NexImmune, Inc. (NEXI): Business Model Canvas [Dec-2025 Updated]

You're digging into NexImmune, Inc.'s current playbook, and honestly, what you'll find is a classic biotech pivot: cutting costs drastically-think R&D down to about $\mathbf{\$0.7}$ million in Q2 2024-to buy time for their next big bet. The old AIM ACT programs are on ice, so the entire business model now hinges on proving out the modular, off-the-shelf AIM INJ platform to secure a lucrative out-licensing deal with a major pharma partner. Let's break down exactly how they are structuring this high-stakes, cash-conserving strategy across all nine building blocks below.

NexImmune, Inc. (NEXI) - Canvas Business Model: Key Partnerships

You're looking at the critical external relationships NexImmune, Inc. (NEXI) relies on to drive its platform forward, especially given the pause in its lead clinical assets. These partnerships are essential for de-risking early-stage discovery and ensuring manufacturing scalability.

Academic institutions for novel antigen target discovery and validation

NexImmune, Inc. (NEXI) maintains foundational ties to academic research that underpins its core technology. The company holds an exclusive license to foundational inventions for composition and use of the Artificial Immune Modulation (AIM™) nanotechnology platform developed by Johns Hopkins University. This academic foundation is crucial for the platform's intellectual property base.

Beyond the core technology licensing, NexImmune, Inc. (NEXI) has engaged in specific research collaborations:

• Partnered with Columbia University Irving Medical Center's Herbert Irving Comprehensive Cancer Center (HICCC) for preclinical research on HPV-associated tumors.
• Began a two-year project with Yale and Breakthrough T1D, supported by a $600,000 grant funded by Breakthrough T1D to Yale, to explore AIM nanoparticles for Type 1 Diabetes modulation.

Zephyr AI for AI-driven identification of optimal tumor-associated antigens

The strategic partnership with Zephyr AI, announced in March 2022, is designed to accelerate target discovery by combining Zephyr AI's proprietary artificial intelligence and algorithmic technology with NexImmune, Inc. (NEXI)'s AIM nanoparticle technology. Zephyr AI evaluates molecular and genetic data in silico to uncover potential tumor-associated antigens and neoantigens, which NexImmune, Inc. (NEXI) then screens and validates using its AIM platform. The collaboration focuses on selecting multiple cognate peptides derived from known tumor-associated antigens and neoantigens.

Potential co-development or licensing partners for the paused AIM ACT clinical assets

NexImmune, Inc. (NEXI) is actively seeking academic and industry partners and collaborators to continue the development of its paused Artificial Immune Modulation Adoptive Cellular Therapy (AIM ACT) programs. These assets include:

The company is focused on advancing its 'off-the-shelf' injectable modality (AIM INJ) while seeking partners for the AIM ACT assets.

Contract Manufacturing Organizations (CMOs) for AIM nanoparticle production

Manufacturing is a key external dependency, especially for the AIM nanoparticle technology which functions as a synthetic dendritic cell. The AIM ACT product requires an AIM nanoparticle cocktail and the AIM Enrichment and Expansion system, with the goal of delivering high-quality CD8+ antigen-specific T cells within 14 days. The core of the AIM nanoparticle (AIM-np) is a superparamagnetic iron-oxide nanoparticle core.

A significant recent development in this area includes a service agreement signed in July 2025:

• Selexis SA, a JSR Life Sciences company, entered a service agreement with NexImmune, Inc. (NEXI) to develop cell lines and advance two Human Leukocyte Antigens (HLAs) for expanding treatments.

Finance: review the Selexis SA agreement milestones against the Q4 2025 budget by end of next week.

NexImmune, Inc. (NEXI) - Canvas Business Model: Key Activities

You're looking at the Key Activities for NexImmune, Inc. (NEXI) as of late 2025. Honestly, the primary activity is the orderly wind-down following the stockholder approval of the Dissolution on August 15, 2024. The focus shifts from growth to fiduciary execution of the Plan of Liquidation.

Preclinical research and development of the AIM INJ (injectable) nanoparticle platform activity is now centered on asset preservation and transfer rather than active advancement. The last reported R&D expense before the major pivot was $4.88 million for Q2 2023, reflecting the completion of preclinical manufacturing work. The lead candidate, NEXI-101, had an IND preparation targeted for the 2H 2024 timeframe, which is now managed under the liquidation plan.

