Pluri Inc. (PLUR): Business Model Canvas [Dec-2025 Updated]

You're digging into Pluri Inc.'s operating model, and honestly, it's a wild ride blending regenerative medicine with cultivated coffee-a true biotech/food-tech hybrid built on their proprietary 3D cell expansion platform. As an analyst who's seen a few cycles, what jumps out is the sheer scale of their pivot: for the fiscal year ending in 2025, they grew revenue by an eye-popping 309.82% to $1.34 million, yet they still posted a net loss of $22.58 million. That's the tension we need to unpack. They are betting big on licensing and B2B scale-up, from radiation countermeasures to cell-based cacao. This canvas shows exactly how they plan to turn that massive R&D spend into market reality. It's a capital-intensive blueprint for disruption.

Pluri Inc. (PLUR) - Canvas Business Model: Key Partnerships

You're looking at how Pluri Inc. (PLUR) is structuring its growth through external alliances as of late 2025. This is about who is putting skin in the game to help scale their cell-based platform.

Hemafund for Radiation Countermeasure Stockpile

The exclusive collaboration agreement with Hemafund, a Ukrainian biobank, focuses on stockpiling PLX-R18 for Hematopoietic Acute Radiation Syndrome (H-ARS). This partnership, effective for an initial three-year term, is contingent on securing external funding.

Pluri Inc. will produce and supply the PLX-R18, while Hemafund manages storage and distribution across Ukraine using its biobank infrastructure.

Global Food and Agtech Leaders Funding MVP Programs

On November 10, 2025, Pluri Inc. announced collaborations across Asia, Europe, and the U.S. through subsidiaries Ever After Foods (cultivated meat), Kokomodo (cultivated cacao), and Coffeesai (cell-based coffee). These are structured around collaborator-funded Minimum Viable Product (MVP) programs.

• Funding structure: Collaborator-funded MVP/proof-of-concept programs.
• Near-term milestones: Pilot readouts and expansion of collaborator programs.
• Target markets: Asia, Europe, and North America (U.S.).

This capital-efficient B2B approach is intended to support scale-up validation and pre-commercial trials for these foodtech ventures.

Instituto del Café de Chiapas (INCAFECH) for Cell-Based Coffee Scale-up in Mexico

Coffeesai, Pluri's wholly-owned subsidiary, signed an agreement with INCAFECH on October 8, 2025, to advance cell-based coffee manufacturing in Chiapas, Mexico. The roadmap includes three phases: cell line development, pilot-scale 3D bioreactor biofarming, and evaluation of commercial-scale manufacturing.

The financial targets for this collaboration are structured to access the substantial global market:

The agreement targets non-dilutive license and technology-transfer revenues, alongside royalty-bearing models and joint ventures.

Skincare Companies like Miss Universe Skincare for Exosome-Enhanced Products

Pluri Inc. launched its health and aesthetics subsidiary, Cellav Health and Aesthetics Ltd., following its first secured commercial collaboration with Miss Universe Skincare on November 11, 2025. Cellav will supply a proprietary cell-based active ingredient for a new series of skincare products.

• Product Launch Expectation: First product expected in the first half of 2026.
• Market Context: The global beauty market is projected to reach $194.05 billion by 2032.
• Distribution: Global platform via Miss Universe Skincare.

The official presentation of this co-development is anticipated during the pre-gala activities of the 74th Miss Universe event in Thailand.

Contract Development and Manufacturing Organization (CDMO) Clients

While the focus is on new partnerships, it's worth noting a prior engagement in this area. Pluri Biotech Ltd. received a contract termination notice from the U.S. National Institute of Allergy and Infectious Diseases. The value of that terminated contract was $4.2 million, intended to fund PLX-R18 development.

Pluri Inc. (PLUR) - Canvas Business Model: Key Activities

You're looking at the core engine of Pluri Inc. (PLUR) as of late 2025, which is all about scaling their patented 3D cell expansion technology across two major, capital-intensive sectors: medicine and food-tech. This means a lot of activity is focused on development and partnership execution, not just pure sales.

Research and Development (R&D) for regenerative medicine and food-tech applications

The company's operational burn reflects this heavy R&D focus. For the second quarter of 2025 (QQ2 2025), Pluri Inc. reported a Net Income of -USD 2.956 million, with an Operating cash flow of -USD 4.629 million. For the full fiscal year 2025, losses reached -$22.58 million, even as revenue grew to $1.34 million. The R&D intensity is clear when you see the revenue for the first nine months of fiscal year 2025 was $938,000, a nearly 400% increase from the prior year's $230,000, largely driven by the CDMO and AgTech segments.

