PainReform Ltd. (PRFX): Business Model Canvas [Dec-2025 Updated]

You're trying to map out how PainReform Ltd. (PRFX) plans to generate returns from its unusual mix of non-opiate pain drugs and an AI solar platform, and honestly, this Business Model Canvas lays out a fascinating dual-track strategy. They are pushing OcuRing™-K for eye care and PRF-110 for post-surgical pain, while simultaneously scaling the DeepSolar analytics platform for utility assets. To fund this, they were sitting on about $3.5 million in cash as of June 30, 2025, despite having zero revenue from product sales, meaning the R&D burn-like the $1.9 million in G&A during H1 2025-is the immediate reality you need to account for. Let's break down exactly how they plan to bridge that gap from clinical trials and software development to actual cash flow below.

PainReform Ltd. (PRFX) - Canvas Business Model: Key Partnerships

You're looking at the structure of PainReform Ltd.'s (PRFX) alliances as of late 2025, which really shows the company's dual-track strategy in pharma and clean energy. These partnerships are where a lot of the near-term value creation hinges, especially given the company's cash position of approximately $3.5 million as of June 30, 2025.

The most significant move in the pharmaceutical segment is the LayerBio, Inc. relationship, which brings the OcuRing™-K platform into the PainReform fold. This isn't just a simple vendor deal; PainReform completed a strategic investment in August 2025, acquiring a majority equity interest in LayerBio. The total funding commitment is up to $3 million, with an initial payment of $600,000 made at closing. This partnership is designed to push OcuRing™-K-a sustained-release intraocular ring delivering Ketorolac-through its planned Phase II clinical trial. The target market potential here is substantial, aiming at a global cataract surgery market valued near $9 billion annually. The US segment alone accounts for approximately 4.5 million procedures each year.

The DeepSolar unit's partnerships are equally critical for commercial traction. The collaboration with Econergy Renewable Energy started with a 92MW pilot project in Romania in April 2025, which quickly converted into PainReform's first post-acquisition commercial customer agreement. This is a key validation point for their AI-driven solar analytics. Also, the technology collaboration with NVIDIA, via acceptance into the NVIDIA Connect Program in August 2025, is set to enhance DeepSolar Predict. This program access is expected to help improve weather forecast accuracy by up to 50% and reduce operational and maintenance (O&M) costs by up to 30% for solar asset owners.

Here's a quick look at the financial scale of these core alliances:

For the clinical development of OcuRing™-K, PainReform relies on external Contract Research Organizations (CROs) to execute trials, like the upcoming Phase II study. You should know that the broader healthcare CRO market was estimated at $57.66 billion in 2025, showing the scale of the service industry PainReform is engaging with. The cost of running a single clinical trial can range from $20-$100+ million, and protocol amendments alone can cost several hundred thousand dollars each. This underscores why efficient protocol design and CRO selection are defintely critical for managing R&D spend, which was only $0.3 million for the six months ended June 30, 2025.

When it comes to drug product supply, PainReform partners with third-party manufacturers. The global Pharmaceutical Contract Manufacturing market was projected to reach $95,904.9 million by 2025. You can expect PainReform to utilize manufacturers specializing in Finished Dosage Form (FDF) production, as this segment is noted as the fastest-growing in the contract manufacturing space.

The company's external support structure includes:

• Contract Research Organizations (CROs) for executing the Phase II clinical trial for OcuRing™-K.
• Third-party manufacturers for the supply of the drug product, likely focusing on sterile injectable/implantable forms.
• Access to NVIDIA's AI frameworks and engineering support through the Connect Program.

PainReform Ltd. (PRFX) - Canvas Business Model: Key Activities

You're looking at the core engine driving PainReform Ltd. right now-the things they absolutely must execute on to move forward. It's a dual-track operation, balancing the slow, high-stakes world of pharma development with the faster-moving commercialization of their AI energy tech. Here's the breakdown of what they are actively doing as of late 2025.

Clinical Development of OcuRing™-K toward Phase II trials

PainReform Ltd. officially commenced the development plan for OcuRing™-K on December 2, 2025, signaling a major push into ophthalmology following the majority investment in LayerBio. Work is actively progressing toward initiating the Phase II clinical trial for this drop-less, sustained-release ocular therapy. The immediate focus is on post-cataract pain and inflammation, targeting a market segment that sees approximately 4.5 million procedures annually in the United States, representing a global surgical procedure volume exceeding $9 billion. Preclinical studies and the Phase I clinical evaluation already showed positive results, specifically reductions in post-surgical pain and inflammation while using lower total drug exposure compared to standard eye-drop regimens, which the company notes deliver often less than 5% of the drug inside the eye.

