 3 trial in pediatric patients with ENPP1 Deficiency was completed in January 2025, with dosing expected to conclude in January 2026 and topline data anticipated in the first quarter of 2026.

Manufacturing and Chemistry, Manufacturing, and Controls (CMC) scale-up costs saw a specific increase of $2.2 million in Q1 2025, directly tied to INZ-701-related research and development.

General and Administrative (G&A) expenses were reported at $5.4 million for Q1 2025, a slight rise from $5.2 million in the same period the year prior.

The company also recorded integration and restructuring charges amounting to $1.9 million in Q1 2025. These charges were related to focusing resources on the ENPP1 Deficiency program, which included a 25% workforce reduction.

Here is a summary of the key reported costs for Inozyme Pharma, Inc. for the first quarter of 2025:

Cost Category	Amount (Q1 2025)
Research and Development (R&D) Expenses	$20.4 million
General and Administrative (G&A) Expenses	$5.4 million
Restructuring Charges	$1.9 million
Increase in CMC Expenses (within R&D)	$2.2 million
Decrease in Clinical Development/Consulting Costs (within R&D)	$0.9 million

The company's cash position as of March 31, 2025, was $84.8 million, expected to fund cash flow requirements into the first quarter of 2026.

Inozyme Pharma, Inc. (INZY) - Canvas Business Model: Revenue Streams

You're looking at the revenue picture for Inozyme Pharma, Inc. as of late 2025. Honestly, for a clinical-stage company focused on a single lead asset, the revenue streams are quite straightforward right now, heavily weighted toward non-operating income while we wait for commercialization.

Zero product revenue in 2025, as INZ-701 is pre-commercial. Inozyme Pharma, Inc. is still in the development phase for its lead candidate, INZ-701, targeting ENPP1 Deficiency. As of late 2025, this means no sales revenue is being generated from product sales, which is typical for a company advancing a therapy through Phase 3 trials toward a potential Biologics License Application (BLA) filing, which was the focus following the strategic prioritization announced earlier in the year. The company's focus is entirely on clinical execution, not product delivery for revenue.

The primary, albeit non-operational, income source in the near term is the interest earned on the company's cash reserves. This income stream helps offset some of the operating burn. For instance, looking at the first quarter of 2025, Inozyme Pharma, Inc. reported interest income of $1.117 million for the three months ended March 31, 2025. This is a direct function of the capital raised and maintained on the balance sheet to fund operations.

Here's a quick look at the current and near-term revenue components:

• Zero product revenue from INZ-701 in 2025.
• Interest income on cash reserves is the current operational revenue source.
• Potential milestone payments or grants are secondary, not primary drivers.

Future revenue potential is entirely tied to the successful development and commercialization of INZ-701 for ENPP1 Deficiency. The projections are significant, reflecting the unmet medical need in this rare disease space. BioMarin, following its acquisition of Inozyme Pharma, Inc. in the third quarter of 2025, projects that INZ-701 could reach peak sales in the range of $400 million to $600 million by the mid-2030s, based on current patient population estimates. This potential future revenue stream is the core valuation driver for the business model.

To put the current financial reality against the future potential, here's a comparison of the latest reported income component against the long-term sales projection:

Revenue Component	Amount/Projection	Timeframe/Status
Interest Income	$1.117 million	Q1 2025 (Actual)
INZ-701 Peak Sales Projection	$400 million to $600 million	Mid-2030s (Projected)

Also, you should keep an eye on potential milestone payments or grants. While not a primary, sustainable revenue stream like product sales would be, these non-recurring payments can provide valuable, non-dilutive capital to fund ongoing research and development activities. For a company in this stage, any grant funding or development milestones achieved with partners-though the acquisition changes this dynamic-represent ancillary, opportunistic income. The current focus, post-acquisition, is on achieving the BLA filing, which is the main value-unlocking event, rather than chasing small grant amounts.