Mass-scale cell expansion and biofarming using proprietary 3D bioreactors

The core activity here is proving the scalability of their platform, which is why the food-tech subsidiaries are so active in securing partner-funded validation. Pluri Inc. holds a rich IP portfolio with over 250 patents globally, supporting this core technology. The company also operates an in-house GMP (Good Manufacturing Practice) facility, which is critical for both cell therapy and food-tech scale-up.

Clinical trial advancement for cell therapies like PLX-R18

Advancing PLX-R18 is a major, though recently de-risked, activity. Federal funding that was central to its development, including about $1.4 million a year under a three-year contract from the NIH starting July 2023, was discontinued in early 2025. Despite this, the therapy has an FDA Investigational New Drug (IND) application cleared for Acute Radiation Syndrome (ARS) and holds FDA Orphan Drug Designation for ARS. In a Phase I study for Poor Graft Function, PLX-R18 reduced mortality from 29% to 18% and showed a statistically significant increase in HGB and platelets at 6 and 12 months.

Technology transfer and licensing to collaboration partners

This activity is increasingly important for funding and validation, especially after the NIH funding loss. The late 2025 collaborations across the foodtech subsidiaries are structured around partner-funded proof-of-concept (POC) projects. This structure means leading global players are funding the MVP (minimum-viable-product) programs to validate the 3D cell-expansion technology at an industrial scale.

Operating and scaling subsidiaries: Ever After Foods, Coffeesai, and Kokomodo

Pluri Inc. actively operates and scales these ventures, which is where much of the recent revenue growth is coming from. The key activities here involve executing programs and securing external capital.

Here's a look at the scale and recent activity:

These subsidiaries are executing scale-up validation and pre-commercial trials with partners across Asia and the U.S.. The goal is turning the pipeline into pilot results and de-risking technical pathways through these collaborations.

Pluri Inc. (PLUR) - Canvas Business Model: Key Resources

Pluri Inc. (PLUR) centers its business on its proprietary, patented 3D cell expansion platform technology, which is foundational for scalable cell production across multiple verticals. This technology underpins an extensive Intellectual Property (IP) portfolio that, as of April 2025, encompassed over 250 patents pending, allowed, and granted, securing its position in markets like the cancer immunotherapy sector, estimated at $136 billion in 2025.

Here is a summary of the quantifiable key resources as of late 2025:

The clinical-grade manufacturing capability is anchored by a state-of-the-art Good Manufacturing Practice (GMP) cell therapy production facility located in Haifa, Israel, which spans 47 thousand square foot. This facility, launched in January 2024, supports the company's Contract Development and Manufacturing Organization (CDMO) division, PluriCDMO™, offering services from preclinical stages through commercial production.

The specialized scientific talent pool is a critical component, with Pluri Inc. employing approximately 180 professionals worldwide as of late 2025. This team supports the development of off-the-shelf cell therapy product candidates like PLX-R18. In a Phase I study for Poor Graft Function following hematopoietic cell transplantation (HCT), PLX-R18 demonstrated a favorable safety profile and reduced mortality from 29% to 18%. Furthermore, patients treated with PLX-R18 showed a significant reduction in the need for blood product transfusions, with red blood cells dropping from a mean of 2.91 units per month at baseline to 0 at 12 months.

The company's focus on its placental-derived MAIT cells leverages this technology to target the immune cell engineering market, which is projected to reach $11.7 billion by 2030.

Pluri Inc. (PLUR) - Canvas Business Model: Value Propositions

You're looking at the core value Pluri Inc. (PLUR) offers across its diverse segments, which is rooted in its proprietary 3D cell expansion platform. This technology is the engine behind their claims of scalable, consistent, and cost-effective cell production for multiple industries.

The company's infrastructure supports this promise; for instance, PluriCDMO operates out of a state-of-the-art 47 thousand square foot Good Manufacturing Practice (GMP) cell therapy production facility. Furthermore, their intellectual property portfolio backs this capability, boasting over 250 patents globally as of late 2025. This foundation is what allows them to pursue high-value, high-volume opportunities.

