RedHill Biopharma Ltd. (RDHL): Business Model Canvas [Dec-2025 Updated]

You're looking at a specialty pharma company, RedHill Biopharma Ltd., that has clearly pivoted to a leaner, product-focused model, and honestly, the H1 2025 financials show the early results of that shift. They posted net revenues of $4.1 million-a solid 59% jump year-over-year-but you also see the tightrope walk with only $3 million in cash as of June 30, 2025. This Business Model Canvas lays out precisely how they are funding their commercial push for Talicia, managing key partnerships like the one with Cumberland, and advancing late-stage pipeline assets like RHB-204. If you want to see the exact structure supporting this near-term strategy, dive into the details below.

RedHill Biopharma Ltd. (RDHL) - Canvas Business Model: Key Partnerships

You're looking at the external relationships that fuel RedHill Biopharma Ltd.'s strategy, especially how they are funding development and getting products to market. These partnerships are critical because they bring in non-dilutive cash, share development costs, and provide commercial reach without RedHill Biopharma Ltd. having to build out every single function internally. Honestly, the structure shows a clear focus on maximizing the value of their assets through targeted collaboration.

The most recent major move involves Cumberland Pharmaceuticals Inc. for Talicia. Cumberland is investing $4 million to acquire a 30% ownership stake in RedHill Biopharma Ltd.'s global Talicia business, creating a new entity where RedHill Biopharma Ltd. retains 70% ownership but the subsidiary is jointly controlled. This $4 million investment is structured in two equal tranches of $2 million. Furthermore, they entered into a U.S. co-commercialization agreement where net revenues from U.S. sales of Talicia will be shared equally, meaning a 50/50 split.

For the development pipeline, the collaboration with Hyloris Pharmaceuticals SA for RHB-102 (Bekinda), outside of North America, is structured to provide significant potential non-dilutive funding. This licensing deal could bring RedHill Biopharma Ltd. up to $60 million in potential milestone payments, on top of royalties on sales. This agreement allows RedHill Biopharma Ltd. to keep the key North American rights for RHB-102.

Here's a quick look at the structure and financial impact of these key external relationships:

Partner	Product/Focus	Financial/Structural Detail	Latest Reported Value/Status
Cumberland Pharmaceuticals Inc.	Talicia (U.S. Co-Commercialization & Investment)	Investment of $4 million for 30% equity stake in Talicia business; 50/50 sharing of U.S. net revenues.	$4 million investment secured.
Hyloris Pharmaceuticals SA	RHB-102 (Bekinda) Global Licensing (ex-North America)	Up to $60 million in potential milestone payments, plus royalties.	Up to $60 million potential milestones.
Gaelan Medical Trade	Talicia Commercialization in the UAE	Commercialization partner for Talicia in the United Arab Emirates (UAE).	Generated approximately $1.0 million in net revenues in the first half of 2025.
Bayer	Opaganib Phase 2 Study	Supporting Phase 2 combination study of opaganib and darolutamide in advanced prostate cancer.	Recruitment initiated in the first half of 2025.
U.S. Government/Academic Centers	Opaganib Development for GI-ARS	Development supported via the Radiation and Nuclear Countermeasures Program (RNCP) contract.	Received $1.7 million in additional funds in July 2023 for this development.

RedHill Biopharma Ltd. continues to use partnerships to advance its pipeline and commercial efforts. Beyond the major deals listed, the company is actively pursuing additional non-dilutive ex-U.S. licensing revenue streams.

The nature of these key partnerships can be broken down by function:

• Commercial Support & Funding: Cumberland Pharmaceuticals provides national sales force support for Talicia in the U.S..
• Ex-U.S. Commercialization: Gaelan Medical Trade handles commercial launch and sales in the UAE.
• R&D Cost Sharing: Bayer funds a Phase 2 study for opaganib, reducing RedHill Biopharma Ltd.'s direct R&D outlay for that specific trial.
• Non-Dilutive Development Funding: The U.S. Government funds opaganib development for gastrointestinal Acute Radiation Syndrome (GI-ARS).