Seeking and negotiating strategic licensing deals for the AIM technology is now strictly focused on asset disposition or the sale of residual intellectual property rights, not traditional milestone-driven partnerships. The company had no commercially approved products as of the last reported fiscal year data referencing 2025.

Intellectual property management and patent defense for the AIM platform is a critical ongoing activity to maintain the value of the core asset being liquidated. The company's stock traded in a range with a low of $0.0001 recently, reflecting its status.

Maintaining regulatory filings for the lead AIM INJ candidate, NEXI-101, involves communicating the cessation of development to regulatory bodies like the FDA, rather than pushing for new trial starts. The company's cash and cash equivalents declined to $16.28 million as of June 30, 2023, prior to the dissolution vote, illustrating the capital base being managed through the wind-down.

Here are the last known operational and financial metrics that define the assets under management during this liquidation phase:

The operational focus includes:

• Finalizing the transfer of non-core assets.
• Managing ongoing legal and administrative obligations.
• Communicating status updates to the remaining institutional holders, which stood at 5.76% as of May 2025.
• Executing on the final distribution plan to security holders.

Finance: finalize the final asset valuation report for the IP portfolio by the end of the month.

NexImmune, Inc. (NEXI) - Canvas Business Model: Key Resources

You're looking at the core assets NexImmune, Inc. (NEXI) relies on to execute its strategy. These aren't just line items; they are the engine room for their entire operation, especially after the tough restructuring.

Proprietary Artificial Immune Modulation (AIM) nanoparticle technology platform is the fundamental asset. This platform is designed to construct nanoparticles that mimic dendritic cell function, directing a specific T cell-mediated immune response by engaging, activating, and expanding endogenous T cells. The technology aims to combine antigen-specific precision with potency and long-term persistence while reducing off-target toxicities.

The Core intellectual property (IP) covers the two main modalities derived from this platform:

• AIM Adoptive Cell Therapies (ACT), which have been in clinical trials for conditions like acute myeloid leukaemia (AML) and multiple myeloma.
• AIM Injectable (AIM INJ) constructs, which are being developed for potential clinical evaluation in autoimmune disorders like multiple sclerosis and type 1 diabetes.

The Highly specialized scientific team is critical for advancing these novel therapeutic candidates and validating the platform's capabilities. The team's focus includes the multiplex validation of functional antigen-specific T cell responses.

The fourth key resource is the Cash reserves, which were strategically managed following the 2023 workforce reduction. The company reduced its full-time employees from 47 to 22, a 53% reduction, effective September 5, 2023, specifically to reduce cash expenditures and extend the cash runway. Honestly, that move was defintely about survival and extending the time to hit value-driving milestones.

Here's a quick look at the most recent concrete numbers we have on hand for the cash position, which reflects the environment leading up to the 2023 restructuring and the latest reported figures:

What this estimate hides is the actual cash runway post-restructuring, as the company expected its cash at March 31, 2023, to last into the fourth quarter of 2023. The workforce reduction was intended to extend this beyond that point to continue platform development.

Finance: draft 13-week cash view by Friday.

NexImmune, Inc. (NEXI) - Canvas Business Model: Value Propositions

You're looking at the core advantages NexImmune, Inc. (NEXI) is banking on with its Artificial Immune Modulation (AIM) technology platform. The value here isn't in current sales-the company is pre-commercial-but in the fundamental design of its two modalities, especially the injectable one.

Novel, off-the-shelf AIM INJ platform for easier, less complex administration.

The primary value proposition for the AIM INJ (Direct Injection) modality is its design to engage T cells directly inside the body. This bypasses the need for ex vivo manufacturing, which is the complex, time-consuming process required for many adoptive cell therapies. This design intent suggests a path toward a less complex and less expensive manufacturing process compared to autologous or allogeneic cell therapies that require ex vivo expansion. The company's strategic realignment, which included an approximately 53% reduction in workforce (from 47 to 22 full-time employees as of September 5, 2023), signaled a sharp internal focus to advance this injectable platform, indicating where capital and core capabilities were being concentrated to realize this value.

Precision T-cell orchestration to generate potent, durable, antigen-specific immune responses.