Scalable, Consistent, and Cost-Effective Cell Production

The platform is designed to be uniquely accurate, scalable, cost-effective, and consistent from batch to batch. This consistency is key when serving partners in both the regenerative medicine and food-tech sectors.

• State-of-the-art GMP facility size: 47 thousand square foot.
• Global intellectual property count: Over 250 patents.
• Experience in cell expansion: Over two decades.

Sustainable Food Solutions: Cultivated Meat, Cacao, and Coffee

Pluri Inc. (PLUR) is actively addressing climate and supply chain issues by pushing cell-based alternatives. Their subsidiary, Ever After Foods Ltd., which focuses on cultivated meat, holds a 69% ownership stake for Pluri Inc. (PLUR). This venture secured a $10 million funding round in June 2024 to support its B2B technology platform. Pluri is also expanding into cultivated cacao via Kokomodo Ltd. and cell-based coffee through Coffeesai Ltd.

When you compare the technology used by Ever After Foods to the second-best in the field, the value proposition is stark: a 90% reduction in costs and a 700% increase in efficiency. Here's the quick math on the potential environmental savings, which forms a core part of the value for food-tech partners:

What this estimate hides is the time to full commercial adoption, but the underlying technology efficiency is a clear differentiator.

Off-the-Shelf Cell Therapies for Acute Medical Needs

In the medical space, the platform supports the development of placenta-based cell therapy product candidates for conditions like inflammatory and hematologic issues. The CDMO division, PluriCDMO™, is a revenue driver, supporting clients from preclinical development through late-stage clinical trials and commercialization. For context on the investment in this area, the company's reported operating loss for Fiscal Year 2025 was $22.176 million, with a loss per share of $3.56. Still, the company reported Fiscal Year 2025 revenue of $1.336 million.

Capital-Efficient B2B Model for Food-Tech Scale-Up

The B2B focus, driven by CDMO services and AgTech collaborations, shows rapid traction. For the first nine months of fiscal year 2025, Pluri Inc. (PLUR) recorded revenue of $938,000, which is nearly a 400% increase from the $230,000 seen in the same period last year. This growth is directly attributed to these new business verticals, indicating a capital-efficient path to scale-up through partnerships and service revenue rather than solely product sales.

• FY2025 9M Revenue: $938,000.
• Year-over-year growth (9M FY2025): Nearly 400%.
• FY2024 9M Revenue: $230,000.
• FY2025 Total Revenue: $1.336 million.

Finance: draft 13-week cash view by Friday.

Pluri Inc. (PLUR) - Canvas Business Model: Customer Relationships

You're looking at how Pluri Inc. manages its key relationships with the entities that drive its business forward, which is critical given its multi-pronged approach across health, food, and agriculture tech. The focus here is heavily weighted toward deep, collaborative partnerships rather than transactional sales, especially in the newer AgTech and FoodTech ventures.

Close, long-term strategic collaborations with co-funded R&D.

The core of Pluri Inc.'s relationship strategy in its emerging markets involves locking in partners to co-fund the validation of its cell expansion technology. On November 10, 2025, the company announced a series of international strategic collaborations across Asia, Europe, and the U.S. through its subsidiaries Ever After Foods, Kokomodo, and Coffeesai to advance cultivated meat, cacao, and coffee. Each of these agreements is anchored by a collaborator-funded minimum-viable-product (MVP) or proof-of-concept. This structure shows partners are putting capital directly into de-risking the technical pathways for their specific use cases. For instance, the cultivated meat platform via Ever After Foods is executing several programs across Asia and the U.S. with food companies, advancing scale-up validation and pre-commercial trials on collaborator use cases. Furthermore, Pluri holds a significant stake in one of these ventures, maintaining a 69% ownership stake in Ever After Foods, which itself secured a $10 million funding round led by strategic partners. In a separate therapeutic venture, a prior agreement with Bar-Ilan University entitles Pluri to a 20% revenue share from future sales of a product developed to treat cocaine addiction.

Dedicated B2B sales and technology transfer support for partners.