Ongoing R&D for PRF-110 to address Phase 3 data gaps

For PRF-110, the key activity is intensive Research and Development to resolve the issues from the Phase 3 bunionectomy trial. That trial demonstrated statistically significant superiority over placebo in reducing pain during the first 48 hours post-surgery, but the primary endpoint at 72 hours was not met due to data incoherence in the final 24-hour period. The company is focused on using high-level, in-vitro models to refine the pharmacokinetics and pharmacodynamics before considering any additional clinical work. This R&D focus is reflected in the financials; Research and development expenses for the six months ended June 30, 2025, were approximately $0.3 million, a significant drop from the approximately $11.4 million spent in the comparable period in 2024, which was largely due to the completion of the Phase 3 trial costs. On a positive note for the asset, a new scalable manufacturing process has enabled 18-month stability of PRF-110 at room temperature.

AI software development for DeepSolar's automated reporting engine

The DeepSolar division is heavily engaged in developing its proprietary automated reporting engine, a key component of its AI analytics framework. As of November 12, 2025, development was advanced, and the unit is a participant in the NVIDIA Connect Program. This development is aimed at transforming how solar-asset performance is communicated, with the goal of improving weather prediction accuracy by up to 50% and optimizing energy asset performance. The engine is designed to automate the consolidation and interpretation of data from diverse sources, producing tailored reports within minutes.

Commercial deployment and scaling of DeepSolar analytics platform

DeepSolar is moving beyond development into active commercial deployment. A major milestone was the successful completion of a 92MW pilot project in Romania with Econergy in April 2025. This pilot immediately advanced into PainReform Ltd.'s first post-acquisition commercial customer agreement, establishing the foundation for broader adoption. Furthermore, the division completed the MyDeepSolar consumer app, supporting the scaling of their software solutions.

Securing regulatory approvals (e.g., FDA) for pharmaceutical candidates

For the pharmaceutical candidates, securing regulatory approval is currently on hold pending resolution of the PRF-110 data gaps and advancement of OcuRing™-K. The most recent FDA-related event for PRF-110 was a 'Provided Update' on December 27, 2024, confirming the Phase 3 trial did not meet its primary endpoint. For OcuRing™-K, the key activity is advancing through the U.S. clinical development pathway, where successful approval is planned to unlock a high-volume reimbursable market.

Here's a quick look at the recent financial health supporting these activities as of the H1 2025 update:

Finance: draft 13-week cash view by Friday.

PainReform Ltd. (PRFX) - Canvas Business Model: Key Resources

You're looking at the core assets PainReform Ltd. (PRFX) is relying on right now to drive its dual-focus strategy across pharma and energy tech. Honestly, these resources define what the company can actually execute on in the near term.

The foundation of the pharmaceutical effort is the proprietary extended-release drug-delivery system technology. This platform is what underpins PRF-110, an oil-based, viscous, clear solution designed to be deposited directly into the surgical wound bed before closure for localized, extended post-operative analgesia.

The intellectual property (IP) portfolio is a critical, non-physical asset, especially after the strategic investment in LayerBio. This includes the IP for PRF-110 and, crucially, LayerBio's OcuRing™-K. OcuRing™-K is a patented, drop-less, intraoperatively administered, erodible sustained-release ocular device designed to deliver controlled ketorolac following cataract surgery. This technology targets a substantial global market opportunity, estimated at approximately $9 billion.

On the technology side, PainReform Ltd. (PRFX) holds the DeepSolar AI-driven solar analytics platform and algorithms. This division is moving toward commercialization, evidenced by the successful completion of a 92MW pilot with Econergy, which has now advanced into the Company's first commercial agreement. The platform's algorithms are designed to consolidate SCADA, monitoring, weather, and market data to deliver customized, insight-rich performance reports within minutes.

Financially, the company's liquidity position as of the mid-year mark was specific. As of June 30, 2025, PainReform Ltd. (PRFX) reported cash and equivalents of approximately $3.5 million, alongside a positive working capital of approximately $1.5 million. This cash position is being managed alongside operational expenses related to the R&D teams.