To be defintely clear, the Cumberland deal also has a component where RedHill Biopharma Ltd. oversees market access, manufacturing, regulatory affairs, and medical affairs for Talicia in the U.S., while Cumberland handles distribution and commercialization activities. Finance: draft a sensitivity analysis on the Hyloris milestone achievement probability by next Tuesday.

RedHill Biopharma Ltd. (RDHL) - Canvas Business Model: Key Activities

You're looking at the core actions RedHill Biopharma Ltd. is driving right now to keep the lights on and push its pipeline forward. It's all about commercial execution, pipeline advancement, and financial discipline as of late 2025. Here's the quick math on what they're actively doing.

U.S. Commercialization and Co-promotion of FDA-approved Talicia

The focus here is maximizing the reach of Talicia for H. pylori infection in adults. The co-promotion with Cumberland Pharmaceuticals is key to this effort. You can see the commercial results starting to tick up, even with a streamlined team.

For the first half of 2025, Talicia generated net revenues of $3.3 million in the U.S. alone. That revenue growth came alongside securing 8 million additional covered lives through formulary wins, pushing the total lives covered to over 204 million. Honestly, Talicia is now the #1 branded first-line therapy prescribed by U.S. gastroenterologists.

Here's a snapshot of the commercial and ex-U.S. deal activity:

Activity Area	Metric/Value	Period/Context
Talicia U.S. Net Revenues	$3.3 million	First Half of 2025
Total U.S. Covered Lives	More than 204 million (including 8 million new lives in H1 2025)	As of First Half 2025
Talicia Prescriptions Milestone	Surpassed 100,000	As of First Half 2025
RHB-102 Out-Licensing Deal (Hyloris)	Up to $60 million in potential milestones	Global (ex-North America)
Talicia Ex-U.S. Milestone/Royalty Payment	Approximately $1.1 million received	Following 2024 launch
New Talicia Middle East Deal (Guaranteed)	$500,000 (with $250,000 upfront)	Potential for $1.8 million plus royalties

Advancing Late-Stage R&D Pipeline (RHB-204, opaganib)

RedHill Biopharma Ltd. is pushing its late-stage assets, often with external funding support. This is where the future value is being built, you know?

• Opaganib: Recruitment started in the Bayer-supported Phase 2 combination study with darolutamide for advanced prostate cancer.
• RHB-204: Received positive FDA feedback for the pathway to approval for a novel Phase 2 study specifically in MAP-positive Crohn's disease patients.
• RHB-204 Foundation: This drug is a next-generation formulation of RHB-104, which showed a 64% improvement in efficacy over standard of care in its Phase 3 trial.
• RHB-204 Exclusivity: Granted FDA Fast Track, Orphan Drug Designation, and QIDP Designation, extending potential U.S. post-approval market exclusivity to a total of 12 years.

Securing Ex-U.S. Licensing Deals for Talicia and Pipeline Assets

Generating non-dilutive cash flow from international rights is a critical activity. They've been active here, securing upfront payments and future milestones.

For instance, the Talicia partnership in the UAE generated an additional approximately $0.6 million in net revenues during the first half of 2025. Plus, the UK Marketing Authorization Application (MAA) submission for Talicia is imminent, with potential approval this year.

Operational Streamlining and Cost-Reduction Measures

The company has definitely been focused on trimming the fat following its overhaul. The numbers show a clear trend of reduced operating expenses and cash burn.

Selling, Marketing, and General and Administrative Expenses for the first half of 2025 were $5.9 million, a significant drop from $9 million in the first half of 2024. This reflects workforce downsizing and lower commercial activity. The net cash used in operations for H1 2025 fell to $5 million from $6.2 million year-over-year. They achieved a further 19% reduction in cash burn in H1 2025, building on a 74% reduction the prior year. Consequently, the Operating Loss narrowed to $4.4 million in H1 2025, down from $8.4 million in H1 2024.