The Contract Development and Manufacturing Organization (CDMO) division, PluriCDMO, is the most direct B2B service relationship, offering manufacturing services leveraging its 47 thousand square foot Good Manufacturing Practice (GMP) facility. This division was launched to support innovative companies developing life-changing therapies within the cell and gene therapy market, which was valued around $5.2 billion as of early 2024. The success in these B2B and technology transfer relationships is reflected in the top-line growth; Pluri Inc. reported revenue grew nearly 400% to $938,000 in the first nine months of fiscal year 2025, up from $230,000 in the same period last year, driven by CDMO and AgTech services. Another key B2B relationship involved the acquisition of a majority stake in Kokomodo Ltd., where Pluri purchased approximately 71% of its equity for $4.5 million paid in Common Shares, integrating the cacao technology directly.

Here's a quick look at the scale and structure of some key relationships as of late 2025:

Direct engagement with government/defense agencies for stockpiling.

Direct government engagement has seen a significant shift. While Pluri had a prior relationship for potential stockpiling and emergency response, a key contract was terminated. Specifically, a three-year, $4.2 million contract with the U.S. National Institute of Allergy and Infectious Diseases (NIAID), which supported the development of PLX-R18 in collaboration with the U.S. Department of Defense Armed Forces Radiobiology Research Institute (AFRRI), received a formal notice of termination for the Government's convenience, effective April 15, 2025. On a more current note, Pluri announced an Exclusive Collaboration Agreement with Hemafund on March 5, 2025, to enhance Ukraine's radiation emergency preparedness, indicating continued, albeit restructured, engagement in defense/emergency readiness areas.

Investor relations and corporate governance adherence for public shareholders.

For public shareholders, Pluri Inc. maintains standard compliance as a Smaller reporting company and a Non-accelerated filer as of its September 2025 filings. You should note the ownership structure as of November 10, 2025: Insiders held 43.41% of the stock, while Institutions held 19.65%. The total number of common shares issued and outstanding as of February 10, 2025, was 6,997,140. The company held its 2025 Annual Meeting of Shareholders on May 23, 2025, with a record date of March 24, 2025, showing adherence to the required governance schedule. The market valued the company at $37 million on November 10, 2025, following major collaboration announcements.

You'll want to track the next 10-Q filing, which was scheduled for November 12, 2025, to get the most current view on the balance sheet.

Pluri Inc. (PLUR) - Canvas Business Model: Channels

You're looking at how Pluri Inc. (PLUR) gets its value propositions out the door as of late 2025. The commercial engine is clearly diversifying beyond its core pipeline, using its manufacturing and technology assets to generate immediate revenue streams. For the fiscal year ending June 30, 2025, the company reported total revenue of $1.34M, which represented a significant year-over-year growth of 309.82%. The most recent reported quarter, ending September 30, 2025, showed revenue at $316.00K. This shows the channels are starting to contribute to the top line.

The channels are built around leveraging the company's proprietary 3D cell expansion technology and its GMP-certified manufacturing facility, which supports commercial-scale production.

CDMO Service Contracts for External Biotech/Pharma Clients

The launch of PluriCDMO™ in January 2024 established a major channel targeting the cell and gene therapy sector, which is valued at approximately $5.2 billion. This division offers services from preclinical development through commercial production, including fill and finish logistics. This is a direct service contract channel where Pluri Inc. acts as a third-party manufacturer for other innovators. A concrete example of this channel's activity is the $4.2 million contract secured with the U.S. National Institutes of Health (NIH) to advance the development of its PLX-R18 cell therapy for Hematopoietic Acute Radiation Syndrome (H-ARS). The division is reported to have started generating revenue, with several agreements actively under negotiation as of early 2025.

Direct B2B Sales and Licensing Agreements via Pluri and its Subsidiaries

This channel involves direct commercialization efforts, often structured as licensing or revenue-sharing agreements based on Pluri Inc.'s proprietary technology or cell lines. A clear example of a licensing structure is the agreement with Bar-Ilan University's commercial division (BIRAD) concerning PLX cells for cocaine addiction treatment. Under this arrangement, Pluri Inc. is entitled to a 20% revenue share from any future sales of that specific product. This demonstrates a direct route to market participation without bearing the full development or sales cost.

Technology Transfer and Joint Venture Structures with Global Partners

Pluri Inc. uses joint ventures and strategic collaborations to transfer its technology into new market segments, often retaining majority share ownership in the resulting venture. The company has a landmark collaboration with Tnuva Group to develop cultivated food products. Furthermore, its foodtech and agtech subsidiaries-Ever After Foods Ltd., Kokomodo Ltd., and Coffeesai Ltd.-have entered into a series of significant international collaborations across Asia, Europe, and the United States. The acquisition of a majority stake, approximately 71%, in Kokomodo Ltd. for $4.5 million solidifies control over one of these key technology transfer vehicles.