The AIM technology functions by constructing nanoparticles that mimic healthy dendritic cells, delivering specific instructions (Signal 1 and Signal 2) to T cells without genetically manipulating them. This mechanism aims to combine the precision of targeting specific antigens with the potency and persistence of natural T-cell responses. Historically, lead programs like NEXI-001 showed a durable response, with one patient in the Phase 1/2 trial remaining asymptomatic with no evidence of disease at nine months post-treatment, which supports the platform's mechanism validation. The company's R&D expenses in Q2 2023 were $4.88M, reflecting a leaner model aligned to advancing this core mechanism.

The key attributes NexImmune, Inc. promises through this orchestration are:

• Precision in targeting multiple antigen-specific targets.
• Potency via T cell activation and expansion.
• Long-term persistence and self-renewal of T cell subtypes.
• Reduced potential for off-target toxicities.

Potential for broad application across oncology, autoimmune, and infectious diseases.

The flexibility of the AIM nanoparticle is a core value driver, allowing it to be programmed to activate, tolerize, or delete antigen-specific T cells. This versatility means the platform is designed for evaluation across multiple therapeutic areas, not just cancer. The company has historically positioned its pipeline to address:

The platform's adaptability is intended to provide an opportunity to make a massive impact due to its flexibility across these targets.

Modular platform allowing rapid customization for new therapeutic targets.

The AIM technology is described as a stable platform that can be adapted for various targets. This modularity is what allows the company to pursue the injectable candidates, such as the planned IND for NEXI-101 in the second half of 2024 (a target from 2023 guidance), suggesting a rapid path to clinical development for new targets once the core technology is proven. The ability to direct T cell function is independent of the functional effectiveness or abundance of the patient's natural dendritic cell population, which is a key differentiator.

NexImmune, Inc. (NEXI) - Canvas Business Model: Customer Relationships

You're building a biotech company where every relationship-from the lab bench to the boardroom-is critical for survival and growth. For NexImmune, Inc. (NEXI), customer relationships center on high-value, targeted interactions rather than broad consumer bases.

Direct, high-touch engagement with potential strategic partners for technology out-licensing.

This is where the capital efficiency is won or lost. The engagement model is inherently personal, involving executive and scientific leadership directly with potential pharmaceutical or large biotech partners interested in the Artificial Immune Modulation (AIM) platform. The goal is to convert platform potential into non-dilutive funding or milestone-based revenue.

• Targeted outreach to organizations capable of late-stage development and commercialization.
• Discussions focus on the platform's adaptability across oncology, autoimmune disorders, and infectious disease targets.
• The company's operational scale, reflected in its Q2 2024 Operating Expenses of $2.7 Million (likely USD), necessitates high-impact partnership deals to extend cash runway beyond the latest reported figures.

Investor relations focused on communicating the AIM INJ platform's value and cash runway.

For a clinical-stage company, investor relations is a continuous effort to manage expectations regarding clinical milestones and financial burn. The narrative must clearly articulate the path to value inflection points. The reporting cadence itself is a key relationship touchpoint.

The focus is on translating scientific progress into financial security. For instance, the company is scheduled to report its Third Quarter Earnings Results for 2025 at a Board Meeting on November 14, 2025. This event is a critical juncture for communicating the current cash position and runway to the market.

The market perception is reflected in the trailing metrics; the EPS TTM stands at $-244.272, underscoring the need for clear communication on future value drivers.

Collaborative relationships with key opinion leaders and clinical investigators.

These relationships form the scientific backbone, validating the AIM technology through expert endorsement and execution of clinical trials. Investigators are essential customers for trial data integrity and credibility.

• Investigators drive enrollment and execution for lead programs, such as those targeting relapsed acute myeloid leukemia (AML) and multiple myeloma.
• KOL engagement provides the necessary scientific validation to attract the strategic partners mentioned above.
• The success of the AIM technology, which functions as synthetic dendritic cells, relies on the rigorous, collaborative input from the clinical community.

Finance: draft 13-week cash view by Friday.

NexImmune, Inc. (NEXI) - Canvas Business Model: Channels

You're looking at how NexImmune, Inc. (NEXI) gets its value proposition-novel T-cell immunotherapies based on the Artificial Immune Modulation (AIM) platform-out to its key stakeholders, which, given the clinical pauses, is heavily weighted toward strategic partners and regulators as of late 2025.