Maintaining Nasdaq Compliance Post-Strategic Transactions

This is a foundational activity ensuring the company can continue trading on the Nasdaq Capital Market. You can't raise capital easily if you're delisted, so this is defintely important.

RedHill Biopharma Ltd. confirmed on November 26, 2025, that it regained compliance with Nasdaq Listing Rule 5550(b)(1). To do this, they had to show that stockholders' equity exceeded the minimum requirement of $2.5 million. As of early December 2025, the company was valued at just $4 million on the market.

Finance: draft 13-week cash view by Friday.

RedHill Biopharma Ltd. (RDHL) - Canvas Business Model: Key Resources

You're looking at the core assets RedHill Biopharma Ltd. (RDHL) is leaning on right now to drive value. It's all about the intellectual property and the products that are either on the market or close to it. Honestly, the balance sheet data gives you a real picture of the immediate runway.

Talicia Intellectual Property and Commercial Foundation

The protection around Talicia is a major key resource. You've got U.S. patent protection extending out to 2042. That's a long runway for a core asset. Plus, the drug benefits from eight years of U.S. QIDP (Qualified Infectious Disease Product) exclusivity. That exclusivity is crucial for market protection.

Commercially, Talicia is the #1 branded therapy prescribed by U.S. gastroenterologists for H. pylori infection. The market access is solidifying, too. As of the first half of 2025, U.S. formulary wins secured 8 million additional covered lives, bringing the total to more than 204 million lives.

FDA-Approved Product and Revenue Generation

The flagship FDA-approved product is Talicia, which is the three-drug combination of omeprazole, amoxicillin, and rifabutin for H. pylori. This product is driving the top-line numbers. For the first half of 2025, RedHill Biopharma Ltd. reported net revenues of $4.1 million. Of that, Talicia accounted for $3.8 million in U.S. net revenues and ex-U.S. product sales/royalties.

To further enhance the commercialization, a strategic partnership was signed in October 2025. Here's the quick math on that resource shift:

Resource Detail	Value/Stake
Cumberland Investment Capital	$4 million
Cumberland Ownership Stake in Talicia Business	30%
RedHill Ownership Stake in Talicia Business	70%
Talicia Net Revenues Shared (H1 2025 equivalent)	Equal Sharing

Also, RedHill Biopharma Ltd. received its first ex-U.S. sales milestone and royalties totaling approximately $1.1 million. They also signed a new Middle East licensing deal potentially worth up to $1.8 million plus royalties, which included $500,000 in guaranteed payments.

Clinical Pipeline Assets

The late-stage pipeline represents future potential value. You're definitely watching the progress on these assets, especially given the current cash position.

• RHB-204 for Crohn's disease: Received positive FDA feedback on the pathway to approval in July 2025.
• RHB-204: Planned as the first clinical study in a defined Mycobacterium avium subspecies paratuberculosis infected (MAP-positive) Crohn's disease patient population.
• Opaganib: Recruitment initiated in the Bayer-supported Phase 2 combination study with darolutamide in advanced prostate cancer.
• Opaganib: Has ongoing Phase 2 studies for prostate cancer and cholangiocarcinoma.

These programs represent significant future value drivers, though they require capital to advance. If onboarding takes 14+ days for trial sites, clinical timelines could slip, which is a risk to this resource's timeline.

Liquidity and Financial Stability

Liquidity is a critical, immediate resource, and the numbers here show a tight situation as of mid-2025. The cash balance was reported at $3 million as of June 30, 2025. This is down from $4.62 million at the end of 2024.

The company has been focused on efficiency, reporting a further 19% reduction in cash burn following a 74% reduction the previous year. Net cash used in operations for the first half of 2025 dropped to $5 million from $6.2 million in the first half of 2024. Still, the balance sheet shows Total Assets at $18.4 million against Total Liabilities of $22.8 million as of June 30, 2025.