Direct Distribution Channels for Cell Therapies (e.g., Hemafund for Ukraine)

For its own therapeutic pipeline, particularly PLX-R18, Pluri Inc. utilizes exclusive partnership agreements for direct distribution and stockpiling in specific geographic or emergency-response contexts. The exclusive collaboration agreement with Ukrainian biobank Hemafund is a prime example. This partnership aims to stockpile PLX-R18 as a countermeasure for Hematopoietic Acute Radiation Syndrome (H-ARS) in Ukraine. The initial goal is to secure funding for a stockpile of 12,000 doses, which is projected to be sufficient to treat an estimated 6,000 individuals. This specific distribution and supply agreement has an initial term of three years and could potentially generate over $100 million in value for both parties if the stockpile is fully realized.

Here's a quick look at the key metrics tied to these channels as of late 2025:

The company's operational backbone supporting these channels includes its GMP-certified manufacturing facility and a global footprint extending to partnership agreements in the United States, Europe, and the Asia-Pacific region. The shares outstanding as of May 12, 2025, were 7,832,601.

Pluri Inc. (PLUR) - Canvas Business Model: Customer Segments

Pluri Inc. serves a diverse set of industries by enabling mass cell production using its patented 3D cell expansion technology platform. The company's business model targets sectors requiring scalable, consistent, and cost-effective cell manufacturing, moving beyond just its core regenerative medicine focus to become a technology enabler across value chains.

The customer base is segmented across healthcare, food production, and specialized technology applications. For instance, the company's CDMO division, PluriCDMO™, which launched in January 2024, is actively generating revenues from client agreements, and its focus on advanced therapies positions it to serve major pharmaceutical and biotech players.

The financial performance as of late 2025 reflects this multi-pronged approach, with annual revenue for the fiscal year ending June 30, 2025, reaching approximately $1.34 million, representing a 309.82% increase year-over-year. The trailing twelve months revenue ending September 30, 2025, stood at $1.33 million.

Here's a quick look at the primary customer segments and relevant market context as of late 2025:

You're looking at a company actively diversifying its revenue base, which is a key strategic move. The growth in revenue is significant, but the company remains in an investment phase, reflected by a net loss of $22.6 million for the full year 2025.

The specific customer profiles Pluri Inc. targets include:

• Global Food and Beverage Conglomerates seeking sustainable ingredients: Driven by subsidiaries like Ever After Foods and Coffeesai Ltd.
• Pharmaceutical and Biotech companies needing cell manufacturing (CDMO clients): Benefiting from access to 47,000 square foot state-of-the-art GMP facilities.
• Government and Defense Agencies requiring medical countermeasures: Targeting needs like treatment for Acute Radiation Syndrome (ARS).
• Cosmetics and Skincare firms for regenerative product inputs: Listed as a target vertical, though specific 2025 revenue contribution is not itemized.
• Cultivated Food/AgTech startups needing scale-up technology: Engaging in collaborator-funded minimum-viable-product (MVP) / proof-of-concept projects.

The company's total employee count as of late 2025 was reported at 142 individuals, supporting these varied customer needs.

Finance: draft 13-week cash view by Friday.

Pluri Inc. (PLUR) - Canvas Business Model: Cost Structure

You're looking at the cost side of Pluri Inc. (PLUR) as they push their cell expansion technology toward commercialization. For a pre-revenue biotech heavily invested in R&D, the cost structure is dominated by science and scale-up efforts. Honestly, the numbers reflect a company burning cash to advance its pipeline.

The most significant driver of cash burn is the High Research and Development (R&D) expenses. For the full fiscal year ending June 30, 2025, Pluri Inc. reported a net loss of -$22.58 million. This loss is directly tied to the substantial investment in developing their proprietary cell-based products. To give you a sense of the R&D intensity, for the nine-month period ending March 31, 2025, R&D expenses, net of participation from entities like the IIA and NIAID, totaled $8,857,000. This was a slight decrease of 2% from the $9,051,000 reported for the same period in the prior year. Still, that's a massive outlay for a company with relatively low revenue.