The human capital, specifically the experienced R&D and AI software development teams, are key to advancing these assets. For instance, Research and Development expenses for the six months ended June 30, 2025, were approximately $0.3 million, a significant drop from the approximately $11.4 million reported for the same period in 2024, reflecting the completion of the PRF-110 Phase 3 trial. The LayerBio integration brings specialized expertise, with Dr. Ken Mandell, LayerBio's founder and CEO, credited with leading more than a dozen INDs and multiple Phase 1-3 ophthalmic trials. The entire organization, as per a recent profile, has a reported employee count of 6.

Here is a quick snapshot of some of these quantifiable resources as of mid-2025:

You've got a specialized drug delivery platform and a patented ocular device, plus an AI energy platform showing early commercial traction. It's a diverse set of hard-to-replicate assets.

• Proprietary extended-release drug-delivery system technology for localized analgesia.
• Patented OcuRing™-K IP, targeting post-cataract pain and inflammation.
• DeepSolar AI platform with a successful 92MW commercial pilot agreement.
• $3.5 million in cash and equivalents as of June 30, 2025.
• R&D team expertise demonstrated by advancing OcuRing™-K toward Phase II trials.

Finance: draft 13-week cash view by Friday.

PainReform Ltd. (PRFX) - Canvas Business Model: Value Propositions

You're looking at the core benefits PainReform Ltd. (PRFX) is promising across its distinct business lines as of late 2025. Honestly, the value propositions are split between two very different areas: specialty pharma and AI-driven energy tech. Here's the breakdown of what they are selling to the market.

PRF-110: Extended, Non-Opiate, Localized Post-Surgical Pain Relief

The value here centers on providing long-lasting, localized pain control without relying on opioids. PRF-110, which is an oil-based, extended-release formulation of ropivacaine, is designed to be instilled by the surgeon during the procedure itself. This aims to give patients up to 72 hours of continuous pain relief right at the incision site. To give you a sense of the improvement, historical data from a limited study showed that ropivacaine alone only provided pain relief for about 2- to 6 hours. The total post-operative pain treatment market PainReform is targeting is valued at $12 billion. The Phase 3 bunionectomy trial showed initial, statistically significant superiority over placebo in reducing pain during the first 48 hours following surgery, though the primary endpoint analysis over 72 hours was subject to data coherence review. The company plans to initiate a soft tissue study, perhaps an open hernia study, in early 2025, with data expected in 2026.

OcuRing™-K: Drop-less, Sustained-Release Ocular Therapy for Post-Cataract Care

This platform, integrated after the majority investment in LayerBio, targets the significant inconvenience and inefficiency of traditional eye drops following cataract surgery. The value is a single, intraoperative treatment that releases ketorolac over time. The market is substantial, with approximately 4.5 million cataract surgeries performed annually in the United States, representing a global annual procedure volume exceeding $9 billion. Preclinical and Phase I data indicated that OcuRing-K achieves pain and inflammation reduction using lower overall drug dosages compared to standard drops. Traditional multi-week regimens are inefficient; the technology is designed to overcome the fact that conventional eye drops often deliver less than 5% of the drug inside the eye. PainReform Ltd. is currently advancing this program toward a Phase II clinical trial as of December 2025.

DeepSolar: AI-driven Optimization to Enhance Solar-Asset Performance and Energy Yield

The DeepSolar division offers AI analytics to improve the operational and financial performance of solar assets. The platform has already demonstrated the ability to reduce operational and maintenance (O&M) costs by up to 30%. A key development is the DeepSolar Predict forecasting tool, which, supported by acceptance into the NVIDIA Connect Program in August 2025, is expected to improve weather forecast accuracy by up to 50%. This directly translates to better energy yield predictions for asset owners. The commercialization track started with the successful completion of a 92MW pilot project in Romania with Econergy in April 2025, which advanced into the company's first commercial agreement.

Quantified Benefits Across the Portfolio

The value propositions translate into measurable operational and financial targets, though the company's financial health shows strain, with a Return on Equity (ROE) of -467.47% as of late 2025. Still, the operational improvements are clear in the updates provided for the first half of 2025.

Reduced Opioid Consumption Risk for Surgical Patients

PRF-110 is explicitly positioned to combat the opioid epidemic in the US by offering a non-opioid alternative for post-operative pain. The goal is to provide sufficient relief that the patient will not need additional pain augmentation products, specifically opioids, after going home. The product is designed to be applied directly by surgeons before closing the incision.