To bolster this, RedHill Biopharma Ltd. has enhanced financial stability with up to approximately $13.5 million available through At-the-Market (ATM) and Any Market Purchase agreements.

RedHill Biopharma Ltd. (RDHL) - Canvas Business Model: Value Propositions

You're looking at the core promises RedHill Biopharma Ltd. is making to its customers-the patients and the healthcare providers-as of late 2025. This is where the rubber meets the road for their commercial and R&D efforts.

Talicia is positioned as a significant step up in treating Helicobacter pylori infection, a condition that affects over 50% of the world's adult population. The value here is directly tied to overcoming the growing problem of antibiotic resistance.

• Talicia: Only FDA-approved all-in-one, low-dose rifabutin-based H. pylori therapy.
• It is the #1 branded U.S. gastroenterologist-prescribed H. pylori therapy.

The clinical efficacy data supports this market position. In the pivotal Phase 3 study, Talicia achieved an 84% eradication rate in the intent-to-treat (ITT) group, significantly better than the 58% seen in the active comparator arm ($p<0.0001$). Furthermore, for patients who were confirmed adherent to the therapy, the response rate jumped to 90.3% compared to 64.7% for the comparator.

The resistance profile is a key differentiator. Minimal to zero resistance to rifabutin, the core component, was detected in that pivotal study. This contrasts sharply with the waning effectiveness of older regimens; a 2021 study showed traditional clarithromycin-based triple therapy achieved only 68.5% eradication.

The commercial performance reflects this value proposition. For the first half of 2025, Talicia generated $3.3 million in U.S. net revenues and an additional $0.5 million from the UAE partnership, totaling $3.8 million in net revenues for the product line. This contributed to the company's total first-half 2025 net revenues of $4.1 million, a 59% increase over the first half of 2024's $2.6 million. Access is also expanding, with formulary wins securing access for more than 204 million lives, including 8 million additional Medicare lives added in January 2025. The company also recognized approximately $1.1 million in ex-U.S. milestone and royalty payments in August 2025. To further bolster its commercialization, RedHill Biopharma announced in October 2025 a partnership involving a $4 million investment for a 30% stake in Talicia Holdings.

Here's a quick look at some key metrics for Talicia as of the first half of 2025:

Metric	Value/Figure	Context
U.S. Net Revenues (1H 2025)	$3.3 million	From Talicia sales in the U.S.
Total Covered Lives (as of Jan 2025)	More than 204 million	Total lives covered by U.S. formulary wins.
Pivotal Study Efficacy (ITT)	84% eradication	Compared to 58% for active comparator.
U.S. Market Exclusivity End	2042	Patent protection end date.

Beyond the current commercial success, RedHill Biopharma Ltd. is developing a potential paradigm-shifting treatment for Crohn's disease (CD) with RHB-204. This investigational therapy targets Mycobacterium avium subspecies paratuberculosis (MAP), which is hypothesized to be a root cause of CD, rather than just managing symptoms.

• Pipeline: Potential for paradigm-shifting treatment of Crohn's disease (RHB-204).
• RHB-204 is a next-generation formulation of RHB-104, which showed a 64% improvement in efficacy over standard of care in Phase 3.
• The new formulation is designed to reduce pill burden by 40%.
• The CD market is projected to grow from $13.6 billion in 2024 to over $19 billion by 2033.
• RHB-204 patent protection extends to 2041.

The company received positive FDA feedback in July 2025 on the pathway to approval for a Phase 2 study focused specifically on MAP-positive CD patients. This targeted approach is anticipated to streamline the study, potentially leading to lower costs and an expedited timeline for a therapy that addresses the suspected underlying cause of the disease.

RedHill Biopharma Ltd. (RDHL) - Canvas Business Model: Customer Relationships

You're looking at how RedHill Biopharma Ltd. (RDHL) manages its connections with the people who use and influence its products, especially Talicia. This is a mix of direct sales effort, strategic partnerships, and global reach, all focused on getting their key gastrointestinal drug to the right prescribers and patients.