Here's a quick look at how R&D costs manifested in a recent quarter:

Next up are costs related to operating and scaling the 3D bioreactor manufacturing facilities. While Pluri Inc. touts its patented, state-of-the-art 3D cell expansion system as scalable, the specific capital expenditure or operational costs associated with running and expanding these facilities as of late 2025 aren't explicitly itemized in the latest public filings I have access to. Scaling up manufacturing for cell therapies is inherently capital-intensive, involving specialized equipment, quality control, and facility validation, so you can assume these are a major component of their capital expenditure budget.

Personnel costs are another fixed drain. As of the last report, Pluri Inc. had a total headcount of 142 employees. Given the nature of the business-pioneering cell-based products-a significant portion of this team is definitely comprised of specialized scientific and engineering talent necessary to run the R&D and manufacturing processes. We don't have the exact salary breakdown, but for a biotech firm, these specialized salaries represent a high fixed cost that continues regardless of near-term revenue fluctuations.

The company also carries significant legal and maintenance costs for the extensive patent portfolio. Pluri Inc. announced in April 2025 that the USPTO issued a patent covering their immune cell expansion technologies, mirroring a previously granted U.S. patent. Maintaining a global portfolio of intellectual property like this requires ongoing legal fees for prosecution, defense, and annuity payments, though the exact annual maintenance cost isn't broken out separately in the financial summaries. It's an investment in their core Key Resource.

Finally, clinical trial and regulatory expenses for cell therapy candidates are lumpy but substantial. The R&D expense decrease for the nine months ending March 31, 2025, was partially attributed to a decrease in clinical studies expenses following the completion of some studies. You should note the context here:

• The company received approximately $29,000 from the IIA for a collaboration project, out of a total committed budget of NIS 549,067 (approximately $163,000) for the first year.
• They received a total of $2.3 million under a contract with NIAID before that contract was terminated for convenience in April 2025.

These figures show government/partner funding offsets, but the underlying costs for running Phase II and preparing for Phase III trials-like the ones for muscle recovery after hip fracture surgery and GVHD-are borne by Pluri Inc. and are a major part of their operating burn rate.

Finance: draft 13-week cash view by Friday.

Pluri Inc. (PLUR) - Canvas Business Model: Revenue Streams

You're looking at the top-line performance for Pluri Inc. (PLUR) as of late 2025, and the numbers show significant movement. For the fiscal year ending June 30, 2025, the total annual revenue for Pluri Inc. was reported at $1.34 million, marking a substantial 309.82% increase year-over-year. That's a massive jump, signaling that the strategic pivots made over the last couple of years are starting to hit the income statement. Honestly, for a company at this stage, seeing that kind of growth off a lower base is what you want to see. It definitely suggests momentum in their commercialization efforts.

Here's a quick look at the most recent reported annual revenue figures:

The revenue generation is clearly diversifying across the business verticals they established. You can see the different ways Pluri Inc. is looking to monetize its proprietary cell-expansion technology.

Key Revenue Drivers and Streams:

• Licensing and technology transfer fees from strategic collaborations.
• Sales of CDMO services to external clients.
• Product sales of cell therapies, such as the PLX-R18 stockpile.
• Collaborator funding for MVP/proof-of-concept programs.

Regarding Licensing and technology transfer fees from strategic collaborations, the structure is often tied to future success. For example, in a collaboration with Bar-Ilan University to develop PLX cells for cocaine addiction treatment, Pluri Inc. is entitled to a 20% revenue share from future sales of that product. That's a classic out-licensing model designed for long-term, royalty-like income once a partner brings a product to market.

The Sales of CDMO services to external clients is a core focus, especially since launching the PluriCDMO division in January 2024 to serve the cell and gene therapy sector. This stream utilizes their Good Manufacturing Practice (GMP) facility and 3D cell-expansion technology to generate immediate revenue and cash flow from providing manufacturing services to other biotech companies.

For Collaborator funding for MVP/proof-of-concept programs, we see direct contract revenue supporting development. A notable example is the $4.2 million Contract with the U.S. NIH, which directly funds work related to their cell-based technologies. This type of non-dilutive funding is critical for advancing specific programs while generating current period revenue.

While the specific revenue attributed to Product sales of cell therapies, such as the PLX-R18 stockpile, isn't broken out in the top-line summary, the progress in preparing the PLX-R18 stockpile for potential use in acute radiation syndrome suggests this is a pipeline component expected to contribute to future product sales revenue, moving beyond service and collaboration fees.

Finance: draft 13-week cash view by Friday.