Improved Patient Compliance by Eliminating Post-Surgery Eye Drops

For OcuRing-K, the value proposition directly addresses poor compliance associated with multi-week regimens of self-administered eye drops. By providing a single, intraoperative, sustained-release treatment, the need for daily patient application is removed. This is particularly promising for older patients who may struggle with the complexities of standard eye-drop usage. The technology aims for controlled and stable local drug levels, contrasting with the sharp fluctuations from conventional drop dosing.

• PRF-110: Aims to replace systemic opioids.
• OcuRing-K: Eliminates the burden of multi-week drop regimens.
• OcuRing-K: Reduces contamination risks tied to patient-applied drops.

PainReform Ltd. (PRFX) - Canvas Business Model: Customer Relationships

You're looking at how PainReform Ltd. (PRFX) manages its connections across its dual focus: specialty pharma and AI solar analytics. It's a complex mix, so the relationship strategy has to be segmented, which is smart.

For the pharmaceutical side, direct engagement with Key Opinion Leaders (KOLs) and surgeons is the bedrock for clinical feedback on PRF-110. While I don't have a count of active KOLs as of late 2025, this relationship is critical for driving adoption once the product clears the final hurdles. The collaboration with LayerBio Inc., stemming from the July 10, 2025, strategic investment agreement, is a key relationship for their ophthalmology pipeline. This specific partnership targets an estimated 3 million annual U.S. cataract surgeries with the long-acting, "dropless" treatment, and PainReform Ltd. (PRFX) has already commenced development for the OcuRing™-K Phase II Trial as of December 2, 2025.

The DeepSolar business unit, which PainReform Ltd. (PRFX) expanded into in March 2025, requires a different touch. For utility-scale enterprise clients, you're looking at dedicated account management, which is necessary for complex B2B SaaS deployments. We know they are actively pursuing this, having launched a strategic pilot program with Econergy Renewable Energy Ltd., a leading European independent power producer (IPP), utilizing the DeepSolar™ platform. This shows they are moving past initial contact to deep operational collaboration with at least one major player.

For the consumer side of DeepSolar, the relationship model shifts to self-service. Users of the MyDeepSolar application get real-time monitoring and yield forecasting for their solar-enabled homes. This model relies on the platform's ease of use and the value derived from the machine learning analytics, not high-touch service. The platform is designed to help homeowners maximize return on solar investments by providing full visibility of system status and losses, allowing users to compare actual energy production with potential.

Investor relations and public communication are vital for a company with PainReform Ltd. (PRFX)'s capital structure. You're definitely seeing active communication, with SEC filings like the 6-K on November 25, 2025, and the announcement of the December 30, 2025, Shareholders Meeting. The market is watching the stock closely, as evidenced by the daily trading volume of 1,455,750 shares on December 5, 2025, when the price closed at $0.96 after a -5.82% change. The company's financial footing, with Total Shareholder Equity at $8.4M and a debt-to-equity ratio of 0% (Total Debt $0.0), is a key data point shared to support capital market confidence.

Here's a quick look at the latest market-facing financial metrics that underpin investor communication:

The relationship strategy is clearly bifurcated:

• Direct engagement with KOLs/surgeons for clinical validation.
• Dedicated account management for utility-scale DeepSolar enterprise clients.
• Self-service model for MyDeepSolar consumer app users.
• Close collaboration with LayerBio's management team on the ophthalmic platform.
• Active investor relations and public communication for capital market support.

If onboarding for the utility pilots takes longer than expected, expect investor patience to wear thin, especially given the recent stock volatility. Finance: draft the Q4 2025 cash burn projection by next Tuesday.

PainReform Ltd. (PRFX) - Canvas Business Model: Channels

You're looking at how PainReform Ltd. (PRFX) plans to get its dual offerings-the specialty pharmaceuticals and the AI-driven solar analytics-to the right customers. Given the company's financial position as of mid-2025, with cash around $3.5 million as of June 30, 2025, and a market capitalization around $3.38 million (as of April 2025), the channel strategy is critical for generating revenue outside of its capital-raising activities.

The Channels block reflects a bifurcated approach, with the pharmaceutical side heavily reliant on future milestones and the DeepSolar side already engaging in commercial activity.