Co-commercialization model with Cumberland for shared sales and marketing

The relationship with Cumberland Pharmaceuticals Inc. is a major shift, effective late 2025, creating a joint entity for the Talicia business. Cumberland invested $4 million to acquire a 30% ownership stake, giving them joint control while RedHill Biopharma Ltd. retains 70% ownership. This partnership established a U.S. co-commercialization agreement where the companies will equally share the product's net revenues. For context, Talicia net revenues were $8 million in 2024, and the U.S. portion for the first half of 2025 was $3.3 million. Cumberland's role is to leverage its established national sales force to lead promotional efforts, aiming to deliver efficiencies through shared responsibility across sales, marketing, manufacturing, supply, regulatory, and administrative operations.

Direct engagement with U.S. gastroenterologists and specialists

RedHill Biopharma Ltd. maintains a focused, direct engagement strategy in the U.S. market, where Talicia is positioned as the number one branded H. pylori therapy prescribed by gastroenterologists. This direct relationship is supported by the drug's inclusion as a first-line option in the American College of Gastroenterology (ACG) Clinical Guideline. The commercial reach has been expanding through payer negotiations; in the first half of 2025, formulary wins secured 8 million additional covered lives, bringing the total U.S. lives with access to more than 204 million. Talicia generated $3.8 million in U.S. net revenues in the first half of 2025.

Key metrics defining this direct customer relationship include:

• Talicia is the #1 branded H. pylori therapy prescribed by U.S. gastroenterologists.
• Listed as a first-line treatment option in ACG Clinical Guidelines.
• U.S. formulary coverage reached over 204 million lives as of June 30, 2025.
• U.S. net revenues for the first half of 2025 were $3.3 million.

Patient-focused warranty program for Talicia

To build confidence and drive adherence among patients, RedHill Biopharma Ltd. uses a patient-focused warranty program. This program commits RedHill Biopharma Ltd. to reimburse the out-of-pocket costs for patients who complete the full 14-day treatment course and do not achieve eradication, confirmed by post-treatment testing. This commitment extends to all commercially insured or non-insured Talicia patients. The program is underpinned by strong clinical efficacy data; in the pivotal Phase 3 study, Talicia showed an 84% eradication rate in the intent-to-treat group, which rose to 90.3% in the confirmed adherent population.

The warranty terms relate directly to the product's demonstrated performance:

Efficacy Metric	Observed Rate
Pivotal Phase 3 ITT Eradication Rate	84%
Pivotal Phase 3 Confirmed Adherent Eradication Rate	90.3%
Required Treatment Course Duration	14-day

Licensing and collaboration management with global pharma partners

Customer relationships extend globally through licensing deals, providing non-dilutive revenue streams and expanding patient access outside the U.S. A significant collaboration is the worldwide development and commercialization licensing agreement (excluding North America) for RHB-102 (Bekinda®) with Hyloris Pharmaceuticals, valued up to $60 million in potential milestone payments plus royalties up to the mid-20s percent. For Talicia, RedHill Biopharma Ltd. secured a new Middle East licensing deal in October 2025, potentially worth up to $1.8 million plus royalties, which includes $500,000 in guaranteed payments ($250,000 upfront) and a minimum of $1.3 million in near-term milestones. Furthermore, the company received its first ex-U.S. Talicia payments in August 2025, totaling approximately $1.1 million from sales milestones and royalties. The UAE partnership with Gaelan Medical contributed approximately $1.0 million in new revenues for Talicia in 2024.

Global partnership financial structures include:

• RHB-102 deal with Hyloris: Up to $60 million in milestones plus royalties up to the mid-20s percent.
• New Middle East Talicia deal: Guaranteed payments of $500,000 plus royalties up to the mid-teens percent.
• First ex-U.S. Talicia milestone/royalty payment received: Approximately $1.1 million.
• 2024 UAE Talicia revenue contribution: Approximately $1.0 million.