Direct licensing and collaboration agreements with major pharmaceutical companies

The primary channel for advancing the pipeline, especially with NEXI-001 and NEXI-002 enrollment paused, is securing industry partnerships. NexImmune, Inc. is actively seeking academic and industry collaborators to continue development of the AIM ACT programs. The financial manifestation of this channel involves milestone payments and royalties, which the company records when probable. For instance, in the first half of 2024, the company incurred $\text{\$25,000}$ related to minimum royalties owed for the six months ended June 30, 2024, down from $\text{\$50,000}$ for the same period in 2023. The accrued royalties balance stood at $\text{\$0}$ as of June 30, 2024, compared to $\text{\$50,000}$ on December 31, 2023.

Here's a look at the financial context surrounding these partnership-driven channels:

The company's stock, which was trading at $\text{\$1.12}$ with a market cap of $\text{\$1.56M}$ as of August 7, 2024, saw a significant drop, with one report indicating a trading price of $\text{\$0.0001}$ as of December 6, 2025.

Scientific publications and presentations at global medical conferences

Dissemination of preclinical and clinical data remains a key channel for establishing scientific credibility and attracting partners. While enrollment for the lead candidates is paused, the foundation of this channel rests on the data generated from the AIM ACT programs.

• NEXI-001 targets relapsed Acute Myeloid Leukemia (AML).
• NEXI-002 targets Multiple Myeloma (MM) refractory to at least three prior lines of therapy.
• NEXI-003, for HPV-associated malignancies, has an existing IND in place.

This scientific output validates the proprietary Artificial Immune Modulation (AIM) nanoparticle technology platform.

Regulatory submissions (e.g., INDs) to the U.S. Food and Drug Administration (FDA)

Regulatory milestones serve as critical gating channels for clinical progression. NexImmune, Inc. has an established IND for NEXI-003, which was cleared by the US FDA in July 2022 for the treatment of HPV-Related Cancers. This clearance enabled the commencement of a clinical trial for NEXI-003, an autologous antigen-specific T cell product. The current status of active submissions for 2025 is not explicitly detailed in the latest reports, but the focus remains on advancing the pipeline through regulatory pathways once development resumes.

Investor communications via SEC filings and press releases

These communications are the formal channels for updating the public market, especially crucial after the company delisted from Nasdaq in July 2024. The official record of share structure and financial health flows through these mandatory filings.

You can see the formal share count structure from the last reported data:

• Common Stock Authorized: $\text{250,000,000}$ shares as of June 30, 2024.
• Common Stock Issued and Outstanding: $\text{1,394,671}$ shares as of August 7, 2024.
• Common Stock Issued and Outstanding: $\text{1,066,320}$ shares as of December 31, 2023.

The company was classified as a non-accelerated filer and a smaller reporting company in its March 31, 2022, filing, indicating a smaller operational scale for public reporting purposes. Finance: draft 13-week cash view by Friday.

NexImmune, Inc. (NEXI) - Canvas Business Model: Customer Segments

You're looking at the core groups NexImmune, Inc. (NEXI) targets for its Artificial Immune Modulation (AIM) technology platform, even as some clinical programs are on hold. The focus is on entities that can either advance the platform or represent the ultimate patient population.

Large pharmaceutical and biotechnology companies seeking next-generation immunotherapy platforms represent a key segment for potential partnerships, licensing, or acquisition, especially given that NexImmune, Inc. (NEXI) has been actively seeking academic and industry partners to continue development of its AIM ACT programs. The company itself has a headcount of between 51-200 Employees, suggesting that large partners are essential for late-stage development and commercial scale.

Academic research institutions for collaborative preclinical studies are another vital segment. The company has a history of such collaborations, for instance, establishing a research initiative with City of Hope to focus on novel immunotherapeutic approaches for Acute Myeloid Leukemia, leveraging the institution's tumor repository bank, which is described as one of the largest collections in the world.

Patients with advanced cancers (e.g., AML, Multiple Myeloma) (programs currently paused) are the ultimate beneficiaries, though enrollment in the lead programs has been paused. NEXI-001, targeting relapsed Acute Myeloid Leukemia (AML) after allogeneic stem cell transplantation, was designed as a prospective, multi-center, open-label, single-arm, dose-escalating Phase 1/2 study planned to enroll between 22 to 28 patients.