Pharmaceutical Channels: PRF-110 and OcuRing™-K

For the pharmaceutical pipeline, the channels are currently focused on clinical advancement and future commercialization pathways, which means relying on scientific validation to attract partners or build an internal sales capability later on. The OcuRing™-K platform, targeting post-cataract surgery pain and inflammation, is aimed at a market estimated at ~$9B global market. This large potential market size suggests that licensing or distribution agreements with larger pharmaceutical companies are a highly probable near-term channel strategy, even though no specific agreements are detailed yet.

• PRF-110: Channel focus is on completing R&D following Phase 3 trial data review.
• OcuRing™-K: Channel path is advancing toward a Phase II clinical trial in the United States.
• Scientific validation is the primary channel driver for both assets.

DeepSolar Channels: Enterprise and Digital Reach

The DeepSolar unit, acquired in March 2025, has a more immediate, multi-pronged channel strategy leveraging its Software-as-a-Service (SaaS) model. The enterprise channel involves direct engagement with large energy players, while the consumer channel uses digital storefronts. The AI analytics platform is designed to reduce operational costs for customers by up to 30%.

• Direct-to-enterprise sales are being tested via pilot programs.
• Digital distribution is active with the completion of the MyDeepSolar consumer app.
• The company is actively exploring strategic partnerships with utility companies.

Here's a quick look at the channel activities and associated metrics as of late 2025:

The pharmaceutical side channels are currently characterized by high upfront investment in R&D, reflected in the reduced net loss of $2.3M for the first six months of 2025 compared to the prior-year period. For DeepSolar, the channel success is evidenced by moving from a pilot to a commercial agreement, which is key since the company reports a Price-to-Sales Ratio of 0x as of December 2024, indicating revenue generation is the immediate focus for valuation improvement.

PainReform Ltd. (PRFX) - Canvas Business Model: Customer Segments

You're looking at the distinct groups PainReform Ltd. (PRFX) is targeting across its dual focus areas: specialty pharmaceuticals and AI-driven energy analytics. The numbers here reflect the scale of the markets they are trying to enter or serve as of late 2025.

Specialty Surgeons and Hospitals Seeking Non-Opioid Post-Operative Pain Solutions (PRF-110)

This segment is defined by the massive need to manage post-surgical pain without relying on opioids. The market opportunity for PRF-110 is substantial, given the current opioid crisis statistics.

• Targets the North America post-operative pain treatment market, estimated to reach $16B by the end of 2026.
• Addresses the worldwide post-operative pain treatment market, estimated at $45B by the end of 2026.
• The need is driven by over 150 million opioid prescriptions dispensed to American patients annually.
• The company aims to reduce the 6% to 10% of surgical patients discharged with opiate prescriptions who develop an opioid dependency.

Ophthalmologists and Cataract Surgery Centers (for OcuRing™-K)

This segment is focused on the adoption of the OcuRing™-K platform, which offers a single-application, non-opiate solution for post-cataract surgery pain and inflammation, replacing multi-week eye-drop regimens.

Here's a breakdown of the procedure volume PainReform Ltd. is targeting with this technology:

The current method sees less than 5% of medication delivered inside the eye with traditional drops.

Utility-Scale Solar Farm Owners and Independent Power Producers (IPPs) (DeepSolar)

This group represents commercial clients for PainReform Ltd.'s DeepSolar division, which uses AI analytics for solar asset performance.

• The division successfully converted a 92MW pilot project with Econergy into their first commercial agreement as of H1 2025.
• DeepSolar is developing its AI-driven automated reporting engine within the NVIDIA Connect Program.

Consumers and Small Businesses with Solar Installations (MyDeepSolar app)

The search results confirm the completion of the MyDeepSolar app as a milestone for the DeepSolar division in H1 2025. Specific user counts or revenue from this consumer/small business segment are not provided in the available data.

Potential Pharmaceutical Partners for Regional or Global Licensing

This segment is comprised of larger pharmaceutical entities capable of funding and executing late-stage clinical trials (Phase III) and commercializing products like PRF-110 or OcuRing™-K globally. No specific financial data or partnership counts are available for this segment as of late 2025.

PainReform Ltd. (PRFX) - Canvas Business Model: Cost Structure

You're looking at the cost side of the PainReform Ltd. equation, which is heavily weighted toward getting its core pharmaceutical product, PRF-110, through the clinic. Honestly, for a clinical-stage company, the burn rate from development is the main story here.