RedHill Biopharma Ltd. (RDHL) - Canvas Business Model: Channels

You're looking at how RedHill Biopharma Ltd. (RDHL) gets its products, primarily Talicia, to the customer and secures access in late 2025. This involves a mix of direct sales efforts, partnerships, and payer negotiations.

• U.S. Specialty Sales Force (co-commercialization with Cumberland Pharmaceuticals Inc. as of October 20, 2025).
• Pharmaceutical Wholesalers and Distributors (implied through U.S. commercialization and sales).
• Ex-U.S. Licensing Partners for international market access, including Hyloris Pharmaceuticals for RHB-102.
• Formulary Coverage: Secured access for over 204 million U.S. covered lives as of the first half of 2025.

The commercial channel for Talicia in the U.S. is supported by a streamlined operation. Selling, Marketing, and General and Administrative Expenses for the first half of 2025 were $5.9 million, a reduction from $9 million in the first half of 2024, reflecting workforce downsizing and lower commercial activity.

International reach is driven by out-licensing deals. For example, the RHB-102 deal with Hyloris Pharmaceuticals is a global license (excluding North America) valued at up to $60 million in potential milestone payments. Also, Talicia generated approximately $0.6 million in net revenues from the UAE partnership in the first half of 2025.

Here's a quick look at the quantifiable channel results and reach as of the first half of 2025:

Channel Metric	Product/Area	Value/Amount (H1 2025)
Total Secured U.S. Covered Lives	Talicia Formulary Access	More than 204 million lives
Additional Covered Lives Secured (H1 2025)	Talicia Formulary Wins (e.g., Humana)	8 million additional lives
U.S. Net Revenues	Talicia	$3.3 million
Ex-U.S. Net Revenues	Talicia (UAE Partnership)	Approximately $0.6 million
Total Net Revenues	All Sources	$4.1 million
Potential Licensing Value (Ex-NA)	RHB-102 with Hyloris Pharma	Up to $60 million

The U.S. commercial execution, even with a smaller team, resulted in Talicia maintaining its No.1 position as the most prescribed branded H. pylori therapy by U.S. gastroenterologists through the first half of 2025. The expansion of payer access is a direct measure of channel effectiveness; the Humana Part D Plan win, effective January 1, 2025, specifically provided access to more than eight million additional Medicare lives.

Finance: review Q3 2025 SG&A spend against the H1 2025 run-rate by end of month.

RedHill Biopharma Ltd. (RDHL) - Canvas Business Model: Customer Segments

You're looking at the core groups RedHill Biopharma Ltd. (RDHL) targets to drive adoption of its commercial products and fund its pipeline. The focus is heavily weighted toward the U.S. market for its flagship GI product, Talicia^®, but significant value is also derived from non-dilutive ex-North America licensing deals.

Adult patients with Helicobacter pylori infection in the U.S.

This segment represents the immediate, addressable market for Talicia^®, the FDA-approved treatment for H. pylori infection in adults. The need is driven by high infection rates and growing resistance to older therapies. Honestly, the scale of the problem is quite large.

• H. pylori affects approximately 35% of the U.S. adult population.
• An estimated 1.6 million people in the U.S. are treated annually for this infection.
• Current therapies fail in anywhere between 25% and 40% of patients due to antibiotic resistance.
• Talicia has eight years of U.S. market exclusivity under its Qualified Infectious Disease Product (QIDP) designation.
• Patent protection for Talicia extends through the year 2042.
• As of the first half of 2025, Talicia U.S. formulary wins secured access for more than 204 million covered lives.

U.S. Gastroenterologists and Primary Care Physicians.

These are the prescribers whose prescribing habits directly translate to RedHill Biopharma Ltd.'s U.S. revenue. The company has successfully positioned Talicia as a preferred option, which is defintely key for market penetration.

• Talicia is the #1 branded H. pylori therapy prescribed by U.S. gastroenterologists.
• The American College of Gastroenterology (ACG) Clinical Guideline lists Talicia as a first-line treatment option.
• A recent co-commercialization partnership with Cumberland Pharmaceuticals involves an equal sharing of the product's net revenues.