The market context for the Multiple Myeloma patient segment shows the scale of the need, even with competitive pressures leading to the pause of NEXI-002. For context, the National Cancer Institute's Surveillance, Epidemiology, and End Results (SEER) Program estimated 36,110 new cases of multiple myeloma in the U.S. in 2025, with a five-year relative survival rate currently at 62.4 percent.

Here's a quick look at some relevant figures associated with the company structure and the patient populations:

The company's strategy, as of late 2022, involved actively seeking partners to continue development, which means the immediate customer segment for platform engagement is other biopharma entities. The institutional investor base, while small, shows a consistent holding pattern:

• Institutional Investors holding shares: 5.76 percent as of May 2025.
• Mutual Funds holding shares: 0.39 percent as of May 2025.
• Number of Institutions holding shares: 6 as of May 2025.

The focus on the AIM platform's flexibility suggests that potential customer segments extend beyond oncology, including those in autoimmune disorders and infectious disease, where the AIM INJ modality could be evaluated.

Finance: draft revised partnership outreach list by next Tuesday.

NexImmune, Inc. (NEXI) - Canvas Business Model: Cost Structure

You're looking at the operational burn rate for NexImmune, Inc. as of mid-2024, which reflects a significant shift in spending following strategic realignment.

The cost structure is heavily weighted toward R&D and G&A, though both saw reductions compared to prior periods, especially R&D, which dropped sharply as clinical trials were paused.

The reduction in personnel is a key driver in managing the overall cost base. Here's the quick math on the workforce change:

• Personnel count before realignment: 44 employees.
• Personnel count after realignment: 6 employees.

Maintaining the intellectual property is a fixed, necessary expense, even with a leaner team. NexImmune, Inc. has an obligation to cover these costs under its licensing agreements.

• Costs for maintaining and defending the extensive AIM technology patent portfolio are incurred at Company's expense per the Amended and Restated Exclusive License Agreement with The Johns Hopkins University.
• The Company is responsible for all costs associated with patent prosecution and maintenance specified under PATENT RIGHTS in the LICENSED FIELD.

Personnel costs are now substantially lower, reflecting the 2023 restructuring actions.

Finance: draft 13-week cash view by Friday.

NexImmune, Inc. (NEXI) - Canvas Business Model: Revenue Streams

You're hiring before product-market fit, so you know the lifeblood of a clinical-stage biotech like NexImmune, Inc. is non-dilutive funding and strategic capital. Here's the quick math on where the money has been coming from, based on the latest available data points.

Research collaboration and grant funding payments.

The primary non-dilutive revenue source for NexImmune, Inc. has historically been from partnerships. For instance, a research partnership extension with Yale and JDRF was announced in October 2023. Specific revenue amounts recognized from collaborations or grants for the fiscal year 2025 are not publicly detailed in the latest available filings as of late 2025. The company's trailing twelve-month revenue was reported as null as of June 30, 2024.

Potential upfront payments and milestone fees from future technology licensing deals.

As a clinical-stage company, this stream is purely potential. No specific upfront payments or milestone fees from new technology licensing deals have been reported for 2025. The business model relies on advancing its AIM technology platform candidates, such as AIM101 and AIM ACT, through clinical milestones to trigger these payments.

Equity financing and capital raises to fund ongoing operations.

Financing activity has been critical to sustaining operations. The most recent reported financing event was a $3.67 Million Registered Direct Offering priced At-the-Market, announced in February 2024. The company's total funding raised across all rounds prior to this was $36.3M over 10 funding rounds, with the last major venture round being a $7.77M Series A in February 2019. Given the stock's trading status on Pink Current Info as of December 4, 2025, following a Nasdaq delisting in July 2024, traditional public equity raises are significantly more challenging.

The capital structure context shows the burn rate the financing must cover:

Zero revenue from product sales as of late 2025, being a clinical-stage company.

As expected for a company focused on preclinical and early-stage clinical development, NexImmune, Inc. has generated no revenue from commercial product sales as of the latest reporting periods. This is consistent with its status as a clinical-stage enterprise. The company's pipeline focus remains on its injectable platform, AIM INJ nanoparticle constructs, for oncology and autoimmune diseases.

The revenue sources are entirely non-commercial:

• Research collaboration payments.
• Grant funding disbursements.
• Proceeds from equity or debt financing.