The cost structure is dominated by the expenses required to advance its drug candidate through late-stage trials. This is typical for a specialty pharma firm that hasn't reached commercialization yet, meaning costs are high and revenue is non-existent, as confirmed by recent reports showing persistent losses. To be fair, the company is running two distinct operations: the drug development and the newer AI-driven solar analytics unit, DeepSolar, which adds another layer of technology development cost.

Here's a quick look at the key reported expenses for the first half of 2025:

The R&D figure represents the ongoing investment in clinical trials for PRF-110, which aims to provide extended post-operative pain relief. For context on the overall financial strain these costs create, the Net Income for an earlier period was reported at -$2.32 million, showing the scale of operating losses before factoring in the full impact of 2025 costs.

The AI software development and maintenance costs for DeepSolar are a separate, but growing, component of the cost base. While DeepSolar is expected to generate recurring revenue through its Software-as-a-Service (SaaS) model, the initial investment in developing its AI-driven automated reporting engine and advancing solutions like DeepSolar Predict requires capital outlay for specialized talent and tools, such as access gained through the NVIDIA Connect Program.

Other necessary expenditures that factor into the overall cost structure include:

• Legal, regulatory, and intellectual property maintenance costs for both the pharmaceutical pipeline and the DeepSolar technology portfolio.
• Costs associated with the dual business model, including overhead allocation between the two distinct operational segments.

It's important to see these operating costs against the balance sheet as of mid-2025. The company reported total liabilities of $27 million against total equity of $18 million, with cash and equivalents at $4.26 million. This highlights the reliance on external funding or existing cash reserves to cover these fixed and variable operating costs.

On the DeepSolar side, while it is a cost center for PainReform Ltd. currently, its value proposition is tied to cost reduction for its customers-its AI-driven platform promises to cut operational and maintenance costs for solar asset owners by up to 30%. Finance: draft 13-week cash view by Friday.

PainReform Ltd. (PRFX) - Canvas Business Model: Revenue Streams

You're looking at the revenue picture for PainReform Ltd. (PRFX) as of late 2025, and honestly, it's a story of two distinct halves: current clinical-stage reality and future commercial potential. Right now, the numbers tell a clear story about the pharmaceutical side.

Currently zero revenue from product sales (clinical-stage company).

• As of the latest financial disclosure, PainReform reported 0.0 of revenue.
• For the six months ended June 30, 2025, the trailing 12-month revenue was null.
• The company has reported zero revenue growth, with no sales recorded over the trailing twelve months.
• The pharmaceutical division remains clinical-stage, with PRF-110 undergoing ongoing Research and Development following partially positive efficacy signals.
• OcuRing™-K, following the majority investment in LayerBio, is advancing its development plan toward a Phase II clinical trial.

Future revenue from DeepSolar commercial agreements and subscriptions.

The DeepSolar division is where PainReform Ltd. is actively generating commercial traction. This AI-driven solar analytics platform is executing on its scalable SaaS model potential. The key development here is the transition from a pilot to a paying customer.

• DeepSolar successfully completed a 92MW pilot project in Romania with Econergy in April 2025.
• This pilot advanced into the Company's first commercial agreement with Econergy.
• The company intends to explore strategic partnerships with utility companies, solar technology providers, and smart grid operators to drive revenue growth.

Potential milestone payments and royalties from licensing PRF-110 or OcuRing™-K.

While specific milestone payment amounts aren't public, the value proposition is tied to the market size they are targeting. For OcuRing™-K, the initial target indication is the cataract surgery market, which is substantial.

• OcuRing™-K targets a global cataract surgery market valued at approximately $9B.
• The US cataract surgery market involves roughly 4.5M annual surgeries.
• Success in the US could unlock a high-volume reimbursable market and enable expansion to additional ophthalmic indications.

Future direct product sales of PRF-110 and OcuRing™-K post-approval.

This stream is entirely dependent on successful clinical progression and regulatory clearance. The current focus is on advancing the pipeline, not on current sales figures for these products.

Equity financing and capital raises to fund operations.

Since product sales are currently zero, operations are funded by capital raises and managing existing cash reserves. Here's a quick look at the funding and cash position as of mid-to-late 2025, based on the latest available figures.

The company is definitely burning cash while advancing its pipeline, as shown by the net loss figures. Finance: draft 13-week cash view by Friday.