Here's a quick math look at the commercial traction and partnership value related to the H. pylori segment and other key assets as of late 2025:

Metric/Deal	Value/Amount	Context
Talicia Net Revenues (H1 2025)	$3.3 million	U.S. net revenues for the first half of 2025.
RHB-102 (ex-North America) Deal Value	Up to $60 million	Potential milestone payments from the Hyloris Pharmaceuticals licensing agreement.
RHB-102 Royalties (Hyloris)	Up to mid-20s percent	Royalties on revenues from the Hyloris ex-North America deal.
Talicia Middle East Deal (Guaranteed)	$500,000	Guaranteed payments from the new Middle East licensing agreement.
First ex-U.S. Talicia Payments Received	Approximately $1.1 million	Total sales milestone, royalties, and other payments received as of August 2025.
Total Net Revenues (H1 2025)	$4.1 million	Total net revenues for the first half of 2025.

Global pharmaceutical companies seeking licensed assets (ex-North America).

This segment provides crucial non-dilutive funding and validates the global potential of RedHill Biopharma Ltd.'s pipeline assets outside its core U.S. commercial focus. The company is actively pursuing these streams.

• The RHB-102 licensing deal with Hyloris Pharmaceuticals includes potential milestone payments up to $60 million.
• The Middle East Talicia deal is worth potentially $1.8 million plus royalties.
• Net Revenues for the first half of 2025 included $0.5 million from the UAE Talicia partnership in product sales, plus $0.1 million from royalties.

U.S. Government agencies (DoD) for biodefense/radiation protection programs.

This group acts as a key customer/funder for the development of certain pipeline assets, specifically those with biodefense or radiation countermeasure applications. What this estimate hides is the specific contract value for each program, as the funding is often structured through grants or collaborations.

• Opaganib for gastrointestinal Acute Radiation Syndrome (GI-ARS) is part of U.S. Government- and non-government funded programs.
• These GI-ARS programs fall under the U.S. Government's Radiation and Nuclear Countermeasures Program product pipeline development contract.
• The pipeline programs are described as being predominantly externally funded through multiple U.S. Government collaborations.

Finance: finalize the Q3 2025 cash flow forecast by next Tuesday.

RedHill Biopharma Ltd. (RDHL) - Canvas Business Model: Cost Structure

You're looking at the core expenses RedHill Biopharma Ltd. (RDHL) is managing as of late 2025, which really shows where the company is prioritizing its cash after the significant overhaul last year. Honestly, the cost structure reflects a much leaner operation focused on maximizing the return from existing assets and pipeline progress.

The major operating costs are broken down into three key areas for the first half of 2025. Selling, Marketing, and G&A Expenses saw a substantial reduction, which is a direct result of the company's cost-cutting drive. R&D remains a necessary, though tightly controlled, expenditure to push the pipeline forward, and COGS reflects the cost to generate the product revenues.

Here's the quick math on the primary cost components for the six months ended June 30, 2025:

Cost Category	H1 2025 Amount (Millions USD)	Comparison/Context
Selling, Marketing, and G&A Expenses	$5.9 million	Reduced from $9 million in H1 2024 due to workforce downsizing and lower commercial activity.
Research and Development (R&D) Expenses	$1 million	Controlled spend supporting pipeline advancement.
Cost of Goods Sold (COGS)	$1.6 million	Up from $1.4 million in H1 2024, partly because higher royalty/license revenues in 2025 had no associated COGS.

The operational burn rate has definitely improved. Net cash used in operations for H1 2025 dropped to $5 million, down from $6.2 million in the first half of 2024, showing a further 19% reduction in cash burn following the prior year's massive 74% cut. That's a concrete action translating directly to runway extension.

When we look at financing activities, the focus shifts to managing capital through equity programs. This isn't a direct operating cost, but it's a critical part of the overall financial structure, especially for a company like RedHill Biopharma Ltd. (RDHL) that relies on external funding to bridge operational gaps.

The use of the At-the-Market (ATM) program is a key element here:

• Net Cash Provided by Financing Activities for H1 2025 was $3.3 million.
• This cash inflow was driven by the use of the ATM program.
• The ATM program, under a February 3, 2025, prospectus supplement, allowed for sales of ADSs (American Depositary Shares).
• Net proceeds of approximately $3.3 million were generated from the sale of 890,001 ADSs at an average price of $3.85 per ADS.
• This contrasts with H1 2024's $7.9 million in net cash from financing, which was mainly derived from other equity offerings.

The costs associated with these equity issuances, often referred to as issuance costs, are typically netted against the gross proceeds. For instance, the full-year 2024 data showed proceeds from issuance of ordinary shares and warrants, net of issuance costs, were $3.448 million. While the exact H1 2025 issuance costs aren't itemized separately from the net proceeds, the $3.3 million figure represents the net cash received after those costs were accounted for.

To be fair, the company is managing its cost base aggressively. The reduction in Selling, Marketing, and G&A to $5.9 million is significant, especially when compared to the $15.5 million for the full year 2024. Finance: draft the 13-week cash view by Friday, focusing on the burn rate against the current $3 million cash balance as of June 30, 2025.

RedHill Biopharma Ltd. (RDHL) - Canvas Business Model: Revenue Streams

You're looking at the hard numbers for RedHill Biopharma Ltd.'s income sources as of late 2025. Here's the quick math on what's flowing in.

Net Revenues (H1 2025)

RedHill Biopharma Ltd. reported total Net Revenues for the first half of 2025 of $4.1 million. This represents a 59% increase year-over-year compared to the first half of 2024's $2.6 million. The operating loss also improved, dropping to $4.4 million from $8.4 million in the prior-year period. Cash balance stood at $3 million as of June 30, 2025. This streamlined commercial operation is defintely showing results.

U.S. Talicia Product Sales

The core of the product sales revenue comes from the U.S. market. U.S. Talicia Product Sales generated $3.3 million in net revenues for H1 2025. This was up from $3.0 million in the same period in 2024, reflecting an increase in units sold. Talicia maintained its position as the number one branded H. pylori therapy prescribed by U.S. gastroenterologists.

Ex-U.S. Licensing Payments and Other Inflows

Revenue outside the U.S. is driven by partnerships and milestone achievements. For example, upfront fees, milestones, and royalties contributed an amount such as the $1.1 million received in August 2025 following the first ex-U.S. commercial launch of Talicia in 2024. The UAE partnership specifically contributed approximately $0.6 million in net revenues in H1 2025, which included product sales and royalties. Also contributing to the financial picture were other non-product revenue items:

Revenue Source Detail	H1 2025 Amount
Total Net Revenues	$4.1 million
U.S. Talicia Net Revenues	$3.3 million
Total Talicia Net Revenues	$3.8 million
Ex-U.S. Talicia Net Revenues (UAE Partnership)	$0.5 million (Product Sales) + $0.1 million (Royalties)

Furthermore, RedHill Biopharma Ltd. recognized income from other licensing activities:

• RHB-102 license with Hyloris Pharma: $0.3 million recorded in H1 2025, comprising a $0.1 million upfront payment and $0.2 million related to the present value of minimum annual payments.
• Legal settlement: Over $10.5 million awarded in a New York court decision against Kukbo Co. Ltd, which became final for enforcement in November 2025.

Partner Investment

A significant non-operating inflow came from a strategic partnership. RedHill Biopharma Ltd. secured a $4 million investment from Cumberland Pharmaceuticals in October 2025. This investment was in exchange for a 30% ownership stake in Talicia Holdings, the subsidiary managing the global rights to Talicia. This transaction also established a five-year U.S. co-commercialization agreement where net revenues are shared equally.

Other potential future revenue streams are being discussed, including active discussions to secure additional non-dilutive ex-US licensing revenue streams for Talicia.